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Jnlny Separate Account I, et al. – ‘485BPOS’ on 4/30/03

On: Wednesday, 4/30/03, at 5:25pm ET · Effective: 5/1/03 · Accession #: 933691-3-109 · File #s: 333-70384, 811-08401

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 4/30/03  Jnlny Separate Account I          485BPOS     5/01/03    4:551K                                   JNL Series Trust
          Jnlny Separate Account I

Post-Effective Amendment
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 485BPOS     Jnlny Sep Acct I (Pii) 485BPOS                       250±  1.17M 
 2: EX-99       Application                                            7±    29K 
 4: EX-99       Auditors Consent                                       1      5K 
 3: EX-99       Miscellaneous Exhibit -- legalopinion                  1      7K

485BPOS — Jnlny Sep Acct I (Pii) 485BPOS
Document Table of Contents

Page	(sequential)	\|	(alphabetic)	Top
			Alternative Formats (Word, et al.) Access to Your Money Accumulation Units Accumulation Unit Values Additional Tax Information Allocation Options Annuity Contract, The Appendix A Appendix B Appendix C Calculation of Performance Contract Charges Death Benefit Death Benefits Directors and Officers of the Depositor Exhibits Fee Table Financial Statements Financial Statements and Exhibits Fund General Information and History Guaranteed Fixed Accounts, The Income Payments (The Income Phase) Indemnification Investment Divisions Jackson National Jackson National Ny Key Facts Location of Accounts and Records Management Services Net Investment Factor Optional Contract Enhancements Other Information Persons Controlled by or Under Common Control with the Depositor or Registrant Principal Underwriter Privacy Policy Purchase of Securities Being Offered Purchases Separate Account, The Services Special Spousal Continuation Option Table of Contents Taxes Tax-Qualified Contracts Tax Treatment of Withdrawals The Annuity Contract The Guaranteed Fixed Accounts The Separate Account Transfers Undertakings and Representations Underwriters Withholding Tax on Distributions
1	1st Page - Filing Submission
4	Table of Contents
5	Key Facts
"	Allocation Options
"	Purchases
"	Access to Your Money
6	Fee Table
8	Financial Statements
"	Accumulation Unit Values
"	The Annuity Contract
"	Jackson National Ny
"	The Guaranteed Fixed Accounts
"	The Separate Account
"	Investment Divisions
"	Contract Charges
"	Optional Contract Enhancements
"	Accumulation Units
"	Transfers
"	Income Payments (The Income Phase)
"	Death Benefit
"	Special Spousal Continuation Option
"	Taxes
"	Death Benefits
"	Other Information
"	Privacy Policy
10	Appendix A
11	Appendix B
12	Appendix C
17	General Information and History
"	Services
"	Purchase of Securities Being Offered
"	Underwriters
"	Calculation of Performance
"	Fund
"	Additional Tax Information
"	Withholding Tax on Distributions
"	Tax Treatment of Withdrawals
"	Tax-Qualified Contracts
18	Net Investment Factor
91	Item 24. Financial Statements and Exhibits
"	Item 24.(b). Exhibits
"	Item 25. Directors and Officers of the Depositor
"	Item 26. Persons Controlled by or Under Common Control with the Depositor or Registrant
"	Item 28. Indemnification
"	Item 29. Principal Underwriter
"	Jackson National
"	Item 30. Location of Accounts and Records
"	Item 31. Management Services
"	Item 32. Undertakings and Representations

485BPOS 1st “Page” of 94 TOC ↑Top Previous Next ↓Bottom Just 1st
 
As filed with the Securities and Exchange Commission on April 30, 2003.         
                                            Commission File Nos. 333-70384
                                                                 811-08401

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-4

REGISTRATION STATEMENT UNDER                                                    
THE SECURITIES ACT OF 1933                                                      

Pre-Effective Amendment No.                                        [   ]        

Post-Effective Amendment No. 5                                     [ X ]        

and/or

REGISTRATION STATEMENT UNDER                                                    
THE INVESTMENT COMPANY ACT OF 1940                                              

Amendment No. 31                                                   [ X ]        

JNLNY Separate Account I
(Exact Name of Registrant)

 Jackson National Life Insurance Company of New York
 (Name of Depositor)

 2900 Westchester Avenue
Purchase, New York 10577
(Address of Depositor's Principal Executive Offices)

 Depositor's Telephone Number, including Area Code: (888) 367-5651

Susan Rhee, Esq.
 Jackson National Life Insurance Company
 1 Corporate Way
 Lansing, MI 48951
 (Name and Address of Agent for Service)

Copy to:
Joan Boros  
 Jorden Burt LLP
  1025 Thomas Jefferson St. N.W.
Suite 400 East
 Washington, D.C. 20007-0805

It is  proposed   that  this   filing  will  become   effective                 

immediately upon filing pursuant to paragraph (b)             
----                                                                            
X      on May 1, 2003 pursuant to paragraph (b)                             
----                                                                            
60 days after filing pursuant to paragraph (a)(1)             
----                                                                            
on (date) pursuant to paragraph (a)(1) of Rule 485            
----                                                                            
If appropriate, check the following box:                                        

This post-effective amendment designates a new effective date for a   
---- previously filed post-effective amendment.                                 

Title of Securities Being Registered                                            
    Variable Portion of Individual Deferred Variable Annuity Contracts

485BPOS 2nd “Page” of 94 TOC 1st Previous Next ↓Bottom Just 2nd
JNLNY SEPARATE ACCOUNT I
 REFERENCE TO ITEMS REQUIRED BY FORM N-4

N-4 Item                                             Caption in Prospectus or   
                                                 Statement of Additional
                                                 Information relating to
                                   each Item

Part A.  Information Required in a Prospectus        Prospectus                 

1.       Cover Page                                  Cover Page                 

2.       Definitions                                 Not Applicable             

3.       Synopsis                                    Key Facts; Fee Table       

4.       Condensed Financial Information             Not Applicable             

5.       General Description of Registrant,          Jackson National; The      
Depositor and Portfolio Companies           Separate Account; 
                                              Investment Divisions

6.       Deductions and Expenses                     Contract Charges           

7.       General Description of Variable             The Annuity Contract;      
   Annuity Contracts                           Purchases; Transfers;
                                               Access To Your Money;
                                              Income Payments (The
                                              Income Phase); Death
                                        Benefit; Other
                                     Information

8.       Annuity Period                              Income Payments (The       
                                       Income Phase)

9.       Death Benefit                               Death Benefit              

10.      Purchases and Contract Value                Purchases                  

11.      Redemptions                                 Access To Your Money       

12.      Taxes                                       Taxes; Additional Tax      
                                     Information

13.      Legal Proceedings                           Other Information          

14.      Table of Contents of the Statement of       Table of Contents of       
     Additional Information                      Statement of Additional
                                     Information

Part B.  Information Required in Statement of        Statement of               
    Additional Information                      Additional Information

15.      Cover Page                                  Cover Page                 

16.      Table of Contents                           Table of Contents          

17.      General Information and History             General Information        
                                     and History

18.      Services                                    Services                   

19.      Purchase of Securities Being Offered        Purchase of Securities     
                                       Being Offered

20.      Underwriters                                Underwriters               

21.      Calculation of Performance Data             Calculation of             
                                     Performance

22.      Annuity Payments                            Net Investment             
                                Factor

23.      Financial Statements                        Financial Statements       

Part C.                                                                         

Information required to be included in Part C is set forth under the appropriate
item, so numbered, in Part C of this Registration Statement.                    

Explanatory Note                                                                

This Registration Statement contains 45 Funds of the JNL Series Trust and 5     
Funds of JNLNY Variable Fund I LLC. The Registrant undertakes to update this    
Explanatory Note, as needed, each time a Post-Effective Amendment is filed.     

485BPOS 3rd “Page” of 94 TOC 1st Previous Next ↓Bottom Just 3rd
PERSPECTIVE II(SM)
FIXED AND VARIABLE ANNUITY
 ISSUED BY
 JACKSON NATIONAL LIFE INSURANCE COMPANY OF NEW YORK(SM) AND
JNLNY SEPARATE ACCOUNT I

The CONTRACTS offered in this prospectus are the variable portions of 
     individual and group, flexible premium, fixed and variable deferred annuity
Contracts, with:                                                      

>>       4 GUARANTEED FIXED ACCOUNTS, (with guaranteed periods of 1, 3, 5,7     
         years), each of which offers a minimum interest rate that is guaranteed
        by Jackson National Life Insurance Company of New York ("we" or "us"),
       as may be made available by us, or as may be otherwise limited by us;

>>       49 INVESTMENT DIVISIONS of JNLNY Separate Account I (the "Separate     
    Account") each of which purchases shares of one Fund of JNL Series
       Trust or JNLNY Variable Fund I LLC, mutual funds with a full range of
investment objectives;                                        

>>       A BASE CONTRACT  designed to  facilitate  your  RETIREMENT  SAVINGS or 
other long-term investment purposes by permitting you to:     

          o    accumulate  savings for your  retirement on a TAX-DEFERRED  BASIS
          during the ACCUMULATION PHASE on a fixed, variable, or fixed

and variable basis;                               

          o    receive income payments in the INCOME PHASE on a fixed,  variable
or fixed and variable basis;                      

          o    receive a basic  DEATH  BENEFIT,  if you die  before  the  income
               phase,  that will  never be less than the total  premiums  (minus
               withdrawals,  charges  and  taxes)  you have paid us and could be
greater; and                                      

          o    have significant ACCESS TO YOUR CONTRACT VALUES without incurring
               a   withdrawal   charge   in  the   event  of   certain   serious
health-related emergencies;                       

>>       A variety of OPTIONAL FEATURES that, for additional charges, give you  
   the flexibility to add additional benefits to your base Contract,
according to your personal preferences, including:            

          o    3 types of  "CONTRACT  ENHANCEMENTS"  (under which we credit your
               contract  values  with 2%, 3% or 4% of each  premium  payment you
make in the first Contract year);                 

          o    a GUARANTEED  MINIMUM INCOME  BENEFIT (that  guarantees a minimum
               fixed income benefit under certain life contingent  options after
               a period  of at  least 7  Contract  years,  subject  to  specific
conditions);                                      

          o    a GUARANTEED MINIMUM WITHDRAWAL BENEFIT (that permits you to make
               partial  withdrawals,  prior to the income  date that,  in total,
               equals the amount of net premium  payments made (if elected after
               issue, the contract value,  less any recapture  charges,  will be
               used  instead of the net premium  payment at issue)).  Currently,
               you may elect this benefit  after  issue,  however we reserve the
               right to  limit  availability  to the  issue  date for  Contracts
               purchased  after the date of this  supplement.  The  guarantee is
               effective  if gross  partial  withdrawals  taken  within  any one
      Contract year do not exceed 7% of net premium payments);

          o    a  SHORTENED  WITHDRAWAL  CHARGE  PERIOD (5 years  instead of the
Contract's usual seven year period); and          

          o    a 20%  ADDITIONAL  FREE  WITHDRAWAL  FEATURE  (that  permits  you
               greater  access to your  contract  values  without  a  withdrawal
charge).                                          

    THIS PROSPECTUS DESCRIBES A VARIETY OF OPTIONAL FEATURES, NOT ALL OF WHICH
   MAY BE AVAILABLE AT THE TIME YOU ARE INTERESTED IN PURCHASING A CONTRACT,
AS WE RESERVE THE RIGHT TO PROSPECTIVELY RESTRICT AVAILABILITY OF THE 
    OPTIONAL FEATURES. IN ADDITION, NOT ALL OPTIONAL FEATURES MAY BE AVAILABLE
   IN COMBINATION WITH OTHER OPTIONAL FEATURES, AS WE ALSO RESERVE THE RIGHT
 TO PROSPECTIVELY RESTRICT THE AVAILABILITY TO ELECT CERTAIN FEATURES IF
    CERTAIN OTHER OPTIONAL FEATURES HAVE BEEN ELECTED. PLEASE CONFIRM THAT YOU
 HAVE THE MOST CURRENT PROSPECTUS AND SUPPLEMENTS TO THE PROSPECTUS THAT
DESCRIBE THE CURRENT AVAILABILITY AND ANY RESTRICTIONS ON THE OPTIONAL
FEATURES.                                                             

 EXPENSES FOR A CONTRACT WITH A CONTRACT ENHANCEMENT WILL BE HIGHER THAN
    THOSE FOR A CONTRACT WITHOUT A CONTRACT ENHANCEMENT, AND IN SOME CASES THE
     AMOUNT OF A CONTRACT ENHANCEMENT MAY BE MORE THAN OFFSET BY THOSE EXPENSES.

WE OFFER OTHER VARIABLE ANNUITY PRODUCTS THAT OFFER DIFFERENT PRODUCT 
FEATURES, BENEFITS AND CHARGES.                                       

--------------------------------------------------------------------------------
Please  read this  prospectus  before  you  purchase  a  Contract.  It  contains
important  information about the Contract that you should know before investing.
You should keep this  prospectus for future  reference.                         

To learn more  about the  Perspective  II Fixed and  Variable  Annuity,  you can
obtain a free copy of the Statement of Additional Information (SAI) dated May 1,
2003,  by calling us at (800)  599-5651  or by  writing us at:  Annuity  Service
Center, P.O. Box 0809, Denver, Colorado 80263-0809.  The SAI has been filed with
the  Securities  and  Exchange  Commission  (SEC) and is  legally a part of this
prospectus.  The  Table  of  Contents  of the  SAI  appears  at the  end of this
prospectus.  The SEC maintains a website  (http://www.sec.gov) that contains the
SAI,  material   incorporated  by  reference  and  other  information  regarding
registrants that file electronically with the SEC.                              
--------------------------------------------------------------------------------

THE SEC HAS NOT APPROVED OR DISAPPROVED THE PERSPECTIVE II FIXED AND VARIABLE   
ANNUITY OR PASSED UPON THE ADEQUACY OF THIS PROSPECTUS. IT IS A CRIMINAL OFFENSE
TO REPRESENT OTHERWISE.                                                         

--------------------------------------------------------------------------------
Not FDIC/NCUA insured o Not Bank/CU guaranteed o May lose value o Not a deposit 
o Not insured by any federal agency                                             
--------------------------------------------------------------------------------

    "JNL(R)," "Jackson National(R)" and "Jackson National Life(R)" are
trademarks of Jackson National Life Insurance Company.        

 May 1, 2003

485BPOS 4th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 4th
 TABLE OF CONTENTS

KEY FACTS................................................................1      
FEE TABLE................................................................4      
THE ANNUITY CONTRACT....................................................24      
JACKSON NATIONAL NY.....................................................25      
THE GUARANTEED FIXED ACCOUNTS...........................................25      
THE SEPARATE ACCOUNT....................................................26      
INVESTMENT DIVISIONS....................................................26      
CONTRACT CHARGES........................................................34      
PURCHASES...............................................................40      
TRANSFERS...............................................................43      
ACCESS TO YOUR MONEY....................................................44      
INCOME PAYMENTS (THE INCOME PHASE)......................................48      
DEATH BENEFIT...........................................................50      
TAXES...................................................................53      
OTHER INFORMATION.......................................................56      
PRIVACY POLICY..........................................................35      
TABLE OF CONTENTS OF STATEMENT OF ADDITIONAL INFORMATION................60      

APPENDIX A.............................................................A-1      

APPENDIX B.............................................................B-1      
APPENDIX C.............................................................C-1      

485BPOS 5th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 5th
4                                                                               

 KEY FACTS

The Annuity  Contract  Your  Contract  permits you to  accumulate  your contract
values                                                                          

o    on a fixed basis through  allocations to one of our four  Guaranteed  Fixed
     Accounts (with guaranteed  periods of 1, 3, 5, or 7 years),  as may be made
     available by us, or as may be otherwise limited by us. There may be periods
     when we do not offer  any  Guaranteed  Fixed  Accounts,  or impose  special
transfer requirements on the Guaranteed Fixed Accounts; or            

o    on a  variable  basis,  by  allocations  to one or more  of the  Investment
     Divisions of our Separate Account (the "INVESTMENT  DIVISIONS").  (We refer
     to the Guaranteed Fixed Accounts and the Investment  Divisions  together as
"ALLOCATION OPTIONS.")                                                

Regardless of which Allocation Option(s) you select, investment earnings on your
premiums for  non-qualified  Contracts  will be TAX  DEFERRED.  Your Contract is
intended  to help you save for your  retirement  or other  long-term  investment
purposes and provides for a DEATH BENEFIT  during the  ACCUMULATION  PHASE (when
you make  premium  payments  to us) and a variety of income  options  during the
INCOME PHASE (when we make income  payments to you). We generally will not issue
a Contract to anyone over age 90.                                               

--------------------------------------------------------------------------------
OPTIONAL FEATURES                                                               

Optional features of your Contract include:                                     

o    a CONTRACT  ENHANCEMENT  ENDORSEMENT  (a credit to your contract value from
     our general  account equal to 2%, 3% or 4% of your premium  payments in the
     first  Contract  year) that  provides  net  contact  value  benefits  under
     selected  circumstances.  The 3% and 4% Contract Enhancements are currently
unavailable. See "Optional Contract Enhancements" at page 24;         

o    a GUARANTEED  MINIMUM  INCOME  BENEFIT  (guarantees  a minimum fixed income
     benefit  under certain life  contingent  options after a period of at least
     seven Contract  years,  subject to specific  conditions,  regardless of the
Allocation Option(s) you select during the accumulation phase);       

o    a GUARANTEED  MINIMUM  WITHDRAWAL BENEFIT (that permits you to make partial
     withdrawals,  prior to the income date that, in total,  equal the amount of
     net premium  payments  made (if elected  after issue  [availability  may be
     limited to the issue date], the contract value, less any recapture charges,
     will be used instead of the net premium  payment at issue)).  The guarantee
     is effective if partial  withdrawals  taken within any one Contract year do
not exceed 7% of net premium payments;                                

o    a 20% ADDITIONAL FREE WITHDRAWAL  ENDORSEMENT  (permits you to withdraw 20%
     of premium still subject to a withdrawal  charge minus earnings during each
Contract year without a withdrawal charge); and                       

o    a FIVE-YEAR  WITHDRAWAL CHARGE PERIOD  ENDORSEMENT  (reduces the withdrawal
     charge applicable  through the fifth contribution year and eliminates it in
years six and seven).                                                 

--------------------------------------------------------------------------------

ALLOCATION OPTIONS                                                              

You may not allocate your contract values to more than 18 Allocation Options, at
any one time.  Each  Investment  Division  invests in a single FUND  (investment
portfolio) of an underlying mutual fund.                                        

--------------------------------------------------------------------------------

PURCHASES                                                                       

Under most  circumstances,  you must make an initial premium payment of at least
$5,000  ($2,000  for a  qualified  plan  Contract).  You are  permitted  to make
subsequent  premium  payments at any time during the  accumulation  phase.  Each
subsequent  payment must be at least $500 ($50 under an automatic payment plan).
We reserve  the right to refuse any  premium  payment.  We reserve  the right to
restrict availability or impose restrictions on the Guaranteed Fixed Accounts.  

--------------------------------------------------------------------------------

ACCESS TO YOUR MONEY                                                            

You  can  withdraw  all  or  a  portion  of  your  contract  values  during  the
accumulation  phase.  The  Contract  offers two  programs  for  taking  periodic
withdrawals,  as distinguished from scheduled partial  withdrawals.  Withdrawals
may be subject to a withdrawal  charge and an "INTEREST RATE ADJUSTMENT." We may
also  deduct any  withholding  taxes  imposed  from the  amount  payable or your
remaining  values under the  Contract.  You may also have to pay taxes and a tax
penalty on money you withdraw.                                                  

--------------------------------------------------------------------------------
INCOME PAYMENTS                                                                 

You may choose to receive regular income payments from us (most typically,  when
you retire).  During this "INCOME PHASE," you have the same variable  allocation
options as during the accumulation phase.                                       

--------------------------------------------------------------------------------
DEATH BENEFIT                                                                   

If you die before moving to the income phase, the person you have chosen as your
BENEFICIARY  will  receive  a death  benefit  of at least  the  greater  of your
contract  value on the date we receive proof of death and completed  claim forms
from your beneficiary,  the total premiums you have paid since your Contract was
issued,   minus  prior  withdrawals   (including  any  applicable   charges  and
adjustments),  and premium taxes or the greatest anniversary value prior to your
86th birthday,  minus withdrawals and withdrawal charges plus premium paid since
that anniversary.                                                               

--------------------------------------------------------------------------------

FREE LOOK                                                                       

If you cancel your  Contract  within 20 days after  receiving it, we will return
the  contract  value in the  Investment  Divisions  plus  any fees and  expenses
deducted from the premium prior to allocation to the  Investment  Divisions plus
the premium  allocated to the Guaranteed  Fixed Accounts,  minus any withdrawals
from the Guaranteed Fixed Accounts,  and Contract  Enhancement  recapture charge
attributable to the Contract  Enhancement  Endorsement as of the date we receive
your  Contract if you mail it to us or the date the  Contract is returned to the
selling agent.                                                                  

--------------------------------------------------------------------------------
TAXES                                                                           

Under the Internal Revenue Code, you generally will not be taxed on the earnings
on your  contract  value  until you make a  withdrawal  (this is  referred to as
TAX-DEFERRAL).  There are different  rules as to how you will be taxed depending
on how you take the money out and  whether  your  Contract is  non-qualified  or
purchased as part of a qualified  plan.  Earnings  are taxed as ordinary  income
when  withdrawn  and, if withdrawn  prior to age 59 1/2, may be subject to a tax
penalty.                                                                        

--------------------------------------------------------------------------------
EXPENSES                                                                        

Your  Contract has insurance  features and  investment  features,  and there are
costs related to each.  Each Fund has its own expenses.  The Contract's  charges
and Fund expenses are described in the following Fee Table:                     

485BPOS 6th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 6th
 FEE TABLE

The information below describes the fees and expenses that you will pay when    
buying, owning and surrendering the Contract. The information describes the fees
and expenses that you will pay at the time that you buy and surrender the       
Contract, receive income payments or transfer cash value between investment     
options. State premium taxes may also be deducted.                              

OWNER TRANSACTION EXPENSES                                                      

   MAXIMUM WITHDRAWAL CHARGE (AS A PERCENTAGE OF PREMIUM PAYMENTS): 7%

                                                        [Enlarge/Download Table]


                                                                                                    
Contribution Year(1) of Premium        1       2       3       4       5       6      7      8+     
Payment(2)                                                                                          

Withdrawal Charge                      7%      6%      5%      4%      3%      2%     1%     0      
Withdrawal Charge if Five-Year                                                                      
    Period is elected                  6.5%    5%      3%      2%      1%      0      0      0      

CONTRACT ENHANCEMENT RECAPTURE CHARGE (IMPOSED ON WITHDRAWALS, AS A                                 
PERCENTAGE OF FIRST YEAR PREMIUM PAYMENTS IF AN OPTIONAL CONTRACT                                   
ENHANCEMENT IS SELECTED):                                                                           
Contribution Year of Premium          1      2        3         4          5         6         7  8+

Payment(3)                                                                                          

Recapture Charge (2% Credit)         2%     2%      1.25%     1.25%      0.5%        0         0  0 
Recapture Charge (3% Credit)         3%     3%         2%        2%        2%        1%       1%  0 
Recapture Charge (4% Credit)         4%     4%       2.5%      2.5%      2.5%     1.25%    1.25%  0 

 TRANSFER CHARGE:  $25 for each transfer in excess of 15 in a Contract year(4)                      
 OPTIONAL GUARANTEED MINIMUM INCOME BENEFIT CHARGE ("GMIB"): .30% of GMIB Benefit Base(5)           


    COMMUTATION FEE: If you make a total withdrawal from your Contract
         after income payments have commenced under income option 4, or if after
      your death during the period for which payments are guaranteed to be
      made under income option 3 your beneficiary elects to receive a lump
        sum payment, the amount received will be reduced by an amount equal to
      the difference between the present value of any remaining guaranteed
      payments (as of the date of calculation) calculated using a discount
       rate that is (a) equal to the rate assumed in calculating the initial
     income payment and (b) discount rate that is no more than 1% higher
than (a).                                                     

The information below describes the fees and expenses that you will pay         
periodically during the time that you own the Contract, not including the Funds'
fees and expenses.                                                              

ANNUAL CONTRACT MAINTENANCE CHARGE:   $30(6)                  

SEPARATE ACCOUNT ANNUAL EXPENSES (as an annual percentage of average daily      
account value)                                                

BASE CONTRACT CHARGES                                                 
---------------------                                                 
Mortality and Expense Risk Charges                 1.25%              
Administration Charge                               .15%(7)           
Total Separate Account Annual Expenses                                
(with No Optional Benefits)                        1.40%              
CHARGES FOR OPTIONAL ENDORSEMENTS                                     
---------------------------------                                     
20% Additional Free Withdrawal                      .30%              
Five-Year Withdrawal Charge Period                  .30%              
Contract Enhancement (2% Credit)                   .395%(8)           
Contract Enhancement (3% Credit)                    .42%(9)           
Contract Enhancement (4% Credit)                    .56%(9)           
Guaranteed Minimum Withdrawal Benefit ("GMWB")      .70%(10)          
Total Separate Account Annual Expenses                                
(with Maximum Optional Endorsements,                                  
including the maximum "step-up" charge,                               
but without the GMIB)                             2.795%(11)          

485BPOS 7th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 7th
The information below shows the minimum and maximum total operating expenses    
charged by the Funds and a full table of the expenses charged by all of the     
Funds, which you will pay during the time your money is allocated to the        
corresponding Investment Division.                                              

TOTAL ANNUAL FUND OPERATING EXPENSES (expenses that are deducted from Fund      
assets, including management and administration fees, distribution (12b-1) fees 
and other expenses)                                                             

Minimum:  .60%                                                                  

Maximum: 1.41%                                                                  

FUND ANNUAL  EXPENSES (as an annual  percentage of the Fund's  average daily net
assets)                                                                         

                                                        [Enlarge/Download Table]


                                                                                        Estimated                                
                                                                       Management      Distribution                 Total Fund   

Fund Name                                                                 and            (12b-1)        Other         Annual     
                                                                     Administrative      Fees(13)      Expenses       Expenses   
                                                                        Fee(12)                                                  

------------------------------------------------------------------ ------------------- ------------- ------------ ---------------

                                                                                                                                 
AIM/JNL Large Cap Growth Fund                                           1.10%              .05%           0%            1.15%    

AIM/JNL Small Cap Growth Fund                                           1.15%              .02%           0%            1.17%    
AIM/JNL Premier Equity II Fund                                          1.05%              .04%           0%            1.09%    
Alger/JNL Growth Fund                                                   1.08%                0%           0%            1.08%    
Alliance Capital/JNL Growth Fund                                        0.88%              .01%           0%            0.89%    
Eagle/JNL Core Equity Fund                                              0.97%              .03%           0%            1.00%    
Eagle/JNL SmallCap Equity Fund                                          1.05%              .03%           0%            1.08%    
JPMorgan/JNL Enhanced S&P 500 Stock Index Fund                          0.89%              .01%           0%            0.90%    
JPMorgan/JNL International Value Fund                                   1.08%                0%           0%            1.08%    
Janus/JNL Aggressive Growth Fund                                        1.02%              .08%           0%            1.10%    
Janus/JNL Balanced Fund                                                 1.05%              .02%           0%            1.07%    
Janus/JNL Capital Growth Fund                                           1.04%              .05%           0%            1.09%    
Janus/JNL Global Equities Fund(14)                                      1.07%              .03%           0%            1.10%    
Lazard/JNL Mid Cap Value Fund                                           1.08%              .04%           0%            1.12%    
Lazard/JNL Small Cap Value Fund                                         1.14%              .03%           0%            1.17%    
Mellon Capital Management/JNL S&P 500 Index Fund                        0.60%              .01%           0%            0.61%    
Mellon Capital Management/JNL S&P 400 Mid Cap Index Fund                0.60%              .01%           0%            0.61%    
Mellon Capital Management/JNL Small Cap Index Fund                      0.60%              .02%           0%            0.62%    
Mellon Capital Management/JNL International Index Fund                  0.65%                0%           0%            0.65%    
Mellon Capital Management/JNL Bond Index Fund                           0.60%                0%           0%            0.60%    
Oppenheimer/JNL Global Growth Fund                                      1.05%                0%           0%            1.05%    
Oppenheimer/JNL Growth Fund                                             1.00%                0%           0%            1.00%    
PIMCO/JNL Total Return Bond Fund                                        0.80%                0%           0%            0.80%    
PPM America/JNL Balanced Fund                                           0.81%              .01%(14)       0%            0.82%    
PPM America/JNL High Yield Bond Fund                                    0.82%                0%           0%            0.82%    
PPM America/JNL Money Market Fund                                       0.69%                0%           0%            0.69%    
PPM America/JNL Value Fund                                              0.85%              .13%           0%            0.98%    
Putnam/JNL Equity Fund                                                  0.99%              .06%           0%            1.05%    
Putnam/JNL International Equity Fund                                    1.18%              .03%           0%            1.21%    
Putnam/JNL Midcap Growth Fund                                           1.05%              .05%           0%            1.10%    
Putnam/JNL Value Equity Fund                                            0.98%              .03%           0%            1.01%    
Salomon Brothers/JNL Global Bond Fund                                   0.95%                0%           0%            0.95%    
Salomon Brothers/JNL U.S. Government & Quality Bond Fund                0.78%                0%           0%            0.78%    
S&P/JNL Conservative Growth Fund I(15)                                  0.20%                0%           0%            0.20%    
S&P/JNL Moderate Growth Fund I(16)                                      0.20%                0%           0%            0.20%    
S&P/JNL Aggressive Growth Fund I(16)                                    0.20%                0%           0%            0.20%    
S&P/JNL Very Aggressive Growth Fund I(16)                               0.20%                0%           0%            0.20%    
S&P/JNL Equity Growth Fund I(16)                                        0.20%                0%           0%            0.20%    
S&P/JNL Equity Aggressive Growth Fund I(16)                             0.20%                0%           0%            0.20%    
S&P/JNL Core Index 50 Fund(16)                                          0.20%                0%           0%            0.20%    
S&P/JNL Core Index 75 Fund(16)                                          0.20%                0%           0%            0.20%    
S&P/JNL Core Index 100 Fund(16)                                         0.20%                0%           0%            0.20%    
T. Rowe Price/JNL Established Growth Fund                               0.92%              .02%           0%            0.94%    
T. Rowe Price/JNL Mid-Cap Growth Fund                                   1.03%              .01%           0%            1.04%    
T. Rowe Price/JNL Value Fund                                            1.00%              .02%           0%            1.02%    
First Trust/JNL The DowSM Target 10 Fund(16)                            0.82%                0%           0%            0.82%    
First Trust/JNL The S&P(R)Target 10 Fund(17)                            0.82%                0%           0%            0.82%    
First Trust/JNL Global Target 15 Fund                                   0.87%                0%           0%            0.87%    
First Trust/JNL Target 25 Fund                                          0.82%                0%           0%            0.82%    
First Trust/JNL Target Small-Cap Fund                                   0.82%                0%           0%            0.82%    

------------------------------------------------------------------ ------------------- ------------- ------------ ---------------

485BPOS 8th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 8th
EXAMPLES. These examples are intended to help you compare the cost of investing 
in the Contract with the cost of investing in other variable annuity Contracts. 
These costs include Contract owner transaction expenses, Contract fees, Separate
Account annual expenses and Fund fees and expenses.                             

The examples assume that you invest $10,000 in the Contract for the time periods
indicated. Neither transfer fees nor premium tax charges are reflected in the   
examples. The examples also assume that your investment has a 5% annual return  
on assets each year. Your actual costs may be higher or lower than the costs    
shown in the examples.                                                          

The following examples include maximum Fund fees and expenses and the cost if   
you select the 20% Additional Free Withdrawal Endorsement, the Guaranteed       
Minimum Withdrawal Benefit (using the maximum possible charge)and the 2%        
Contract Enhancement Endorsement. Based on these assumptions, your costs would  
be:                                                                             

If you do not surrender your Contract or if you begin receiving income payments 
from your Contract after the first year:                                        

1 YEAR            3 YEARS           5 YEARS          10 YEARS                   
$422              $1,277            $2,145           $4,186                     

If you surrender your Contract at the end of each time period                   

1 YEAR            3 YEARS           5 YEARS          10 YEARS                   
$492              $1,327            $2,175           $4,186                     

The following examples include minimum Fund fees and expenses and includes no   
optional endorsements. Based on these assumptions, your costs would be:         

If you do not surrender your Contract or if you begin receiving income payments 
from your Contract after the first year:                                        

1 YEAR            3 YEARS           5 YEARS          10 YEARS                   
$203              $627              $1,078           $2,327                     

If you surrender your Contract at the end of each time period:                  

1 YEAR            3 YEARS           5 YEARS          10 YEARS                   
$273              $677              $1,108           $2,327                     

EXPLANATION OF FEE TABLE AND EXAMPLES. The purpose of the Fee Table and examples
is to assist you in understanding the various costs and expenses that you will  
bear directly or indirectly. The Fee Table reflects the expenses of the Separate
Account and the Funds. Premium taxes may also apply. The examples reflect the   
Contract maintenance charge, which is determined by dividing the total amount of
such charges collected during the calendar year by the total market value of the
Investment Divisions and the Guaranteed Fixed Accounts.                         

A withdrawal charge is imposed on income payments which occur within 13 months  
of the date the Contract is issued.                                             

THE EXAMPLES DO NOT REPRESENT PAST OR FUTURE EXPENSES. THE ACTUAL EXPENSES THAT 
YOU INCUR MAY BE GREATER OR LESS THAN THOSE SHOWN.                              

FINANCIAL STATEMENTS. An accumulation unit value history is provided below. It  
shows values for the following Contracts:                                       

o    Contracts with no endorsements and                               

o    Contracts with optional endorsements.                            

All other accumulation unit value history can be found in the SAI.              

CONTRACT - M&E 1.40% IS THE BASE CONTRACT WITH NO OPTIONAL BENEFITS.            

The following table shows accumulation unit values at the beginning and end     
of the periods indicated as well as the number of accumulation units outstanding
for each division as of the end of the periods indicated. This information has  
been taken from the Separate Account's financial statements. This information   
should be read together with the Separate Account's financial statements and    
related notes which are in the SAI.                                             

                                                                [Download Table]

                                                                              
                                                                  DECEMBER 31,
INVESTMENT DIVISIONS                                                  2002    

AIM/JNL Large Cap Growth Division (a)                                         
  Accumulation unit value:                                                    
    Beginning of period                                               $8.74   
    End of period                                                     $8.04   
  Accumulation units outstanding                                              
  at the end of period                                                3,656   

AIM/JNL Premier Equity II Division (a)                                        
  Accumulation unit value:                                                    
    Beginning of period                                               $8.46   
    End of period                                                     $7.80   
  Accumulation units outstanding                                              
  at the end of period                                                 412    

AIM/JNL Small Cap Growth Division (a)                                         
  Accumulation unit value:                                                    
    Beginning of period                                               $8.64   
    End of period                                                     $8.29   
  Accumulation units outstanding                                              
  at the end of period                                                1,368   

Alger/JNL Growth Division (l)                                                 
  Accumulation unit value:                                                    
    Beginning of period                                              $11.98   
    End of period                                                    $12.63   
  Accumulation units outstanding                                              
  at the end of period                                                 668    

Alliance Capital/JNL Growth Division (b)                                      
  Accumulation unit value:                                                    
    Beginning of period                                               $8.38   
    End of period                                                     $7.73   
  Accumulation units outstanding                                              
  at the end of period                                                 170    

Eagle/JNL Core Equity Division                                                
  Accumulation unit value:                                                    
    Beginning of period                                              N/A (o)  
    End of period                                                    N/A (o)  
  Accumulation units outstanding                                              
  at the end of period                                               N/A (o)  

Eagle/JNL SmallCap Equity Division                                            
  Accumulation unit value:                                                    
    Beginning of period                                              N/A (o)  
    End of period                                                    N/A (o)  
  Accumulation units outstanding                                              
  at the end of period                                               N/A (o)  

Janus/JNL Aggressive Growth Division (c)                                      
  Accumulation unit value:                                                    
    Beginning of period                                              $18.11   
    End of period                                                    $17.75   
  Accumulation units outstanding                                              
  at the end of period                                                 53     

Janus/JNL Balanced Division (f)                                               
  Accumulation unit value:                                                    
    Beginning of period                                               $8.56   
    End of period                                                     $8.42   
  Accumulation units outstanding                                              
  at the end of period                                                2,670   

Janus/JNL Capital Growth Division                                             
  Accumulation unit value:                                                    
    Beginning of period                                              N/A (o)  
    End of period                                                    N/A (o)  
  Accumulation units outstanding                                              
  at the end of period                                               N/A (o)  

JPMorgan/JNL Enhanced S&P 500 Stock Index Division (d)                        
  Accumulation unit value:                                                    
    Beginning of period                                               $5.66   
    End of period                                                     $5.96   
  Accumulation units outstanding                                              
  at the end of period                                                2,464   

JPMorgan/JNL International Value Division                                     
  Accumulation unit value:                                                    
    Beginning of period                                              N/A (o)  
    End of period                                                    N/A (o)  
  Accumulation units outstanding                                              
  at the end of period                                               N/A (o)  

Lazard/JNL Mid Cap Value Division (e)                                         
  Accumulation unit value:                                                    
    Beginning of period                                              $11.04   
    End of period                                                    $11.03   
  Accumulation units outstanding                                              
  at the end of period                                                 121    

Lazard/JNL Small Cap Value Division (f)                                       
  Accumulation unit value:                                                    
    Beginning of period                                               $9.81   
    End of period                                                     $9.40   
  Accumulation units outstanding                                              
  at the end of period                                                1,661   

Mellon Capital Management/JNL Bond Index Division (l)                         
  Accumulation unit value:                                                    
    Beginning of period                                              $10.60   
    End of period                                                    $10.71   
  Accumulation units outstanding                                              
  at the end of period                                                 925    

Mellon Capital Management/JNL International Index Division                    
  Accumulation unit value:                                                    
    Beginning of period                                              N/A (o)  
    End of period                                                    N/A (o)  
  Accumulation units outstanding                                              
  at the end of period                                               N/A (o)  

Mellon Capital Management/JNL S&P 400 Mid Cap Index Division (l)              
  Accumulation unit value:                                                    
    Beginning of period                                               $7.52   
    End of period                                                     $8.49   
  Accumulation units outstanding                                              
  at the end of period                                                 379    

Mellon Capital Management/JNL S&P 500 Index Division (l)                      
  Accumulation unit value:                                                    
    Beginning of period                                               $6.87   
    End of period                                                     $7.69   
  Accumulation units outstanding                                              
  at the end of period                                                5,344   

Mellon Capital Management/JNL Small Cap Index Division (l)                    
  Accumulation unit value:                                                    
    Beginning of period                                               $7.03   
    End of period                                                     $7.91   
  Accumulation units outstanding                                              
  at the end of period                                                 316    

Oppenheimer/JNL Global Growth Division (f)                                    
  Accumulation unit value:                                                    
    Beginning of period                                               $7.50   
    End of period                                                     $7.03   
  Accumulation units outstanding                                              
  at the end of period                                                1,720   

Oppenheimer/JNL Growth Division                                               
  Accumulation unit value:                                                    
    Beginning of period                                              N/A (o)  
    End of period                                                    N/A (o)  
  Accumulation units outstanding                                              
  at the end of period                                               N/A (o)  

PIMCO/JNL Total Return Bond Division (a)                                      
  Accumulation unit value:                                                    
    Beginning of period                                              $12.75   
    End of period                                                    $13.12   
  Accumulation units outstanding                                              
  at the end of period                                                4,386   

PPM America/JNL Balanced Division (g)                                         
  Accumulation unit value:                                                    
    Beginning of period                                              $17.72   
    End of period                                                    $17.57   
  Accumulation units outstanding                                              
  at the end of period                                                1,005   

PPM America/JNL High Yield Bond Division (a)                                  
  Accumulation unit value:                                                    
    Beginning of period                                              $12.65   
    End of period                                                    $13.25   
  Accumulation units outstanding                                              
  at the end of period                                                 881    

PPM America/JNL Money Market Division                                         
  Accumulation unit value:                                                    
    Beginning of period                                              N/A (o)  
    End of period                                                    N/A (o)  
  Accumulation units outstanding                                              
  at the end of period                                               N/A (o)  

PPM America/JNL Value Division                                                
  Accumulation unit value:                                                    
    Beginning of period                                              N/A (o)  
    End of period                                                    N/A (o)  
  Accumulation units outstanding                                              
  at the end of period                                               N/A (o)  

Putnam/JNL Equity Division                                                    
  Accumulation unit value:                                                    
    Beginning of period                                              N/A (o)  
    End of period                                                    N/A (o)  
  Accumulation units outstanding                                              
  at the end of period                                               N/A (o)  

Putnam/JNL International Equity Division (a)                                  
  Accumulation unit value:                                                    
    Beginning of period                                              $10.03   
    End of period                                                     $9.27   
  Accumulation units outstanding                                              
  at the end of period                                                 424    

Putnam/JNL Midcap Growth Division (a)                                         
  Accumulation unit value:                                                    
    Beginning of period                                               $5.35   
    End of period                                                     $4.92   
  Accumulation units outstanding                                              
  at the end of period                                                2,336   

Putnam/JNL Value Equity Division (a)                                          
  Accumulation unit value:                                                    
    Beginning of period                                              $15.87   
    End of period                                                    $14.92   
  Accumulation units outstanding                                              
  at the end of the period                                             214    

S&P/JNL Aggressive Growth Division I (h)                                      
  Accumulation unit value:                                                    
    Beginning of period                                               $9.11   
    End of period                                                     $9.13   
  Accumulation units outstanding                                              
  at the end of period                                               32,364   

S&P/JNL Conservative Growth Division I (i)                                    
  Accumulation unit value:                                                    
    Beginning of period                                              $10.18   
    End of period                                                    $10.05   
  Accumulation units outstanding                                              
  at the end of period                                                7,355   

S&P/JNL Core Index 100 Division (m)                                           
  Accumulation unit value:                                                    
    Beginning of period                                               $7.80   
    End of period                                                     $8.54   
  Accumulation units outstanding                                              
  at the end of period                                                 227    

S&P/JNL Core Index 50 Division                                                
  Accumulation unit value:                                                    
    Beginning of period                                              N/A (o)  
    End of period                                                    N/A (o)  
  Accumulation units outstanding                                              
  at the end of period                                               N/A (o)  

S&P/JNL Core Index 75 Division                                                
  Accumulation unit value:                                                    
    Beginning of period                                              N/A (o)  
    End of period                                                    N/A (o)  
  Accumulation units outstanding                                              
  at the end of period                                               N/A (o)  

S&P/JNL Equity Aggressive Growth Division I (l)                               
  Accumulation unit value:                                                    
    Beginning of period                                               $7.35   
    End of period                                                     $8.21   
  Accumulation units outstanding                                              
  at the end of period                                                 109    

S&P/JNL Equity Growth Division I (j)                                          
  Accumulation unit value:                                                    
    Beginning of period                                               $8.54   
    End of period                                                     $8.05   
  Accumulation units outstanding                                              
  at the end of period                                                2,928   

S&P/JNL Moderate Growth Division I (i)                                        
  Accumulation unit value:                                                    
    Beginning of period                                              $10.07   
    End of period                                                     $9.79   
  Accumulation units outstanding                                              
  at the end of period                                               27,291   

S&P/JNL Very Aggressive Growth Division I                                     
  Accumulation unit value:                                                    
    Beginning of period                                              N/A (o)  
    End of period                                                    N/A (o)  
  Accumulation units outstanding                                              
  at the end of period                                               N/A (o)  

Salomon Brothers/JNL Global Bond Division (d)                                 
  Accumulation unit value:                                                    
    Beginning of period                                              $15.18   
    End of period                                                    $15.78   
  Accumulation units outstanding                                              
  at the end of the period                                             422    

Salomon Brothers/JNL U.S. Government & Quality Bond Division (f)              
  Accumulation unit value:                                                    
    Beginning of period                                              $14.83   
    End of period                                                    $15.25   
  Accumulation units outstanding                                              
  at the end of period                                                3,516   

T. Rowe Price/JNL Established Growth Division (f)                             
  Accumulation unit value:                                                    
    Beginning of period                                              $19.15   
    End of period                                                    $18.49   
  Accumulation units outstanding                                              
  at the end of period                                                 747    

T. Rowe Price/JNL Mid-Cap Growth Division (f)                                 
  Accumulation unit value:                                                    
    Beginning of period                                              $21.31   
    End of period                                                    $21.05   
  Accumulation units outstanding                                              
  at the end of period                                                 639    

T. Rowe Price/JNL Value Division (f)                                          
  Accumulation unit value:                                                    
    Beginning of period                                               $9.31   
    End of period                                                     $9.09   
  Accumulation units outstanding                                              
  at the end of period                                                2,713   

First Trust/JNL The DowSM Target 10 Division (n)                              
  Accumulation unit value:                                                    
    Beginning of period                                              $10.83   
    End of period                                                    $11.16   
  Accumulation units outstanding                                              
  at the end of period                                                4,978   

First Trust/JNL The S&P (R) Target 10 Division (n)                            
  Accumulation unit value:                                                    
    Beginning of period                                              $10.14   
    End of period                                                     $9.64   
  Accumulation units outstanding                                              
  at the end of period                                                 152    

First Trust/JNL The Global Target 15 Division  (n)                            
  Accumulation unit value:                                                    
    Beginning of period                                              $10.01   
    End of period                                                     $9.68   
  Accumulation units outstanding                                              
  at the end of period                                                 418    

First Trust/JNL Target 25 Division (n)                                        
 Accumulation unit value:                                                     
    Beginning of period                                              $10.28   
    End of period                                                    $10.28   
  Accumulation units outstanding                                              
  at the end of period                                                  5     

First Trust/JNL Target Small-Cap Division (n)                                 
  Accumulation unit value:                                                    
    Beginning of period                                              $10.83   
    End of period                                                    $10.84   
  Accumulation units outstanding                                              
  at the end of period                                                  5     

(a)    Commencement of operations August 26, 2002.                              
(b)    Commencement of operations November 15, 2002.                            
(c)    Commencement of operations August 30, 2002.                              
(d)    Commencement of operations September 23, 2002.                           
(e)    Commencement of operations November 7, 2002.                             
(f)    Commencement of operations August 28, 2002.                              
(g)    Commencement of operations November 22, 2002.                            
(h)    Commencement of operations September 3, 2002.                            
(i)    Commencement of operations August 19, 2002.                              
(j)    Commencement of operations November 27, 2002.                            
(k)    Commencement of operations November 11, 2002.                            
(l)    Commencement of operations October 7, 2002.                              
(m)    Commencement of operations October 9, 2002.                              
(n)    Commencement of operations November 1, 2002.                             
(o)    These investment divisions had not commenced operations at December 31,  
2002.                                                             

ACCUMULATION UNIT VALUES                                                        
CONTRACT - M&E 2.095% WITH THE FOLLOWING POSSIBLE COMBINATIONS OF BENEFITS:     
PREMIUM CREDIT 2% AND FIVE YEAR WITHDRAWAL CHARGE PERIOD                        

The following table shows accumulation unit values at the beginning and end of  
the periods indicated as well as the number of accumulation units outstanding   
for each division as of the end of the periods indicated. This information has  
been taken from the Separate Account's financial statements. This information   
should be read together with the Separate Account's financial statements and    
related notes which are in the SAI.                                             

                                                                [Download Table]

                                                                          

INVESTMENT DIVISIONS                                          DECEMBER 31,
                                                                  2002    
AIM/JNL Large Cap Growth Division                                         
  Accumulation unit value:                                                
    Beginning of period                                          N/A (g)  
    End of period                                                N/A (g)  
  Accumulation units outstanding                                          
  at the end of period                                           N/A (g)  

AIM/JNL Premier Equity II Division                                        
  Accumulation unit value:                                                
    Beginning of period                                          N/A (g)  
    End of period                                                N/A (g)  
  Accumulation units outstanding                                          
  at the end of period                                           N/A (g)  

AIM/JNL Small Cap Growth Division                                         
  Accumulation unit value:                                                
    Beginning of period                                          N/A (g)  
    End of period                                                N/A (g)  
  Accumulation units outstanding                                          
  at the end of period                                           N/A (g)  

Alger/JNL Growth Division                                                 
  Accumulation unit value:                                                
    Beginning of period                                          N/A (g)  
    End of period                                                N/A (g)  
  Accumulation units outstanding                                          
  at the end of period                                           N/A (g)  

Alliance Capital/JNL Growth Division                                      
  Accumulation unit value:                                                
    Beginning of period                                          N/A (g)  
    End of period                                                N/A (g)  
  Accumulation units outstanding                                          
  at the end of period                                           N/A (g)  

Eagle/JNL Core Equity Division                                            
  Accumulation unit value:                                                
    Beginning of period                                          N/A (g)  
    End of period                                                N/A (g)  
  Accumulation units outstanding                                          
  at the end of period                                           N/A (g)  
Eagle/JNL SmallCap Equity Division                                        
  Accumulation unit value:                                                
    Beginning of period                                          N/A (g)  
    End of period                                                N/A (g)  
  Accumulation units outstanding                                          
  at the end of period                                           N/A (g)  

Janus/JNL Aggressive Growth Division                                      
  Accumulation unit value:                                                
    Beginning of period                                          N/A (g)  
    End of period                                                N/A (g)  
  Accumulation units outstanding                                          
  at the end of period                                           N/A (g)  

Janus/JNL Balanced Division                                               
  Accumulation unit value:                                                
    Beginning of period                                          N/A (g)  
    End of period                                                N/A (g)  
  Accumulation units outstanding                                          
  at the end of period                                           N/A (g)  

Janus/JNL Capital Growth Division (a)                                     
  Accumulation unit value:                                                
    Beginning of period                                          $13.13   
    End of period                                                $12.80   
  Accumulation units outstanding                                          
  at the end of period                                             162    

JPMorgan/JNL Enhanced S&P 500 Stock Index Division                        
  Accumulation unit value:                                                
    Beginning of period                                          N/A (g)  
    End of period                                                N/A (g)  
  Accumulation units outstanding                                          
  at the end of period                                           N/A (g)  

JPMorgan/JNL International Value Division                                 
  Accumulation unit value:                                                
    Beginning of period                                          N/A (g)  
    End of period                                                N/A (g)  
  Accumulation units outstanding                                          
  at the end of period                                           N/A (g)  

Lazard/JNL Mid Cap Value Division  (b)                                    
  Accumulation unit value:                                                
    Beginning of period                                          $10.43   
    End of period                                                $10.67   
  Accumulation units outstanding                                          
  at the end of period                                            2,075   

Lazard/JNL Small Cap Value Division (b)                                   
  Accumulation unit value:                                                
    Beginning of period                                           $8.90   
    End of period                                                 $9.08   
  Accumulation units outstanding                                          
  at the end of period                                             728    

Mellon Capital Management/JNL Bond Index Division                         
  Accumulation unit value:                                                
    Beginning of period                                          N/A (g)  
    End of period                                                N/A (g)  
  Accumulation units outstanding                                          
  at the end of period                                           N/A (g)  

Mellon Capital Management/JNL International Index Division                
  Accumulation unit value:                                                
    Beginning of period                                          N/A (g)  
    End of period                                                N/A (g)  
  Accumulation units outstanding                                          
  at the end of period                                           N/A (g)  

Mellon Capital Management/JNL S&P 400 Mid Cap Index Division              
  Accumulation unit value:                                                
    Beginning of period                                          N/A (g)  
    End of period                                                N/A (g)  
  Accumulation units outstanding                                          
  at the end of period                                           N/A (g)  

Mellon Capital Management/JNL S&P 500 Index Division (c)                  
  Accumulation unit value:                                                
    Beginning of period                                           $7.80   
    End of period                                                 $7.64   
  Accumulation units outstanding                                          
  at the end of period                                            1,519   

Mellon Capital Management/JNL Small Cap Index Division                    
  Accumulation unit value:                                                
    Beginning of period                                          N/A (g)  
    End of period                                                N/A (g)  
  Accumulation units outstanding                                          
  at the end of period                                           N/A (g)  

Oppenheimer/JNL Global Growth Division                                    
  Accumulation unit value:                                                
    Beginning of period                                          N/A (g)  
    End of period                                                N/A (g)  
  Accumulation units outstanding                                          
  at the end of period                                           N/A (g)  

Oppenheimer/JNL Growth Division                                           
  Accumulation unit value:                                                
    Beginning of period                                          N/A (g)  
    End of period                                                N/A (g)  
  Accumulation units outstanding                                          
  at the end of period                                           N/A (g)  

PIMCO/JNL Total Return Bond Division (b)                                  
  Accumulation unit value:                                                
    Beginning of period                                          $12.27   
    End of period                                                $12.69   
  Accumulation units outstanding                                          
  at the end of period                                            3,962   

PPM America/JNL Balanced Division                                         
  Accumulation unit value:                                                
    Beginning of period                                          N/A (g)  
    End of period                                                N/A (g)  
  Accumulation units outstanding                                          
  at the end of period                                           N/A (g)  

PPM America/JNL High Yield Bond Division (d)                              
  Accumulation unit value:                                                
    Beginning of period                                          $12.53   
    End of period                                                $12.57   
  Accumulation units outstanding                                          
  at the end of period                                              4     

PPM America/JNL Money Market Division                                     
  Accumulation unit value:                                                
    Beginning of period                                          N/A (g)  
    End of period                                                N/A (g)  
  Accumulation units outstanding                                          
  at the end of period                                           N/A (g)  

PPM America/JNL Value Division                                            
  Accumulation unit value:                                                
    Beginning of period                                          N/A (g)  
    End of period                                                N/A (g)  
  Accumulation units outstanding                                          
  at the end of period                                           N/A (g)  

Putnam/JNL Equity Division (e)                                            
  Accumulation unit value:                                                
    Beginning of period                                          $13.84   
    End of period                                                $13.69   
  Accumulation units outstanding                                          
  at the end of period                                            1,122   

Putnam/JNL International Equity Division                                  
Accumulation unit value:                                                  
    Beginning of period                                          N/A (g)  
    End of period                                                N/A (g)  
  Accumulation units outstanding                                          
  at the end of period                                           N/A (g)  

Putnam/JNL Midcap Growth Division                                         
  Accumulation unit value:                                                
    Beginning of period                                          N/A (g)  
    End of period                                                N/A (g)  
  Accumulation units outstanding                                          
  at the end of period                                           N/A (g)  

Putnam/JNL Value Equity Division (c)                                      
  Accumulation unit value:                                                
    Beginning of period                                          $14.13   
    End of period                                                $14.14   
  Accumulation units outstanding                                          
  at the end of the period                                         839    

S&P/JNL Aggressive Growth Division I (c)                                  
  Accumulation unit value:                                                
    Beginning of period                                           $8.89   
    End of period                                                 $8.84   
  Accumulation units outstanding                                          
  at the end of period                                            4,820   

S&P/JNL Conservative Growth Division I (b)                                
  Accumulation unit value:                                                
    Beginning of period                                           $9.58   
    End of period                                                 $9.72   
  Accumulation units outstanding                                          
  at the end of period                                           12,221   

S&P/JNL Core Index 100 Division                                           
  Accumulation unit value:                                                
    Beginning of period                                          N/A (g)  
    End of period                                                N/A (g)  
  Accumulation units outstanding                                          
  at the end of period                                           N/A (g)  

S&P/JNL Core Index 50 Division                                            
  Accumulation unit value:                                                
    Beginning of period                                          N/A (g)  
    End of period                                                N/A (g)  
  Accumulation units outstanding                                          
  at the end of period                                           N/A (g)  

S&P/JNL Core Index 75 Division                                            
  Accumulation unit value:                                                
    Beginning of period                                          N/A (g)  
    End of period                                                N/A (g)  
  Accumulation units outstanding                                          
  at the end of period                                           N/A (g)  

S&P/JNL Equity Aggressive Growth Division I                               
  Accumulation unit value:                                                
    Beginning of period                                          N/A (g)  
    End of period                                                N/A (g)  
  Accumulation units outstanding                                          
  at the end of period                                           N/A (g)  

S&P/JNL Equity Growth Division I                                          
  Accumulation unit value:                                                
    Beginning of period                                          N/A (g)  
    End of period                                                N/A (g)  
  Accumulation units outstanding                                          
  at the end of period                                           N/A (g)  

S&P/JNL Moderate Growth Division I (f)                                    
  Accumulation unit value:                                                
    Beginning of period                                           $9.75   
    End of period                                                 $9.47   
  Accumulation units outstanding                                          
  at the end of period                                            2,538   

S&P/JNL Very Aggressive Growth Division I (d)                             
  Accumulation unit value:                                                
    Beginning of period                                           $8.44   
    End of period                                                 $8.28   
  Accumulation units outstanding                                          
  at the end of period                                              6     

Salomon Brothers/JNL Global Bond Division                                 
  Accumulation unit value:                                                
    Beginning of period                                          N/A (g)  
    End of period                                                N/A (g)  
  Accumulation units outstanding                                          
  at the end of the period                                       N/A (g)  

Salomon Brothers/JNL U.S. Government & Quality Bond Division              
  Accumulation unit value:                                                
    Beginning of period                                          N/A (g)  
    End of period                                                N/A (g)  
  Accumulation units outstanding                                          
  at the end of period                                           N/A (g)  

T. Rowe Price/JNL Established Growth Division                             
  Accumulation unit value:                                                
    Beginning of period                                          N/A (g)  
    End of period                                                N/A (g)  
  Accumulation units outstanding                                          
  at the end of period                                           N/A (g)  

T. Rowe Price/JNL Mid-Cap Growth Division                                 
  Accumulation unit value:                                                
    Beginning of period                                          N/A (g)  
    End of period                                                N/A (g)  
  Accumulation units outstanding                                          
  at the end of period                                           N/A (g)  

T. Rowe Price/JNL Value Division (a)                                      
  Accumulation unit value:                                                
    Beginning of period                                           $8.90   
    End of period                                                 $8.92   
  Accumulation units outstanding                                          
  at the end of period                                             718    

First Trust/JNL The DowSM Target 10 Division (b)                          
  Accumulation unit value:                                                
    Beginning of period                                          $10.54   
    End of period                                                $11.12   
  Accumulation units outstanding                                          
  at the end of period                                             615    

First Trust/JNL The S&P (R) Target 10 Division (b)                        
  Accumulation unit value:                                                
    Beginning of period                                          $10.76   
    End of period                                                 $9.60   
  Accumulation units outstanding                                          
  at the end of period                                             603    

First Trust/JNL The Global Target 15 Division  (b)                        
  Accumulation unit value:                                                
    Beginning of period                                           $9.92   
    End of period                                                 $9.65   
  Accumulation units outstanding                                          
  at the end of period                                             653    

First Trust/JNL Target 25 Division                                        
  Accumulation unit value:                                                
    Beginning of period                                          N/A (g)  
    End of period                                                N/A (g)  
  Accumulation units outstanding                                          
  at the end of period                                           N/A (g)  

First Trust/JNL Target Small-Cap Division                                 
  Accumulation unit value:                                                
    Beginning of period                                          N/A (g)  
    End of period                                                N/A (g)  
  Accumulation units outstanding                                          
  at the end of period                                           N/A (g)  

(a) Commencement of operations November 5, 2002.                                
(b) Commencement of operations October 18, 2002.                                
(c) Commencement of operations October 25, 2002.                                
(d) Commencement of operations December 17, 2002.                               
(e) Commencement of operations December 9, 2002.                                
(f) Commencement of operations November 25, 2002.                               
(g) These  investment  divisions  had not  commenced  operations at December 31,
2002.                                                                   

The consolidated balanced sheets of Jackson National NY and subsidiaries as of  
December 31, 2002 and 2001, and the related consolidated statements of income,  
stockholder's equity and comprehensive income, and cash flows for each of the   
years in the three year period ended December 31, 2002, and the financial       
statements of Jackson National NY's JNLNY Separate Account I as of December 31, 
2002, are included in the SAI.                                                  

The Separate Account's financial statements and the financial statements of     
Jackson National NY have been audited by KPMG LLP, independent accountants.     

THE ANNUITY CONTRACT

Your  Contract is a Contract  between you, the owner,  and us. Your  Contract is
intended to help facilitate your retirement savings on a tax-deferred  basis, or
other long-term investment purposes, and provides for a death benefit. Purchases
under  tax-qualified  plans should be made for other than tax deferral  reasons.
Tax-qualified  plans  provide tax deferral that does not rely on the purchase of
an annuity  Contract.  We generally  will not issue a Contract to someone  older
than 90. Your Contract or your qualified plan permit you to accumulate  contract
value on a tax-deferred basis. You may allocate your contract values to         

     o    our Guaranteed  Fixed Accounts,  as may be made available by us, or as
may be otherwise limited by us; or to                       

     o    Investment Divisions of the Separate Account that invest in underlying
Funds.                                                      

Your Contract, like all deferred annuity Contracts, has two phases:             

o    the accumulation phase, when you make premium payments to us, and

o    the income phase, when we make income payments to you.           

As the owner,  you can  exercise  all the rights  under your  Contract.  You can
assign your Contract at any time during your lifetime,  but we will not be bound
until we  receive  written  notice of the  assignment.  An  assignment  may be a
taxable event.                                                                  

--------------------------------------------------------------------------------
YOU MAY  CHOOSE  AMONG  FIXED  AND  VARIABLE  ALLOCATION  OPTIONS  IN  BOTH  THE
ACCUMULATION AND INCOME PHASES OF YOUR CONTRACT, AS THEN CURRENTLY AVAILABLE.   
--------------------------------------------------------------------------------

 JACKSON NATIONAL NY

We are a stock life insurance  company  organized under the laws of the state of
New York in July 1995. Our legal domicile and principal business address is 2900
Westchester  Avenue,  Purchase,  New York 10577. We are admitted to conduct life
insurance and annuity business in the states of Delaware, New York and Michigan.
We are ultimately a wholly owned subsidiary of Prudential plc (London, England).

We issue the Contracts and administer the Contracts and the Separate Account. We
maintain records of the name, address,  taxpayer identification number and other
pertinent information for each owner; the number and type of Contracts issued to
each owner; and records with respect to the value of each Contract.             

--------------------------------------------------------------------------------
WE  ARE A  LIFE  INSURANCE  COMPANY  AND  ISSUE  ANNUITIES  AND  LIFE  INSURANCE
CONTRACTS.                                                                      
--------------------------------------------------------------------------------

 THE GUARANTEED FIXED ACCOUNTS

Contract  value that you allocate to a Guaranteed  Fixed Account  option will be
placed with other assets in our general  account.  The Guaranteed  Fixed Account
options  are not  registered  with the SEC,  and the SEC  does  not  review  the
information we provide to you about them.  Disclosures  regarding the Guaranteed
Fixed Account options,  however, may be subject to the general provisions of the
federal  securities laws relating to the accuracy and completeness of statements
made in prospectuses. Both the availability of Guaranteed Fixed Account options,
and  transfers  into and out of the  Guaranteed  Fixed Account  options,  may be
subject to contractual  and  administrative  requirements.  Accordingly,  before
purchasing a Contract, you should consult your JNLNY representative with respect
to the current availability of Guaranteed Fixed Accounts and their limitations. 

Each available  Guaranteed  Fixed Account offers a minimum interest rate that we
guarantee for a specified period (for example, one, three, five or seven years).
We  guarantee  principal  and  interest of any  contract  values  while they are
allocated to a Guaranteed Fixed Account only if amounts allocated to the account
are  not  withdrawn  until  the  end of the  chosen  duration.  The  value  of a
Guaranteed  Fixed  Account may be reduced if you make a withdrawal  prior to the
end of the  Guaranteed  Fixed Account  period,  but will never be less than your
premium payments (minus any applicable  premium tax) and transfers  allocated to
the Guaranteed Fixed Accounts, minus transfers, withdrawals and charges from the
Guaranteed  Fixed  Accounts,  accumulated  at 3% per year,  minus any withdrawal
charges or any tax due. Your Contract  contains a more complete  description  of
the  Guaranteed   Fixed  Accounts,   as   supplemented  by  our   administrative
requirements relating to transfers.                                             

--------------------------------------------------------------------------------
The  Guaranteed  Fixed  Accounts are not  securities.  Your  allocations  to any
Guaranteed Fixed Account will accumulate at least at the minimum guaranteed rate
of that Guaranteed Fixed Account.                                               
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
BOTH THE AVAILABILITY OF GUARANTEED  FIXED ACCOUNT  OPTIONS,  AND TRANSFERS INTO
AND OUT OF THE  GUARANTEED  FIXED  OPTIONS,  MAY BE SUBJECT TO  CONTRACTUAL  AND
ADMINISTRATIVE LIMITATIONS.                                                     
--------------------------------------------------------------------------------

THE SEPARATE ACCOUNT

We  established  the  Separate  Account on September  12, 1997,  pursuant to the
provisions of New York law. The Separate  Account is registered as an investment
company with the SEC.                                                           

The assets of the  Separate  Account  legally  belong to us and the  obligations
under the Contracts are our obligations.  However, we are not allowed to use the
Contract assets in the Separate  Account to pay our  liabilities  arising out of
any other business we may conduct. All of the income, gains and losses resulting
from these  assets are  credited  to or charged  against the  Contracts  and not
against any other Contracts we may issue.                                       

The Separate Account is divided into Investment  Divisions.  We do not guarantee
the  investment  performance  of the Separate  Account or any of its  Investment
Divisions.                                                                      

INVESTMENT DIVISIONS

You can allocate your contract value to any or all of the Investment  Divisions;
however,  you may not  allocate  to more than 18  Allocation  Options at any one
time.  Each  Investment  Division  purchases the shares of one  underlying  Fund
(mutual fund  portfolio) that has its own investment  objective.  The Investment
Divisions  are  designed  to offer the  potential  for a higher  return than the
Guaranteed Fixed Accounts.  However, this is not guaranteed.  It is possible for
you to lose your money  allocated  to any of the  Investment  Divisions.  If you
allocate contract values to the Investment  Divisions,  the amounts you are able
to accumulate in your Contract  during the  accumulation  phase depends upon the
performance  of the  Investment  Divisions you select.  The amount of the income
payments you receive  during the income phase also will depend,  in part, on the
performance of the Investment Divisions you choose for the income phase.        

--------------------------------------------------------------------------------
YOUR  ALLOCATIONS TO INVESTMENT  DIVISIONS ARE INVESTED IN UNDERLYING  FUNDS AND
WHETHER YOU MAKE OR LOSE MONEY DEPENDS ON THE  INVESTMENT  PERFORMANCE  OF THOSE
FUNDS.                                                                          
--------------------------------------------------------------------------------

                                                        [Enlarge/Download Table]

                                                                                                           

                                                THE FUNDS, INVESTMENT OBJECTIVES AND ADVISERS              

==================================== =========================================== ==========================
                                                                                  INVESTMENT ADVISER (AND  
           NAME OF FUND                         INVESTMENT OBJECTIVE                   SUB-ADVISER)        
==================================== =========================================== ==========================
===========================================================================================================
JNL SERIES TRUST                                                                                           
-----------------------------------------------------------------------------------------------------------
------------------------------------ ------------------------------------------- --------------------------
AIM/JNL Large Cap Growth             Seeks long-term growth of capital by        Jackson National Asset    
                                     investing in securities of                  Management, LLC (and AIM  
                                     large-capitalization companies.             Capital Management, Inc.) 
------------------------------------ ------------------------------------------- --------------------------
------------------------------------ ------------------------------------------- --------------------------

AIM/JNL Small Cap Growth             Seeks long-term growth of capital by        Jackson National Asset    
                                     normally investing at least 80% of its      Management, LLC (and AIM  
                                     assets (net assets plus the amount of any   Capital Management, Inc.) 
                                     borrowings for investment purposes) in                                
                                     securities of small cap-companies.                                    

------------------------------------ ------------------------------------------- --------------------------
------------------------------------ ------------------------------------------- --------------------------

AIM/JNL Premier Equity II            Seeks to achieve long-term growth by        Jackson National Asset    
                                     investing primarily in equity securities,   Management, LLC (and AIM  
                                     including convertible securities.           Capital Management, Inc.) 

------------------------------------ ------------------------------------------- --------------------------
------------------------------------ ------------------------------------------- --------------------------
Alger/JNL Growth                     Seeks long-term capital appreciation by     Jackson National Asset    
                                     investing at least 65% of its total         Management, LLC (and      
                                     assets in a diversified portfolio of        Fred Alger Management,    
                                     equity securities - common stock,           Inc.)                     
                                     preferred stock, and securities                                       
                                     convertible into or exchangeable for                                  
                                     common stock - of large companies which                               
                                     trade on U.S. exchanges or in the U.S.                                
                                     over-the-counter market.                                              
------------------------------------ ------------------------------------------- --------------------------
------------------------------------ ------------------------------------------- --------------------------
Alliance Capital/JNL Growth          Seeks long-term growth of capital by        Jackson National Asset    
                                     investing primarily in a diversified        Management, LLC (and      
                                     portfolio of common stocks or securities    Alliance Capital          
                                     with common stock characteristics that      Management L.P.)          
                                     the sub-adviser believes have the                                     
                                     potential for capital appreciation, which                             
                                     include securities convertible into or                                
                                     exchangeable for common stock.                                        
------------------------------------ ------------------------------------------- --------------------------
------------------------------------ ------------------------------------------- --------------------------

Eagle/JNL Core Equity                Seeks long-term capital appreciation and,   Jackson National Asset    
                                     secondarily, current income by investing    Management, LLC (and      
                                     at least 80% of its assets (net assets      Eagle Asset Management,   
                                     plus the amount of any borrowings for       Inc.)                     
                                     investment purposes) in a diversified                                 
                                     portfolio of common stock of U.S.                                     
                                     companies that meet the criteria for one                              
                                     of three separate equity strategies: the                              
                                     growth equity strategy, the value equity                              
                                     strategy and the equity income strategy.                              

------------------------------------ ------------------------------------------- --------------------------
------------------------------------ ------------------------------------------- --------------------------

Eagle/JNL SmallCap Equity            Seeks long-term capital appreciation by     Jackson National Asset    
                                     investing at least 80% of its assets (net   Management, LLC (and      
                                     assets plus the amount of any borrowings    Eagle Asset Management,   
                                     for investment purposes) in a diversified   Inc.)                     
                                     portfolio of equity securities of U.S.                                
                                     companies with market capitalizations in                              
                                     the range of securities represented by                                
                                     the Russell 2000.                                                     

------------------------------------ ------------------------------------------- --------------------------
------------------------------------ ------------------------------------------- --------------------------
JPMorgan/JNL Enhanced S&P 500        Seeks high total return from a broadly      Jackson National Asset    
Stock Index                          diversified portfolio of equity             Management, LLC (and      
                                     securities by investing in a diversified    J.P. Morgan Investment    
                                     portfolio of large- and                     Management, Inc.)         
                                     medium-capitalization U.S. companies.                                 
------------------------------------ ------------------------------------------- --------------------------
------------------------------------ ------------------------------------------- --------------------------
JPMorgan/JNL International Value     Seeks high total return from a portfolio    Jackson National Asset    
                                     of equity securities of foreign companies   Management, LLC (and      
                                     in developed and, to a lesser extent,       J.P. Morgan Investment    
                                     developing markets.                         Management, Inc.)         
------------------------------------ ------------------------------------------- --------------------------
------------------------------------ ------------------------------------------- --------------------------
Janus/JNL Aggressive Growth          Seeks long-term growth of capital by        Jackson National Asset    
                                     investing primarily in a diversified        Management, LLC (and      
                                     portfolio of common stocks of U.S. and      Janus Capital             
                                     foreign companies selected for their        Management, LLC)          
                                     growth potential.                                                     
------------------------------------ ------------------------------------------- --------------------------
------------------------------------ ------------------------------------------- --------------------------
Janus/JNL Balanced                   Seeks long-term capital growth,             Jackson National Asset    
                                     consistent with preservation of capital     Management, LLC (and      
                                     and balanced by current income normally     Janus Capital             
                                     investing 40-60% of its assets in           Management, LLC)          
                                     securities selected primarily for their                               
                                     growth potential and 40-60% of its assets                             
                                     in securities selected primarily for                                  
                                     their income potential.                                               
------------------------------------ ------------------------------------------- --------------------------
------------------------------------ ------------------------------------------- --------------------------
Janus/JNL Capital Growth             Seeks long-term growth of capital in a      Jackson National Asset    
                                     manner consistent with the preservation     Management, LLC (and      
                                     of capital through a non-diversified        Janus Capital             
                                     portfolio consisting primarily of common    Management, LLC)          
                                     stocks of U.S. and foreign companies                                  
                                     selected for their growth potential and                               
                                     normally invests at least 50% of its                                  
                                     equity assets in medium-sized companies.                              
------------------------------------ ------------------------------------------- --------------------------
------------------------------------ ------------------------------------------- --------------------------

Janus/JNL Global Equities            Seeks long-term growth of capital in a      Jackson National Asset    
                                     manner consistent with the preservation     Management, LLC (and      
                                     of capital through a diversified            Janus Capital             
                                     portfolio of equity securities of foreign   Management, LLC)          
                                     and domestic issuers.                                                 

------------------------------------ ------------------------------------------- --------------------------
------------------------------------ ------------------------------------------- --------------------------

Lazard/JNL Mid Cap Value             Seeks capital appreciation by investing     Jackson National Asset    
                                     at least 80% of its assets (net assets      Management, LLC (and      
                                     plus the amount of any borrowings for       Lazard Asset Management)  
                                     investment purposes) in a non-diversified                             
                                     portfolio of equity securities of U.S.                                
                                     companies with market capitalizations in                              
                                     the range of companies represented in the                             
                                     Russell Mid Cap Index and that the                                    
                                     sub-adviser believes are undervalued                                  
                                     based on their return on equity.                                      

------------------------------------ ------------------------------------------- --------------------------
------------------------------------ ------------------------------------------- --------------------------

Lazard/JNL Small Cap Value           Seeks capital appreciation by investing     Jackson National Asset    
                                     at least 80% of its assets (net assets      Management, LLC (and      
                                     plus the amount of any borrowings for       Lazard Asset Management)  
                                     investment purposes) in a non-diversified                             
                                     portfolio of equity securities of U.S.                                
                                     companies with market capitalizations in                              
                                     the range of companies represented by the                             
                                     Russell 2000(R)Index that the sub-adviser                             
                                     believes are undervalued based on their                               
                                     return on equity.                                                     

------------------------------------ ------------------------------------------- --------------------------
------------------------------------ ------------------------------------------- --------------------------
Mellon Capital Management/JNL S&P    Seeks to match the performance of           Jackson National Asset    
500 Index                            the S&P 500(R) Index to provide             Management, LLC (and      
                                     long-term capital growth by investing in    Mellon Capital            
                                     large-capitalization company securities.    Management Corporation)   
------------------------------------ ------------------------------------------- --------------------------
------------------------------------ ------------------------------------------- --------------------------

Mellon Capital Management/JNL S&P    Seeks to match the performance of           Jackson National Asset    
400 Mid Cap Index                    the S&P 400(R) Index to                     Management, LLC (and      
                                     provide long-term capital                   Mellon Capital            

                                     growth by investing in equity               Management Corporation)   
                                     securities  of medium capitalization                                  
                                     weighted domestic corporations.                                       
------------------------------------ ------------------------------------------- --------------------------
------------------------------------ ------------------------------------------- --------------------------
Mellon Capital Management/JNL        Seeks to match the performance of the       Jackson National Asset    
Small Cap Index                      Russell 2000(R)Index to provide long-term   Management, LLC (and      
                                     growth of capital by investing in           Mellon Capital            
                                     equity securities of small to mid-size      Management Corporation)   
                                     domestic corporations.                                                
------------------------------------ ------------------------------------------- --------------------------
------------------------------------ ------------------------------------------- --------------------------
Mellon Capital Management/JNL        Seeks to match the performance of the       Jackson National Asset    
International Index                  Morgan Stanley Capital International        Management, LLC (and      
                                     Europe Australasia Far East Free            Mellon Capital            
                                     Index to provide long-term capital growth   Management Corporation)   
                                     by  investing in international equity                                 
                                     securities attempting to match                                        
                                     the characteristics of each                                           
                                     country within the index.                                             
------------------------------------ ------------------------------------------- --------------------------
------------------------------------ ------------------------------------------- --------------------------
Mellon Capital Management/JNL Bond   Seeks to match the performance of the       Jackson National Asset    
Index                                Lehman Brothers Aggregate Bond Index to     Management, LLC (and      

                                     provide a moderate rate of income by        Mellon Capital            
                                     investing in domestic fixed-income          Management Corporation)   
                                     investments.                                                          

------------------------------------ ------------------------------------------- --------------------------
------------------------------------ ------------------------------------------- --------------------------
Oppenheimer/JNL Global Growth        Seeks capital appreciation by investing     Jackson National Asset    
                                     primarily in common stocks of companies     Management, LLC (and      
                                     in the U.S. and foreign countries. The      OppenheimerFunds, Inc.)   
                                     Fund can invest without limit in foreign                              
                                     securities and can invest in any country,                             
                                     including countries with developed or                                 
                                     emerging markets.                                                     
------------------------------------ ------------------------------------------- --------------------------
------------------------------------ ------------------------------------------- --------------------------

Oppenheimer/JNL Growth               Seeks capital appreciation by investing     Jackson National Asset    
                                     mainly in common stocks of "growth          Management, LLC (and      
                                     companies." The Fund currently focuses on   OppenheimerFunds, Inc.)   
                                     stocks of companies having a large                                    
                                     capitalization (currently more than $12                               
                                     billion) or mid-capitalization ($2                                    
                                     billion to $12 billion), but this focus                               
                                     could change over time as well as the                                 
                                     companies the Fund considers to be                                    
                                     currently large and mid-capitalization.                               

------------------------------------ ------------------------------------------- --------------------------
------------------------------------ ------------------------------------------- --------------------------

PIMCO/JNL Total Return Bond          Seeks maximum total return, consistent      Jackson National Asset    
                                     with the preservation of capital and        Management, LLC (and      
                                     prudent investment management, by           Pacific Investment        
                                     normally investing at least 80% of its      Management Company LLC)   
                                     assets (net assets plus the amount of any                             
                                     borrowings for investment purposes) in a                              
                                     diversified portfolio of                                              
                                     investment-grade, fixed-income securities                             
                                     of U.S. and foreign issuers such as                                   
                                     government, corporate, mortgage- and                                  
                                     other asset-backed securities and cash                                
                                     equivalents.                                                          

------------------------------------ ------------------------------------------- --------------------------
------------------------------------ ------------------------------------------- --------------------------
PPM America/JNL Balanced             Seeks reasonable income, long-term          Jackson National Asset    
                                     capital growth and preservation of          Management, LLC (and PPM  
                                     capital by investing primarily in a         America, Inc.)            
                                     diversified portfolio of common stock and                             
                                     fixed-income securities of U.S.                                       
                                     companies, but may also invest in                                     
                                     securities convertible into                                           
                                     common stocks, deferred debt                                          
                                     obligations and zero coupon                                           
                                     bonds.                                                                
------------------------------------ ------------------------------------------- --------------------------
------------------------------------ ------------------------------------------- --------------------------
PPM America/JNL High Yield Bond      Seeks to provide a high level of current    Jackson National Asset    
                                     income, with capital appreciation as a      Management, LLC (and PPM  
                                     secondary investment objective, by          America, Inc.)            
                                     investing substantially in a diversified                              
                                     portfolio of long-term (over 10 years to                              
                                     maturity) and intermediate-term (3 to 10                              
                                     years to maturity) fixed-income                                       
                                     securities of U.S. and foreign issuers,                               
                                     with an emphasis on higher-yielding,                                  
                                     higher-risk, lower-rated or unrated bonds.                            
------------------------------------ ------------------------------------------- --------------------------
------------------------------------ ------------------------------------------- --------------------------
PPM America/JNL Money Market         Seeks a high level of current income as     Jackson National Asset    
                                     is consistent with the preservation         Management, LLC (and PPM  
                                     of  capital and maintenance of              America, Inc.)            
                                     liquidity by investing in high quality,                               
                                     short-term money market instruments.                                  
------------------------------------ ------------------------------------------- --------------------------
------------------------------------ ------------------------------------------- --------------------------
PPM America/JNL Value                Seeks long-term growth of capital by        Jackson National Asset    
                                     investing at least 65% of its total         Management, LLC (and PPM  
                                     assets in common stocks of domestic         America, Inc.)            
                                     companies.                                                            
------------------------------------ ------------------------------------------- --------------------------
------------------------------------ ------------------------------------------- --------------------------
Putnam/JNL Equity                    Seeks long-term capital growth by           Jackson National Asset    
                                     investing primarily in a diversified        Management, LLC (and      
                                     portfolio of common stock of domestic,      Putnam Investment         
                                     large-capitalization companies. However,    Management, Inc.)         
                                     the Fund may also invest in preferred                                 
                                     stocks, bonds, convertible preferred                                  
                                     stock and convertible debentures if the                               
                                     sub-adviser believes that they offer the                              
                                     potential for capital appreciation.                                   
------------------------------------ ------------------------------------------- --------------------------
------------------------------------ ------------------------------------------- --------------------------

Putnam/JNL International Equity      Seeks long-term growth of capital by        Jackson National Asset    
                                     investing at least 80% of its assets (net   Management, LLC (and      
                                     assets plus the amount of any borrowings    Putnam Investment         
                                     for investment purposes) in a diversified   Management, Inc.)         
                                     portfolio consisting primarily of common                              
                                     stocks of non-U.S. companies. The Fund                                
                                     invests in foreign securities that the                                
                                     sub-adviser believes offer significant                                
                                     potential for long-term appreciation.                                 

------------------------------------ ------------------------------------------- --------------------------
------------------------------------ ------------------------------------------- --------------------------
Putnam/JNL Midcap Growth             Seeks capital appreciation by investing     Jackson National Asset    
                                     mainly in common stocks of U.S. companies   Management, LLC (and      
                                     with a focus on growth stocks which are     Putnam Investment         
                                     stocks whose earnings the sub-adviser       Management, Inc.)         
                                     believes are likely to grow faster than                               
                                     the economy as a whole.                                               
------------------------------------ ------------------------------------------- --------------------------
------------------------------------ ------------------------------------------- --------------------------

Putnam/JNL Value Equity              Seeks capital growth, with income as a      Jackson National Asset    
                                     secondary objective, by investing           Management, LLC (and      
                                     primarily in a diversified portfolio of     Putnam Investment         
                                     equity securities of domestic,              Management, Inc.)         
                                     large-capitalization companies. At least                              
                                     80% of its assets (net assets plus the                                
                                     amount of any borrowings for investment                               
                                     purposes) will be invested, under normal                              
                                     market conditions, in equity securities.                              

------------------------------------ ------------------------------------------- --------------------------
------------------------------------ ------------------------------------------- --------------------------

Salomon Brothers/JNL Global Bond     Seeks a high level of current income,       Jackson National Asset    
                                     with capital appreciation as a secondary    Management, LLC (and      
                                     objective, by investing at least 80% of     Salomon Brothers Asset    
                                     its assets (net assets plus the amount of   Management Inc)           
                                     any borrowings for investment purposes)                               
                                     in a globally diverse portfolio of                                    
                                     fixed-income investments.                                             

------------------------------------ ------------------------------------------- --------------------------
------------------------------------ ------------------------------------------- --------------------------

Salomon Brothers/JNL U.S.            Seeks a high level of current income by     Jackson National Asset    
Government & Quality Bond            investing at least 80% of its assets (net   Management, LLC (and      
                                     assets plus the amount of any borrowings    Salomon Brothers Asset    
                                     for investment purposes) in:  (i) U.S.      Management Inc)           
                                     Treasury obligations; (ii) obligations                                
                                     issued or guaranteed by agencies or                                   
                                     instrumentalities of the U.S. Government                              
                                     which are backed by their own credit and                              
                                     may not be backed by the full faith and                               
                                     credit of the U.S. Government; and (iii)                              
                                     mortgage-backed securities guaranteed by                              
                                     the Government National Mortgage                                      
                                     Association that are supported by the                                 
                                     full faith and credit of the U.S.                                     
                                     Government.                                                           

------------------------------------ ------------------------------------------- --------------------------
------------------------------------ ------------------------------------------- --------------------------
S&P/JNL Conservative Growth I        Seeks capital growth and current income     Jackson National Asset    
                                     by investing in a diversified group of      Management, LLC (and      
                                     other Funds of the Trust that invest in     Standard & Poor's         
                                     equity and fixed income securities.         Investment Advisory       
                                                                                 Services, Inc.)           
------------------------------------ ------------------------------------------- --------------------------
------------------------------------ ------------------------------------------- --------------------------
S&P/JNL Moderate Growth I            Seeks capital growth with current income    Jackson National Asset    
                                     as a secondary objective by investing in    Management, LLC (and      
                                     a diversified group of other Funds of the   Standard & Poor's         
                                     Trust that invest in equity and fixed       Investment Advisory       
                                     income securities.                          Services, Inc.)           
------------------------------------ ------------------------------------------- --------------------------
------------------------------------ ------------------------------------------- --------------------------
S&P/JNL Aggressive Growth            Seeks capital growth by investing in a      Jackson National Asset    
I                                    diversified group of other Funds of the     Management, LLC (and      
                                     Trust that invest in equity and fixed       Standard & Poor's         
                                     income securities.                          Investment Advisory       
                                                                                 Services, Inc.)           
------------------------------------ ------------------------------------------- --------------------------
------------------------------------ ------------------------------------------- --------------------------
S&P/JNL Very Aggressive Growth I     Seeks capital growth by investing in a      Jackson National Asset    
                                     diversified group of other Funds of the     Management, LLC (and      
                                     Trust that invest in equity securities.     Standard & Poor's         
                                                                                 Investment Advisory       
                                                                                 Services, Inc.)           
------------------------------------ ------------------------------------------- --------------------------
------------------------------------ ------------------------------------------- --------------------------
S&P/JNL Equity Growth I              Seeks capital growth by investing in a      Jackson National Asset    
                                     diversified group of other Funds of the     Management, LLC (and      
                                     Trust that invest primarily in equity       Standard & Poor's         
                                     securities.                                 Investment Advisory       
                                                                                 Services, Inc.)           
------------------------------------ ------------------------------------------- --------------------------
------------------------------------ ------------------------------------------- --------------------------
S&P/JNL Equity Aggressive Growth I   Seeks capital growth by investing in a      Jackson National Asset    
                                     diversified group of other Funds of the     Management, LLC (and      
                                     Trust that invest primarily in equity       Standard & Poor's         
                                     securities.                                 Investment Advisory       
                                                                                 Services, Inc.)           
------------------------------------ ------------------------------------------- --------------------------
------------------------------------ ------------------------------------------- --------------------------
S&P/JNL Core Index 50                Seeks capital growth and current income     Jackson National Asset    
                                     by investing 50% of the Fund's assets in    Management, LLC (and      
                                     the index funds of the Trust and 50% in a   Standard & Poor's         
                                     diversified group of other Funds of the     Investment Advisory       
                                     Trust that invest in equity and fixed       Services, Inc.)           
                                     income securities.                                                    
------------------------------------ ------------------------------------------- --------------------------
------------------------------------ ------------------------------------------- --------------------------
S&P/JNL Core Index 75                Seeks capital growth and current income     Jackson National Asset    
                                     by investing 75% of the Fund's assets in    Management, LLC (and      
                                     the index funds of the Trust and 25% in a   Standard & Poor's         
                                     diversified group of other Funds of the     Investment Advisory       
                                     Trust that invest in equity and fixed       Services, Inc.)           
                                     income securities.                                                    
------------------------------------ ------------------------------------------- --------------------------
------------------------------------ ------------------------------------------- --------------------------
S&P/JNL Core Index 100               Seeks capital growth and current income     Jackson National Asset    
                                     by investing in the index funds of the      Management, LLC (and      
                                     Trust and the money market fund.            Standard & Poor's         
                                                                                 Investment Advisory       
                                                                                 Services, Inc.)           
------------------------------------ ------------------------------------------- --------------------------
------------------------------------ ------------------------------------------- --------------------------
T. Rowe Price/JNL Established        Seeks long-term growth of capital and       Jackson National Asset    
Growth                               increasing dividend income by investing     Management, LLC (and T.   
                                     primarily in a diversified portfolio of     Rowe Price Associates,    
                                     common stocks of well-established U.S.      Inc.)                     
                                     growth companies.                                                     
------------------------------------ ------------------------------------------- --------------------------
------------------------------------ ------------------------------------------- --------------------------

T. Rowe Price/JNL Mid-Cap Growth     Seeks long-term growth of capital by        Jackson National Asset    
                                     normally investing at least 80% of its      Management, LLC (and T.   
                                     assets (net assets plus the amount of any   Rowe Price Associates,    
                                     borrowings for investment purposes) in a    Inc.)                     
                                     diversified portfolio of common stocks of                             
                                     medium-sized (mid-cap) U.S. companies                                 
                                     which the sub-adviser expects to grow at                              
                                     a faster rate than the average company.                               

------------------------------------ ------------------------------------------- --------------------------
------------------------------------ ------------------------------------------- --------------------------
T. Rowe Price/JNL Value              Seeks long-term capital appreciation by     Jackson National Asset    
                                     investing in common stocks believed to be   Management, LLC (and T.   
                                     undervalued. Income is a secondary          Rowe Price Associates,    
                                     objective.  In taking a value approach to   Inc.)                     
                                     investment selection, at least 65% of its                             
                                     total assets will be invested in common                               
                                     stocks the portfolio manager regards as                               
                                     undervalued.                                                          
------------------------------------ ------------------------------------------- --------------------------
------------------------------------ ------------------------------------------- --------------------------
JNLNY VARIABLE FUND I LLC                                                                                  
------------------------------------ ------------------------------------------- --------------------------
------------------------------------ ------------------------------------------- --------------------------
First Trust/JNL The DowSM Target 10  Seeks a high total return through a         Jackson National Asset    
                                     combination of capital appreciation and     Management, LLC (and      
                                     dividend income by investing                First Trust Advisors      
                                     approximately equal amounts in the common   L.P.)                     
                                     stock of the ten companies included in                                
                                     the Dow Jones Industrial AverageSM which                              
                                     have the highest dividend yields on a                                 
                                     pre-determined selection date.                                        
------------------------------------ ------------------------------------------- --------------------------
------------------------------------ ------------------------------------------- --------------------------
First Trust/JNL The S&P(R)Target 10   Seeks a high total return through a        Jackson National Asset    
                                     combination of capital appreciation and     Management, LLC (and      
                                     dividend income by investing                First Trust Advisors      
                                     approximately equal amounts in the common   L.P.)                     
                                     stocks of 10 companies selected from a                                
                                     pre-screened subset of the stocks listed                              
                                     in The S&P 500 Index on a pre-determined                              
                                     selection date.                                                       
------------------------------------ ------------------------------------------- --------------------------
------------------------------------ ------------------------------------------- --------------------------
First Trust/JNL Global Target 15     Seeks a high total return through a         Jackson National Asset    
                                     combination of capital appreciation and     Management, LLC (and      
                                     dividend income by investing in the         First Trust Advisors      
                                     common stocks of the five companies with    L.P.)                     
                                     the lowest per share stock price of the                               
                                     ten companies in each of The Dow Jones                                
                                     Industrial AverageSM, the Financial Times                             
                                     Industrial Ordinary Share Index and the                               
                                     Hang Seng Index, respectively, that have                              
                                     the highest dividend yields in the                                    
                                     respective index on a pre-determined                                  
                                     selection date.                                                       
------------------------------------ ------------------------------------------- --------------------------
------------------------------------ ------------------------------------------- --------------------------
First Trust/JNL Target 25            Seeks a high total return through a         Jackson National Asset    
                                     combination of capital appreciation and     Management, LLC (and      
                                     dividend income by investing in the         First Trust Advisors      
                                     common stocks of 25 companies selected      L.P.)                     
                                     from a pre-screened subset of the stocks                              
                                     listed on the New York Stock Exchange on                              
                                     a pre-determined selection date.                                      
------------------------------------ ------------------------------------------- --------------------------
------------------------------------ ------------------------------------------- --------------------------
First Trust/JNL Target Small-Cap     Seeks a high total return through capital   Jackson National Asset    
                                     appreciation by investing in a portfolio    Management, LLC (and      
                                     of common stocks of 40 small                First Trust Advisors      
                                     capitalization companies selected from a    L.P.)                     
                                     pre-screened subset of the common stocks                              
                                     listed on the New York Stock Exchange,                                
                                     the American Stock Exchange or The Nasdaq                             
                                     Stock Market on a pre-determined                                      
                                     selection date.                                                       
------------------------------------ ------------------------------------------- --------------------------

The  investment  objectives  and policies of certain of the Funds are similar to
the  investment  objectives  and  policies of other mutual funds that the Fund's
investment sub-advisers also manage. Although the objectives and policies may be
similar,  the  investment  results  of the Fund may be higher or lower  than the
result  of  those  other  mutual  funds.  We  cannot  guarantee,   and  make  no
representation,  that the investment results of similar funds will be comparable
even though the funds have the same investment advisers. The Funds described are
available only through variable annuity contracts issued by Jackson National NY.
They are NOT offered or made available to the general public directly.          

A Fund's  performance  may be  affected by risks  specific  to certain  types of
investments, such as foreign securities, derivative investments,  non-investment
grade  debt  securities,  initial  public  offerings  (IPOs) or  companies  with
relatively small market  capitalizations.  IPOs and other investment  techniques
may have a magnified  performance  impact on a Fund with a small  asset base.  A
Fund may not experience similar performance as its assets grow.                 

You should read the  prospectus  for the JNL Series Trust and the JNLNY Variable
Fund I LLC carefully before investing. Additional Funds and Investment Divisions
may be available in the future.                                                 

VOTING  PRIVILEGES.  To the extent required by law, we will obtain  instructions
from you and other owners about how to vote our shares of a Fund when there is a
vote of shareholders of a Fund. We will vote all the shares we own in proportion
to those instructions from owners.                                              

SUBSTITUTION. We reserve the right to substitute a different Fund or a different
mutual fund for the one in which any Investment  Division is currently invested,
or  transfer  money to the  General  Account.  We will not do this  without  any
required approval of the SEC. We will give you notice of any substitution.      

CONTRACT CHARGES

There are charges  associated  with your  Contract  that  reduce the  investment
return of your Contract.  These charges may be a lesser amount where required by
state law or as described below,  but will not be increased.  These charges (and
certain other expenses) are as follows:                                         

MORTALITY AND EXPENSE RISK CHARGES.  Each day, as part of our calculation of the
value of the  accumulation  units and annuity  units,  we make a  deduction  for
mortality and expense charges.  On an annual basis, these charges equal 1.25% of
the  average  daily  net  asset  value  of your  allocations  to the  Investment
Divisions. This charge does not apply to the Guaranteed Fixed Accounts.         

This charge  compensates  us for the risks we assume in connection  with all the
Contracts, not just your Contract. Our mortality risks under the Contracts arise
from our obligations:                                                           

     o    to make  income  payments  for the life of the  annuitant  during  the
income phase;                                               

    o    to waive the withdrawal charge in the event of the owner's death; and

o    to provide a basic death benefit prior to the Income Date.       

Our expense risks under the  Contracts  include the risk that our actual cost of
administering  the Contracts and the Investment  Divisions may exceed the amount
that  we  receive  from  the  administration  charge  and  the  annual  Contract
maintenance charges. Included among these expense risks are those that we assume
in  connection  with  waivers of  withdrawal  charges  under the  Extended  Care
Benefit.                                                                        

ANNUAL CONTRACT MAINTENANCE CHARGE. During the accumulation phase, we deduct a  
$30 annual Contract maintenance charge on each anniversary of the Issue Date    
(the date your Contract was issued). We will also deduct the annual Contract    
maintenance charge if you make a total withdrawal. This charge is for           
administrative expenses. The Contract maintenance charge will be assessed on the
Contract anniversary or upon full withdrawal and is taken from the Investment   
Divisions and Guaranteed Fixed Account options based on the proportion their    
respective value bears to the contract value.                                   

We will not deduct this charge,  if when the deduction is to be made,  the value
of your Contract is $50,000 or more.                                            

--------------------------------------------------------------------------------
YOUR  CONTRACT'S   CHARGES  COMPENSATE  US  FOR  OUR  EXPENSES  OF  SELLING  AND
ADMINISTERING YOUR CONTRACT AND FOR THE SERVICES AND BENEFITS WE PROVIDE AND THE
MORTALITY AND EXPENSE RISKS WE ASSUME UNDER THE CONTRACTS.                      
--------------------------------------------------------------------------------

ADMINISTRATION  CHARGE. Each day, as part of our calculation of the value of the
accumulation  units and annuity  units,  we make a deduction for  administration
charges.  On an annual basis, these charges equal 0.15% of the average daily net
asset value of your  allocations to the Investment  Divisions.  This charge does
not apply to the Guaranteed Fixed Accounts.  This charge  compensates us for our
expenses incurred in administering  the Contracts and the Separate  Account.  If
the initial premium equals $1,000,000 or more, we will waive the  Administration
Charge.  However,  we reserve the right to reverse this waiver and reinstate the
Administration  Charge if  withdrawals  are made in the first Contract year that
result  in  the  contract  value  falling  substantially  below  $1,000,000,  as
determined by us.                                                               

TRANSFER  CHARGE.  You must  pay $25 for  each  transfer  in  excess  of 15 in a
Contract year. This charge is deducted from the amount that is transferred prior
to the allocation to the new Allocation  Option. We waive the transfer charge in
connection with dollar cost averaging,  rebalancing  transfers and any transfers
we require and we may charge a lesser fee where required by state law.          

WITHDRAWAL  CHARGE.  At any time  during the  accumulation  phase (if and to the
extent that contract value is sufficient to pay any remaining withdrawal charges
that  remain  after  a  withdrawal),  you may  withdraw  the  following  with no
withdrawal charge:                                                              

     o    PREMIUMS THAT ARE NO LONGER SUBJECT TO A WITHDRAWAL  CHARGE  (premiums
          in your  annuity for at least seven  (five with  five-year  withdrawal
option) years without being withdrawn), plus                

     o    EARNINGS  (excess of contract  value in the  Allocation  Options  over
remaining premium in these Options)                         

o    ADDITIONAL FREE WITHDRAWALS                                      

          o    for the first withdrawal  during a Contract year, 10% of premiums
               that  remain  subject  to  withdrawal  charges  and have not been
previously withdrawn, minus earnings, OR          

          o    if  you  have  elected  the  20%   Additional   Free   Withdrawal
               endorsement,  during each  Contract  year,  20% of premiums  that
               remain subject to withdrawal  charges and has not been previously
               withdrawn   (this  can  be  withdrawn  at  once  or  in  segments
throughout the Contract year), minus earnings.    

WE WILL DEDUCT A WITHDRAWAL CHARGE ON:                                          

o    partial withdrawals in excess of the free withdrawal amounts, or 

o    total withdrawals.                                               

--------------------------------------------------------------------------------
o    WITHDRAWAL  CHARGES  APPLY  TO  PARTIAL  WITHDRAWALS  IN  EXCESS  OF FREE  
WITHDRAWAL AMOUNTS AND TO ANY TOTAL WITHDRAWAL.                       

o    FREE WITHDRAWALS DO NOT REDUCE THE TOTAL WITHDRAWAL CHARGES APPLICABLE TO  
A TOTAL WITHDRAWAL.                                                   
--------------------------------------------------------------------------------

The amount of the withdrawal  charge deducted varies (depending upon whether you
have  elected the Five Year  Withdrawal  Period  endorsement  and how many years
prior to the  withdrawal you made the premium  payment(s)  you are  withdrawing)
according to the following schedule:                                            

                                                        [Enlarge/Download Table]


                        WITHDRAWAL CHARGE (as a percentage of premium payments):     
CONTRIBUTION YEAR                                                                    
                                                                                     
OF PREMIUM PAYMENT   1         2        3        4        5        6        7     8+ 

WITHDRAWAL CHARGE    7%       6%       5%       4%       3%       2%       1%      0 

WITHDRAWAL CHARGE                                                                    
IF FIVE-YEAR        6.5%      5%       3%       2%       1%        0        0      0 
PERIOD IS ELECTED                                                                    


For purposes of the withdrawal charge, we treat withdrawals as coming first from
earnings  and  then  from  the  oldest  remaining  premium.  If you  make a full
withdrawal, the withdrawal charge is based on premiums remaining in the Contract
and no free withdrawal amount applies. If you withdraw only part of the value of
your Contract,  we deduct the withdrawal charge from the remaining value in your
Contract. The withdrawal charge compensates us for costs associated with selling
the Contracts.                                                                  

NOTE:  Withdrawals under a non-qualified  Contract will be taxable on an "income
first" basis. This means that any withdrawal from a non-qualified  Contract that
does not exceed the  accumulated  income under the  Contract  will be taxable in
full. Any withdrawals  under a tax-qualified  Contract will be taxable except to
the  extent  that they are  allocable  to an  investment  in the  Contract  (any
after-tax  contributions).  In most cases, there will be little or no investment
in the Contract for a tax-qualified  Contract  because  contributions  will have
been made on a pre-tax or tax-deductible basis.                                 

We do not assess the withdrawal charge on any payments paid out as:             

o    income payments;                                                 

o    death benefits;                                                  

     o    withdrawals necessary to satisfy the minimum distribution requirements
of the Internal Revenue Code; or                            

     o    withdrawals  of up to $250,000  from the Separate  Account or from the
          Guaranteed  Fixed  Accounts if you need  extended  hospital or nursing
home care as provided in your Contract.                     

We may reduce or eliminate the amount of the withdrawal charge when the Contract
is sold under  circumstances  that reduce our sales expense.  Some examples are:
the  purchase  of a Contract  by a large  group of  individuals  or an  existing
relationship  between  us and a  prospective  purchaser.  We may  not  deduct  a
withdrawal  charge  under a Contract  issued to an officer,  director,  agent or
employee of Jackson National NY or any of our affiliates.                       

--------------------------------------------------------------------------------
CHARGES FOR BENEFITS PROVIDED IN OPTIONAL ENDORSEMENTS ONLY APPLY IF YOU ELECT  
THOSE ENDORSEMENTS.                                                             
--------------------------------------------------------------------------------

CONTRACT  ENHANCEMENT  CHARGE.  If you select one of the Contract  Enhancements,
then for a period of seven Contract years (five for the 2% Contract Enhancement)
a charge will be imposed  based upon the  average  daily net asset value of your
allocations  to the  Investment  Divisions.  These charges will also be assessed
against any amounts  you have  allocated  to the  Guaranteed  Fixed  Accounts by
reducing credited rates (but not below 3%, assuming no withdrawals). The amounts
of these  charges (or  reductions  in credited  rates)  depend upon which of the
Contract Enhancements you select:                                               

CONTRACT ENHANCEMENT               2%                3%               4%

   CHARGE (ON AN ANNUAL BASIS)        0.395%            0.42%            0.56%

CONTRACT ENHANCEMENT  RECAPTURE CHARGE. If you select a Contract Enhancement and
then make a partial or total  withdrawal  from your  Contract in the first seven
years  (five years for the 2% Contract  Enhancement)  since the premium  payment
withdrawn was made, you will pay a Contract  Enhancement  recapture  charge that
reimburses us for all or part of the Contract  Enhancements  that we credited to
your Contract  based on your first year  payments.  The amounts of these charges
are as follows:                                                                 

CONTRACT  ENHANCEMENT  RECAPTURE  CHARGE (AS A PERCENTAGE  OF THE  CORRESPONDING
FIRST YEAR PREMIUM  PAYMENT  WITHDRAWN IF AN OPTIONAL  CONTRACT  ENHANCEMENT  IS
SELECTED)                                                                       

                                                                [Download Table]


Contribution Year of Premium          1   2   3      4      5      6       7    8+ 

Payment(18)                                                                        

                                                                                   
        Recapture Charge (2% Credit)  2%  2%  1.25%  1.25%  0.5%     0      0   0  
        Recapture Charge (3% Credit)  3%  3%     2%     2%    2%     1%     1%  0  
        Recapture Charge (4% Credit)  4%  4%   2.5%   2.5%  2.5%  1.25%  1.25%  0  


We do not assess the recapture charge on any amounts paid out as:               

o    death benefits;                                                  

o    income payments paid during the income phase;                    

  o    withdrawals taken under your Contract's free withdrawal provisions;

     o    withdrawals necessary to satisfy the minimum distribution requirements
of the Internal Revenue Code; or                            

     o    withdrawals  of up to $250,000  from the Separate  Account or from the
          Guaranteed  Fixed  Accounts if you need  extended  hospital or nursing
home care as provided in your Contract.                     

GUARANTEED  MINIMUM INCOME BENEFIT CHARGE. If you select the Guaranteed  Minimum
Income  Benefit,  on a  calendar  quarter  basis,  you  will  pay  .075%  of the
Guaranteed  Minimum Income Benefit (GMIB) Benefit Base.  This charge is deducted
from the  contract  value (1) at the end of each  calendar  quarter and (2) upon
termination  of the GMIB on a pro rata basis using the GMIB  Benefit  Base as of
the date of  termination  and the number of days since the last  deduction.  The
first GMIB  charge  will be  deducted on a pro rata basis from the issue date to
the end of the first  calendar  quarter  after the issue date.  The GMIB Benefit
Base is  explained  on page 29 below.  YOU SHOULD BE AWARE THAT THE GMIB  CHARGE
WILL BE  DEDUCTED  EVEN IF YOU  NEVER USE THE  BENEFIT  AND IT ONLY  APPLIES  TO
CERTAIN OPTIONAL INCOME PAYMENTS.                                               

GUARANTEED  MINIMUM  WITHDRAWAL  BENEFIT  CHARGE.  If you select the  Guaranteed
Minimum Withdrawal Benefit,  you will pay .35% on an annual basis of the average
daily net asset value of your  allocations  to the  Investment  Divisions.  This
charge will increase to .55% upon the first  election of a "step-up." We reserve
the right to prospectively  increase the charge on new issues,  upon election of
the benefit  after  issue or upon any  election  of any  "step-up"  subject to a
maximum  charge of .70%.  The  "step-up" is  explained on page 5 below.  We stop
deducting  this charge upon the  earliest of the date you  annuitize  or if your
contract value falls to zero.                                                   

FIVE-YEAR  WITHDRAWAL  CHARGE  PERIOD.  If you  select  the  optional  five-year
withdrawal  charge period feature,  you will pay 0.30% on an annual basis of the
average daily net asset value of your  allocations to the Investment  Divisions.
We stop deducting this charge on the date you annuitize.                        

20% ADDITIONAL FREE WITHDRAWAL  CHARGE.  If you select the optional feature that
permits you to withdraw 20% of premium  (still  subject to a  withdrawal  charge
minus earnings) during a Contract year without a withdrawal charge, you will pay
0.30%  on an  annual  basis  of the  average  daily  net  asset  value  of  your
allocations  to the Investment  Divisions.  We stop deducting this charge on the
date you annuitize.                                                             

COMMUTATION  FEE. If you make a total withdrawal from your Contract after income
payments have commenced under income option 4, or if after your death during the
period for which  payments are  guaranteed to be made under income option 3 your
beneficiary  elects to receive a lump sum payment,  the amount  received will be
reduced by (a) minus (b) where:                                                 

     o    (a) = the present  value of the remaining  income  payments (as of the
          date of calculation)  for the period for which payments are guaranteed
          to be made,  discounted at the rate assumed in calculating the initial
payment; and                                                

     o    (b) = the present  value of the remaining  income  payments (as of the
          date of calculation)  for the period for which payments are guaranteed
          to be made,  discounted  at a rate no more than 1.00%  higher than the
rate used in (a).                                           

OTHER EXPENSES.  We pay the operating expenses of the Separate Account including
those not covered by the mortality and expense and administrative  charge. There
are  deductions  from and  expenses  paid out of the  assets of the Fund.  These
expenses are described in the attached  prospectus  for the JNL Series Trust and
the JNLNY Variable Fund I LLC.                                                  

Certain  Funds pay Jackson  National  Asset  Management,  LLC, the  adviser,  an
administrative fee for certain services provided to the Fund by the adviser. The
Janus/JNL Global Equities Fund, the JPMorgan/JNL  International  Value Fund, the
Mellon Capital  Management/JNL  International  Index Fund,  the  Oppenheimer/JNL
Global  Growth Fund,  the  Putnam/JNL  International  Equity Fund and all of the
First Trust/JNL  Funds except the First  Trust/JNL  Global Target 15 Fund pay an
administrative  fee of .15%; the First  Trust/JNL  Global Target 15 Fund pays an
administrative  fee of .20%; the nine S&P/JNL Funds pay an administrative fee of
..05%;  the  other  Funds  pay a .10%  administrative  fee.  The  Management and
Administrative  Fee and the Total  Fund  Annual  Expenses  columns in this table
reflect the inclusion of any applicable administrative fee.                     

--------------------------------------------------------------------------------
IF YOUR STATE OR THE  FEDERAL  GOVERNMENT  TAX US BECAUSE OF YOUR  CONTRACT,  WE
CHARGE YOU FOR THOSE TAXES.                                                     
--------------------------------------------------------------------------------

PREMIUM TAXES. Some states and other governmental  entities charge premium taxes
or other similar  taxes.  We pay these taxes and may make a deduction  from your
contract  values  for  them.  Premium  taxes  generally  range  from  0% to 3.5%
depending on the state.                                                         

INCOME TAXES. We reserve the right,  when calculating  unit values,  to deduct a
credit or charge with  respect to any taxes we have paid or reserved  for during
the valuation period that we determine to be attributable to the operation of an
Investment  Division.  No federal income taxes are applicable under present law,
and we are not presently making any such deduction.                             

DISTRIBUTION OF CONTRACTS. Jackson National Life Distributors,  Inc., located at
401 Wilshire  Boulevard,  Suite 1200, Santa Monica,  California 90401, serves as
the distributor of the Contracts. Jackson National Life Distributors,  Inc. is a
wholly owned subsidiary of Jackson National Life Insurance Company.             

Commissions are paid to broker-dealers who sell the Contracts. While commissions
may vary, they are not expected to exceed 8% of any premium payment. Where lower
commissions  are  paid,  we may  also  pay  trail  commissions.  We may also pay
commissions  on the Income Date if the annuity option  selected  involves a life
contingency  or a  payout  over a period  of ten or more  years.  Under  certain
circumstances,  we may pay bonuses,  overrides,  and  marketing  allowances,  in
addition to the standard commissions.  Contract purchasers should inquire of the
representative  if such  bonus  is  available  to them and its  compliance  with
applicable  law.  We  may,  under  certain   circumstances  where  permitted  by
applicable  law,  pay  a  bonus  to a  Contract  purchaser  to  the  extent  the
broker-dealer  waives its commission.  We may use any of our corporate assets to
cover  the cost of  distribution,  including  any  profit  from  the  Contract's
mortality and expense risk charge and other charges.  We are affiliated with the
following broker-dealers:                                                       

o    National Planning Corporation,                                   

o    SII Investments, Inc.,                                           

o    IFC Holdings, Inc. D/B/A Invest Financial Corporation, and       

o    Investment Centers of America, Inc.                              

--------------------------------------------------------------------------------
WE PAY BROKERS COMMISSIONS FOR SELLING CONTRACTS.                               
--------------------------------------------------------------------------------

 PURCHASES

MINIMUM INITIAL PREMIUM:                                                        

o    $5,000 under most circumstances.                                 

o    $2,000 for a qualified plan Contract.                            

MINIMUM ADDITIONAL PREMIUMS:                                                    

o    $500 for a qualified or non-qualified plan.                      

o    $50 for an automatic payment plan.                               

     o    You can pay  additional  premiums at any time during the  accumulation
phase.                                                      

These  minimums  apply to  purchases,  but do not  preclude  subsequent  partial
withdrawals that would reduce contract values below the minimum initial purchase
amounts,  as long as the amount  left in the  account is  sufficient  to pay the
withdrawal charge. The minimum you may allocate to a Guaranteed Fixed Account or
Investment  Division is $100.  There is a $100 minimum  balance  requirement for
each Guaranteed Fixed Account and Investment  Division.  We reserve the right to
restrict availability or impose restrictions on the Guaranteed Fixed Accounts.  

MAXIMUM PREMIUMS:                                                               

     o    The maximum aggregate premiums you may make without our prior approval
is $1 million.                                              

The payment of subsequent  premium payments relative to market conditions at the
time they are made may or may not contribute to the various  benefits under your
Contract, including the death benefit, the GMWB and the GMIB.                   

ALLOCATIONS  OF PREMIUM.  You may allocate  your  premiums to one or more of the
Allocation  Options.  Each allocation must be a whole percentage  between 0% and
100%.  We will allocate any  additional  premiums you pay in the same way unless
you  instruct us  otherwise.  These  allocations  will be subject to our minimum
allocation rules described above.                                               

Although more than 18 Investment  Divisions are available  under your  Contract,
you may not allocate your contract values among more than 18 Allocation  Options
at any one time.                                                                

We will issue your Contract and allocate your first premium  within two business
days (days when the New York Stock Exchange is open) after we receive your first
premium and all information  that we require for the purchase of a Contract.  If
we do not receive all of the information that we require, we will contact you to
get the necessary information. If for some reason we are unable to complete this
process  within five business days, we will either return your money or get your
permission to keep it until we receive all of the required information.         

Each  business day ends when the New York Stock  Exchange  closes,  usually 4:00
p.m. Eastern time.                                                              

--------------------------------------------------------------------------------
YOU MAY SELECT NO MORE THAN 18 ALLOCATION  OPTIONS  (INVESTMENT  DIVISIONS  PLUS
FIXED ACCOUNTS) AT ANY ONE TIME.                                                
--------------------------------------------------------------------------------

OPTIONAL  CONTRACT  ENHANCEMENTS.  If you  elect  one of our  optional  Contract
Enhancement  endorsements,  then at the  end of any  business  day in the  first
Contract  year when we receive a premium  payment,  we will credit your contract
values with an  additional  2%, 3% or 4% of your payment,  depending  upon which
Contract Enhancement you have selected (the 3% and 4% Contract  Enhancements are
currently  unavailable).  There  is  a  charge  that  is  assessed  against  the
Investment  Divisions  and  the  Guaranteed  Fixed  Accounts  for  the  Contract
Enhancements whose amount depends upon which Contract  Enhancement you elect. We
will impose a Contract Enhancement recapture charge if you                      

     o    make withdrawals in excess of the free  withdrawals  permitted by your
         Contract (or an additional free withdrawal endorsement if elected) or

o    return your Contract during the Free Look period.                

The amount and duration of the  recapture  charge  depends  upon which  Contract
Enhancement  you elect.  We will not impose the Contract  Enhancement  recapture
charge if your  withdrawal  is made for extended  care,  withdrawal of earnings,
withdrawals made in accordance with your Contract's free withdrawal provision or
in accordance with an additional free withdrawal  endorsement,  amounts paid out
as  income  payments  or death  benefits,  or to  satisfy  minimum  distribution
requirements  of the Internal  Revenue Code. We expect to make a profit on these
charges for the Contract Enhancements. Please see Appendix B for examples.      

Your contract value will reflect any gains or losses  attributable to a Contract
Enhancement described above. Contract  Enhancements,  and any gains attributable
to a Contract  Enhancement,  distributed  under your Contract will be considered
earnings under the Contract for tax purposes.                                   

Asset-based  charges are deducted from the total value of the Separate  Account.
In addition,  for the Guaranteed Fixed Accounts, the Contract Enhancement charge
lowers the credited  rate that would apply if the Contract  Enhancement  had not
been elected.  Therefore,  your Contract  incurs  charges on the entire  amounts
included in your  Contract,  which includes  premium  payments made in the first
seven (five for the 2% Contract Enhancement) years, the Contract Enhancement and
the  earnings,  if any,  on such  amounts  for the first  seven (five for the 2%
Contract  Enhancement)  Contract  years.  As a  result,  the  aggregate  charges
assessed will be higher than those that would be charged if the Contract did not
include  the  Contract  Enhancement.  Accordingly,  it  is  possible  that  upon
surrender,  you will  receive less money back than you would have if you had not
elected the Contract Enhancement. Jackson National NY will recapture all or part
of any Contract  Enhancements  if you make  withdrawals in the first seven (five
for the 2% Contract Enhancement) years. We expect to profit from certain charges
assessed under the Contract,  including the withdrawal charge, the mortality and
expense risk charge and the Contract Enhancement charge.                        

If you elect the Contract  Enhancement and then make more than relatively  small
premium  payments  during  Contract  years two  through  seven  (five for the 2%
Contract  Enhancement),  you would likely have lower account  values than if you
had not elected the Contract  Enhancement.  Thus,  the Contract  Enhancement  is
suitable  only for those who expect to make  substantially  all of their premium
payments in the first Contract year.  Charges for the Contract  Enhancement  are
not  assessed  after  the  seventh  Contract  year  (fifth  for the 2%  Contract
Enhancement).                                                                   

The increased  contract value  resulting from a Contract  Enhancement is reduced
during the first seven Contract years (five for the 2% Contract  Enhancement) by
the operation of the Contract  Enhancement  Charge. If you make premium payments
only in the first  Contract  year and do not make a withdrawal  during the first
seven years (five for the 2% Contract Enhancement), at the end of the seven-year
period  (five for the 2% Contract  Enhancement)  that the  Contract  Enhancement
Charge is  applicable,  the contract  value will be equal to or slightly  higher
than if you had not selected the Contract Enhancement endorsement, regardless of
investment performance. Contract values may also be higher if you pay additional
premium payments in the first Contract year,  because those  additional  amounts
will be  subject  to the  Contract  Enhancement  Charge for less than seven full
years (five for the 2% Contract Enhancement).                                   

In the first seven  Contract years (five for the 2% Contract  Enhancement),  the
Contract  Enhancement  typically will be beneficial (even in circumstances where
cash  surrender  value may not be higher than  contracts  without  the  Contract
Enhancement) in the following circumstances:                                    

o    death benefits computed on the basis of contract value;          

     o    withdrawals  taken under the 10% additional free withdrawal  provision
    (or the 20% Additional Free Withdrawal Endorsement, if elected);

     o    withdrawals necessary to satisfy the minimum distribution requirements
of the Internal Revenue Code;                               

o    withdrawals under our Extended Care Benefit. (See p. 27 below.)  

--------------------------------------------------------------------------------
OPTIONAL  CONTRACT  ENHANCEMENTS  ARE MOST SUITABLE IF YOU INTEND TO MAKE ONLY  
YOUR INITIAL PREMIUM PAYMENT.                                                   
--------------------------------------------------------------------------------

CAPITAL PROTECTION  PROGRAM.  If you select our Capital Protection  program,  we
will allocate enough of your premium to the Guaranteed  Fixed Account you select
to assure  that the  amount so  allocated  will  equal at the end of a  selected
period  of 1, 3, 5, or 7  years,  your  total  original  premium  paid.  You may
allocate the rest of your premium to any Investment Division(s).  If any part of
the Guaranteed Fixed Account value is surrendered or transferred  before the end
of the selected  guarantee period,  the value at the end of that period will not
equal the original  premium.  This program is available only if Guaranteed Fixed
Account Options are available. You should consult your JNLNY representative with
respect  to  the  current  availability  of  Guaranteed  Fixed  Accounts,  their
limitations, and the availability of the Capital Protection program.            

For an  example  of Capital  Protection,  assume  you made a premium  payment of
$10,000 when the interest rate for the  three-year  guaranteed  period was 3.00%
per year. We would allocate $9,152 to that guarantee period because $9,152 would
increase  at that  interest  rate to $10,000  after  three  years,  assuming  no
withdrawals  are taken.  The remaining $848 of the payment would be allocated to
the Investment Division(s) you selected.                                        

Alternatively,  assume Jackson National NY receives a premium payment of $10,000
when the interest rate for the 7-year period is 6.75% per year. Jackson National
NY will allocate $6,331 to that guarantee period because $6,331 will increase at
that interest rate to $10,000 after 7 years. The remaining $3,669 of the payment
will be allocated to the Investment Division(s) you selected.                   

Thus, as these  examples  demonstrate,  the shorter  guarantee  periods  require
allocation of substantially  all of your premium to achieve the intended result.
In each case,  the results  will depend on the  interest  rate  declared for the
guaranteed period.                                                              

ACCUMULATION  UNITS.  Your contract value allocated to the Investment  Divisions
will go up or down depending on the performance of the Investment  Divisions you
select.  In  order to keep  track  of the  value  of your  Contract  during  the
accumulation  phase,  we use a unit of measure  called an  "accumulation  unit."
During the income phase we use a measure called an "annuity unit."              

Every business day, we determine the value of an  accumulation  unit for each of
the Investment Divisions by:                                                    

     o    determining  the  total  amount  of  assets  held  in  the  particular
Investment Division;                                        

   o    subtracting any charges and taxes chargeable under the Contract; and

    o    dividing this amount by the number of outstanding accumulation units.

The value of an  accumulation  unit may go up or down from day to day and may be
different for different charges.                                                

When you make a premium  payment,  we credit  your  Contract  with  accumulation
units. The number of accumulation  units we credit is determined at the close of
that  business  day by  dividing  the  amount of the  premium  allocated  to any
Investment  Division by the value of the  accumulation  unit for that Investment
Division.                                                                       

--------------------------------------------------------------------------------
THE  VALUE  OF  YOUR   ALLOCATIONS  TO  INVESTMENT   DIVISIONS  IS  MEASURED  IN
"ACCUMULATION UNITS."                                                           
--------------------------------------------------------------------------------

 TRANSFERS

You may transfer your contract value among the Investment Divisions at any time,
but  transfers  between an  available  Guaranteed  Fixed  Account  option and an
Investment  Division  must occur prior to the Income  Date.  Transfers  from the
Guaranteed  Fixed  Accounts  will be subject  to any  applicable  Interest  Rate
Adjustment.  There may be periods  when we do not offer any Fixed  Accounts,  or
when we impose special transfer requirements on the Fixed Accounts. If a renewal
occurs within one year of the income date,  the Company will credit  interest up
to the income date at the then Current  Interest Rate for the  Guaranteed  Fixed
Account  Option.  You can make 15  transfers  every  Contract  year  during  the
accumulation phase without charge.                                              

A transfer  will be  effective as of the end of the business day when we receive
your transfer request in good order.                                            

--------------------------------------------------------------------------------
YOU MAY MAKE UP TO 15 FREE TRANSFERS PER CONTRACT YEAR.                         
--------------------------------------------------------------------------------

RESTRICTIONS ON TRANSFERS. To the extent permitted by applicable law, we reserve
the right to restrict the number of transfers  per year that you can request and
to restrict you from making transfers on consecutive business days. In addition,
your right to make transfers  among  Investment  Divisions may be modified if we
determine  that the exercise by one or more Contract  owners is, or would be, to
the  disadvantage  of other  owners.  Restrictions  may be applied in any manner
reasonably  designed to prevent any use of the transfer  right which we consider
to be to the  disadvantage of other owners.  A modification  could be applied to
transfers to or from one or more of the Investment Divisions, and could include,
but are not limited to:                                                         

o    requiring a minimum time period between each transfer;           

     o    limiting  transfer  requests  from an agent acting on behalf of one or
          more Contract  owners or under a power of attorney on behalf of one or
more Contract owners; or                                    

o    limiting the dollar amount that you may transfer at any one time.

--------------------------------------------------------------------------------
WE  RESERVE  THE RIGHT TO  MODIFY  YOUR  TRANSFER  RIGHTS  IF WE  BELIEVE  IT IS
NECESSARY TO PREVENT DISADVANTAGE TO OTHER OWNERS.                              
--------------------------------------------------------------------------------

TELEPHONE  TRANSACTIONS.  You may make transfers by telephone,  unless you elect
not to have this privilege.  When authorizing a transfer, you must complete your
telephone  call by the close of that  business  day (usually  4:00 p.m.  Eastern
time) in order to receive that day's  accumulation  unit value for an Investment
Division.                                                                       

We  attempt  to  assure  that  your  telephone  authorizations  are  genuine  by
requesting identifying information and tape recording telephone  communications.
We disclaim all  liability  for any claim,  loss or expense  resulting  from any
alleged  error or mistake in  connection  with a telephone  transfer you did not
properly  authorize.  However,  if we fail to employ  reasonable  procedures  to
ensure that all  telephone  transfers  are properly  authorized,  we may be held
liable for such  losses.  We reserve the right to modify or  discontinue  at any
time and without notice the acceptance of  instructions  from someone other than
you,  the  telephone  transfer  privilege,  and/or the right to make  transfers.
Elections  of any  optional  benefit or program  must be in writing  and will be
effective upon receipt of the request in good order.                            

--------------------------------------------------------------------------------
YOU MAY TRANSFER YOUR CONTRACT VALUES AMONG ALLOCATION OPTIONS BY TELEPHONE, BUT
WITHDRAWAL REQUESTS AND INCOME PAYMENT ELECTIONS MUST BE IN WRITING.            
--------------------------------------------------------------------------------

ACCESS TO YOUR MONEY

You can have access to the money in your Contract:                              

o    by making either a partial or complete withdrawal;               

o    by electing the Systematic Withdrawal Program;                   

o    by electing the Guaranteed Minimum Withdrawal Benefit, or        

o    by electing to receive income payments.                          

Your  beneficiary  can have  access to the money in your  Contract  when a death
benefit is paid.                                                                

When you make a complete  withdrawal you will receive the value of your Contract
on the day your  request is received by us,  minus any  applicable  premium tax,
annual Contract maintenance charges,  charges due under any optional endorsement
and all applicable withdrawal charges, adjusted for any applicable Interest Rate
Adjustment.                                                                     

Your withdrawal request must be in writing.  We will accept withdrawal  requests
submitted via facsimile.  There are risks associated with not requiring original
signatures in order to disburse Contract-owner monies.                          

Except in connection with the systematic  withdrawal program,  you must withdraw
at least $500 or, if less, the entire amount in the Guaranteed  Fixed Account or
Investment  Division  from  which you are  making  the  withdrawal.  After  your
withdrawal,  you must have at least $100 left in the Guaranteed Fixed Account or
Investment Division.                                                            

INCOME TAXES, TAX PENALTIES AND CERTAIN RESTRICTIONS MAY APPLY TO ANY WITHDRAWAL
YOU MAKE.  THERE ARE  LIMITATIONS  ON  WITHDRAWALS  FROM  QUALIFIED  PLANS.  SEE
"TAXES."                                                                        

--------------------------------------------------------------------------------
WITHDRAWALS MAY BE TAXED,  INCLUDING A POSSIBLE PENALTY TAX IF YOU ARE UNDER AGE
59 1/2.                                                                         
--------------------------------------------------------------------------------

WAIVER OF WITHDRAWAL  CHARGES FOR EXTENDED  CARE.  We will waive the  withdrawal
charge (but not any Interest  Rate  Adjustment)  that would  otherwise  apply in
certain  circumstances by providing you, at no charge, an EXTENDED CARE BENEFIT,
under  which we will waive any  withdrawal  charges on amounts of up to $250,000
from the Separate Account or from the Guaranteed Fixed Account that you withdraw
after providing us with a physician's statement that you have been confined to a
nursing home or hospital  for 90  consecutive  days,  beginning at least 30 days
after your  Contract was issued.  You may exercise  this benefit once under your
Contract.                                                                       

OPTIONAL  FIVE-YEAR  WITHDRAWAL  CHARGE PERIOD.  You may elect an endorsement to
your Contract that substitutes for the Contract's  usual  seven-year  withdrawal
period a five-year  withdrawal  period with  withdrawal  charges in contribution
years  one  through  five of  6.5%,  5%,  3%,  2% and 1%,  respectively,  and 0%
thereafter. The charge for this optional feature on an annualized basis is 0.30%
of the  average  daily net asset  value of your  allocations  to the  Investment
Divisions.  You  may  NOT  elect  this  option  if you  elect  the  2%  Contract
Enhancement Endorsement.                                                        

20% ADDITIONAL  FREE  WITHDRAWAL.  You may elect an endorsement to your Contract
that permits you to withdraw an additional 20% of premiums that are subject to a
withdrawal  charge,  minus earnings  during a Contract year without a withdrawal
charge.  You will pay 0.30% on an annual  basis of the  average  daily net asset
value of your  allocations to the Investment  Divisions.  This  endorsement will
replace  the  10%  Free  Withdrawal.   In  addition,  the  20%  Free  Withdrawal
Endorsement is a liquidity feature that provides a benefit if you contemplate or
need to take large  withdrawals.  The 20% Free Withdrawal  Endorsement  provides
extra liquidity in any market environment but, when it is elected in combination
with the GMWB,  taking full advantage of the benefit in a declining  market will
have an  adverse  effect on the GMWB if your  contract  value  falls  below your
Guaranteed  Withdrawal  Balance.   ANYTIME  YOU  USE  THE  20%  FREE  WITHDRAWAL
ENDORSEMENT WHEN THE AMOUNT OF THE WITHDRAWAL  EXCEEDS THE GAWA AND THE CONTRACT
VALUE IS LESS THAN THE GWB, IT IS DISADVANTAGEOUS.                              

GUARANTEED MINIMUM WITHDRAWAL BENEFIT. The following  description of the GMWB is
supplemented by some examples in Appendix C that may assist you in understanding
how the GMWB  calculations are made in certain  circumstances.  The GMWB permits
you to make partial  withdrawals,  prior to the income date that, in total,  are
guaranteed  to equal the amount of net premium  payments  made (if elected after
issue  (availability may be limited to the issue date), the contract value, less
any  recapture  charges  that would be paid were you to make a full  withdrawal,
will be used  instead of the net  premium  payment  at  issue).  The GMWB can be
elected after issue  (availability  may be limited to the issue date) during the
30 calendar day period prior to any contract  anniversary  and will be effective
as of the contract  anniversary  following receipt of the request in good order.
Once  elected,  the GMWB may not be  terminated.  We will continue to deduct the
charge  until  the  earliest  of either  annuitization  or the date on which the
contract  value  falls to zero.  If you elect the GMWB  when you  purchase  your
Contract, your net premium payment will be used as the basis for determining the
guaranteed amount available for partial  withdrawals (the Guaranteed  Withdrawal
Balance  ("GWB")).  If you elect the GMWB at a later date  (availability  may be
limited to the issue date), your contract value, less any recapture charges that
would  be  paid  were  you to  make a full  withdrawal,  on the  date we add the
endorsement will be used to determine the GWB. The GWB can never be more than $5
million.  The GWB is reduced  with each  withdrawal  you take.  This will not be
available for owners older than age 80 on the issue or election date.           

Once the GWB has been  determined,  we  calculate  the  maximum  annual  partial
withdrawal amount (Guaranteed Annual Withdrawal Amount ("GAWA")). Upon election,
the GAWA is equal to 7% of the GWB.  The GAWA  will not be  reduced  if  partial
withdrawals  taken within any one Contract  year do not exceed 7%. If you do not
take 7% in one Contract  year,  you may not take more than 7% the next  Contract
year. If you withdraw more than the 7%, the guaranteed  amount  available may be
less than the total premium  payments and the GAWA may be reduced.  The GAWA can
be divided up and taken on a payment schedule that you request. You can continue
to take the GAWA each Contract year until the GWB has been depleted.            

--------------------------------------------------------------------------------
THE GMWB PERMITS YOU TO MAKE PARTIAL WITHDRAWALS, PRIOR TO THE INCOME DATE, THAT
IN TOTAL,  EQUAL THE AMOUNT OF NET PREMIUM  PAYMENTS  MADE.  READ  CAREFULLY THE
TIMING RESTRICTIONS ON ELECTION AND THE VALUES THAT ARE USED IN CALCULATING THIS
BENEFIT.                                                                        
--------------------------------------------------------------------------------

Although  any  surrender  charges or  adjustments  are part of the amount of the
partial   withdrawals  that  are  counted  toward  the  7%  permissible   annual
withdrawals, the annual 10% free withdrawal feature will eliminate any surrender
charges on those partial withdrawals.  Any adjustments only apply if the partial
withdrawals are from the Guaranteed Fixed Accounts.                             

Any time a subsequent  premium  payment is made, we recalculate  the GWB and the
GAWA. Each time you make a premium  payment,  the GWB is increased by the amount
of the net premium payment. When you make a subsequent premium payment, the GAWA
will increase by 7% of the increase in the GWB. We reserve the right to restrict
subsequent premium payments and the total GWB.                                  

If you  withdraw  more than the GAWA in any one  Contract  year,  the GWB may be
reduced by more than the amount of the withdrawal, and may be reset to equal the
then current contract value. The GAWA may also be reduced.                      

If the total of your partial  withdrawals  made in the current Contract year are
greater than the GAWA, we will  recalculate  your GWB and your GAWA may be lower
in the  future.  Recalculation  of the GWB and GAWA may  result in  reducing  or
extending  the payout  period.  Please  refer to the  examples in Appendix C for
supplemental information about the impact of partial withdrawals.               

If the partial withdrawal plus all prior partial withdrawals made in the current
Contract year is less than or equal to the GAWA, the GWB is equal to the greater
of:                                                                             

     o    the GWB prior to the partial  withdrawal less the partial  withdrawal;
or                                                          

o    zero.                                                            

If the partial withdrawal plus all prior partial withdrawals made in the current
Contract year is greater than the GAWA, the GWB is equal to the lesser of:      

     o    the contract value after the partial  withdrawal,  less any applicable
recapture charges remaining after the partial withdrawal; or

     o    the GWB prior to the partial  withdrawal less the partial  withdrawal,
or zero, if greater.                                        

If all your partial  withdrawals made in the current Contract year are less than
or equal to the GAWA, the GAWA is the lesser of:                                

o    the GAWA prior to the partial withdrawal; or                     

o    the GWB after the partial withdrawal.                            

If the partial withdrawal plus all prior partial withdrawals made in the current
Contract year is greater than the GAWA, the GAWA is equal to the lesser of:     

     o    the GAWA  prior to the  partial  withdrawal,  or o the GWB  after  the
partial withdrawal, or                                      

o    7% of the greater of:                                            

          1.   the  contract  value  after  the  partial  withdrawal  , less any
               applicable   recapture   charges   remaining  after  the  partial
withdrawal; or                                    

2.   the GWB after the partial withdrawal.                  

For purposes of these  calculations,  all partial  withdrawals are assumed to be
the total amount withdrawn, including any applicable charges and adjustments.   

Withdrawals  made under the guarantee of this  endorsement  are considered to be
the same as any other partial  withdrawals  for the purposes of calculating  any
other values under the Contract and any other endorsements.  They are subject to
the same restrictions and processing rules as described in the Contract.        

On  or  during  the  seven  calendar  day  period  following   certain  Contract
anniversaries, you may choose to "step-up" the GWB to equal your contract value.
The request will be processed and effective on the day we receive the request in
good  order.  No request  for a "step-up"  will be  processed  after the seventh
calendar  day  following  the Contract  anniversary.  Your GAWA then becomes the
greater of: (i) 7% of the contract  value on the effective date of the "step-up"
or (ii) the GAWA prior to the  "step-up."  You would not choose a  "step-up"  if
your current GWB is higher than your contract value.                            

If you choose this benefit  after your Contract is issued  (availability  may be
limited  to the issue  date),  the first  "step-up"  must be at least five years
after the effective date of the  endorsement.  Subsequent  "step-ups" may not be
elected until the fifth Contract  anniversary  after the previous  "step-up" and
must be elected during the 7 calendar days following a Contract anniversary.  On
the first  "step-up," the GMWB charge will  increase.  Please see page 4. Before
you decide to "step-up,"  you should  contact your JNLNY  representative  or the
Annuity Service Center.                                                         

SPOUSAL  CONTINUATION.  If the  Contract is  continued  by the spouse the spouse
retains all rights  previously  held by the owner and therefore may elect to add
the GMWB  feature  to the  Contract  within  the 30 days  prior to any  Contract
anniversary  following the  continuation  date of the original  Contract's issue
date.  The  GMWB  endorsement  becomes  effective  on the  Contract  anniversary
following receipt of the request in good order.                                 

If the spouse continues the Contract and the GMWB endorsement already applies to
the Contract,  the GMWB will continue and no adjustment  will be made to the GWB
or the GAWA at the time of  continuation.  Your spouse may elect to "step-up" on
the  continuation  date. If the Contract is continued  under the Special Spousal
Continuation  Option, the value applicable upon "step-up" is the contract value,
including any  adjustments  applied on the  continuation  date.  Any  subsequent
"step-up"  must  follow  the  "step-up"   restrictions  listed  above  (Contract
anniversaries  will  continue  to be based on the  anniversary  of the  original
Contract's issue date).                                                         

SURRENDER.  If your Contract is  surrendered,  you will receive your  Contract's
contract value less any applicable  charges and  adjustments  and not the GWB or
the GAWA you  would  have  received  under  the  GMWB  Endorsement.  The GMWB is
terminated.                                                                     

CONTRACT  VALUE IS ZERO. If your contract value is reduced to zero as the result
of a  partial  withdrawal  or  poor  fund  performance  and the  GWB  after  the
withdrawal is greater than zero, the GWB will be paid to you on a periodic basis
elected by you, which will be no less frequently than annually. The total annual
payment  will equal the GAWA,  but will not exceed the  current  GWB.  The total
payments will not exceed the current GWB.                                       

All  other  rights  under  your  Contract  cease  and we will no  longer  accept
subsequent premium payments and all optional endorsements are terminated without
value. Upon your death as the owner, your beneficiary will receive the scheduled
payments. No other death benefit or Earnings Protection Benefit will be paid.   

ANNUITIZATION.  If you decide to  annuitize  your  Contract,  you may choose the
following  income option  instead of one of the other income  options  listed in
your Contract:                                                                  

FIXED PAYMENT INCOME  OPTION.  This income option  provides  payments in a fixed
dollar  amount for a specific  number of years.  The actual number of years that
payments will be made is determined on the calculation  date by dividing the GWB
by the GAWA.  Upon each payment,  the GWB will be reduced by the payment amount.
The total  annual  amount  payable will equal the GAWA but will never exceed the
current GWB.  This  annualized  amount will be paid over the specific  number of
years in the frequency (no less  frequently  than annually) that you select.  If
you should die before the payments have been completed,  the remaining  payments
will be made to the beneficiary.                                                

This income  option may not be  available  if the  Contract is issued to qualify
under  Sections  401,  403, 408 or 457 of the Internal  Revenue  Code.  For such
Contracts, this income option will only be available if the guaranteed period is
less than the life  expectancy of the  annuitant at the time the option  becomes
effective.                                                                      

EFFECT OF GMWB ON TAX  DEFERRAL.  The purchase of a GMWB may not be  appropriate
for the  Owners of  contracts  who have as a primary  objective  taking  maximum
advantage  of the tax  deferral  that is  available  to them  under  an  annuity
contract.  Please  consult  your tax and  financial  advisors  on this and other
matters prior to electing the GMWB.                                             

SYSTEMATIC  WITHDRAWAL PROGRAM. You can arrange to have money automatically sent
to you periodically while your Contract is still in the accumulation  phase. You
will have to pay taxes on money you receive.  You may be subject to a withdrawal
charge and an Interest Rate Adjustment.                                         

SUSPENSION OF WITHDRAWALS  OR TRANSFERS.  We may be required to suspend or delay
withdrawals or transfers from an Investment Division when:                      

     o    the New York Stock  Exchange is closed (other than  customary  weekend
and holiday closings);                                      

     o    under applicable SEC rules,  trading on the New York Stock Exchange is
restricted;                                                 

     o    under  applicable  SEC rules,  an  emergency  exists so that it is not
          reasonably  practicable  to dispose  of  securities  in an  Investment
Division or determine the value of its assets; or,          

o    the SEC, by order, may permit for the protection of owners.      

We have  reserved the right to defer  payment for a withdrawal  or transfer from
the Guaranteed Fixed Accounts for the period permitted by law, but not more than
six months.                                                                     

INCOME PAYMENTS (THE INCOME PHASE)

The income phase of your Contract occurs when you begin receiving regular income
payments from us. The INCOME DATE is the day on which those payments begin. Once
income  payments  begin,  the  Contract  cannot be returned to the  accumulation
phase.  The Income Date must be at least one year after the  Contract is issued.
You can choose the Income  Date and an income  option.  The income  options  are
described below.                                                                

--------------------------------------------------------------------------------
IN YOUR CONTRACT'S INCOME PHASE, WE MAKE REGULAR PAYMENTS TO YOU.               
--------------------------------------------------------------------------------

If you do not choose an income option,  we will assume that you selected  Option
3, which provides a life annuity with 120 months of guaranteed payments.        

You can change the income  date or income  option at any time  before the income
date, but the income date may only be changed to a later date, once one has been
selected.  You must  give us  written  notice at least  seven  days  before  the
scheduled income date.  Income payments must begin by your 90th birthday under a
non-qualified Contract or the calendar year in which you attain age 70 1/2 under
a traditional  Individual  Retirement  Annuity (or such other age as required by
law). Distributions under qualified plans and Tax-Sheltered Annuities must begin
by the later of the calendar year in which you attain age 70 1/2 or the calendar
year in which you retire. Distributions from Roth IRAs are not required prior to
your death.                                                                     

At the income date,  you can choose to receive  fixed or variable  payments from
the Investment  Divisions.  Unless you tell us otherwise,  your income  payments
will be based on the Allocation Options that were in place on the income date.  

You can choose to have income payments made monthly,  quarterly,  semi-annually,
or  annually.  However,  if you have less than $2,000 to apply  toward an income
option,  we may provide  your  payment in a single lump sum.  Likewise,  if your
first  income  payment  would be less  than  $20,  we may set the  frequency  of
payments so that the first payment would be at least $20.                       

VARIABLE  INCOME  PAYMENTS.  If you choose to have any  portion  of your  income
payments based upon one or more Investment Divisions,  the dollar amount of your
initial annuity payment will depend primarily upon the following:               

     o    the  amount of your  contract  value you  allocate  to the  Investment
Division(s) on the income date;                             

     o    the  amount of any  applicable  premium  taxes,  recapture  charges or
          withdrawal  charges  deducted from your  contract  value on the income
date;                                                       

o    which income option you select; and                              

     o    the  investment  factors  listed in your Contract  that  translate the
          amount of your  contract  value (as adjusted for  applicable  charges,
          frequency  of payment  and  commencement  date) into  initial  payment
          amounts  that are  measured  by the  number  of  annuity  units of the
Investment Division(s) you select credited to your Contract.

The investment  factors in your Contract are calculated  based upon a variety of
factors,  including  the age and gender of the annuitant if you select an income
option with a life contingency and an assumed investment rate of 3%.            

We calculate the dollar amount of  subsequent  income  payments that you receive
based upon the  performance  of the  Investment  Divisions  you select.  If that
performance  (measured  by changes in the value of annuity  units)  exceeds  the
assumed  investment  rate,  then your income  payments  will  increase;  if that
performance is less than the assumed  investment rate, then your income payments
will decrease.                                                                  

--------------------------------------------------------------------------------
THE AMOUNT OF YOUR INCOME  PAYMENTS CAN BE  GUARANTEED  OR CAN VARY BASED ON THE
PERFORMANCE OF THE INVESTMENT DIVISIONS YOU SELECT.                             
--------------------------------------------------------------------------------

INCOME  OPTIONS.  The annuitant is the person whose life we look to when we make
income payments (each description assumes that you are the owner and annuitant).

OPTION 1 - Life Income.  This income option provides  monthly  payments for your
life.                                                                           

OPTION 2 - Joint and Survivor.  This income option provides monthly payments for
your life and for the life of another person  (usually your spouse)  selected by
you.                                                                            

OPTION 3 - Life Annuity With at Least 120 or 240 Monthly  Payments.  This income
option provides  monthly  payments for the  annuitant's  life, but with payments
continuing  to the  beneficiary  for the  remainder  of 10 or 20  years  (as you
select) if the  annuitant  dies before the end of the  selected  period.  If the
beneficiary does not want to receive the remaining scheduled payments,  a single
lump sum may be  requested,  which  will be equal  to the  present  value of the
remaining  payments (as of the date of  calculation)  discounted  at an interest
rate that will be no more than 1%  higher  than the rate used to  calculate  the
initial payment.                                                                

OPTION 4 - Income for a Specified  Period.  This income option provides  monthly
payments for any number of years from 5 to 30. If the beneficiary  does not want
to receive the remaining scheduled payments, a single lump sum may be requested,
which will be equal to the present  value of the  remaining  payments (as of the
date of calculation) discounted at an interest rate that will be no more than 1%
higher than the rate used to calculate the initial payment.                     

ADDITIONAL OPTIONS - We may make other income options available.                

GUARANTEED  MINIMUM  INCOME  BENEFIT.  The optional  Guaranteed  Minimum  Income
Benefit  ("GMIB")  endorsement  guarantees a minimum fixed income benefit (under
certain life  contingent  options) after a period of at least 7 Contract  years,
subject to specific  conditions,  regardless  of the  Allocation  Option(s)  you
select during the accumulation phase. This benefit is only available if         

o    you elect it prior to your Contract's issue date;                

o    the annuitant is not older than age 78 on the issue date; and    

     o    you  exercise  it on or within 30  calendar  days of your 7th,  or any
          subsequent  Contract  anniversary,  but in no  event  later  than  the
          Contract  anniversary   immediately  following  the  annuitant's  85th
birthday.                                                   

--------------------------------------------------------------------------------
THE OPTIONAL GMIB LETS YOU PLAN YOUR RETIREMENT WITH GREATER CERTAINTY ABOUT THE
MINIMUM  AMOUNTS THAT WILL BE AVAILABLE AS FIXED INCOME PAYMENTS ON AN EXERCISE 
DATE AT LEAST 7 YEARS AFTER THE ISSUE DATE.  READ  CAREFULLY  THE AGE AND TIMING
RESTRICTIONS ON ISSUANCE AND EXERCISE OF THE GMIB.                              
--------------------------------------------------------------------------------

The GMIB will terminate and will not be payable at the earliest of:             

o    the income date (if prior to the effective date of the GMIB);    

     o    the 31st calendar day following the Contract  anniversary  immediately
after the annuitant's 85th birthday;                        

o    the date you make a total withdrawal from the Contract;          

     o    upon your death  (unless  your spouse is your  beneficiary,  elects to
continue the Contract and is eligible for this benefit); or 

     o    if the owner is not a natural person, upon the death of the annuitant.

Once elected, the GMIB cannot be terminated in any other way while your Contract
is in force.                                                                    

You have the  option of taking  the GMIB  instead  of the other  income  options
described  above.  Your monthly  income  option  payments  will be calculated by
applying the "GMIB Benefit Base"  (described  below) to the annuity rates in the
table of guaranteed  purchase rates attached to the GMIB  endorsement.  The only
type of  income  payments  available  under the GMIB are life  contingent  fixed
annuity income  payments.  The fixed annuity  payment  income options  currently
available are:                                                                  

OPTION 1 - Life Income,                                                         

OPTION 2 - Joint and Survivor,                                                  

OPTION 3 - Life Annuity with 120 Monthly Periods Fixed, and                     

OPTION 4 - Joint and Survivor Life Annuity with 120 Monthly Periods Fixed.      

No other income options will be available.                                      

The GMIB may not be  appropriate  for Owners who will be subject to any  minimum
distribution  requirements  under an IRA or other  qualified  plan  prior to the
expiration of 7 Contract  years.  Please consult a tax advisor on this and other
matters of selecting income options.                                            

The GMIB only applies to the  determination  of income payments under the income
options specified above. It is not a guarantee of contract value or performance.
This  benefit  does  not  enhance  the  amounts  paid  in  partial  withdrawals,
surrenders or death  benefits.  If you  surrender  your  Contract,  you will not
receive any benefit under this endorsement.                                     

Both the amount of the GMIB and the  quarterly  charge  for the GMIB  (described
above in the Charges  section) are based upon an amount called the "GMIB BENEFIT
BASE." The GMIB Benefit Base is the GREATER OF (A) OR (B), WHERE (A) IS:        

     o    all premiums you have paid (net of any applicable premium taxes); PLUS

     o    any Contract  Enhancements  credited on or before the business day the
GMIB Benefit Base is being calculated; MINUS                

     o    an adjustment  (described  below) for any  withdrawals  (including any
          applicable   charges  and  excess   interest   adjustments   to  those
withdrawals); MINUS                                         

     o    annual  Contract  maintenance   charges,   transfer  charges  and  any
          applicable Contract charges due (other than the GMIB charge) under any
optional endorsement,; and MINUS                            

o    any taxes incurred, or chargeable under the Contract;            

AND (B) IS:                                                                     

     o    the greatest  contract value on any Contract  anniversary prior to the
annuitant's 81st birthday; MINUS                            

     o    an  adjustment  (described  below)  for  any  withdrawals  after  that
          Contract  anniversary  (including  any  applicable  charges and excess
interest adjustments for those withdrawals); PLUS           

     o    any premiums  paid (net of any  applicable  premium  taxes) after that
Contract anniversary; MINUS                                 

     o    any annual  Contract  maintenance  charge,  transfer  charge,  and any
          applicable charges due under any optional  endorsement  deducted after
that Contract anniversary; and MINUS                        

o    any taxes deducted after that Contract anniversary.              

All  adjustments to the GMIB Benefit Base will be deemed to occur at the time of
the withdrawal,  premium payment,  or the deduction of the specified  charges or
taxes  chargeable  under the Contract.  Adjustments for  withdrawals  (including
related  charges and excess interest  adjustments)  will reduce the GMIB Benefit
Base in the same  proportion that contract value was reduced on the date of that
withdrawal.  When (a) is greater  than (b), the fact that the GMIB charge is not
deducted from (a) increases  the GMIB Benefit Base and  potentially  the monthly
income payments, while slightly increasing the GMIB charge.                     

The GMIB Benefit Base will never exceed:                                        

     o    200%  of  premiums  paid  (net of any  applicable  premium  taxes  and
          excluding premiums paid in the 12 months prior to the date the GMIB is
exercised); MINUS                                           

     o    any  withdrawals   (including  related  charges  and  excess  interest
adjustments); MINUS                                         

     o    annual  Contract  maintenance   charges,   transfer  charges  and  any
    applicable charges due under any optional endorsement; and MINUS

o    taxes incurred since that Contract was issued.                   

If you are the  annuitant  under your  Contract  and your spouse  continues  the
Contract  after your  death,  your spouse  will  become the  annuitant  and will
continue  to be  eligible  for the  GMIB as long as he or she  would  have  been
eligible as an annuitant when your Contract was issued and is age 84 or younger.
If your spouse does not satisfy those criteria, then the GMIB will terminate and
the charge for the GMIB  discontinued.  Similarly,  if an owner who is a natural
person is not the annuitant and the annuitant dies, you (the owner) may select a
new  annuitant  (who must be a person  eligible to be an  annuitant on the issue
date and is age 84 or younger).  If the new annuitant in that situation does not
satisfy  those  criteria  then  the GMIB  will  terminate  and the  GMIB  charge
discontinued.  In the  event  of  joint  annuitants,  the  age  of the  youngest
annuitant will be used for all these determinations.                            

Among other requirements applicable to Contracts issued to entities/owners,  the
use of multiple Contracts by related entities to avoid maximum premium limits is
not  permitted.  Selection  of the GMIB is subject to our  administrative  rules
designed to assure its appropriate use. We may update these rules as necessary. 

 DEATH BENEFIT

The death benefit paid to your  beneficiary  upon your death is calculated as of
the  date we  receive  completed  claim  forms  and  proof  of  death  from  the
beneficiary of record. The death benefit paid will be the basic death benefit.  

--------------------------------------------------------------------------------
IF YOU DIE BEFORE YOUR CONTRACT'S INCOME PHASE, YOUR BENEFICIARY WILL BE PAID AT
LEAST THE  GREATER OF YOUR  CONTRACT  VALUE,  YOUR NET  PREMIUM  PAYMENTS OR THE
GREATEST ANNIVERSARY VALUE PRIOR TO YOUR 86TH BIRTHDAY.                         
--------------------------------------------------------------------------------

BASIC DEATH  BENEFIT.  If you die before moving to the income phase,  the person
you have chosen as your beneficiary will receive a death benefit.  If you have a
joint owner, the death benefit will be paid when the first joint owner dies. The
surviving joint owner will be treated as the beneficiary.  Any other beneficiary
designated  will  be  treated  as  a  contingent  beneficiary.   Only  a  spouse
beneficiary has the right to continue the Contract in force upon your death.    

The death benefit equals the greater of:                                        

     o    your  contract  value  on the  date we  receive  proof  of  death  and
completed claim forms from your beneficiary; or             

     o    the total  premiums you have paid since your Contract was issued minus
          prior withdrawals  (including any applicable  charges and adjustments)
and premium taxes; or                                       

     o    the  greatest  anniversary  value  prior to your  86th  birthday.  The
          anniversary value is the contract value on the first day of a Contract
          year,  minus  any  withdrawals  and  withdrawal   charges,   plus  any
additional premiums since that day.                         

The basic death benefit and the optional death benefits,  described below can be
paid under one of the following death benefit options:                          

o    single lump sum payment; or                                      

     o    payment  of entire  death  benefit  within  five  years of the date of
death; or                                                   

     o    payment of the entire death  benefit  under an income  option over the
          beneficiary's  lifetime  or for a  period  not  extending  beyond  the
          beneficiary's  life  expectancy;  or payment of a portion of the death
          benefit under an income option over the beneficiary's  lifetime or for
          a period not extending beyond the beneficiary's life expectancy,  with
the balance of the death benefit payable to the beneficiary.

Under these income options, the beneficiary may also elect to receive additional
lump sums at any time. The receipt of any  additional  lump sums will reduce the
future income payments to the beneficiary.                                      

Unless the  beneficiary  chooses to receive the entire death benefit in a single
sum,  the  beneficiary  must elect an income  option  within  the 60-day  period
beginning with the date we receive proof of death and payments must begin within
one year of the date of death. If the beneficiary chooses to receive some or all
of the death benefit in a single sum and all the necessary requirements are met,
we will pay the death  benefit  within seven days. If your  beneficiary  is your
spouse,  he/she can  continue  the  Contract  in his/her  own name.  The Special
Spousal  Continuation  Option  is one way to  continue  your  Contract.  See the
"Special Spousal Continuation Option" section below.                            

As  owner,  you may also make a  predetermined  selection  of the death  benefit
option  to be paid  if  your  death  occurs  before  the  income  date.  If this
Preselected Death Benefit Option Election is in force at the time of your death,
the payment of the death benefit may not be  postponed,  nor can the Contract be
continued under any other provisions of this Contract.  This restriction applies
even if the beneficiary is your spouse, unless such restriction is prohibited by
law.                                                                            

SPECIAL  SPOUSAL  CONTINUATION  OPTION.  If your spouse is the  beneficiary  and
elects  to  continue  the  Contract  in his or her own name  after  your  death,
pursuant to the Special Spousal  Continuation  Option,  no death benefit will be
paid at that time.  Instead,  we will  contribute to the Contract a CONTINUATION
ADJUSTMENT,  which is the amount by which the death benefit that would have been
payable  exceeds the contract value. We calculate this amount using the contract
value and death benefit as of the date we receive  completed forms and due proof
of death from the  beneficiary of record and the spousal  beneficiary's  written
request to continue the Contract  (the  "CONTINUATION  DATE").  We will add this
amount to the Contract based on the current allocation  instructions at the time
of your death, subject to any minimum allocation restrictions, unless we receive
other allocation instructions from your spouse.                                 

If your  spouse  continues  the  Contract  in his/her own name under the Special
Spousal  Continuation  option,  the new contract  value will be  considered  the
initial  premium for purposes of determining  any future death benefit under the
Contract. The age of the surviving spouse at the time of the continuation of the
Contract will be used to determine all benefits under the Contract.             

If your spouse  elects to continue  the  Contract,  your  spouse,  as new owner,
cannot terminate most of the optional  benefits you elected.  The Contract,  and
its optional benefits,  remain the same. Your spouse will also be subject to the
same fees, charges and expenses under the Contract as you were.                 

If you have elected the  Preselected  Death Benefit Option Election the Contract
cannot be  continued  under the  Special  Spousal  Continuation  Option,  unless
preventing continuation would be prohibited by law.                             

--------------------------------------------------------------------------------
A BENEFICIARY  WHO IS THE SPOUSE OF THE CONTRACT OWNER MAY ELECT TO CONTINUE THE
CONTRACT RATHER THAN RECEIVE A DEATH BENEFIT PAYMENT. IN THAT CASE, THE CONTRACT
VALUE WILL BE INCREASED BY THE AMOUNT (IF ANY) THAT THE DEATH BENEFIT THAT WOULD
HAVE BEEN PAID EXCEEDS CONTRACT VALUE AT THE DEATH OF THE OWNER.                
--------------------------------------------------------------------------------

DEATH OF OWNER ON OR AFTER THE INCOME DATE. If you or a joint owner dies, and is
not the annuitant, on or after the income date, any remaining payments under the
income  option  elected will continue at least as rapidly as under the method of
distribution in effect at the date of death. If you die, the beneficiary becomes
the owner.                                                                      

DEATH OF  ANNUITANT.  If the  annuitant  is not an owner or joint  owner and the
annuitant dies before the income date,  you can name a new annuitant.  If you do
not name a new annuitant within 30 days of the death of the annuitant,  you will
become  the  annuitant.  However,  if the  owner is a  non-natural  person  (for
example, a corporation),  then the death of the annuitant will be treated as the
death of the owner, and a new annuitant may not be named.                       

If the  annuitant  dies on or after the income date,  any  remaining  guaranteed
payments  will be paid to the  beneficiary  as provided for in the income option
selected.  Any remaining guaranteed payments will be paid at least as rapidly as
under the method of distribution in effect at the annuitant's death.            

 TAXES

THE FOLLOWING IS ONLY GENERAL  INFORMATION  AND IS NOT INTENDED AS TAX ADVICE TO
ANY  INDIVIDUAL.  ADDITIONAL TAX  INFORMATION IS INCLUDED IN THE SAI. YOU SHOULD
CONSULT YOUR OWN TAX ADVISER AS TO HOW THESE  GENERAL RULES WILL APPLY TO YOU IF
YOU PURCHASE A CONTRACT.                                                        

TAX-QUALIFIED  AND NON-QUALIFIED  CONTRACTS.  If you purchase your Contract as a
part of a  tax-qualified  plan such as an Individual  Retirement  Annuity (IRA),
Tax-Sheltered  Annuity (sometimes referred to as a 403(b) Contract),  or pension
or  profit-sharing  plan (including a 401(k) plan or H.R. 10 Plan) your Contract
will be what is  referred  to as a  QUALIFIED  CONTRACT.  Tax  deferral  under a
tax-qualified  Contract  arises  under the specific  provisions  of the Internal
Revenue  Code  (Code)  governing  the  tax-qualified  plan,  so a  tax-qualified
Contract  should be purchased  only for the features and benefits other than tax
deferral  that are available  under a  tax-qualified  Contract,  and not for the
purpose of obtaining tax deferral. You should consult your own adviser regarding
these features and benefits of the Contract prior to purchasing a  tax-qualified
Contract.                                                                       

If you do not  purchase  your  Contract as a part of any  tax-qualified  pension
plan,  specially  sponsored program or an individual  retirement  annuity,  your
Contract will be what is referred to as a non-qualified Contract.               

The amount of your tax liability on the earnings under and the amounts  received
from either a tax-qualified  or a non-qualified  Contract will vary depending on
the  specific  tax  rules  applicable  to  your  Contract  and  your  particular
circumstances.                                                                  

--------------------------------------------------------------------------------
TAXES ON EARNINGS UNDER A NON-QUALIFIED CONTRACT ARE DEFERRED UNTIL DISTRIBUTED 
IN A WITHDRAWAL,  INCOME PAYMENT OR LOAN.  EARNINGS ARE ASSUMED TO BE THE FIRST 
AMOUNT  WITHDRAWN  BUT INCOME  PAYMENTS ARE ASSUMED TO BE PART EARNINGS AND PART
RETURN OF PREMIUM.                                                              
--------------------------------------------------------------------------------

NON-QUALIFIED  CONTRACTS  -  GENERAL  TAXATION.  Increases  in  the  value  of a
non-qualified  Contract attributable to undistributed earnings are generally not
taxable to the Contract owner or the annuitant  until a  distribution  (either a
withdrawal or an income payment) is made from the Contract. This tax deferral is
generally not available  under a  non-qualified  Contract owned by a non-natural
person (e.g., a corporation or certain other entities other than a trust holding
the Contract as an agent for a natural  person).  Loans based on a non-qualified
Contract are treated as distributions.                                          

NON-QUALIFIED CONTRACTS - WITHDRAWALS AND INCOME PAYMENTS. Any withdrawal from a
non-qualified  Contract is taxable as ordinary  income to the extent it does not
exceed  the  accumulated  earnings  under the  Contract.  A part of each  income
payment  under a  non-qualified  Contract is generally  treated as a non-taxable
return of premium.  The  balance of each  income  payment is taxable as ordinary
income.  The  amounts of the  taxable  and  non-taxable  portions of each income
payment are determined based on the amount of the investment in the Contract and
the  length of the period  over which  income  payments  are to be made.  Income
payments  received after all of your investment in the Contract is recovered are
fully taxable as ordinary income. Additional information is provided in the SAI.

The Code also imposes a 10% penalty on certain taxable amounts  received under a
non-qualified Contract. This penalty tax will not apply to any amounts:         

o    paid on or after the date you reach age 59 1/2;                  

o    paid to your beneficiary after you die;                          

     o    paid if you become  totally  disabled  (as that term is defined in the
Code);                                                      

     o    paid  in a  series  of  substantially  equal  periodic  payments  made
          annually  (or  more  frequently)  for your  life or for a  period  not
          exceeding   your  life   expectancy  or  the  life   expectancy  of  a
beneficiary;                                                

o    paid under an immediate annuity; or                              

o    which come from premiums made prior to August 14, 1982.          

--------------------------------------------------------------------------------
WITHDRAWALS PRIOR TO AGE 59 1/2 MAY BE SUBJECT TO A PENALTY TAX.                
--------------------------------------------------------------------------------

TAX-QUALIFIED  CONTRACTS -  WITHDRAWALS  AND INCOME  PAYMENTS.  The Code imposes
limits on loans, withdrawals, and income payments under tax-qualified contracts.
The Code  also  imposes  minimum  distribution  requirements  for  tax-qualified
Contracts  and a 10%  penalty  on  certain  taxable  amounts  received  under  a
tax-qualified  Contract.  These  limits,  required  minimum  distributions,  tax
penalties  and  the  tax  computation  rules  are  summarized  in the  SAI.  Any
withdrawals under a tax-qualified  contract will be taxable except to the extent
they  are  allocable  to  an   investment   in  the  contract   (any   after-tax
contributions).  In most  cases,  there will be little or no  investment  in the
contract for a tax-qualified  contract because contributions will have been made
on a pre-tax or tax-deductible basis.                                           

--------------------------------------------------------------------------------
WITHDRAWALS  FROM  TAX-QUALIFIED  CONTRACTS  ARE TAXABLE  (OTHER THAN  AFTER-TAX
CONTRIBUTIONS, IF ANY).                                                         
--------------------------------------------------------------------------------

WITHDRAWALS - TAX-SHELTERED ANNUITIES. The Code limits the withdrawal of amounts
attributable to purchase  payments made under a salary reduction  agreement from
Tax-Sheltered Annuities. Withdrawals can only be made when an owner:            

o    reaches age 59 1/2;                                              

o    leaves his/her job;                                              

o    dies;                                                            

o    becomes disabled (as that term is defined in the Code); or       

     o    in the case of hardship.  However, in the case of hardship,  the owner
can only withdraw the premium and not any earnings.         

WITHDRAWALS - ROTH IRAs.  Subject to certain  limitations,  individuals may also
purchase  a type of  non-deductible  IRA  annuity  known as a Roth IRA  annuity.
Qualified  distributions from Roth IRA annuities are entirely federal income tax
free. A qualified  distribution  requires that the  individual has held the Roth
IRA annuity for at least five years and, in addition,  that the  distribution is
made  either  after  the  individual  reaches  age 59  1/2,  on  account  of the
individual's  death or disability,  or as a qualified  first-time home purchase,
subject to $10,000 lifetime maximum, for the individual, or for a spouse, child,
grandchild, or ancestor.                                                        

CONSTRUCTIVE   WITHDRAWALS   -  INVESTMENT   ADVISER  FEES.   Withdrawals   from
non-qualified  contracts  for the  payment of  investment  adviser  fees will be
considered  taxable  distributions  from the  Contract.  In a series of  Private
Letter Rulings,  however, the Internal Revenue Service has held that the payment
of investment adviser fees from a tax-qualified  Contract need not be considered
a distribution for income tax purposes. Under the facts in these Rulings:       

     o    there was a  written  agreement  providing  for  payments  of the fees
solely from the annuity Contract,                           

o    the Contract owner had no liability for the fees and             

  o    the fees were paid solely from the annuity Contract to the adviser.

EXTENSION OF LATEST  INCOME DATE.  If you do not  annuitize  your Contract on or
before the Latest Income Date,  it is possible that the IRS could  challenge the
status of your Contract as an annuity  Contract for tax purposes.  The result of
such a  challenge  could be that you would be  viewed  as either  constructively
receiving  the increase in the account value each year from the inception of the
Contract or the entire  increase  in the  account  value would be taxable in the
year you attain age 90. In either  situation,  you could realize  taxable income
even  if the  Contract  proceeds  are  not  distributed  to you  at  that  time.
Accordingly,  before purchasing a Contract,  you should consult your tax advisor
with respect to these issues.                                                   

DEATH  BENEFITS.  None of the death  benefits  paid  under the  Contract  to the
beneficiary will be tax-exempt life insurance benefits.  The rules governing the
taxation of payments from an annuity  Contract,  as discussed  above,  generally
apply to the payment of death  benefits and depend on whether the death benefits
are paid as a lump sum or as  annuity  payments.  Estate or gift  taxes may also
apply.                                                                          

--------------------------------------------------------------------------------
DEATH BENEFITS ARE NOT LIFE INSURANCE.  ESTATE OR GIFT TAXES MAY ALSO APPLY.    
--------------------------------------------------------------------------------

ASSIGNMENT.  An assignment of your Contract will  generally be a taxable  event.
Assignments of a tax-qualified  Contract may also be limited by the Code and the
Employee  Retirement  Income Security Act of 1974, as amended.  These limits are
summarized  in the SAI. You should  consult your tax adviser prior to making any
assignment of your Contract.                                                    

DIVERSIFICATION.  The  Code  provides  that  the  underlying  investments  for a
non-qualified variable annuity must satisfy certain diversification requirements
in order to be treated as an annuity  Contract.  We believe that the  underlying
investments are being managed so as to comply with these requirements.          

OWNER  CONTROL.  In three  Revenue  Rulings  issued  between 1977 and 1982,  the
Internal  Revenue  Service  (IRS) held that where a Contract  owner had  certain
forms of actual or potential  control over the investments held under a variable
annuity  Contract,  the  Contract  owner had to be treated as the owner of those
assets and thus  taxable on the income and gains  produced  by those  assets.  A
holder of a Contract  will not have any of the  specific  types of control  that
were described in those Rulings. In addition, in 1999, the IRS announced that it
would not apply the  holdings  of these  Rulings  to  holders  of  tax-qualified
contracts that hold mutual fund shares as investments.  However,  because of the
continuing  uncertainty as to the scope and  application  of these  Rulings,  we
reserve  the right to modify the  Contract  to the extent  required  to maintain
favorable tax treatment.                                                        

 OTHER INFORMATION

DOLLAR COST AVERAGING.  If the amount allocated to the Investment Divisions plus
the amount allocated to Guaranteed  Fixed Accounts is at least $15,000,  you can
arrange to have a regular amount of money periodically transferred automatically
into the  Investment  Divisions  and other  Guaranteed  Fixed  Accounts from the
one-year  Guaranteed  Fixed  Accounts  or any of the  Investment  Divisions.  If
Guaranteed Fixed Accounts are not available or otherwise restricted, dollar cost
averaging will be  exclusively  from the  Investment  Divisions.  In the case of
transfers from the one-year  Guaranteed  Fixed Accounts or Investment  Divisions
with a stable unit  value,  this can let you pay a lower  average  cost per unit
over time than you would receive if you made a one-time purchase. Transfers from
the more volatile Investment Divisions may not result in lower average costs and
such  Investment  Divisions  may not be an  appropriate  source of  dollar  cost
averaging transfers in volatile markets.  Certain restrictions may apply. Dollar
Cost Averaging and Rebalancing are mutually exclusive, you cannot select both.  

--------------------------------------------------------------------------------
SYSTEMATIC  TRANSFERS  FACILITATE  A DOLLAR COST  AVERAGING  STRATEGY AND DO NOT
COUNT AGAINST YOUR 15 FREE TRANSFERS PER YEAR.                                  
--------------------------------------------------------------------------------

EARNINGS  SWEEP.  You can choose to move your earnings from the source  accounts
(only applicable from the one year Guaranteed Fixed Account Option, if currently
available and the Money Market Investment Division).                            

REBALANCING.  You can arrange to have us automatically  reallocate your contract
value among Investment  Divisions and the one-year  Guaranteed Fixed Account (if
currently   available)   periodically  to  maintain  your  selected   allocation
percentages.  Rebalancing  is consistent  with  maintaining  your  allocation of
investments among market segments,  although it is accomplished by reducing your
contract value allocated to the better performing Investment  Divisions.  Dollar
Cost Averaging and Rebalancing are mutually exclusive, you cannot select both.  

You may cancel a Dollar Cost  Averaging,  Earnings Sweep or Rebalancing  program
using whatever methods that you use to change your allocation instructions.     

FREE LOOK. You may return your Contract to the selling agent or us within twenty
days after receiving it.                                                        

We will return                                                                  

o    the contract value in the Investment Divisions, plus             

     o    any fees and expenses deducted from the premium prior to allocation to
the Investment Divisions, plus                              

     o    the full  amount of premium  you  allocated  to the  Guaranteed  Fixed
Accounts (minus any withdrawals), minus                     

    o    any withdrawals and applicable Contract Enhancement recapture charge.

We will determine the contract value in the Investment  Divisions as of the date
we receive  your  Contract if you mail it to us or the date you return it to the
selling agent. We will return premium payments where required by law.           

--------------------------------------------------------------------------------
YOUR CONTRACT HAS A FREE LOOK PERIOD OF 20 DAYS.                                
--------------------------------------------------------------------------------

ADVERTISING. From time to time, we may advertise several types of performance of
the Investment Divisions.                                                       

     o    TOTAL RETURN is the overall change in the value of an investment in an
Investment Division over a given period of time.            

     o    STANDARDIZED  AVERAGE  ANNUAL TOTAL RETURN is calculated in accordance
with SEC guidelines.                                        

     o    NON-STANDARDIZED  TOTAL  RETURN  may be for  periods  other than those
          required by, or may otherwise differ from, standardized average annual
          total return. For example, if a Fund has been in existence longer than
          the Investment Division, we may show non-standardized  performance for
          periods that begin on the inception date of the Fund,  rather than the
inception date of the Investment Division.                  

     o    YIELD  refers to the income  generated by an  investment  over a given
period of time.                                             

Performance will be calculated by determining the percentage change in the value
of an accumulation unit by dividing the increase (decrease) for that unit by the
value of the accumulation unit at the beginning of the period.  Performance will
reflect the  deduction  of the  mortality  and expense  risk and  administration
charges and may reflect the  deduction of Contract  maintenance  and  withdrawal
charges,   but  will  not  reflect  charges  for  optional  features  except  in
performance  data used in sales materials that promote those optional  features.
The deduction of  withdrawal  charges  and/or the charges for optional  features
would reduce the percentage increase or make greater any percentage decrease.   

--------------------------------------------------------------------------------
WE MAY ADVERTISE SEVERAL TYPES OF PERFORMANCE OF THE INVESTMENT DIVISIONS.      
--------------------------------------------------------------------------------

MARKET TIMING AND ASSET ALLOCATION SERVICES.  Market timing and asset allocation
services  must comply with our  administrative  systems,  rules and  procedures.
Prior to utilizing the market  timing and asset  allocation  services,  a market
timing agreement,  which sets forth certain conditions,  must be signed. Because
excessive  trades in an underlying Fund can hurt the performance of the Fund and
corresponding Investment Division and harm Contract owners, we reserve the right
to refuse  any  transfer  requests  from a market  timing  and asset  allocation
service or other non-Contract  owners that we believe will disadvantage the Fund
or the Contract owners.                                                         

Market timing or asset allocation  services may conflict with transactions under
the dollar cost averaging program, earnings sweep program, automatic rebalancing
program or systematic withdrawal program (the "Programs").  Accordingly, when we
receive  notice that you have  authorized  a market  timing or asset  allocation
service to effect  transactions on your behalf, we will automatically  terminate
your  participation  in any Program in which you are then  enrolled,  unless you
authorize us in writing to continue your participation.                         

--------------------------------------------------------------------------------
WE RESERVE  THE RIGHT TO LIMIT  MARKET  TIMING  TRANSFERS  THAT WE BELIEVE  WILL
DISADVANTAGE OTHER CONTRACT OWNERS.                                             
--------------------------------------------------------------------------------

MODIFICATION OF YOUR CONTRACT. Only our President, Vice President,  Secretary or
Assistant  Secretary  may  approve  a  change  to or waive a  provision  of your
Contract.  Any change or waiver must be in  writing.  We may change the terms of
your Contract without your consent in order to comply with changes in applicable
law, or otherwise as we deem necessary.                                         

LEGAL  PROCEEDINGS.  There are no  material  legal  proceedings,  other than the
ordinary routine litigation incidental to the business to which Jackson National
Life Insurance Company of New York is a party.                                  

Jackson  National Life Insurance  Company  ("JNL") is a defendant in a number of
civil proceedings substantially similar to other litigation brought against many
life  insurers  alleging  misconduct  in the sale of insurance  products.  These
matters are sometimes referred to as market conduct  litigation.  The litigation
against JNL seeks to certify  various  classes of  policyholders  who  purchased
either life insurance and annuity products from JNL during some period from 1981
to present.  JNL has retained  national  and local  counsel  experienced  in the
handling of such litigation, and has obtained favorable rulings in prior similar
cases.  However,  at this time, it is not feasible to make a meaningful estimate
of the amount or range of loss that could result from an unfavorable  outcome in
such actions                                                                    

PRIVACY POLICY

Collection of Nonpublic  Personal  Information.  We collect  nonpublic  personal
information  (financial  and health) about you from some or all of the following
sources:                                                                        

o    Information we receive from you on applications or other forms;  
o    Information about your transactions with us;                     
o    Information we receive from a consumer reporting agency;         
     o    Information  we  obtain  from  others  in  the  process  of  verifying
information you provide us; and                             
     o    Individually  identifiable  health  information,  such as your medical
history, when you have applied for a life insurance policy. 

DISCLOSURE OF CURRENT AND FORMER CUSTOMER  NONPUBLIC  PERSONAL  INFORMATION.  We
will  not  disclose  our  current  and  former  customers'   nonpublic  personal
information to affiliated or nonaffiliated third parties, EXCEPT AS PERMITTED BY
LAW. TO THE EXTENT  PERMITTED  BY LAW, WE MAY DISCLOSE to either  affiliated  or
nonaffiliated third parties all of the nonpublic personal financial  information
that we collect about our customers, as described above.                        

In general,  any disclosures to affiliated or nonaffiliated  parties will be for
the purpose of them  providing  services for us so that we may more  efficiently
administer your Contract and process the  transactions and services you request.
WE DO NOT SELL INFORMATION TO EITHER AFFILIATED OR NON-AFFILIATED PARTIES.      

We also share customer name and address information with unaffiliated mailers to
assist  in  the  mailing  of  company   newsletters  and  other  Contract  owner
communications. Our agreements with these third parties require them to use this
information  responsibly  and restrict  their ability to share this  information
with other parties.                                                             

We do not internally or externally share nonpublic  personal health  information
other than, as permitted by law, to process  transactions or to provide services
that you have requested.  These  transactions or services  include,  but are not
limited to, underwriting life insurance policies,  obtaining reinsurance of life
policies,  and  processing  claims  for  waiver of  premium,  accelerated  death
benefits, terminal illness benefits or death benefits.                          

SECURITY TO PROTECT THE  CONFIDENTIALITY OF NONPUBLIC PERSONAL  INFORMATION.  We
have SECURITY PRACTICES AND PROCEDURES in place to prevent  unauthorized  access
to your  nonpublic  personal  information.  Our practices of  safeguarding  your
information  help  protect  against the  criminal  use of the  information.  Our
employees are bound by a Code of Conduct  requiring that all information be kept
in strict confidence,  and they are subject to disciplinary action for violation
of the Code.                                                                    

We  RESTRICT  ACCESS  to  nonpublic  personal  information  about  you to  those
employees who need to know that  information to provide  products or services to
you. We MAINTAIN  PHYSICAL,  ELECTRONIC,  AND PROCEDURAL  SAFEGUARDS that comply
with federal and state regulations to guard your nonpublic personal information.

485BPOS 9th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 9th
TABLE OF CONTENTS OF
 THE STATEMENT OF ADDITIONAL INFORMATION

General Information and History ....................................      2     

Services ...........................................................      2     

Purchase of Securities Being Offered ...............................      3     

Underwriters .......................................................      3     

Calculation of Performance .........................................      3     

Additional Tax Information .........................................      8     

Net Investment Factor ..............................................     19     

Financial Statements ...............................................     21     

485BPOS 10th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 10th
APPENDIX A

Dow Jones does not:                                                             

o    Sponsor,  endorse,  sell or promote the First Trust/JNL The DowSM Target 10
Fund.                                                                 

o    Recommend  that any person  invest in the First  Trust/JNL  Trust The DowSM
Target 10 Fund or any other securities.                               

o    Have any  responsibility  or liability for or make any decisions  about the
    timing, amount or pricing of the First Trust/JNL The DowSM Target 10 Fund.

o    Have any responsibility or liability for the administration,  management or
marketing of the First Trust/JNL The DowSM Target 10 Fund.            

o    Consider  the needs of the  First  Trust/JNL  The  DowSM  Target 10 Fund in
     determining, composing or calculating the DJIA or have any obligation to do
so.                                                                   

--------------------------------------------------------------------------------
DOW JONES WILL NOT HAVE ANY LIABILITY IN CONNECTION WITH THE FIRST TRUST/JNL THE
DOWSM TARGET 10 FUND. SPECIFICALLY,                                             

     o    DOW JONES  DOES NOT MAKE ANY  WARRANTY,  EXPRESS OR  IMPLIED,  AND DOW
JONES DISCLAIMS ANY WARRANTY ABOUT:                         

     o    THE RESULTS TO BE OBTAINED BY THE FIRST  TRUST/JNL THE DOWSM TARGET 10
          FUND,  THE OWNERS OF THE FIRST  TRUST/JNL  THE DOWSM TARGET 10 FUND OR
          ANY OTHER PERSON IN  CONNECTION  WITH THE USE OF THE DJIA AND THE DATA
INCLUDED IN THE DJIA;                                       

o    THE ACCURACY OR COMPLETENESS OF THE DJIA AND ITS DATA;           

     o    THE MERCHANTABILITY AND THE FITNESS FOR A PARTICULAR PURPOSE OR USE OF
THE DJIA AND ITS DATA.                                      

o    DOW JONES WILL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS
IN THE DJIA OR ITS DATA.                                              

o    UNDER NO  CIRCUMSTANCES  WILL DOW JONES BE LIABLE  FOR ANY LOST  PROFITS OR
     INDIRECT, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES OR LOSSES, EVEN IF DOW
JONES KNOWS THAT THEY MIGHT OCCUR.                                    

o    THE LICENSING  AGREEMENT BETWEEN FIRST TRUST ADVISORS L.P.  (SUB-ADVISER TO
     THE JNLNY  VARIABLE  FUND I LLC) AND DOW JONES IS SOLELY FOR THEIR  BENEFIT
     AND NOT FOR THE  BENEFIT  OF THE  OWNERS OF THE FIRST  TRUST/JNL  THE DOWSM
TARGET 10 FUND OR ANY OTHER THIRD PARTIES.                            

--------------------------------------------------------------------------------

 A-1

485BPOS 11th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 11th
APPENDIX B

  ------------------------------------------------------------------------------
JNL/NY EXAMPLE 1                                                            
  ------------------------------------------------------------------------------
100,000.00  : Premium                                             
4.00%  : Withdrawal Charge Year 4                       
4.00%  : Contract Enhancement                           
2.50%  : Recapture Charge Year 4                        
5.50%  : Net Return                                     

AT END OF YEAR 4                                                            
128,837.76  : Contract Value at end of year 4                     
100,000.00  : Net Withdrawal requested                            

28,837.76  : Earnings                                           
    76,109.35  : Premium withdrawn (grossed up to account for Withdrawal
---------    Charge and Recapture Charge)                       
104,947.11  : Total Gross Withdrawal                              

104,947.11  : Total Gross Withdrawal                              
-3,044.37  : Withdrawal Charge                                  
-1,902.74  : Recapture Charge                                   
---------                                                       
100,000.00  : Total Net Withdrawal                                
  ------------------------------------------------------------------------------

  ------------------------------------------------------------------------------
JNL/NY EXAMPLE 2                                                            
  ------------------------------------------------------------------------------
10/1/01                                                     
100,000.00  : Premium                                             
5.00%  : Withdrawal Charge Contribution Year 3          
2.50%  : Recapture Charge Contribution Year 3           

12/1/01                                                     
100,000.00  : Premium                                             
6.00%  : Withdrawal Charge Contribution Year 2          
4.00%  : Recapture Charge Contribution Year 2           

4.00%  : Contract Enhancement                           
0.00%  : Net Return                                     

11/1/03                                                     
208,000.00  : Contract Value                                      
150,000.00  : Net Withdrawal Requested                            

8,000.00  : Earnings                                          
12,000.00  : 10% Additional Free Withdrawal Amount              
     100,000.00  : Premium 1 withdrawn (grossed up to account for Withdrawal
Charge and Recapture Charge)          
       41,666.67 : Premium 2 withdrawn (grossed up to account for Withdrawal
---------   Charge and Recapture Charge)                      
161,666.67  : Total Gross Withdrawal                              

161,666.67  : Total Gross Withdrawal                              
-5,000.00 : Withdrawal Charge from Premium 1                  
-2,500.00 : Recapture Charge from Premium 1                   
-2,500.00 : Withdrawal Charge from Premium 2                  
-1,666.67 : Recapture Charge from Premium 2                   
---------                                                     
150,000.00  : Total Net Withdrawal                                
  ------------------------------------------------------------------------------

 B-1

485BPOS 12th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 12th
APPENDIX C

THESE EXAMPLES ARE PROVIDED TO ASSIST YOU IN UNDERSTANDING HOW THE GWB AND GAWA 
VALUES ARE COMPUTED, AND HOW THEY MAY BE ALTERED BY VARIOUS EVENTS, INCLUDING   
SUBSEQUENT PREMIUM PAYMENTS, ELECTION OF THE "STEP-UP", OR PARTIAL WITHDRAWALS. 
THE EXAMPLES ONLY DEPICT LIMITED CIRCUMSTANCES, AND SPECIFIC FACTUAL            
ASSUMPTIONS. THE RESULTS MAY VARY DEPENDING UPON THE TIMING OR SEQUENCE OF      
ACTIONS, AS WELL AS CHANGES IN MARKET CONDITIONS. IF YOU ARE CONTEMPLATING      
ELECTING THE GMWB, OR EXERCISING ANY RIGHTS THEREUNDER, PLEASE CONSIDER IN      
MAKING YOUR DECISIONS THE RESULTS BASED ON THE SPECIFIC FACTS THAT APPLY TO YOU.

ALL OF THE FOLLOWING EXAMPLES ASSUME YOU SELECT THE GMWB WHEN YOU PURCHASE YOUR 
CONTRACT AND YOUR INITIAL PREMIUM PAYMENT IS $100,000. NO OTHER OPTIONAL        
BENEFITS ARE SELECTED. THEY ALSO ASSUME THAT NO CHARGES OR ADJUSTMENTS WILL     
APPLY TO PARTIAL WITHDRAWALS.                                                   

EXAMPLE 1:  AT ISSUE, THE GWB AND GAWA ARE DETERMINED.                          

o    Your Guaranteed Withdrawal Balance (GWB) is $100,000, which is your initial
Premium payment.                                                      

o    Your Guaranteed Annual  Withdrawal Amount (GAWA) is $7,000,  which is 7% of
your GWB.                                                             

EXAMPLE 2:  SUBSEQUENT PREMIUM PAYMENT.                                         

If you  make an  additional  Premium  payment  of  $50,000  before  you make any
withdrawals, then                                                               

o    Your  GWB is  $150,000,  which  is your  prior  GWB  ($100,000)  plus  your
additional Premium payment ($50,000).                                 

o    Your GAWA is  $10,500,  which is your prior GAWA  ($7,000)  plus 7% of your
additional Premium payment ($3,500).                                  

EXAMPLE 3:  WITHDRAWAL EQUAL TO THE GAWA.                                       

If you  take the GAWA  ($7,000)  as a  withdrawal  before  the end of the  first
Contract Year, then                                                             

o    Your GWB becomes $93,000, which is your prior GWB ($100,000) minus the GAWA
($7,000).                                                             

o    Your GAWA for the next year remains  $7,000,  because you did not take more
than the GAWA ($7,000).                                               

EXAMPLE 4: WITHDRAWAL GREATER THAN THE GAWA WHEN THE CONTRACT VALUE HAS         
INCREASED DUE TO POSITIVE MARKET PERFORMANCE AND THE GAWA IS REDUCED AS A RESULT
OF THE TRANSACTION.                                                             

If you  withdraw  $60,000  and your  contract  value is  $150,000 at the time of
withdrawal, then                                                                

     o    We recalculate  your GWB by comparing the results of two  calculations
and choosing the lesser amount:                             

     o    First,  we deduct the  amount of the  withdrawal  ($60,000)  from your
          contract  value  ($150,000).  This  equals  $90,000  and is  your  new
contract value.                                             

     o    Second, we deduct the amount of the withdrawal ($60,000) from your GWB
          ($100,000).  This is $40,000.  Your new GWB is $40,000,  since this is
the lesser of the two amounts.                              

     o    Since the  contract  value after the partial  withdrawal  ($90,000) is
          more  than the new GWB  ($40,000),  but less than the GWB prior to the
          partial withdrawal ($100,000), the GAWA is reduced. The new GAWA is 7%
          of the greater of the contract  value after the partial  withdrawal or
the new GWB, which is $6,300.                               

     o    After the  withdrawal,  if you took  withdrawals of the GAWA, it would
take 7 additional years to deplete the new GWB.             

EXAMPLE 5: WITHDRAWAL GREATER THAN THE GAWA WHEN THE CONTRACT VALUE HAS         
INCREASED DUE TO POSITIVE MARKET PERFORMANCE AND THE GAWA REMAINS UNCHANGED.    

If you  withdraw  $40,000  and your  contract  value is  $150,000 at the time of
withdrawal, then                                                                

     o    We recalculate  your GWB by comparing the results of two  calculations
and choosing the lesser amount:                             

     o    First,  we deduct the  amount of the  withdrawal  ($40,000)  from your
          contract  value  ($150,000).  This  equals  $110,000  and is your  new
contract value.                                             

 C-1

485BPOS 13th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 13th
     o    Second, we deduct the amount of the withdrawal ($40,000) from your GWB
          ($100,000).  This is $60,000.  Your new GWB is $60,000,  since this is
the lesser of the two amounts.                              

     o    Since the Contract  value after the partial  withdrawal  ($110,000) is
          more  than the new GWB  ($60,000)  and more  than the GWB prior to the
          partial withdrawal ($100,000), the GAWA is unchanged. The GAWA remains
$7,000.                                                     

     o    After the  withdrawal,  if you took  withdrawals of the GAWA, it would
take 9 additional years to deplete the new GWB.             

EXAMPLE  6:  WITHDRAWAL  GREATER  THAN THE  GAWA  WHEN THE  CONTRACT  VALUE  HAS
DECREASED DUE TO NEGATIVE MARKET PERFORMANCE.                                   

If you  withdraw  $50,000  and your  Contract  value is  $80,000  at the time of
withdrawal, then                                                                

o We recalculate your GWB by comparing the results of two calculations and      
choosing the lesser amount:                                                     

     o    First,  we deduct the  amount of the  withdrawal  ($50,000)  from your
          Contract value ($80,000). This equals $30,000 and is your new Contract
value.                                                      

     o    Second, we deduct the amount of the withdrawal ($50,000) from your GWB
          ($100,000).  This is $50,000. Your new GWB becomes $30,000, since this
is the lesser of the two amounts.                           

     o    Since the Contract value prior to the partial withdrawal  ($80,000) is
          less  than  or  equal  to the  GWB  prior  to the  partial  withdrawal
          ($100,000),  the GAWA is  reduced.  The new GAWA is 7% of the new GWB,
which is $2,100.                                            

     o    After the  withdrawal,  if you took  withdrawals of the GAWA, it would
take 15 additional years to deplete the new GWB.            

EXAMPLE 7:  STEP-UP.                                                            

If you elect to "step-up" your GMWB on a Contract Anniversary at least 5 years  
after electing the GMWB, assuming you have made no withdrawals and your Contract
value at the time of step-up is $200,000, then                                  

     o    We  recalculate  your  GWB to  equal  your  Contract  value,  which is
$200,000.                                                   

     o    We  recalculate  your GAWA by  comparing  your GAWA before the step-up
          ($7,000) to 7% of your new GWB ($14,000) and choose the greater amount
($14,000). This is your new GAWA.                           

     o    After the  "step-up",  if you took  withdrawals  of the GAWA, it would
take 15 additional years to deplete the new GWB.            

EXAMPLE 8: VALUES MAY DIFFER BASED ON THE ORDER OF YOUR ELECTIONS. THE FOLLOWING
TWO EXAMPLES DEMONSTRATE THE DIFFERENT RESULTS IF YOU ELECT A "STEP-UP" PRIOR TO
SUBMITTING A WITHDRAWAL REQUEST RATHER THAN MAKING THE WITHDRAWAL PRIOR TO A    
"STEP-UP".                                                                      

If your Contract value prior to any transactions is $200,000 and you wish to    
"step-up" your GMWB on a Contract Anniversary at least 5 years after electing   
the GMWB (assuming you have made no prior withdrawals) but also wish to take the
original GAWA ($7,000) as a withdrawal, then                                    

8A: STEP-UP FOLLOWED BY WITHDRAWAL.                                             

     o    Upon step-up,  we recalculate  your GWB to equal your Contract  value,
          which is $200,000.  We then  recalculate  your GAWA by comparing  your
          GAWA before the step-up  ($7,000) to 7% of your new GWB  ($14,000) and
choose the greater amount ($14,000). This is your new GAWA. 

     o    Upon  withdrawal  of less than or equal to the GAWA,  your GWB becomes
          $193,000,  which is your  prior GWB  ($200,000)  minus the  withdrawal
          ($7,000).  Your GAWA  remains  $14,000,  because you did not take more
than the GAWA.                                              

     o    After the  withdrawal,  if you took  withdrawals of the GAWA, it would
take 14 additional years to deplete the new GWB.            

 C-2

485BPOS 14th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 14th
8B: WITHDRAWAL FOLLOWED BY A STEP-UP.                                           

     o    Upon  withdrawal  of less than or equal to the GAWA,  your GWB becomes
          $93,000,  which is your  prior GWB  ($100,000)  minus  the  withdrawal
          ($7,000). Your GAWA remains $7,000, because you did not take more than
the GAWA.                                                   

     o    Upon step-up,  we  recalculate  your GWB to equal your Contract  value
          after the withdrawal, which is $193,000. We then recalculate your GAWA
          by comparing  your GAWA before the step-up  ($7,000) to 7% of your new
          GWB ($13,510) and choose the greater  amount  ($13,510).  This is your
new GAWA.                                                   

     o    After the step-up,  if you took withdrawals of the GAWA, it would take
15 additional years to deplete the new GWB.                 

EXAMPLE 9: THE FOLLOWING TWO EXAMPLES DEMONSTRATE THAT IN SOME CASES THE ORDER  
OF YOUR TRANSACTIONS WILL NOT IMPACT THE FINAL RESULTS.                         

If your Contract value prior to any transactions is $200,000 and you wish to    
"step-up" your GMWB on a Contract Anniversary at least 5 years after electing   
the GMWB (assuming you have made no prior withdrawals) but also wish to take a  
withdrawal greater than the GAWA ($15,000), then                                

9A: STEP-UP FOLLOWED BY WITHDRAWAL.                                             

     o    Upon step-up,  we recalculate  your GWB to equal your Contract  value,
          which is $200,000.  We then  recalculate  your GAWA by comparing  your
          GAWA before the step-up  ($7,000) to 7% of your new GWB  ($14,000) and
choose the greater amount ($14,000). This is your new GAWA. 

     o    Upon  withdrawal of an amount  greater than the GAWA,  your GWB is the
          lesser of the Contract value after the partial  withdrawal  ($185,000)
          or the  prior  GWB less the  partial  withdrawal  ($15,000),  which is
          $185,000.  Since the  Contract  value prior to the partial  withdrawal
          ($200,000)  is less  than or  equal to the GWB  prior  to the  partial
          withdrawal ($200,000),  the GAWA is reduced. The new GAWA is 7% of the
new GWB, which is $12,950.                                  

     o    After the  withdrawal,  if you took  withdrawals of the GAWA, it would
take 15 additional years to deplete the new GWB.            

9B: WITHDRAWAL FOLLOWED BY A STEP-UP.                                           

     o    Upon  withdrawal of an amount  greater than the GAWA,  your GWB is the
          lesser of the Contract value after the partial  withdrawal  ($185,000)
          or the  prior  GWB less the  partial  withdrawal  ($85,000),  which is
          $85,000.  Since  the  Contract  value  after  the  partial  withdrawal
          ($185,000)  is more than the new GWB  ($85,000)  and more than the GWB
          prior to the partial withdrawal ($100,000), the GAWA is unchanged. The
GAWA remains $7,000.                                        

     o    Upon step-up,  we  recalculate  your GWB to equal your Contract  value
          after the withdrawal, which is $185,000. We then recalculate your GAWA
          by comparing  your GAWA before the step-up  ($7,000) to 7% of your new
          GWB ($12,950) and choose the greater  amount  ($12,950).  This is your
new GAWA.                                                   

     o    After the step-up,  if you took withdrawals of the GAWA, it would take
15 additional years to deplete the new GWB.                 

 C-3

485BPOS 15th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 15th
--------------------------------------------------------------------------------
QUESTIONS: If you have any questions about your Contract, you may contact us at:

ANNUITY SERVICE CENTER:       1 (800) 599-5651                                  

 MAIL ADDRESS:        P.O. Box 0809, Denver, Colorado 80263-0809

    DELIVERY ADDRESS:    8055 East Tufts Avenue, Second Floor, Denver,
Colorado 80237      

INSTITUTIONAL MARKETING                                                         
GROUP SERVICE CENTER:         1 (800) 777-7779                                  

   MAIL ADDRESS:        P.O. Box 30386, Lansing, Michigan 48909-9692

DELIVERY ADDRESS:    1 Corporate Way, Lansing, Michigan 48951 
Attn:  IMG          

HOME OFFICE:                  2900 Westchester Avenue, Purchase, New York 10577 
--------------------------------------------------------------------------------

--------                                                                        

1 A 12 month  period  beginning  on the date a Premium  payment is received  and
ending one day prior to the Premium  Payment  anniversary in the following year.
The  Contribution  year in  which  premium  is made is  "Contribution  Year  1."
Subsequent years are consecutively numbered beginning with Contribution Year 2. 

2  Withdrawal  charges are deducted on the income date if that date is within 13
months of the issue date, upon partial  withdrawals in excess of free withdrawal
amounts, and upon total withdrawal.                                             

3 Any applicable Contract Enhancement  recapture charges are deducted on partial
withdrawals in excess of free withdrawal amounts and upon total withdrawals.    

4 Dollar cost averaging transfers and rebalancing transfers do not count against
the 15 free transfers.                                                          

5 On a calendar  quarter  basis,  the charge is .075% of the GMIB Benefit  Base.
This charge is assessed each calendar  quarter and upon  termination of the GMIB
and is deducted from the Investment  Divisions and the Guaranteed Fixed Accounts
on a pro rata basis.  When it is deducted from the Investment  Divisions,  it is
not a part of unit value  calculations but rather is normally  deducted by means
of a cancellation of units. The GMIB Benefit Base is defined on page 4 below.   

6 This charge is only imposed if your contract value is less than $50,000 on the
date when the charge is assessed.                                               

7 If  the  initial  premium  equals  $1,000,000  or  more,  we  will  waive  the
Administration Charge.  However, we reserve the right to reverse this waiver and
reinstate  the  Administration  Charge  if  withdrawals  are  made in the  first
Contract  year that result in the contract  value  falling  substantially  below
$1,000,000, as determined by us.                                                

8 This charge is only deducted for the first five Contract years.               

9 These charges are only deducted for the first seven Contract years.           

10 The current charge for the GMWB is .35%,  and currently  there is an increase
in the  charge to .55%  when you  elect a  "step-up."  We  reserve  the right to
prospectively  increase the charge on new issues,  upon  election of the benefit
after issue or upon any election of any  "step-up,"  subject to a maximum charge
of .70%.                                                                        

11 The 2% Contract  Enhancement is assumed to have been selected (along with the
20% Additional Free Withdrawal and the maximum possible charge for the GMWB). As
of March 18, 2003, the 3% and 4% Contract  Enhancements  are not  available.  In
addition,  you may not elect the five-year  withdrawal charge period option with
the 2% Contract Enhancement.  Contract owners who purchased their contract prior
to March 18, 2003 are  unaffected by these  limitations.  You may not elect both
the GMIB and GMWB.                                                              

12 Certain Funds pay Jackson  National Asset  Management,  LLC, the adviser,  an
administrative fee for certain services provided to the Fund by the adviser. The
Janus/JNL Global Equities Fund, the JPMorgan/JNL  International  Value Fund, the
Mellon Capital  Management/JNL  International  Index Fund,  the  Oppenheimer/JNL
Global  Growth Fund,  the  Putnam/JNL  International  Equity Fund and all of the
First Trust/JNL  Funds except the First  Trust/JNL  Global Target 15 Fund pay an
administrative  fee of .15%; the First  Trust/JNL  Global Target 15 Fund pays an
administrative  fee of .20%; the nine S&P/JNL Funds pay an administrative fee of
..05%; the other Funds pay a .10% administrative fee. The administrative fees are
paid  to  Jackson   National   Asset   Management,   LLC.  The   Management  and
Administrative  Fee and the Total  Fund  Annual  Expenses  columns in this table
reflect the inclusion of any applicable administrative fee.                     

13 The Trustees of JNL Series Trust have  adopted a Brokerage  Enhancement  Plan
(the  "Plan")  in  accordance  with  the  provisions  of Rule  12b-1  under  the
Investment  Company  Act  of  1940.  The  Plan  uses  the  available   brokerage
commissions  to promote the  services  and the sale of shares of the Trust.  The
brokerage  commission  rates and amounts  paid by the Trust are not  expected to
increase as a result of the Plan.  The 12b-1 fee is only paid to the extent that
the commission is recaptured by an affiliated  broker-dealer.  The  distribution
fee noted is an estimate in that it is not possible to determine  with  accuracy
actual amounts that will be paid under                                          

the Plan to affiliated broker-dealers.                                          

14 The Janus/JNL Global Equities Fund (the "Fund") is not available through a   
division as an investment option and is not available as an underlying fund to  
the S&P/JNL Core Index 50 Fund and the S&P/JNL Core Index 75 Fund. However, the 
Fund is available as an underlying fund of the S&P/JNL Conservative Growth Fund 
I, the S&P/JNL Moderate Growth Fund I, the S&P/JNL Aggressive Growth Fund I, the
S&P/JNL Very Aggressive Growth Fund I, the S&P/JNL Equity Growth Fund I and the 
S&P/JNL Equity Aggressive Growth Fund I.                                        

15 We anticipate that the 12b-1 fee will be less than .01%.                     

16 UNDERLYING FUND EXPENSES. The expenses shown above are the annual operating  
expenses for the S&P/JNL Funds. Because the S&P/JNL Funds invest in other Funds 
of the JNL Series Trust, the S&P/JNL Funds will indirectly bear their pro rata  
share of fees and expenses of the underlying Funds in addition to the expenses  
shown.                                                                          

The total annual operating expenses for each S&P/JNL Funds (including both the  
annual operating expenses for the S&P/JNL Funds and the annual operating        
expenses for the underlying Funds) could range from .80% to 1.41% (this range   
reflects an investment in the Fund with the lowest and highest Total Fund Annual
Expenses). The total annual operating expenses for each S&P/JNL Core Index Fund 
(including both the annual operating expenses for the S&P/JNL Core Index Fund   
and the annual operating expenses for the underlying Funds) could range from    
..81% to 1.41% (this range reflects an investment in the Funds with the lowest  
and highest Total Fund Annual Expenses). The table below shows estimated total  
annual operating expenses for each of the S&P/JNL Funds based on the pro rata   
share of expenses that the S&P/JNL Funds would bear if they invested in a       
hypothetical mix of underlying Funds. The adviser believes the expenses shown   
below to be a likely approximation of the expenses the S&P/JNL Funds will incur 
based on the actual mix of underlying Funds. The expenses shown below include   
both the annual operating expenses for the S&P/JNL Funds and the annual         
operating expenses for the underlying Funds. The actual expenses of each S&P/JNL
Fund will be based on the actual mix of underlying Funds in which it invests.   
The actual expenses may be greater or less than those shown.                    

S&P/JNL Conservative Growth Fund I..................................  1.062%  
S&P/JNL Moderate Growth Fund I......................................  1.122%  
S&P/JNL Aggressive Growth Fund I....................................  1.190%  
S&P/JNL Very Aggressive Growth Fund I...............................  1.219%  
S&P/JNL Equity Growth Fund I........................................  1.212%  
S&P/JNL Equity Aggressive Growth Fund I.............................  1.218%  
S&P/JNL Core Index 50 Fund .........................................  1.019%  
S&P/JNL Core Index 75 Fund..........................................  0.965%  
S&P/JNL Core Index 100 Fund.........................................  0.897%  

S&P NAME. "Standard & Poor's(R)," "S&P(R)", "S&P 500(R)," "Standard & Poor's    
500," "500", Standard and Poor's Midcap 400 and S&P Midcap 400 are trademarks of
The McGraw-Hill Companies, Inc. and have been licensed for use by Jackson       
National Life Insurance Company and its affiliates. These Funds are not         
sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's
makes no representation regarding the advisability of investing in these Funds. 
Please see the Statement of Additional Information which sets forth certain     
additional disclaimers and limitations of liabilities on behalf of S&P.         

17 DOW JONES NAME. "Dow Jones", "Dow Jones Industrial AverageSM," "DJIASM" and  
"The Dow 10SM" are service marks of Dow Jones & Company, Inc. (Dow Jones). Dow  
Jones has no relationship to the annuity, other than the licensing of the Dow   
Jones Industrial Average (DJIA) and its service marks for use in connection with
the First Trust/JNL The DowSM Target 10 Fund. Please see Appendix A for         
additional information.                                                         

18 The First Trust/JNL The S&P(R) Target 10 Fund is not sponsored, endorsed,    
sold or promoted by Standard & Poor's and Standard & Poor's makes no            
representation regarding the advisability of investing in this Fund. Please see 
the Statement of Additional Information which sets forth certain additional     
disclaimers and limitations of liabilities on behalf of S&P.                    

19 Any applicable Contract Enhancement recapture charges are deducted on partial
withdrawals in excess of free withdrawal amounts,  upon total withdrawals and if
the  contract  is  returned  during the free look  period.  We do not deduct the
recapture charge from amounts applied to an income option on the income date.   

485BPOS 16th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 16th
 STATEMENT OF ADDITIONAL INFORMATION

 MAY 1, 2003

 INDIVIDUAL AND GROUP DEFERRED FIXED AND
VARIABLE ANNUITY CONTRACTS
ISSUED BY THE JNLNY SEPARATE ACCOUNT I
OF JACKSON NATIONAL LIFE INSURANCE COMPANY OF NEW YORK

This Statement of Additional Information (SAI) is not a prospectus. It contains 
information in addition to and more detailed than set forth in the Prospectus   
and should be read in conjunction with the Prospectus dated May 1, 2003. The    
Prospectus may be obtained from Jackson National Life Insurance Company of New  
York by writing P.O. Box 0809, Denver, Colorado 80263-0809, or calling          
1-800-599-5651. Not all Investment Divisions described in this SAI may be       
available for investment.                                                       

 TABLE OF CONTENTS
                                                          PAGE

General Information and History.......................................2         
Services..............................................................2         
Purchase of Securities Being Offered..................................3         
Underwriters..........................................................3         
Calculation of Performance............................................3         
Accumulation Unit Values...............................................         
Additional Tax Information............................................8         
Net Investment Factor ...............................................19         
Financial Statements ................................................21         

485BPOS 17th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 17th
GENERAL INFORMATION AND HISTORY                                                 

JNLNY Separate Account I (Separate Account) is a separate investment account of 
Jackson National Life Insurance Company of New York (Jackson National NY). In   
September 1997, the company changed its name from First Jackson National Life   
Insurance Company to its present name. Jackson National NY is a wholly owned    
subsidiary of Jackson National Life Insurance Company, and is ultimately a      
wholly owned subsidiary of Prudential plc, London, England, a life insurance    
company in the United Kingdom.                                                  

The S&P/JNL Divisions are not sponsored, endorsed, sold or promoted by Standard 
& Poor's, a division of The McGraw-Hill Companies, Inc. (S&P). S&P makes no     
representation or warranty, express or implied, to the owners of the Divisions  
or any member of the public regarding the advisability of investing in          
securities generally or in the Divisions particularly or the ability of the S&P 
500 Index to track general stock market performance. S&P's only relationship to 
the Separate Account (Licensee) is the licensing of certain trademarks and trade
names of S&P and of the S&P 500 Index which are determined, composed and        
calculated by S&P without regard to the Licensee or the Divisions. S&P has no   
obligation to take the needs of the Licensee or the owners of the Divisions into
consideration in determining, composing or calculating the S&P 500 Index. S&P is
not responsible for and has not participated in the determination of the prices 
and amount of the Divisions or the timing of the issuance or sale of the        
Divisions or in the determination or calculation of the equation by which the   
Divisions are to be converted into cash. S&P has no obligation or liability in  
connection with the administration, marketing or trading of the Divisions.      

S&P DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE S&P 500 INDEX
OR ANY DATA INCLUDED THEREIN AND S&P SHALL HAVE NO LIABILITY FOR ANY ERRORS,    
OMISSIONS, OR INTERRUPTIONS THEREIN. S&P MAKES NO WARRANTY, EXPRESS OR IMPLIED, 
AS TO RESULTS TO BE OBTAINED BY LICENSEE, OWNERS OF THE DIVISIONS, OR ANY OTHER 
PERSON OR ENTITY FROM THE USE OF THE S&P 500 INDEX OR ANY DATA INCLUDED THEREIN.
S&P MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL         
WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH   
RESPECT TO THE S&P 500 INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY 
OF THE FOREGOING, IN NO EVENT SHALL S&P HAVE ANY LIABILITY FOR ANY SPECIAL,     
PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF  
NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.                                    

SERVICES                                                                        

Jackson National NY is the custodian of the assets of the Separate Account.     
Jackson National NY holds all cash of the Separate Account and attends to the   
collection of proceeds of shares of the underlying Fund bought and sold by the  
Separate Account.                                                               

KPMG LLP, 303 E. Wacker Drive, Chicago, IL 60601 serves as independent          
accountants for the separate account.                                           

Jorden Burt LLP of Washington, D.C. has provided advice on certain matters      
relating to the federal securities and income tax laws in connection with the   
Contracts described in the Prospectus.                                          

PURCHASE OF SECURITIES BEING OFFERED                                            

The Contracts will be sold by licensed insurance agents. The agents will be     
registered representatives of broker-dealers that are registered under the      
Securities Exchange Act of 1934 and members of the National Association of      
Securities Dealers, Inc. (NASD).                                                

UNDERWRITERS                                                                    

The Contracts are offered continuously and are distributed by Jackson National  
Life Distributors, Inc. (JNLD), 401 Wilshire Boulevard, Suite 1200, Santa       
Monica, California 90401. JNLD is a subsidiary of Jackson National Life         
Insurance Company.                                                              

The aggregate amount of underwriting commissions paid to broker/dealers were:   
$3,444.330 in 2002. The product was not available in 2000 and 2001. JNLD did not
retain any portion of the commissions.                                          

CALCULATION OF PERFORMANCE                                                      

When Jackson National NY advertises performance for an Investment Division      
(except the PPM America/JNL Money Market Division), we will include quotations  
of standardized average annual total return to facilitate comparison with       
standardized average annual total return advertised by other variable annuity   
separate accounts. Standardized average annual total return for an Investment   
Division will be shown for periods beginning on the date the Investment Division
first invested in the corresponding                                             

Fund. We will calculate standardized average annual total return according to   
the standard methods prescribed by rules of the Securities and Exchange         
Commission.                                                                     

Standardized average annual total return for a specific period is calculated by 
taking a hypothetical $1,000 investment in an Investment Division at the        
offering on the first day of the period ("initial investment"), and computing   
the average annual compounded rate of return for the period that would equate   
the initial investment with the ending redeemable value ("redeemable value") of 
that investment at the end of the period, carried to at least the nearest       
hundredth of a percent. Standardized average annual total return is annualized  
and reflects the deduction of all recurring charges that are charged to all     
Contracts. The redeemable value also reflects the effect of any applicable      
withdrawal charge or other charge that may be imposed at the end of the period. 
No deduction is made for premium taxes that may be assessed by certain states.  

The standardized average annual total returns for each Division (except the PPM 
America/JNL Money Market Division) for Contracts with maximum endorsements      
(includes deduction of insurance charges and the administration charge, but     
excludes the deduction for the withdrawal charge option) for the periods ended  
December 31, 2002 are as follows (more recent returns may be more or less than  
the stated returns due to market volatility):                                   

                                                        [Enlarge/Download Table]


                                                                            Since Inception of
                                                   One Year   Five Years   Investment Division
                                                   ---------  -----------      --------       
                                                                                              
AIM/JNL Large Cap Growth Division10                 -34.15%       N/A            -22.95%      
AIM/JNL Small Cap Growth Division10                 -35.95%       N/A            -20.74%      
AIM/JNL Premier Equity II Division10                -36.84%       N/A            -25.07%      
Alger/JNL Growth Division1                          -41.70%       N/A             -6.18%      
Alliance Capital/JNL Growth Division 4              -39.57%       N/A            -29.45%      
Eagle/JNL Core Equity Division2                     -29.33%       N/A             -4.48%      
Eagle/JNL SmallCap Equity Division2                 -31.50%       N/A             -8.43%      
JPMorgan/JNL Enhanced S&P 500 Stock Index             N/A         N/A             -0.72%      
     Division11                                                                               
JPMorgan/JNL International Value Division12           N/A         N/A             -3.01%      
Janus/JNL Aggressive Growth Division1               -38.33%       N/A             -2.96%      
Janus/JNL Balanced Division4                        -15.69%       N/A             -9.19%      
Janus/JNL Capital Growth Division1                  -37.80%       N/A             -8.86%      
Janus/JNL Global Equities Divison1                    N/A         N/A              N/A        
Lazard/JNL Mid Cap Value Division10                 -23.02%       N/A            -10.37%      
Lazard/JNL Small Cap Value Division10               -26.09%       N/A            -12.28%      
Mellon Capital Management/JNL S&P 500 Index           N/A         N/A             -0.42%      
     Division11                                                                               
Mellon Capital Management/JNL S&P 400 Mid Cap         N/A         N/A             -2.40%      
     Index Division11                                                                         
Mellon Capital Management/JNL Small Cap Index         N/A         N/A             -7.06%      
     Division11                                                                               
Mellon Capital Management/JNL International Index     N/A         N/A            -12.07%      
     Division11                                                                               
Mellon Capital Management/JNL Bond Index11            N/A         N/A             -3.68%      
Oppenheimer/JNL Global Growth Division9             -31.09%       N/A            -23.93%      
Oppenheimer/JNL Growth Division9                    -33.96%       N/A            -25.05%      
PIMCO/JNL Total Return Bond Division10               -0.81%       N/A             -1.30%      
PPM America/JNL Balanced Division1                  -11.15%       N/A              0.82%      
PPM America/JNL High Yield Bond Division1            -7.29%       N/A             -2.45%      
PPM America/JNL Value Division12                      N/A         N/A              2.07%      
Putnam/JNL Equity Division1                         -32.80%       N/A            -10.32%      
Putnam/JNL International Equity Division1           -29.36%       N/A             -9.61%      
Putnam/JNL Midcap Growth Division4                  -37.91%       N/A            -27.03%      
Putnam/JNL Value Equity Division1                   -28.67%       N/A             -7.48%      
Salomon Brothers/JNL Global Bond Division1           -1.07%       N/A              2.15%      
Salomon Brothers/JNL U.S. Government & Quality        1.71%       N/A              4.24%      
    Bond Division1                                                                            
S&P/JNL Conservative Growth Division I5             -17.95%       N/A             -4.85%      
S&P/JNL Moderate Growth Division I6                 -21.90%       N/A             -5.75%      
S&P/JNL Aggressive Growth Division I7               -27.27%       N/A             -9.18%      
S&P/JNL Very Aggressive Growth Division I8          -31.94%       N/A            -12.60%      
S&P/JNL Equity Growth Division I6                   -32.22%       N/A            -10.90%      
S&P/JNL Equity Aggressive Growth Division I6        -32.02%       N/A            -10.73%      
S&P/JNL Core Index 100 Division11                     N/A         N/A             -2.85%      
S&P/JNL Core Index 75 Division11                      N/A         N/A             -2.56%      
S&P/JNL Core Index 50 Division11                      N/A         N/A             -2.96%      
T. Rowe Price/JNL Established Growth Division1      -32.05%       N/A             -4.71%      
T. Rowe Price/JNL Mid-Cap Growth Division1          -30.69%       N/A             -1.85%      
T. Rowe Price/JNL Value Division4                   -25.73%       N/A             -6.42%      
First Trust/JNL the DowSM Target 10 Division11         N/A        N/A              3.30%      
First Trust/JNL The S&P(R)Target 10 Division11         N/A        N/A            -11.31%      
First Trust/JNL Global Target 15 Division11            N/A        N/A            -11.72%      
First Trust/JNL Target 25 Division11                   N/A        N/A             -5.80%      
First Trust/JNL Target Small-Cap Division11            N/A        N/A             -1.09%      

1    Corresponding series commenced operations on October 16, 1995.             
2    Corresponding series commenced operations on September 16, 1996.           
3    Corresponding series commenced operations on July 6, 1999.                 
4    Corresponding series commenced operations on May 1, 2000.                  
5    Corresponding series commenced operations on April 22, 1999.               
6    Corresponding series commenced operations on April 20, 1999.               
7    Corresponding series commenced operations on May 10, 1999.                 
8    Corresponding series commenced operations on May 13, 1999.                 
9    Corresponding series commenced operations on May 1, 2001.                  
10   Corresponding series commenced operations on October 29, 2001.             
11   Corresponding series commenced operations on July 22, 2002.                
12   Corresponding series commenced operations on September 30, 2002.           

The GMIB charge is not deducted because of the number of variables involved in  
the calculation that would apply on an individual Contract basis. The charge is 
..075% each quarter applied to the Benefit Base as defined in the prospectus.   

Currently the 3% and 4% premium credit is unavailable. This should be considered
by new and existing Contract owners prior to purchasing the Contract and prior  
to making an additional premium payment.                                        

Jackson National NY may also advertise non-standardized total return on an      
annualized and cumulative basis. Non-standardized total return may be for       
periods other than those required to be presented or may otherwise differ from  
standardized average annual total return. The Contract is designed for long-term
investment; therefore, Jackson National NY believes that non-standardized total 
return that does not reflect the deduction of any applicable withdrawal charge  
may be useful to investors. Reflecting the deduction of the withdrawal charge   
decreases the level of performance advertised. Non-standardized total return may
also assume a larger initial investment that more closely approximates the size 
of a typical Contract.                                                          

The non-standardized average annual total returns that each Investment Division 
(except the PPM America/JNL Money Market Division) would have achieved if it had
been invested in the corresponding Fund for the periods indicated, calculated in
a manner similar to standardized average annual total return but assuming a     
hypothetical initial investment of $10,000 and without deducting the Contract   
maintenance charge or the withdrawal charge, are shown in the table below. The  
table shows non-standardized returns for Contracts with no optional             
endorsements.                                                                   

                                                        [Enlarge/Download Table]


                            NON-STANDARDIZED RETURN FOR A CONTRACT WITH NO ENDORSEMENTS                                          

                                                                      One Year Period    Five Years Period                       
                                                                     Ended December 31,  Ended December 31,    Since Inception of
                                                                           2002                2002          Investment Division 
                                                                      --------------      --------------          --------       
                                                                                                                                 
AIM/JNL Large Cap Growth Division10                                       -26.50%              N/A                 -16.96%       
AIM/JNL Small Cap Growth Division10                                       -28.33%              N/A                 -14.75%       
AIM/JNL Premier Equity II Division10                                      -29.23%              N/A                 -19.09%       
Alger/JNL Growth Division1                                                -34.12%              N/A                  -4.57%       
Alliance Capital/JNL Growth Division 4                                    -31.99%              N/A                 -25.65%       
Eagle/JNL Core Equity Division2                                           -21.64%              N/A                  -2.91%       
Eagle/JNL SmallCap Equity Division2                                       -23.84%              N/A                  -6.78%       
JPMorgan/JNL Enhanced S&P 500 Stock Index Division11                        N/A                N/A                   6.69%       
JPMorgan/JNL International Value Division12                                 N/A                N/A                  N/A          
Janus/JNL Aggressive Growth Division1                                     -30.73%              N/A                  -1.43%       
Janus/JNL Balanced Division4                                               -7.87%              N/A                  -6.23%       
Janus/JNL Capital Growth Division1                                        -30.20%              N/A                  -7.20%       
Lazard/JNL Mid Cap Value Division10                                       -15.28%              N/A                  -4.37%       
Lazard/JNL Small Cap Value Division10                                     -18.37%              N/A                  -6.29%       
Mellon Capital Management/JNL S&P 500 Index Division11                      N/A                N/A                   7.07%       
Mellon Capital Management/JNL S&P 400 Mid Cap Index Division11              N/A                N/A                   5.07%       
Mellon Capital Management/JNL Small Cap Index Division11                    N/A                N/A                   0.40%       
Mellon Capital Management/JNL International Index Division11                N/A                N/A                  -4.71%       
Mellon Capital Management/JNL Bond Index11                                  N/A                N/A                   3.73%       
Oppenheimer/JNL Global Growth Division9                                   -23.41%              N/A                 -19.03%       
Oppenheimer/JNL Growth Division9                                          -26.33%              N/A                 -20.14%       
PIMCO/JNL Total Return Bond Division10                                      7.33%              N/A                   4.89%       
PPM America/JNL Balanced Division1                                         -3.30%              N/A                   2.31%       
PPM America/JNL High Yield Bond Division1                                   0.63%              N/A                  -0.90%       
PPM America/JNL Value Division12                                            N/A                N/A                  N/A          
Putnam/JNL Equity Division1                                               -25.15%              N/A                  -8.62%       
Putnam/JNL International Equity Division1                                 -21.68%              N/A                  -7.92%       
Putnam/JNL Midcap Growth Division4                                        -30.30%              N/A                 -23.36%       
Putnam/JNL Value Equity Division1                                         -20.98%              N/A                  -5.85%       
Salomon Brothers/JNL Global Bond Division1                                  6.87%              N/A                   3.62%       
Salomon    Brothers/JNL    U.S.    Government    &   Quality   Bond         9.92%              N/A                   5.73%       
Division1                                                                                                                        
Bond Division1                                                                                                                   
S&P/JNL Conservative Growth Division I5                                    -9.75%              N/A                  -2.68%       
S&P/JNL Moderate Growth Division I6                                       -13.62%              N/A                  -3.52%       
S&P/JNL Aggressive Growth Division I7                                     -19.39%              N/A                  -6.94%       
S&P/JNL Very Aggressive Growth Division I8                                -24.26%              N/A                 -10.30%       
S&P/JNL Equity Growth Division I6                                         -24.40%              N/A                  -8.63%       
S&P/JNL Equity Aggressive Growth Division I6                              -24.28%              N/A                  -8.50%       
S&P/JNL Core Index 100 Division11                                           N/A                N/A                   4.57%       
S&P/JNL Core Index 75 Division11                                            N/A                N/A                   4.84%       
S&P/JNL Core Index 50 Division11                                            N/A                N/A                   4.44%       
T. Rowe Price/JNL Established Growth Division1                            -24.39%              N/A                  -3.14%       
T. Rowe Price/JNL Mid-Cap Growth Division1                                -23.01%              N/A                  -0.32%       
T. Rowe Price/JNL Value Division4                                         -17.99%              N/A                  -3.54%       
First Trust/JNL the DowSM Target 10 Division11                              N/A                N/A                  10.82%       
First Trust/JNL The S&P(R)Target 10 Division11                              N/A                N/A                  -3.86%       
First Trust/JNL Global Target 15 Division11                                 N/A                N/A                  -4.33%       
First Trust/JNL Target 25 Division11                                        N/A                N/A                   1.67%       
First Trust/JNL Target Small-Cap Division11                                 N/A                N/A                   6.40%       

1    Corresponding series commenced operations on October 16, 1995.             
2    Corresponding series commenced operations on September 16, 1996.           
3    Corresponding series commenced operations on July 6, 1999.                 
4    Corresponding series commenced operations on May 1, 2000.                  
5    Corresponding series commenced operations on April 22, 1999.               
6    Corresponding series commenced operations on April 20, 1999.               
7    Corresponding series commenced operations on May 10, 1999.                 
8    Corresponding series commenced operations on May 13, 1999.                 
9    Corresponding series commenced operations on May 1, 2001.                  
10   Corresponding series commenced operations on October 29, 2001.             
11   Corresponding series commenced operations on July 22, 2002.                
12   Corresponding series commenced operations on September 30, 2002.           

Prior to May 1, 2000, the corresponding Fund to the Putnam/JNL International    
Equity Division was the T. Rowe Price/JNL International Equity Investment       
Division and the corresponding Fund was sub-advised by Rowe Price-Fleming       
International, Inc.                                                             

Standardized average annual total return quotations will be current to the last 
day of the calendar quarter preceding the date on which an advertisement is     
submitted for publication. Both standardized average annual total return        
quotations and non-standardized total return quotations will be based on rolling
calendar quarters and will cover at least periods of one, five, and ten years,  
or a period covering the time the Investment Division has been in existence, if 
it has not been in existence for one of the prescribed periods.                 

Quotations of standardized average annual total return and non-standardized     
total return are based upon historical earnings and will fluctuate. Any         
quotation of performance should not be considered a guarantee of future         
performance. Factors affecting the performance of an Investment Division and its
corresponding Fund include general market conditions, operating expenses and    
investment management. An owner's withdrawal value upon surrender of a Contract 
may be more or less than its original cost.                                     

Jackson National NY may advertise the current annualized yield for a 30-day     
period for an Investment Division. The annualized yield of an Investment        
Division refers to the income generated by the Investment Division over a       
specified 30-day period. Because this yield is annualized, the yield generated  
by an Investment Division during the 30-day period is assumed to be generated   
each 30-day period. The yield is computed by dividing the net investment income 
per accumulation unit earned during the period by the price per unit on the last
day of the period, according to the following formula:                          

[OBJECT OMITTED]

Where:                                                                          

                                                        [Enlarge/Download Table]

                                                                                     

a  =  net  investment  income  earned during the period by the Fund  attributable  to
      shares owned by the Investment Division.                                       
b  =  expenses  for  the  Investment   Division   accrued  for  the  period  (net  of
      reimbursements).                                                               

c  =  the average daily number of accumulation units outstanding during the period.  
d  =  the maximum offering price per accumulation unit on the last day of the period.

The maximum withdrawal charge is 7%.                                            

Net investment income will be determined in accordance with rules established by
the Securities and Exchange Commission. Accrued expenses will include all       
recurring fees that are charged to all Contracts.                               

The yield for the 30-day period ended December 31, 2002, for each of the        
referenced Investment Divisions is as follows:                                  

PPM America/JNL Balanced Division                                1.30%          
PPM America/JNL High Yield Bond Division                         7.26%          
Salomon Brothers/JNL Global Bond Division                        4.84%          
Salomon Brothers/JNL U.S. Government & Quality Bond Division     2.18%          

Because of the charges and deductions imposed by the Separate Account, the yield
for an Investment Division will be lower than the yield for the corresponding   
Fund. The yield on amounts held in the Investment Divisions normally will       
fluctuate over time. Therefore, the disclosed yield for any given period is not 
an indication or representation of future yields or rates of return. An         
Investment Division's actual yield will be affected by the types and quality of 
portfolio securities held by the Fund and the Funds operating expenses.         

Any current yield quotations of the PPM America/JNL Money Market Division will  
consist of a seven calendar day historical yield, carried at least to the       
nearest hundredth of a percent. We may advertise yield for the Division based on
different time periods, but we will accompany it with a yield quotation based on
a seven day calendar period. The PPM America/JNL Money Market Division's yield  
will be calculated by determining the net change, exclusive of capital changes, 
in the value of a hypothetical pre-existing account having a balance of one     
accumulation unit at the beginning of the base period, subtracting a            
hypothetical charge reflecting deductions from Contracts, and dividing the net  
change in account value by the value of the account at the beginning of the     
period to obtain a base period return and multiplying the base period return by 
(365/7). The PPM America/JNL Money Market Division's effective yield is computed
similarly but includes the effect of assumed compounding on an annualized basis 
of the current yield quotations of the Division. The PPM America/JNL Money      
Market Division's yield and effective yield for the seven-day period ended      
December 31, 2002, were -0.69% and -0.69%, respectively.                        

The PPM America/JNL Money Market Division's yield and effective yield will      
fluctuate daily. Actual yields will depend on factors such as the type of       
instruments in the Fund's portfolio, portfolio quality and average maturity,    
changes in interest rates, and the Fund's expenses. Although the Investment     
Division determines its yield on the basis of a seven calendar day period, it   
may use a different time period on occasion. The yield quotes may reflect the   
expense limitations described in the Fund's Prospectus or Statement of          
Additional Information. There is no assurance that the yields quoted on any     
given occasion will be maintained for any period of time and there is no        
guarantee that the net asset values will remain constant. It should be noted    
that neither a Contract owner's investment in the PPM America/JNL Money Market  
Division nor that Division's investment in the PPM America/JNL Money Market     
Fund, is guaranteed or insured. Yields of other money market Funds may not be   
comparable if a different base or another method of calculation is used.        

ACCUMULATION UNIT VALUES                                                        
CONTRACT - M&E 1.70% WITH THE FOLLOWING POSSIBLE COMBINATIONS OF BENEFITS:      
ADDITIONAL FREE WITHDRAWAL 20% OF PREMIUM                                       
FIVE YEAR WITHDRAWAL CHARGE PERIOD                                              

The following table shows accumulation unit values at the beginning and end of  
the periods indicated as well as the number of accumulation units outstanding   
for each division as of the end of the periods indicated. This information has  
been taken from the Separate Account's financial statements. This information   
should be read together with the Separate Account's financial statements and    
related notes which are in the SAI.                                             

                                                        [Enlarge/Download Table]

                                                                                                    

INVESTMENT DIVISIONS                                                              DECEMBER 31, 2002 

AIM/JNL Large Cap Growth Division  (a)                                                              
  Accumulation unit value:                                                                          
    Beginning of period                                                                   $7.85     
    End of period                                                                         $8.01     
  Accumulation units outstanding                                                                    
  at the end of period                                                                     409      

AIM/JNL Premier Equity II Division                                                                  
  Accumulation unit value:                                                                          
    Beginning of period                                                                  N/A (c)    
    End of period                                                                        N/A (c)    
  Accumulation units outstanding                                                                    
  at the end of period                                                                   N/A (c)    

AIM/JNL Small Cap Growth Division                                                                   
  Accumulation unit value:                                                                          
    Beginning of period                                                                  N/A (c)    
    End of period                                                                        N/A (c)    
  Accumulation units outstanding                                                                    
  at the end of period                                                                   N/A (c)    

Alger/JNL Growth Division                                                                           
  Accumulation unit value:                                                                          
    Beginning of period                                                                  N/A (c)    
    End of period                                                                        N/A (c)    
  Accumulation units outstanding                                                                    
  at the end of period                                                                   N/A (c)    

Alliance Capital/JNL Growth Division                                                                
  Accumulation unit value:                                                                          
    Beginning of period                                                                  N/A (c)    
    End of period                                                                        N/A (c)    
  Accumulation units outstanding                                                                    
  at the end of period                                                                   N/A (c)    

Eagle/JNL Core Equity Division                                                                      
  Accumulation unit value:                                                                          
    Beginning of period                                                                  N/A (c)    
    End of period                                                                        N/A (c)    
  Accumulation units outstanding                                                                    
  at the end of period                                                                   N/A (c)    

Eagle/JNL SmallCap Equity Division                                                                  
  Accumulation unit value:                                                                          
    Beginning of period                                                                  N/A (c)    
    End of period                                                                        N/A (c)    
  Accumulation units outstanding                                                                    
  at the end of period                                                                   N/A (c)    

Janus/JNL Aggressive Growth Division                                                                
  Accumulation unit value:                                                                          
    Beginning of period                                                                  N/A (c)    
    End of period                                                                        N/A (c)    
  Accumulation units outstanding                                                                    
  at the end of period                                                                   N/A (c)    

Janus/JNL Balanced Division (b)                                                                     
  Accumulation unit value:                                                                          
    Beginning of period                                                                   $8.36     
    End of period                                                                         $8.36     
  Accumulation units outstanding                                                                    
  at the end of period                                                                     195      

Janus/JNL Capital Growth Division (a)                                                               
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $12.26     
    End of period                                                                        $13.19     
  Accumulation units outstanding                                                                    
  at the end of period                                                                     210      

JPMorgan/JNL Enhanced S&P 500 Stock Index Division                                                  
  Accumulation unit value:                                                                          
    Beginning of period                                                                  N/A (c)    
    End of period                                                                        N/A (c)    
  Accumulation units outstanding                                                                    
  at the end of period                                                                   N/A (c)    

JPMorgan/JNL International Value Division                                                           
  Accumulation unit value:                                                                          
    Beginning of period                                                                  N/A (c)    
    End of period                                                                        N/A (c)    
  Accumulation units outstanding                                                                    
  at the end of period                                                                   N/A (c)    

Lazard/JNL Mid Cap Value Division (b)                                                               
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $10.87     
    End of period                                                                        $10.87     
  Accumulation units outstanding                                                                    
  at the end of period                                                                     60       

Lazard/JNL Small Cap Value Division                                                                 
  Accumulation unit value:                                                                          
    Beginning of period                                                                  N/A (c)    
    End of period                                                                        N/A (c)    
  Accumulation units outstanding                                                                    
  at the end of period                                                                   N/A (c)    

Mellon Capital Management/JNL Bond Index Division                                                   
  Accumulation unit value:                                                                          
    Beginning of period                                                                  N/A (c)    
    End of period                                                                        N/A (c)    
  Accumulation units outstanding                                                                    
  at the end of period                                                                   N/A (c)    

Mellon Capital Management/JNL International Index Division                                          
  Accumulation unit value:                                                                          
    Beginning of period                                                                  N/A (c)    
    End of period                                                                        N/A (c)    
  Accumulation units outstanding                                                                    
  at the end of period                                                                   N/A (c)    

Mellon Capital Management/JNL S&P 400 Mid Cap Index Division                                        
  Accumulation unit value:                                                                          
    Beginning of period                                                                  N/A (c)    
    End of period                                                                        N/A (c)    
  Accumulation units outstanding                                                                    
  at the end of period                                                                   N/A (c)    

Mellon Capital Management/JNL S&P 500 Index Division                                                
  Accumulation unit value:                                                                          
    Beginning of period                                                                  N/A (c)    
    End of period                                                                        N/A (c)    
  Accumulation units outstanding                                                                    
  at the end of period                                                                   N/A (c)    

Mellon Capital Management/JNL Small Cap Index Division                                              
  Accumulation unit value:                                                                          
    Beginning of period                                                                  N/A (c)    
    End of period                                                                        N/A (c)    
  Accumulation units outstanding                                                                    
  at the end of period                                                                   N/A (c)    

Oppenheimer/JNL Global Growth Division                                                              
  Accumulation unit value:                                                                          
    Beginning of period                                                                  N/A (c)    
    End of period                                                                        N/A (c)    
  Accumulation units outstanding                                                                    
  at the end of period                                                                   N/A (c)    

Oppenheimer/JNL Growth Division                                                                     
  Accumulation unit value:                                                                          
    Beginning of period                                                                  N/A (c)    
    End of period                                                                        N/A (c)    
  Accumulation units outstanding                                                                    
  at the end of period                                                                   N/A (c)    

PIMCO/JNL Total Return Bond Division (a)                                                            
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $12.62     
    End of period                                                                        $12.94     
  Accumulation units outstanding                                                                    
  at the end of period                                                                     407      

PPM America/JNL Balanced Division                                                                   
  Accumulation unit value:                                                                          
    Beginning of period                                                                  N/A (c)    
    End of period                                                                        N/A (c)    
  Accumulation units outstanding                                                                    
  at the end of period                                                                   N/A (c)    

PPM America/JNL High Yield Bond Division (b)                                                        
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $12.95     
    End of period                                                                        $12.95     
  Accumulation units outstanding                                                                    
  at the end of period                                                                     50       

PPM America/JNL Money Market Division                                                               
  Accumulation unit value:                                                                          
    Beginning of period                                                                  N/A (c)    
    End of period                                                                        N/A (c)    
  Accumulation units outstanding                                                                    
  at the end of period                                                                   N/A (c)    

PPM America/JNL Value Division                                                                      
  Accumulation unit value:                                                                          
    Beginning of period                                                                  N/A (c)    
    End of period                                                                        N/A (c)    
  Accumulation units outstanding                                                                    
  at the end of period                                                                   N/A (c)    

Putnam/JNL Equity Division                                                                          
  Accumulation unit value:                                                                          
    Beginning of period                                                                  N/A (c)    
    End of period                                                                        N/A (c)    
  Accumulation units outstanding                                                                    
  at the end of period                                                                   N/A (c)    

Putnam/JNL International Equity Division                                                            
Accumulation unit value:                                                                            
    Beginning of period                                                                  N/A (c)    
    End of period                                                                        N/A (c)    
  Accumulation units outstanding                                                                    
  at the end of period                                                                   N/A (c)    

Putnam/JNL Midcap Growth Division                                                                   
  Accumulation unit value:                                                                          
    Beginning of period                                                                  N/A (c)    
    End of period                                                                        N/A (c)    
  Accumulation units outstanding                                                                    
  at the end of period                                                                   N/A (c)    

Putnam/JNL Value Equity Division                                                                    
  Accumulation unit value:                                                                          
    Beginning of period                                                                  N/A (c)    
    End of period                                                                        N/A (c)    
  Accumulation units outstanding                                                                    
  at the end of the period                                                               N/A (c)    

S&P/JNL Aggressive Growth Division I                                                                
  Accumulation unit value:                                                                          
    Beginning of period                                                                  N/A (c)    
    End of period                                                                        N/A (c)    
  Accumulation units outstanding                                                                    
  at the end of period                                                                   N/A (c)    

S&P/JNL Conservative Growth Division I (a)                                                          
  Accumulation unit value:                                                                          
    Beginning of period                                                                   $9.31     
    End of period                                                                         $9.91     
  Accumulation units outstanding                                                                    
  at the end of period                                                                    1,641     

S&P/JNL Core Index 100 Division                                                                     
  Accumulation unit value:                                                                          
    Beginning of period                                                                  N/A (c)    
    End of period                                                                        N/A (c)    
  Accumulation units outstanding                                                                    
  at the end of period                                                                   N/A (c)    

S&P/JNL Core Index 50 Division                                                                      
  Accumulation unit value:                                                                          
    Beginning of period                                                                  N/A (c)    
    End of period                                                                        N/A (c)    
  Accumulation units outstanding                                                                    
  at the end of period                                                                   N/A (c)    

S&P/JNL Core Index 75 Division                                                                      
  Accumulation unit value:                                                                          
    Beginning of period                                                                  N/A (c)    
    End of period                                                                        N/A (c)    
  Accumulation units outstanding                                                                    
  at the end of period                                                                   N/A (c)    

S&P/JNL Equity Aggressive Growth Division I                                                         
  Accumulation unit value:                                                                          
    Beginning of period                                                                  N/A (c)    
    End of period                                                                        N/A (c)    
  Accumulation units outstanding                                                                    
  at the end of period                                                                   N/A (c)    

S&P/JNL Equity Growth Division I                                                                    
  Accumulation unit value:                                                                          
    Beginning of period                                                                  N/A (c)    
    End of period                                                                        N/A (c)    
  Accumulation units outstanding                                                                    
  at the end of period                                                                   N/A (c)    

S&P/JNL Moderate Growth Division I                                                                  
  Accumulation unit value:                                                                          
    Beginning of period                                                                  N/A (c)    
    End of period                                                                        N/A (c)    
  Accumulation units outstanding                                                                    
  at the end of period                                                                   N/A (c)    

S&P/JNL Very Aggressive Growth Division I                                                           
  Accumulation unit value:                                                                          
    Beginning of period                                                                  N/A (c)    
    End of period                                                                        N/A (c)    
  Accumulation units outstanding                                                                    
  at the end of period                                                                   N/A (c)    

Salomon Brothers/JNL Global Bond Division (b)                                                       
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $15.43     
    End of period                                                                        $15.43     
  Accumulation units outstanding                                                                    
  at the end of the period                                                                 42       

Salomon Brothers/JNL U.S. Government & Quality Bond Division(b)                                     
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $14.91     
    End of period                                                                        $14.91     
  Accumulation units outstanding                                                                    
  at the end of period                                                                     109      

T. Rowe Price/JNL Established Growth Division                                                       
  Accumulation unit value:                                                                          
    Beginning of period                                                                  N/A (c)    
    End of period                                                                        N/A (c)    
  Accumulation units outstanding                                                                    
  at the end of period                                                                   N/A (c)    

T. Rowe Price/JNL Mid-Cap Growth Division                                                           
  Accumulation unit value:                                                                          
    Beginning of period                                                                  N/A (c)    
    End of period                                                                        N/A (c)    
  Accumulation units outstanding                                                                    
  at the end of period                                                                   N/A (c)    

T. Rowe Price/JNL Value Division (a)                                                                
  Accumulation unit value:                                                                          
    Beginning of period                                                                   $7.84     
    End of period                                                                         $9.01     
  Accumulation units outstanding                                                                    
  at the end of period                                                                     656      

First Trust/JNL The DowSM Target 10 Division                                                        
  Accumulation unit value:                                                                          
    Beginning of period                                                                  N/A (c)    
    End of period                                                                        N/A (c)    
  Accumulation units outstanding                                                                    
  at the end of period                                                                   N/A (c)    

First Trust/JNL The S&P (R) Target 10 Division                                                      
  Accumulation unit value:                                                                          
    Beginning of period                                                                  N/A (c)    
    End of period                                                                        N/A (c)    
  Accumulation units outstanding                                                                    
  at the end of period                                                                   N/A (c)    

First Trust/JNL The Global Target 15 Division                                                       
  Accumulation unit value:                                                                          
    Beginning of period                                                                  N/A (c)    
    End of period                                                                        N/A (c)    
  Accumulation units outstanding                                                                    
  at the end of period                                                                   N/A (c)    

First Trust/JNL Target 25 Division                                                                  
  Accumulation unit value:                                                                          
    Beginning of period                                                                  N/A (c)    
    End of period                                                                        N/A (c)    
  Accumulation units outstanding                                                                    
  at the end of period                                                                   N/A (c)    

First Trust/JNL Target Small-Cap Division                                                           
  Accumulation unit value:                                                                          
    Beginning of period                                                                  N/A (c)    
    End of period                                                                        N/A (c)    
  Accumulation units outstanding                                                                    
  at the end of period                                                                   N/A (c)    

(a)  Commencement of operations October 10, 2002.                                                   

(b)  Commencement of operations December 31, 2002.                                                  

(c)  These investment  divisions had not commenced operations as of December 31,                    
     2002.                                                                                          

ACCUMULATION UNIT VALUES                                                                            
CONTRACT - M&E 1.795% WITH THE FOLLOWING POSSIBLE COMBINATION OF BENEFITS:                          
PREMIUM CREDIT 2%                                                                                   

The following table shows accumulation unit values at the beginning and end of                      
the periods indicated as well as the number of accumulation units outstanding                       
for each division as of the end of the periods indicated. This information has                      
been taken from the Separate Account's financial statements. This information                       
should be read together with the Separate Account's financial statements and                        
related notes which are in the SAI.                                                                 

INVESTMENT DIVISIONS                                                               DECEMBER 31, 2002

AIM/JNL Large Cap Growth Division                                                                   
  Accumulation unit value:                                                                          
    Beginning of period                                                               N/A (b)       
    End of period                                                                     N/A (b)       
  Accumulation units outstanding                                                                    
  at the end of period                                                                N/A (b)       

AIM/JNL Premier Equity II Division                                                                  
  Accumulation unit value:                                                                          
    Beginning of period                                                               N/A (b)       
    End of period                                                                     N/A (b)       
  Accumulation units outstanding                                                                    
  at the end of period                                                                N/A (b)       

AIM/JNL Small Cap Growth Division                                                                   
  Accumulation unit value:                                                                          
    Beginning of period                                                               N/A (b)       
    End of period                                                                     N/A (b)       
  Accumulation units outstanding                                                                    
  at the end of period                                                                N/A (b)       

Alger/JNL Growth Division                                                                           
  Accumulation unit value:                                                                          
    Beginning of period                                                               N/A (b)       
    End of period                                                                     N/A (b)       
  Accumulation units outstanding                                                                    
  at the end of period                                                                N/A (b)       

Alliance Capital/JNL Growth Division                                                                
  Accumulation unit value:                                                                          
    Beginning of period                                                               N/A (b)       
    End of period                                                                     N/A (b)       
  Accumulation units outstanding                                                                    
  at the end of period                                                                N/A (b)       

Eagle/JNL Core Equity Division                                                                      
  Accumulation unit value:                                                                          
    Beginning of period                                                               N/A (b)       
    End of period                                                                     N/A (b)       
  Accumulation units outstanding                                                                    
  at the end of period                                                                N/A (b)       
Eagle/JNL SmallCap Equity Division                                                                  
  Accumulation unit value:                                                                          
    Beginning of period                                                               N/A (b)       
    End of period                                                                     N/A (b)       
  Accumulation units outstanding                                                                    
  at the end of period                                                                N/A (b)       

Janus/JNL Aggressive Growth Division                                                                
  Accumulation unit value:                                                                          
    Beginning of period                                                               N/A (b)       
    End of period                                                                     N/A (b)       
  Accumulation units outstanding                                                                    
  at the end of period                                                                N/A (b)       

Janus/JNL Balanced Division                                                                         
  Accumulation unit value:                                                                          
    Beginning of period                                                               N/A (b)       
    End of period                                                                     N/A (b)       
  Accumulation units outstanding                                                                    
  at the end of period                                                                N/A (b)       

Janus/JNL Capital Growth Division                                                                   
  Accumulation unit value:                                                                          
    Beginning of period                                                               N/A (b)       
    End of period                                                                     N/A (b)       
  Accumulation units outstanding                                                                    
  at the end of period                                                                N/A (b)       

JPMorgan/JNL Enhanced S&P 500 Stock Index Division                                                  
  Accumulation unit value:                                                                          
    Beginning of period                                                               N/A (b)       
    End of period                                                                     N/A (b)       
  Accumulation units outstanding                                                                    
  at the end of period                                                                N/A (b)       

JPMorgan/JNL International Value Division                                                           
  Accumulation unit value:                                                                          
    Beginning of period                                                               N/A (b)       
    End of period                                                                     N/A (b)       
  Accumulation units outstanding                                                                    
  at the end of period                                                                N/A (b)       

Lazard/JNL Mid Cap Value Division                                                                   
  Accumulation unit value:                                                                          
    Beginning of period                                                               N/A (b)       
    End of period                                                                     N/A (b)       
  Accumulation units outstanding                                                                    
  at the end of period                                                                N/A (b)       

Lazard/JNL Small Cap Value Division                                                                 
  Accumulation unit value:                                                                          
    Beginning of period                                                               N/A (b)       
    End of period                                                                     N/A (b)       
  Accumulation units outstanding                                                                    
  at the end of period                                                                N/A (b)       

Mellon Capital Management/JNL Bond Index Division                                                   
  Accumulation unit value:                                                                          
    Beginning of period                                                               N/A (b)       
    End of period                                                                     N/A (b)       
  Accumulation units outstanding                                                                    
  at the end of period                                                                N/A (b)       

Mellon Capital Management/JNL International Index Division                                          
  Accumulation unit value:                                                                          
    Beginning of period                                                               N/A (b)       
    End of period                                                                     N/A (b)       
  Accumulation units outstanding                                                                    
  at the end of period                                                                N/A (b)       

Mellon Capital Management/JNL S&P 400 Mid Cap Index Division                                        
  Accumulation unit value:                                                                          
    Beginning of period                                                               N/A (b)       
    End of period                                                                     N/A (b)       
  Accumulation units outstanding                                                                    
  at the end of period                                                                N/A (b)       

Mellon Capital Management/JNL S&P 500 Index Division                                                
  Accumulation unit value:                                                                          
    Beginning of period                                                               N/A (b)       
    End of period                                                                     N/A (b)       
  Accumulation units outstanding                                                                    
  at the end of period                                                                N/A (b)       

Mellon Capital Management/JNL Small Cap Index Division                                              
  Accumulation unit value:                                                                          
    Beginning of period                                                               N/A (b)       
    End of period                                                                     N/A (b)       
  Accumulation units outstanding                                                                    
  at the end of period                                                                 N/A (        

Oppenheimer/JNL Global Growth Division                                                              
  Accumulation unit value:                                                                          
    Beginning of period                                                               N/A (b)       
    End of period                                                                     N/A (b)       
  Accumulation units outstanding                                                                    
  at the end of period                                                                N/A (b)       

Oppenheimer/JNL Growth Division                                                                     
  Accumulation unit value:                                                                          
    Beginning of period                                                               N/A (b)       
    End of period                                                                     N/A (b)       
  Accumulation units outstanding                                                                    
  at the end of period                                                                N/A (b)       

PIMCO/JNL Total Return Bond Division (a)                                                            
  Accumulation unit value:                                                                          
    Beginning of period                                                                $12.70       
    End of period                                                                      $12.88       
  Accumulation units outstanding                                                                    
  at the end of period                                                                  481         

PPM America/JNL Balanced Division                                                                   
  Accumulation unit value:                                                                          
    Beginning of period                                                               N/A (b)       
    End of period                                                                     N/A (b)       
  Accumulation units outstanding                                                                    
  at the end of period                                                                N/A (b)       

PPM America/JNL High Yield Bond Division                                                            
  Accumulation unit value:                                                                          
    Beginning of period                                                               N/A (b)       
    End of period                                                                     N/A (b)       
  Accumulation units outstanding                                                                    
  at the end of period                                                                N/A (b)       

PPM America/JNL Money Market Division                                                               
  Accumulation unit value:                                                                          
    Beginning of period                                                               N/A (b)       
    End of period                                                                     N/A (b)       
  Accumulation units outstanding                                                                    
  at the end of period                                                                N/A (b)       

PPM America/JNL Value Division                                                                      
  Accumulation unit value:                                                                          
    Beginning of period                                                               N/A (b)       
    End of period                                                                     N/A (b)       
  Accumulation units outstanding                                                                    
  at the end of period                                                                N/A (b)       

Putnam/JNL Equity Division                                                                          
  Accumulation unit value:                                                                          
    Beginning of period                                                               N/A (b)       
    End of period                                                                     N/A (b)       
  Accumulation units outstanding                                                                    
  at the end of period                                                                N/A (b)       

Putnam/JNL International Equity Division                                                            
Accumulation unit value:                                                                            
    Beginning of period                                                               N/A (b)       
    End of period                                                                     N/A (b)       
  Accumulation units outstanding                                                                    
  at the end of period                                                                N/A (b)       

Putnam/JNL Midcap Growth Division                                                                   
  Accumulation unit value:                                                                          
    Beginning of period                                                               N/A (b)       
    End of period                                                                     N/A (b)       
  Accumulation units outstanding                                                                    
  at the end of period                                                                N/A (b)       

Putnam/JNL Value Equity Division                                                                    
  Accumulation unit value:                                                                          
    Beginning of period                                                               N/A (b)       
    End of period                                                                     N/A (b)       
  Accumulation units outstanding                                                                    
  at the end of the period                                                            N/A (b)       

S&P/JNL Aggressive Growth Division I                                                                
  Accumulation unit value:                                                                          
    Beginning of period                                                               N/A (b)       
    End of period                                                                     N/A (b)       
  Accumulation units outstanding                                                                    
  at the end of period                                                                N/A (b)       

S&P/JNL Conservative Growth Division I                                                              
  Accumulation unit value:                                                                          
    Beginning of period                                                               N/A (b)       
    End of period                                                                     N/A (b)       
  Accumulation units outstanding                                                                    
  at the end of period                                                                N/A (b)       

S&P/JNL Core Index 100 Division                                                                     
  Accumulation unit value:                                                                          
    Beginning of period                                                               N/A (b)       
    End of period                                                                     N/A (b)       
  Accumulation units outstanding                                                                    
  at the end of period                                                                N/A (b)       

S&P/JNL Core Index 50 Division                                                                      
  Accumulation unit value:                                                                          
    Beginning of period                                                               N/A (b)       
    End of period                                                                     N/A (b)       
  Accumulation units outstanding                                                                    
  at the end of period                                                                N/A (b)       

S&P/JNL Core Index 75 Division                                                                      
  Accumulation unit value:                                                                          
    Beginning of period                                                               N/A (b)       
    End of period                                                                     N/A (b)       
  Accumulation units outstanding                                                                    
  at the end of period                                                                N/A (b)       

S&P/JNL Equity Aggressive Growth Division I                                                         
  Accumulation unit value:                                                                          
    Beginning of period                                                               N/A (b)       
    End of period                                                                     N/A (b)       
  Accumulation units outstanding                                                                    
  at the end of period                                                                N/A (b)       

S&P/JNL Equity Growth Division I                                                                    
  Accumulation unit value:                                                                          
    Beginning of period                                                               N/A (b)       
    End of period                                                                     N/A (b)       
  Accumulation units outstanding                                                                    
  at the end of period                                                                N/A (b)       

S&P/JNL Moderate Growth Division I (a)                                                              
  Accumulation unit value:                                                                          
    Beginning of period                                                                $9.75        
    End of period                                                                      $9.61        
  Accumulation units outstanding                                                                    
  at the end of period                                                                 1,044        

S&P/JNL Very Aggressive Growth Division I                                                           
  Accumulation unit value:                                                                          
    Beginning of period                                                               N/A (b)       
    End of period                                                                     N/A (b)       
  Accumulation units outstanding                                                                    
  at the end of period                                                                N/A (b)       

Salomon Brothers/JNL Global Bond Division                                                           
  Accumulation unit value:                                                                          
    Beginning of period                                                               N/A (b)       
    End of period                                                                     N/A (b)       
  Accumulation units outstanding                                                                    
  at the end of the period                                                            N/A (b)       

Salomon Brothers/JNL U.S. Government & Quality Bond Division                                        
  Accumulation unit value:                                                                          
    Beginning of period                                                               N/A (b)       
    End of period                                                                     N/A (b)       
  Accumulation units outstanding                                                                    
  at the end of period                                                                N/A (b)       

T. Rowe Price/JNL Established Growth Division                                                       
  Accumulation unit value:                                                                          
    Beginning of period                                                               N/A (b)       
    End of period                                                                     N/A (b)       
  Accumulation units outstanding                                                                    
  at the end of period                                                                N/A (b)       

T. Rowe Price/JNL Mid-Cap Growth Division                                                           
  Accumulation unit value:                                                                          
    Beginning of period                                                               N/A (b)       
    End of period                                                                     N/A (b)       
  Accumulation units outstanding                                                                    
  at the end of period                                                                N/A (b)       

T. Rowe Price/JNL Value Division                                                                    
  Accumulation unit value:                                                                          
    Beginning of period                                                               N/A (b)       
    End of period                                                                     N/A (b)       
  Accumulation units outstanding                                                                    
  at the end of period                                                                N/A (b)       

First Trust/JNL The DowSM Target 10 Division                                                        
  Accumulation unit value:                                                                          
    Beginning of period                                                               N/A (b)       
    End of period                                                                     N/A (b)       
  Accumulation units outstanding                                                                    
  at the end of period                                                                N/A (b)       

First Trust/JNL The S&P (R) Target 10 Division                                                      
  Accumulation unit value:                                                                          
    Beginning of period                                                               N/A (b)       
    End of period                                                                     N/A (b)       
  Accumulation units outstanding                                                                    
  at the end of period                                                                N/A (b)       

First Trust/JNL The Global Target 15 Division                                                       
  Accumulation unit value:                                                                          
    Beginning of period                                                               N/A (b)       
    End of period                                                                     N/A (b)       
  Accumulation units outstanding                                                                    
  at the end of period                                                                N/A (b)       

First Trust/JNL Target 25 Division                                                                  
  Accumulation unit value:                                                                          
    Beginning of period                                                               N/A (b)       
    End of period                                                                     N/A (b)       
  Accumulation units outstanding                                                                    
  at the end of period                                                                N/A (b)       

First Trust/JNL Target Small-Cap Division                                                           
  Accumulation unit value:                                                                          
    Beginning of period                                                               N/A (b)       
    End of period                                                                     N/A (b)       
  Accumulation units outstanding                                                                    
  at the end of period                                                                N/A (b)       

(a) Commencement of operations November 20, 2002.                               
(b) These investment divisions had not commenced operations as of December 31,  
2002.                                                                           

Accumulation Unit Values                                                        
Contract - M&E 1.82% with the following possible combinations of benefits:      
Premium Credit 3%                                                               

The following table shows accumulation unit values at the beginning and end of  
the periods indicated as well as the number of accumulation units outstanding   
for each division as of the end of the periods indicated. This information has  
been taken from the Separate Account's financial statements. This information   
should be read together with the Separate Account's financial statements and    
related notes which are in the SAI.                                             

                                                        [Enlarge/Download Table]

                                                                                                    

INVESTMENT DIVISIONS                                                               DECEMBER 31, 2002

AIM/JNL Large Cap Growth Division                                                                   
  Accumulation unit value:                                                                          
    Beginning of period                                                                 N/A (i)     
    End of period                                                                       N/A (i)     
  Accumulation units outstanding                                                                    
  at the end of period                                                                  N/A (i)     

AIM/JNL Premier Equity II Division                                                                  
  Accumulation unit value:                                                                          
    Beginning of period                                                                 N/A (i)     
    End of period                                                                       N/A (i)     
  Accumulation units outstanding                                                                    
  at the end of period                                                                  N/A (i)     

AIM/JNL Small Cap Growth Division                                                                   
  Accumulation unit value:                                                                          
    Beginning of period                                                                 N/A (i)     
    End of period                                                                       N/A (i)     
  Accumulation units outstanding                                                                    
  at the end of period                                                                  N/A (i)     

Alger/JNL Growth Division                                                                           
  Accumulation unit value:                                                                          
    Beginning of period                                                                 N/A (i)     
    End of period                                                                       N/A (i)     
  Accumulation units outstanding                                                                    
  at the end of period                                                                  N/A (i)     

Alliance Capital/JNL Growth Division                                                                
  Accumulation unit value:                                                                          
    Beginning of period                                                                 N/A (i)     
    End of period                                                                       N/A (i)     
  Accumulation units outstanding                                                                    
  at the end of period                                                                  N/A (i)     

Eagle/JNL Core Equity Division (a)                                                                  
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $13.83     
    End of period                                                                        $13.00     
  Accumulation units outstanding                                                                    
  at the end of period                                                                    138       

Eagle/JNL SmallCap Equity Division                                                                  
  Accumulation unit value:                                                                          
    Beginning of period                                                                 N/A (i)     
    End of period                                                                       N/A (i)     
  Accumulation units outstanding                                                                    
  at the end of period                                                                  N/A (i)     

Janus/JNL Aggressive Growth Division                                                                
  Accumulation unit value:                                                                          
    Beginning of period                                                                 N/A (i)     
    End of period                                                                       N/A (i)     
  Accumulation units outstanding                                                                    
  at the end of period                                                                  N/A (i)     

Janus/JNL Balanced Division (b)                                                                     
  Accumulation unit value:                                                                          
    Beginning of period                                                                 N/A (i)     
    End of period                                                                       N/A (i)     
  Accumulation units outstanding                                                                    
  at the end of period                                                                  N/A (i)     

Janus/JNL Capital Growth Division (a)                                                               
  Accumulation unit value:                                                                          
    Beginning of period                                                                 N/A (i)     
    End of period                                                                       N/A (i)     
  Accumulation units outstanding                                                                    
  at the end of period                                                                  N/A (i)     

JPMorgan/JNL Enhanced S&P 500 Stock Index Division                                                  
  Accumulation unit value:                                                                          
    Beginning of period                                                                 N/A (i)     
    End of period                                                                       N/A (i)     
  Accumulation units outstanding                                                                    
  at the end of period                                                                  N/A (i)     

JPMorgan/JNL International Value Division                                                           
  Accumulation unit value:                                                                          
    Beginning of period                                                                 N/A (i)     
    End of period                                                                       N/A (i)     
  Accumulation units outstanding                                                                    
  at the end of period                                                                  N/A (i)     

Lazard/JNL Mid Cap Value Division (b)                                                               
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $10.55     
    End of period                                                                        $10.81     
  Accumulation units outstanding                                                                    
  at the end of period                                                                    673       

Lazard/JNL Small Cap Value Division                                                                 
  Accumulation unit value:                                                                          
    Beginning of period                                                                 N/A (i)     
    End of period                                                                       N/A (i)     
  Accumulation units outstanding                                                                    
  at the end of period                                                                  N/A (i)     

Mellon Capital Management/JNL Bond Index Division                                                   
  Accumulation unit value:                                                                          
    Beginning of period                                                                 N/A (i)     
    End of period                                                                       N/A (i)     
  Accumulation units outstanding                                                                    
  at the end of period                                                                  N/A (i)     

Mellon Capital Management/JNL International Index Division                                          
  Accumulation unit value:                                                                          
    Beginning of period                                                                 N/A (i)     
    End of period                                                                       N/A (i)     
  Accumulation units outstanding                                                                    
  at the end of period                                                                  N/A (i)     

Mellon Capital Management/JNL S&P 400 Mid Cap Index Division                                        
  Accumulation unit value:                                                                          
    Beginning of period                                                                 N/A (i)     
    End of period                                                                       N/A (i)     
  Accumulation units outstanding                                                                    
  at the end of period                                                                  N/A (i)     

Mellon Capital Management/JNL S&P 500 Index Division                                                
  Accumulation unit value:                                                                          
    Beginning of period                                                                 N/A (i)     
    End of period                                                                       N/A (i)     
  Accumulation units outstanding                                                                    
  at the end of period                                                                  N/A (i)     

Mellon Capital Management/JNL Small Cap Index Division                                              
  Accumulation unit value:                                                                          
    Beginning of period                                                                 N/A (i)     
    End of period                                                                       N/A (i)     
  Accumulation units outstanding                                                                    
  at the end of period                                                                  N/A (i)     

Oppenheimer/JNL Global Growth Division                                                              
  Accumulation unit value:                                                                          
    Beginning of period                                                                 N/A (i)     
    End of period                                                                       N/A (i)     
  Accumulation units outstanding                                                                    
  at the end of period                                                                  N/A (i)     

Oppenheimer/JNL Growth Division                                                                     
  Accumulation unit value:                                                                          
    Beginning of period                                                                 N/A (i)     
    End of period                                                                       N/A (i)     
  Accumulation units outstanding                                                                    
  at the end of period                                                                  N/A (i)     

PIMCO/JNL Total Return Bond Division (c)                                                            
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $12.65     
    End of period                                                                        $12.86     
  Accumulation units outstanding                                                                    
  at the end of period                                                                    4,912     

PPM America/JNL Balanced Division (a)                                                               
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $17.32     
    End of period                                                                        $17.01     
  Accumulation units outstanding                                                                    
  at the end of period                                                                    511       

PPM America/JNL High Yield Bond Division (c)                                                        
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $12.57     
    End of period                                                                        $12.83     
  Accumulation units outstanding                                                                    
  at the end of period                                                                   5,521      

PPM America/JNL Money Market Division                                                               
  Accumulation unit value:                                                                          
    Beginning of period                                                                 N/A (i)     
    End of period                                                                       N/A (i)     
  Accumulation units outstanding                                                                    
  at the end of period                                                                  N/A (i)     

PPM America/JNL Value Division                                                                      
  Accumulation unit value:                                                                          
    Beginning of period                                                                 N/A (i)     
    End of period                                                                       N/A (i)     
  Accumulation units outstanding                                                                    
  at the end of period                                                                  N/A (i)     

Putnam/JNL Equity Division                                                                          
  Accumulation unit value:                                                                          
    Beginning of period                                                                 N/A (i)     
    End of period                                                                       N/A (i)     
  Accumulation units outstanding                                                                    
  at the end of period                                                                  N/A (i)     

Putnam/JNL International Equity Division                                                            
Accumulation unit value:                                                                            
    Beginning of period                                                                 N/A (i)     
    End of period                                                                       N/A (i)     
  Accumulation units outstanding                                                                    
  at the end of period                                                                  N/A (i)     

Putnam/JNL Midcap Growth Division                                                                   
  Accumulation unit value:                                                                          
    Beginning of period                                                                 N/A (i)     
    End of period                                                                       N/A (i)     
  Accumulation units outstanding                                                                    
  at the end of period                                                                  N/A (i)     

Putnam/JNL Value Equity Division (b)                                                                
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $14.19     
    End of period                                                                        $14.44     
  Accumulation units outstanding                                                                    
  at the end of the period                                                                751       

S&P/JNL Aggressive Growth Division I (d)                                                            
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $8.93      
    End of period                                                                        $8.95      
  Accumulation units outstanding                                                                    
  at the end of period                                                                   1,210      

S&P/JNL Conservative Growth Division I (e)                                                          
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $9.96      
    End of period                                                                        $9.85      
  Accumulation units outstanding                                                                    
  at the end of period                                                                    227       

S&P/JNL Core Index 100 Division (b)                                                                 
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $8.45      
    End of period                                                                        $8.51      
  Accumulation units outstanding                                                                    
  at the end of period                                                                   2,103      

S&P/JNL Core Index 50 Division                                                                      
  Accumulation unit value:                                                                          
    Beginning of period                                                                 N/A (i)     
    End of period                                                                       N/A (i)     
  Accumulation units outstanding                                                                    
  at the end of period                                                                  N/A (i)     

S&P/JNL Core Index 75 Division                                                                      
  Accumulation unit value:                                                                          
    Beginning of period                                                                 N/A (i)     
    End of period                                                                       N/A (i)     
  Accumulation units outstanding                                                                    
  at the end of period                                                                  N/A (i)     

S&P/JNL Equity Aggressive Growth Division I                                                         
  Accumulation unit value:                                                                          
    Beginning of period                                                                 N/A (i)     
    End of period                                                                       N/A (i)     
  Accumulation units outstanding                                                                    
  at the end of period                                                                  N/A (i)     

S&P/JNL Equity Growth Division I (f)                                                                
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $7.91      
    End of period                                                                        $7.89      
  Accumulation units outstanding                                                                    
  at the end of period                                                                    554       

S&P/JNL Moderate Growth Division I (g)                                                              
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $9.93      
    End of period                                                                        $9.60      
  Accumulation units outstanding                                                                    
  at the end of period                                                                    624       

S&P/JNL Very Aggressive Growth Division I                                                           
  Accumulation unit value:                                                                          
    Beginning of period                                                                 N/A (i)     
    End of period                                                                       N/A (i)     
  Accumulation units outstanding                                                                    
  at the end of period                                                                  N/A (i)     

Salomon Brothers/JNL Global Bond Division                                                           
  Accumulation unit value:                                                                          
    Beginning of period                                                                 N/A (i)     
    End of period                                                                       N/A (i)     
  Accumulation units outstanding                                                                    
  at the end of the period                                                              N/A (i)     

Salomon Brothers/JNL U.S. Government & Quality Bond Division (h)                                    
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $14.70     
    End of period                                                                        $14.77     
  Accumulation units outstanding                                                                    
  at the end of period                                                                   28,375     

T. Rowe Price/JNL Established Growth Division Accumulation unit value:                              
    Beginning of period                                                                 N/A (i)     
    End of period                                                                       N/A (i)     
  Accumulation units outstanding                                                                    
  at the end of period                                                                  N/A (i)     

T. Rowe Price/JNL Mid-Cap Growth Division (a)                                                       
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $21.51     
    End of period                                                                        $20.38     
  Accumulation units outstanding                                                                    
  at the end of period                                                                     59       

T. Rowe Price/JNL Value Division (a)                                                                
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $9.48      
    End of period                                                                        $8.98      
  Accumulation units outstanding                                                                    
  at the end of period                                                                    267       

First Trust/JNL The DowSM Target 10 Division                                                        
  Accumulation unit value:                                                                          
    Beginning of period                                                                 N/A (i)     
    End of period                                                                       N/A (i)     
  Accumulation units outstanding                                                                    
  at the end of period                                                                  N/A (i)     

First Trust/JNL The S&P (R) Target 10 Division                                                      
  Accumulation unit value:                                                                          
    Beginning of period                                                                 N/A (i)     
    End of period                                                                       N/A (i)     
  Accumulation units outstanding                                                                    
  at the end of period                                                                  N/A (i)     

First Trust/JNL The Global Target 15 Division                                                       
  Accumulation unit value:                                                                          
    Beginning of period                                                                 N/A (i)     
    End of period                                                                       N/A (i)     
  Accumulation units outstanding                                                                    
  at the end of period                                                                  N/A (i)     

First Trust/JNL Target 25 Division                                                                  
  Accumulation unit value:                                                                          
    Beginning of period                                                                 N/A (i)     
    End of period                                                                       N/A (i)     
  Accumulation units outstanding                                                                    
  at the end of period                                                                  N/A (i)     

First Trust/JNL Target Small-Cap Division                                                           
  Accumulation unit value:                                                                          
    Beginning of period                                                                 N/A (i)     
    End of period                                                                       N/A (i)     
  Accumulation units outstanding                                                                    
  at the end of period                                                                  N/A (i)     

(a)    Commencement of operations November 27, 2002.                                                
(b)    Commencement of operations October 29, 2002.                                                 
(c)    Commencement of operations November 15, 2002.                                                
(d)    Commencement of operations December 30, 2002.                                                
(e)    Commencement of operations December 16, 2002.                                                
(f)    Commencement of operations September 3, 2002.                                                
(g)    Commencement of operations August 26, 2002.                                                  
(h)    Commencement of operations October 2, 2002.                                                  
(i)    These investment divisions had not commenced operations as of December 31,                   
       2002.                                                                                        

ACCUMULATION UNIT VALUES                                                                            
CONTRACT - M&E 1.96% WITH THE FOLLOWING POSSIBLE COMBINATION OF BENEFITS:                           
PREMIUM CREDIT 4%                                                                                   

The following table shows accumulation unit values at the beginning and end of                      
the periods indicated as well as the number of accumulation units outstanding                       
for each division as of the end of the periods indicated. This information has                      
been taken from the Separate Account's financial statements. This information                       
should be read together with the Separate Account's financial statements and                        
related notes which are in the SAI.                                                                 

INVESTMENT DIVISIONS                                                               DECEMBER 31, 2002

AIM/JNL Large Cap Growth Division  (a)                                                              
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $8.36      
    End of period                                                                        $7.99      
  Accumulation units outstanding                                                                    
  at the end of period                                                                    775       

AIM/JNL Premier Equity II Division                                                                  
  Accumulation unit value:                                                                          
    Beginning of period                                                                 N/A (q)     
    End of period                                                                       N/A (q)     
  Accumulation units outstanding                                                                    
  at the end of period                                                                  N/A (q)     

AIM/JNL Small Cap Growth Division                                                                   
  Accumulation unit value:                                                                          
    Beginning of period                                                                 N/A (q)     
    End of period                                                                       N/A (q)     
  Accumulation units outstanding                                                                    
  at the end of period                                                                  N/A (q)     

Alger/JNL Growth Division (b)                                                                       
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $12.19     
    End of period                                                                        $12.13     
  Accumulation units outstanding                                                                    
  at the end of period                                                                   4,039      

Alliance Capital/JNL Growth Division                                                                
  Accumulation unit value:                                                                          
    Beginning of period                                                                 N/A (q)     
    End of period                                                                       N/A (q)     
  Accumulation units outstanding                                                                    
  at the end of period                                                                  N/A (q)     

Eagle/JNL Core Equity Division (c)                                                                  
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $13.16     
    End of period                                                                        $12.89     
  Accumulation units outstanding                                                                    
  at the end of period                                                                   3,261      

Eagle/JNL SmallCap Equity Division (d)                                                              
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $11.67     
    End of period                                                                        $11.69     
  Accumulation units outstanding                                                                    
  at the end of period                                                                   1,524      

Janus/JNL Aggressive Growth Division (e)                                                            
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $17.43     
    End of period                                                                        $17.01     
  Accumulation units outstanding                                                                    
  at the end of period                                                                    134       

Janus/JNL Balanced Division (c)                                                                     
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $8.35      
    End of period                                                                        $8.30      
  Accumulation units outstanding                                                                    
  at the end of period                                                                   1,692      

Janus/JNL Capital Growth Division (f)                                                               
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $13.01     
    End of period                                                                        $12.93     
  Accumulation units outstanding                                                                    
  at the end of period                                                                     64       

JPMorgan/JNL Enhanced S&P 500 Stock Index Division                                                  
  Accumulation unit value:                                                                          
    Beginning of period                                                                 N/A (q)     
    End of period                                                                       N/A (q)     
  Accumulation units outstanding                                                                    
  at the end of period                                                                  N/A (q)     

JPMorgan/JNL International Value Division (g)                                                       
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $6.16      
    End of period                                                                        $6.13      
  Accumulation units outstanding                                                                    
  at the end of period                                                                    252       

Lazard/JNL Mid Cap Value Division  (e)                                                              
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $11.07     
    End of period                                                                        $10.74     
  Accumulation units outstanding                                                                    
  at the end of period                                                                    666       

Lazard/JNL Small Cap Value Division (h)                                                             
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $9.14      
    End of period                                                                        $9.14      
  Accumulation units outstanding                                                                    
  at the end of period                                                                    795       

Mellon Capital Management/JNL Bond Index Division                                                   
  Accumulation unit value:                                                                          
    Beginning of period                                                                 N/A (q)     
    End of period                                                                       N/A (q)     
  Accumulation units outstanding                                                                    
  at the end of period                                                                  N/A (q)     

Mellon Capital Management/JNL International Index Division                                          
  Accumulation unit value:                                                                          
    Beginning of period                                                                 N/A (q)     
    End of period                                                                       N/A (q)     
  Accumulation units outstanding                                                                    
  at the end of period                                                                  N/A (q)     

Mellon Capital Management/JNL S&P 400 Mid Cap Index Division(i)                                     
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $8.44      
    End of period                                                                        $8.45      
  Accumulation units outstanding                                                                    
  at the end of period                                                                   20,157     

Mellon Capital Management/JNL S&P 500 Index Division (i)                                            
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $7.62      
    End of period                                                                        $7.64      
  Accumulation units outstanding                                                                    
  at the end of period                                                                   22,962     

Mellon Capital Management/JNL Small Cap Index Division (i)                                          
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $7.85      
    End of period                                                                        $7.87      
  Accumulation units outstanding                                                                    
  at the end of period                                                                   23,363     

Oppenheimer/JNL Global Growth Division (e)                                                          
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $7.59      
    End of period                                                                        $6.97      
  Accumulation units outstanding                                                                    
  at the end of period                                                                   4,513      

Oppenheimer/JNL Growth Division (f)                                                                 
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $7.40      
    End of period                                                                        $6.81      
  Accumulation units outstanding                                                                    
  at the end of period                                                                    113       

PIMCO/JNL Total Return Bond Division (e)                                                            
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $12.30     
    End of period                                                                        $12.77     
  Accumulation units outstanding                                                                    
  at the end of period                                                                   4,586      

PPM America/JNL Balanced Division (c)                                                               
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $16.64     
    End of period                                                                        $16.83     
  Accumulation units outstanding                                                                    
  at the end of period                                                                   1,727      

PPM America/JNL High Yield Bond Division (c)                                                        
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $11.91     
    End of period                                                                        $12.69     
  Accumulation units outstanding                                                                    
  at the end of period                                                                   3,173      

PPM America/JNL Money Market Division (c)                                                           
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $11.95     
    End of period                                                                        $11.91     
  Accumulation units outstanding                                                                    
  at the end of period                                                                   3,996      

PPM America/JNL Value Division (b)                                                                  
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $10.96     
    End of period                                                                        $10.92     
  Accumulation units outstanding                                                                    
  at the end of period                                                                    488       

Putnam/JNL Equity Division                                                                          
  Accumulation unit value:                                                                          
    Beginning of period                                                                 N/A (q)     
    End of period                                                                       N/A (q)     
  Accumulation units outstanding                                                                    
  at the end of period                                                                  N/A (q)     

Putnam/JNL International Equity Division (j)                                                        
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $9.01      
    End of period                                                                        $8.88      
  Accumulation units outstanding                                                                    
  at the end of period                                                                    115       

Putnam/JNL Midcap Growth Division (a)                                                               
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $4.84      
    End of period                                                                        $4.85      
  Accumulation units outstanding                                                                    
  at the end of period                                                                   3,763      

Putnam/JNL Value Equity Division (b)                                                                
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $14.36     
    End of period                                                                        $14.29     
  Accumulation units outstanding                                                                    
  at the end of the period                                                                373       

S&P/JNL Aggressive Growth Division I (k)                                                            
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $9.02      
    End of period                                                                        $8.89      
  Accumulation units outstanding                                                                    
  at the end of period                                                                   13,628     

S&P/JNL Conservative Growth Division I (k)                                                          
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $9.74      
    End of period                                                                        $9.79      
  Accumulation units outstanding                                                                    
  at the end of period                                                                   51,768     

S&P/JNL Core Index 100 Division                                                                     
  Accumulation unit value:                                                                          
    Beginning of period                                                                 N/A (q)     
    End of period                                                                       N/A (q)     
  Accumulation units outstanding                                                                    
  at the end of period                                                                  N/A (q)     

S&P/JNL Core Index 50 Division                                                                      
  Accumulation unit value:                                                                          
    Beginning of period                                                                 N/A (q)     
    End of period                                                                       N/A (q)     
  Accumulation units outstanding                                                                    
  at the end of period                                                                  N/A (q)     

S&P/JNL Core Index 75 Division                                                                      
  Accumulation unit value:                                                                          
    Beginning of period                                                                 N/A (q)     
    End of period                                                                       N/A (q)     
  Accumulation units outstanding                                                                    
  at the end of period                                                                  N/A (q)     

S&P/JNL Equity Aggressive Growth Division I (l)                                                     
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $8.33      
    End of period                                                                        $7.99      
  Accumulation units outstanding                                                                    
  at the end of period                                                                   30,394     

S&P/JNL Equity Growth Division I (m)                                                                
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $7.61      
    End of period                                                                        $7.85      
  Accumulation units outstanding                                                                    
  at the end of period                                                                   42,178     

S&P/JNL Moderate Growth Division I (k)                                                              
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $9.57      
    End of period                                                                        $9.53      
  Accumulation units outstanding                                                                    
  at the end of period                                                                   58,076     

S&P/JNL Very Aggressive Growth Division I (n)                                                       
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $8.40      
    End of period                                                                        $8.33      
  Accumulation units outstanding                                                                    
  at the end of period                                                                   4,466      

Salomon Brothers/JNL Global Bond Division  (c)                                                      
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $14.21     
    End of period                                                                        $15.12     
  Accumulation units outstanding                                                                    
  at the end of the period                                                               4,978      

Salomon Brothers/JNL U.S. Government & Quality Bond Division (c)                                    
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $14.30     
    End of period                                                                        $14.61     
  Accumulation units outstanding                                                                    
  at the end of period                                                                   2,683      

T. Rowe Price/JNL Established Growth Division (c)                                                   
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $17.52     
    End of period                                                                        $17.71     
  Accumulation units outstanding                                                                    
  at the end of period                                                                    732       

T. Rowe Price/JNL Mid-Cap Growth Division (o)                                                       
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $17.76     
    End of period                                                                        $20.16     
  Accumulation units outstanding                                                                    
  at the end of period                                                                   1,180      

T. Rowe Price/JNL Value Division (c)                                                                
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $8.75      
    End of period                                                                        $8.95      
  Accumulation units outstanding                                                                    
  at the end of period                                                                   1,501      

First Trust/JNL The DowSM Target 10 Division (p)                                                    
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $10.02     
    End of period                                                                        $11.12     
  Accumulation units outstanding                                                                    
  at the end of period                                                                   14,686     

First Trust/JNL The S&P (R) Target 10 Division (p)                                                  
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $10.64     
    End of period                                                                        $9.61      
  Accumulation units outstanding                                                                    
  at the end of period                                                                   17,171     

First Trust/JNL The Global Target 15 Division  (p)                                                  
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $9.58      
    End of period                                                                        $9.66      
  Accumulation units outstanding                                                                    
  at the end of period                                                                   1,727      

First Trust/JNL Target 25 Division (p)                                                              
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $10.13     
    End of period                                                                        $10.24     
  Accumulation units outstanding                                                                    
  at the end of period                                                                   16,078     

First Trust/JNL Target Small-Cap Division (p)                                                       
  Accumulation unit value:                                                                          
    Beginning of period                                                                  $9.92      
    End of period                                                                        $10.80     
  Accumulation units outstanding                                                                    
  at the end of period                                                                   17,995     

(a)    Commencement of operations October 15, 2002.                                                 
(b)    Commencement of operations December 19, 2002.                                                
(c)    Commencement of operations August 13, 2002.                                                  
(d)    Commencement of operations December 23, 2002.                                                
(e)    Commencement of operations August 16, 2002.                                                  
(f)    Commencement of operations October 24, 2002.                                                 
(g)    Commencement of operations December 5, 2002.                                                 
(h)    Commencement of operations November 12, 2002.                                                
(i)    Commencement of operations September 17, 2002.                                               
(j)    Commencement of operations November 6, 2002.                                                 
(k)    Commencement of operations September 12, 2002.                                               
(l)    Commencement of operations November 6, 2002.                                                 
(m)    Commencement of operations September 20, 2002.                                               
(n)    Commencement of operations November 8, 2002.                                                 
(o)    Commencement of operations October 10, 2002.                                                 
(p)    Commencement of operations September 23, 2002.                                               
(q)    These investment divisions had not commenced operations as of December 31,                   
       2002.                                                                                        


ADDITIONAL TAX INFORMATION                                                      

NOTE: INFORMATION CONTAINED HEREIN SHOULD NOT BE SUBSTITUTED FOR THE ADVICE OF A
PERSONAL TAX ADVISER. JACKSON NATIONAL DOES NOT MAKE ANY GUARANTEE REGARDING THE
TAX STATUS OF ANY CONTRACT OR ANY TRANSACTION INVOLVING THE CONTRACTS.          
PURCHASERS BEAR THE COMPLETE RISK THAT THE CONTRACTS MAY NOT BE TREATED AS      
"ANNUITY CONTRACTS" UNDER FEDERAL INCOME TAX LAWS. IT SHOULD BE FURTHER         
UNDERSTOOD THAT THE FOLLOWING DISCUSSION IS NOT EXHAUSTIVE AND THAT OTHER       
SPECIAL RULES MAY BE APPLICABLE IN CERTAIN SITUATIONS. MOREOVER, NO ATTEMPT HAS 
BEEN MADE TO CONSIDER ANY APPLICABLE STATE OR OTHER TAX LAWS.                   

GENERAL                                                                         

Section 72 of the Internal Revenue Code of 1986, as amended (the "Code"),       
governs taxation of annuities in general. An individual owner is not taxed on   
increases in the value of a Contract until distribution occurs, either in the   
form of a withdrawal or as annuity payments under the annuity option elected.   
For a withdrawal received as a total surrender (total redemption or a death     
benefit), the recipient is taxed on the portion of the payment that exceeds the 
cost basis of the Contract. For a payment received as a partial withdrawal from 
a non-qualified Contract, federal tax liability is generally determined on a    
last-in, first-out basis, meaning taxable income is withdrawn before the cost   
basis of the Contract is withdrawn. In the case of a partial withdrawal under a 
tax-qualified Contract, a ratable portion of the amount received is taxable. For
Contracts issued in connection with non-qualified plans, the cost basis is      
generally the premiums, while for Contracts issued in connection with           
tax-qualified plans there may be no cost basis. The taxable portion of a        
withdrawal is taxed at ordinary income tax rates. Tax penalties may also apply. 

For annuity payments, a portion of each payment in excess of an exclusion amount
is includable in taxable income. All annuity payments in excess of the exclusion
amount are fully taxable at ordinary income rates.                              

The exclusion amount for payments based on a fixed annuity option is determined 
by multiplying the payment by the ratio that the cost basis of the Contract     
(adjusted for any period certain or refund feature) bears to the expected return
under the Contract. The exclusion amount for payments based on a variable       
annuity option is determined by dividing the cost basis of the Contract         
(adjusted for any period certain or refund guarantee) by the fixed or estimated 
number of years for which annuity payments are to be made. No exclusion is      
allowed with respect to any payments received after the investment in the       
Contract has been recovered (i.e., when the total of the excludable amounts     
equals the investment in the Contract). For certain types of tax-qualified plans
there may be no cost basis in the Contract within the meaning of Section 72 of  
the Code.                                                                       

The taxable portion is taxed at ordinary income tax rates. Owners, annuitants   
and beneficiaries under the Contracts should seek competent financial advice    
about the tax consequences of distributions.                                    

Jackson National is taxed as a life insurance company under the Code. For       
federal income tax purposes, the Separate Account is not a separate entity from 
Jackson National and its operations form a part of Jackson National.            

WITHHOLDING TAX ON DISTRIBUTIONS                                                

The Code generally requires Jackson National (or, in some cases, a plan         
administrator) to withhold tax on the taxable portion of any distribution or    
withdrawal from a Contract. For "eligible rollover distributions" from Contracts
issued under certain types of tax-qualified plans, 20% of the distribution must 
be withheld, unless the payee elects to have the distribution "rolled over" to  
another eligible plan in a direct transfer. This requirement is mandatory and   
cannot be waived by the owner.                                                  

An "eligible rollover distribution" is the taxable portion of any amount        
received by a covered employee from a plan qualified under Section 401(a) or    
403(a) of the Code, from a tax sheltered annuity qualified under Section 403(b) 
of the Code or an eligible deferred compensation plan of a state or local       
government under Section 457(b) (other than (1) a series of substantially equal 
periodic payments (not less frequently than annually) for the life (or life     
expectancy) of the employee, or joint lives (or joint life expectancies) of the 
employee, and his or her designated beneficiary, or for a specified period of   
ten years or more; (2) minimum distributions required to be made under the Code;
and (3) hardship withdrawals). Failure to "roll over" the entire amount of an   
eligible rollover distribution (including an amount equal to the 20% portion of 
the distribution that was withheld) could have adverse tax consequences,        
including the imposition of a penalty tax on premature withdrawals, described   
later in this section.                                                          

Withdrawals or distributions from a Contract other than eligible rollover       
distributions are also subject to withholding on the estimated taxable portion  
of the distribution, but the owner may elect in such cases to waive the         
withholding requirement. If not waived, withholding is imposed (1) for periodic 
payments, at the rate that would be imposed if the payments were wages, or (2)  
for other distributions, at the rate of 10%. If no withholding exemption        
certificate is in effect for the payee, the rate under (1) above is computed by 
treating the payee as a married individual claiming 3 withholding exemptions.   

Generally, the amount of any payment of interest to a non-resident alien of the 
United States shall be subject to withholding of a tax equal to 30% of such     
amount or, if applicable, a lower treaty rate. A payment may not be subject to  
withholding where the recipient sufficiently establishes that such payment is   
effectively connected to the recipient's conduct of a trade or business in the  
United States and such payment is included in the recipient's gross income.     

DIVERSIFICATION -- SEPARATE ACCOUNT INVESTMENTS                                 

Section 817(h) of the Code imposes certain asset diversification standards on   
variable annuity Contracts. The Code provides that a variable annuity Contract  
will not be treated as an annuity Contract for any period (and any subsequent   
period) for which the investments held in any segregated asset account          
underlying the Contract are not adequately diversified, in accordance with      
regulations prescribed by the United States Treasury Department ("Treasury      
Department"). Disqualification of the Contract as an annuity Contract would     
result in imposition of federal income tax to the owner with respect to earnings
allocable to the Contract prior to the receipt of payments under the Contract.  
The Code contains a safe harbor provision which provides that annuity Contracts,
such as the Contracts, meet the diversification requirements if, as of the close
of each calendar quarter, the underlying assets meet the diversification        
standards for a regulated investment company, and no more than 55% of the total 
assets consist of cash, cash items, U.S. government securities and securities of
other regulated investment companies.                                           

The Treasury Department has issued Regulations establishing diversification     
requirements for the mutual Funds underlying variable Contracts. These          
Regulations amplify the diversification requirements for variable Contracts set 
forth in the Code and provide an alternative to the safe harbor provision       
described above. Under these Regulations, a mutual Fund will be deemed          
adequately diversified if (1) no more than 55% of the value of the total assets 
of the mutual Fund is represented by any one investment; (2) no more than 70% of
the value of the total assets of the mutual Fund is represented by any two      
investments; (3) no more than 80% of the value of the total assets of the mutual
Fund is represented by any three investments; and (4) no more than 90% of the   
value of the total assets of the mutual Fund is represented by any four         
investments.                                                                    

Jackson National intends that each Fund of the JNL Series Trust will be managed 
by its respective investment adviser in such a manner as to comply with these   
diversification requirements.                                                   

The Treasury Department has indicated that the diversification Regulations do   
not provide guidance regarding the circumstances in which Contract owner control
of the investments of a segregated asset account will cause the Contract owner  
to be treated as the owner of the assets of the segregated asset account        
pursuant to Revenue Rulings 77-85, 80-274 and 81-225 that are referenced in the 
Prospectus. The Treasury Department also stated in 1986 that further guidance on
this issue would be forthcoming. The only official guidance that has been issued
on this issue since the regulations were published in 1986 was Revenue Procedure
99-44 which stated that satisfying the asset diversification regulations "does  
not prevent a Contract holder's control of the investments of a segregated asset
account from causing the Contract holder, rather than the insurance company, to 
be treated as the owner of the assets in the account."                          

The amount of owner control which may be exercised under the Contract is not    
comparable to the kinds of control that were present in any of the situations   
addressed in published rulings issued by the Internal Revenue Service in which  
it was held that the policy owner was the owner of the assets of the separate   
account. At this time it cannot be determined whether additional guidance will  
be provided on these issues and what standards may be contained in such         
guidance. Due to the uncertainty in this area, Jackson National reserves the    
right to modify the Contract to the extent required to maintain favorable tax   
treatment.                                                                      

MULTIPLE CONTRACTS                                                              

The Code provides that multiple annuity Contracts that are issued within a      
calendar year to the same Contract owner by one company or its affiliates are   
treated as one annuity Contract for purposes of determining the tax consequences
of any distribution. Such treatment may result in adverse tax consequences      
including more rapid taxation of the distributed amounts from such multiple     
Contracts. For purposes of this rule, Contracts received in a Section 1035      
exchange will be considered issued in the year of the exchange. Owners should   
consult a tax adviser prior to purchasing more than one annuity Contract in any 
calendar year.                                                                  

PARTIAL 1035 EXCHANGES                                                          

Section 1035 of the Code provides that an annuity Contract may be exchanged in a
tax-free transaction for another annuity Contract. Historically, it was presumed
that only the exchange of an entire Contract, as opposed to a partial exchange, 
would be accorded tax-free status. In 1998 in Conway vs. Commissioner, the Tax  
Court held that the direct transfer of a portion of an annuity Contract into    
another annuity Contract qualified as a non-taxable exchange. On November 22,   
1999, the Internal Revenue Service filed an Action on Decision that indicated it
acquiesced in the Tax Court decision in Conway. However, in its acquiescence    
with the decision of the Tax Court, the Internal Revenue Service stated that it 
will challenge transactions where taxpayers enter into a series of partial      
exchanges and annuitizations as part of a design to avoid application of the 10%
premature distribution penalty or other limitations imposed on annuity Contracts
under the Code. In the absence of further guidance from the Internal Revenue    
Service it is unclear what specific types of partial exchange designs and       
transactions will be challenged by the Internal Revenue Service. Due to the     
uncertainty in this area owners should consult their own tax advisers prior to  
entering into a partial exchange of an annuity Contract.                        

CONTRACTS OWNED BY OTHER THAN NATURAL PERSONS                                   

Under Section 72(u) of the Code, the investment earnings on premiums for        
Contracts will be taxed currently to the owner if the owner is a non-natural    
person, e.g., a corporation or certain other entities. Such Contracts generally 
will not be treated as annuities for federal income tax purposes. However, this 
treatment is not applied to Contracts held by a trust or other entity as an     
agent for a natural person nor to Contracts held by certain tax-qualified plans.
Purchasers should consult their own tax counsel or other tax adviser before     
purchasing a Contract to be owned by a non-natural person.                      

TAX TREATMENT OF ASSIGNMENTS                                                    

An assignment or pledge of a Contract may have tax consequences. Any assignment 
or pledge of a tax-qualified Contract may also be prohibited by ERISA in some   
circumstances. Owners should, therefore, consult competent legal advisers should
they wish to assign or pledge their Contracts.                                  

An assignment or pledge of all or any portion of the value of a Non-Qualified   
Contract is treated under Section 72 of the Code as an amount not received as an
annuity. The value of the Contract assigned or pledged that exceeds the         
aggregate premiums paid will be included in the individual's gross income. In   
addition, the amount included in the individual's gross income could also be    
subject to the 10% penalty tax discussed below under Non-Qualified Contracts.   

An assignment or pledge of all or any portion of the value of a Qualified       
Contract will disqualify the Qualified Contract. If the Qualified Contract is   
part of a qualified pension or profit-sharing plan, the Code prohibits the      
assignment or alienation of benefits provided under the plan. If the Qualified  
Contract is an IRA annuity or a 403(b) annuity, the Code requires the Qualified 
Contract to be nontransferable. If the Qualified Contract is part of an eligible
deferred compensation plan, amounts cannot be made available to plan            
participants or beneficiaries: (1) until the calendar year in which the         
participant attains age 70 1/2; (2) when the participant has a severance from   
employment; or (3) when the participant is faced with an unforeseeable          
emergency.                                                                      

DEATH BENEFITS                                                                  

Any death benefits paid under the Contract are taxable to the beneficiary. The  
rules governing the taxation of payments from an annuity Contract, as discussed 
above, generally apply to the payment of death benefits and depend on whether   
the death benefits are paid as a lump sum or as annuity payments. Estate or gift
taxes may also apply.                                                           

TAX-QUALIFIED PLANS                                                             

The Contracts offered by the Prospectus are designed to be suitable for use     
under various types of tax-qualified plans. Taxation of owners of a             
tax-qualified Contract will vary based on the type of plan and the terms and    
conditions of each specific plan. Owners, annuitants and beneficiaries are      
cautioned that benefits under a tax-qualified Contract may be subject to the    
terms and conditions of the plan, regardless of the terms and conditions of the 
Contracts issued to Fund the plan.                                              

TAX TREATMENT OF WITHDRAWALS                                                    

NON-QUALIFIED CONTRACTS                                                         

Section 72 of the Code governs treatment of distributions from annuity          
Contracts. It provides that if the contract value exceeds the aggregate premiums
made, any amount withdrawn not in the form of an annuity payment will be treated
as coming first from the earnings and then, only after the income portion is    
exhausted, as coming from the principal. Withdrawn earnings are included in a   
taxpayer's gross income. Section 72 further provides that a 10% penalty will    
apply to the income portion of any distribution. The penalty is not imposed on  
amounts received: (1) after the taxpayer reaches 59 1/2; (2) upon the death of  
the owner; (3) if the taxpayer is totally disabled as defined in Section        
72(m)(7) of the Code; (4) in a series of substantially equal periodic payments  
made at least annually for the life (or life expectancy) of the taxpayer or for 
the joint lives (or joint life expectancies) of the taxpayer and his            
beneficiary; (5) under an immediate annuity; or (6) which are allocable to      
premium payments made prior to August 14, 1982.                                 

With respect to (4) above, if the series of substantially equal periodic        
payments is modified before the later of your attaining age 59 1/2 or five years
from the date of the first periodic payment, then the tax for the year of the   
modification is increased by an amount equal to the tax which would have been   
imposed (the 10% penalty tax) but for the exception, plus interest for the tax  
years in which the exception was used.                                          

TAX-QUALIFIED CONTRACTS                                                         

In the case of a withdrawal under a tax-qualified Contract, a ratable portion of
the amount received is taxable, generally based on the ratio of the individual's
cost basis to the individual's total accrued benefit under the retirement plan. 
Special tax rules may be available for certain distributions from a             
tax-qualified Contract. Section 72(t) of the Code imposes a 10% penalty tax on  
the taxable portion of any distribution from qualified retirement plans,        
including Contracts issued and qualified under Code Sections 401 (pension and   
profit sharing plans), 403(b) (tax-sheltered annuities), individual retirement  
accounts and annuities under 408(a) and (b) (IRAs) and Roth IRAs under 408A. To 
the extent amounts are not included in gross income because they have been      
rolled over to an IRA or to another eligible qualified plan, no tax penalty will
be imposed.                                                                     

The tax penalty will not apply to the following distributions: (1) if           
distribution is made on or after the date on which the owner or annuitant (as   
applicable) reaches age 59 1/2; (2) distributions following the death or        
disability of the owner or annuitant (as applicable) (for this purpose          
"disability" is defined in Section 72(m)(7) of the Code); (3) upon separation   
from service after attainment of age 55, distributions that are part of a series
of substantially equal periodic payments made not less frequently than annually 
for the life (or life expectancy) of the owner or annuitant (as applicable) or  
the joint lives (or joint life expectancies) of such owner or annuitant (as     
applicable) and his or her designated beneficiary; (4) distributions to an owner
or annuitant (as applicable) who has separated from service after he has        
attained age 55; (5) distributions made to the owner or annuitant (as           
applicable) to the extent such distributions do not exceed the amount allowable 
as a deduction under Code Section 213 to the owner or annuitant (as applicable) 
for amounts paid during the taxable year for medical care; (6) distributions    
made to an alternate payee pursuant to a qualified domestic relations order; (7)
distributions made on account of an IRS levy upon the qualified Contracts, (8)  
distributions from an IRA after separation from employment for the purchase of  
medical insurance (as described in Section 213(d)(1)(D) of the Code) for the    
Contract owner or annuitant (as applicable) and his or her spouse and dependents
if the Contract owner or annuitant (as applicable) has received unemployment    
compensation for at least 12 weeks (this exception will no longer apply after   
the Contract owner or annuitant (as applicable) has been re-employed for at     
least 60 days); (9) distributions from an IRA made to the owner or annuitant (as
applicable) to the extent such distributions do not exceed the qualified higher 
education expenses (as defined in Section 72(t)(7) of the Code) (as applicable) 
for the taxable year; and (10) distributions from an IRA made to the owner or   
annuitant (as applicable) which are qualified first time home buyer             
distributions (as defined in Section 72(t)(8) of the Code). The exceptions      
stated in items (4) and (6) above do not apply in the case of an IRA. The       
exception stated in (3) above applies to an IRA without the requirement that    
there be a separation from service.                                             

With respect to (3) above, if the series of substantially equal periodic        
payments is modified before the later of your attaining age 59 1/2 or five years
from the date of the first periodic payment, then the tax for the year of the   
modification is increased by an amount equal to the tax which would have been   
imposed (the 10% penalty tax) but for the exception, plus interest for the tax  
years in which the exception was used.                                          

Withdrawals of amounts attributable to contributions made pursuant to a salary  
reduction agreement (in accordance with Section 403(b)(11) of the Code) are     
limited to the following: when the owner attains age 59 1/2, severs employment, 
dies, becomes disabled (within the meaning of Section 72(m)(7) of the Code), or 
in the case of hardship. Hardship withdrawals do not include any earnings on    
salary reduction contributions. These limitations on withdrawals apply to: (1)  
salary reduction contributions made after December 31, 1988; (2) income         
attributable to such contributions; and (3) income attributable to amounts held 
as of December 31, 1988. The limitations on withdrawals do not affect rollovers 
or exchanges between certain tax-qualified plans. Tax penalties may also apply. 
While the foregoing limitations only apply to certain Contracts issued in       
connection with Section 403(b) plans, all owners should seek competent tax      
advice regarding any withdrawals or distributions.                              

The taxable portion of a withdrawal or distribution from tax-qualified Contracts
may, under some circumstances, be "rolled over" into another eligible plan so as
to continue to defer income tax on the taxable portion. Such treatment is       
available for an "eligible rollover distribution" made by certain types of plans
(as described above under "Taxes - Withholding Tax on Distributions") that is   
transferred within 60 days of receipt into another eligible plan or an IRA.     
Plans making such eligible rollover distributions are also required, with some  
exceptions specified in the Code, to provide for a direct transfer of the       
distribution to the transferee plan designated by the recipient.                

Amounts received from IRAs may also be rolled over into other IRAs or certain   
other plans, subject to limitations set forth in the Code.                      

Generally, distributions from a tax-qualified plan must commence no later than  
April 1 of the calendar year following the year in which the employee attains   
the later of age 70 1/2 or the date of retirement. In the case of an IRA,       
distributions must commence no later than April 1 of the calendar year following
the year in which the owner attains age 70 1/2. Required distributions from     
defined contribution plans and IRAs are determined by dividing the account      
balance by the appropriate distribution period found in a uniform lifetime      
distribution table set forth in IRS regulations. If the sole beneficiary is the 
Contract holder's or employee's spouse and the spouse is more than 10 years     
younger than the employee, a longer distribution period measured by the joint   
life and last survivor expectancy of the Contract holder employee and spouse is 
permitted to be used. Distributions under a defined benefit plan or an annuity  
Contract must be paid in the form of periodic annuity payments for the          
employee's life (or the joint lives of the employee and beneficiary) or over a  
period certain that does not exceed the period under the uniform lifetime table 
for the employee's age in the year in which the annuity starting date occurs. If
the required minimum distributions are not made, a 50% penalty tax on the amount
not distributed is imposed on the individual.                                   

Prior to the date that annuity payments begin under an annuity Contract, the    
required minimum distribution rules applicable to defined contribution plans and
IRAs will be used. For this purpose, the entire interest under an annuity       
Contract is the account value under the Contract plus the actuarial value of any
other benefits such as guaranteed death benefits that will be provided under the
Contract. The IRS has announced that it is reconsidering this rule and that     
during its reconsideration, the rule is not effective. The IRS has further      
announced that if this rule, or a similar rule is adopted after its             
reconsideration, such rule will not come into effect before January 2004.       

TYPES OF TAX-QUALIFIED PLANS                                                    

The Contracts offered herein are designed to be suitable for use under various  
types of tax-qualified plans. Taxation of participants in each tax-qualified    
plan varies with the type of plan and terms and conditions of each specific     
plan. Owners, Annuitants and Beneficiaries are cautioned that benefits under a  
tax-qualified plan may be subject to the terms and conditions of the plan       
regardless of the terms and conditions of the Contracts issued pursuant to the  
plan. Some retirement plans are subject to distribution and other requirements  
that are not incorporated into Jackson National's administrative procedures.    
Jackson National is not bound by the terms and conditions of such plans to the  
extent such terms conflict with the terms of a Contract, unless Jackson National
specifically consents to be bound. Owners, Annuitants and Beneficiaries are     
responsible for determining that contributions, distributions and other         
transactions with respect to the Contracts comply with applicable law.          

A tax-qualified Contract will not provide any necessary or additional tax       
deferral if it is used to fund a tax-qualified plan that is tax deferred.       
However, the Contract has features and benefits other than tax deferral that may
make it an appropriate investment for a tax-qualified plan. Following are       
general descriptions of the types of tax-qualified plans with which the         
Contracts may be used. Such descriptions are not exhaustive and are for general 
informational purposes only. The tax rules regarding tax-qualified plans are    
very complex and will have differing applications depending on individual facts 
and circumstances. Each purchaser should obtain competent tax advice prior to   
purchasing a Contract issued under a tax-qualified plan.                        

Contracts issued pursuant to tax-qualified plans include special provisions     
restricting Contract provisions that may otherwise be available as described    
herein. Generally, Contracts issued pursuant to tax-qualified plans are not     
transferable except upon surrender or annuitization. Various penalty and excise 
taxes may apply to contributions or distributions made in violation of          
applicable limitations. Furthermore, certain withdrawal penalties and           
restrictions may apply to surrenders from Tax-Qualified Contracts. (See "Tax    
Treatment of Withdrawals - Tax-Qualified Contracts" above.)                     

On July 6, 1983, the Supreme Court decided in Arizona Governing Committee v.    
Norris that benefits provided under an employer's deferred compensation plan    
could not, under Title VII of the Civil Rights Act of 1964, vary between men and
women. The Contracts sold by Jackson National in connection with certain        
Tax-Qualified Plans will utilize tables that do not differentiate on the basis  
of sex. Such annuity tables will also be available for use in connection with   
certain non-qualified deferred compensation plans.                              

(a) Tax-Sheltered Annuities                                   

   Section 403(b) of the Code permits the purchase of "tax-sheltered
      annuities" by public schools and certain charitable, educational and
       scientific organizations described in Section 501(c) (3) of the Code.
        These qualifying employers may make contributions to the Contracts for
        the benefit of their employees. Such contributions are not included in
the gross income of the employee until the employee receives  
     distributions from the Contract. The amount of contributions to the
     tax-sheltered annuity is limited to certain maximums imposed by the
Code. Furthermore, the Code sets forth additional restrictions
governing such items as transferability, distributions,       
    non-discrimination and withdrawals. Employee loans are not allowed
        under these Contracts. Any employee should obtain competent tax advice
as to the tax treatment and suitability of such an investment.

(b) Individual Retirement Annuities                           

       Section 408(b) of the Code permits eligible individuals to contribute
        to an individual retirement program known as an "individual retirement
         annuity" ("IRA annuity"). Under applicable limitations, certain amounts
       may be contributed to an IRA annuity that will be deductible from the
        individual's gross income. IRA annuities are subject to limitations on
         eligibility, contributions, transferability and distributions. Sales of
        IRA annuities are subject to special requirements imposed by the Code,
    including the requirement that certain informational disclosure be
        given to persons desiring to establish an IRA. Purchasers of Contracts
        to be qualified as IRA annuities should obtain competent tax advice as
to the tax treatment and suitability of such an investment.   

(c) Roth IRA Annuities                                        

   Section 408A of the Code provides that individuals may purchase a
   non-deductible IRA annuity, known as a Roth IRA annuity. Purchase
        payments for Roth IRA annuities are limited to a maximum of $2,000 per
        year and are not deductible from taxable income. The Economic Growth &
         Tax Relief Reconciliation Act of 2001 (the "Act") increases the maximum
      annual dollar limitation limit for IRA contributions (including Roth
  IRA contributions) from $2,000 to $3,000 for calendar years 2002
       through 2004; $4,000 for calendar years 2005 through 2007; and $5,000
         for 2008. After 2008, the limit will be adjusted annually for inflation
        in $500 increments. In addition, the Act allows individuals age 50 and
    older to make additional catch-up IRA contributions. The otherwise
         maximum contribution limit (before application of adjusted gross income
        phase-out limits) for an individual who had celebrated his or her 50th
       birthday before the end of the tax year is increased by $500 for 2002
through 2005, and $1,000 for 2006 and later.                  

    Lower maximum limitations apply to individuals with adjusted gross
       incomes between $95,000 and $110,000 in the case of single taxpayers,
       between $150,000 and $160,000 in the case of married taxpayers filing
  joint returns, and between $0 and $10,000 in the case of married
  taxpayers filing separately. An overall $2,000 annual limitation
(increased as discussed above) continues to apply to all of a 
        taxpayer's IRA annuity contributions, including Roth IRA annuities and
non-Roth IRA annuities.                                       

       Qualified distributions from Roth IRA annuities are free from federal
       income tax. A qualified distribution requires that the individual has
     held the Roth IRA annuity for at least five years and, in addition,
       that the distribution is made either after the individual reaches age
    59 1/2, on the individual's death or disability, or as a qualified
      first-time home purchase, subject to a $10,000 lifetime maximum, for
the individual, a spouse, child, grandchild, or ancestor. Any 
     distribution that is not a qualified distribution is taxable to the
      extent of earnings in the distribution. Distributions are treated as
  made from contributions first and therefore no distributions are
       taxable until distributions exceed the amount of contributions to the
   Roth IRA annuity. The 10% penalty tax and the regular IRA annuity
       exceptions to the 10% penalty tax apply to taxable distributions from
Roth IRA annuities.                                           

      Amounts may be rolled over from one Roth IRA annuity to another Roth
IRA annuity. Furthermore, an individual may make a rollover   
        contribution from a non-Roth IRA annuity to a Roth IRA annuity, unless
the individual has adjusted gross income over $100,000 or the 
individual is a married taxpayer filing a separate return. The
        individual must pay tax on any portion of the IRA annuity being rolled
     over that would be included in income if the distributions were not
     rolled over. There are no similar limitations on rollovers from one
Roth IRA annuity to another Roth IRA annuity.                 

(d) Pension and Profit-Sharing Plans                          

      The Internal Revenue Code permits employers, including self-employed
       individuals, to establish various types of qualified retirement plans
      for employees. These retirement plans may permit the purchase of the
         Contracts to provide benefits under the plan. Contributions to the plan
       for the benefit of employees will not be included in the gross income
       of the employee until distributed from the plan. The tax consequences
        to owners may vary depending upon the particular plan design. However,
     the Code places limitations on all plans on such items as amount of
    allowable contributions; form, manner and timing of distributions;
   vesting and non-forfeitability of interests; nondiscrimination in
        eligibility and participation; and the tax treatment of distributions,
        transferability of benefits, withdrawals and surrenders. Purchasers of
      Contracts for use with pension or profit sharing plans should obtain
         competent tax advice as to the tax treatment and suitability of such an
investment.                                                   

485BPOS 18th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 18th
(e) Eligible Deferred Compensation Plans -- Section 457       

         Under Code provisions, employees and independent contractors performing
services for state and local governments and other tax-exempt 
       organizations may participate in eligible deferred compensation plans
       under Section 457 of the Code. The amounts deferred under a Plan that
      meets the requirements of Section 457 of the Code are not taxable as
         income to the participant until paid or otherwise made available to the
        participant or beneficiary. As a general rule, the maximum amount that
       can be deferred in any one year is the lesser of $8,500 or 33 1/3% of
         the participant's includible compensation. The Act increases the dollar
        limit on deferrals to conform to the elective deferral limitation. The
         Act also increases the elective deferral limitation to $11,000 for 2002
        and in $1,000 annual increments thereafter until it reaches $15,000 in
         2006. The limit is indexed for inflation after that in $500 increments.
  The Act also increases the 33 1/3% of compensation limitation on
deferrals to 100% of compensation. In addition, the Act allows
       individuals in eligible deferred compensation plans of state or local
         governments age 50 and older to make additional catch-up contributions.
    The otherwise maximum contribution limit for an individual who had
       celebrated his or her 50th birthday before the end of the tax year is
  increased by $1,000 for 2002 and by additional $1,000 increments
       through 2006, when the catch-up contribution will by $5,000. Catch-up
        contributions are also available for participants in qualified pension
    and profit-sharing plans and tax-sheltered annuities under Section
403(b) of the Code.                                           

        In limited circumstances, the plan may provide for additional catch-up
        contributions in each of the last three years before normal retirement
 age. Furthermore, the Code provides additional requirements and
restrictions regarding eligibility and distributions.         

        All of the assets and income of an eligible deferred compensation plan
      established by a governmental employer must be held in trust for the
     exclusive benefit of participants and their beneficiaries. For this
       purpose, custodial accounts and certain annuity Contracts are treated
         as trusts. The requirement of a trust does not apply to amounts under a
    Plan of a tax-exempt (non-governmental) employer. In addition, the
    requirement of a trust does not apply to amounts under a Plan of a
      governmental employer if the Plan is not an eligible plan within the
        meaning of section 457(b) of the Code. In the absence of such a trust,
        amounts under the plan will be subject to the claims of the employer's
general creditors.                                            

        In general, distributions from a Plan are prohibited under section 457
of the Code unless made after the participant:                

o    attains age 701/2,                                     

o    severs employment,                                     

o    dies, or                                               

          o    suffers an  unforeseeable  financial  emergency as defined in the
regulations.                                      

Under present federal tax law, amounts accumulated in a Plan of a tax-exempt    
(non-governmental) employer under section 457 of the Code cannot be transferred 
or rolled over on a tax-deferred basis except for certain transfers to other    
Plans under Section 457. Amounts accumulated in a Plan of a state or local      
government employer may be transferred or rolled over to another eligible       
deferred compensation plan of a state or local government, an IRA, a qualified  
pension or profit-sharing plan or a tax-sheltered annuity under Section 403(b)  
of the Code.                                                                    

NET INVESTMENT FACTOR                                                           

The net investment factor is an index applied to measure the net investment     
performance of an Investment Division from one valuation date to the next. The  
net investment factor for any Investment Division for any valuation period      
during the accumulation and annuity phases is determined by dividing (a) by (b) 
and then subtracting (c) from the result where:                                 

(a) is the net result of:                                     

            (1)      the net asset value of a Fund share held in the
                        Investment Division determined as of the valuation
                   date at the end of the valuation period, plus

          (2)      the per share amount of any dividend or other
              distribution declared by the Fund if the
                    "ex-dividend" date occurs during the valuation
period, plus or minus     

             (3)      a per share credit or charge with respect to any
                       taxes paid or reserved for by Jackson National NY
                         during the valuation period which are determined by
                   Jackson National NY to be attributable to the
                      operation of the Investment Division (no federal
                     income taxes are applicable under present law);

(b)      is the net asset value of the Fund share held in the 
                  Investment Division determined as of the valuation date at the
end of the preceding valuation period; and  

       (c)      is the asset charge factor determined by Jackson National NY
               for the valuation period to reflect the asset based charges
                 (the mortality and expense risks), administration charge, and
 any applicable charges for optional benefits.

Also see "Income Payments (The Income Phase)" in the Prospectus.                

Since the net investment factor may be greater than, less than, or equal to one,
and the factor that offsets the 3% investment rate assumed is slightly less than
one, the value of an annuity unit (which changes with the product of that       
factor) and the net investment may increase, decrease or remain the same.       

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JNLNY Separate Account - I

[GRAPHIC OMITTED][GRAPHIC OMITTED]

Financial Statements

 December 31, 2002

485BPOS 20th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 20th
JNLNY SEPARATE ACCOUNT I                                                        
STATEMENTS OF ASSETS AND LIABILITIES                                            
December 31, 2002                                                               

                                                        [Enlarge/Download Table]

                                                                                                                                    

                                               AIM/           AIM/JNL            AIM/                                Alliance       
                                          JNL Large Cap    Premier Equity    JNL Small Cap      Alger/JNL           Capital/JNL     
                                         Growth Portfolio   II Portfolio    Growth Portfolio Growth Portfolio    Growth Portfolio   
                                         ----------------- ---------------  ---------------- ----------------  ------------------   
ASSETS                                                                                                                              
Investments, at value (a)                       $ 170,658       $ 236,044         $ 605,592      $ 4,936,148         $ 1,293,809    
Receivables:                                                                                                                        
   Investment securities sold                           7              11                27              202             887,125    
   Sub-account units sold                           1,417           1,492               526                -                   -    
                                         ----------------- ---------------  ---------------- ----------------  ------------------   
TOTAL ASSETS                                      172,082         237,547           606,145        4,936,350           2,180,934    
                                         ----------------- ---------------  ---------------- ----------------  ------------------   

LIABILITIES                                                                                                                         
Payables:                                                                                                                           
   Investment securities purchased                  1,417           1,492               526                -                   -    
   Sub-account units redeemed                           -               -                 -                8             887,036    
   Insurance fees due to Jackson National                                                                                           
      Life of New York                                  7              11                27              194                  89    
                                         ----------------- ---------------  ---------------- ----------------  ------------------   
TOTAL LIABILITIES                                   1,424           1,503               553              202             887,125    
                                         ----------------- ---------------  ---------------- ----------------  ------------------   
NET ASSETS (NOTE 6)                             $ 170,658       $ 236,044         $ 605,592      $ 4,936,148         $ 1,293,809    
---------------------------------------  ================= ===============  ================ ================  ==================   

(a)  Investment shares                             20,914          29,879            71,838          452,443             162,131    
     Investments at cost                        $ 190,600       $ 289,827         $ 726,242      $ 8,577,172         $ 1,722,871    

                                                              Eagle/JNL     First Trust/JNL  First Trust/JNL   First Trust/JNL      
                                          Eagle/JNL Core       SmallCap       Global Target      Target 25     Target Small-Cap     
                                         Equity Portfolio  Equity Portfolio   15 Portfolio       Portfolio         Portfolio        
                                         ----------------  ---------------- ---------------  ---------------  -----------------     
ASSETS                                                                                                                              
Investments, at value (a)                    $ 1,861,526       $ 1,877,415        $ 93,463        $ 240,144          $ 269,916      
Receivables:                                                                                                                        
   Investment securities sold                         79                76               5               12                 14      
   Sub-account units sold                              -                 -               -                -                  -      
                                         ----------------  ---------------- ---------------  ---------------  -----------------     
TOTAL ASSETS                                   1,861,605         1,877,491          93,468          240,156            269,930      
                                         ----------------  ---------------- ---------------  ---------------  -----------------     

LIABILITIES                                                                                                                         
Payables:                                                                                                                           
   Investment securities purchased                     -                 -               -                -                  -      
   Sub-account units redeemed                          -                 -               -                -                  -      
   Insurance fees due to Jackson National                                                                                           
      Life of New York                                79                76               5               12                 14      
                                         ----------------  ---------------- ---------------  ---------------  -----------------     
TOTAL LIABILITIES                                     79                76               5               12                 14      
                                         ----------------  ---------------- ---------------  ---------------  -----------------     
NET ASSETS (NOTE 6)                          $ 1,861,526       $ 1,877,415        $ 93,463        $ 240,144          $ 269,916      
---------------------------------------  ================  ================ ===============  ===============  =================     

(a)  Investment shares                           162,579           156,321           9,596           23,247             24,786      
     Investments at cost                     $ 2,336,938       $ 2,346,512        $ 96,609        $ 241,346          $ 270,714      

                     See notes to the financial statements.                                                                         

485BPOS 21st “Page” of 94 TOC 1st Previous Next ↓Bottom Just 21st
JNLNY SEPARATE ACCOUNT I                                                                                                            
STATEMENTS OF ASSETS AND LIABILITIES                                                                                                
December 31, 2002                                                                                                                   

                                          First Trust/JNL    First Trust/JNL      Janus/JNL         Janus/JNL         Janus/JNL     
                                           The Dow Target    The S&P Target      Aggressive         Balanced           Capital      
                                            10 Portfolio      10 Portfolio     Growth Portfolio     Portfolio      Growth Portfolio 
                                         ------------------- ----------------  ----------------  ----------------  ---------------- 
ASSETS                                                                                                                              
Investments, at value (a)                         $ 301,425        $ 234,778       $ 7,589,530       $ 4,042,881       $ 6,203,783  
Receivables:                                                                                                                        
   Investment securities sold                            15               12               309               169               248  
   Sub-account units sold                                 -                -                 -             1,629                 -  
                                         ------------------- ----------------  ----------------  ----------------  ---------------- 
TOTAL ASSETS                                        301,440          234,790         7,589,839         4,044,679         6,204,031  
                                         ------------------- ----------------  ----------------  ----------------  ---------------- 

LIABILITIES                                                                                                                         
Payables:                                                                                                                           
   Investment securities purchased                        -                -                 -             1,629                 -  
   Sub-account units redeemed                             -                -                14                 -                 6  
   Insurance fees due to Jackson National                                                                                           
      Life of New York                                   15               12               295               169               242  
                                         ------------------- ----------------  ----------------  ----------------  ---------------- 
TOTAL LIABILITIES                                        15               12               309             1,798               248  
                                         ------------------- ----------------  ----------------  ----------------  ---------------- 
NET ASSETS (NOTE 6)                               $ 301,425        $ 234,778       $ 7,589,530       $ 4,042,881       $ 6,203,783  
---------------------------------------  =================== ================  ================  ================  ================ 

(a)  Investment shares                               26,865           24,229           582,466           489,453           633,686  
     Investments at cost                          $ 298,868        $ 243,210      $ 15,821,969       $ 4,467,896      $ 16,035,382  

                                                                 JPMorgan/                                                          
                                              Janus/JNL        JNL Enhanced    JPMorgan/JNL       Lazard/JNL         Lazard/JNL     
                                               Global          S&P 500 Stock   International        Mid Cap          Small Cap      
                                         Equities Portfolio   Index Portfolio Value Portfolio   Value Portfolio   Value Portfolio   
                                         -------------------  --------------- ---------------  ---------------- -----------------   
ASSETS                                                                                                                              
Investments, at value (a)                       $ 4,436,957         $ 26,895        $ 59,656         $ 573,809       $ 1,023,627    
Receivables:                                                                                                                        
   Investment securities sold                           177                1               2                27                44    
   Sub-account units sold                                 -                -               -               652                 -    
                                         -------------------  --------------- ---------------  ---------------- -----------------   
TOTAL ASSETS                                      4,437,134           26,896          59,658           574,488         1,023,671    
                                         -------------------  --------------- ---------------  ---------------- -----------------   

LIABILITIES                                                                                                                         
Payables:                                                                                                                           
   Investment securities purchased                        -                -               -               652                 -    
   Sub-account units redeemed                             7                -               -                 -                 -    
   Insurance fees due to Jackson National                                                                                           
      Life of New York                                  170                1               2                27                44    
                                         -------------------  --------------- ---------------  ---------------- -----------------   
TOTAL LIABILITIES                                       177                1               2               679                44    
                                         -------------------  --------------- ---------------  ---------------- -----------------   
NET ASSETS (NOTE 6)                             $ 4,436,957         $ 26,895        $ 59,656         $ 573,809       $ 1,023,627    
---------------------------------------  ===================  =============== ===============  ================ =================   

(a)  Investment shares                              315,573            4,366          10,730            56,091           108,897    
     Investments at cost                        $ 9,255,993         $ 27,008        $ 61,339         $ 662,790       $ 1,211,119    

See notes to the financial statements.                                                                                              

485BPOS 22nd “Page” of 94 TOC 1st Previous Next ↓Bottom Just 22nd
JNLNY SEPARATE ACCOUNT I                                                                                                            
STATEMENTS OF ASSETS AND LIABILITIES                                                                                                
December 31, 2002                                                                                                                   

                                         Mellon Capital  Mellon Capital    Mellon Capital      Mellon Capital      Mellon Capital   
                                         Management/JNL  Management/JNL    Management/JNL      Management/JNL      Management/JNL   
                                           Bond Index    International     S&P 400 Mid Cap         S&P 500            Small Cap     
                                           Portfolio    Index Portfolio    Index Portfolio     Index Portfolio     Index Portfolio  
                                         -------------- ---------------  ------------------  ------------------  ------------------ 
ASSETS                                                                                                                              
Investments, at value (a)                     $ 19,827             $ -           $ 186,309           $ 257,511           $ 206,031  
Receivables:                                                                                                                        
   Investment securities sold                        1               -               6,710               6,592               6,609  
   Sub-account units sold                            -               -                   -                   -                   -  
                                         -------------- ---------------  ------------------  ------------------  ------------------ 
TOTAL ASSETS                                    19,828               -             193,019             264,103             212,640  
                                         -------------- ---------------  ------------------  ------------------  ------------------ 

LIABILITIES                                                                                                                         
Payables:                                                                                                                           
   Investment securities purchased                   -               -                   -                   -                   -  
   Sub-account units redeemed                        -               -               6,700               6,578               6,598  
   Insurance fees due to Jackson National                                                                                           
      Life of New York                               1               -                  10                  14                  11  
                                         -------------- ---------------  ------------------  ------------------  ------------------ 
TOTAL LIABILITIES                                    1               -               6,710               6,592               6,609  
                                         -------------- ---------------  ------------------  ------------------  ------------------ 
NET ASSETS (NOTE 6)                           $ 19,827             $ -           $ 186,309           $ 257,511           $ 206,031  
---------------------------------------  ============== ===============  ==================  ==================  ================== 

(a)  Investment shares                           1,892               -              21,791              33,057              25,949  
     Investments at cost                      $ 20,207             $ -           $ 186,321           $ 259,082           $ 209,082  

                                         Oppenheimer/JNL                       PIMCO/JNL        PPM America/       PPM America/     
                                          Global Growth    Oppenheimer/JNL    Total Return      JNL Balanced      JNL High Yield    
                                            Portfolio      Growth Portfolio  Bond Portfolio      Portfolio        Bond Portfolio    
                                         ---------------  -----------------  --------------  -----------------  -----------------   
ASSETS                                                                                                                              
Investments, at value (a)                     $ 924,878          $ 445,397     $ 5,767,820        $ 5,043,276        $ 4,746,268    
Receivables:                                                                                                                        
   Investment securities sold                        43                 20          27,726                864             20,846    
   Sub-account units sold                             -                  -         780,795                  -                652    
                                         ---------------  -----------------  --------------  -----------------  -----------------   
TOTAL ASSETS                                    924,921            445,417       6,576,341          5,044,140          4,767,766    
                                         ---------------  -----------------  --------------  -----------------  -----------------   

LIABILITIES                                                                                                                         
Payables:                                                                                                                           
   Investment securities purchased                    -                  -         780,795                  -                652    
   Sub-account units redeemed                         -                  -          27,505                657             20,647    
   Insurance fees due to Jackson National                                                                                           
      Life of New York                               43                 20             221                207                199    
                                         ---------------  -----------------  --------------  -----------------  -----------------   
TOTAL LIABILITIES                                    43                 20         808,521                864             21,498    
                                         ---------------  -----------------  --------------  -----------------  -----------------   
NET ASSETS (NOTE 6)                           $ 924,878          $ 445,397     $ 5,767,820        $ 5,043,276        $ 4,746,268    
---------------------------------------  ===============  =================  ==============  =================  =================   

(a)  Investment shares                          128,455             63,357         497,226            383,811            609,277    
     Investments at cost                    $ 1,133,327          $ 557,384     $ 5,551,957        $ 5,165,196        $ 5,153,474    

                     See notes to the financial statements.                                                                         

485BPOS 23rd “Page” of 94 TOC 1st Previous Next ↓Bottom Just 23rd
JNLNY SEPARATE ACCOUNT I                                                                                                            
STATEMENTS OF ASSETS AND LIABILITIES                                                                                                
December 31, 2002                                                                                                                   

                                           PPM America/    PPM America/                        Putnam/JNL         Putnam/JNL        
                                            JNL Money       JNL Value      Putnam/JNL         International          Midcap         
                                         Market Portfolio   Portfolio    Equity Portfolio    Equity Portfolio   Growth Portfolio    
                                         ---------------- ------------- ------------------ ------------------- ------------------   
ASSETS                                                                                                                              
Investments, at value (a)                    $ 5,567,422       $ 7,541        $ 3,018,863         $ 1,942,262          $ 902,452    
Receivables:                                                                                                                        
   Investment securities sold                        218             -                125                  85                 39    
   Sub-account units sold                        194,472             -                  -                 706                807    
                                         ---------------- ------------- ------------------ ------------------- ------------------   
TOTAL ASSETS                                   5,762,112         7,541          3,018,988           1,943,053            903,298    
                                         ---------------- ------------- ------------------ ------------------- ------------------   

LIABILITIES                                                                                                                         
Payables:                                                                                                                           
   Investment securities purchased               194,472             -                  -                 706                807    
   Sub-account units redeemed                          -             -                  6                   8                  -    
   Insurance fees due to Jackson National                                                                                           
      Life of New York                               218             -                119                  77                 39    
                                         ---------------- ------------- ------------------ ------------------- ------------------   
TOTAL LIABILITIES                                194,690             -                125                 791                846    
                                         ---------------- ------------- ------------------ ------------------- ------------------   
NET ASSETS (NOTE 6)                          $ 5,567,422       $ 7,541        $ 3,018,863         $ 1,942,262          $ 902,452    
---------------------------------------  ================ ============= ================== =================== ==================   

(a)  Investment shares                         5,567,422           687            231,508             255,898            176,605    
     Investments at cost                     $ 5,561,645       $ 7,560        $ 5,210,423         $ 2,317,029        $ 1,307,063    

                                           Putnam/JNL       S&P/JNL            S&P/JNL          S&P/JNL         S&P/JNL Equity      
                                          Value Equity     Aggressive        Conservative      Core Index         Aggressive        
                                           Portfolio   Growth Portfolio I  Growth Portfolio I 100 Portfolio   Growth Portfolio I    
                                         ------------- ------------------  ------------------ -------------- ---------------------  
ASSETS                                                                                                                              
Investments, at value (a)                 $ 5,875,372        $ 4,414,809        $ 10,062,344       $ 48,038           $ 1,279,528   
Receivables:                                                                                                                        
   Investment securities sold                     238                185                 443              3                    84   
   Sub-account units sold                           -                  -                 652              -                     -   
                                         ------------- ------------------  ------------------ -------------- ---------------------  
TOTAL ASSETS                                5,875,610          4,414,994          10,063,439         48,041             1,279,612   
                                         ------------- ------------------  ------------------ -------------- ---------------------  

LIABILITIES                                                                                                                         
Payables:                                                                                                                           
   Investment securities purchased                  -                  -                 652              -                     -   
   Sub-account units redeemed                       -                  -                   -              -                    30   
   Insurance fees due to Jackson National                                                                                           
      Life of New York                            238                185                 443              3                    54   
                                         ------------- ------------------  ------------------ -------------- ---------------------  
TOTAL LIABILITIES                                 238                185               1,095              3                    84   
                                         ------------- ------------------  ------------------ -------------- ---------------------  
NET ASSETS (NOTE 6)                       $ 5,875,372        $ 4,414,809        $ 10,062,344       $ 48,038           $ 1,279,528   
---------------------------------------  ============= ==================  ================== ============== =====================  

(a)  Investment shares                        449,875            523,082           1,061,429          5,547               174,085   
     Investments at cost                  $ 7,392,615        $ 6,067,998        $ 11,066,222       $ 47,718           $ 1,995,012   

                     See notes to the financial statements.                                                                         

485BPOS 24th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 24th
JNLNY SEPARATE ACCOUNT I                                                                                                            
STATEMENTS OF ASSETS AND LIABILITIES                                                                                                
December 31, 2002                                                                                                                   

                                                                                                                      Salomon       
                                                                                                    Salomon       Brothers/JNL      
                                            S&P/JNL        S&P/JNL              S&P/JNL             Brothers/     U.S. Government   
                                         Equity Growth  Moderate Growth      Very Aggressive       JNL Global        & Quality      
                                          Portfolio I     Portfolio I      Growth Portfolio I    Bond Portfolio   Bond Portfolio    
                                         -------------- ----------------  --------------------  ---------------  -----------------  
ASSETS                                                                                                                              
Investments, at value (a)                  $ 5,701,263     $ 14,461,735           $ 1,102,118      $ 2,484,196        $ 9,857,127   
Receivables:                                                                                                                        
   Investment securities sold                      254              667                    49              103             75,401   
   Sub-account units sold                            -                -                     -              652              1,629   
                                         -------------- ----------------  --------------------  ---------------  -----------------  
TOTAL ASSETS                                 5,701,517       14,462,402             1,102,167        2,484,951          9,934,157   
                                         -------------- ----------------  --------------------  ---------------  -----------------  

LIABILITIES                                                                                                                         
Payables:                                                                                                                           
   Investment securities purchased                   -                -                     -              652              1,629   
   Sub-account units redeemed                        -               11                     -                -             74,980   
   Insurance fees due to Jackson National                                                                                           
      Life of New York                             254              656                    49              103                421   
                                         -------------- ----------------  --------------------  ---------------  -----------------  
TOTAL LIABILITIES                                  254              667                    49              755             77,030   
                                         -------------- ----------------  --------------------  ---------------  -----------------  
NET ASSETS (NOTE 6)                        $ 5,701,263     $ 14,461,735           $ 1,102,118      $ 2,484,196        $ 9,857,127   
---------------------------------------  ============== ================  ====================  ===============  =================  

(a)  Investment shares                         765,270        1,563,431               144,635          233,697            829,027   
     Investments at cost                   $ 7,658,590     $ 16,673,209           $ 1,668,697      $ 2,454,722        $ 9,657,255   

                                           T. Rowe Price/       T. Rowe Price/         T. Rowe                                      
                                           JNL Established        JNL Mid-Cap         Price/JNL                                     
                                          Growth Portfolio     Growth Portfolio    Value Portfolio                                  
                                         --------------------  ------------------ ------------------                                
ASSETS                                                                                                                              
Investments, at value (a)                        $ 3,752,999         $ 4,314,576        $ 2,998,971                                 
Receivables:                                                                                                                        
   Investment securities sold                            151                 175                128                                 
   Sub-account units sold                                  -                   -                  -                                 
                                         --------------------  ------------------ ------------------                                
TOTAL ASSETS                                       3,753,150           4,314,751          2,999,099                                 
                                         --------------------  ------------------ ------------------                                

LIABILITIES                                                                                                                         
Payables:                                                                                                                           
   Investment securities purchased                         -                   -                  -                                 
   Sub-account units redeemed                              -                   -                  -                                 
   Insurance fees due to Jackson National                                                                                           
      Life of New York                                   151                 175                128                                 
                                         --------------------  ------------------ ------------------                                
TOTAL LIABILITIES                                        151                 175                128                                 
                                         --------------------  ------------------ ------------------                                
NET ASSETS (NOTE 6)                              $ 3,752,999         $ 4,314,576        $ 2,998,971                                 
---------------------------------------  ====================  ================== ==================                                

(a)  Investment shares                               292,062             239,035            325,268                                 
     Investments at cost                         $ 4,850,800         $ 5,221,867        $ 3,512,849                                 

                     See notes to the financial statements.                                                                         

485BPOS 25th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 25th
JNLNY SEPARATE ACCOUNT I                                                                                                            
STATEMENTS OF OPERATIONS                                                                                                            
For the Year Ended December 31, 2002                                                                                                

                                                     AIM/JNL        AIM/JNL             AIM/          Alger/JNL       Alliance      
                                                    Large Cap    Premier Equity    JNL Small Cap       Growth        Capital/JNL    
                                                Growth Portfolio  II Portfolio    Growth Portfolio    Portfolio    Growth Portfolio 
                                                ---------------- ---------------  ----------------  ------------- ------------------
INVESTMENT INCOME                                                                                                                   
   Dividends                                                $ -             $ -               $ -            $ -                $ - 
                                                ---------------- ---------------  ----------------  ------------- ------------------

EXPENSES                                                                                                                            
   Insurance charges (Note 5)                             1,585           3,295             6,649         95,346             24,897 
                                                ---------------- ---------------  ----------------  ------------- ------------------
TOTAL EXPENSES                                            1,585           3,295             6,649         95,346             24,897 
                                                ---------------- ---------------  ----------------  ------------- ------------------
NET INVESTMENT LOSS                                      (1,585)         (3,295)           (6,649)       (95,346)           (24,897)
                                                ---------------- ---------------  ----------------  ------------- ------------------

REALIZED AND UNREALIZED GAIN (LOSS)                                                                                                 
Net realized gain (loss) on:                                                                                                        
   Distributions from investment companies                  336             900                56              -                  - 
   Investments                                          (12,365)        (16,093)          (43,664)      (975,881)          (506,217)
Net change in unrealized                                                                                                            
   depreciation on investments                          (20,318)        (56,726)         (122,126)    (1,839,338)          (146,711)
                                                ---------------- ---------------  ----------------  ------------- ------------------
NET REALIZED AND UNREALIZED GAIN (LOSS)                 (32,347)        (71,919)         (165,734)    (2,815,219)          (652,928)
                                                ---------------- ---------------  ----------------  ------------- ------------------

NET INCREASE (DECREASE) IN NET ASSETS                                                                                               
   FROM OPERATIONS                                    $ (33,932)      $ (75,214)       $ (172,383)  $ (2,910,565)        $ (677,825)
----------------------------------------------  ================ ===============  ================  ============= ==================

                                                 Eagle/JNL        Eagle/JNL     First Trust/JNL   First Trust/JNL  First Trust/JNL  
                                                Core Equity       SmallCap       Global Target        Target 25    Target Small-Cap 
                                                 Portfolio    Equity Portfolio  15 Portfolio (a)    Portfolio (a)   Portfolio (a)   
                                                ------------  ----------------  ----------------  ---------------  -----------------
INVESTMENT INCOME                                                                                                                   
   Dividends                                       $ 15,589               $ -               $ -              $ -                $ - 
                                                ------------  ----------------  ----------------  ---------------  -----------------

EXPENSES                                                                                                                            
   Insurance charges (Note 5)                        30,518            32,760             3,588            3,885              3,969 
                                                ------------  ----------------  ----------------  ---------------  -----------------
TOTAL EXPENSES                                       30,518            32,760             3,588            3,885              3,969 
                                                ------------  ----------------  ----------------  ---------------  -----------------
NET INVESTMENT LOSS                                 (14,929)          (32,760)           (3,588)          (3,885)            (3,969)
                                                ------------  ----------------  ----------------  ---------------  -----------------

REALIZED AND UNREALIZED GAIN (LOSS)                                                                                                 
Net realized gain (loss) on:                                                                                                        
   Distributions from investment companies                -                 -                 -                -                  - 
   Investments                                     (122,052)          (51,442)            1,491           17,668             49,903 
Net change in unrealized                                                                                                            
   depreciation on investments                     (390,496)         (577,096)           (3,146)          (1,202)              (798)
                                                ------------  ----------------  ----------------  ---------------  -----------------
NET REALIZED AND UNREALIZED GAIN (LOSS)            (512,548)         (628,538)           (1,655)          16,466             49,105 
                                                ------------  ----------------  ----------------  ---------------  -----------------

NET INCREASE (DECREASE) IN NET ASSETS                                                                                               
   FROM OPERATIONS                               $ (527,477)       $ (661,298)         $ (5,243)        $ 12,581           $ 45,136 
----------------------------------------------  ============  ================  ================  ===============  =================

(a)  Inception date July 22, 2002.                                                                                                  

See notes to the financial statements.                                                                                              

485BPOS 26th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 26th
JNLNY SEPARATE ACCOUNT I                                                                                                            
STATEMENTS OF OPERATIONS                                                                                                            
For the Year Ended December 31, 2002                                                                                                

                                                First Trust/JNL    First Trust/JNL     Janus/JNL        Janus/JNL      Janus/JNL    
                                                 The Dow Target    The S&P Target      Aggressive       Balanced        Capital     
                                                10 Portfolio (a)  10 Portfolio (a)  Growth Portfolio    Portfolio   Growth Portfolio
                                                ----------------  ----------------  -----------------  -----------  ----------------
INVESTMENT INCOME                                                                                                                   
   Dividends                                                $ -               $ -                $ -     $ 93,201               $ - 
                                                ----------------  ----------------  -----------------  -----------  ----------------

EXPENSES                                                                                                                            
   Insurance charges (Note 5)                             4,094             3,897            147,900       64,424           116,521 
                                                ----------------  ----------------  -----------------  -----------  ----------------
TOTAL EXPENSES                                            4,094             3,897            147,900       64,424           116,521 
                                                ----------------  ----------------  -----------------  -----------  ----------------
NET INVESTMENT LOSS                                      (4,094)           (3,897)          (147,900)      28,777          (116,521)
                                                ----------------  ----------------  -----------------  -----------  ----------------

REALIZED AND UNREALIZED GAIN (LOSS)                                                                                                 
Net realized gain (loss) on:                                                                                                        
   Distributions from investment companies                    -                 -                  -            -                 - 
   Investments                                           61,211            (5,645)        (3,523,317)    (117,091)       (5,051,752)
Net change in unrealized                                                                                                            
   depreciation on investments                            2,557            (8,432)          (594,396)    (299,005)        1,844,952 
                                                ----------------  ----------------  -----------------  -----------  ----------------
NET REALIZED AND UNREALIZED GAIN (LOSS)                  63,768           (14,077)        (4,117,713)    (416,096)       (3,206,800)
                                                ----------------  ----------------  -----------------  -----------  ----------------

NET INCREASE (DECREASE) IN NET ASSETS                                                                                               
   FROM OPERATIONS                                     $ 59,674         $ (17,974)      $ (4,265,613)  $ (387,319)     $ (3,323,321)
----------------------------------------------  ================  ================  =================  ===========  ================

                                                                    JPMorgan/           JPMorgan/       Lazard/JNL                  
                                               Janus/JNL          JNL Enhanced            JNL             Mid Cap       Lazard/JNL  
                                                 Global           S&P 500 Stock       International        Value        Small Cap   
                                           Equities Portfolio   Index Portfolio (a) Value Portfolio (b)  Portfolio   Value Portfolio
                                           -------------------  ------------------  ------------------  -----------  ---------------
INVESTMENT INCOME                                                                                                                   
   Dividends                                         $ 42,853                $ 10             $ 1,346      $ 1,793              $ 5 
                                           -------------------  ------------------  ------------------  -----------  ---------------

EXPENSES                                                                                                                            
   Insurance charges (Note 5)                          90,121                  66                 113        8,432           12,002 
                                           -------------------  ------------------  ------------------  -----------  ---------------
TOTAL EXPENSES                                         90,121                  66                 113        8,432           12,002 
                                           -------------------  ------------------  ------------------  -----------  ---------------
NET INVESTMENT LOSS                                   (47,268)                (56)              1,233       (6,639)         (11,997)
                                           -------------------  ------------------  ------------------  -----------  ---------------

REALIZED AND UNREALIZED GAIN (LOSS)                                                                                                 
Net realized gain (loss) on:                                                                                                        
   Distributions from investment companies                  -                   -                   -        1,221            3,972 
   Investments                                     (2,222,448)               (369)              2,629      (46,007)         (55,469)
Net change in unrealized                                                                                                            
   depreciation on investments                         20,902                (113)             (1,683)     (80,417)        (190,428)
                                           -------------------  ------------------  ------------------  -----------  ---------------
NET REALIZED AND UNREALIZED GAIN (LOSS)            (2,201,546)               (482)                946     (125,203)        (241,925)
                                           -------------------  ------------------  ------------------  -----------  ---------------

NET INCREASE (DECREASE) IN NET ASSETS                                                                                               
   FROM OPERATIONS                               $ (2,248,814)             $ (538)            $ 2,179   $ (131,842)      $ (253,922)
-------------------------------------------===================  ==================  ==================  ===========  ===============

(a)  Inception date July 22, 2002.                                                                                                  
(b)  Inception date September 30, 2002.                                                                                             

                     See notes to the financial statements.                                                                         

485BPOS 27th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 27th
JNLNY SEPARATE ACCOUNT I                                                                                                            
STATEMENTS OF OPERATIONS                                                                                                            
For the Year Ended December 31, 2002                                                                                                

                                           Mellon Capital   Mellon Capital    Mellon Capital     Mellon Capital     Mellon Capital  
                                           Management/JNL   Management/JNL    Management/JNL     Management/JNL     Management/JNL  
                                             Bond Index     International     S&P 400 Mid Cap     S&P 500 Index     Small Cap Index 
                                            Portfolio (a) Index Portfolio (a) Index Portfolio (a) Portfolio (a)      Portfolio (a)  
                                           -------------- ------------------  -----------------  ---------------  ------------------
INVESTMENT INCOME                                                                                                                   
   Dividends                                       $ 648                $ -            $ 1,249              $ -             $ 2,157 
                                           -------------- ------------------  -----------------  ---------------  ------------------

EXPENSES                                                                                                                            
   Insurance charges (Note 5)                         43                  1                424              601                 434 
                                           -------------- ------------------  -----------------  ---------------  ------------------
TOTAL EXPENSES                                        43                  1                424              601                 434 
                                           -------------- ------------------  -----------------  ---------------  ------------------
NET INVESTMENT LOSS                                  605                 (1)               825             (601)              1,723 
                                           -------------- ------------------  -----------------  ---------------  ------------------

REALIZED AND UNREALIZED GAIN (LOSS)                                                                                                 
Net realized gain (loss) on:                                                                                                        
   Distributions from investment companies            38                  -                  -                -                   - 
   Investments                                         -               (104)              (323)            (491)               (429)
Net change in unrealized                                                                                                            
   depreciation on investments                      (380)                 -                (12)          (1,571)             (3,051)
                                           -------------- ------------------  -----------------  ---------------  ------------------
NET REALIZED AND UNREALIZED GAIN (LOSS)             (342)              (104)              (335)          (2,062)             (3,480)
                                           -------------- ------------------  -----------------  ---------------  ------------------

NET INCREASE (DECREASE) IN NET ASSETS                                                                                               
   FROM OPERATIONS                                 $ 263             $ (105)             $ 490         $ (2,663)           $ (1,757)
-------------------------------------------============== ==================  =================  ===============  ==================

                                           Oppenheimer/JNL                        PIMCO/JNL         PPM America/       PPM America/ 
                                            Global Growth   Oppenheimer/JNL      Total Return       JNL Balanced     JNL High Yield 
                                              Portfolio     Growth Portfolio    Bond Portfolio       Portfolio       Bond Portfolio 
                                           --------------- -----------------  -----------------  -----------------  ----------------
INVESTMENT INCOME                                                                                                                   
   Dividends                                          $ -               $ -              $ 868          $ 153,903         $ 378,478 
                                           --------------- -----------------  -----------------  -----------------  ----------------

EXPENSES                                                                                                                            
   Insurance charges (Note 5)                      15,825             8,768             39,622             78,147            63,398 
                                           --------------- -----------------  -----------------  -----------------  ----------------
TOTAL EXPENSES                                     15,825             8,768             39,622             78,147            63,398 
                                           --------------- -----------------  -----------------  -----------------  ----------------
NET INVESTMENT LOSS                               (15,825)           (8,768)           (38,754)            75,756           315,080 
                                           --------------- -----------------  -----------------  -----------------  ----------------

REALIZED AND UNREALIZED GAIN (LOSS)                                                                                                 
Net realized gain (loss) on:                                                                                                        
   Distributions from investment companies              -                 -                392             62,898                 - 
   Investments                                    (36,991)          (36,843)             9,778             82,838          (230,208)
Net change in unrealized                                                                                                            
   depreciation on investments                   (225,382)         (120,022)           244,864           (429,977)          (51,159)
                                           --------------- -----------------  -----------------  -----------------  ----------------
NET REALIZED AND UNREALIZED GAIN (LOSS)          (262,373)         (156,865)           255,034           (284,241)         (281,367)
                                           --------------- -----------------  -----------------  -----------------  ----------------

NET INCREASE (DECREASE) IN NET ASSETS                                                                                               
   FROM OPERATIONS                             $ (278,198)       $ (165,633)         $ 216,280         $ (208,485)         $ 33,713 
-------------------------------------------=============== =================  =================  =================  ================

(a)  Inception date July 22, 2002.                                                                                                  

                     See notes to the financial statements.                                                                         

485BPOS 28th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 28th
JNLNY SEPARATE ACCOUNT I                                                                                                            
STATEMENTS OF OPERATIONS                                                                                                            
For the Year Ended December 31, 2002                                                                                                

                                             PPM America/    PPM America/                         Putnam/JNL        Putnam/JNL      
                                              JNL Money       JNL Value       Putnam/JNL        International         Midcap        
                                           Market Portfolio  Portfolio (b)  Equity Portfolio    Equity Portfolio  Growth Portfolio  
                                           ---------------- -------------- ------------------  -----------------  ----------------  
INVESTMENT INCOME                                                                                                                   
   Dividends                                      $ 63,609            $ -                $ -           $ 20,554               $ -   
                                           ---------------- -------------- ------------------  -----------------  ----------------  

EXPENSES                                                                                                                            
   Insurance charges (Note 5)                       87,970              7             53,064             34,251            16,708   
                                           ---------------- -------------- ------------------  -----------------  ----------------  
TOTAL EXPENSES                                      87,970              7             53,064             34,251            16,708   
                                           ---------------- -------------- ------------------  -----------------  ----------------  
NET INVESTMENT LOSS                                (24,361)            (7)           (53,064)           (13,697)          (16,708)  
                                           ---------------- -------------- ------------------  -----------------  ----------------  

REALIZED AND UNREALIZED GAIN (LOSS)                                                                                                 
Net realized gain (loss) on:                                                                                                        
   Distributions from investment companies               -              -                  -                  -                 -   
   Investments                                      21,366              -           (785,326)          (779,198)         (143,910)  
Net change in unrealized                                                                                                            
   depreciation on investments                     (21,366)           (19)          (324,611)           227,404          (253,779)  
                                           ---------------- -------------- ------------------  -----------------  ----------------  
NET REALIZED AND UNREALIZED GAIN (LOSS)                  -            (19)        (1,109,937)          (551,794)         (397,689)  
                                           ---------------- -------------- ------------------  -----------------  ----------------  

NET INCREASE (DECREASE) IN NET ASSETS                                                                                               
   FROM OPERATIONS                               $ (24,361)         $ (26)      $ (1,163,001)        $ (565,491)       $ (414,397)  
-------------------------------------------================ ============== ==================  =================  ================  

                                              Putnam/JNL       S&P/JNL             S&P/JNL          S&P/JNL         S&P/JNL Equity  
                                             Value Equity    Aggressive         Conservative     Core Index 100       Aggressive    
                                              Portfolio   Growth Portfolio I  Growth Portfolio I  Portfolio (a)   Growth Portfolio I
                                           -------------- ------------------  ------------------ ---------------  ----------------- 
INVESTMENT INCOME                                                                                                                   
   Dividends                                    $ 71,772           $ 52,524           $ 172,664             $ -              $ 919  
                                           -------------- ------------------  ------------------ ---------------  ----------------- 

EXPENSES                                                                                                                            
   Insurance charges (Note 5)                    107,699             64,485             120,568             148             16,785  
                                           -------------- ------------------  ------------------ ---------------  ----------------- 
TOTAL EXPENSES                                   107,699             64,485             120,568             148             16,785  
                                           -------------- ------------------  ------------------ ---------------  ----------------- 
NET INVESTMENT LOSS                              (35,927)           (11,961)             52,096            (148)           (15,866) 
                                           -------------- ------------------  ------------------ ---------------  ----------------- 

REALIZED AND UNREALIZED GAIN (LOSS)                                                                                                 
Net realized gain (loss) on:                                                                                                        
   Distributions from investment companies             -                  -                   -               -                  -  
   Investments                                  (519,250)          (306,975)           (281,157)              4            (90,190) 
Net change in unrealized                                                                                                            
   depreciation on investments                (1,302,544)          (639,951)           (498,289)            320           (230,593) 
                                           -------------- ------------------  ------------------ ---------------  ----------------- 
NET REALIZED AND UNREALIZED GAIN (LOSS)       (1,821,794)          (946,926)           (779,446)            324           (320,783) 
                                           -------------- ------------------  ------------------ ---------------  ----------------- 

NET INCREASE (DECREASE) IN NET ASSETS                                                                                               
   FROM OPERATIONS                          $ (1,857,721)        $ (958,887)         $ (727,350)          $ 176         $ (336,649) 
-------------------------------------------============== ==================  ================== ===============  ================= 

(a)  Inception date July 22, 2002.                                                                                                  
(b)  Inception date September 30, 2002.                                                                                             

                     See notes to the financial statements.                                                                         

485BPOS 29th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 29th
JNLNY SEPARATE ACCOUNT I                                                                                                            
STATEMENTS OF OPERATIONS                                                                                                            
For the Year Ended December 31, 2002                                                                                                

                                                                                                                   Salomon          
                                                                                                  Salomon        Brothers/JNL       
                                              S&P/JNL          S&P/JNL          S&P/JNL          Brothers/      U.S. Government     
                                           Equity Growth   Moderate Growth  Very Aggressive      JNL Global        & Quality        
                                            Portfolio I      Portfolio I   Growth Portfolio I  Bond Portfolio   Bond Portfolio      
                                           --------------  --------------- ------------------ ---------------- -----------------    
INVESTMENT INCOME                                                                                                                   
   Dividends                                     $ 7,029        $ 189,331              $ 961        $ 143,749         $ 340,000     
                                           --------------  --------------- ------------------ ---------------- -----------------    

EXPENSES                                                                                                                            
   Insurance charges (Note 5)                     93,582          203,482             20,835           32,507           110,358     
                                           --------------  --------------- ------------------ ---------------- -----------------    
TOTAL EXPENSES                                    93,582          203,482             20,835           32,507           110,358     
                                           --------------  --------------- ------------------ ---------------- -----------------    
NET INVESTMENT LOSS                              (86,553)         (14,151)           (19,874)         111,242           229,642     
                                           --------------  --------------- ------------------ ---------------- -----------------    

REALIZED AND UNREALIZED GAIN (LOSS)                                                                                                 
Net realized gain (loss) on:                                                                                                        
   Distributions from investment companies             -                -                  -                -           108,877     
   Investments                                (1,076,582)        (775,107)          (276,853)          13,599           170,904     
Net change in unrealized                                                                                                            
   depreciation on investments                  (658,813)      (1,166,637)          (121,377)          19,904           149,809     
                                           --------------  --------------- ------------------ ---------------- -----------------    
NET REALIZED AND UNREALIZED GAIN (LOSS)       (1,735,395)      (1,941,744)          (398,230)          33,503           429,590     
                                           --------------  --------------- ------------------ ---------------- -----------------    

NET INCREASE (DECREASE) IN NET ASSETS                                                                                               
   FROM OPERATIONS                          $ (1,821,948)    $ (1,955,895)        $ (418,104)       $ 144,745         $ 659,232     
-------------------------------------------==============  =============== ================== ================ =================    

                                              T. Rowe Price/        T. Rowe Price/          T. Rowe                                 
                                             JNL Established         JNL Mid-Cap           Price/JNL                                
                                             Growth Portfolio      Growth Portfolio     Value Portfolio                             
                                           ---------------------  -------------------  ------------------                           
INVESTMENT INCOME                                                                                                                   
   Dividends                                            $ 4,497                  $ -               $ 185                            
                                           ---------------------  -------------------  ------------------                           

EXPENSES                                                                                                                            
   Insurance charges (Note 5)                            73,118               78,331              52,015                            
                                           ---------------------  -------------------  ------------------                           
TOTAL EXPENSES                                           73,118               78,331              52,015                            
                                           ---------------------  -------------------  ------------------                           
NET INVESTMENT LOSS                                     (68,621)             (78,331)            (51,830)                           
                                           ---------------------  -------------------  ------------------                           

REALIZED AND UNREALIZED GAIN (LOSS)                                                                                                 
Net realized gain (loss) on:                                                                                                        
   Distributions from investment companies                    -                    -               6,121                            
   Investments                                         (579,890)            (247,463)           (180,900)                           
Net change in unrealized                                                                                                            
   depreciation on investments                         (891,506)          (1,239,548)           (518,886)                           
                                           ---------------------  -------------------  ------------------                           
NET REALIZED AND UNREALIZED GAIN (LOSS)              (1,471,396)          (1,487,011)           (693,665)                           
                                           ---------------------  -------------------  ------------------                           

NET INCREASE (DECREASE) IN NET ASSETS                                                                                               
   FROM OPERATIONS                                 $ (1,540,017)        $ (1,565,342)         $ (745,495)                           
-------------------------------------------=====================  ===================  ==================                           

See notes to the financial statements.                                                                                              

485BPOS 30th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 30th
JNLNY SEPARATE ACCOUNT I                                                                                                            
STATEMENTS OF CHANGES IN NET ASSETS                                                                                                 
For the Year Ended December 31, 2002                                                                                                

                                                   AIM/JNL           AIM/JNL           AIM/            Alger/JNL       Alliance     
                                                  Large Cap       Premier Equity   JNL Small Cap        Growth        Capital/JNL   
                                               Growth Portfolio    II Portfolio   Growth Portfolio     Portfolio   Growth Portfolio 
                                               -----------------  -------------- ------------------  ------------ ----------------- 
OPERATIONS                                                                                                                          
   Net investment loss                                 $ (1,585)       $ (3,295)          $ (6,649)    $ (95,346)        $ (24,897) 
   Net realized gain (loss) on investments              (12,029)        (15,193)           (43,608)     (975,881)         (506,217) 
   Net change in unrealized                                                                                                         
      depreciation on investments                       (20,318)        (56,726)          (122,126)   (1,839,338)         (146,711) 
                                               -----------------  -------------- ------------------  ------------ ----------------- 
NET INCREASE (DECREASE) IN NET ASSETS                                                                                               
   FROM OPERATIONS                                      (33,932)        (75,214)          (172,383)   (2,910,565)         (677,825) 
                                               -----------------  -------------- ------------------  ------------ ----------------- 

CONTRACT TRANSACTIONS (1)                                                                                                           
   Proceeds from the sale of units                      116,937         163,947            479,098       307,457           159,223  
   Value of units redeemed                               (1,136)         (1,922)            (2,765)     (304,148)          (78,912) 
   Transfers between portfolios                          52,894          77,614            262,658      (940,157)          236,317  
   Policyholder charges                                      (6)            (30)               (40)      (15,724)           (1,851) 
                                               -----------------  -------------- ------------------  ------------ ----------------- 
NET INCREASE (DECREASE) IN NET ASSETS FROM                                                                                          
   CONTRACT TRANSACTIONS                                168,689         239,609            738,951      (952,572)          314,777  
                                               -----------------  -------------- ------------------  ------------ ----------------- 

NET INCREASE (DECREASE) IN NET ASSETS                   134,757         164,395            566,568    (3,863,137)         (363,048) 

NET ASSETS BEGINNING OF PERIOD                           35,901          71,649             39,024     8,799,285         1,656,857  
                                               -----------------  -------------- ------------------  ------------ ----------------- 

NET ASSETS END OF PERIOD                              $ 170,658       $ 236,044          $ 605,592   $ 4,936,148       $ 1,293,809  
---------------------------------------------  =================  ============== ==================  ============ ================= 

(1) CONTRACT UNIT TRANSACTIONS                                                                                                      
Units Outstanding at December 31, 2001                    3,496           6,579              3,530       843,056           235,500  

      Units Issued                                       27,592          51,717            129,376       138,655           346,595  
      Units Redeemed                                     (8,429)        (26,441)           (53,506)     (262,554)         (316,731) 
                                               -----------------  -------------- ------------------  ------------ ----------------- 

Units Outstanding at December 31, 2002                   22,659          31,855             79,400       719,157           265,364  
                                               =================  ============== ==================  ============ ================= 

                                                                  Eagle/JNL     First Trust/JNL   First Trust/JNL   First Trust/JNL 
                                              Eagle/JNL Core       SmallCap      Global Target       Target 25     Target Small-Cap 
                                             Equity Portfolio  Equity Portfolio 15 Portfolio (a)   Portfolio (a)     Portfolio (a)  
                                             ----------------  ---------------- ----------------  ---------------  ---------------- 
OPERATIONS                                                                                                                          
   Net investment loss                             $ (14,929)        $ (32,760)        $ (3,588)        $ (3,885)         $ (3,969) 
   Net realized gain (loss) on investments          (122,052)          (51,442)           1,491           17,668            49,903  
   Net change in unrealized                                                                                                         
      depreciation on investments                   (390,496)         (577,096)          (3,146)          (1,202)             (798) 
                                             ----------------  ---------------- ----------------  ---------------  ---------------- 
NET INCREASE (DECREASE) IN NET ASSETS                                                                                               
   FROM OPERATIONS                                  (527,477)         (661,298)          (5,243)          12,581            45,136  
                                             ----------------  ---------------- ----------------  ---------------  ---------------- 

CONTRACT TRANSACTIONS (1)                                                                                                           
   Proceeds from the sale of units                   371,701           139,721          586,488          678,705           711,815  
   Value of units redeemed                          (125,543)          (87,969)        (500,638)        (518,047)         (551,344) 
   Transfers between portfolios                      255,169          (270,138)          12,856           66,905            64,309  
   Policyholder charges                               (3,567)           (3,282)               -                -                 -  
                                             ----------------  ---------------- ----------------  ---------------  ---------------- 
NET INCREASE (DECREASE) IN NET ASSETS FROM                                                                                          
   CONTRACT TRANSACTIONS                             497,760          (221,668)          98,706          227,563           224,780  
                                             ----------------  ---------------- ----------------  ---------------  ---------------- 

NET INCREASE (DECREASE) IN NET ASSETS                (29,717)         (882,966)          93,463          240,144           269,916  

NET ASSETS BEGINNING OF PERIOD                     1,891,243         2,760,381                -                -                 -  
                                             ----------------  ---------------- ----------------  ---------------  ---------------- 

NET ASSETS END OF PERIOD                         $ 1,861,526       $ 1,877,415         $ 93,463        $ 240,144         $ 269,916  
---------------------------------------------================  ================ ================  ===============  ================ 

(1) CONTRACT UNIT TRANSACTIONS                                                                                                      
Units Outstanding at December 31, 2001               187,720           244,620                -                -                 -  

      Units Issued                                   182,060           113,705           59,657           73,499            75,068  
      Units Redeemed                                (134,044)         (138,343)         (50,038)         (50,038)          (50,037) 
                                             ----------------  ---------------- ----------------  ---------------  ---------------- 

Units Outstanding at December 31, 2002               235,736           219,982            9,619           23,461            25,031  
                                             ================  ================ ================  ===============  ================ 

(a)  Inception date July 22, 2002.                                                                                                  

                     See notes to the financial statements.                                                                         

485BPOS 31st “Page” of 94 TOC 1st Previous Next ↓Bottom Just 31st
JNLNY SEPARATE ACCOUNT I                                                                                                            
STATEMENTS OF CHANGES IN NET ASSETS                                                                                                 
For the Year Ended December 31, 2002                                                                                                

                                             First Trust/JNL    First Trust/JNL      Janus/JNL      Janus/JNL       Janus/JNL       
                                              The Dow Target    The S&P Target      Aggressive      Balanced         Capital        
                                             10 Portfolio (a)  10 Portfolio (a)  Growth Portfolio   Portfolio   Growth Portfolio    
                                             ----------------  ----------------  ----------------  ------------ ----------------    
OPERATIONS                                                                                                                          
   Net investment loss                              $ (4,094)         $ (3,897)       $ (147,900)     $ 28,777       $ (116,521)    
   Net realized gain (loss) on investments            61,211            (5,645)       (3,523,317)     (117,091)      (5,051,752)    
   Net change in unrealized                                                                                                         
      depreciation on investments                      2,557            (8,432)         (594,396)     (299,005)       1,844,952     
                                             ----------------  ----------------  ----------------  ------------ ----------------    
NET INCREASE (DECREASE) IN NET ASSETS                                                                                               
   FROM OPERATIONS                                    59,674           (17,974)       (4,265,613)     (387,319)      (3,323,321)    
                                             ----------------  ----------------  ----------------  ------------ ----------------    

CONTRACT TRANSACTIONS (1)                                                                                                           
   Proceeds from the sale of units                   734,327           683,675           197,451       728,166          262,772     
   Value of units redeemed                          (563,334)         (496,150)         (482,736)     (309,199)        (378,215)    
   Transfers between portfolios                       70,758            65,227        (1,885,727)      277,492       (2,222,051)    
   Policyholder charges                                    -                 -           (27,477)       (3,977)         (22,937)    
                                             ----------------  ----------------  ----------------  ------------ ----------------    
NET INCREASE (DECREASE) IN NET ASSETS FROM                                                                                          
   CONTRACT TRANSACTIONS                             241,751           252,752        (2,198,489)      692,482       (2,360,431)    
                                             ----------------  ----------------  ----------------  ------------ ----------------    

NET INCREASE (DECREASE) IN NET ASSETS                301,425           234,778        (6,464,102)      305,163       (5,683,752)    

NET ASSETS BEGINNING OF PERIOD                             -                 -        14,053,632     3,737,718       11,887,535     
                                             ----------------  ----------------  ----------------  ------------ ----------------    

NET ASSETS END OF PERIOD                           $ 301,425         $ 234,778       $ 7,589,530   $ 4,042,881      $ 6,203,783     
---------------------------------------------================  ================  ================  ============ ================    

(1) CONTRACT UNIT TRANSACTIONS                                                                                                      
Units Outstanding at December 31, 2001                     -                 -         1,555,292       391,638        1,262,399     

      Units Issued                                    77,080            75,532           243,062       357,883          225,523     
      Units Redeemed                                 (50,042)          (51,019)         (582,746)     (288,865)        (536,838)    
                                             ----------------  ----------------  ----------------  ------------ ----------------    

Units Outstanding at December 31, 2002                27,038            24,513         1,215,608       460,656          951,084     
                                             ================  ================  ================  ============ ================    

                                                                  JPMorgan/                          Lazard/JNL                     
                                              Janus/JNL         JNL Enhanced       JPMorgan/JNL       Mid Cap         Lazard/JNL    
                                            Global Equities     S&P 500 Stock       International      Value          Small Cap     
                                               Portfolio      Index Portfolio (a) Value Portfolio (b) Portfolio    Value Portfolio  
                                            ---------------  ------------------- ------------------  -----------  ------------------
OPERATIONS                                                                                                                          
   Net investment loss                           $ (47,268)               $ (56)           $ 1,233     $ (6,639)          $ (11,997)
   Net realized gain (loss) on investments      (2,222,448)                (369)             2,629      (44,786)            (51,497)
   Net change in unrealized                                                                                                         
      depreciation on investments                   20,902                 (113)            (1,683)     (80,417)           (190,428)
                                            ---------------  ------------------- ------------------  -----------  ------------------
NET INCREASE (DECREASE) IN NET ASSETS                                                                                               
   FROM OPERATIONS                              (2,248,814)                (538)             2,179     (131,842)           (253,922)
                                            ---------------  ------------------- ------------------  -----------  ------------------

CONTRACT TRANSACTIONS (1)                                                                                                           
   Proceeds from the sale of units                  38,284               22,149              4,921      460,398             481,187 
   Value of units redeemed                        (289,186)                 (63)            (1,207)     (18,133)            (13,330)
   Transfers between portfolios                 (1,551,451)               5,347             53,778      112,832             681,877 
   Policyholder charges                            (16,846)                   -                (15)        (961)               (185)
                                            ---------------  ------------------- ------------------  -----------  ------------------
NET INCREASE (DECREASE) IN NET ASSETS FROM                                                                                          
   CONTRACT TRANSACTIONS                        (1,819,199)              27,433             57,477      554,136           1,149,549 
                                            ---------------  ------------------- ------------------  -----------  ------------------

NET INCREASE (DECREASE) IN NET ASSETS           (4,068,013)              26,895             59,656      422,294             895,627 

NET ASSETS BEGINNING OF PERIOD                   8,504,970                    -                  -      151,515             128,000 
                                            ---------------  ------------------- ------------------  -----------  ------------------

NET ASSETS END OF PERIOD                       $ 4,436,957             $ 26,895           $ 59,656    $ 573,809         $ 1,023,627 
--------------------------------------------===============  =================== ==================  ===========  ==================

(1) CONTRACT UNIT TRANSACTIONS                                                                                                      
Units Outstanding at December 31, 2001             812,892                    -                  -       14,023              11,708 

      Units Issued                                  68,359                5,185             14,331      112,259             191,956 
      Units Redeemed                              (291,203)                (950)            (8,125)     (63,191)            (89,123)
                                            ---------------  ------------------- ------------------  -----------  ------------------

Units Outstanding at December 31, 2002             590,048                4,235              6,206       63,091             114,541 
                                            ===============  =================== ==================  ===========  ==================

(a)  Inception date July 22, 2002.                                                                                                  
(b)  Inception date September 30, 2002.                                                                                             

                     See notes to the financial statements.                                                                         

485BPOS 32nd “Page” of 94 TOC 1st Previous Next ↓Bottom Just 32nd
JNLNY SEPARATE ACCOUNT I                                                                                                            
STATEMENTS OF CHANGES IN NET ASSETS                                                                                                 
For the Year Ended December 31, 2002                                                                                                

                                            Mellon Capital     Mellon Capital      Mellon Capital     Mellon Capital Mellon Capital 
                                            Management/JNL     Management/JNL      Management/JNL     Management/JNL Management/JNL 
                                              Bond Index       International      S&P 400 Mid Cap      S&P 500 Index Small Cap Index
                                             Portfolio (a)   Index Portfolio (a) Index Portfolio (a)   Portfolio (a) Portfolio (a)  
                                            ---------------  ------------------ -------------------  --------------- -------------- 
OPERATIONS                                                                                                                          
   Net investment loss                               $ 605                $ (1)              $ 825           $ (601)       $ 1,723  
   Net realized gain (loss) on investments              38                (104)               (323)            (491)          (429) 
   Net change in unrealized                                                                                                         
      depreciation on investments                     (380)                  -                 (12)          (1,571)        (3,051) 
                                            ---------------  ------------------ -------------------  --------------- -------------- 
NET INCREASE (DECREASE) IN NET ASSETS                                                                                               
   FROM OPERATIONS                                     263                (105)                490           (2,663)        (1,757) 
                                            ---------------  ------------------ -------------------  --------------- -------------- 

CONTRACT TRANSACTIONS (1)                                                                                                           
   Proceeds from the sale of units                   8,849                   -             182,238          235,730        203,443  
   Value of units redeemed                               -                   -                  (3)              (3)            (3) 
   Transfers between portfolios                     10,715                 105               3,584           24,447          4,348  
   Policyholder charges                                  -                   -                   -                -              -  
                                            ---------------  ------------------ -------------------  --------------- -------------- 
NET INCREASE (DECREASE) IN NET ASSETS FROM                                                                                          
   CONTRACT TRANSACTIONS                            19,564                 105             185,819          260,174        207,788  
                                            ---------------  ------------------ -------------------  --------------- -------------- 

NET INCREASE (DECREASE) IN NET ASSETS               19,827                   -             186,309          257,511        206,031  

NET ASSETS BEGINNING OF PERIOD                           -                   -                   -                -              -  
                                            ---------------  ------------------ -------------------  --------------- -------------- 

NET ASSETS END OF PERIOD                          $ 19,827                 $ -           $ 186,309        $ 257,511      $ 206,031  
--------------------------------------------===============  ================== ===================  =============== ============== 

(1) CONTRACT UNIT TRANSACTIONS                                                                                                      
Units Outstanding at December 31, 2001                   -                   -                   -                -              -  

      Units Issued                                   1,879                 300              22,667           36,733         26,734  
      Units Redeemed                                     -                (300)               (643)          (3,348)          (627) 
                                            ---------------  ------------------ -------------------  --------------- -------------- 

Units Outstanding at December 31, 2002               1,879                   -              22,024           33,385         26,107  
                                            ===============  ================== ===================  =============== ============== 

                                            Oppenheimer/JNL                    PIMCO/JNL     PPM America/     PPM America/          
                                             Global Growth   Oppenheimer/JNL  Total Return   JNL Balanced    JNL High Yield         
                                               Portfolio    Growth Portfolio Bond Portfolio    Portfolio     Bond Portfolio         
                                            --------------  ---------------- --------------  -------------  ----------------        
OPERATIONS                                                                                                                          
   Net investment loss                          $ (15,825)         $ (8,768)     $ (38,754)      $ 75,756         $ 315,080         
   Net realized gain (loss) on investments        (36,991)          (36,843)        10,170        145,736          (230,208)        
   Net change in unrealized                                                                                                         
      depreciation on investments                (225,382)         (120,022)       244,864       (429,977)          (51,159)        
                                            --------------  ---------------- --------------  -------------  ----------------        
NET INCREASE (DECREASE) IN NET ASSETS                                                                                               
   FROM OPERATIONS                               (278,198)         (165,633)       216,280       (208,485)           33,713         
                                            --------------  ---------------- --------------  -------------  ----------------        

CONTRACT TRANSACTIONS (1)                                                                                                           
   Proceeds from the sale of units                260,436           174,480      1,514,179        497,165           651,347         
   Value of units redeemed                        (20,491)          (39,056)      (141,007)      (469,360)         (215,458)        
   Transfers between portfolios                   156,345            34,719      3,778,632        158,734           (58,220)        
   Policyholder charges                              (202)             (159)          (431)       (16,338)           (4,588)        
                                            --------------  ---------------- --------------  -------------  ----------------        
NET INCREASE (DECREASE) IN NET ASSETS FROM                                                                                          
   CONTRACT TRANSACTIONS                          396,088           169,984      5,151,373        170,201           373,081         
                                            --------------  ---------------- --------------  -------------  ----------------        

NET INCREASE (DECREASE) IN NET ASSETS             117,890             4,351      5,367,653        (38,284)          406,794         

NET ASSETS BEGINNING OF PERIOD                    806,988           441,046        400,167      5,081,560         4,339,474         
                                            --------------  ---------------- --------------  -------------  ----------------        

NET ASSETS END OF PERIOD                        $ 924,878         $ 445,397    $ 5,767,820    $ 5,043,276       $ 4,746,268         
--------------------------------------------==============  ================ ==============  =============  ================        

(1) CONTRACT UNIT TRANSACTIONS                                                                                                      
Units Outstanding at December 31, 2001             88,751            46,925         40,952        450,600           446,538         

      Units Issued                                166,930            78,694        726,466        273,681           426,552         
      Units Redeemed                             (122,634)          (61,163)      (227,775)      (258,760)         (391,997)        
                                            --------------  ---------------- --------------  -------------  ----------------        

Units Outstanding at December 31, 2002            133,047            64,456        539,643        465,521           481,093         
                                            ==============  ================ ==============  =============  ================        

(a)  Inception date July 22, 2002.                                                                                                  

                     See notes to the financial statements.                                                                         

485BPOS 33rd “Page” of 94 TOC 1st Previous Next ↓Bottom Just 33rd
JNLNY SEPARATE ACCOUNT I                                                                                                            
STATEMENTS OF CHANGES IN NET ASSETS                                                                                                 
For the Year Ended December 31, 2002                                                                                                

                                               PPM America/       PPM America/   Putnam/JNL     Putnam/JNL         Putnam/JNL       
                                                JNL Money          JNL Value       Equity      International          Midcap        
                                             Market Portfolio    Portfolio (b)   Portfolio    Equity Portfolio   Growth Portfolio   
                                            -------------------  -------------- ------------  -----------------  -----------------  
OPERATIONS                                                                                                                          
   Net investment loss                               $ (24,361)           $ (7)   $ (53,064)         $ (13,697)         $ (16,708)  
   Net realized gain (loss) on investments              21,366               -     (785,326)          (779,198)          (143,910)  
   Net change in unrealized                                                                                                         
      depreciation on investments                      (21,366)            (19)    (324,611)           227,404           (253,779)  
                                            -------------------  -------------- ------------  -----------------  -----------------  
NET INCREASE (DECREASE) IN NET ASSETS                                                                                               
   FROM OPERATIONS                                     (24,361)            (26)  (1,163,001)          (565,491)          (414,397)  
                                            -------------------  -------------- ------------  -----------------  -----------------  

CONTRACT TRANSACTIONS (1)                                                                                                           
   Proceeds from the sale of units                     460,976           5,352      188,923            190,253            200,841   
   Value of units redeemed                            (347,703)             (3)    (302,228)          (157,835)           (52,688)  
   Transfers between portfolios                     (1,450,805)          2,218     (547,403)          (242,443)           (29,866)  
   Policyholder charges                                 (9,943)              -      (13,528)            (6,222)            (2,103)  
                                            -------------------  -------------- ------------  -----------------  -----------------  
NET INCREASE (DECREASE) IN NET ASSETS FROM                                                                                          
   CONTRACT TRANSACTIONS                            (1,347,475)          7,567     (674,236)          (216,247)           116,184   
                                            -------------------  -------------- ------------  -----------------  -----------------  

NET INCREASE (DECREASE) IN NET ASSETS               (1,371,836)          7,541   (1,837,237)          (781,738)          (298,213)  

NET ASSETS BEGINNING OF PERIOD                       6,939,258               -    4,856,100          2,724,000          1,200,665   
                                            -------------------  -------------- ------------  -----------------  -----------------  

NET ASSETS END OF PERIOD                           $ 5,567,422         $ 7,541  $ 3,018,863        $ 1,942,262          $ 902,452   
--------------------------------------------===================  ============== ============  =================  =================  

(1) CONTRACT UNIT TRANSACTIONS                                                                                                      
Units Outstanding at December 31, 2001                 641,923               -      585,748            308,863            159,264   

      Units Issued                                     802,324             691       90,566            408,193            127,765   
      Units Redeemed                                  (928,831)              -     (190,446)          (436,353)          (116,120)  
                                            -------------------  -------------- ------------  -----------------  -----------------  

Units Outstanding at December 31, 2002                 515,416             691      485,868            280,703            170,909   
                                            ===================  ============== ============  =================  =================  

                                             Putnam/JNL        S&P/JNL            S&P/JNL          S&P/JNL         S&P/JNL Equity   
                                            Value Equity     Aggressive        Conservative     Core Index 100       Aggressive     
                                             Portfolio    Growth Portfolio I Growth Portfolio I  Portfolio (a)   Growth Portfolio I 
                                            ------------- ------------------ ------------------ ---------------  -----------------  
OPERATIONS                                                                                                                          
   Net investment loss                         $ (35,927)         $ (11,961)          $ 52,096          $ (148)         $ (15,866)  
   Net realized gain (loss) on investments      (519,250)          (306,975)          (281,157)              4            (90,190)  
   Net change in unrealized                                                                                                         
      depreciation on investments             (1,302,544)          (639,951)          (498,289)            320           (230,593)  
                                            ------------- ------------------ ------------------ ---------------  -----------------  
NET INCREASE (DECREASE) IN NET ASSETS                                                                                               
   FROM OPERATIONS                            (1,857,721)          (958,887)          (727,350)            176           (336,649)  
                                            ------------- ------------------ ------------------ ---------------  -----------------  

CONTRACT TRANSACTIONS (1)                                                                                                           
   Proceeds from the sale of units               541,213          1,238,879          2,926,776          41,145            309,922   
   Value of units redeemed                      (449,172)           (92,360)          (332,536)              -            (28,168)  
   Transfers between portfolios               (1,526,159)           (30,404)         1,791,663           6,717            102,385   
   Policyholder charges                          (17,576)            (5,629)            (1,256)              -             (3,009)  
                                            ------------- ------------------ ------------------ ---------------  -----------------  
NET INCREASE (DECREASE) IN NET ASSETS FROM                                                                                          
   CONTRACT TRANSACTIONS                      (1,451,694)         1,110,486          4,384,647          47,862            381,130   
                                            ------------- ------------------ ------------------ ---------------  -----------------  

NET INCREASE (DECREASE) IN NET ASSETS         (3,309,415)           151,599          3,657,297          48,038             44,481   

NET ASSETS BEGINNING OF PERIOD                 9,184,787          4,263,210          6,405,047               -          1,235,047   
                                            ------------- ------------------ ------------------ ---------------  -----------------  

NET ASSETS END OF PERIOD                     $ 5,875,372        $ 4,414,809       $ 10,062,344        $ 48,038        $ 1,279,528   
--------------------------------------------============= ================== ================== ===============  =================  

(1) CONTRACT UNIT TRANSACTIONS                                                                                                      
Units Outstanding at December 31, 2001           972,111            450,377            646,383               -            129,844   

      Units Issued                               321,699            284,063            879,368           5,516             82,533   
      Units Redeemed                            (506,691)          (163,172)          (405,902)              -            (38,051)  
                                            ------------- ------------------ ------------------ ---------------  -----------------  

Units Outstanding at December 31, 2002           787,119            571,268          1,119,849           5,516            174,326   
                                            ============= ================== ================== ===============  =================  

(a)  Inception date July 22, 2002.                                                                                                  
(b)  Inception date September 30, 2002.                                                                                             

                     See notes to the financial statements.                                                                         

485BPOS 34th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 34th
JNLNY SEPARATE ACCOUNT I                                                                                                            
STATEMENTS OF CHANGES IN NET ASSETS                                                                                                 
For the Year Ended December 31, 2002                                                                                                

                                                                                                                       Salomon      
                                                                                                   Salomon          Brothers/JNL    
                                              S&P/JNL          S&P/JNL          S&P/JNL           Brothers/        U.S. Government  
                                            Equity Growth  Moderate Growth   Very Aggressive      JNL Global           & Quality    
                                             Portfolio I     Portfolio I    Growth Portfolio I  Bond Portfolio      Bond Portfolio  
                                            -------------  ---------------  ------------------  --------------- --------------------
OPERATIONS                                                                                                                          
   Net investment loss                         $ (86,553)       $ (14,151)          $ (19,874)       $ 111,242            $ 229,642 
   Net realized gain (loss) on investments    (1,076,582)        (775,107)           (276,853)          13,599              279,781 
   Net change in unrealized                                                                                                         
      depreciation on investments               (658,813)      (1,166,637)           (121,377)          19,904              149,809 
                                            -------------  ---------------  ------------------  --------------- --------------------
NET INCREASE (DECREASE) IN NET ASSETS                                                                                               
   FROM OPERATIONS                            (1,821,948)      (1,955,895)           (418,104)         144,745              659,232 
                                            -------------  ---------------  ------------------  --------------- --------------------

CONTRACT TRANSACTIONS (1)                                                                                                           
   Proceeds from the sale of units             2,234,727        4,886,612             202,971          217,811            1,403,538 
   Value of units redeemed                      (278,335)        (561,126)            (51,566)        (121,078)            (486,948)
   Transfers between portfolios                 (213,388)       1,096,517            (184,868)         354,085            2,893,242 
   Policyholder charges                          (12,968)          (5,399)             (3,274)          (1,311)             (13,358)
                                            -------------  ---------------  ------------------  --------------- --------------------
NET INCREASE (DECREASE) IN NET ASSETS FROM                                                                                          
   CONTRACT TRANSACTIONS                       1,730,036        5,416,604             (36,737)         449,507            3,796,474 
                                            -------------  ---------------  ------------------  --------------- --------------------

NET INCREASE (DECREASE) IN NET ASSETS            (91,912)       3,460,709            (454,841)         594,252            4,455,706 

NET ASSETS BEGINNING OF PERIOD                 5,793,175       11,001,026           1,556,959        1,889,944            5,401,421 
                                            -------------  ---------------  ------------------  --------------- --------------------

NET ASSETS END OF PERIOD                     $ 5,701,263     $ 14,461,735         $ 1,102,118      $ 2,484,196          $ 9,857,127 
--------------------------------------------=============  ===============  ==================  =============== ====================

(1) CONTRACT UNIT TRANSACTIONS                                                                                                      
Units Outstanding at December 31, 2001           629,958        1,128,991             174,264          170,660              488,773 

      Units Issued                               808,669        1,651,507              97,752          135,549              782,722 
      Units Redeemed                            (611,234)      (1,055,910)           (111,587)         (96,397)            (467,354)
                                            -------------  ---------------  ------------------  --------------- --------------------

Units Outstanding at December 31, 2002           827,393        1,724,588             160,429          209,812              804,141 
                                            =============  ===============  ==================  =============== ====================

                                             T. Rowe Price/       T. Rowe Price/          T. Rowe                                   
                                             JNL Established       JNL Mid-Cap           Price/JNL                                  
                                            Growth Portfolio     Growth Portfolio     Value Portfolio                               
                                            ------------------  -------------------  ------------------                             
OPERATIONS                                                                                                                          
   Net investment loss                              $ (68,621)           $ (78,331)          $ (51,830)                             
   Net realized gain (loss) on investments           (579,890)            (247,463)           (174,779)                             
   Net change in unrealized                                                                                                         
      depreciation on investments                    (891,506)          (1,239,548)           (518,886)                             
                                            ------------------  -------------------  ------------------                             
NET INCREASE (DECREASE) IN NET ASSETS                                                                                               
   FROM OPERATIONS                                 (1,540,017)          (1,565,342)           (745,495)                             
                                            ------------------  -------------------  ------------------                             

CONTRACT TRANSACTIONS (1)                                                                                                           
   Proceeds from the sale of units                    483,872              580,173             533,863                              
   Value of units redeemed                           (271,575)            (236,230)           (189,302)                             
   Transfers between portfolios                    (1,204,848)            (867,190)            262,737                              
   Policyholder charges                               (11,479)             (14,310)             (4,361)                             
                                            ------------------  -------------------  ------------------                             
NET INCREASE (DECREASE) IN NET ASSETS FROM                                                                                          
   CONTRACT TRANSACTIONS                           (1,004,030)            (537,557)            602,937                              
                                            ------------------  -------------------  ------------------                             

NET INCREASE (DECREASE) IN NET ASSETS              (2,544,047)          (2,102,899)           (142,558)                             

NET ASSETS BEGINNING OF PERIOD                      6,297,046            6,417,475           3,141,529                              
                                            ------------------  -------------------  ------------------                             

NET ASSETS END OF PERIOD                          $ 3,752,999          $ 4,314,576         $ 2,998,971                              
--------------------------------------------==================  ===================  ==================                             

(1) CONTRACT UNIT TRANSACTIONS                                                                                                      
Units Outstanding at December 31, 2001                589,978              495,035             300,675                              

      Units Issued                                    251,046              196,672             320,853                              
      Units Redeemed                                 (373,518)            (245,002)           (268,640)                             
                                            ------------------  -------------------  ------------------                             

Units Outstanding at December 31, 2002                467,506              446,705             352,888                              
                                            ==================  ===================  ==================                             

                     See notes to the financial statments.                                                                          

485BPOS 35th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 35th
JNLNY SEPARATE ACCOUNT I                                                                                                            
STATEMENTS OF CHANGES IN NET ASSETS                                                                                                 
For the Year Ended December 31, 2001                                                                                                

                                                   AIM/JNL           AIM/JNL          AIM/JNL         Alger/JNL        Alliance     
                                              Large Cap Growth   Premier Equity   Small Cap Growth     Growth         Capital/JNL   
                                                Portfolio (a)   II Portfolio (a)    Portfolio (a)     Portfolio    Growth Portfolio 
                                              ----------------  ----------------  ----------------- ------------  ----------------- 
OPERATIONS                                                                                                                          
   Net investment income (loss)                         $ (20)           $ (127)             $ (32)  $ (142,244)         $ (17,025) 
   Net realized gain (loss) on investments                  -                 3                  1     (774,956)           (83,577) 
   Net change in unrealized appreciation                                                                                            
      (depreciation) on investments                       376             2,943              1,476     (676,026)          (104,721) 
                                              ----------------  ----------------  ----------------- ------------  ----------------- 
NET INCREASE (DECREASE) IN NET ASSETS                                                                                               
   FROM OPERATIONS                                        356             2,819              1,445   (1,593,226)          (205,323) 
                                              ----------------  ----------------  ----------------- ------------  ----------------- 

CONTRACT TRANSACTIONS (1)                                                                                                           
   Proceeds from the sale of units                     35,383            20,785             37,232    1,207,188            873,114  
   Value of units redeemed                                  -                 -                  -     (539,349)           (37,789) 
   Transfers between portfolios                           162            48,054                347   (2,007,202)           157,480  
   Policyholder charges                                     -                (9)                 -      (22,878)              (661) 
                                              ----------------  ----------------  ----------------- ------------  ----------------- 
NET INCREASE (DECREASE) IN NET ASSETS FROM                                                                                          
   CONTRACT TRANSACTIONS                               35,545            68,830             37,579   (1,362,241)           992,144  
                                              ----------------  ----------------  ----------------- ------------  ----------------- 

NET INCREASE (DECREASE) IN NET ASSETS                  35,901            71,649             39,024   (2,955,467)           786,821  

NET ASSETS BEGINNING OF PERIOD                              -                 -                  -   11,754,752            870,036  
                                              ----------------  ----------------  ----------------- ------------  ----------------- 

NET ASSETS END OF PERIOD                             $ 35,901          $ 71,649           $ 39,024  $ 8,799,285        $ 1,656,857  
--------------------------------------------- ================  ================  ================= ============  ================= 

(1) CONTRACT UNIT TRANSACTIONS                                                                                                      
Units Outstanding at December 31, 2000                      -                 -                  -      971,767            111,099  

      Units Issued                                      3,496             6,580              3,530      259,953            168,825  
      Units Redeemed                                        -                (1)                 -     (388,664)           (44,424) 
                                              ----------------  ----------------  ----------------- ------------  ----------------- 

Units Outstanding at December 31, 2001                  3,496             6,579              3,530      843,056            235,500  
                                              ================  ================  ================= ============  ================= 

                                                               Eagle/JNL         Janus/JNL         Janus/JNL         Janus/JNL      
                                            Eagle/JNL Core      SmallCap         Aggressive         Balanced           Capital      
                                           Equity Portfolio  Equity Portfolio  Growth Portfolio     Portfolio      Growth Portfolio 
                                           ---------------- -----------------  ----------------  ----------------  ---------------- 
OPERATIONS                                                                                                                          
   Net investment income (loss)                  $ (13,702)        $ (32,032)       $ (238,859)         $ 46,375        $ (213,174) 
   Net realized gain (loss) on investments         (17,891)          (34,357)       (2,645,980)          (24,426)       (4,584,973) 
   Net change in unrealized appreciation                                                                                            
      (depreciation) on investments               (146,402)          276,001        (4,490,773)         (113,664)       (4,456,209) 
                                           ---------------- -----------------  ----------------  ----------------  ---------------- 
NET INCREASE (DECREASE) IN NET ASSETS                                                                                               
   FROM OPERATIONS                                (177,995)          209,612        (7,375,612)          (91,715)       (9,254,356) 
                                           ---------------- -----------------  ----------------  ----------------  ---------------- 

CONTRACT TRANSACTIONS (1)                                                                                                           
   Proceeds from the sale of units                 550,721           437,350         1,551,683         1,778,028         1,525,310  
   Value of units redeemed                        (151,271)         (152,056)       (1,181,404)         (113,935)         (708,666) 
   Transfers between portfolios                     57,868           460,688        (2,337,142)          858,325        (1,601,180) 
   Policyholder charges                            (10,089)           (8,784)          (51,177)           (1,789)          (25,256) 
                                           ---------------- -----------------  ----------------  ----------------  ---------------- 
NET INCREASE (DECREASE) IN NET ASSETS FROM                                                                                          
   CONTRACT TRANSACTIONS                           447,229           737,198        (2,018,040)        2,520,629          (809,792) 
                                           ---------------- -----------------  ----------------  ----------------  ---------------- 

NET INCREASE (DECREASE) IN NET ASSETS              269,234           946,810        (9,393,652)        2,428,914       (10,064,148) 

NET ASSETS BEGINNING OF PERIOD                   1,622,009         1,813,571        23,447,284         1,308,804        21,951,683  
                                           ---------------- -----------------  ----------------  ----------------  ---------------- 

NET ASSETS END OF PERIOD                       $ 1,891,243       $ 2,760,381      $ 14,053,632       $ 3,737,718      $ 11,887,535  
-------------------------------------------================ =================  ================  ================  ================ 

(1) CONTRACT UNIT TRANSACTIONS                                                                                                      
Units Outstanding at December 31, 2000             138,938           172,564         1,779,698           129,621         1,361,578  

      Units Issued                                  90,144           170,016           357,175           317,572           421,484  
      Units Redeemed                               (41,362)          (97,960)         (581,581)          (55,555)         (520,663) 
                                           ---------------- -----------------  ----------------  ----------------  ---------------- 

Units Outstanding at December 31, 2001             187,720           244,620         1,555,292           391,638         1,262,399  
                                           ================ =================  ================  ================  ================ 

(a)  Inception date October 29, 2001.                                                                                               

                     See notes to the financial statements.                                                                         

485BPOS 36th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 36th
JNLNY SEPARATE ACCOUNT I                                                                                                            
STATEMENTS OF CHANGES IN NET ASSETS                                                                                                 
For the Year Ended December 31, 2001                                                                                                

                                              Janus/JNL      Lazard/JNL       Lazard/JNL      Oppenheimer/JNL                       
                                           Global Equities  Mid Cap Value  Small Cap Value     Global Growth     Oppenheimer/JNL    
                                              Portfolio     Portfolio (b)    Portfolio (b)     Portfolio (a)   Growth Portfolio (a) 
                                           --------------- --------------  ---------------  -----------------  ------------------   
OPERATIONS                                                                                                                          
   Net investment income (loss)                  $ (1,750)         $ 463            $ (19)          $ (4,704)           $ (1,776)   
   Net realized gain (loss) on investments     (1,625,608)        14,530            6,889             (3,733)                (58)   
   Net change in unrealized appreciation                                                                                            
      (depreciation) on investments            (1,913,930)        (8,564)           2,936             16,933               8,035    
                                           --------------- --------------  ---------------  -----------------  ------------------   
NET INCREASE (DECREASE) IN NET ASSETS                                                                                               
   FROM OPERATIONS                             (3,541,288)         6,429            9,806              8,496               6,201    
                                           --------------- --------------  ---------------  -----------------  ------------------   

CONTRACT TRANSACTIONS (1)                                                                                                           
   Proceeds from the sale of units                 66,433         51,395           56,912            673,127             360,911    
   Value of units redeemed                       (530,561)             -             (205)           (19,655)               (555)   
   Transfers between portfolios                (1,892,192)        93,691           61,487            146,295              74,492    
   Policyholder charges                           (21,403)             -                -             (1,275)                 (3)   
                                           --------------- --------------  ---------------  -----------------  ------------------   
NET INCREASE (DECREASE) IN NET ASSETS FROM                                                                                          
   CONTRACT TRANSACTIONS                       (2,377,723)       145,086          118,194            798,492             434,845    
                                           --------------- --------------  ---------------  -----------------  ------------------   

NET INCREASE (DECREASE) IN NET ASSETS          (5,919,011)       151,515          128,000            806,988             441,046    

NET ASSETS BEGINNING OF PERIOD                 14,423,981              -                -                  -                   -    
                                           --------------- --------------  ---------------  -----------------  ------------------   

NET ASSETS END OF PERIOD                      $ 8,504,970      $ 151,515        $ 128,000          $ 806,988           $ 441,046    
-------------------------------------------=============== ==============  ===============  =================  ==================   

(1) CONTRACT UNIT TRANSACTIONS                                                                                                      
Units Outstanding at December 31, 2000          1,039,823              -                -                  -                   -    

      Units Issued                                 52,266         14,023           11,728             99,798              48,372    
      Units Redeemed                             (279,197)             -              (20)           (11,047)             (1,447)   
                                           --------------- --------------  ---------------  -----------------  ------------------   

Units Outstanding at December 31, 2001            812,892         14,023           11,708             88,751              46,925    
                                           =============== ==============  ===============  =================  ==================   

                                               PIMCO/JNL        PPM America/     PPM America/     PPM America/                      
                                              Total Return      JNL Balanced    JNL High Yield      JNL Money          Putnam/JNL   
                                           Bond Portfolio (b)    Portfolio      Bond Portfolio  Market Portfolio    Equity Portfolio
                                           ------------------  ---------------  --------------- ----------------- ------------------
OPERATIONS                                                                                                                          
   Net investment income (loss)                      $ 8,637         $ 94,608        $ 334,577         $ 113,803          $ (83,644)
   Net realized gain (loss) on investments             9,790          134,003           (5,679)           46,401           (713,220)
   Net change in unrealized appreciation                                                                                            
      (depreciation) on investments                  (29,001)          79,387         (246,728)          (46,401)        (1,216,560)
                                           ------------------  ---------------  --------------- ----------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS                                                                                               
   FROM OPERATIONS                                   (10,574)         307,998           82,170           113,803         (2,013,424)
                                           ------------------  ---------------  --------------- ----------------- ------------------

CONTRACT TRANSACTIONS (1)                                                                                                           
   Proceeds from the sale of units                    48,116        1,014,358        1,080,974         3,276,661            447,667 
   Value of units redeemed                            (2,720)        (388,799)        (301,631)       (2,554,163)          (449,573)
   Transfers between portfolios                      365,345        1,084,646        1,313,292         2,041,182           (910,411)
   Policyholder charges                                    -          (17,082)         (14,150)         (147,663)           (18,823)
                                           ------------------  ---------------  --------------- ----------------- ------------------
NET INCREASE (DECREASE) IN NET ASSETS FROM                                                                                          
   CONTRACT TRANSACTIONS                             410,741        1,693,123        2,078,485         2,616,017           (931,140)
                                           ------------------  ---------------  --------------- ----------------- ------------------

NET INCREASE (DECREASE) IN NET ASSETS                400,167        2,001,121        2,160,655         2,729,820         (2,944,564)

NET ASSETS BEGINNING OF PERIOD                             -        3,080,439        2,178,819         4,209,438          7,800,664 
                                           ------------------  ---------------  --------------- ----------------- ------------------

NET ASSETS END OF PERIOD                           $ 400,167      $ 5,081,560      $ 4,339,474       $ 6,939,258        $ 4,856,100 
-------------------------------------------==================  ===============  =============== ================= ==================

(1) CONTRACT UNIT TRANSACTIONS                                                                                                      
Units Outstanding at December 31, 2000                     -          292,695          234,345           390,287            695,321 

      Units Issued                                    53,210          270,487          404,824         1,341,054            134,299 
      Units Redeemed                                 (12,258)        (112,582)        (192,631)       (1,089,418)          (243,872)
                                           ------------------  ---------------  --------------- ----------------- ------------------

Units Outstanding at December 31, 2001                40,952          450,600          446,538           641,923            585,748 
                                           ==================  ===============  =============== ================= ==================

(a)  Inception date May 1, 2001.                                                                                                    
(b)  Inception date October 29, 2001.                                                                                               

                     See notes to the financial statements.                                                                         

485BPOS 37th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 37th
JNLNY SEPARATE ACCOUNT I                                                                                                            
STATEMENTS OF CHANGES IN NET ASSETS                                                                                                 
For the Year Ended December 31, 2001                                                                                                

                                              Putnam/JNL      Putnam/JNL     Putnam/JNL         S&P/JNL              S&P/JNL        
                                            International    Midcap Growth  Value Equity       Aggressive          Conservative     
                                           Equity Portfolio    Portfolio      Portfolio     Growth Portfolio I   Growth Portfolio I 
                                           ----------------  -------------  -------------  -------------------  ------------------- 
OPERATIONS                                                                                                                          
   Net investment income (loss)                  $ (18,775)     $ (12,269)     $ (29,112)            $ 73,567            $ 132,758  
   Net realized gain (loss) on investments        (202,812)       (60,328)        (9,218)             103,402              174,074  
   Net change in unrealized appreciation                                                                                            
      (depreciation) on investments               (476,372)      (137,740)      (573,269)            (743,302)            (519,127) 
                                           ----------------  -------------  -------------  -------------------  ------------------- 
NET INCREASE (DECREASE) IN NET ASSETS                                                                                               
   FROM OPERATIONS                                (697,959)      (210,337)      (611,599)            (566,333)            (212,295) 
                                           ----------------  -------------  -------------  -------------------  ------------------- 

CONTRACT TRANSACTIONS (1)                                                                                                           
   Proceeds from the sale of units                 660,535        813,017      1,497,077              946,011            3,224,092  
   Value of units redeemed                        (128,447)       (58,513)      (551,269)            (120,048)            (308,610) 
   Transfers between portfolios                    (94,126)       102,057      1,141,800             (312,456)             939,089  
   Policyholder charges                             (4,507)        (1,343)       (16,770)              (4,709)              (9,625) 
                                           ----------------  -------------  -------------  -------------------  ------------------- 
NET INCREASE (DECREASE) IN NET ASSETS FROM                                                                                          
   CONTRACT TRANSACTIONS                           433,455        855,218      2,070,838              508,798            3,844,946  
                                           ----------------  -------------  -------------  -------------------  ------------------- 

NET INCREASE (DECREASE) IN NET ASSETS             (264,504)       644,881      1,459,239              (57,535)           3,632,651  

NET ASSETS BEGINNING OF PERIOD                   2,988,504        555,784      7,725,548            4,320,745            2,772,396  
                                           ----------------  -------------  -------------  -------------------  ------------------- 

NET ASSETS END OF PERIOD                       $ 2,724,000    $ 1,200,665    $ 9,184,787          $ 4,263,210          $ 6,405,047  
-------------------------------------------================  =============  =============  ===================  =================== 

(1) CONTRACT UNIT TRANSACTIONS                                                                                                      
Units Outstanding at December 31, 2000             266,204         54,727        751,954              399,096              259,894  

      Units Issued                                 168,844        145,580        493,821              135,864              465,709  
      Units Redeemed                              (126,185)       (41,043)      (273,664)             (84,583)             (79,220) 
                                           ----------------  -------------  -------------  -------------------  ------------------- 

Units Outstanding at December 31, 2001             308,863        159,264        972,111              450,377              646,383  
                                           ================  =============  =============  ===================  =================== 

                                                                                                                       Salomon      
                                             S&P/JNL Equity       S&P/JNL          S&P/JNL          S&P/JNL           Brothers/     
                                               Aggressive      Equity Growth   Moderate Growth   Very Aggressive      JNL Global    
                                           Growth Portfolio I   Portfolio I      Portfolio I    Growth Portfolio I  Bond Portfolio  
                                           ------------------- --------------  --------------- ------------------ ------------------
OPERATIONS                                                                                                                          
   Net investment income (loss)                      $ 17,286       $ 70,134        $ 203,398           $ 22,294           $ 91,159 
   Net realized gain (loss) on investments             23,943         99,837          280,152            109,814             20,901 
   Net change in unrealized appreciation                                                                                            
      (depreciation) on investments                  (280,679)      (902,248)        (959,991)          (271,771)           (48,457)
                                           ------------------- --------------  --------------- ------------------ ------------------
NET INCREASE (DECREASE) IN NET ASSETS                                                                                               
   FROM OPERATIONS                                   (239,450)      (732,277)        (476,441)          (139,663)            63,603 
                                           ------------------- --------------  --------------- ------------------ ------------------

CONTRACT TRANSACTIONS (1)                                                                                                           
   Proceeds from the sale of units                    132,426      2,559,199        7,051,490            631,995            437,894 
   Value of units redeemed                            (26,969)      (402,759)        (466,683)           (55,010)          (118,992)
   Transfers between portfolios                       (22,143)       467,240          747,724            109,636            637,604 
   Policyholder charges                                (2,704)       (25,461)          (7,837)            (2,622)            (4,111)
                                           ------------------- --------------  --------------- ------------------ ------------------
NET INCREASE (DECREASE) IN NET ASSETS FROM                                                                                          
   CONTRACT TRANSACTIONS                               80,610      2,598,219        7,324,694            683,999            952,395 
                                           ------------------- --------------  --------------- ------------------ ------------------

NET INCREASE (DECREASE) IN NET ASSETS                (158,840)     1,865,942        6,848,253            544,336          1,015,998 

NET ASSETS BEGINNING OF PERIOD                      1,393,887      3,927,233        4,152,773          1,012,623            873,946 
                                           ------------------- --------------  --------------- ------------------ ------------------

NET ASSETS END OF PERIOD                          $ 1,235,047    $ 5,793,175     $ 11,001,026        $ 1,556,959        $ 1,889,944 
-------------------------------------------=================== ==============  =============== ================== ==================

(1) CONTRACT UNIT TRANSACTIONS                                                                                                      
Units Outstanding at December 31, 2000                124,653        350,150          374,272             96,855             81,785 

      Units Issued                                     26,950        410,011          924,883             96,510            115,932 
      Units Redeemed                                  (21,759)      (130,203)        (170,164)           (19,101)           (27,057)
                                           ------------------- --------------  --------------- ------------------ ------------------

Units Outstanding at December 31, 2001                129,844        629,958        1,128,991            174,264            170,660 
                                           =================== ==============  =============== ================== ==================

                     See notes to the financial statements.                                                                         

485BPOS 38th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 38th
JNLNY SEPARATE ACCOUNT I                                                                                                            
STATEMENTS OF CHANGES IN NET ASSETS                                                                                                 
For the Year Ended December 31, 2001                                                                                                

                                                 Salomon                                                                            
                                               Brothers/JNL                                                                         
                                             U.S. Government       T. Rowe Price/     T. Rowe Price/         T. Rowe                
                                                 & Quality         JNL Established     JNL Mid-Cap          Price/JNL               
                                              Bond Portfolio      Growth Portfolio   Growth Portfolio    Value Portfolio            
                                           ---------------------  ------------------ -----------------  ------------------          
OPERATIONS                                                                                                                          
   Net investment income (loss)                       $ 170,044           $ (75,577)        $ (89,732)           $ (4,027)          
   Net realized gain (loss) on investments              192,969             (97,935)            3,113              (7,460)          
   Net change in unrealized appreciation                                                                                            
      (depreciation) on investments                    (188,320)           (433,215)         (119,871)            (19,313)          
                                           ---------------------  ------------------ -----------------  ------------------          
NET INCREASE (DECREASE) IN NET ASSETS                                                                                               
   FROM OPERATIONS                                      174,693            (606,727)         (206,490)            (30,800)          
                                           ---------------------  ------------------ -----------------  ------------------          

CONTRACT TRANSACTIONS (1)                                                                                                           
   Proceeds from the sale of units                    1,749,200             885,903         1,099,114           1,626,761           
   Value of units redeemed                             (290,510)           (421,289)         (382,812)            (81,908)          
   Transfers between portfolios                         890,743             724,596          (605,108)          1,233,991           
   Policyholder charges                                  (5,252)            (17,294)          (12,416)             (1,133)          
                                           ---------------------  ------------------ -----------------  ------------------          
NET INCREASE (DECREASE) IN NET ASSETS FROM                                                                                          
   CONTRACT TRANSACTIONS                              2,344,181           1,171,916            98,778           2,777,711           
                                           ---------------------  ------------------ -----------------  ------------------          

NET INCREASE (DECREASE) IN NET ASSETS                 2,518,874             565,189          (107,712)          2,746,911           

NET ASSETS BEGINNING OF PERIOD                        2,882,547           5,731,857         6,525,187             394,618           
                                           ---------------------  ------------------ -----------------  ------------------          

NET ASSETS END OF PERIOD                            $ 5,401,421         $ 6,297,046       $ 6,417,475         $ 3,141,529           
-------------------------------------------=====================  ================== =================  ==================          

(1) CONTRACT UNIT TRANSACTIONS                                                                                                      
Units Outstanding at December 31, 2000                  270,579             466,612           476,086              35,883           

      Units Issued                                      404,674             267,869           217,004             341,417           
      Units Redeemed                                   (186,480)           (144,503)         (198,055)            (76,625)          
                                           ---------------------  ------------------ -----------------  ------------------          

Units Outstanding at December 31, 2001                  488,773             589,978           495,035             300,675           
                                           =====================  ================== =================  ==================          

                     See notes to the financial statements.                                                                         

485BPOS 39th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 39th
JNLNY SEPARATE ACCOUNT I                                                        
NOTES TO THE FINANCIAL STATEMENTS                                               

NOTE 1 - ORGANIZATION                                                           

Jackson National Life Insurance Company of New York ("Jackson National")        
established JNLNY Separate Account I (the "Separate Account") on September 12,  
1997. The Separate Account commenced operations on November 27, 1998, and is    
registered under the Investment Company Act of 1940 as a unit investment trust. 

The Separate Account assets legally belong to Jackson National and the          
obligations under the contracts are the obligation of Jackson National. However,
the contract assets in the Separate Account are not chargeable with liabilities 
arising out of any other business Jackson National may conduct.                 

The Separate Account receives and invests net premiums for individual flexible  
premium variable annuity contracts issued by Jackson National. The contracts can
be purchased on a non-tax qualified basis or in connection with certain plans   
qualifying for favorable federal income tax treatment. The Separate Account     
currently contains fifty (50) Portfolios, each of which invests in the following
series of mutual funds:                                                         

                                                        [Enlarge/Download Table]

                                                                                                                              

------------------------------------------------------------------------------------------------------------------------------
                                JNL SERIES TRUST                                                                              
AIM/JNL Large Cap Growth Fund                                 PPM America/JNL Balanced Fund                                   
AIM/JNL Premier Equity II Fund                                PPM America/JNL High Yield Bond Fund                            
AIM/JNL Small Cap Growth Fund                                 PPM America/JNL Money Market Fund                               
Alger/JNL Growth Fund                                         PPM America/JNL Value Fund                                      
Alliance Capital/JNL Growth Fund                              Putnam/JNL Equity Fund                                          
Eagle/JNL Core Equity Fund                                    Putnam/JNL International Equity Fund                            
Eagle/JNL SmallCap Equity Fund                                Putnam/JNL Midcap Growth Fund                                   
Janus/JNL Aggressive Growth Fund                              Putnam/JNL Value Equity Fund                                    
Janus/JNL Balanced Fund                                       S&P/JNL Aggressive Growth Fund I                                
Janus/JNL Capital Growth Fund                                 S&P/JNL Conservative Growth Fund I                              
Janus/JNL Global Equities Fund                                S&P/JNL Core Index 100 Fund                                     
JPMorgan/JNL Enhanced S&P 500 Stock Index Fund                S&P/JNL Core Index 50 Fund                                      
JPMorgan/JNL International Value Fund                         S&P/JNL Core Index 75 Fund                                      
Lazard/JNL Mid Cap Value Fund                                 S&P/JNL Equity Aggressive Growth Fund I                         
Lazard/JNL Small Cap Value Fund                               S&P/JNL Equity Growth Fund I                                    
Mellon Capital Management/JNL Bond Index Fund                 S&P/JNL Moderate Growth Fund I                                  
Mellon Capital Management/JNL International Index Fund        S&P/JNL Very Aggressive Growth Fund I                           
Mellon Capital Management/JNL S&P 400 Mid Cap Index Fund      Salomon Brothers/JNL Global Bond Fund                           
Mellon Capital Management/JNL S&P 500 Index Fund              Salomon Brothers/JNL U.S. Government & Quality Bond Fund        
Mellon Capital Management/JNL Small Cap Index Fund            T. Rowe Price/JNL Established Growth Fund                       
Oppenheimer/JNL Global Growth Fund                            T. Rowe Price/JNL Mid-Cap Growth Fund                           
Oppenheimer/JNL Growth Fund                                   T. Rowe Price/JNL Value Fund                                    
PIMCO/JNL Total Return Bond Fund                                                                                              

------------------------------------------------------------------------------------------------------------------------------
                            JNLNY VARIABLE FUND I LLC                                                                         
First Trust/JNL Global Target 15 Fund                         First Trust/JNL The Dow Target 10 Fund                          
First Trust/JNL Target 25 Fund                                First Trust/JNL The S&P Target 10 Fund                          
First Trust/JNL Target Small-Cap Fund                                                                                         

485BPOS 40th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 40th
JNLNY SEPARATE ACCOUNT I                                                        
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)                                   

NOTE 1 - ORGANIZATION (CONTINUED)                                               

Jackson National Asset Management, LLC, a wholly-owned subsidiary of Jackson    
National Life Insurance Company, serves as investment adviser for all the Funds 
and receives a fee for its services from each of the Funds.                     

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES                                        

The following is a summary of significant accounting policies followed by the   
Separate Account in the preparation of its financial statements.                

USE OF ESTIMATES                                                                

The preparation of financial statements in conformity with accounting 
principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported 
   amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported  
amounts of revenues and expenses during the reporting period. Actual  
results could differ from those estimates.                            

INVESTMENTS                                                                     

  The Separate Account's investments in the corresponding series of mutual
     funds ("Funds") are stated at the net asset values of the respective Funds.
    The average cost method is used in determining the cost of the shares sold
on withdrawals by the Separate Account. Investments in the Funds are  
   recorded on trade date. Realized gain distributions are reinvested in the
respective Funds. Dividend distributions received from the Funds are  
    reinvested in additional shares of the Funds and are recorded as income to
the Separate Account on the ex-dividend date.                         

FEDERAL INCOME TAXES                                                            

   The operations of the Separate Account are included in the federal income
tax return of Jackson National, which is taxed as a "life insurance   
   company" under the provisions of the Internal Revenue Code. Under current
law, no federal income taxes are payable with respect to the Separate 
Account. Therefore, no federal income tax has been provided.          

NOTE 3 - POLICY CHARGES                                                         

Charges are deducted from the Separate Account to compensate Jackson National   
for providing the insurance benefits set forth in the contracts, administering  
the contracts, distributing the contracts, and assuming certain risks in        
connection with the contracts.                                                  

CONTRACT MAINTENANCE CHARGE                                                     

An annual contract maintenance charge of $30 is charged against each  
contract to reimburse Jackson National for expenses incurred in       
     establishing and maintaining records relating to the contract. The contract
 maintenance charge is assessed on each anniversary of the contract date
    that occurs prior to the annuity date. The charge is deducted by redeeming
   units. For the year ended December 31, 2002, contract maintenance charges
were assessed in the amount of $49,945.                               

TRANSFER FEE CHARGE                                                             

A transfer fee of $25 will apply to transfers made by contract holders
between the portfolios in excess of 15 transfers in a contract year.  
Jackson National may waive the transfer fee in connection with        
pre-authorized automatic transfer programs, or in those states where a
lesser fee is required.                                               

This fee will be deducted from any contract values remaining in the   
portfolio(s)                                                          

485BPOS 41st “Page” of 94 TOC 1st Previous Next ↓Bottom Just 41st
JNLNY SEPARATE ACCOUNT I                                                        
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)                                   

NOTE 3 - POLICY CHARGES (CONTINUED)                                             

TRANSFER FEE CHARGE (CONTINUED)                                                 

 from which the transfers were made. If such remaining contract value is
  insufficient to pay the transfer fee, then the fee will be deducted from
     transferred contract values. For the year ended December 31, 2002, transfer
fee charges were assessed in the amount of $500.                      

SURRENDER OR CONTINGENT DEFERRED SALES CHARGE                                   

During the first longer contract years, certain contracts include a   
provision for a charge upon the surrender or partial surrender of the 
 contract. The amount assessed under the contract terms, if any, depends
  upon the cost associated with distributing the particular contracts. The
   amount, if any, is determined based on a number of factors, including the
    amount withdrawn, the contract year of surrender, or the number and amount
  of withdrawals in a calendar year. The surrender charges are assessed by
     Jackson National and withheld from the proceeds of the withdrawals. For the
     year ended December 31, 2002, surrender charges were assessed in the amount
of $193,897.                                                          

INSURANCE CHARGES                                                               

  Jackson National deducts a daily charge for administrative expenses from
the net assets of the Separate Account equivalent to an annual rate of
    0.15%. The administration charge is designed to reimburse Jackson National
for administrative expenses related to the Separate Account and the   
issuance and maintenance of contracts.                                

     Jackson National deducts a daily charge from the net assets of the Separate
Account equivalent to an annual rate of 1.25% for the assumption of   
     mortality and expense risks. The mortality risk assumed by Jackson National
    is that the insured may receive benefits greater than those anticipated by
    Jackson National. The expense risk assumed by Jackson National is that the
  costs of administering the contracts of the Separate Account will exceed
the amount received from the Administration Charge and the Contract   
Maintenance Charge.                                                   

OPTIONAL BENEFIT CHARGES                                                        

    MAXIMUM ANNIVERSARY VALUE DEATH BENEFIT CHARGE. If you select this benefit
     option, Jackson National makes an additional deduction at an annual rate of
    0.22% of the average daily net asset value of your allocation. The Maximum
  Anniversary Value Death Benefit is an optional benefit that may increase
    the amount of the death benefit paid to the greatest contract value at any
    contract anniversary prior to the owner's 81st birthday. The mortality and
     expense risk charge is 0.12% lower than in the base contract to reflect the
replacement of the standard death benefit with the Maximum Anniversary
Value Death Benefit.                                                  

EARNINGS PROTECTION BENEFIT CHARGE. If you select this benefit option,
    Jackson National will make an additional deduction that equals 0.30% on an
  annual basis of the average daily net asset value of your allocations to
the portfolios.                                                       

    CONTRACT ENHANCEMENT CHARGE. If you select one of the contract enhancement
benefits, then for a period of three to seven contract years, Jackson 
     National will make an additional deduction based upon the average daily net
 asset value of your allocations to the portfolios. The amounts of these
     charges depend upon which of the contract enhancements you select and range
from 0.395% to 0.65%.                                                 

     CONTRACT ENHANCEMENT RECAPTURE CHARGE. If you select a contract enhancement
    benefit and then make a partial or total withdrawal during the first three
  to seven contract years, Jackson National will assess a recapture charge
that reimburses Jackson National for all or part of the contract      
 enhancements that Jackson National credited to the account based on the
first year payments.                                                  

485BPOS 42nd “Page” of 94 TOC 1st Previous Next ↓Bottom Just 42nd
JNLNY SEPARATE ACCOUNT I                                                        
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)                                   

NOTE 3 - POLICY CHARGES (CONTINUED)                                             

OPTIONAL BENEFIT CHARGES (CONTINUED)                                            

    GUARANTEED MINIMUM INCOME BENEFIT CHARGE. If you select this benefit, on a
calendar quarter basis, Jackson National will deduct 0.10% of the     
Guaranteed Minimum Income Benefit (GMIB) Benefit Base.                

   GUARANTEED MINIMUM WITHDRAWAL BENEFIT CHARGE. If you select this benefit,
  Jackson National will make an additional deduction of 0.35% on an annual
basis of the average daily net asset value of your allocations to the 
     portfolios. This charge will increase to 0.55% upon the first election of a
  "step-up". Jackson National reserves the right to prospectively increase
     the charge on new issues or upon any election of any "step-up" subject to a
maximum charge of 0.70%.                                              

 OPTIONAL DEATH BENEFIT CHARGES. If you select one of the three optional
    death benefits available under your Contract, Jackson National will deduct
   0.15% or 0.25% on an annual basis of the average daily net asset value of
your allocations to the portfolios.                                   

  FIVE-YEAR WITHDRAWAL CHARGE PERIOD. If you select the optional five-year
 withdrawal charge period feature (on the Perspective II base contract),
    Jackson National will deduct 0.30% on an annual basis of the average daily
net asset value of your allocations to the portfolios.                

   20% ADDITIONAL FREE WITHDRAWAL CHARGE. If you select the optional feature
   that permits you to withdraw up to 20% of premiums that are still subject
to a withdrawal charge minus earnings during a Contract year without  
     withdrawal charge, Jackson National will deduct 0.30% on an annual basis of
   the average daily net assets value of your allocations to the portfolios.

PREMIUM TAXES                                                                   

   Some states and other governmental entities charge premium taxes or other
 similar taxes. Jackson National is responsible for the payment of these
 taxes and may make a deduction from the value of the contract for them.
Premium taxes generally range from 0% to 4% depending on the state.   

NOTE 4 - PURCHASES AND SALES OF INVESTMENTS                                     

    For the year ended December 31, 2002, purchases and proceeds from sales of
investments are as follows:                                                     

                                                        [Enlarge/Download Table]

                                                                                                                                    

------------------------------------------------------------------------------------------------------------------------------------
                                JNL SERIES TRUST                                                                                    
                                                  Proceeds                                                          Proceeds        
                                    Purchases     from Sales                                         Purchases      from Sales      
AIM/JNL Large Cap Growth             $  238,528     $   71,088  PPM America/JNL Balanced              $ 3,185,677    $ 2,876,822    
AIM/JNL Premier Equity II               483,619        246,405  PPM America/JNL High Yield Bond         4,536,552      3,848,391    
AIM/JNL Small Cap Growth              1,229,435        497,077  PPM America/JNL Money Market            8,723,504     10,095,340    
Alger/JNL Growth                      1,165,752      2,213,670  PPM America/JNL Value                       7,571             11    
Alliance Capital/JNL Growth           1,998,326      1,708,446  Putnam/JNL Equity                         645,941      1,373,241    
Eagle/JNL Core Equity                 1,699,578      1,216,747  Putnam/JNL International Equity         3,134,084      3,364,028    
Eagle/JNL SmallCap Equity             1,177,806      1,432,234  Putnam/JNL Midcap Growth                  901,630        802,154    
Janus/JNL Aggressive Growth           1,805,017      4,151,406  Putnam/JNL Value Equity                 2,883,852      4,371,473    
Janus/JNL Balanced                    3,466,936      2,745,677  S&P/JNL Aggressive Growth I             2,548,102      1,449,577    
Janus/JNL Capital Growth              1,649,121      4,126,073  S&P/JNL Conservative Growth I           8,351,330      3,914,587    

485BPOS 43rd “Page” of 94 TOC 1st Previous Next ↓Bottom Just 43rd
JNLNY SEPARATE ACCOUNT I                                                                                                            
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)                                                                                       

NOTE 4 - PURCHASES AND SALES OF INVESTMENTS (CONTINUED)                                                                             

--------------------------------------------------------------------------------                                                    
                          JNL SERIES TRUST (CONTINUED)                                                                              
                                                                    Proceeds                                                        
                                                     Purchases     from Sales                                                       
Janus/JNL Global Equities                             $  704,872    $ 2,571,339                                                     
JPMorgan/JNL Enhanced S&P 500 Stock Index                 32,444          5,067                                                     
JPMorgan/JNL International Value                         143,075         84,365                                                     
Lazard/JNL Mid Cap Value                               1,197,179        648,461                                                     
Lazard/JNL Small Cap Value                             2,099,712        958,188                                                     
Mellon Capital Management/JNL Bond Index                  20,250             43                                                     
Mellon Capital Management/JNL International Index          2,895          2,791                                                     
Mellon Capital Management/JNL S&P 400 Mid Cap Index      193,771          7,127                                                     
Mellon Capital Management/JNL S&P 500 Index              296,150         36,577                                                     
Mellon Capital Management/JNL Small Cap Index            216,546          7,035                                                     
Oppenheimer/JNL Global Growth                          1,443,019      1,062,756                                                     
Oppenheimer/JNL Growth                                   681,760        520,544                                                     
PIMCO/JNL Total Return Bond                            7,449,955      2,336,944                                                     
S&P/JNL Core Index 100                                    47,862            148                                                     
S&P/JNL Core Index 50                                          -              -                                                     
S&P/JNL Core Index 75                                          -              -                                                     
S&P/JNL Equity Aggressive Growth I                       699,383        334,119                                                     
S&P/JNL Equity Growth I                                6,639,483      4,996,000                                                     
S&P/JNL Moderate Growth I                             15,000,693      9,598,240                                                     
S&P/JNL Very Aggressive Growth I                         840,054        896,665                                                     
Salomon Brothers/JNL Global Bond                       1,647,416      1,086,667                                                     
Salomon Brothers/JNL U.S. Government & Quality Bond    9,595,407      5,460,414                                                     
T. Rowe Price/JNL Established Growth                   2,271,810      3,344,461                                                     
T. Rowe Price/JNL Mid-Cap Growth                       1,995,717      2,611,605                                                     
T. Rowe Price/JNL Value                                3,093,077      2,535,849                                                     

--------------------------------------------------------------------------------                                                    
                            JNLNY VARIABLE FUND I LLC                                                                               
                                                                     Proceeds                                                       
                                                     Purchases     from Sales                                                       
First Trust/JNL Global Target 15 Fund                 $  599,344     $  504,226                                                     
First Trust/JNL Target 25 Fund                           745,609        521,931                                                     
First Trust/JNL Target Small-Cap Fund                    776,124        555,313                                                     
First Trust/JNL The Dow Target 10 Fund                   805,085        567,428                                                     
First Trust/JNL The S&P Target 10 Fund                   757,422        508,567                                                     


485BPOS 44th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 44th
JNLNY SEPARATE ACCOUNT - I                                                      
NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                       

NOTE 5 - INSURANCE CHARGES                                                      

     The  following  is a summary of  insurance  charges  for the  period  ended
December 31, 2002:                                                    

                                                        [Enlarge/Download Table]

                                                                                                                                    

                                 AIM/                 AIM/                AIM/                                Alliance              
                             JNL Large Cap         JNL Premier       JNL Small Cap        Alger/JNL          Capital/JNL            
                           Growth Portfolio     Equity II Portfolio Growth Portfolio  Growth Portfolio    Growth Portfolio          
                          --------------------  ------------------  ----------------- ------------------  ------------------        
M&E CLASS                                                                                                                           

         1.400                             40                  11                 23                 10                   2         
         1.650                              -                   -                  9                  -                   -         
         1.700                             10                   -                  -                  -                   -         
         1.795                              -                   -                  -                  -                   -         
         1.800                              -                   -                  -                  -                   -         
         1.820                              -                   -                  -                  -                   -         
         1.825                              -                   -                  -                  -                   -         
         1.960                              6                   -                  -                 22                   -         
         2.095                              -                   -                  -                  -                   -         
         2.300                              -                   -                  1                  -                  40         
         2.450                              -                   5                  -                  -                   -         

PERSPECTIVE                                                                                                                         
 Standard Benefit                         666               1,056              2,320             89,022              16,452         
 Contract Enhancement                                                                                                               
    Benefit *                             863               2,223              4,296              6,292               8,403         
                          --------------------  ------------------  ----------------- ------------------  ------------------        

         Total                          1,585               3,295              6,649             95,346              24,897         
                          ====================  ==================  ================= ==================  ==================        

                                                 Eagle/JNL      First Trust/JNL    First Trust/JNL    First Trust/JNL               
                           Eagle/JNL Core         SmallCap       Global Target        Target 25       Target Small-Cap              
                          Equity Portfolio    Equity Portfolio    15 Portfolio        Portfolio          Portfolio                  
                         -------------------  ----------------- ----------------- ------------------  -----------------             
M&E CLASS                                                                                                                           

         1.400                            -                  -                 1                  -                  -              
         1.650                            -                  -             3,488              3,625              3,699              
         1.700                            -                  -                 -                  -                  -              
         1.795                            -                  -                 -                  -                  -              
         1.800                            4                  -                 -                  -                  -              
         1.820                            3                  -                 -                  -                  -              
         1.825                            -                  -                 -                  -                  -              
         1.960                           36                  8                28                201                216              
         2.095                            -                  -                28                  -                  -              
         2.300                           70                 12                22                 14                 14              
         2.450                            -                  -                 -                 13                 17              

PERSPECTIVE                                                                                                                         
 Standard Benefit                    19,344             27,006                 -                  9                  -              
 Contract Enhancement                                                                                                               
    Benefit *                        11,061              5,734                21                 23                 23              
                         -------------------  ----------------- ----------------- ------------------  -----------------             

         Total                       30,518             32,760             3,588              3,885              3,969              
                         ===================  ================= ================= ==================  =================             

                          First Trust/JNL     First Trust/JNL                                                                       
                           The Dow Taget       The S&P Target                                                                       
                            10 Portfolio        10 Portfolio                                                                        
                         -------------------  -----------------                                                                     
M&E CLASS                                                                                                                           

         1.400                           68                  3                                                                      
         1.650                        3,736              3,629                                                                      
         1.700                            -                  -                                                                      
         1.795                            -                  -                                                                      
         1.800                            -                  -                                                                      
         1.820                            -                  -                                                                      
         1.825                            -                  -                                                                      
         1.960                          203                202                                                                      
         2.095                           29                 26                                                                      
         2.300                           27                 13                                                                      
         2.450                            -                  -                                                                      

PERSPECTIVE                                                                                                                         
 Standard Benefit                         8                  1                                                                      
 Contract Enhancement                                                                                                               
    Benefit *                            23                 23                                                                      
                         -------------------  -----------------                                                                     

         Total                        4,094              3,897                                                                      
                         ===================  =================                                                                     

*    Contract enhancement benefit charge changed from 1.825% to 1.82% on May 17,                                                    
     2002.                                                                                                                          

485BPOS 45th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 45th
JNLNY SEPARATE ACCOUNT - I                                                                                                          
NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                                                                           

NOTE 5 - INSURANCE CHARGES                                                                                                          

     The  following  is a summary of  insurance  charges  for the  period  ended                                                    
     December 31, 2002:                                                                                                             

                                                                                                      JPMorgan/                     
                            Janus/JNL         Janus/JNL         Janus/JNL         Janus/JNL          JNL Enhanced                   
                            Aggressive         Balanced          Capital           Global           S&P 500 Stock                   
                         Growth Portfolio     Portfolio      Growth Portfolio  Equities Portfolio  Index Portfolio                  
                        ------------------- ---------------  ----------------  ----------------    -----------------                
M&E CLASS                                                                                                                           

        1.400                            2              45                 -                 -                   20                 
        1.650                            -              10                 -                 -                    -                 
        1.700                            -               -                11                 -                    -                 
        1.795                            -               -                 -                 -                    -                 
        1.800                            -             141                 -                 -                    2                 
        1.820                            -               -                 -                 -                    -                 
        1.825                            -               -                 -                 -                    -                 
        1.960                           11              48                 3                 -                    -                 
        2.095                            -               -                 7                 -                    -                 
        2.300                            -              37                 -                 -                   30                 
        2.450                            -               3                 -                 -                    -                 

PERSPECTIVE                                                                                                                         
 Standard Benefit                  140,532          43,069           109,999            90,121                   14                 
 Contract Enhancement                                                                                                               
    Benefit *                        7,355          21,071             6,501                 -                    -                 
                        ------------------- ---------------  ----------------  ----------------    -----------------                

        Total                      147,900          64,424           116,521            90,121                   66                 
                        =================== ===============  ================  ================    =================                

                                                                                     Mellon Capital      Mellon Capital             
                           JPMorgan/JNL         Lazard/JNL         Lazard/JNL        Management/JNL      Management/JNL             
                          International           Mid Cap           Small Cap          Bond Index        International              
                         Value Portfolio      Value Portfolio    Value Portfolio        Portfolio       Index Portfolio             
                        -------------------  ------------------ ------------------  ------------------ -------------------          
M&E CLASS                                                                                                                           

        1.400                            -                   3                 30                  19                   -           
        1.650                            -                   9                  -                   -                   -           
        1.700                            -                   -                  -                   -                   -           
        1.795                            -                   -                  -                   -                   -           
        1.800                            -                   -                  4                   4                   -           
        1.820                            -                  23                  -                   -                   -           
        1.825                            -                   -                  -                   -                   -           
        1.960                            2                  24                 11                   -                   -           
        2.095                            -                  48                 28                   -                   -           
        2.300                           12                   -                 83                   5                   -           
        2.450                            -                  25                 25                   -                   -           

PERSPECTIVE                                                                                                                         
 Standard Benefit                       99               2,783              6,806                  15                   1           
 Contract Enhancement                                                                                                               
    Benefit *                            -               5,517              5,015                   -                   -           
                        -------------------  ------------------ ------------------  ------------------ -------------------          

        Total                          113               8,432             12,002                  43                   1           
                        ===================  ================== ==================  ================== ===================          

                          Mellon Capital        Mellon Capital                                                                      
                          Management/JNL        Management/JNL                                                                      
                          S&P 400 Mid Cap          S&P 500                                                                          
                          Index Portfolio      Index Portfolio                                                                      
                        --------------------  -------------------                                                                   
M&E CLASS                                                                                                                           

        1.400                             7                   53                                                                    
        1.650                            18                   18                                                                    
        1.700                             -                    -                                                                    
        1.795                             -                    -                                                                    
        1.800                             -                    -                                                                    
        1.820                             -                    -                                                                    
        1.825                             -                    -                                                                    
        1.960                           371                  393                                                                    
        2.095                             -                   46                                                                    
        2.300                            18                   55                                                                    
        2.450                             -                    -                                                                    

PERSPECTIVE                                                                                                                         
 Standard Benefit                         8                   34                                                                    
 Contract Enhancement                                                                                                               
    Benefit *                             2                    2                                                                    
                        --------------------  -------------------                                                                   

        Total                           424                  601                                                                    
                        ====================  ===================                                                                   

*    Contract enhancement benefit charge changed from 1.825% to 1.82% on May 17,                                                    
     2002.                                                                                                                          

485BPOS 46th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 46th
JNLNY SEPARATE ACCOUNT - I                                                                                                          
NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                                                                           

NOTE 5 - INSURANCE CHARGES                                                                                                          

     The  following  is a summary of  insurance  charges  for the  period  ended                                                    
     December 31, 2002:                                                                                                             

                          Mellon Capital                                                                                            
                          Management/JNL      Oppenheimer/JNL                           PIMCO/JNL         PPM America/              
                             Small Cap         Global Growth     Oppenheimer/JNL      Total Return        JNL Balanced              
                          Index Portfolio        Portfolio       Growth Portfolio    Bond Portfolio         Portfolio               
                        -------------------- ------------------  -----------------  ------------------  ------------------          
M&E CLASS                                                                                                                           

        1.400                             5                 25                  -                 109                  27           
        1.650                            18                  -                  -                  64                   -           
        1.700                             -                  -                  -                  20                   -           
        1.795                             -                  -                  -                  12                   -           
        1.800                             -                  2                  -                 188                   -           
        1.820                             -                  -                  -                 101                  14           
        1.825                             -                  -                  -                   -                   -           
        1.960                           368                 31                  3                  97                  50           
        2.095                             -                  -                  -                 210                   -           
        2.300                            19                152                  2                 804                 115           
        2.450                            13                 13                  3                 269                   -           

PERSPECTIVE                                                                                                                         
 Standard Benefit                         9              4,828              2,642              19,041              60,082           
 Contract Enhancement                                                                                                               
    Benefit *                             2             10,774              6,118              18,707              17,859           
                        -------------------- ------------------  -----------------  ------------------  ------------------          

        Total                           434             15,825              8,768              39,622              78,147           
                        ==================== ==================  =================  ==================  ==================          

                           PPM America/         PPM America/       PPM America/                              Putnam/JNL             
                          JNL High Yield          JNL Money          JNL Value          Putnam/JNL         International            
                          Bond Portfolio      Market Portfolio       Portfolio       Equity Portfolio     Equity Portfolio          
                        --------------------  ------------------ ------------------  ------------------  -------------------        
M&E CLASS                                                                                                                           

        1.400                            25                   -                  -                   -                   13         
        1.650                             -                  38                  -                   -                    -         
        1.700                             -                   -                  -                   -                    -         
        1.795                             -                   -                  -                   -                    -         
        1.800                            73                   -                  -                   -                   72         
        1.820                           115                   -                  -                   -                    -         
        1.825                             -                   -                  -                   -                    -         
        1.960                            52                  83                  3                   -                    3         
        2.095                             -                   -                  -                  20                    -         
        2.300                             1                  84                  -                   -                    -         
        2.450                           132                   -                  -                   -                    -         

PERSPECTIVE                                                                                                                         
 Standard Benefit                    46,345              70,196                  2              50,127               29,463         
 Contract Enhancement                                                                                                               
    Benefit *                        16,655              17,569                  2               2,917                4,700         
                        --------------------  ------------------ ------------------  ------------------  -------------------        

        Total                        63,398              87,970                  7              53,064               34,251         
                        ====================  ================== ==================  ==================  ===================        

                           Putnam/JNL          Putnam/JNL                                                                           
                             Midcap           Value Equity                                                                          
                        Growth Portfolio       Portfolio                                                                            
                        ------------------  -----------------                                                                       
M&E CLASS                                                                                                                           

        1.400                          24                 12                                                                        
        1.650                           -                  -                                                                        
        1.700                           -                  -                                                                        
        1.795                           -                  -                                                                        
        1.800                           3                  5                                                                        
        1.820                           -                 35                                                                        
        1.825                           -                  -                                                                        
        1.960                          10                  3                                                                        
        2.095                           -                 47                                                                        
        2.300                           -                  9                                                                        
        2.450                           -                  -                                                                        

PERSPECTIVE                                                                                                                         
 Standard Benefit                   8,806             88,566                                                                        
 Contract Enhancement                                                                                                               
    Benefit *                       7,865             19,022                                                                        
                        ------------------  -----------------                                                                       

        Total                      16,708            107,699                                                                        
                        ==================  =================                                                                       

*    Contract enhancement benefit charge changed from 1.825% to 1.82% on May 17,                                                    
     2002.                                                                                                                          

485BPOS 47th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 47th
JNLNY SEPARATE ACCOUNT - I                                                                                                          
NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                                                                           

NOTE 5 - INSURANCE CHARGES                                                                                                          

     The  following  is a summary of  insurance  charges  for the  period  ended                                                    
     December 31, 2002:                                                                                                             

                              S&P/JNL             S&P/JNL             S&P/JNL         S&P/JNL Equity                                
                            Aggressive         Conservative         Core Index          Aggressive        S&P/JNL Equity            
                        Growth Portfolio I   Growth Portfolio I    100 Portfolio    Growth Portfolio I   Growth Portfolio I         
                        -------------------- ------------------  ------------------ -------------------  ------------------         
M&E CLASS                                                                                                                           

        1.400                         1,221                238                   6                   2                  31          
        1.650                             -                418                   -                   -                   -          
        1.700                             -                 48                   -                   -                   -          
        1.795                             -                  -                   -                   -                   -          
        1.800                             1                412                   -                   -                 547          
        1.820                             -                  2                  57                   -                  26          
        1.825                             -                  -                   -                   -                   -          
        1.960                           443              1,162                   -                 192                 575          
        2.095                            85                440                   -                   -                   -          
        2.300                           240              1,241                  72                   1                   1          
        2.450                             -                  -                   1                   -                   -          

PERSPECTIVE                                                                                                                         
 Standard Benefit                    46,227             70,874                  12              14,045              47,863          
 Contract Enhancement                                                                                                               
    Benefit *                        16,268             45,733                   -               2,545              44,539          
                        -------------------- ------------------  ------------------ -------------------  ------------------         

        Total                        64,485            120,568                 148              16,785              93,582          
                        ==================== ==================  ================== ===================  ==================         

                                                                                          Salomon                                   
                                                                      Salomon          Brothers/JNL                                 
                              S&P/JNL              S&P/JNL           Brothers/        U.S. Government      T. Rowe Price/           
                             Moderate          Very Aggressive       JNL Global          & Quality        JNL Established           
                        Growth Portfolio I    Growth Portfolio I   Bond Portfolio     Bond Portfolio      Growth Portfolio          
                        --------------------  ------------------  -----------------  ------------------  -------------------        
M&E CLASS                                                                                                                           

        1.400                           616                   -                 11                  95                   18         
        1.650                             -                   -                  -                  50                    9         
        1.700                             -                   -                  -                   -                    -         
        1.795                            20                   -                  -                   -                    -         
        1.800                           161                   -                  -                 153                    -         
        1.820                            25                   -                  -               1,724                    -         
        1.825                             -                   -                  -                   -                    -         
        1.960                         1,222                  88                189                  68                   20         
        2.095                            42                   -                  -                   -                    -         
        2.300                         2,262                 194                  -                 425                    -         
        2.450                             -                   -                  -                  52                    -         

PERSPECTIVE                                                                                                                         
 Standard Benefit                    93,760              12,806             23,574              73,879               60,229         
 Contract Enhancement                                                                                                               
    Benefit *                       105,374               7,747              8,733              33,912               12,842         
                        --------------------  ------------------  -----------------  ------------------  -------------------        

        Total                       203,482              20,835             32,507             110,358               73,118         
                        ====================  ==================  =================  ==================  ===================        

                         T. Rowe Price/          T. Rowe                                                                            
                           JNL Mid-Cap          Price/JNL                                                                           
                        Growth Portfolio     Value Portfolio                                                                        
                        ------------------  ------------------                                                                      
M&E CLASS                                                                                                                           

        1.400                          21                  40                                                                       
        1.650                           -                   1                                                                       
        1.700                           -                  22                                                                       
        1.795                           -                   -                                                                       
        1.800                           -                 140                                                                       
        1.820                           2                   4                                                                       
        1.825                           -                   -                                                                       
        1.960                          41                  22                                                                       
        2.095                           -                  21                                                                       
        2.300                          83                   -                                                                       
        2.450                          13                  51                                                                       

PERSPECTIVE                                                                                                                         
 Standard Benefit                  66,075              30,943                                                                       
 Contract Enhancement                                                                                                               
    Benefit *                      12,096              20,771                                                                       
                        ------------------  ------------------                                                                      

        Total                      78,331              52,015                                                                       
                        ==================  ==================                                                                      

*    Contract enhancement benefit charge changed from 1.825% to 1.82% on May 17,                                                    
     2002.                                                                                                                          

485BPOS 48th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 48th
JNLNY SEPARATE ACCOUNT - I                                                                                                          
NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                                                                           

NOTE 6 - ACCUMULATION UNIT VALUES, UNITS OUTSTANDING AND NET ASSETS BY M&E CLASS                                                    

     The following is a summary of  accumulation  unit values as of December 31,                                                    
     2002:                                                                                                                          

                              AIM/               AIM/              AIM/                                Alliance                     
                          JNL Large Cap      JNL Premier       JNL Small Cap        Alger/JNL         Capital/JNL                   
                        Growth Portfolio  Equity II Portfolio Growth Portfolio    Growth Portfolio   Growth Portfolio               
                        ------------------  ---------------  ------------------  -----------------  ----------------                
M&E CLASS                                                                                                                           

        1.400                    8.043328         7.801655            8.293704          12.632081          7.727627                 
        1.650                           -                -            8.269257                  -                 -                 
        1.700                    8.014604                -                   -                  -                 -                 
        1.795                           -                -                   -                  -                 -                 
        1.800                           -                -                   -                  -                 -                 
        1.820                           -                -                   -                  -                 -                 
        1.825                    7.987771                -                   -          12.131009                 -                 
        1.960                           -                -                   -                  -                 -                 
        2.095                           -                -            8.213547          11.880599          7.398434                 
        2.300                           -         7.705924                   -                  -                 -                 
        2.450                                                                                                                       

PERSPECTIVE                                                                                                                         
 Standard Benefit                7.547329         7.801655            7.923624           6.920658          4.485940                 
 Contract Enhancement                                                                                                               
    Benefit *                    7.228892         7.171364            7.374499           5.745187          5.914678                 

                                                 Eagle/JNL         First Trust/JNL     First Trust/JNL    First Trust/JNL           
                          Eagle/JNL Core         SmallCap           Global Target         Target 25       Target Small-Cap          
                         Equity Portfolio    Equity Portfolio       15 Portfolio          Portfolio          Portfolio              
                        -------------------- ------------------  --------------------  ----------------  -------------------        
M&E CLASS                                                                                                                           

        1.400                             -                  -              9.683939         10.283153            10.837362         
        1.650                             -                  -              9.668954         10.254650            10.810574         
        1.700                             -                  -                     -                 -                    -         
        1.795                             -                  -                     -                 -                    -         
        1.800                     13.017338                  -              9.669595         10.254955                    -         
        1.820                     13.001053                  -                     -                 -                    -         
        1.825                     12.885883          11.686093              9.655762         10.240295            10.795668         
        1.960                             -                  -              9.649969                 -                    -         
        2.095                     12.614051          11.438641              9.641049         10.222460            10.778106         
        2.300                             -                  -                     -         10.218284            10.772237         
        2.450                                                                                                                       

PERSPECTIVE                                                                                                                         
 Standard Benefit                  8.134044           8.759987             10.108930         10.150521            10.503766         
 Contract Enhancement                                                                                                               
    Benefit *                      7.212857           7.343036             10.097905         10.138888            10.492586         

                         First Trust/JNL    First Trust/JNL                                                                         
                          The Dow Taget     The S&P Target                                                                          
                          10 Portfolio       10 Portfolio                                                                           
                        ------------------  ----------------                                                                        
M&E CLASS                                                                                                                           

        1.400                   11.159160          9.639856                                                                         
        1.650                   11.138174          9.619349                                                                         
        1.700                           -                 -                                                                         
        1.795                           -                 -                                                                         
        1.800                   11.140301                 -                                                                         
        1.820                           -                 -                                                                         
        1.825                   11.122761          9.605947                                                                         
        1.960                   11.116250          9.600414                                                                         
        2.095                   11.104801          9.589985                                                                         
        2.300                           -                 -                                                                         
        2.450                                                                                                                       

PERSPECTIVE                                                                                                                         
 Standard Benefit               11.477618          9.074024                                                                         
 Contract Enhancement                                                                                                               
    Benefit *                   11.464126          9.063773                                                                         

*    Contract enhancement benefit charge changed from 1.825% to 1.82% on May 17,                                                    
     2002.                                                                                                                          

485BPOS 49th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 49th
JNLNY SEPARATE ACCOUNT - I                                                                                                          
NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                                                                           

NOTE 6 - ACCUMULATION UNIT VALUES, UNITS OUTSTANDING AND NET ASSETS BY M&E CLASS                                                    

     The following is a summary of  accumulation  unit values as of December 31,                                                    
     2002:                                                                                                                          

                                                                                                           JPMorgan/                
                            Janus/JNL         Janus/JNL           Janus/JNL           Janus/JNL          JNL Enhanced               
                            Aggressive         Balanced            Capital             Global            S&P 500 Stock              
                         Growth Portfolio     Portfolio       Growth Portfolio    Equities Portfolio    Index Portfolio             
                         ----------------- -----------------  ------------------  ------------------  --------------------          
M&E CLASS                                                                                                                           

        1.400                   17.752307          8.424101                   -                   -              5.963835           
        1.650                           -          8.368208                   -                   -                     -           
        1.700                           -          8.357045           13.192460                   -                     -           
        1.795                           -                 -                   -                   -                     -           
        1.800                           -          8.334777                   -                   -              5.878651           
        1.820                           -                 -                   -                   -                     -           
        1.960                   17.011265          8.298334           12.933650                   -                     -           
        2.095                           -                 -           12.800844                   -                     -           
        2.300                           -          8.224908                   -                   -              5.768271           
        2.450                           -          8.191460                   -                   -                     -           

PERSPECTIVE                                                                                                                         
 Standard Benefit                6.279575          8.760626            6.637011            7.519648             10.640831           
 Contract Enhancement                                                                                                               
    Benefit *                    5.542444          8.851790            5.104600                   -             10.629286           

                                                                                  Mellon Capital       Mellon Capital               
                           JPMorgan/JNL        Lazard/JNL         Lazard/JNL      Management/JNL       Management/JNL               
                          International         Mid Cap           Small Cap         Bond Index         International                
                         Value Portfolio    Value Portfolio    Value Portfolio       Portfolio        Index Portfolio               
                        ------------------- -----------------  ----------------- ------------------  -------------------            
M&E CLASS                                                                                                                           

        1.400                            -         11.031599           9.395498          10.711162                    -             
        1.650                            -         10.898586                  -                  -                    -             
        1.700                            -         10.872314                  -                  -                    -             
        1.795                            -                 -                  -                  -                    -             
        1.800                            -                 -           9.215482          10.669492                    -             
        1.820                            -         10.809437                  -                  -                    -             
        1.960                     6.131124         10.736602           9.144434                  -                    -             
        2.095                            -         10.666542           9.084990                  -                    -             
        2.300                     6.031073                 -           8.995346          10.618420                    -             
        2.450                            -         10.485075           8.930386                  -                    -             

PERSPECTIVE                                                                                                                         
 Standard Benefit                10.140477          9.197975           8.998926          10.117737            10.309147             
 Contract Enhancement                                                                                                               
    Benefit *                    10.129398          8.876363           8.791293          10.106532            10.297913             

                          Mellon Capital      Mellon Capital                                                                        
                          Management/JNL      Management/JNL                                                                        
                         S&P 400 Mid Cap         S&P 500                                                                            
                         Index Portfolio     Index Portfolio                                                                        
                        -------------------  -----------------                                                                      
M&E CLASS                                                                                                                           

        1.400                     8.491229           7.685664                                                                       
        1.650                     8.470990           7.667767                                                                       
        1.700                            -                  -                                                                       
        1.795                            -                  -                                                                       
        1.800                            -                  -                                                                       
        1.820                            -                  -                                                                       
        1.960                     8.445798           7.644967                                                                       
        2.095                            -           7.635065                                                                       
        2.300                     8.431162           7.620310                                                                       
        2.450                            -                  -                                                                       

PERSPECTIVE                                                                                                                         
 Standard Benefit                10.431487          10.617884                                                                       
 Contract Enhancement                                                                                                               
    Benefit *                    10.419658          10.605462                                                                       

*    Contract enhancement benefit charge changed from 1.825% to 1.82% on May 17,                                                    
     2002.                                                                                                                          

485BPOS 50th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 50th
JNLNY SEPARATE ACCOUNT - I                                                                                                          
NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                                                                           

NOTE 6 - ACCUMULATION UNIT VALUES, UNITS OUTSTANDING AND NET ASSETS BY M&E CLASS                                                    

     The following is a summary of  accumulation  unit values as of December 31,                                                    
     2002:                                                                                                                          

                          Mellon Capital                                                                                            
                          Management/JNL      Oppenheimer/JNL                            PIMCO/JNL         PPM America/             
                             Small Cap         Global Growth      Oppenheimer/JNL      Total Return        JNL Balanced             
                          Index Portfolio        Portfolio       Growth Portfolio     Bond Portfolio        Portfolio               
                        -------------------- ------------------  ------------------ -------------------- -----------------          
M&E CLASS                                                                                                                           

        1.400                      7.914604           7.033683                   -            13.124834         17.569209           
        1.650                      7.895487           7.004501                   -            12.967122                 -           
        1.700                             -                  -                   -            12.935950                 -           
        1.795                             -                  -                   -            12.876608                 -           
        1.800                             -           6.992634                   -            12.873462                 -           
        1.820                             -           6.984641            6.825809            12.861005         17.014678           
        1.960                      7.872088           6.968421            6.810348            12.774862         16.832629           
        2.095                             -                  -                   -            12.691108                 -           
        2.300                      7.856490           6.928890            6.770113            12.565739         16.402339           
        2.450                      7.835213           6.911561            6.754412            12.475080                 -           

PERSPECTIVE                                                                                                                         
 Standard Benefit                 10.529964           7.034003            6.981291            10.494459         11.096203           
 Contract Enhancement                                                                                                               
    Benefit *                     10.517941           6.902727            6.870691            10.442995          9.751387           

                           PPM America/         PPM America/         PPM America/                            Putnam/JNL             
                          JNL High Yield          JNL Money           JNL Value           Putnam/JNL       International            
                          Bond Portfolio      Market Portfolio        Portfolio        Equity Portfolio   Equity Portfolio          
                       ---------------------  ------------------  -------------------  ------------------ -----------------         
M&E CLASS                                                                                                                           

        1.400                     13.247281                   -                    -                   -          9.272140          
        1.650                             -           12.191859                    -                   -                 -          
        1.700                     12.947321                   -                    -                   -                 -          
        1.795                             -                   -                    -                   -                 -          
        1.800                     12.848741                   -                    -                   -          8.993210          
        1.820                     12.829216                   -            10.919325                   -                 -          
        1.960                     12.690101           11.906894            10.915943                   -          8.883618          
        2.095                     12.567132                   -                    -           13.693344                 -          
        2.300                     12.361288           11.601511                    -                   -                 -          
        2.450                     12.226651                   -                    -                   -                 -          

PERSPECTIVE                                                                                                                         
 Standard Benefit                  9.748270           10.964243            10.930421            6.208732          6.910248          
 Contract Enhancement                                                                                                               
    Benefit *                      9.900733            9.964926            10.919325            6.043909          6.846033          

                           Putnam/JNL          Putnam/JNL                                                                           
                             Midcap           Value Equity                                                                          
                        Growth Portfolio       Portfolio                                                                            
                       -------------------  -----------------                                                                       
M&E CLASS                                                                                                                           

        1.400                    4.922838          14.915324                                                                        
        1.650                           -                  -                                                                        
        1.700                           -                  -                                                                        
        1.795                           -                  -                                                                        
        1.800                    4.870358          14.466395                                                                        
        1.820                           -          14.444269                                                                        
        1.960                    4.848841          14.290686                                                                        
        2.095                           -          14.144133                                                                        
        2.300                           -          13.924386                                                                        
        2.450                           -                  -                                                                        

PERSPECTIVE                                                                                                                         
 Standard Benefit                5.096737           7.499085                                                                        
 Contract Enhancement                                                                                                               
    Benefit *                    5.571146           7.191904                                                                        

*    Contract enhancement benefit charge changed from 1.825% to 1.82% on May 17,                                                    
     2002.                                                                                                                          

485BPOS 51st “Page” of 94 TOC 1st Previous Next ↓Bottom Just 51st
JNLNY SEPARATE ACCOUNT - I                                                                                                          
NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                                                                           

NOTE 6 - ACCUMULATION UNIT VALUES, UNITS OUTSTANDING AND NET ASSETS BY M&E CLASS                                                    

     The following is a summary of  accumulation  unit values as of December 31,                                                    
     2002:                                                                                                                          

                            S&P/JNL             S&P/JNL             S&P/JNL        S&P/JNL Equity                                   
                           Aggressive         Conservative        Core Index         Aggressive         S&P/JNL Equity              
                       Growth Portfolio I   Growth Portfolio I   100 Portfolio    Growth Portfolio I  Growth Portfolio I            
                       -------------------  -----------------  ------------------ ------------------  --------------------          
M&E CLASS                                                                                                                           

        1.400                    9.131127          10.047854            8.544528           8.210430              8.051136           
        1.650                           -           9.929659                   -                  -                     -           
        1.700                           -           9.906223                   -                  -                     -           
        1.795                           -                  -                   -                  -                     -           
        1.800                           -           9.859429                   -                  -              7.900541           
        1.820                    8.951341           9.850177            8.510165                  -              7.893141           
        1.960                    8.892193           9.785081                   -           7.993915              7.846626           
        2.095                    8.835556           9.722763                   -                  -                     -           
        2.300                    8.750197           9.628911            8.471077           7.875145              7.715736           
        2.450                           -                  -            8.450679                  -                     -           

PERSPECTIVE                                                                                                                         
 Standard Benefit                7.694273           9.046263           10.446153           7.199696              7.163703           
 Contract Enhancement                                                                                                               
    Benefit *                    7.272850           8.624847           10.434711           7.207851              6.476658           

                                                                                        Salomon                                     
                                                                    Salomon          Brothers/JNL                                   
                             S&P/JNL             S&P/JNL           Brothers/        U.S. Government      T. Rowe Price/             
                             Moderate        Very Aggressive       JNL Global          & Quality         JNL Established            
                        Growth Portfolio I   Growth Portfolio I  Bond Portfolio     Bond Portfolio      Growth Portfolio            
                       --------------------- -----------------  ----------------- -------------------- --------------------         
M&E CLASS                                                                                                                           

        1.400                      9.790261                 -          15.777981            15.251499            18.488390          
        1.650                             -                 -                  -            14.963568            18.139077          
        1.700                             -                 -          15.426027            14.906554                    -          
        1.795                      9.608846                 -                  -                    -                    -          
        1.800                      9.606572                 -                  -            14.793153                    -          
        1.820                      9.597339                 -                  -            14.770584                    -          
        1.960                      9.534067          8.329832          15.121315            14.612138            17.709824          
        2.095                      9.473334          8.276410                  -                    -                    -          
        2.300                      9.381822          8.215024                  -            14.238996                    -          
        2.450                             -                 -                  -            14.076853                    -          

PERSPECTIVE                                                                                                                         
 Standard Benefit                  8.757295          6.735581          12.028236            12.356886             8.220399          
 Contract Enhancement                                                                                                               
    Benefit *                      7.857165          6.821853          10.981462            11.454579             6.935996          

                         T. Rowe Price/         T. Rowe                                                                             
                          JNL Mid-Cap          Price/JNL                                                                            
                        Growth Portfolio    Value Portfolio                                                                         
                       -------------------  ----------------                                                                        
M&E CLASS                                                                                                                           

        1.400                   21.045223          9.085568                                                                         
        1.650                   20.646338          9.025225                                                                         
        1.700                           -          9.013254                                                                         
        1.795                           -                 -                                                                         
        1.800                           -          8.989259                                                                         
        1.820                   20.380012          8.984460                                                                         
        1.960                   20.163567          8.948950                                                                         
        2.095                           -          8.918771                                                                         
        2.300                   19.646585                 -                                                                         
        2.450                   19.422769          8.834614                                                                         

PERSPECTIVE                                                                                                                         
 Standard Benefit               10.248404          8.961548                                                                         
 Contract Enhancement                                                                                                               
    Benefit *                    7.264529          7.757874                                                                         

*    Contract enhancement benefit charge changed from 1.825% to 1.82% on May 17,                                                    
     2002.                                                                                                                          

485BPOS 52nd “Page” of 94 TOC 1st Previous Next ↓Bottom Just 52nd
JNLNY SEPARATE ACCOUNT - I                                                                                                          
NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                                                                           

NOTE 6 - ACCUMULATION UNIT VALUES, UNITS OUTSTANDING AND NET ASSETS BY M&E CLASS (CONTINUED)                                        

     The following is a summary of accumulation units outstanding as of December                                                    
     31, 2002:                                                                                                                      

                               AIM/               AIM/              AIM/                                 Alliance                   
                           JNL Large Cap      JNL Premier       JNL Small Cap         Alger/JNL         Capital/JNL                 
                         Growth Portfolio  Equity II Portfolio Growth Portfolio    Growth Portfolio   Growth Portfolio              
                         ------------------ ----------------- ------------------  ------------------ ------------------             
M&E CLASS                                                                                                                           

         1.400                       3,656               412              1,368                 668                170              
         1.650                           -                 -                730                   -                  -              
         1.700                         409                 -                  -                   -                  -              
         1.795                           -                 -                  -                   -                  -              
         1.800                           -                 -                  -                   -                  -              
         1.820                           -                 -                  -                   -                  -              
         1.960                         775                 -                  -               4,039                  -              
         2.095                           -                 -                  -                   -                  -              
         2.300                           -                 -                 19                   6                990              
         2.450                           -               739                  -                   -                  -              

PERSPECTIVE                                                                                                                         
 Standard Benefit                    9,334            11,017             33,013             658,490            194,236              
 Contract Enhancement                                                                                                               
    Benefit *                        8,485            19,687             44,270              55,954             69,968              
                         ------------------ ----------------- ------------------  ------------------ ------------------             

         Total                      22,659            31,855             79,400             719,157            265,364              
                         ================== ================= ==================  ================== ==================             

                                                  Eagle/JNL       First Trust/JNL    First Trust/JNL    First Trust/JNL             
                           Eagle/JNL Core          SmallCap        Global Target        Target 25       Target Small-Cap            
                          Equity Portfolio     Equity Portfolio    15 Portfolio         Portfolio          Portfolio                
                         --------------------  ----------------- ------------------ ------------------- -----------------           
M&E CLASS                                                                                                                           

         1.400                             -                  -                418                   5                 5            
         1.650                             -                  -              5,053               4,903             4,778            
         1.700                             -                  -                  -                   -                 -            
         1.795                             -                  -                  -                   -                 -            
         1.800                           227                  -                 10                   9                 -            
         1.820                           138                  -                  -                   -                 -            
         1.960                         3,261              1,524              1,727              16,078            17,995            
         2.095                             -                  -                653                   -                 -            
         2.300                           743                304                587                 367               349            
         2.450                             -                  -                  -                 573               719            

PERSPECTIVE                                                                                                                         
 Standard Benefit                    148,249            179,411                  -                 269                 -            
 Contract Enhancement                                                                                                               
    Benefit *                         83,118             38,743              1,171               1,257             1,185            
                         --------------------  ----------------- ------------------ ------------------- -----------------           

         Total                       235,736            219,982              9,619              23,461            25,031            
                         ====================  ================= ================== =================== =================           

                           First Trust/JNL     First Trust/JNL                                                                      
                            The Dow Taget       The S&P Target                                                                      
                            10 Portfolio         10 Portfolio                                                                       
                         -------------------- -------------------                                                                   
M&E CLASS                                                                                                                           

         1.400                         4,978                 152                                                                    
         1.650                         4,771               4,771                                                                    
         1.700                             -                   -                                                                    
         1.795                             -                   -                                                                    
         1.800                             9                   -                                                                    
         1.820                             -                   -                                                                    
         1.960                        14,686              17,171                                                                    
         2.095                           615                 603                                                                    
         2.300                           659                 430                                                                    
         2.450                             -                   -                                                                    

PERSPECTIVE                                                                                                                         
 Standard Benefit                        214                   -                                                                    
 Contract Enhancement                                                                                                               
    Benefit *                          1,106               1,386                                                                    
                         -------------------- -------------------                                                                   

         Total                        27,038              24,513                                                                    
                         ==================== ===================                                                                   

*    Contract enhancement benefit charge changed from 1.825% to 1.82% on May 17,                                                    
     2002.                                                                                                                          

485BPOS 53rd “Page” of 94 TOC 1st Previous Next ↓Bottom Just 53rd
JNLNY SEPARATE ACCOUNT - I                                                                                                          
NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                                                                           

NOTE 6 - ACCUMULATION UNIT VALUES, UNITS OUTSTANDING AND NET ASSETS BY M&E CLASS (CONTINUED)                                        

     The following is a summary of accumulation units outstanding as of December                                                    
     31, 2002:                                                                                                                      

                                                                                                          JPMorgan/                 
                             Janus/JNL           Janus/JNL          Janus/JNL          Janus/JNL        JNL Enhanced                
                             Aggressive           Balanced           Capital            Global          S&P 500 Stock               
                          Growth Portfolio       Portfolio       Growth Portfolio   Equities Portfolio Index Portfolio              
                         -------------------  -----------------  -----------------  ----------------   ----------------             
M&E CLASS                                                                                                                           

         1.400                           53              2,670                  -                 -              2,464              
         1.650                            -                847                  -                 -                  -              
         1.700                            -                195                210                 -                  -              
         1.795                            -                  -                  -                 -                  -              
         1.800                            -              2,871                  -                 -                 17              
         1.820                            -                  -                  -                 -                  -              
         1.960                          134              1,692                 64                 -                  -              
         2.095                            -                  -                162                 -                  -              
         2.300                            -              1,496                  -                 -              1,348              
         2.450                            -                467                  -                 -                  -              

PERSPECTIVE                                                                                                                         
 Standard Benefit                 1,152,993            322,836            877,987           590,048                406              
 Contract Enhancement                                                                                                               
    Benefit *                        62,428            127,582             72,661                 -                  -              
                         -------------------  -----------------  -----------------  ----------------   ----------------             

         Total                    1,215,608            460,656            951,084           590,048              4,235              
                         ===================  =================  =================  ================   ================             

                                                                                    Mellon Capital      Mellon Capital              
                            JPMorgan/JNL        Lazard/JNL         Lazard/JNL       Management/JNL      Management/JNL              
                           International         Mid Cap           Small Cap          Bond Index         International              
                          Value Portfolio    Value Portfolio    Value Portfolio       Portfolio         Index Portfolio             
                         ------------------- -----------------  ----------------- -------------------  ------------------           
M&E CLASS                                                                                                                           

         1.400                            -               121              1,661                 925                   -            
         1.650                            -               565                  -                   -                   -            
         1.700                            -                60                  -                   -                   -            
         1.795                            -                 -                  -                   -                   -            
         1.800                            -                 -                348                 251                   -            
         1.820                            -               673                  -                   -                   -            
         1.960                          252               666                795                   -                   -            
         2.095                            -             2,075                728                   -                   -            
         2.300                          551                 -              1,639                 248                   -            
         2.450                            -               420                483                   -                   -            

PERSPECTIVE                                                                                                                         
 Standard Benefit                     5,403            16,614             70,391                 455                   -            
 Contract Enhancement                                                                                                               
    Benefit *                             -            41,897             38,496                   -                   -            
                         ------------------- -----------------  ----------------- -------------------  ------------------           

         Total                        6,206            63,091            114,541               1,879                   -            
                         =================== =================  ================= ===================  ==================           

                          Mellon Capital      Mellon Capital                                                                        
                          Management/JNL      Management/JNL                                                                        
                          S&P 400 Mid Cap        S&P 500                                                                            
                          Index Portfolio    Index Portfolio                                                                        
                          -----------------  -----------------                                                                      
 M&E CLASS                                                                                                                          

          1.400                        379              5,344                                                                       
          1.650                        547                599                                                                       
          1.700                          -                  -                                                                       
          1.795                          -                  -                                                                       
          1.800                          -                  -                                                                       
          1.820                          -                  -                                                                       
          1.960                     20,157             22,962                                                                       
          2.095                          -              1,519                                                                       
          2.300                        801              2,245                                                                       
          2.450                          -                  -                                                                       

 PERSPECTIVE                                                                                                                        
  Standard Benefit                       -                580                                                                       
  Contract Enhancement                                                                                                              
     Benefit *                         140                136                                                                       
                          -----------------  -----------------                                                                      

          Total                     22,024             33,385                                                                       
                          =================  =================                                                                      

*    Contract enhancement benefit charge changed from 1.825% to 1.82% on May 17,                                                    
     2002.                                                                                                                          

485BPOS 54th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 54th
JNLNY SEPARATE ACCOUNT - I                                                                                                          
NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                                                                           

NOTE 6 - ACCUMULATION UNIT VALUES, UNITS OUTSTANDING AND NET ASSETS BY M&E CLASS (CONTINUED)                                        

     The following is a summary of accumulation units outstanding as of December                                                    
     31, 2002:                                                                                                                      

                             Mellon Capital                                                                                         
                             Management/JNL       Oppenheimer/JNL                            PIMCO/JNL       PPM America/           
                               Small Cap           Global Growth       Oppenheimer/JNL     Total Return      JNL Balanced           
                            Index Portfolio          Portfolio        Growth Portfolio    Bond Portfolio       Portfolio            
                          ---------------------  -------------------  ------------------  ---------------- ------------------       
 M&E CLASS                                                                                                                          

          1.400                            316                1,720                   -             4,386              1,005        
          1.650                            603                  105                   -             2,704                  -        
          1.700                              -                    -                   -               407                  -        
          1.795                              -                    -                   -               481                  -        
          1.800                              -                   14                   -             3,444                  -        
          1.820                              -                    -                   -             4,912                511        
          1.960                         23,363                4,513                 113             4,586              1,727        
          2.095                              -                    -                   -             3,962                  -        
          2.300                            886                3,424                  63            19,077              1,134        
          2.450                            739                  834                 565             6,559                  -        

 PERSPECTIVE                                                                                                                        
  Standard Benefit                          62               44,574              23,681           346,827            351,322        
  Contract Enhancement                                                                                                              
     Benefit *                             138               77,863              40,034           142,298            109,822        
                          ---------------------  -------------------  ------------------  ---------------- ------------------       

          Total                         26,107              133,047              64,456           539,643            465,521        
                          =====================  ===================  ==================  ================ ==================       

                             PPM America/         PPM America/        PPM America/                               Putnam/JNL         
                            JNL High Yield          JNL Money          JNL Value           Putnam/JNL           International       
                            Bond Portfolio      Market Portfolio       Portfolio        Equity Portfolio      Equity Portfolio      
                          --------------------  ------------------  -----------------  --------------------  --------------------   
 M&E CLASS                                                                                                                          

          1.400                           881                   -                  -                     -                   424    
          1.650                             -               2,049                  -                     -                     -    
          1.700                            50                   -                  -                     -                     -    
          1.795                             -                   -                  -                     -                     -    
          1.800                         1,071                   -                  -                     -                 1,586    
          1.820                         5,521                   -                  -                     -                     -    
          1.960                         3,173               3,996                488                     -                   115    
          2.095                             4                   -                  -                 1,122                     -    
          2.300                            20               2,751                  -                     -                     -    
          2.450                         2,100                   -                  -                     -                     -    

 PERSPECTIVE                                                                                                                        
  Standard Benefit                    348,484             414,805                 68               447,379               247,489    
  Contract Enhancement                                                                                                              
     Benefit *                        119,789              91,815                135                37,367                31,089    
                          --------------------  ------------------  -----------------  --------------------  --------------------   

          Total                       481,093             515,416                691               485,868               280,703    
                          ====================  ==================  =================  ====================  ====================   

                              Putnam/JNL          Putnam/JNL                                                                        
                                Midcap           Value Equity                                                                       
                           Growth Portfolio        Portfolio                                                                        
                          -------------------  ------------------                                                                   
 M&E CLASS                                                                                                                          

          1.400                        2,336                 214                                                                    
          1.650                            -                   -                                                                    
          1.700                            -                   -                                                                    
          1.795                            -                   -                                                                    
          1.800                          500                 172                                                                    
          1.820                            -                 751                                                                    
          1.960                        3,763                 373                                                                    
          2.095                            -                 839                                                                    
          2.300                            -                 112                                                                    
          2.450                            -                   -                                                                    

 PERSPECTIVE                                                                                                                        
  Standard Benefit                    95,105             641,010                                                                    
  Contract Enhancement                                                                                                              
     Benefit *                        69,205             143,648                                                                    
                          -------------------  ------------------                                                                   

          Total                      170,909             787,119                                                                    
                          ===================  ==================                                                                   

*    Contract enhancement benefit charge changed from 1.825% to 1.82% on May 17,                                                    
     2002.                                                                                                                          

485BPOS 55th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 55th
JNLNY SEPARATE ACCOUNT - I                                                                                                          
NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                                                                           

NOTE 6 - ACCUMULATION UNIT VALUES, UNITS OUTSTANDING AND NET ASSETS BY M&E CLASS (CONTINUED)                                        

     The following is a summary of accumulation units outstanding as of December                                                    
     31, 2002:                                                                                                                      

                               S&P/JNL               S&P/JNL              S&P/JNL           S&P/JNL Equity                          
                             Aggressive            Conservative          Core Index           Aggressive          S&P/JNL Equity    
                         Growth Portfolio I     Growth Portfolio I     100 Portfolio      Growth Portfolio I    Growth Portfolio I  
                         --------------------  --------------------- ------------------- ---------------------  --------------------
M&E CLASS                                                                                                                           

         1.400                        32,364                  7,355                 227                   109                 2,928 
         1.650                             -                 12,814                   -                     -                     - 
         1.700                             -                  1,641                   -                     -                     - 
         1.795                             -                      -                   -                     -                     - 
         1.800                             -                  9,891                   -                     -                15,813 
         1.820                         1,210                    227               2,103                     -                   554 
         1.960                        13,628                 51,768                   -                30,394                42,178 
         2.095                         4,820                 12,221                   -                     -                     - 
         2.300                         6,653                 29,524               2,539                    40                    20 
         2.450                             -                      -                  33                     -                     - 

PERSPECTIVE                                                                                                                         
 Standard Benefit                    376,019                614,379                 614               124,073               373,777 
 Contract Enhancement                                                                                                               
    Benefit *                        136,574                380,029                   -                19,710               392,123 
                         --------------------  --------------------- ------------------- ---------------------  --------------------

         Total                       571,268              1,119,849               5,516               174,326               827,393 
                         ====================  ===================== =================== =====================  ====================

                                                                                            Salomon                                 
                                                                       Salomon           Brothers/JNL                               
                              S&P/JNL              S&P/JNL            Brothers/         U.S. Government      T. Rowe Price/         
                              Moderate         Very Aggressive       JNL Global            & Quality        JNL Established         
                         Growth Portfolio I   Growth Portfolio I   Bond Portfolio       Bond Portfolio      Growth Portfolio        
                         -------------------  ------------------- ------------------  -------------------- -------------------      
M&E CLASS                                                                                                                           

         1.400                       27,291                    -                422                 3,516                 747       
         1.650                            -                    -                  -                 1,090                 335       
         1.700                            -                    -                 42                   109                   -       
         1.795                        1,044                    -                  -                     -                   -       
         1.800                       11,362                    -                  -                 2,190                   -       
         1.820                          624                    -                  -                28,375                   -       
         1.960                       58,076                4,466              4,978                 2,683                 732       
         2.095                        2,538                    6                  -                     -                   -       
         2.300                       61,246                6,430                  -                13,528                   -       
         2.450                            -                    -                  -                 1,095                   -       

PERSPECTIVE                                                                                                                         
 Standard Benefit                   712,046               92,752            150,296               529,822             381,588       
 Contract Enhancement                                                                                                               
    Benefit *                       850,361               56,775             54,074               221,733              84,104       
                         -------------------  ------------------- ------------------  -------------------- -------------------      

         Total                    1,724,588              160,429            209,812               804,141             467,506       
                         ===================  =================== ==================  ==================== ===================      

                           T. Rowe Price/         T. Rowe                                                                           
                            JNL Mid-Cap          Price/JNL                                                                          
                          Growth Portfolio    Value Portfolio                                                                       
                         -------------------  ----------------                                                                      
M&E CLASS                                                                                                                           

         1.400                          639             2,713                                                                       
         1.650                           35               161                                                                       
         1.700                            -               656                                                                       
         1.795                            -                 -                                                                       
         1.800                            -             2,704                                                                       
         1.820                           59               267                                                                       
         1.960                        1,180             1,501                                                                       
         2.095                            -               718                                                                       
         2.300                          759                 -                                                                       
         2.450                          300             1,023                                                                       

PERSPECTIVE                                                                                                                         
 Standard Benefit                   345,575           207,120                                                                       
 Contract Enhancement                                                                                                               
    Benefit *                        98,158           136,025                                                                       
                         -------------------  ----------------                                                                      

         Total                      446,705           352,888                                                                       
                         ===================  ================                                                                      

*    Contract enhancement benefit charge changed from 1.825% to 1.82% on May 17,                                                    
     2002.                                                                                                                          

485BPOS 56th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 56th
JNLNY SEPARATE ACCOUNT - I                                                                                                          
NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                                                                           

NOTE 6 - ACCUMULATION UNIT VALUES, UNITS OUTSTANDING AND NET ASSETS BY M&E CLASS (CONTINUED)                                        

     The following is a summary of accumulation units outstanding as of December                                                    
     31, 2002:                                                                                                                      

                                 AIM/                AIM/               AIM/                                  Alliance              
                             JNL Large Cap       JNL Premier        JNL Small Cap        Alger/JNL           Capital/JNL            
                           Growth Portfolio   Equity II Portfolio Growth Portfolio    Growth Portfolio    Growth Portfolio          
                           ------------------ ------------------- ------------------ -------------------  ------------------        
M&E CLASS                                                                                                                           

         1.400                        29,408               3,220             11,344               8,433               1,314         
         1.650                             -                   -              6,042                   -                   -         
         1.700                         3,277                   -                  -                   -                   -         
         1.795                             -                   -                  -                   -                   -         
         1.800                             -                   -                  -                   -                   -         
         1.820                             -                   -                  -                   -                   -         
         1.960                         6,192                   -                  -              48,999                   -         
         2.095                             -                   -                  -                   -                   -         
         2.300                             -                   -                154                  74               7,323         
         2.450                             -               5,691                  -                   -                   -         

PERSPECTIVE                                                                                                                         
 Standard Benefit                     70,443              85,948            261,585           4,557,179             871,330         
 Contract Enhancement                                                                                                               
    Benefit *                         61,338             141,185            326,467             321,463             413,842         
                           ------------------ ------------------- ------------------ -------------------  ------------------        

         Total                       170,658             236,044            605,592           4,936,148           1,293,809         
                           ================== =================== ================== ===================  ==================        

                                                      Eagle/JNL        First Trust/JNL     First Trust/JNL     First Trust/JNL      
                              Eagle/JNL Core          SmallCap          Global Target         Target 25        Target Small-Cap     
                             Equity Portfolio     Equity Portfolio      15 Portfolio          Portfolio           Portfolio         
                           ---------------------  ------------------  ------------------  -------------------  -----------------    
M&E CLASS                                                                                                                           

         1.400                                -                   -               4,045                   49                 49     
         1.650                                -                   -              48,859               50,275             51,654     
         1.700                                -                   -                   -                    -                  -     
         1.795                                -                   -                   -                    -                  -     
         1.800                            2,959                   -                  95                   98                  -     
         1.820                            1,797                   -                   -                    -                  -     
         1.960                           42,017              17,804              16,674              164,643            194,272     
         2.095                                -                   -               6,305                    -                  -     
         2.300                            9,376               3,481               5,660                3,750              3,760     
         2.450                                -                   -                   -                5,857              7,746     

PERSPECTIVE                                                                                                                         
 Standard Benefit                     1,205,861           1,571,636                   -                2,729                  -     
 Contract Enhancement                                                                                                               
    Benefit *                           599,516             284,494              11,825               12,743             12,435     
                           ---------------------  ------------------  ------------------  -------------------  -----------------    

         Total                        1,861,526           1,877,415              93,463              240,144            269,916     
                           =====================  ==================  ==================  ===================  =================    

                             First Trust/JNL      First Trust/JNL                                                                   
                              The Dow Taget       The S&P Target                                                                    
                              10 Portfolio         10 Portfolio                                                                     
                           --------------------  ------------------                                                                 
M&E CLASS                                                                                                                           

         1.400                          55,558               1,465                                                                  
         1.650                          53,136              45,889                                                                  
         1.700                               -                   -                                                                  
         1.795                               -                   -                                                                  
         1.800                              98                   -                                                                  
         1.820                               -                   -                                                                  
         1.960                         163,349             164,948                                                                  
         2.095                           6,837               5,785                                                                  
         2.300                           7,319               4,127                                                                  
         2.450                               -                   -                                                                  

PERSPECTIVE                                                                                                                         
 Standard Benefit                        2,451                   -                                                                  
 Contract Enhancement                                                                                                               
    Benefit *                           12,677              12,564                                                                  
                           --------------------  ------------------                                                                 

         Total                         301,425             234,778                                                                  
                           ====================  ==================                                                                 

*    Contract enhancement benefit charge changed from 1.825% to 1.82% on May 17,                                                    
     2002.                                                                                                                          

485BPOS 57th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 57th
JNLNY SEPARATE ACCOUNT - I                                                                                                          
NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                                                                           

NOTE 6 - ACCUMULATION UNIT VALUES, UNITS OUTSTANDING AND NET ASSETS BY M&E CLASS (CONTINUED)                                        

     The following is a summary of accumulation units outstanding as of December                                                    
     31, 2002:                                                                                                                      

                                                                                                                   JPMorgan/        
                                Janus/JNL            Janus/JNL           Janus/JNL           Janus/JNL           JNL Enhanced       
                                Aggressive           Balanced             Capital             Global             S&P 500 Stock      
                             Growth Portfolio        Portfolio       Growth Portfolio    Equities Portfolio     Index Portfolio     
                           --------------------- ------------------  ------------------  ------------------  ---------------------- 
M&E CLASS                                                                                                                           

         1.400                              944             22,495                   -                   -                  14,696  
         1.650                                -              7,084                   -                   -                       -  
         1.700                                -              1,629               2,769                   -                       -  
         1.795                                -                  -                   -                   -                       -  
         1.800                                -             23,931                   -                   -                      97  
         1.820                                -                  -                   -                   -                       -  
         1.960                            2,279             14,045                 827                   -                       -  
         2.095                                -                  -               2,077                   -                       -  
         2.300                                -             12,301                   -                   -                   7,777  
         2.450                                -              3,829                   -                   -                       -  

PERSPECTIVE                                                                                                                         
 Standard Benefit                     7,240,305          2,828,240           5,827,206           4,436,957                   4,325  
 Contract Enhancement                                                                                                               
    Benefit *                           346,002          1,129,327             370,904                   -                       -  
                           --------------------- ------------------  ------------------  ------------------  ---------------------- 

         Total                        7,589,530          4,042,881           6,203,783           4,436,957                  26,895  
                           ===================== ==================  ==================  ==================  ====================== 

                                                                                         Mellon Capital       Mellon Capital        
                              JPMorgan/JNL         Lazard/JNL         Lazard/JNL         Management/JNL       Management/JNL        
                             International           Mid Cap           Small Cap           Bond Index          International        
                            Value Portfolio      Value Portfolio    Value Portfolio         Portfolio         Index Portfolio       
                           -------------------  ------------------ ------------------  -------------------- --------------------    
M&E CLASS                                                                                                                           

         1.400                              -               1,330             15,610                 9,911                    -     
         1.650                              -               6,160                  -                     -                    -     
         1.700                              -                 652                  -                     -                    -     
         1.795                              -                   -                  -                     -                    -     
         1.800                              -                   -              3,211                 2,673                    -     
         1.820                              -               7,279                  -                     -                    -     
         1.960                          1,542               7,148              7,270                     -                    -     
         2.095                              -              22,130              6,612                     -                    -     
         2.300                          3,324                   -             14,743                 2,636                    -     
         2.450                              -               4,404              4,313                     -                    -     

PERSPECTIVE                                                                                                                         
 Standard Benefit                      54,790             152,814            633,437                 4,607                    -     
 Contract Enhancement                                                                                                               
    Benefit *                               -             371,892            338,431                     -                    -     
                           -------------------  ------------------ ------------------  -------------------- --------------------    

         Total                         59,656             573,809          1,023,627                19,827                    -     
                           ===================  ================== ==================  ==================== ====================    

                             Mellon Capital       Mellon Capital                                                                    
                             Management/JNL       Management/JNL                                                                    
                             S&P 400 Mid Cap         S&P 500                                                                        
                             Index Portfolio     Index Portfolio                                                                    
                           --------------------  -----------------                                                                  
M&E CLASS                                                                                                                           

         1.400                           3,219             41,074                                                                   
         1.650                           4,635              4,595                                                                   
         1.700                               -                  -                                                                   
         1.795                               -                  -                                                                   
         1.800                               -                  -                                                                   
         1.820                               -                  -                                                                   
         1.960                         170,243            175,545                                                                   
         2.095                               -             11,598                                                                   
         2.300                           6,751             17,106                                                                   
         2.450                               -                  -                                                                   

PERSPECTIVE                                                                                                                         
 Standard Benefit                            -              6,152                                                                   
 Contract Enhancement                                                                                                               
    Benefit *                            1,461              1,441                                                                   
                           --------------------  -----------------                                                                  

         Total                         186,309            257,511                                                                   
                           ====================  =================                                                                  

*    Contract enhancement benefit charge changed from 1.825% to 1.82% on May 17,                                                    
     2002.                                                                                                                          

485BPOS 58th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 58th
JNLNY SEPARATE ACCOUNT - I                                                                                                          
NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                                                                           

NOTE 6 - ACCUMULATION UNIT VALUES, UNITS OUTSTANDING AND NET ASSETS BY M&E CLASS (CONTINUED)                                        

     The following is a summary of accumulation units outstanding as of December                                                    
     31, 2002:                                                                                                                      

                              Mellon Capital                                                                                        
                              Management/JNL       Oppenheimer/JNL                            PIMCO/JNL          PPM America/       
                                 Small Cap          Global Growth      Oppenheimer/JNL       Total Return        JNL Balanced       
                              Index Portfolio         Portfolio       Growth Portfolio      Bond Portfolio        Portfolio         
                           ---------------------- ------------------- ------------------  -------------------  -----------------    
M&E CLASS                                                                                                                           

         1.400                             2,506              12,096                  -               57,570             17,662     
         1.650                             4,765                 732                  -               35,058                  -     
         1.700                                 -                   -                  -                5,271                  -     
         1.795                                 -                   -                  -                6,193                  -     
         1.800                                 -                  97                  -               44,341                  -     
         1.820                                 -                   -                  -               63,168              8,692     
         1.960                           183,913              31,450                766               58,586             29,076     
         2.095                                 -                   -                  -               50,277                  -     
         2.300                             6,960              23,726                428              239,716             18,596     
         2.450                             5,789               5,766              3,817               81,820                  -     

PERSPECTIVE                                                                                                                         
 Standard Benefit                            648             313,539            165,324            3,639,797          3,898,333     
 Contract Enhancement                                                                                                               
    Benefit *                              1,450             537,472            275,062            1,486,023          1,070,917     
                           ---------------------- ------------------- ------------------  -------------------  -----------------    

         Total                           206,031             924,878            445,397            5,767,820          5,043,276     
                           ====================== =================== ==================  ===================  =================    

                              PPM America/          PPM America/          PPM America/                             Putnam/JNL       
                             JNL High Yield           JNL Money            JNL Value           Putnam/JNL        International      
                             Bond Portfolio       Market Portfolio         Portfolio        Equity Portfolio    Equity Portfolio    
                           --------------------  --------------------  -------------------  ------------------ -------------------  
M&E CLASS                                                                                                                           

         1.400                          11,675                     -                    -                   -               3,933   
         1.650                               -                24,978                    -                   -                   -   
         1.700                             652                     -                    -                   -                   -   
         1.795                               -                     -                    -                   -                   -   
         1.800                          13,758                     -                    -                   -              14,259   
         1.820                          70,824                     -                    -                   -                   -   
         1.960                          40,270                47,576                5,330                   -               1,025   
         2.095                              48                     -                    -              15,367                   -   
         2.300                             252                31,921                    -                   -                   -   
         2.450                          25,669                     -                    -                   -                   -   

PERSPECTIVE                                                                                                                         
 Standard Benefit                    3,397,117             4,548,022                  743           2,777,652           1,710,209   
 Contract Enhancement                                                                                                               
    Benefit *                        1,186,003               914,925                1,468             225,844             212,836   
                           --------------------  --------------------  -------------------  ------------------ -------------------  

         Total                       4,746,268             5,567,422                7,541           3,018,863           1,942,262   
                           ====================  ====================  ===================  ================== ===================  

                              Putnam/JNL          Putnam/JNL                                                                        
                                Midcap           Value Equity                                                                       
                           Growth Portfolio       Portfolio                                                                         
                           ------------------  -----------------                                                                    
M&E CLASS                                                                                                                           

         1.400                        11,501              3,190                                                                     
         1.650                             -                  -                                                                     
         1.700                             -                  -                                                                     
         1.795                             -                  -                                                                     
         1.800                         2,434              2,487                                                                     
         1.820                             -             10,850                                                                     
         1.960                        18,245              5,326                                                                     
         2.095                             -             11,862                                                                     
         2.300                             -              1,556                                                                     
         2.450                             -                  -                                                                     

PERSPECTIVE                                                                                                                         
 Standard Benefit                    484,722          4,806,994                                                                     
 Contract Enhancement                                                                                                               
    Benefit *                        385,550          1,033,107                                                                     
                           ------------------  -----------------                                                                    

         Total                       902,452          5,875,372                                                                     
                           ==================  =================                                                                    

*    Contract enhancement benefit charge changed from 1.825% to 1.82% on May 17,                                                    
     2002.                                                                                                                          

485BPOS 59th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 59th
JNLNY SEPARATE ACCOUNT - I                                                                                                          
NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                                                                           

NOTE 6 - ACCUMULATION UNIT VALUES, UNITS OUTSTANDING AND NET ASSETS BY M&E CLASS (CONTINUED)                                        

     The following is a summary of accumulation units outstanding as of December                                                    
     31, 2002:                                                                                                                      

                                 S&P/JNL              S&P/JNL             S&P/JNL           S&P/JNL Equity                          
                               Aggressive          Conservative         Core Index            Aggressive         S&P/JNL Equity     
                           Growth Portfolio I    Growth Portfolio I    100 Portfolio      Growth Portfolio I   Growth Portfolio I   
                           --------------------  ------------------  ------------------  --------------------- -------------------- 
M&E CLASS                                                                                                                           

         1.400                         295,520              73,901               1,936                    892               23,574  
         1.650                               -             127,241                   -                      -                    -  
         1.700                               -              16,259                   -                      -                    -  
         1.795                               -                   -                   -                      -                    -  
         1.800                               -              97,518                   -                      -              124,931  
         1.820                          10,835               2,233              17,898                      -                4,376  
         1.960                         121,182             506,552                   -                242,964              330,952  
         2.095                          42,589             118,820                   -                      -                    -  
         2.300                          58,209             284,291              21,511                    319                  154  
         2.450                               -                   -                 281                      -                    -  

PERSPECTIVE                                                                                                                         
 Standard Benefit                    2,893,196           5,557,833               6,412                893,285            2,677,630  
 Contract Enhancement                                                                                                               
    Benefit *                          993,278           3,277,696                   -                142,068            2,539,646  
                           --------------------  ------------------  ------------------  --------------------- -------------------- 

         Total                       4,414,809          10,062,344              48,038              1,279,528            5,701,263  
                           ====================  ==================  ==================  ===================== ==================== 

                                                                                               Salomon                              
                                                                          Salomon           Brothers/JNL                            
                                 S&P/JNL               S&P/JNL           Brothers/         U.S. Government      T. Rowe Price/      
                                 Moderate          Very Aggressive       JNL Global           & Quality        JNL Established      
                            Growth Portfolio I    Growth Portfolio I   Bond Portfolio      Bond Portfolio      Growth Portfolio     
                           ---------------------  ------------------ ------------------- --------------------  -----------------    
M&E CLASS                                                                                                                           

         1.400                          267,183                   -               6,664               53,631             13,804     
         1.650                                -                   -                   -               16,306              6,081     
         1.700                                -                   -                 652                1,629                  -     
         1.795                           10,033                   -                   -                    -                  -     
         1.800                          109,148                   -                   -               32,401                  -     
         1.820                            5,992                   -                   -              419,117                  -     
         1.960                          553,705              37,198              75,274               39,209             12,960     
         2.095                           24,047                  47                   -                    -                  -     
         2.300                          574,601              52,825                   -              192,625                  -     
         2.450                                -                   -                   -               15,407                  -     

PERSPECTIVE                                                                                                                         
 Standard Benefit                     6,235,595             624,740           1,807,799            6,546,944          3,136,810     
 Contract Enhancement                                                                                                               
    Benefit *                         6,681,431             387,308             593,807            2,539,858            583,344     
                           ---------------------  ------------------ ------------------- --------------------  -----------------    

         Total                       14,461,735           1,102,118           2,484,196            9,857,127          3,752,999     
                           =====================  ================== =================== ====================  =================    

                             T. Rowe Price/          T. Rowe                                                                        
                               JNL Mid-Cap          Price/JNL                                                                       
                            Growth Portfolio     Value Portfolio                                                                    
                           -------------------- -------------------                                                                 
M&E CLASS                                                                                                                           

         1.400                          13,448              24,645                                                                  
         1.650                             725               1,457                                                                  
         1.700                               -               5,911                                                                  
         1.795                               -                   -                                                                  
         1.800                               -              24,305                                                                  
         1.820                           1,199               2,399                                                                  
         1.960                          23,790              13,433                                                                  
         2.095                               -               6,405                                                                  
         2.300                          14,918                   -                                                                  
         2.450                           5,837               9,033                                                                  

PERSPECTIVE                                                                                                                         
 Standard Benefit                    3,541,590           1,856,115                                                                  
 Contract Enhancement                                                                                                               
    Benefit *                          713,069           1,055,268                                                                  
                           -------------------- -------------------                                                                 

         Total                       4,314,576           2,998,971                                                                  
                           ==================== ===================                                                                 

*    Contract enhancement benefit charge changed from 1.825% to 1.82% on May 17,                                                    
     2002.                                                                                                                          

485BPOS 60th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 60th
JNLNY SEPARATE ACCOUNT I                                                                                                            
NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                                                                           

NOTE 7 - FINANCIAL HIGHLIGHTS                                                                                                       

     The  following  is a summary for each of the five years in the period ended                                                    
     December  31, 2002 of unit  values,  total  returns and expense  ratios for                                                    
     variable  annuity  contracts  with the highest and lowest expense ratios in                                                    
     addition to certain other portfolio data.                                                                                      

                                        AIM/               AIM/JNL            AIM/JNL           Alger/           Alliance           
                                    JNL Large Cap     Premier Equity II   Small Cap Growth    JNL Growth        Capital/JNL         
                                 Growth Portfolio (e)   Portfolio (e)       Portfolio (e)    Portfolio (a)   Growth Portfolio (d)   
                                 -------------------- ------------------- ----------------- ---------------- --------------------   

HIGHEST EXPENSE RATIO                                                                                                               

Period ended December 31, 2002                                                                                                      

   Unit Value                             $ 7.987771          $ 7.705924        $ 8.213547      $ 11.880599           $ 7.398434    
   Total Return *                             -4.46%              -0.70%            10.27%           -0.94%                2.57%    
   Ratio of Expenses **                        1.96%               2.45%             2.30%            2.30%                2.30%    

Period ended December 31, 2001                                                                                                      

   Unit Value                            $ 10.269081         $ 10.175932       $ 11.055922       $ 8.757375           $ 8.733208    
   Total Return *                              2.69%               1.76%            10.56%          -12.43%              -12.67%    
   Ratio of Expenses **                        1.40%              1.825%             1.40%           1.825%               1.825%    

Period ended December 31, 2000                                                                                                      

   Unit Value                                    n/a                 n/a               n/a      $ 12.096268           $ 7.831161    
   Total Return *                                n/a                 n/a               n/a          -14.64%              -21.69%    
   Ratio of Expenses **                          n/a                 n/a               n/a            1.40%                1.40%    

Period ended December 31, 1999                                                                                                      

   Unit Value                                    n/a                 n/a               n/a      $ 14.170805                  n/a    
   Total Return *                                n/a                 n/a               n/a           31.94%                  n/a    
   Ratio of Expenses **                          n/a                 n/a               n/a            1.40%                  n/a    

Period ended December 31, 1998                                                                                                      

   Unit Value                                    n/a                 n/a               n/a          $ 10.740700                  n/a
   Total Return *                                n/a                 n/a               n/a                7.41%                  n/a
   Ratio of Expenses **                          n/a                 n/a               n/a                1.40%                  n/a
---------------------------------                                                                                                   

                                       Eagle/            Eagle/JNL        First Trust/JNL    First Trust/JNL  First Trust/JNL       
                                  JNL Core Equity         SmallCap          Global Target      Target 25      Target Small-Cap      
                                   Portfolio (b)     Equity Portfolio (c) 15 Portfolio (f)   Portfolio (f)     Portfolio (f)        
                                 -------------------  -----------------   -----------------  ---------------  -----------------     

HIGHEST EXPENSE RATIO                                                                                                               

Period ended December 31, 2002                                                                                                      

   Unit Value                           $ 12.614051        $ 11.438641          $ 9.641049      $ 10.218284        $ 10.772237      
   Total Return *                            -1.78%              3.25%              -3.45%           -4.73%             -5.51%      
   Ratio of Expenses **                       2.30%              2.30%               2.30%            2.45%              2.45%      

Period ended December 31, 2001                                                                                                      

   Unit Value                            $ 9.243211         $ 9.682239                 n/a              n/a                n/a      
   Total Return *                            -7.57%             -3.18%                 n/a              n/a                n/a      
   Ratio of Expenses **                      1.825%             1.825%                 n/a              n/a                n/a      

Period ended December 31, 2000                                                                                                      

   Unit Value                           $ 11.674317        $ 10.509551                 n/a              n/a                n/a      
   Total Return *                            -1.11%            -14.44%                 n/a              n/a                n/a      
   Ratio of Expenses **                       1.40%              1.40%                 n/a              n/a                n/a      

Period ended December 31, 1999                                                                                                      

   Unit Value                           $ 11.805260        $ 12.283910                 n/a              n/a                n/a      
   Total Return *                            18.05%             22.84%                 n/a              n/a                n/a      
   Ratio of Expenses **                       1.40%              1.40%                 n/a              n/a                n/a      

Period ended December 31, 1998                                                                                                      

   Unit Value                                   n/a                n/a                 n/a              n/a                n/a      
   Total Return *                               n/a                n/a                 n/a              n/a                n/a      
   Ratio of Expenses **                         n/a                n/a                 n/a              n/a                n/a      
---------------------------------                                                                                                   

*    Total return for period  indicated,  including  changes in the value of the                                                    
     underlying  fund,  and  reflect  deductions  for all items  included in the                                                    
     expense  ratio.  The total  return does not include any  expenses  assessed                                                    
     through  the  redemption  of  units,  inclusion  of these  expenses  in the                                                    
     calculation would result in a reduction in the total return presented.                                                         

**   Annualized contract expenses of the separate account,  consisting primarily                                                    
     of mortality and expense  charges,  for each period  indicated.  The ratios                                                    
     include  only those  expenses  that  result in a direct  reduction  to unit                                                    
     values.  Charges  made  directly to  contract  owner  accounts  through the                                                    
     redemption of units and expenses of the underlying funds are excluded.                                                         

(a)  Commencement of operations November 27, 1998.                                                                                  

(b)  Commencement of operations March 22, 1999.                                                                                     

(c)  Commencement of operations April 22, 1999.                                                                                     

(d)  Fund inception date May 1, 2000.                                                                                               

(e)  Fund inception date October 29, 2001.                                                                                          

(f)  Fund inception date July 22, 2002.                                                                                             

485BPOS 61st “Page” of 94 TOC 1st Previous Next ↓Bottom Just 61st
JNLNY SEPARATE ACCOUNT I                                                                                                            
NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                                                                           

NOTE 7 - FINANCIAL HIGHLIGHTS (CONTINUED)                                                                                           

                                        AIM/               AIM/JNL                AIM/             Alger/           Alliance        
                                    JNL Large Cap     Premier Equity II      JNL Small Cap       JNL Growth        Capital/JNL      
                                 Growth Portfolio (e)   Portfolio (e)      Growth Portfolio (e) Portfolio (a)  Growth Portfolio (d) 
                                 -------------------- -------------------  ------------------- --------------- -----------------    

LOWEST EXPENSE RATIO                                                                                                                

Period ended December 31, 2002                                                                                                      

   Unit Value                             $ 7.547329          $ 7.801655           $ 7.923624      $ 6.920658        $ 4.485940     
   Total Return *                            -26.50%             -29.23%              -28.33%         -34.12%           -31.99%     
   Ratio of Expenses **                        1.40%               1.40%                1.40%           1.40%             1.40%     

Period ended December 31, 2001                                                                                                      

   Unit Value                            $ 10.269081         $ 11.023744          $ 11.055922     $ 10.504819        $ 6.595748     
   Total Return *                              2.69%              10.24%               10.56%         -13.16%           -15.78%     
   Ratio of Expenses **                        1.40%               1.40%                1.40%           1.40%             1.40%     

Period ended December 31, 2000                                                                                                      

   Unit Value                                    n/a                 n/a                  n/a     $ 12.096268        $ 7.831161     
   Total Return *                                n/a                 n/a                  n/a         -14.64%           -21.69%     
   Ratio of Expenses **                          n/a                 n/a                  n/a           1.40%             1.40%     

Period ended December 31, 1999                                                                                                      

   Unit Value                                    n/a                 n/a                  n/a     $ 14.170805               n/a     
   Total Return *                                n/a                 n/a                  n/a          31.94%               n/a     
   Ratio of Expenses **                          n/a                 n/a                  n/a           1.40%               n/a     

Period ended December 31, 1998                                                                                                      

   Unit Value                                    n/a                 n/a                  n/a     $ 10.740700               n/a     
   Total Return *                                n/a                 n/a                  n/a           7.41%               n/a     
   Ratio of Expenses **                          n/a                 n/a                  n/a           1.40%               n/a     
---------------------------------                                                                                                   

                                       Eagle/            Eagle/JNL        First Trust/JNL    First Trust/JNL  First Trust/JNL       
                                  JNL Core Equity         SmallCap          Global Target      Target 25      Target Small-Cap      
                                   Portfolio (b)     Equity Portfolio (c) 15 Portfolio (f)   Portfolio (f)     Portfolio (f)        
                                 -------------------  -----------------   -----------------  ---------------  -----------------     

LOWEST EXPENSE RATIO                                                                                                                

Period ended December 31, 2002                                                                                                      

   Unit Value                            $ 8.134044         $ 8.759987         $ 10.108930      $ 10.150521        $ 10.503766      
   Total Return *                           -21.64%            -23.84%               1.09%            1.51%              5.04%      
   Ratio of Expenses **                       1.40%              1.40%               1.40%            1.40%              1.40%      

Period ended December 31, 2001                                                                                                      

   Unit Value                           $ 10.379886        $ 11.501957                 n/a              n/a                n/a      
   Total Return *                           -11.09%              9.44%                 n/a              n/a                n/a      
   Ratio of Expenses **                       1.40%              1.40%                 n/a              n/a                n/a      

Period ended December 31, 2000                                                                                                      

   Unit Value                           $ 11.674317        $ 10.509551                 n/a              n/a                n/a      
   Total Return *                            -1.11%            -14.44%                 n/a              n/a                n/a      
   Ratio of Expenses **                       1.40%              1.40%                 n/a              n/a                n/a      

Period ended December 31, 1999                                                                                                      

   Unit Value                           $ 11.805260        $ 12.283910                 n/a              n/a                n/a      
   Total Return *                            18.05%             22.84%                 n/a              n/a                n/a      
   Ratio of Expenses **                       1.40%              1.40%                 n/a              n/a                n/a      

Period ended December 31, 1998                                                                                                      

   Unit Value                                   n/a                n/a                 n/a              n/a                n/a      
   Total Return *                               n/a                n/a                 n/a              n/a                n/a      
   Ratio of Expenses **                         n/a                n/a                 n/a              n/a                n/a      
---------------------------------                                                                                                   

*    Total return for period  indicated,  including  changes in the value of the                                                    
     underlying  fund,  and  reflect  deductions  for all items  included in the                                                    
     expense  ratio.  The total  return does not include any  expenses  assessed                                                    
     through  the  redemption  of  units,  inclusion  of these  expenses  in the                                                    
     calculation would result in a reduction in the total return presented.                                                         

**   Annualized contract expenses of the separate account,  consisting primarily                                                    
     of mortality and expense  charges,  for each period  indicated.  The ratios                                                    
     include  only those  expenses  that  result in a direct  reduction  to unit                                                    
     values.  Charges  made  directly to  contract  owner  accounts  through the                                                    
     redemption of units and expenses of the underlying funds are excluded.                                                         

(a)  Commencement of operations November 27, 1998.                                                                                  

(b)  Commencement of operations March 22, 1999.                                                                                     

(c)  Commencement of operations April 22, 1999.                                                                                     

(d)  Fund inception date May 1, 2000.                                                                                               

(e)  Fund inception date October 29, 2001.                                                                                          

(f)  Fund inception date July 22, 2002.                                                                                             

485BPOS 62nd “Page” of 94 TOC 1st Previous Next ↓Bottom Just 62nd
JNLNY SEPARATE ACCOUNT I                                                                                                            
NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                                                                           

NOTE 7 - FINANCIAL HIGHLIGHTS (CONTINUED)                                                                                           

                                           AIM/              AIM/JNL              AIM/             Alger/          Alliance         
                                       JNL Large Cap     Premier Equity II    JNL Small Cap       JNL Growth       Capital/JNL      
                                    Growth Portfolio (e)   Portfolio (e)    Growth Portfolio (e) Portfolio (a)  Growth Portfolio (d)
                                    -------------------- -----------------  -------------------  -------------- --------------------

PORTFOLIO DATA                                                                                                                      

Period ended December 31, 2002                                                                                                      

   Net Assets (in thousands)                      $ 171             $ 236                $ 606         $ 4,936              $ 1,294 
   Units Outstanding (in thousands)                  23                32                   79             719                  265 
   Investment Income Ratio *                      0.00%             0.00%                0.00%           0.00%                0.00% 

Period ended December 31, 2001                                                                                                      

   Net Assets (in thousands)                       $ 36              $ 72                 $ 39         $ 8,799              $ 1,657 
   Units Outstanding (in thousands)                   3                 7                    4             843                  236 
   Investment Income Ratio *                      0.00%             0.00%                0.00%           0.00%                0.06% 

Period ended December 31, 2000                                                                                                      

   Net Assets (in thousands)                        n/a               n/a                  n/a        $ 11,755                $ 870 
   Units Outstanding (in thousands)                 n/a               n/a                  n/a             972                  111 
   Investment Income Ratio *                        n/a               n/a                  n/a           0.00%                0.00% 

Period ended December 31, 1999                                                                                                      

   Net Assets (in thousands)                        n/a               n/a                  n/a         $ 8,319                  n/a 
   Units Outstanding (in thousands)                 n/a               n/a                  n/a             587                  n/a 
   Investment Income Ratio *                        n/a               n/a                  n/a           0.00%                  n/a 

Period ended December 31, 1998                                                                                                      

   Net Assets (in thousands)                        n/a               n/a                  n/a            $ 39                  n/a 
   Units Outstanding (in thousands)                 n/a               n/a                  n/a               4                  n/a 
   Investment Income Ratio *                        n/a               n/a                  n/a            0.00%                 n/a 
-----------------------------------                                                                                                 

                                          Eagle/            Eagle/JNL        First Trust/JNL    First Trust/JNL  First Trust/JNL    
                                     JNL Core Equity         SmallCap          Global Target      Target 25      Target Small-Cap   
                                      Portfolio (b)     Equity Portfolio (c) 15 Portfolio (f)   Portfolio (f)     Portfolio (f)     
                                    -------------------  -----------------   -----------------  ---------------  -----------------  

PORTFOLIO DATA                                                                                                                      

Period ended December 31, 2002                                                                                                      

   Net Assets (in thousands)                   $ 1,862            $ 1,877                $ 93            $ 240              $ 270   
   Units Outstanding (in thousands)                236                220                  10               23                 25   
   Investment Income Ratio *                     0.78%              0.00%               0.00%            0.00%              0.00%   

Period ended December 31, 2001                                                                                                      

   Net Assets (in thousands)                   $ 1,891            $ 2,760                 n/a              n/a                n/a   
   Units Outstanding (in thousands)                188                245                 n/a              n/a                n/a   
   Investment Income Ratio *                     0.59%              0.00%                 n/a              n/a                n/a   

Period ended December 31, 2000                                                                                                      

   Net Assets (in thousands)                   $ 1,622            $ 1,814                 n/a              n/a                n/a   
   Units Outstanding (in thousands)                139                173                 n/a              n/a                n/a   
   Investment Income Ratio *                     0.00%              0.00%                 n/a              n/a                n/a   

Period ended December 31, 1999                                                                                                      

   Net Assets (in thousands)                     $ 850              $ 922                 n/a              n/a                n/a   
   Units Outstanding (in thousands)                 72                 75                 n/a              n/a                n/a   
   Investment Income Ratio *                     0.00%              0.00%                 n/a              n/a                n/a   

Period ended December 31, 1998                                                                                                      

   Net Assets (in thousands)                       n/a                n/a                 n/a              n/a                n/a   
   Units Outstanding (in thousands)                n/a                n/a                 n/a              n/a                n/a   
   Investment Income Ratio *                       n/a                n/a                 n/a              n/a                n/a   
-----------------------------------                                                                                                 

*    These amounts represent the dividends,  excluding  distributions of capital                                                    
     gains, received by the portfolio from the underlying mutual fund divided by                                                    
     the average net assets.                                                                                                        

(a)  Commencement of operations November 27, 1998.                                                                                  

(b)  Commencement of operations March 22, 1999.                                                                                     

(c)  Commencement of operations April 22, 1999.                                                                                     

(d)  Fund inception date May 1, 2000.                                                                                               

(e)  Fund inception date October 29, 2001.                                                                                          

(f)  Fund inception date July 22, 2002.                                                                                             

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JNLNY SEPARATE ACCOUNT I                                                                                                            
NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                                                                           

NOTE 7 - FINANCIAL HIGHLIGHTS (CONTINUED)                                                                                           

                                   First Trust/JNL     First Trust/JNL        Janus/JNL          Janus/JNL         Janus/JNL        
                                    The Dow Target      The S&P Target        Aggressive          Balanced      Capital Growth      
                                   10 Portfolio (e)    10 Portfolio (e)   Growth Portfolio (b)  Portfolio (c)     Portfolio (a)     
                                  -------------------  -----------------  ------------------- ---------------- -----------------    

HIGHEST EXPENSE RATIO                                                                                                               

Period ended December 31, 2002                                                                                                      

   Unit Value                            $ 11.104801         $ 9.589985          $ 17.011265       $ 8.191460       $ 12.800844     
   Total Return *                             11.50%             -9.58%               -2.38%            0.22%            -2.51%     
   Ratio of Expenses **                        2.30%              2.30%                1.96%            2.45%            2.095%     

Period ended December 31, 2001                                                                                                      

   Unit Value                                    n/a                n/a           $ 8.035502       $ 9.648733        $ 7.343670     
   Total Return *                                n/a                n/a              -19.64%           -3.51%           -26.56%     
   Ratio of Expenses **                          n/a                n/a               1.825%           1.825%            1.825%     

Period ended December 31, 2000                                                                                                      

   Unit Value                                    n/a                n/a          $ 13.174866      $ 10.097165       $ 16.122236     
   Total Return *                                n/a                n/a              -22.04%            0.97%           -35.64%     
   Ratio of Expenses **                          n/a                n/a                1.40%            1.40%             1.40%     

Period ended December 31, 1999                                                                                                      

   Unit Value                                    n/a                n/a          $ 16.898445              n/a       $ 25.051730     
   Total Return *                                n/a                n/a               68.98%              n/a           121.08%     
   Ratio of Expenses **                          n/a                n/a                1.40%              n/a             1.40%     

Period ended December 31, 1998                                                                                                      

   Unit Value                                    n/a                n/a                  n/a              n/a       $ 11.331673     
   Total Return *                                n/a                n/a                  n/a              n/a            13.32%     
   Ratio of Expenses **                          n/a                n/a                  n/a              n/a             1.40%     
----------------------------------                                                                                                  

                                                      JPMorgan/JNL                                                                  
                                     Janus/JNL          Enhanced          JPMorgan/JNL         Lazard/JNL         Lazard/JNL        
                                  Global Equities    S&P 500 Stock        International          Mid Cap           Small Cap        
                                   Portfolio (a)   Index Portfolio (e)  Value Portfolio (f) Value Portfolio (d) Value Portfolio (d) 
                                  ---------------- -------------------  ------------------  ------------------  ----------------    

HIGHEST EXPENSE RATIO                                                                                                               

Period ended December 31, 2002                                                                                                      

   Unit Value                          $ 7.519648          $ 5.768271          $ 6.031073         $ 10.485075        $ 8.930386     
   Total Return *                         -28.13%               2.43%              -1.41%              13.24%            10.91%     
   Ratio of Expenses **                     1.40%               2.30%              2.300%               2.45%             2.45%     

Period ended December 31, 2001                                                                                                      

   Unit Value                         $ 10.462604                 n/a                 n/a         $ 10.521134       $ 10.815225     
   Total Return *                         -24.58%                 n/a                 n/a               5.21%             8.15%     
   Ratio of Expenses **                     1.40%                 n/a                 n/a              1.825%            1.825%     

Period ended December 31, 2000                                                                                                      

   Unit Value                         $ 13.871569                 n/a                 n/a                 n/a               n/a     
   Total Return *                         -19.41%                 n/a                 n/a                 n/a               n/a     
   Ratio of Expenses **                     1.40%                 n/a                 n/a                 n/a               n/a     

Period ended December 31, 1999                                                                                                      

   Unit Value                         $ 17.213570                 n/a                 n/a                 n/a               n/a     
   Total Return *                          62.29%                 n/a                 n/a                 n/a               n/a     
   Ratio of Expenses **                     1.40%                 n/a                 n/a                 n/a               n/a     

Period ended December 31, 1998                                                                                                      

   Unit Value                         $ 10.606788                 n/a                 n/a                 n/a               n/a     
   Total Return *                           6.07%                 n/a                 n/a                 n/a               n/a     
   Ratio of Expenses **                     1.40%                 n/a                 n/a                 n/a               n/a     
----------------------------------                                                                                                  

*    Total return for period  indicated,  including  changes in the value of the                                                    
     underlying  fund,  and  reflect  deductions  for all items  included in the                                                    
     expense  ratio.  The total  return does not include any  expenses  assessed                                                    
     through  the  redemption  of  units,  inclusion  of these  expenses  in the                                                    
     calculation would result in a reduction in the total return presented.                                                         

**   Annualized contract expenses of the separate account,  consisting primarily                                                    
     of mortality and expense  charges,  for each period  indicated.  The ratios                                                    
     include  only those  expenses  that  result in a direct  reduction  to unit                                                    
     values.  Charges  made  directly to  contract  owner  accounts  through the                                                    
     redemption of units and expenses of the underlying funds are excluded.                                                         

(a)  Commencement of operations November 27, 1998.                                                                                  

(b)  Commencement of operations January 29, 1999.                                                                                   

(c)  Fund inception May 1, 2000.                                                                                                    

(d)  Fund inception October 29, 2001.                                                                                               

(e)  Fund inception July 22, 2002.                                                                                                  

(f)  Fund inception September 30, 2002.                                                                                             

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JNLNY SEPARATE ACCOUNT I                                                                                                            
NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                                                                           

NOTE 7 - FINANCIAL HIGHLIGHTS (CONTINUED)                                                                                           

                                 First Trust/JNL     First Trust/JNL        Janus/JNL           Janus/JNL            Janus/JNL      
                                  The Dow Target      The S&P Target        Aggressive           Balanced         Capital Growth    
                                 10 Portfolio (e)    10 Portfolio (e)   Growth Portfolio (b)  Portfolio (c)        Portfolio (a)    
                                -------------------  -----------------  ------------------- ------------------- --------------------

LOWEST EXPENSE RATIO                                                                                                                

Period ended December 31, 2002                                                                                                      

   Unit Value                          $ 11.477618         $ 9.074024           $ 6.279575          $ 8.760626           $ 6.637011 
   Total Return *                           14.78%             -9.26%              -30.73%              -7.87%              -30.20% 
   Ratio of Expenses **                      1.40%              1.40%                1.40%               1.40%                1.40% 

Period ended December 31, 2001                                                                                                      

   Unit Value                                  n/a                n/a           $ 9.065884          $ 9.509179           $ 9.508060 
   Total Return *                              n/a                n/a              -31.19%              -5.82%              -41.03% 
   Ratio of Expenses **                        n/a                n/a                1.40%               1.40%                1.40% 

Period ended December 31, 2000                                                                                                      

   Unit Value                                  n/a                n/a          $ 13.174866         $ 10.097165          $ 16.122236 
   Total Return *                              n/a                n/a              -22.04%               0.97%              -35.64% 
   Ratio of Expenses **                        n/a                n/a                1.40%               1.40%                1.40% 

Period ended December 31, 1999                                                                                                      

   Unit Value                                  n/a                n/a          $ 16.898445                 n/a          $ 25.051730 
   Total Return *                              n/a                n/a               68.98%                 n/a              121.08% 
   Ratio of Expenses **                        n/a                n/a                1.40%                 n/a                1.40% 

Period ended December 31, 1998                                                                                                      

   Unit Value                                  n/a                n/a                  n/a                 n/a          $ 11.331673 
   Total Return *                              n/a                n/a                  n/a                 n/a               13.32% 
   Ratio of Expenses **                        n/a                n/a                  n/a                 n/a                1.40% 
--------------------------------                                                                                                    

                                                       JPMorgan/JNL                                                                 
                                    Janus/JNL            Enhanced          JPMorgan/JNL         Lazard/JNL         Lazard/JNL       
                                 Global Equities      S&P 500 Stock        International          Mid Cap           Small Cap       
                                  Portfolio (a)     Index Portfolio (e)  Value Portfolio (f) Value Portfolio (d) Value Portfolio (d)
                                ----------------- -------------------  ------------------  ------------------  ----------------     

LOWEST EXPENSE RATIO                                                                                                                

Period ended December 31, 2002                                                                                                      

   Unit Value                         $ 7.519648         $ 10.640831         $ 10.140477          $ 9.197975        $ 8.998926      
   Total Return *                        -28.13%               6.41%               1.40%             -15.28%           -18.37%      
   Ratio of Expenses **                    1.40%               1.40%               1.40%               1.40%             1.40%      

Period ended December 31, 2001                                                                                                      

   Unit Value                        $ 10.462604                 n/a                 n/a         $ 10.856520       $ 11.024118      
   Total Return *                        -24.58%                 n/a                 n/a               8.57%            10.24%      
   Ratio of Expenses **                    1.40%                 n/a                 n/a               1.40%             1.40%      

Period ended December 31, 2000                                                                                                      

   Unit Value                        $ 13.871569                 n/a                 n/a                 n/a               n/a      
   Total Return *                        -19.41%                 n/a                 n/a                 n/a               n/a      
   Ratio of Expenses **                    1.40%                 n/a                 n/a                 n/a               n/a      

Period ended December 31, 1999                                                                                                      

   Unit Value                        $ 17.213570                 n/a                 n/a                 n/a               n/a      
   Total Return *                         62.29%                 n/a                 n/a                 n/a               n/a      
   Ratio of Expenses **                    1.40%                 n/a                 n/a                 n/a               n/a      

Period ended December 31, 1998                                                                                                      

   Unit Value                        $ 10.606788                 n/a                 n/a                 n/a               n/a      
   Total Return *                          6.07%                 n/a                 n/a                 n/a               n/a      
   Ratio of Expenses **                    1.40%                 n/a                 n/a                 n/a               n/a      
--------------------------------                                                                                                    

*    Total return for period  indicated,  including  changes in the value of the                                                    
     underlying  fund,  and  reflect  deductions  for all items  included in the                                                    
     expense  ratio.  The total  return does not include any  expenses  assessed                                                    
     through  the  redemption  of  units,  inclusion  of these  expenses  in the                                                    
     calculation would result in a reduction in the total return presented.                                                         

**   Annualized contract expenses of the separate account,  consisting primarily                                                    
     of mortality and expense  charges,  for each period  indicated.  The ratios                                                    
     include  only those  expenses  that  result in a direct  reduction  to unit                                                    
     values.  Charges  made  directly to  contract  owner  accounts  through the                                                    
     redemption of units and expenses of the underlying funds are excluded.                                                         

(a)  Commencement of operations November 27, 1998.                                                                                  

(b)  Commencement of operations January 29, 1999.                                                                                   

(c)  Fund inception May 1, 2000.                                                                                                    

(d)  Fund inception October 29, 2001.                                                                                               

(e)  Fund inception July 22, 2002.                                                                                                  

(f)  Fund inception September 30, 2002.                                                                                             

485BPOS 65th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 65th
JNLNY SEPARATE ACCOUNT I                                                                                                            
NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                                                                           

NOTE 7 - FINANCIAL HIGHLIGHTS (CONTINUED)                                                                                           

                                     First Trust/JNL     First Trust/JNL        Janus/JNL         Janus/JNL        Janus/JNL        
                                      The Dow Target      The S&P Target        Aggressive         Balanced     Capital Growth      
                                     10 Portfolio (e)    10 Portfolio (e)   Growth Portfolio (b) Portfolio (c)    Portfolio (a)     
                                    -------------------  -----------------  -------------------  -------------- ----------------    

PORTFOLIO DATA                                                                                                                      

Period ended December 31, 2002                                                                                                      

   Net Assets (in thousands)                     $ 301              $ 235              $ 7,590         $ 4,043          $ 6,204     
   Units Outstanding (in thousands)                 27                 25                1,216             461              951     
   Investment Income Ratio *                     0.00%              0.00%                0.00%           2.19%            0.00%     

Period ended December 31, 2001                                                                                                      

   Net Assets (in thousands)                       n/a                n/a             $ 14,054         $ 3,738         $ 11,888     
   Units Outstanding (in thousands)                n/a                n/a                1,555             392            1,262     
   Investment Income Ratio *                       n/a                n/a                0.05%           3.34%            0.00%     

Period ended December 31, 2000                                                                                                      

   Net Assets (in thousands)                       n/a                n/a             $ 23,447         $ 1,309         $ 21,952     
   Units Outstanding (in thousands)                n/a                n/a                1,780             130            1,362     
   Investment Income Ratio *                       n/a                n/a                0.00%           0.00%            0.00%     

Period ended December 31, 1999                                                                                                      

   Net Assets (in thousands)                       n/a                n/a             $ 14,791             n/a         $ 16,043     
   Units Outstanding (in thousands)                n/a                n/a                  875             n/a              640     
   Investment Income Ratio *                       n/a                n/a                0.00%             n/a            0.00%     

Period ended December 31, 1998                                                                                                      

   Net Assets (in thousands)                       n/a                n/a                  n/a             n/a              $ 5     
   Units Outstanding (in thousands)                n/a                n/a                  n/a             n/a                -     
   Investment Income Ratio *                       n/a                n/a                  n/a             n/a            0.00%     
----------------------------------                                                                                                  

                                                        JPMorgan/JNL                                                                
                                       Janus/JNL         Enhanced          JPMorgan/JNL         Lazard/JNL         Lazard/JNL       
                                    Global Equities    S&P 500 Stock        International          Mid Cap           Small Cap      
                                     Portfolio (a)  Index Portfolio (e)  Value Portfolio (f) Value Portfolio (d) Value Portfolio (d)
                                   ---------------- -------------------  ------------------  ------------------  ----------------   

PORTFOLIO DATA                                                                                                                      

Period ended December 31, 2002                                                                                                      

   Net Assets (in thousands)               $ 4,437                $ 27                $ 60               $ 574           $ 1,024    
   Units Outstanding (in thousands)            590                   4                   6                  63               115    
   Investment Income Ratio *                 0.67%               0.07%               2.80%               0.35%             0.00%    

Period ended December 31, 2001                                                                                                      

   Net Assets (in thousands)               $ 8,505                 n/a                 n/a               $ 152             $ 128    
   Units Outstanding (in thousands)            813                 n/a                 n/a                  14                12    
   Investment Income Ratio *                 1.39%                 n/a                 n/a               0.72%             0.20%    

Period ended December 31, 2000                                                                                                      

   Net Assets (in thousands)              $ 14,424                 n/a                 n/a                 n/a               n/a    
   Units Outstanding (in thousands)          1,040                 n/a                 n/a                 n/a               n/a    
   Investment Income Ratio *                 0.00%                 n/a                 n/a                 n/a               n/a    

Period ended December 31, 1999                                                                                                      

   Net Assets (in thousands)               $ 4,990                 n/a                 n/a                 n/a               n/a    
   Units Outstanding (in thousands)            290                 n/a                 n/a                 n/a               n/a    
   Investment Income Ratio *                 0.00%                 n/a                 n/a                 n/a               n/a    

Period ended December 31, 1998                                                                                                      

   Net Assets (in thousands)                  $ 29                 n/a                 n/a                 n/a               n/a    
   Units Outstanding (in thousands)              3                 n/a                 n/a                 n/a               n/a    
   Investment Income Ratio *                 0.00%                 n/a                 n/a                 n/a               n/a    
----------------------------------                                                                                                  

*    These amounts represent the dividends,  excluding  distributions of capital                                                    
     gains, received by the portfolio from the underlying mutual fund divided by                                                    
     the average net assets.                                                                                                        

(a)  Commencement of operations November 27, 1998.                                                                                  

(b)  Commencement of operations January 29, 1999.                                                                                   

(c)  Fund inception May 1, 2000.                                                                                                    

(d)  Fund inception October 29, 2001.                                                                                               

(e)  Fund inception July 22, 2002.                                                                                                  

(f)  Fund inception September 30, 2002.                                                                                             

485BPOS 66th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 66th
JNLNY SEPARATE ACCOUNT I                                                                                                            
NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                                                                           

NOTE 7 - FINANCIAL HIGHLIGHTS (CONTINUED)                                                                                           

                                Mellon Capital     Mellon Capital       Mellon Capital     Mellon Capital    Mellon Capital         
                                Management/JNL     Management/JNL       Management/JNL     Management/JNL    Management/JNL         
                                  Bond Index        International       S&P 400 Mid Cap    S&P 500 Index        Small Cap           
                                 Portfolio (e)    Index Portfolio (e)  Index Portfolio (e) Portfolio (e)    Index Portfolio (e)     
                                ---------------  -------------------- -------------------- ---------------  --------------------    

HIGHEST EXPENSE RATIO                                                                                                               

Period ended December 31, 2002                                                                                                      

   Unit Value                      $ 10.618420           $ 10.297913           $ 8.431162      $ 7.620310            $ 7.835213     
   Total Return *                        1.32%                 2.98%               -0.85%          -7.67%                -5.83%     
   Ratio of Expenses **                  2.30%                 1.82%                2.30%           2.30%                 2.45%     

Period ended December 31, 2001                                                                                                      

   Unit Value                              n/a                   n/a                  n/a             n/a                   n/a     
   Total Return *                          n/a                   n/a                  n/a             n/a                   n/a     
   Ratio of Expenses **                    n/a                   n/a                  n/a             n/a                   n/a     

Period ended December 31, 2000                                                                                                      

   Unit Value                              n/a                   n/a                  n/a             n/a                   n/a     
   Total Return *                          n/a                   n/a                  n/a             n/a                   n/a     
   Ratio of Expenses **                    n/a                   n/a                  n/a             n/a                   n/a     

Period ended December 31, 1999                                                                                                      

   Unit Value                              n/a                   n/a                  n/a             n/a                   n/a     
   Total Return *                          n/a                   n/a                  n/a             n/a                   n/a     
   Ratio of Expenses **                    n/a                   n/a                  n/a             n/a                   n/a     

Period ended December 31, 1998                                                                                                      

   Unit Value                              n/a                   n/a                  n/a             n/a                   n/a     
   Total Return *                          n/a                   n/a                  n/a             n/a                   n/a     
   Ratio of Expenses **                    n/a                   n/a                  n/a             n/a                   n/a     
--------------------------------                                                                                                    

                                  Oppenheimer/JNL     Oppenheimer/JNL        PIMCO/JNL         PPM America/     PPM America/        
                                   Global Growth         JNL Growth         Total Return       JNL Balanced    JNL High Yield       
                                   Portfolio (c)       Portfolio (c)     Bond Portfolio (d)   Portfolio (b)    Bond Portfolio (a)   
                                -------------------- ------------------- -------------------  ---------------  ----------------     

HIGHEST EXPENSE RATIO                                                                                                               

Period ended December 31, 2002                                                                                                      

   Unit Value                            $ 6.911561          $ 6.754412         $ 12.475080      $ 16.402339       $ 12.226651      
   Total Return *                            -6.21%              -0.08%               2.01%            0.95%             5.15%      
   Ratio of Expenses **                       2.45%               2.45%               2.45%            2.30%             2.45%      

Period ended December 31, 2001                                                                                                      

   Unit Value                            $ 9.050551          $ 9.365809          $ 9.770700      $ 10.126429        $ 9.880263      
   Total Return *                            -9.49%              -6.34%              -2.29%            1.26%            -1.20%      
   Ratio of Expenses **                      1.825%              1.825%              1.825%           1.825%            1.825%      

Period ended December 31, 2000                                                                                                      

   Unit Value                                   n/a                 n/a                 n/a      $ 10.524415        $ 9.297484      
   Total Return *                               n/a                 n/a                 n/a            6.75%            -6.93%      
   Ratio of Expenses **                         n/a                 n/a                 n/a            1.40%             1.40%      

Period ended December 31, 1999                                                                                                      

   Unit Value                                   n/a                 n/a                 n/a       $ 9.858727        $ 9.989285      
   Total Return *                               n/a                 n/a                 n/a           -1.41%            -0.32%      
   Ratio of Expenses **                         n/a                 n/a                 n/a            1.40%             1.40%      

Period ended December 31, 1998                                                                                                      

   Unit Value                                   n/a                 n/a                 n/a              n/a       $ 10.021153      
   Total Return *                               n/a                 n/a                 n/a              n/a             0.21%      
   Ratio of Expenses **                         n/a                 n/a                 n/a              n/a             1.40%      
--------------------------------                                                                                                    

*    Total return for period  indicated,  including  changes in the value of the                                                    
     underlying  fund,  and  reflect  deductions  for all items  included in the                                                    
     expense  ratio.  The total  return does not include any  expenses  assessed                                                    
     through  the  redemption  of  units,  inclusion  of these  expenses  in the                                                    
     calculation would result in a reduction in the total return presented.                                                         

**   Annualized contract expenses of the separate account,  consisting primarily                                                    
     of mortality and expense  charges,  for each period  indicated.  The ratios                                                    
     include  only those  expenses  that  result in a direct  reduction  to unit                                                    
     values.  Charges  made  directly to  contract  owner  accounts  through the                                                    
     redemption of units and expenses of the underlying funds are excluded.                                                         

(a)  Commencement of operations November 27, 1998.                                                                                  

(b)  Commencement of operations January 21, 1999.                                                                                   

(c)  Fund inception May 1, 2001.                                                                                                    

(d)  Fund inception October 29, 2001.                                                                                               

(e)  Fund inception July 22, 2002.                                                                                                  

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JNLNY SEPARATE ACCOUNT I                                                                                                            
NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                                                                           

NOTE 7 - FINANCIAL HIGHLIGHTS (CONTINUED)                                                                                           

                                  Mellon Capital     Mellon Capital       Mellon Capital     Mellon Capital       Mellon Capital    
                                  Management/JNL     Management/JNL       Management/JNL     Management/JNL       Management/JNL    
                                    Bond Index        International       S&P 400 Mid Cap     S&P 500 Index          Small Cap      
                                   Portfolio (e)    Index Portfolio (e)  Index Portfolio (e)  Portfolio (e)     Index Portfolio (e) 
                                  ---------------  -------------------- -------------------- ----------------  -------------------- 

LOWEST EXPENSE RATIO                                                                                                                

Period ended December 31, 2002                                                                                                      

   Unit Value                        $ 10.117737           $ 10.309147          $ 10.431487      $ 10.617884           $ 10.529964  
   Total Return *                          1.18%                 3.09%                4.31%            6.18%                 5.30%  
   Ratio of Expenses **                    1.40%                 1.40%                1.40%            1.40%                 1.40%  

Period ended December 31, 2001                                                                                                      

   Unit Value                                n/a                   n/a                  n/a              n/a                   n/a  
   Total Return *                            n/a                   n/a                  n/a              n/a                   n/a  
   Ratio of Expenses **                      n/a                   n/a                  n/a              n/a                   n/a  

Period ended December 31, 2000                                                                                                      

   Unit Value                                n/a                   n/a                  n/a              n/a                   n/a  
   Total Return *                            n/a                   n/a                  n/a              n/a                   n/a  
   Ratio of Expenses **                      n/a                   n/a                  n/a              n/a                   n/a  

Period ended December 31, 1999                                                                                                      

   Unit Value                                n/a                   n/a                  n/a              n/a                   n/a  
   Total Return *                            n/a                   n/a                  n/a              n/a                   n/a  
   Ratio of Expenses **                      n/a                   n/a                  n/a              n/a                   n/a  

Period ended December 31, 1998                                                                                                      

   Unit Value                                n/a                   n/a                  n/a              n/a                   n/a  
   Total Return *                            n/a                   n/a                  n/a              n/a                   n/a  
   Ratio of Expenses **                      n/a                   n/a                  n/a              n/a                   n/a  
----------------------------------                                                                                                  

                                   Oppenheimer/JNL     Oppenheimer/JNL        PIMCO/JNL         PPM America/     PPM America/       
                                    Global Growth         JNL Growth         Total Return       JNL Balanced    JNL High Yield      
                                    Portfolio (c)       Portfolio (c)     Bond Portfolio (d)   Portfolio (b)    Bond Portfolio (a)  
                                  ------------------- ------------------- -------------------  ---------------  ----------------    

LOWEST EXPENSE RATIO                                                                                                                

Period ended December 31, 2002                                                                                                      

   Unit Value                             $ 7.034003          $ 6.981291         $ 10.494459      $ 11.096203        $ 9.748270     
   Total Return *                            -23.41%             -26.33%               7.33%           -3.30%             0.63%     
   Ratio of Expenses **                        1.40%               1.40%               1.40%            1.40%             1.40%     

Period ended December 31, 2001                                                                                                      

   Unit Value                             $ 9.184038          $ 9.476549          $ 9.777524      $ 11.474475        $ 9.686955     
   Total Return *                             -8.16%              -5.23%              -2.22%            9.03%             4.19%     
   Ratio of Expenses **                        1.40%               1.40%               1.40%            1.40%             1.40%     

Period ended December 31, 2000                                                                                                      

   Unit Value                                    n/a                 n/a                 n/a      $ 10.524415        $ 9.297484     
   Total Return *                                n/a                 n/a                 n/a            6.75%            -6.93%     
   Ratio of Expenses **                          n/a                 n/a                 n/a            1.40%             1.40%     

Period ended December 31, 1999                                                                                                      

   Unit Value                                    n/a                 n/a                 n/a       $ 9.858727        $ 9.989285     
   Total Return *                                n/a                 n/a                 n/a           -1.41%            -0.32%     
   Ratio of Expenses **                          n/a                 n/a                 n/a            1.40%             1.40%     

Period ended December 31, 1998                                                                                                      

   Unit Value                                    n/a                 n/a                 n/a              n/a       $ 10.021153     
   Total Return *                                n/a                 n/a                 n/a              n/a             0.21%     
   Ratio of Expenses **                          n/a                 n/a                 n/a              n/a             1.40%     
----------------------------------                                                                                                  

*    Total return for period  indicated,  including  changes in the value of the                                                    
     underlying  fund,  and  reflect  deductions  for all items  included in the                                                    
     expense  ratio.  The total  return does not include any  expenses  assessed                                                    
     through  the  redemption  of  units,  inclusion  of these  expenses  in the                                                    
     calculation would result in a reduction in the total return presented.                                                         

**   Annualized contract expenses of the separate account,  consisting primarily                                                    
     of mortality and expense  charges,  for each period  indicated.  The ratios                                                    
     include  only those  expenses  that  result in a direct  reduction  to unit                                                    
     values.  Charges  made  directly to  contract  owner  accounts  through the                                                    
     redemption of units and expenses of the underlying funds are excluded.                                                         

(a)  Commencement of operations November 27, 1998.                                                                                  

(b)  Commencement of operations January 21, 1999.                                                                                   

(c)  Fund inception May 1, 2001.                                                                                                    

(d)  Fund inception October 29, 2001.                                                                                               

(e)  Fund inception July 22, 2002.                                                                                                  

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JNLNY SEPARATE ACCOUNT I                                                                                                            
NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                                                                           

NOTE 7 - FINANCIAL HIGHLIGHTS (CONTINUED)                                                                                           

                                    Mellon Capital     Mellon Capital       Mellon Capital     Mellon Capital      Mellon Capital   
                                    Management/JNL     Management/JNL       Management/JNL     Management/JNL      Management/JNL   
                                      Bond Index        International       S&P 400 Mid Cap     S&P 500 Index         Small Cap     
                                     Portfolio (e)   Index Portfolio (e)  Index Portfolio (e)   Portfolio (e)    Index Portfolio (e)
                                    ---------------  -------------------- -------------------- ---------------  --------------------

PORTFOLIO DATA                                                                                                                      

Period ended December 31, 2002                                                                                                      

   Net Assets (in thousands)                  $ 20                   $ -                $ 186           $ 258                 $ 206 
   Units Outstanding (in thousands)              2                     -                   22              33                    26 
   Investment Income Ratio *                 5.38%                 0.00%                1.69%           0.00%                 2.87% 

Period ended December 31, 2001                                                                                                      

   Net Assets (in thousands)                   n/a                   n/a                  n/a             n/a                   n/a 
   Units Outstanding (in thousands)            n/a                   n/a                  n/a             n/a                   n/a 
   Investment Income Ratio *                   n/a                   n/a                  n/a             n/a                   n/a 

Period ended December 31, 2000                                                                                                      

   Net Assets (in thousands)                   n/a                   n/a                  n/a             n/a                   n/a 
   Units Outstanding (in thousands)            n/a                   n/a                  n/a             n/a                   n/a 
   Investment Income Ratio *                   n/a                   n/a                  n/a             n/a                   n/a 

Period ended December 31, 1999                                                                                                      

   Net Assets (in thousands)                   n/a                   n/a                  n/a             n/a                   n/a 
   Units Outstanding (in thousands)            n/a                   n/a                  n/a             n/a                   n/a 
   Investment Income Ratio *                   n/a                   n/a                  n/a             n/a                   n/a 

Period ended December 31, 1998                                                                                                      

   Net Assets (in thousands)                   n/a                   n/a                  n/a             n/a                   n/a 
   Units Outstanding (in thousands)            n/a                   n/a                  n/a             n/a                   n/a 
   Investment Income Ratio *                   n/a                   n/a                  n/a             n/a                   n/a 
----------------------------------                                                                                                  

                                    Oppenheimer/JNL     Oppenheimer/JNL        PIMCO/JNL         PPM America/     PPM America/      
                                     Global Growth         JNL Growth         Total Return       JNL Balanced    JNL High Yield     
                                     Portfolio (c)       Portfolio (c)     Bond Portfolio (d)   Portfolio (b)    Bond Portfolio (a) 
                                   ------------------- ------------------- -------------------  ---------------  ----------------   

PORTFOLIO DATA                                                                                                                      

Period ended December 31, 2002                                                                                                      

   Net Assets (in thousands)                    $ 925               $ 445             $ 5,768          $ 5,043           $ 4,746    
   Units Outstanding (in thousands)               133                  64                 540              466               481    
   Investment Income Ratio *                    0.00%               0.00%               0.03%            2.91%             8.93%    

Period ended December 31, 2001                                                                                                      

   Net Assets (in thousands)                    $ 807               $ 441               $ 400          $ 5,082           $ 4,339    
   Units Outstanding (in thousands)                89                  47                  41              451               447    
   Investment Income Ratio *                    0.00%               0.20%               2.44%            3.70%            11.88%    

Period ended December 31, 2000                                                                                                      

   Net Assets (in thousands)                      n/a                 n/a                 n/a          $ 3,080           $ 2,179    
   Units Outstanding (in thousands)               n/a                 n/a                 n/a              293               234    
   Investment Income Ratio *                      n/a                 n/a                 n/a            0.00%             0.00%    

Period ended December 31, 1999                                                                                                      

   Net Assets (in thousands)                      n/a                 n/a                 n/a          $ 1,867           $ 1,832    
   Units Outstanding (in thousands)               n/a                 n/a                 n/a              189               183    
   Investment Income Ratio *                      n/a                 n/a                 n/a            0.00%             0.00%    

Period ended December 31, 1998                                                                                                      

   Net Assets (in thousands)                      n/a                 n/a                 n/a              n/a              $ 10    
   Units Outstanding (in thousands)               n/a                 n/a                 n/a              n/a                 1    
   Investment Income Ratio *                      n/a                 n/a                 n/a              n/a             0.00%    
----------------------------------                                                                                                  

*    These amounts represent the dividends,  excluding  distributions of capital                                                    
     gains, received by the portfolio from the underlying mutual fund divided by                                                    
     the average net assets.                                                                                                        

(a)  Commencement of operations November 27, 1998.                                                                                  

(b)  Commencement of operations January 21, 1999.                                                                                   

(c)  Fund inception May 1, 2001.                                                                                                    

(d)  Fund inception October 29, 2001.                                                                                               

(e)  Fund inception July 22, 2002.                                                                                                  

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JNLNY SEPARATE ACCOUNT I                                                                                                            
NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                                                                           

NOTE 7 - FINANCIAL HIGHLIGHTS (CONTINUED)                                                                                           

                                       PPM America/      PPM America/        Putnam/          Putnam/JNL          Putnam/JNL        
                                     JNL Money Market     JNL Value         JNL Equity      International       Midcap Growth       
                                       Portfolio (a)    Portfolio (g)     Portfolio (a)   Equity Portfolio (a)   Portfolio (e)      
                                    ------------------ ---------------  ----------------  -------------------- ------------------   

HIGHEST EXPENSE RATIO                                                                                                               

Period ended December 31, 2002                                                                                                      

   Unit Value                             $ 11.601511     $ 10.915943       $ 13.693344            $ 8.883618         $ 4.848841    
   Total Return *                              -0.17%          -0.43%            -1.04%                -1.43%              0.16%    
   Ratio of Expenses **                         2.30%          1.960%            2.095%                 1.96%              1.96%    

Period ended December 31, 2001                                                                                                      

   Unit Value                             $ 10.041177             n/a        $ 8.109137            $ 8.778597         $ 8.027341    
   Total Return *                               0.41%             n/a           -18.91%               -12.21%            -19.73%    
   Ratio of Expenses **                        1.825%             n/a            1.825%                1.825%             1.825%    

Period ended December 31, 2000                                                                                                      

   Unit Value                             $ 10.787298             n/a       $ 11.218801           $ 11.226356        $ 10.155592    
   Total Return *                               4.39%             n/a           -18.98%               -15.18%              1.56%    
   Ratio of Expenses **                         1.40%             n/a             1.40%                 1.40%              1.40%    

Period ended December 31, 1999                                                                                                      

   Unit Value                             $ 10.334037             n/a       $ 13.847598           $ 13.234738                n/a    
   Total Return *                               3.21%             n/a            27.69%                30.37%                n/a    
   Ratio of Expenses **                         1.40%             n/a             1.40%                 1.40%                n/a    

Period ended December 31, 1998                                                                                                      

   Unit Value                             $ 10.012750             n/a       $ 10.845108           $ 10.151883                n/a    
   Total Return *                               0.13%             n/a             8.45%                 1.52%                n/a    
   Ratio of Expenses **                         1.40%             n/a             1.40%                 1.40%                n/a    
----------------------------------                                                                                                  

                                                              S&P/JNL            S&P/JNL                           S&P/JNL Equity   
                                        Putnam/JNL          Aggressive         Conservative      S&P/JNL Core        Aggressive     
                                       Value Equity           Growth              Growth           Index 100           Growth       
                                       Portfolio (a)      Portfolio I (d)    Portfolio I (c)     Portfolio (f)     Portfolio I (b)  
                                    -------------------- ------------------  -----------------  ----------------  ------------------

HIGHEST EXPENSE RATIO                                                                                                               

Period ended December 31, 2002                                                                                                      

   Unit Value                               $ 13.924386         $ 8.750197         $ 9.628911        $ 8.450679          $ 7.875145 
   Total Return *                                 7.56%              8.67%              6.28%            -1.18%               5.95% 
   Ratio of Expenses **                           2.30%              2.30%              2.30%             2.45%               2.30% 

Period ended December 31, 2001                                                                                                      

   Unit Value                                $ 9.139763         $ 9.060847         $ 9.596988               n/a          $ 9.559577 
   Total Return *                                -8.60%             -9.39%             -4.03%               n/a              -4.40% 
   Ratio of Expenses **                          1.825%             1.825%             1.825%               n/a              1.825% 

Period ended December 31, 2000                                                                                                      

   Unit Value                               $ 10.273964        $ 10.826340        $ 10.667420               n/a         $ 11.182167 
   Total Return *                                 5.48%            -10.63%             -2.99%               n/a             -16.38% 
   Ratio of Expenses **                           1.40%              1.40%              1.40%               n/a               1.40% 

Period ended December 31, 1999                                                                                                      

   Unit Value                                $ 9.740109        $ 12.113662        $ 10.996298               n/a         $ 13.372109 
   Total Return *                                -2.42%             21.14%              9.96%               n/a              33.72% 
   Ratio of Expenses **                           1.40%              1.40%              1.40%               n/a               1.40% 

Period ended December 31, 1998                                                                                                      

   Unit Value                                $ 9.981211                n/a                n/a               n/a                 n/a 
   Total Return *                                -0.19%                n/a                n/a               n/a                 n/a 
   Ratio of Expenses **                           1.40%                n/a                n/a               n/a                 n/a 
----------------------------------                                                                                                  

*    Total return for period  indicated,  including  changes in the value of the                                                    
     underlying  fund,  and  reflect  deductions  for all items  included in the                                                    
     expense  ratio.  The total  return does not include any  expenses  assessed                                                    
     through  the  redemption  of  units,  inclusion  of these  expenses  in the                                                    
     calculation would result in a reduction in the total return presented.                                                         

**   Annualized contract expenses of the separate account,  consisting primarily                                                    
     of mortality and expense  charges,  for each period  indicated.  The ratios                                                    
     include  only those  expenses  that  result in a direct  reduction  to unit                                                    
     values.  Charges  made  directly to  contract  owner  accounts  through the                                                    
     redemption of units and expenses of the underlying funds are excluded.                                                         

(a)  Commencement of operations November 27, 1998.                                                                                  

(b)  Commencement of operations March 22, 1999.                                                                                     

(c)  Commencement of operations April 22, 1999.                                                                                     

(d)  Fund inception date May 1, 2000.                                                                                               

(e)  Fund inception date October 29, 2001.                                                                                          

(f)  Fund inception date July 22, 2002.                                                                                             

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JNLNY SEPARATE ACCOUNT I                                                                                                            
NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                                                                           

NOTE 7 - FINANCIAL HIGHLIGHTS (CONTINUED)                                                                                           

                                     PPM America/        PPM America/       Putnam/            Putnam/JNL           Putnam/JNL      
                                       JNL Money          JNL Value        JNL Equity         International       Midcap Growth     
                                  Market Portfolio (a)  Portfolio (g)    Portfolio (a)     Equity Portfolio (a)    Portfolio (e)    
                                  --------------------  -------------- -----------------  ---------------------- -----------------  

LOWEST EXPENSE RATIO                                                                                                                

Period ended December 31, 2002                                                                                                      

   Unit Value                             $ 10.964243     $ 10.930421        $ 6.208732              $ 6.910248        $ 5.096737   
   Total Return *                              -0.34%           9.30%           -25.15%                 -21.69%           -30.30%   
   Ratio of Expenses **                         1.40%           1.40%             1.40%                   1.40%             1.40%   

Period ended December 31, 2001                                                                                                      

   Unit Value                             $ 11.001639             n/a        $ 8.295230              $ 8.823666        $ 7.312892   
   Total Return *                               1.99%             n/a           -26.06%                 -21.40%           -27.99%   
   Ratio of Expenses **                         1.40%             n/a             1.40%                   1.40%             1.40%   

Period ended December 31, 2000                                                                                                      

   Unit Value                             $ 10.787298             n/a       $ 11.218801             $ 11.226356       $ 10.155592   
   Total Return *                               4.39%             n/a           -18.98%                 -15.18%             1.56%   
   Ratio of Expenses **                         1.40%             n/a             1.40%                   1.40%             1.40%   

Period ended December 31, 1999                                                                                                      

   Unit Value                             $ 10.334037             n/a       $ 13.847598             $ 13.234738               n/a   
   Total Return *                               3.21%             n/a            27.69%                  30.37%               n/a   
   Ratio of Expenses **                         1.40%             n/a             1.40%                   1.40%               n/a   

Period ended December 31, 1998                                                                                                      

   Unit Value                             $ 10.012750             n/a       $ 10.845108             $ 10.151883               n/a   
   Total Return *                               0.13%             n/a             8.45%                   1.52%               n/a   
   Ratio of Expenses **                         1.40%             n/a             1.40%                   1.40%               n/a   
----------------------------------                                                                                                  

                                                     S&P/JNL              S&P/JNL                              S&P/JNL Equity       
                                   Putnam/JNL       Aggressive          Conservative         S&P/JNL Core         Aggressive        
                                  Value Equity        Growth               Growth             Index 100             Growth          
                                  Portfolio (a)   Portfolio I (d)      Portfolio I (c)      Portfolio (f)      Portfolio I (b)      
                                  -------------- -----------------  ------------------  ------------------- -------------------     

LOWEST EXPENSE RATIO                                                                                                                

Period ended December 31, 2002                                                                                                      

   Unit Value                        $ 7.499085        $ 7.694273          $ 9.046263          $ 10.446153          $ 7.199696      
   Total Return *                       -20.98%           -19.39%              -9.75%                4.46%             -24.28%      
   Ratio of Expenses **                   1.40%             1.40%               1.40%                1.40%               1.40%      

Period ended December 31, 2001                                                                                                      

   Unit Value                        $ 9.490032        $ 9.545538         $ 10.023547                  n/a          $ 9.508571      
   Total Return *                        -7.63%           -11.83%              -6.04%                  n/a             -14.97%      
   Ratio of Expenses **                   1.40%             1.40%               1.40%                  n/a               1.40%      

Period ended December 31, 2000                                                                                                      

   Unit Value                       $ 10.273964       $ 10.826340         $ 10.667420                  n/a         $ 11.182167      
   Total Return *                         5.48%           -10.63%              -2.99%                  n/a             -16.38%      
   Ratio of Expenses **                   1.40%             1.40%               1.40%                  n/a               1.40%      

Period ended December 31, 1999                                                                                                      

   Unit Value                        $ 9.740109       $ 12.113662         $ 10.996298                  n/a         $ 13.372109      
   Total Return *                        -2.42%            21.14%               9.96%                  n/a              33.72%      
   Ratio of Expenses **                   1.40%             1.40%               1.40%                  n/a               1.40%      

Period ended December 31, 1998                                                                                                      

   Unit Value                        $ 9.981211               n/a                 n/a                  n/a                 n/a      
   Total Return *                        -0.19%               n/a                 n/a                  n/a                 n/a      
   Ratio of Expenses **                   1.40%               n/a                 n/a                  n/a                 n/a      
----------------------------------                                                                                                  

*    Total return for period  indicated,  including  changes in the value of the                                                    
     underlying  fund,  and  reflect  deductions  for all items  included in the                                                    
     expense  ratio.  The total  return does not include any  expenses  assessed                                                    
     through  the  redemption  of  units,  inclusion  of these  expenses  in the                                                    
     calculation would result in a reduction in the total return presented.                                                         

**   Annualized contract expenses of the separate account,  consisting primarily                                                    
     of mortality and expense  charges,  for each period  indicated.  The ratios                                                    
     include  only those  expenses  that  result in a direct  reduction  to unit                                                    
     values.  Charges  made  directly to  contract  owner  accounts  through the                                                    
     redemption of units and expenses of the underlying funds are excluded.                                                         

(a)  Commencement of operations November 27, 1998.                                                                                  

(b)  Commencement of operations April 20, 1999.                                                                                     

(c)  Commencement of operations April 22, 1999.                                                                                     

(d)  Commencement of operations May 10, 1999.                                                                                       

(e)  Fund inception May 1, 2000.                                                                                                    

(f)  Fund inception July 22, 2002.                                                                                                  

(g)  Fund inception September 30, 2002.                                                                                             

485BPOS 71st “Page” of 94 TOC 1st Previous Next ↓Bottom Just 71st
JNLNY SEPARATE ACCOUNT I                                                                                                            
NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                                                                           

NOTE 7 - FINANCIAL HIGHLIGHTS (CONTINUED)                                                                                           

                                      PPM America/      PPM America/      Putnam/           Putnam/JNL             Putnam/JNL       
                                    JNL Money Market      JNL Value       JNL Equity       International         Midcap Growth      
                                      Portfolio (a)     Portfolio (g)   Portfolio (a)   Equity Portfolio (a)      Portfolio (e)     
                                    -----------------  -------------- ----------------  ---------------------- ---------------------

PORTFOLIO DATA                                                                                                                      

Period ended December 31, 2002                                                                                                      

   Net Assets (in thousands)                 $ 5,567             $ 8          $ 3,019                 $ 1,942                 $ 902 
   Units Outstanding (in thousands)              515               1              486                     281                   171 
   Investment Income Ratio *                   1.06%           0.00%            0.00%                   0.87%                 0.00% 

Period ended December 31, 2001                                                                                                      

   Net Assets (in thousands)                 $ 6,939             n/a          $ 4,856                 $ 2,724               $ 1,201 
   Units Outstanding (in thousands)              642             n/a              586                     309                   159 
   Investment Income Ratio *                   3.19%             n/a            0.00%                   0.73%                 0.00% 

Period ended December 31, 2000                                                                                                      

   Net Assets (in thousands)                 $ 4,209             n/a          $ 7,801                 $ 2,989                 $ 556 
   Units Outstanding (in thousands)              390             n/a              695                     266                    55 
   Investment Income Ratio *                   0.00%             n/a            0.00%                   0.00%                 0.00% 

Period ended December 31, 1999                                                                                                      

   Net Assets (in thousands)                 $ 1,142             n/a          $ 5,859                 $ 1,406                   n/a 
   Units Outstanding (in thousands)              111             n/a              423                     106                   n/a 
   Investment Income Ratio *                   0.00%             n/a            0.00%                   0.00%                   n/a 

Period ended December 31, 1998                                                                                                      

   Net Assets (in thousands)                     $ 2             n/a              $ -                     $ -                   n/a 
   Units Outstanding (in thousands)                -             n/a                -                       -                   n/a 
   Investment Income Ratio *                   0.00%             n/a            0.00%                   0.00%                   n/a 
----------------------------------                                                                                                  

                                                        S&P/JNL           S&P/JNL                              S&P/JNL Equity       
                                      Putnam/JNL      Aggressive        Conservative         S&P/JNL Core         Aggressive        
                                     Value Equity       Growth             Growth             Index 100             Growth          
                                     Portfolio (a)   Portfolio I (d)   Portfolio I (c)      Portfolio (f)      Portfolio I (b)      
                                    --------------- ---------------  ------------------  ------------------- -------------------    

PORTFOLIO DATA                                                                                                                      

Period ended December 31, 2002                                                                                                      

   Net Assets (in thousands)               $ 5,875         $ 4,415            $ 10,062                 $ 48             $ 1,280     
   Units Outstanding (in thousands)            787             571               1,120                    6                 174     
   Investment Income Ratio *                 0.97%           1.22%               2.22%                0.00%               0.08%     

Period ended December 31, 2001                                                                                                      

   Net Assets (in thousands)               $ 9,185         $ 4,263             $ 6,405                  n/a             $ 1,235     
   Units Outstanding (in thousands)            972             450                 646                  n/a                 130     
   Investment Income Ratio *                 1.06%           3.24%               4.58%                  n/a               2.76%     

Period ended December 31, 2000                                                                                                      

   Net Assets (in thousands)               $ 7,726         $ 4,321             $ 2,772                  n/a             $ 1,394     
   Units Outstanding (in thousands)            752             399                 260                  n/a                 125     
   Investment Income Ratio *                 0.00%           0.00%               0.00%                  n/a               0.00%     

Period ended December 31, 1999                                                                                                      

   Net Assets (in thousands)               $ 5,276         $ 1,204             $ 1,233                  n/a               $ 629     
   Units Outstanding (in thousands)            542              99                 112                  n/a                  47     
   Investment Income Ratio *                 0.00%           0.00%               0.00%                  n/a               0.00%     

Period ended December 31, 1998                                                                                                      

   Net Assets (in thousands)                  $ 10             n/a                 n/a                  n/a                 n/a     
   Units Outstanding (in thousands)              1             n/a                 n/a                  n/a                 n/a     
   Investment Income Ratio *                 0.00%             n/a                 n/a                  n/a                 n/a     
----------------------------------                                                                                                  

*    These amounts represent the dividends,  excluding  distributions of capital                                                    
     gains, received by the portfolio from the underlying mutual fund divided by                                                    
     the average net assets.                                                                                                        

(a)  Commencement of operations November 27, 1998.                                                                                  

(b)  Commencement of operations April 20, 1999.                                                                                     

(c)  Commencement of operations April 22, 1999.                                                                                     

(d)  Commencement of operations May 10, 1999.                                                                                       

(e)  Fund inception May 1, 2000.                                                                                                    

(f)  Fund inception July 22, 2002.                                                                                                  

(g)  Fund inception September 30, 2002.                                                                                             

485BPOS 72nd “Page” of 94 TOC 1st Previous Next ↓Bottom Just 72nd
JNLNY SEPARATE ACCOUNT I                                                                                                            
NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                                                                           

NOTE 7 - FINANCIAL HIGHLIGHTS (CONTINUED)                                                                                           

                                                                                                                        Salomon     
                                                       S&P/JNL            S&P/JNL              Salomon             Brothers/JNL     
                                 S&P/JNL Equity        Moderate        Very Aggressive         Brothers/           U.S. Government  
                                     Growth             Growth             Growth             JNL Global              & Quality     
                                 Portfolio I (d)    Portfolio I (d)    Portfolio I (e)    Bond Portfolio (b)     Bond Portfolio (a) 
                                ------------------  --------------- ------------------  --------------------  ----------------------

HIGHEST EXPENSE RATIO                                                                                                               

Period ended December 31, 2002                                                                                                      

   Unit Value                          $ 7.715736       $ 9.381822         $ 8.215024           $ 15.121315             $ 14.076853 
   Total Return *                           9.08%           -1.79%             -2.21%                 6.43%                   0.70% 
   Ratio of Expenses **                     2.30%            2.30%              2.30%                 1.96%                   2.45% 

Period ended December 31, 2001                                                                                                      

   Unit Value                          $ 8.603629       $ 9.134164         $ 9.045384           $ 10.318554             $ 10.464504 
   Total Return *                         -13.96%           -8.66%             -9.55%                 3.19%                   4.65% 
   Ratio of Expenses **                    1.825%           1.825%             1.825%                1.825%                  1.825% 

Period ended December 31, 2000                                                                                                      

   Unit Value                         $ 11.215864      $ 11.095608        $ 10.455100           $ 10.685887             $ 10.653265 
   Total Return *                         -15.25%           -5.67%            -18.31%                 5.69%                   9.86% 
   Ratio of Expenses **                     1.40%            1.40%              1.40%                 1.40%                   1.40% 

Period ended December 31, 1999                                                                                                      

   Unit Value                         $ 13.233816      $ 11.762325        $ 12.798458           $ 10.110410              $ 9.696972 
   Total Return *                          32.34%           17.62%             27.98%                 1.10%                  -3.86% 
   Ratio of Expenses **                     1.40%            1.40%              1.40%                 1.40%                   1.40% 

Period ended December 31, 1998                                                                                                      

   Unit Value                                 n/a              n/a                n/a                   n/a             $ 10.086091 
   Total Return *                             n/a              n/a                n/a                   n/a                   0.86% 
   Ratio of Expenses **                       n/a              n/a                n/a                   n/a                   1.40% 
--------------------------------                                                                                                    

                                                             T. Rowe                                                                
                                   T. Rowe Price/           Price/JNL            T. Rowe                                            
                                   JNL Established       Mid-Cap Growth      Price/JNL Value                                        
                                Growth Portfolio (c)      Portfolio (a)       Portfolio (f)                                         
                                ---------------------- -------------------- -------------------                                     

HIGHEST EXPENSE RATIO                                                                                                               

Period ended December 31, 2002                                                                                                      

   Unit Value                             $ 17.709824          $ 19.422769          $ 8.834614                                      
   Total Return *                               1.07%               -5.05%              16.14%                                      
   Ratio of Expenses **                         1.96%                2.45%               2.45%                                      

Period ended December 31, 2001                                                                                                      

   Unit Value                              $ 9.212695           $ 9.476180          $ 9.499841                                      
   Total Return *                              -7.87%               -5.24%              -5.00%                                      
   Ratio of Expenses **                        1.825%               1.825%              1.825%                                      

Period ended December 31, 2000                                                                                                      

   Unit Value                             $ 12.283983          $ 13.705900         $ 10.997229                                      
   Total Return *                              -1.71%                5.68%               9.97%                                      
   Ratio of Expenses **                         1.40%                1.40%               1.40%                                      

Period ended December 31, 1999                                                                                                      

   Unit Value                             $ 12.498154          $ 12.969005                 n/a                                      
   Total Return *                              24.98%               18.46%                 n/a                                      
   Ratio of Expenses **                         1.40%                1.40%                 n/a                                      

Period ended December 31, 1998                                                                                                      

   Unit Value                                     n/a          $ 10.948441                 n/a                                      
   Total Return *                                 n/a                9.48%                 n/a                                      
   Ratio of Expenses **                           n/a                1.40%                 n/a                                      
--------------------------------                                                                                                    

*    Total return for period  indicated,  including  changes in the value of the                                                    
     underlying  fund,  and  reflect  deductions  for all items  included in the                                                    
     expense  ratio.  The total  return does not include any  expenses  assessed                                                    
     through  the  redemption  of  units,  inclusion  of these  expenses  in the                                                    
     calculation would result in a reduction in the total return presented.                                                         

**   Annualized contract expenses of the separate account,  consisting primarily                                                    
     of mortality and expense  charges,  for each period  indicated.  The ratios                                                    
     include  only those  expenses  that  result in a direct  reduction  to unit                                                    
     values.  Charges  made  directly to  contract  owner  accounts  through the                                                    
     redemption of units and expenses of the underlying funds are excluded.                                                         

(a)  Commencement of operations November 27, 1998.                                                                                  

(b)  Commencement of operations January 21, 1999.                                                                                   

(c)  Commencement of operations February 9, 1999.                                                                                   

(d)  Commencement of operations April 20, 1999.                                                                                     

(e)  Commencement of operations May 13, 1999.                                                                                       

(f)  Fund inception May 1, 2000.                                                                                                    

485BPOS 73rd “Page” of 94 TOC 1st Previous Next ↓Bottom Just 73rd
JNLNY SEPARATE ACCOUNT I                                                                                                            
NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                                                                           

NOTE 7 - FINANCIAL HIGHLIGHTS (CONTINUED)                                                                                           

                                                                                                                    Salomon         
                                                      S&P/JNL            S&P/JNL              Salomon             Brothers/JNL      
                                 S&P/JNL Equity      Moderate        Very Aggressive         Brothers/           U.S. Government    
                                     Growth           Growth             Growth             JNL Global              & Quality       
                                 Portfolio I (d)  Portfolio I (d)    Portfolio I (e)    Bond Portfolio (b)     Bond Portfolio (a)   
                                 ---------------  --------------- ------------------  --------------------  ----------------------  

LOWEST EXPENSE RATIO                                                                                                                

Period ended December 31, 2002                                                                                                      

   Unit Value                        $ 7.163703       $ 8.757295         $ 6.735581           $ 12.028236             $ 12.356886   
   Total Return *                       -24.40%          -13.62%            -24.26%                 6.87%                   9.92%   
   Ratio of Expenses **                   1.40%            1.40%              1.40%                 1.40%                   1.40%   

Period ended December 31, 2001                                                                                                      

   Unit Value                        $ 9.476264      $ 10.137740         $ 8.893409           $ 11.254871             $ 11.241325   
   Total Return *                       -15.51%           -8.63%            -14.94%                 5.32%                   5.52%   
   Ratio of Expenses **                   1.40%            1.40%              1.40%                 1.40%                   1.40%   

Period ended December 31, 2000                                                                                                      

   Unit Value                       $ 11.215864      $ 11.095608        $ 10.455100           $ 10.685887             $ 10.653265   
   Total Return *                       -15.25%           -5.67%            -18.31%                 5.69%                   9.86%   
   Ratio of Expenses **                   1.40%            1.40%              1.40%                 1.40%                   1.40%   

Period ended December 31, 1999                                                                                                      

   Unit Value                       $ 13.233816      $ 11.762325        $ 12.798458           $ 10.110410              $ 9.696972   
   Total Return *                        32.34%           17.62%             27.98%                 1.10%                  -3.86%   
   Ratio of Expenses **                   1.40%            1.40%              1.40%                 1.40%                   1.40%   

Period ended December 31, 1998                                                                                                      

   Unit Value                               n/a              n/a                n/a                   n/a             $ 10.086091   
   Total Return *                           n/a              n/a                n/a                   n/a                   0.86%   
   Ratio of Expenses **                     n/a              n/a                n/a                   n/a                   1.40%   
---------------------------------                                                                                                   

                                                              T. Rowe                                                               
                                    T. Rowe Price/           Price/JNL            T. Rowe                                           
                                    JNL Established       Mid-Cap Growth      Price/JNL Value                                       
                                 Growth Portfolio (c)      Portfolio (a)       Portfolio (f)                                        
                                 ---------------------- -------------------- -------------------                                    

LOWEST EXPENSE RATIO                                                                                                                

Period ended December 31, 2002                                                                                                      

   Unit Value                               $ 8.220399          $ 10.248404          $ 8.961548                                     
   Total Return *                              -24.39%              -23.01%             -17.99%                                     
   Ratio of Expenses **                          1.40%                1.40%               1.40%                                     

Period ended December 31, 2001                                                                                                      

   Unit Value                              $ 10.872746          $ 13.312135         $ 10.927669                                     
   Total Return *                              -11.49%               -2.87%              -0.63%                                     
   Ratio of Expenses **                          1.40%                1.40%               1.40%                                     

Period ended December 31, 2000                                                                                                      

   Unit Value                              $ 12.283983          $ 13.705900         $ 10.997229                                     
   Total Return *                               -1.71%                5.68%               9.97%                                     
   Ratio of Expenses **                          1.40%                1.40%               1.40%                                     

Period ended December 31, 1999                                                                                                      

   Unit Value                              $ 12.498154          $ 12.969005                 n/a                                     
   Total Return *                               24.98%               18.46%                 n/a                                     
   Ratio of Expenses **                          1.40%                1.40%                 n/a                                     

Period ended December 31, 1998                                                                                                      

   Unit Value                                      n/a          $ 10.948441                 n/a                                     
   Total Return *                                  n/a                9.48%                 n/a                                     
   Ratio of Expenses **                            n/a                1.40%                 n/a                                     
---------------------------------                                                                                                   

*    Total return for period  indicated,  including  changes in the value of the                                                    
     underlying  fund,  and  reflect  deductions  for all items  included in the                                                    
     expense  ratio.  The total  return does not include any  expenses  assessed                                                    
     through  the  redemption  of  units,  inclusion  of these  expenses  in the                                                    
     calculation would result in a reduction in the total return presented.                                                         

**   Annualized contract expenses of the separate account,  consisting primarily                                                    
     of mortality and expense  charges,  for each period  indicated.  The ratios                                                    
     include  only those  expenses  that  result in a direct  reduction  to unit                                                    
     values.  Charges  made  directly to  contract  owner  accounts  through the                                                    
     redemption of units and expenses of the underlying funds are excluded.                                                         

(a)  Commencement of operations November 27, 1998.                                                                                  

(b)  Commencement of operations January 21, 1999.                                                                                   

(c)  Commencement of operations February 9, 1999.                                                                                   

(d)  Commencement of operations April 20, 1999.                                                                                     

(e)  Commencement of operations May 13, 1999.                                                                                       

(f)  Fund inception May 1, 2000.                                                                                                    

485BPOS 74th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 74th
JNLNY SEPARATE ACCOUNT I                                                                                                            
NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                                                                           

NOTE 7 - FINANCIAL HIGHLIGHTS (CONTINUED)                                                                                           

                                                                                                                   Salomon          
                                                          S&P/JNL            S&P/JNL           Salomon           Brothers/JNL       
                                   S&P/JNL Equity         Moderate        Very Aggressive     Brothers/         U.S. Government     
                                       Growth              Growth             Growth        JNL Global Bond        & Quality        
                                   Portfolio I (d)     Portfolio I (d)    Portfolio I (e)    Portfolio (b)     Bond Portfolio (a)   
                                   ----------------  ------------------ ------------------  ---------------  ---------------------- 

PORTFOLIO DATA                                                                                                                      

Period ended December 31, 2002                                                                                                      

   Net Assets (in thousands)               $ 5,701            $ 14,462            $ 1,102          $ 2,484                 $ 9,857  
   Units Outstanding (in thousands)            827               1,725                160              210                     804  
   Investment Income Ratio *                 0.12%               1.49%              0.07%            6.62%                   4.67%  

Period ended December 31, 2001                                                                                                      

   Net Assets (in thousands)               $ 5,793            $ 11,001            $ 1,557          $ 1,890                 $ 5,401  
   Units Outstanding (in thousands)            630               1,129                174              171                     489  
   Investment Income Ratio *                 2.99%               4.41%              3.37%            7.94%                   5.70%  

Period ended December 31, 2000                                                                                                      

   Net Assets (in thousands)               $ 3,927             $ 4,153            $ 1,013            $ 874                 $ 2,883  
   Units Outstanding (in thousands)            350                 374                 97               82                     271  
   Investment Income Ratio *                 0.00%               0.00%              0.00%            0.00%                   0.00%  

Period ended December 31, 1999                                                                                                      

   Net Assets (in thousands)               $ 1,466             $ 1,270              $ 199            $ 537                 $ 1,530  
   Units Outstanding (in thousands)            111                 108                 16               53                     158  
   Investment Income Ratio *                 0.00%               0.00%              0.00%            0.00%                   0.00%  

Period ended December 31, 1998                                                                                                      

   Net Assets (in thousands)                   n/a                 n/a                n/a              n/a                    $ 10  
   Units Outstanding (in thousands)            n/a                 n/a                n/a              n/a                       1  
   Investment Income Ratio *                   n/a                 n/a                n/a              n/a                   0.00%  
----------------------------------                                                                                                  

                                                                T. Rowe                                                             
                                      T. Rowe Price/           Price/JNL            T. Rowe                                         
                                      JNL Established       Mid-Cap Growth      Price/JNL Value                                     
                                   Growth Portfolio (c)      Portfolio (a)       Portfolio (f)                                      
                                   ---------------------- -------------------- -------------------                                  

PORTFOLIO DATA                                                                                                                      

Period ended December 31, 2002                                                                                                      

   Net Assets (in thousands)                     $ 3,753              $ 4,315             $ 2,999                                   
   Units Outstanding (in thousands)                  468                  447                 353                                   
   Investment Income Ratio *                       0.09%                0.00%               0.01%                                   

Period ended December 31, 2001                                                                                                      

   Net Assets (in thousands)                     $ 6,297              $ 6,417             $ 3,142                                   
   Units Outstanding (in thousands)                  590                  495                 301                                   
   Investment Income Ratio *                       0.00%                0.00%               1.25%                                   

Period ended December 31, 2000                                                                                                      

   Net Assets (in thousands)                     $ 5,732              $ 6,525               $ 395                                   
   Units Outstanding (in thousands)                  467                  476                  36                                   
   Investment Income Ratio *                       0.00%                0.00%               0.00%                                   

Period ended December 31, 1999                                                                                                      

   Net Assets (in thousands)                     $ 3,352              $ 2,206                 n/a                                   
   Units Outstanding (in thousands)                  268                  170                 n/a                                   
   Investment Income Ratio *                       0.00%                0.00%                 n/a                                   

Period ended December 31, 1998                                                                                                      

   Net Assets (in thousands)                         n/a                  $ -                 n/a                                   
   Units Outstanding (in thousands)                  n/a                    -                 n/a                                   
   Investment Income Ratio *                         n/a                0.00%                 n/a                                   
----------------------------------                                                                                                  

*    These amounts represent the dividends,  excluding  distributions of capital                                                    
     gains, received by the portfolio from the underlying mutual fund divided by                                                    
     the average net assets.                                                                                                        

(a)  Commencement of operations November 27, 1998.                                                                                  

(b)  Commencement of operations January 21, 1999.                                                                                   

(c)  Commencement of operations February 9, 1999.                                                                                   

(d)  Commencement of operations April 20, 1999.                                                                                     

(e)  Commencement of operations May 13, 1999.                                                                                       

(f)  Fund inception May 1, 2000.                                                                                                    


485BPOS 75th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 75th
INDEPENDENT AUDITORS' REPORT

The Board of Directors of Jackson National Life Insurance Company of New        
York and Contract Owners of JNLNY Separate Account I:                   

We have audited the accompanying statements of assets and liabilities of each of
the sub-accounts of JNLNY Separate Account I, at December 31, 2002, and the     
related statements of operations, changes in net assets and financial highlights
for each of the periods indicated. These financial statements and financial     
highlights are the responsibility of the separate account's management. Our     
responsibility is to express an opinion on these financial statements and       
financial highlights based on our audits.                                       

We conducted our audits in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and       
perform the audit to obtain reasonable assurance about whether the financial    
statements and financial highlights are free of material misstatement. An audit 
includes examining, on a test basis, evidence supporting the amounts and        
disclosures in the financial statements and financial highlights. Our procedures
included confirmation of investments owned at December 31, 2002 by              
correspondence with the transfer agent of the underlying mutual funds. An audit 
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement       
presentation. We believe that our audits provide a reasonable basis for our     
opinion.                                                                        

In our opinion, the financial statements referred to above present fairly, in   
all material respects, the financial position of the sub-accounts of JNLNY      
Separate Account I as of December 31, 2002 and the results of its operations,   
changes in net assets and financial highlights for each of the periods          
indicated, in conformity with accounting principles generally accepted in the   
United States of America.                                                       

/s/ KPMG LLP                                                                    

Chicago, Illinois                                                               
February 14, 2003                                                               

485BPOS 76th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 76th
 JACKSON NATIONAL LIFE INSURANCE
 COMPANY OF NEW YORK

[GRAPHIC OMITTED] 

FINANCIAL STATEMENTS

 DECEMBER 31, 2002

485BPOS 77th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 77th
JACKSON NATIONAL LIFE INSURANCE COMPANY OF NEW YORK                             

INDEX TO FINANCIAL STATEMENTS                                                   
DECEMBER 31, 2002                                                               

--------------------------------------------------------------------------------

Independent Auditors' Report                                                  1 

Balance Sheets                                                                2 

Income Statements                                                             3 

Statements of Stockholder's Equity and Comprehensive Income                   4 

Statements of Cash Flows                                                      5 

Notes to Financial Statements                                                 6 

485BPOS 78th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 78th
INDEPENDENT AUDITORS' REPORT

To the Board of Directors and Stockholder of                                    
Jackson National Life Insurance Company of New York                             

We have audited the accompanying balance sheets of Jackson National Life        
Insurance Company of New York as of December 31, 2002 and 2001, and the related 
statements of income, stockholder's equity and comprehensive income, and cash   
flows for each of the years in the three year period ended December 31, 2002.   
These financial statements are the responsibility of the Company's management.  
Our responsibility is to express an opinion on these financial statements based 
on our audits.                                                                  

We conducted our audits in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and       
perform the audit to obtain reasonable assurance about whether the financial    
statements are free of material misstatement. An audit includes examining on a  
test basis evidence supporting the amounts and disclosures in the financial     
statements. An audit also includes assessing the accounting principles used and 
significant estimates made by management, as well as evaluating the overall     
financial statement presentation. We believe that our audits provide a          
reasonable basis for our opinion.                                               

In our opinion, the financial statements referred to above present fairly, in   
all material respects, the financial position of Jackson National Life Insurance
Company of New York as of December 31, 2002 and 2001, and the results of its    
operations and its cash flows for each of the years in the three year period    
ended December 31, 2002 in conformity with accounting principles generally      
accepted in the United States of America.                                       

/s/ KPMG LLP                                                                    

Detroit, Michgan                                                                
January 31, 2003                                                                

485BPOS 79th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 79th
 JACKSON NATIONAL LIFE INSURANCE COMPANY OF NEW YORK
(A WHOLLY OWNED SUBSIDIARY OF JACKSON NATIONAL LIFE INSURANCE COMPANY)
FINANCIAL STATEMENTS

                                                        [Enlarge/Download Table]


BALANCE SHEETS                                                                                                                 

-------------------------------------------------------------------------------------------------------------------------------

                                                                                       DECEMBER 31,                            
ASSETS                                                                          2002                  2001                     
                                                                         --------------------   ------------------             
   Investments:                                                                                                                
                                                                                                                               
     Cash and short-term investments                                        $   99,728,648         $ 40,705,483                
     Fixed maturities, available for sale, at fair value (amortized                                                            
         cost: 2002, $1,147,923,462; 2001, $524,094,302)                     1,203,891,512          532,825,057                
     Equities, at market value (cost 2002, $138,950; 2001, $0)                      10,141                 -                   
                                                                         --------------------   ------------------             

         Total investments                                                   1,303,630,301          573,530,540                

   Accrued investment income                                                    16,890,300            8,429,288                
   Deferred acquisition costs                                                   70,525,246           48,481,027                
   Furniture and equipment                                                          39,158              124,709                
   Receivable for securities sold                                                       -             3,725,713                
   Reinsurance recoverable                                                         834,002              670,714                
   Receivable from parent                                                           35,972                 -                   
   Other assets                                                                     82,420              230,962                
   Variable annuity assets                                                     133,034,499          145,756,120                
                                                                         --------------------   ------------------             

         Total assets                                                       $1,525,071,898         $780,949,073                
                                                                         ====================   ==================             

LIABILITIES AND STOCKHOLDER'S EQUITY                                                                                           
     LIABILITIES                                                                                                               
     Policy reserves and liabilities                                                                                           
          Reserves for future policy benefits                               $    2,219,405         $    851,964                
          Deposits on investment contracts                                   1,177,882,863          530,415,507                
     Securities lending payable                                                 37,871,675            9,546,098                
     Deferred income taxes                                                      12,271,851           10,241,644                
     General expenses payable                                                    1,976,957              807,826                
     Income taxes payable to Parent                                              1,336,742                 -                   
     Payable to parent                                                                -                 119,736                
     Other liabilities                                                           4,514,680            7,162,244                
     Variable annuity liabilities                                              133,034,499          145,756,120                
                                                                         --------------------   ------------------             

         Total liabilities                                                   1,371,108,672          704,901,139                
                                                                         --------------------   ------------------             

     STOCKHOLDER'S EQUITY                                                                                                      
     Capital stock, $1,000 par value; 2,000 shares                                                                             
         authorized, issued and outstanding                                      2,000,000            2,000,000                
     Additional paid-in capital                                                141,000,000           71,000,000                
     Accumulated other comprehensive income                                     15,408,683            2,956,871                
     Retained earnings (deficit)                                                (4,445,457)              91,063                
                                                                         --------------------   ------------------             

         Total stockholder's equity                                            153,963,226           76,047,934                
                                                                         --------------------   ------------------             

         Total liabilities and stockholder's equity                         $1,525,071,898         $780,949,073                
                                                                         ====================   ==================             


See accompanying notes to financial statements. 

485BPOS 80th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 80th
 JACKSON NATIONAL LIFE INSURANCE COMPANY OF NEW YORK
(A WHOLLY OWNED SUBSIDIARY OF JACKSON NATIONAL LIFE INSURANCE COMPANY)
FINANCIAL STATEMENTS

                                                        [Enlarge/Download Table]


INCOME STATEMENTS                                                                                                  

                                                                       YEARS ENDED DECEMBER 31,                    
                                                     --------------------------------------------------------------
                                                            2002                  2001                 2000        
                                                     --------------------   ------------------   ------------------
REVENUES                                                                                                           
                                                                                                                   
   Premiums                                             $     148,001         $    141,888         $     66,831    

   Net investment income                                   55,456,981           24,732,424           11,357,097    

   Net realized investment losses                         (15,160,945)            (778,921)            (575,659)   

   Fee income:                                                                                                     
      Mortality charges                                       117,124               75,486               31,699    
      Expense charges                                         160,257               59,263               50,777    
      Surrender charges                                     1,012,441              808,999              198,773    
      Variable annuity fees                                 2,070,674            1,988,930            1,770,851    
                                                     --------------------   ------------------   ------------------
      Total fee income                                      3,360,496            2,932,678            2,052,100    

   Other income                                               105,857              140,966              221,170    
                                                     --------------------   ------------------   ------------------

      Total revenues                                       43,910,390           27,169,035           13,121,539    
                                                     --------------------   ------------------   ------------------

BENEFITS AND EXPENSES                                                                                              
   Death benefits                                              75,000                 -                  50,000    
   Interest credited on deposit liabilities                46,903,828           20,818,446           10,260,176    
   Increase (decrease) in reserves, net of                                                                         
        reinsurance recoverables                            1,200,707              217,444              (41,974)   
   Other policyholder benefits                              4,691,175            2,738,415                6,299    
   Commissions                                             41,271,966           24,879,503           15,538,783    
   General and administrative expenses                      5,091,694            2,970,563            2,274,318    
   Taxes, licenses and fees                                 1,651,412              612,519              622,677    
   Deferral of policy acquisition costs                   (52,206,939)         (29,494,785)         (17,134,000)   
   Amortization of acquisition costs:                                                                              
     Attributable to operations                             6,380,867            1,533,929            3,035,698    
     Attributable to net realized investment losses        (4,170,000)            (148,000)            (172,698)   
                                                     --------------------   ------------------   ------------------

     Total benefits and expenses                           50,889,710           24,128,034           14,439,279    
                                                     --------------------   ------------------   ------------------

     Pretax income (loss)                                  (6,979,320)           3,041,001           (1,317,740)   

   Income tax expense (benefit)                            (2,442,800)           1,064,500             (461,200)   
                                                     --------------------   ------------------   ------------------

      NET INCOME (LOSS)                                 $  (4,536,520)        $  1,976,501         $   (856,540)   
                                                     ====================   ==================   ==================

See accompanying notes to financial statements. 

485BPOS 81st “Page” of 94 TOC 1st Previous Next ↓Bottom Just 81st
 JACKSON NATIONAL LIFE INSURANCE COMPANY OF NEW YORK
(A WHOLLY OWNED SUBSIDIARY OF JACKSON NATIONAL LIFE INSURANCE COMPANY)
FINANCIAL STATEMENTS

STATEMENTS OF STOCKHOLDER'S EQUITY AND COMPREHENSIVE INCOME                     

                                                        [Enlarge/Download Table]


------------------------------------------------------------------------------------------------------------------------------------

                                                                              YEARS ENDED DECEMBER 31,                              
                                                                   2002                 2001                2000                    
                                                              -----------------   ------------------  -------------------           

CAPITAL  STOCK                                                                                                                      
                                                                                                                                    
Beginning and end of year                                       $  2,000,000         $  2,000,000         $  2,000,000              
                                                              -----------------   ------------------  -------------------           

ADDITIONAL PAID-IN CAPITAL                                                                                                          
Beginning of year                                                 71,000,000           31,000,000           16,000,000              
   Capital contribution                                           70,000,000           40,000,000           15,000,000              
                                                              -----------------   ------------------  -------------------           
End of year                                                      141,000,000           71,000,000           31,000,000              
                                                              -----------------   ------------------  -------------------           

ACCUMULATED OTHER COMPREHENSIVE INCOME                                                                                              
Beginning of year                                                  2,956,871            1,520,927             (436,762)             
   Net unrealized gain on investments, net of tax                                                                                   
     of $6,704,822 in 2002; $773,229 in 2001 and                                                                                    
     $1,054,185 in 2000                                           12,451,812            1,435,944            1,957,689              
                                                              -----------------   ------------------  -------------------           
End of year                                                       15,408,683            2,956,871            1,520,927              
                                                              -----------------   ------------------  -------------------           

RETAINED EARNINGS (DEFICIT)                                                                                                         
Beginning of year                                                     91,063           (1,885,438)          (1,028,898)             

   Net income (loss)                                              (4,536,520)           1,976,501             (856,540)             

End of year                                                   -----------------   ------------------  -------------------           
                                                                  (4,445,457)              91,063           (1,885,438)             
                                                              -----------------   ------------------  -------------------           

TOTAL STOCKHOLDER'S EQUITY                                      $153,963,226         $ 76,047,934         $ 32,635,489              
                                                              =================   ==================  ===================           

                                                                               YEARS ENDED DECEMBER 31,                             
                                                              -----------------------------------------------------------           
                                                                   2002                 2001                2000                    
                                                              -----------------   ------------------  -------------------           
COMPREHENSIVE INCOME                                                                                                                
Net income (loss)                                               $ (4,536,520)        $  1,976,501        $    (856,540)             

   Net unrealized holding gains arising during the                                                                                  
     period, net of tax of $5,128,341 in 2002;                                                                                      
     $797,161 in 2001 and $993,512 in 2000                         9,524,062            1,480,389            1,845,010              
   Reclassification adjustment for gains (losses) included                                                                          
      in net income, net of tax of $1,576,481 in 2002,                                                                              
      $(23,932) in 2001, and $60,673 in 2000                       2,927,750              (44,445)             112,679              
                                                              -----------------   ------------------  -------------------           

COMPREHENSIVE INCOME                                            $  7,915,292         $  3,412,445            1,101,149              
                                                              =================   ==================  ===================           


See accompanying notes to financial statements. 

485BPOS 82nd “Page” of 94 TOC 1st Previous Next ↓Bottom Just 82nd
 JACKSON NATIONAL LIFE INSURANCE COMPANY OF NEW YORK
(A WHOLLY OWNED SUBSIDIARY OF JACKSON NATIONAL LIFE INSURANCE COMPANY)
FINANCIAL STATEMENTS

STATEMENTS OF CASH FLOWS                                                        

                                                        [Enlarge/Download Table]


------------------------------------------------------------------------------------------------------------------------------------

                                                                              Years Ended December 31,                              
                                                                  2002                  2001                  2000                  
                                                            -------------------   -------------------   -------------------         
CASH FLOWS FROM OPERATING ACTIVITIES:                                                                                               
                                                                                                                                    
      Net income (loss)                                       $   (4,536,520)      $   1,976,501            $    (856,540)          

      Adjustments to reconcile net income (loss) to                                                                                 
        net cash used in operating activities:                                                                                      
             Net realized investment losses                       15,160,945             778,921                  575,659           
             Interest credited on deposit liabilities             46,903,828          20,818,446               10,260,176           
             Amortization of premium (discount) on                                                                                  
               investments                                            66,646            (567,570)                (355,203)          

             Deferred income taxes                                (5,036,440)          6,378,900                2,774,800           

             Other charges                                         2,890,205             604,428                 (281,249)          

             Change in:                                                                                                             
               Accrued investment income                          (8,461,012)         (4,829,952)              (2,450,273)          

               Deferred acquisition costs                        (49,996,072)        (28,108,856)             (14,271,000)          

               Income taxes payable to Parent                      1,336,742               -                         -              
               Other assets and liabilities, net                     433,554           2,204,811                 (694,953)          
                                                            -------------------   -------------------   -------------------         
      NET CASH USED IN OPERATING ACTIVITIES                       (1,238,124)           (744,371)              (5,298,583)          
                                                            -------------------   -------------------   -------------------         

CASH FLOWS FROM INVESTING ACTIVITIES:                                                                                               
      Sales and maturities of:                                                                                                      
             Fixed maturities available for sale                  45,738,819          20,657,499               24,203,072           

      Purchases of:                                                                                                                 
             Fixed maturities available for sale                (681,208,969)       (354,709,195)            (145,874,948)          
      Other investing activities                                  28,325,740          (7,453,902)              17,000,000           
                                                            -------------------   -------------------   -------------------         
      NET CASH USED IN INVESTING ACTIVITIES                     (607,144,410)        341,505,598)            (104,671,876)          
                                                            -------------------   -------------------   -------------------         

CASH FLOWS FROM FINANCING ACTIVITIES:                                                                                               
      Policyholder's account balances:                                                                                              
             Deposits                                            663,807,000         377,132,000              210,793,000           
             Withdrawals                                         (49,298,436)        (27,799,260)             (10,970,879)          

             Net transfers to separate accounts                  (17,102,865)        (34,013,388)             (91,859,436)          

      Capital contribution from Parent                            70,000,000          40,000,000               15,000,000           
                                                            -------------------   -------------------   -------------------         
     NET CASH PROVIDED BY FINANCING ACTIVITIES                   667,405,699         355,319,352              122,962,685           
                                                            -------------------   -------------------   -------------------         
     NET INCREASE IN CASH AND SHORT-TERM                                                                                            
       INVESTMENTS                                                59,023,165          13,069,383               12,992,226           

CASH AND SHORT-TERM INVESTMENTS, BEGINNING OF YEAR                40,705,483          27,636,100               14,643,874           
                                                            -------------------   -------------------   -------------------         
CASH AND SHORT-TERM INVESTMENTS, END OF YEAR                  $   99,728,648      $   40,705,483         $     27,636,100           
                                                            ===================   ===================   ===================         

See accompanying notes to financial statements. 

485BPOS 83rd “Page” of 94 TOC 1st Previous Next ↓Bottom Just 83rd
 JACKSON NATIONAL LIFE INSURANCE COMPANY OF NEW YORK
(A WHOLLY OWNED SUBSIDIARY OF JACKSON NATIONAL LIFE INSURANCE COMPANY)
 NOTES TO FINANCIAL STATEMENTS
 DECEMBER 31, 2002

--------------------------------------------------------------------------------

1.   NATURE OF OPERATIONS                                                       

     Jackson  National Life  Insurance  Company of New York,  (the  "Company" or
     "JNL/NY") is wholly owned by Jackson National Life Insurance Company ("JNL"
     or the  "Parent"),  a wholly  owned  subsidiary  of Brooke  Life  Insurance
     Company  ("Brooke  Life") which is ultimately a wholly owned  subsidiary of
     Prudential plc ("Prudential"),  London, England. JNL/NY is licensed to sell
     group and individual  annuity  products,  including  immediate and deferred
     fixed annuities,  guaranteed investment contracts,  variable annuities, and
     individual life insurance products in the states of New York,  Delaware and
Michigan.                                                             

2.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES                                

BASIS OF PRESENTATION                                                 
     The accompanying financial statements have been prepared in accordance with
     accounting  principles  generally  accepted in the United States of America
     ("GAAP"). Certain prior year amounts have been reclassified to conform with
the current year presentation.                                        

     The  preparation  of the  financial  statements  in  conformity  with  GAAP
     requires  the use of  estimates  and  assumptions  that  affect the amounts
     reported in the financial  statements and the  accompanying  notes.  Actual
results may differ from those estimates.                              

COMPREHENSIVE INCOME                                                  
     Comprehensive  income includes all changes in stockholder's  equity (except
     those  arising  from  transactions  with  owners/shareholders)  and, in the
     Company's case,  includes net income and net unrealized gains and losses on
securities.                                                           

INVESTMENTS                                                           
     Cash and short-term  investments,  which primarily include commercial paper
     and  money  market  instruments,  are  carried  at  amortized  cost.  These
     investments have maturities of three months or less and are considered cash
equivalents for reporting cash flows.                                 

     Fixed maturities consist primarily of bonds, mortgage-backed securities and
     structured  securities.  All fixed maturities are considered  available for
     sale and are  carried  at fair  value.  Fixed  maturities  are  reduced  to
     estimated net  realizable  value,  or in the case of other than high credit
     quality beneficial  interests in securitized  financial assets, fair value,
     for  declines  in fair  value  considered  to be other than  temporary.  In
     determining  whether an other than temporary  impairment has occurred,  the
     Company  considers  a  security's  forecasted  cash  flows  as  well as the
severity and duration of depressed fair values.                       

     Equity securities are carried at fair value.  Equity securities are reduced
     to estimated net realizable  value for declines in fair value considered to
be other than temporary.                                              

     Realized  gains and losses on the sale of  investments  are  recognized  in
     income  at the date of sale and are  determined  using  the  specific  cost
     identification  method.  Acquisition  premiums and discounts on investments
     are  amortized  to  investment  income  using call or maturity  dates.  The
     changes  in  unrealized  gains and  losses  on  investments  classified  as
     available for sale,  net of tax and the effect of the deferred  acquisition
     costs adjustment,  are excluded from net income and included as a component
of comprehensive income and stockholder's equity.                     

DEFERRED ACQUISITION COSTS                                            
     Certain  costs of acquiring new business,  principally  commissions,  bonus
     interest on certain products and certain costs associated with policy issue
     and  underwriting,  which  vary  with  and  are  primarily  related  to the
     production of new business,  have been capitalized as deferred  acquisition
     costs.  Deferred  acquisition  costs are increased by interest  thereon and
     amortized in proportion to  anticipated  premium  revenues for  traditional
     life policies and in  proportion  to estimated  gross profits for annuities
     and interest-sensitive  life products. As certain fixed maturity securities
     available  for sale are carried at fair  value,  an  adjustment  is made to
deferred acquisition costs equal to the change in amortization        

485BPOS 84th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 84th
 JACKSON NATIONAL LIFE INSURANCE COMPANY OF NEW YORK
(A WHOLLY OWNED SUBSIDIARY OF JACKSON NATIONAL LIFE INSURANCE COMPANY)
 NOTES TO FINANCIAL STATEMENTS
 DECEMBER 31, 2002
--------------------------------------------------------------------------------

2.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)                     

     that would have occurred if such  securities  had been sold at their stated
     fair value and the proceeds  reinvested  at current  yields.  The change in
     this adjustment is included with the change in fair value of fixed maturity
     securities  available  for sale,  net of tax,  that is  credited or charged
     directly to stockholder's  equity and is a component of other comprehensive
     income. Deferred acquisition costs have been decreased by $32.1 million and
     $4.2 million at December 31, 2002 and 2001,  respectively,  to reflect this
change.                                                               

     Poor equity market  performance has lowered future expected  profits on the
     variable  annuity line through lower fee income and an increased  provision
     for future  guaranteed  minimum  death  benefit  claims.  As a result,  the
     deferred  acquisition cost asset associated with the variable annuities has
     become impaired.  During 2002, the asset has been reduced through increased
     amortization  of  approximately  $1.0  million to reflect  the  impairment.
     Further   impairments   or  accelerated   amortization   of  this  deferred
     acquisition cost asset are likely to result if future equity market returns
are below assumed levels.                                             

FEDERAL INCOME TAXES                                                  
     The Company  provides  deferred  income taxes on the temporary  differences
     between the tax and financial  statement  basis of assets and  liabilities.
     The Company  files a  consolidated  federal  income tax return with Jackson
     National Life  Insurance  Company and Brooke Life.  The Company has entered
     into a written tax sharing  agreement  which is generally based on separate
     return  calculations.  Intercompany  balances  are  settled on a  quarterly
basis.                                                                

POLICY RESERVES AND LIABILITIES                                       
RESERVES FOR FUTURE POLICY BENEFITS:                                  
     For  traditional  life  insurance  contracts,  reserves  for future  policy
     benefits are determined  using the net level premium method and assumptions
     as of the  issue  date as to  mortality,  interest,  policy  lapsation  and
     expenses plus  provisions  for adverse  deviations.  Mortality  assumptions
     range from 30% to 135% of the  1975-1980  Basic Select and Ultimate  tables
     depending on policy duration.  Interest rate assumptions range from 6.0% to
   8.0%. Lapse and expense assumptions are based on the Parent's experience.

DEPOSITS ON INVESTMENT CONTRACTS:                                     
     For the Company's  interest-sensitive life contracts,  reserves approximate
     the  policyholder's  account  value.  For deferred  annuities and the fixed
     option on variable  annuity  contracts,  the reserve is the  policyholder's
account value.                                                        

VARIABLE ANNUITY ASSETS AND LIABILITIES                               
     The assets and  liabilities  resulting  from  individual  variable  annuity
     contracts,  which aggregated  $133.0 million and $145.8 million at December
     31, 2002 and 2001,  respectively,  are segregated in separate accounts. The
     Company  receives  fees for assuming  mortality and expense risks and other
     administrative  fees  related  to  the  issuance  and  maintenance  of  the
     contracts.  Such fees are  recorded as earned and included in fee income in
the income statement.                                                 

REVENUE AND EXPENSE RECOGNITION                                       
     Premiums for traditional  life insurance are reported as revenues when due.
     Benefits,  claims and expenses are associated with earned revenues in order
     to recognize  profit over the lives of the contracts.  This  association is
     accomplished  by provisions for future policy benefits and the deferral and
amortization of acquisition costs.                                    

     Deposits on  interest-sensitive  life  products and  investment  contracts,
     principally universal life contracts and deferred annuities, are treated as
     policyholder deposits and excluded from revenue. Revenues consist primarily
     of  investment  income and  charges  assessed  against  the  policyholder's
     account  value  for  mortality   charges,   surrenders  and  administrative
     expenses.  Surrender benefits are treated as repayments of the policyholder
     account.  Annuity  benefit  payments  are  treated  as  reductions  to  the
     policyholder account.  Death benefits in excess of the policyholder account
     are recognized as an expense when incurred.  Expenses consist  primarily of
     the interest credited to the policyholder  deposit.  Underwriting and other
     acquisition expenses are associated with gross profit in order to recognize
     profit over the life of the business.  This is accomplished by deferral and
     amortization of acquisition costs.  Non-acquisition expenses are recognized
as incurred.                                                          

485BPOS 85th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 85th
 JACKSON NATIONAL LIFE INSURANCE COMPANY OF NEW YORK
(A WHOLLY OWNED SUBSIDIARY OF JACKSON NATIONAL LIFE INSURANCE COMPANY)
 NOTES TO FINANCIAL STATEMENTS
 DECEMBER 31, 2002
--------------------------------------------------------------------------------

2.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)                     

     Investment  income is not accrued on  securities  in default and  otherwise
     where the collection is uncertain.  Subsequent receipts of interest on such
   securities are generally used to reduce the cost basis of the securities.

3.  FAIR VALUE OF FINANCIAL INSTRUMENTS                                       

     Disclosure  is  required  for  fair  value   information   about  financial
     instruments  for which it is practicable  to estimate that value.  In cases
     where  quoted  market  prices are not  available,  fair values are based on
     estimates  using  present  value  or  other  valuation  techniques.   Those
     techniques are significantly  affected by the assumptions  used,  including
     the discount rate and estimates of future cash flows.  In that regard,  the
     derived fair value  estimates  cannot be  substantiated  by  comparison  to
     independent  markets  and, in many cases,  cannot be realized in  immediate
settlement of the instrument.                                         

     The following  summarizes  the basis used by the Company in estimating  its
fair value disclosures for financial instruments:                     

CASH AND SHORT-TERM INVESTMENTS:                                      
 Carrying value is considered to be a reasonable estimate of fair value.

FIXED MATURITIES:                                                     
     Fair values are based  principally on quoted market  prices,  if available.
     For  securities  that are not actively  traded,  fair values are  estimated
using independent pricing services or analytically determined values. 

EQUITY SECURITIES:                                                    
     Fair values for common stock are based principally on quoted market prices,
     if available.  For securities that are not actively traded, fair values are
     estimated using  independent  pricing  services or analytically  determined
values.                                                               

VARIABLE ANNUITY ASSETS:                                              
     Variable  annuity  assets are carried at the market value of the underlying
securities.                                                           

ANNUITY RESERVES:                                                     
     Fair value for immediate annuities,  without mortality features, is derived
     by discounting  the estimated cash flows using current  interest rates with
     similar maturities. Fair value for deferred annuities is based on surrender
     value.  The carrying  value and fair value of such  annuities  approximated
     $1,134.1 million and $1,105.8 million,  respectively, at December 31, 2002;
    and $525.9 million and $499.8 million, respectively, at December 31, 2001.

VARIABLE ANNUITY LIABILITIES:                                         
     Fair value of  contracts  in the  accumulation  phase is based on surrender
     value.  Fair value of contracts in the payout phase is based on the present
     value of future  cash  flows at  assumed  interest  rates.  The fair  value
     approximated  $121.5  million and $138.5  million at December  31, 2002 and
2001, respectively.                                                   

4.  INVESTMENTS                                                               

     Investments are comprised primarily of fixed-income  securities,  primarily
     publicly-traded industrial, mortgage-backed,  utility and government bonds.
     Mortgage-backed   securities  include  asset-backed  and  other  structured
     securities.  The  Company  generates  the  majority  of its  deposits  from
     interest-sensitive individual annuity contracts and life insurance products
     on which it has committed to pay a declared rate of interest. The Company's
     strategy of investing in fixed-income securities aims to ensure matching of
     the  asset  yield  with the  interest-sensitive  liabilities  and to earn a
stable return on its investments.                                     

485BPOS 86th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 86th
 JACKSON NATIONAL LIFE INSURANCE COMPANY OF NEW YORK
(A WHOLLY OWNED SUBSIDIARY OF JACKSON NATIONAL LIFE INSURANCE COMPANY)
 NOTES TO FINANCIAL STATEMENTS
 DECEMBER 31, 2002
--------------------------------------------------------------------------------

4.  INVESTMENTS (CONTINUED)                                                   

FIXED MATURITIES                                                      
     The following  table sets forth fixed maturity  investments at December 31,
     2002,  classified by rating categories as assigned by nationally recognized
     statistical  rating  organizations,  the National  Association of Insurance
     Commissioners  ("NAIC"),  or  if  not  rated  by  such  organizations,  the
     Company's  investment advisor.  At December 31, 2002,  investments rated by
     the Company's investment advisor totaled $22.0 million. For purposes of the
     table, if not otherwise rated higher by a nationally recognized statistical
     rating organization, NAIC Class 1 investments are included in the A rating;
Class 2 in BBB, Class 3 in BB and Classes 4 through 6 in B and below. 

        INVESTMENT RATING                   PERCENT OF TOTAL
             -----------------               -------------------------
  AAA                                       5.8%
 AA                                        4.2
 A                                        35.0
 BBB                                      51.5
                                             -------------------------
     Investment grade                     96.5
                                             -------------------------
 BB                                        3.0
 B and below                               0.5
                                             -------------------------
     Below investment grade                3.5
                                             -------------------------
      Total fixed maturities              100.0%
                                             -------------------------

     The amortized cost and carrying  value of fixed  maturities in default that
     were  anticipated  to be income  producing when purchased were $4.1 million
     and $2.4 million,  respectively,  at December 31, 2002.  The amortized cost
     and  carrying  value  of  the  single  fixed  maturity  security  that  was
     non-income  producing  for the 12 months  preceding  December  31, 2002 was
     $15,000.  The  Company had no  investments  in fixed  maturities  that were
non-income producing for the 12 months preceding December 31, 2001.   

     The amortized cost,  gross  unrealized  gains and losses and estimated fair
value of fixed maturities are as follows:                             

                                                        [Enlarge/Download Table]


                                                            GROSS             GROSS            ESTIMATED     
                                       AMORTIZED         UNREALIZED         UNREALIZED           FAIR        
DECEMBER 31, 2002                        COST               GAINS             LOSSES             VALUE       
--------------------------------   ------------------ ------------------ ----------------- ------------------
                                                                                                             
   U.S. Treasury securities          $      515,227      $      33,053     $        -       $       548,280  
   Public utilities                      79,776,241          4,969,022         3,128,061         81,617,202  
   Corporate securities                 887,745,509         57,150,497         6,769,491        938,126,515  
   Mortgage-backed securities           179,886,485          4,408,464           695,434        183,599,515  
                                   ------------------ ------------------ ----------------- ------------------
       Total                         $1,147,923,462      $  66,561,036     $  10,592,986    $ 1,203,891,512  
                                   ================== ================== ================= ==================

                                                            GROSS             GROSS            ESTIMATED     
                                      AMORTIZED          UNREALIZED         UNREALIZED           FAIR        
DECEMBER 31, 2001                        COST               GAINS             LOSSES             VALUE       
--------------------------------  ------------------- ------------------ ----------------- ------------------
   U.S. Treasury securities          $    1,033,262      $       -         $      36,392    $       996,870  
   Public utilities                      25,975,030            405,183           467,809         25,912,404  
   Corporate securities                 441,464,091         13,041,015         4,301,354        450,203,752  
   Mortgage-backed securities            55,621,919            720,442           630,330         55,712,031  
                                  ------------------- ------------------ ----------------- ------------------
       Total                         $  524,094,302      $  14,166,640     $   5,435,885    $   532,825,057  
                                  =================== ================== ================= ==================

485BPOS 87th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 87th
 JACKSON NATIONAL LIFE INSURANCE COMPANY OF NEW YORK
(A WHOLLY OWNED SUBSIDIARY OF JACKSON NATIONAL LIFE INSURANCE COMPANY)
 NOTES TO FINANCIAL STATEMENTS
 DECEMBER 31, 2002
--------------------------------------------------------------------------------

4.   INVESTMENTS (CONTINUED)                                                    

     The amortized cost and estimated fair value of fixed maturities at December
     31, 2002, by contractual  maturity,  are shown below.  Expected  maturities
     will differ from  contractual  maturities  because  borrowers  may have the
     right  to call or  prepay  obligations  with or  without  early  redemption
penalties.                                                            

                                                                [Download Table]


                                         AMORTIZED         ESTIMATED     
                                           COST            FAIR VALUE    
                                     ------------------ -----------------
                                                                         
Due in 1 year or less                 $    23,941,897   $    24,392,694  
Due after 1 year through 5 years          281,370,567       291,638,725  
Due after 5 years through 10 years        618,865,161       658,834,420  
Due after 10 years through 20 years        39,747,382        40,964,360  
Due after 20 years                          4,111,970         4,461,798  
Mortgage-backed securities                179,886,485       183,599,515  
                                     ------------------ -----------------
   Total                              $ 1,147,923,462   $ 1,203,891,512  
                                     ================== =================

     Acquisition  discounts  and  premiums  on  mortgage-backed  securities  are
     amortized over the estimated redemption period using the effective interest
     method.  Effective yields,  which are used to calculate  amortization,  are
     adjusted  periodically  to reflect actual  payments to date and anticipated
     future  payments.  Resulting  adjustments to amortized cost are included in
investment income.                                                    

     Fixed  maturities  with a carrying  value of $548,280 and $797,496  were on
     deposit  with  the  State  of New  York at  December  31,  2002  and  2001,
respectively, as required by state insurance law.                     

     Gross unrealized losses pertaining to equity securities totaled $128,809 at
December 31, 2002.                                                    

SECURITIES LENDING                                                    
     The Company has entered into a securities  lending  agreement with an agent
     bank whereby blocks of securities  are loaned to third  parties,  primarily
     major brokerage firms. As of December 31, 2002 and 2001, the estimated fair
     value  of  loaned   securities   was  $36.8   million  and  $9.4   million,
     respectively.  The agreement  requires a minimum of 102 percent of the fair
     value of the loaned  securities to be held as  collateral,  calculated on a
     daily basis. To further  minimize the credit risks related to this program,
     the financial  condition of counterparties is monitored on a regular basis.
     Cash collateral received in the amount of $37.9 million and $9.5 million at
     December  31, 2002 and 2001,  respectively,  was invested by the agent bank
     and included in short-term investments of the Company. A securities lending
payable is included in liabilities for cash collateral received.      

5.   INVESTMENT INCOME AND REALIZED GAINS AND LOSSES                            

     All  investment  income for 2002,  2001 and 2000 is related to  earnings on
     short-term  investments and fixed maturity securities.  Investment expenses
     totaled   $322,886,   $130,988   and  $58,391  in  2002,   2001  and  2000,
respectively.                                                         

Net realized investment losses are as follows:                        

                                                        [Enlarge/Download Table]


                                             YEARS ENDED DECEMBER 31,                  
                                  2002                  2001                2000       
                            ------------------     ----------------    ----------------
Sales of fixed maturities:                                                             
                                                                                       
     Gross gains              $    295,545           $  423,480           $  23,880    

     Gross losses               (3,089,649)            (702,532)           (599,539)   
Impairment losses              (12,366,841)            (499,869)                -      
                            ------------------     ----------------    ----------------
Total                         $ (15,160,945)         $ (778,921)        $  (575,659)   
                            ==================     ================    ================

485BPOS 88th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 88th
 JACKSON NATIONAL LIFE INSURANCE COMPANY OF NEW YORK
(A WHOLLY OWNED SUBSIDIARY OF JACKSON NATIONAL LIFE INSURANCE COMPANY)
 NOTES TO FINANCIAL STATEMENTS
 DECEMBER 31, 2002
--------------------------------------------------------------------------------

6.   REINSURANCE                                                                

     The Company  cedes  reinsurance  to other  insurance  companies in order to
     limit losses from large exposures;  however,  if the reinsurer is unable to
     meet its  obligations,  the originating  issuer of the coverage retains the
     liability.  The  maximum  amount of life  insurance  risk  retained  by the
     Company on any one life is  generally  $200,000.  Amounts not  retained are
     ceded to other companies on a yearly renewable-term or a coinsurance basis.

The effect of reinsurance on premiums is as follows:                  

                                                                [Download Table]


                                     YEARS ENDED DECEMBER 31,                  
                          2002                  2001                2000       
                    ------------------     ----------------    ----------------
                                                                               
Direct premiums          $    552,874          $   557,812         $   467,229 
Ceded premiums                404,873              415,924             400,398 
                    ------------------     ----------------    ----------------
      Net premiums       $    148,001          $   141,888         $    66,831 
                    ==================     ================    ================

Components of the reinsurance recoverable asset are as follows:       

                                                                [Download Table]


                             DECEMBER 31,              
                      2002                  2001       
                ------------------     ----------------
                                                       
Ceded reserves       $    825,309          $   664,368 
Ceded - other               8,693                6,346 
                ------------------     ----------------
       Total         $    834,002          $   670,714 
                ==================     ================

7.   FEDERAL INCOME TAXES                                                       

  The components of the provision for federal income taxes are as follows:

                                                        [Enlarge/Download Table]


                                                 YEARS ENDED DECEMBER 31,                  
                                      2002                  2001                2000       
                                ------------------     ----------------    ----------------

                                                                                           
Current tax expense (benefit)     $   2,593,640         $ (5,314,400)       $  (3,236,000) 
Deferred tax expense (benefit)       (5,036,440)           6,378,900            2,774,800  
                                ------------------     ----------------    ----------------

Provision for income taxes        $  (2,442,800)        $  1,064,500        $    (461,200) 
                                ==================     ================    ================

     The provisions for 2002,  2001 and 2000 differ from the amounts  determined
     by  multiplying  pretax income (loss) by the statutory  federal  income tax
rate of 35% by the effect of rounding.                                

     Federal income taxes of $650,245,  $(5,326,328) and $(1,718,428)  were paid
to (recovered from) JNL in 2002, 2001 and 2000, respectively.         

485BPOS 89th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 89th
 JACKSON NATIONAL LIFE INSURANCE COMPANY OF NEW YORK
(A WHOLLY OWNED SUBSIDIARY OF JACKSON NATIONAL LIFE INSURANCE COMPANY)
 NOTES TO FINANCIAL STATEMENTS
 DECEMBER 31, 2002
--------------------------------------------------------------------------------

7.   FEDERAL INCOME TAXES (CONTINUED)                                           

     The tax  effects of  significant  temporary  differences  that give rise to
deferred tax assets and liabilities were as follows:                  

                                                        [Enlarge/Download Table]


                                                                     DECEMBER 31,               
                                                              2002                  2001        
                                                       -------------------    ------------------
GROSS DEFERRED TAX ASSET                                                                        
                                                                                                
Policy reserves and other insurance items                $    22,133,054      $     7,428,796   
Other, net                                                       485,402               57,149   
                                                       -------------------    ------------------
Total gross deferred tax asset                                22,618,456            7,485,945   
                                                       -------------------    ------------------

GROSS DEFERRED TAX LIABILITY                                                                    
Deferred acquisition costs                                   (19,740,786)         (14,278,034)  
Net unrealized gains on available for sale securities        (15,134,061)          (3,055,764)  
Other, net                                                       (15,460)            (393,791)  
                                                       -------------------    ------------------
Total gross deferred tax liability                           (34,890,307)         (17,727,589)  
                                                       -------------------    ------------------

NET DEFERRED TAX LIABILITY                               $   (12,271,851)     $   (10,241,644)  
                                                       ===================    ==================

     Management  believes  that it is more  likely  than not that the results of
     future  operations will generate  sufficient  taxable income to realize the
deferred tax asset.                                                   

8.   CONTINGENCIES                                                              

     The  Company  is not  involved  in  litigation  that  would have a material
     adverse  affect  on  the  Company's   financial  condition  or  results  of
operations.                                                           

9.   STOCKHOLDER'S EQUITY                                                       

     The  declaration of dividends which can be paid by the Company is regulated
     by New York  Insurance law. The Company must file a notice of its intention
     to declare a dividend  and the amount  thereof with the  superintendent  at
     least  thirty  days in advance of any  proposed  dividend  declaration.  No
     dividends  were paid to JNL in 2002,  2001 or 2000.  The  Company  received
     capital contributions of $70.0 million,  $40.0 million and $15.0 million in
2002, 2001 and 2000, respectively.                                    

     Statutory   capital  and  surplus  of  the  Company  was   $95,968,986  and
     $45,610,553 at December 31, 2002 and 2001, respectively. Statutory net loss
     of the Company was $18,195,906,  $13,640,090,  and $5,995,915 in 2002, 2001
and 2000, respectively.                                               

     For life insurance companies, regulatory risk-based capital rules require a
     specified  level  of  capital   depending  on  the  types  and  quality  of
     investments   held,  the  types  of  business  written  and  the  types  of
     liabilities  maintained.  Depending on the ratio of an  insurer's  adjusted
     surplus to its risk-based capital,  the insurer could be subject to various
     regulatory  actions  ranging from  increased  scrutiny to  conservatorship.
     JNL/NY  has   risk-based   capital  ratios  for  2002  and  2001  that  are
significantly above the regulatory action levels.                     

485BPOS 90th “Page” of 94 TOC 1st Previous Next ↓Bottom Just 90th
 JACKSON NATIONAL LIFE INSURANCE COMPANY OF NEW YORK
(A WHOLLY OWNED SUBSIDIARY OF JACKSON NATIONAL LIFE INSURANCE COMPANY)
 NOTES TO FINANCIAL STATEMENTS
 DECEMBER 31, 2002
--------------------------------------------------------------------------------

     Effective   January  1,  2001,   the  National   Association  of  Insurance
     Commissioners' Accounting Practices and Procedures Manual,  Codification of
     Statutory  Accounting  Principles  became the primary guidance on statutory
     accounting.  The  implementation of the revised guidance on January 1, 2001
resulted in an immaterial impact on capital and surplus.              

     Effective  December 31, 2002, the Insurance  Department of the State of New
     York  adopted  accounting  guidance  permitting  the  reporting  of certain
     deferred tax assets. The implementation of the revised guidance on December
     31,  2002  resulted  in an  increase  to  statutory  capital and surplus of
$2,458,000.                                                           

10.  LEASE OBLIGATION                                                           

     The Company is party to a cancelable  operating lease agreement under which
     it occupies  office space.  Rent expense  totaled  $20,800,  $101,951,  and
     $109,610 in 2002,  2001 and 2000,  respectively.  During 2001,  the Company
     terminated  its  operating  lease  agreement  and entered  into a new lease
     agreement  with the same landlord for less office  space.  The future lease
 obligations at December 31, 2002 relating to this lease are immaterial.

11.  OTHER RELATED PARTY TRANSACTIONS                                           

     The Company's investment portfolio is managed by PPM America, Inc. ("PPM"),
     a registered investment advisor and ultimately a wholly owned subsidiary of
     Prudential.  The Company  paid  $317,854,  $128,988  and $56,558 to PPM for
investment advisory services during 2002, 2001 and 2000, respectively.

     The Company has a service  agreement with its parent,  JNL, under which JNL
     provides  certain   administrative   services.   Administrative  fees  were
    $3,511,630, $1,126,699, and $801,145 in 2002, 2001 and 2000, respectively.

485BPOS 91st “Page” of 94 TOC 1st Previous Next ↓Bottom Just 91st
PART C.  OTHER INFORMATION                                                      

Item 24.  Financial Statements and Exhibits                                     

(a)   Financial Statements:                                           

(1) Financial statements and schedules included in Part A:    

Not Applicable                                      

(2)Financial statements and schedules included in Part B:     

JNLNY Separate Account I                              

        Report of Independent Accountants at December 31, 2002
             Statement of Assets and Liabilities as of December 31, 2002
              Statement of Operations for the Year Ended December 31, 2002
             Statement  of  Changes  in Net  Assets  for the Years Ended
                 December 31, 2002 December 31, 2001 and December 31, 2000
Notes to Financial Statements                 

Jackson National Life Insurance Company of New York   

        Report of Independent Accountants at December 31, 2002
                 Balance Sheet for the years ended December 31, 2002, 2001
and 2000                            
               Income Statement for the years ended December 31, 2002,
2001, 2000 and 1999                 
                Statement of Stockholder's Equity and Comprehensive Income for
              the years ended December 31, 2002, 2001, 2000 and 1999
                Statement of Cash Flows for the years ended December 31, 2002,
2001, 2000 and 1999                     
Notes to Financial Statements                 

Item 24.(b)  Exhibits                                                           

Exhibit                                                                         
No.      Description                                                            

1.   Resolution of Depositor's Board of Directors  authorizing the establishment
     of the Registrant,  incorporated by reference to Registrant's  Registration
     Statement  filed via EDGAR on  October 3, 1997  (File  Nos.  333-37175  and
811-08401).                                                           

2.   Not Applicable                                                             

3.   General  Distributor  Agreement dated  September 19, 1997,  incorporated by
     reference to Registrant's Registration Statement filed via EDGAR on October
3, 1997 (File Nos. 333-37175 and 811-08401).                          

4.a. Specimen  of the  Perspective  II  Fixed  and  Variable  Annuity  Contract,
     incorporated by reference to Registrant's  Registration Statement filed via
EDGAR on September 28,2001 (333-70384 and 811-08401).                 

b.   Specimen of Tax Sheltered Annuity Endorsement, incorporated by reference to
     Registrant's  Pre-Effective Amendment No. 1 filed via EDGAR on December 19,
2001 (333-70384 and 811-08401).                                       

c.   Specimen of  Retirement  Plan  Endorsement,  incorporated  by  reference to
     Registrant's  Pre-Effective Amendment No. 1 filed via EDGAR on December 19,
2001 (333-70384 and 811-08401).                                       

d.   Specimen of Individual  Retirement  Annuity  Endorsement,  incorporated  by
     reference to Registrant's  Pre-Effective Amendment No. 1 filed via EDGAR on
December 19, 2001 (333-70384 and 811-08401).                          

e.   Specimen of Roth IRA Endorsement, incorporated by reference to Registrant's
     Pre-Effective  Amendment  No.  1 filed  via  EDGAR  on  December  19,  2001
(333-70384 and 811-08401).                                            

f.   Specimen  of  Earnings  Protection  Benefit  Endorsement,  incorporated  by
     reference  to  Registrant's  Registration  Statement  filed  via  EDGAR  on
September 28,2001 (333-70384 and 811-08401).                          

g.   Specimen of 2% Contract Enhancement Endorsement,  incorporated by reference
     to Registrant's Registration Statement filed via EDGAR on September 28,2001
(333-70384 and 811-08401).                                            

h.   Specimen of 3% Contract Enhancement Endorsement,  incorporated by reference
     to Registrant's Registration Statement filed via EDGAR on September 28,2001
(333-70384 and 811-08401).                                            

i.   Specimen of 4% Contract Enhancement Endorsement,  incorporated by reference
     to  Registrant's  Registration  Statement  filed via EDGAR on September 28,
2001 (333-70384 and 811-08401).                                       

j.   Specimen  of  20%   Additional   Free   Withdrawal   Benefit   Endorsement,
     incorporated by reference to Registrant's  Registration Statement filed via
EDGAR on September 28, 2001 (333-70384 and 811-08401).                

k.   Specimen of Five-Year Withdrawal Charge Schedule Endorsement,  incorporated
     by  reference to  Registrant's  Registration  Statement  filed via EDGAR on
September 28, 2001 (333-70384 and 811-08401).                         

l.   Specimen  of  Preselected   Death  Benefit  Option  Election   Endorsement,
     incorporated  by reference to  Registrant's  Pre-Effective  Amendment No. 1
filed via EDGAR on December 19, 2001 (333-70384 and 811-08401).       

m.   Specimen of Reduced Administration Charge Endorsement, incorporated  by    
reference to  Registrant's  Post-Effective  Amendment No. 1           
filed via EDGAR on May 17, 2002 (333-70384 and 811-08401).            

n.   Specimen of 2% Contract Enhancement Endorsement, incorporated  by          
reference to  Registrant's  Post-Effective  Amendment No. 1           
filed via EDGAR on May 17, 2002 (333-70384 and 811-08401).            

o.   Specimen of 3% Contract Enhancement Endorsement, incorporated  by          
reference to  Registrant's  Post-Effective  Amendment No. 1           
filed via EDGAR on May 17, 2002 (333-70384 and 811-08401).            

p.   Specimen of 4% Contract Enhancement Endorsement, incorporated  by          
reference to  Registrant's  Post-Effective  Amendment No. 1           
filed via EDGAR on May 17, 2002 (333-70384 and 811-08401).            

q.   Specimen of Guaranteed Minimum Income Benefit Endorsement,incorporated  by 
reference to  Registrant's  Post-Effective  Amendment No. 2           
filed via EDGAR on May 20, 2002 (333-70384 and 811-08401).            

r.   Specimen of Guaranteed Minimum Withdrawal Benefit Endorsement, incorporated
     by reference to Registrant's Post-Effective Amendment No. 4 filed via EDGAR
on November 1, 2002 (333-70384 and 811-08401).                        

s.   Specimen of Fixed Account Option Endorsement, incorporated by reference to 
    Registrant's Post-Effective Amendment No. 4 filed via EDGAR on November 1,
2002 (333-70384 and 811-08401).                                       

5.a. Form  of  the  Perspective  II  Fixed  and  Variable  Annuity  Application,
     incorporated  by reference to  Registrant's  Pre-Effective  Amendment No. 1
filed via EDGAR on December 19, 2001 (333-70384 and 811-08401).       

b.   Form  of  the  Perspective  II  Fixed  and  Variable  Annuity  Application,
attached hereto.                                                      

6.a. Declaration  and  Charter  of  Depositor,   incorporated  by  reference  to
     Registrant's  Registration  Statement  filed via EDGAR on  October  3, 1997
(File Nos. 333-37175 and 811-08401).                                  

b.   By-laws  of   Depositor,   incorporated   by  reference   to   Registrant's
     Registration  Statement  filed via EDGAR on  October  3,  1997  (File  Nos.
333-37175 and 811-08401).                                             

7.   Not Applicable                                                             

8.   Not Applicable                                                             

9.   Opinion and Consent of Counsel, attached hereto.                           

10.  Consent of Independent Accountants, attached hereto.                       

11.  Not Applicable                                                             

12.  Not Applicable                                                             

13.  Computation of Performance,  incorporated by reference to the  Registrant's
     Post-Effective  Amendment  No. 8,  filed on  October  10,  2001  (File Nos.
333-37175 and 811-08401).                                             

13.a. Computation of Performance, incorporated  by reference to  Registrant's   
Post-Effective  Amendment No. 1 filed via EDGAR on May 17, 2002     
(333-70384 and 811-08401).                                          

Item 25.  Directors and Officers of the Depositor                               

Name and Principal                 Positions and Offices      
Business Address                   with Depositor             

Donald T. DeCarlo                  Director                   
200 Manor Road                                                
Douglaston, New York 11363                                    

Donald B. Henderson, Jr.           Director                   
4A Rivermere Apartments                                       
Bronxville, NY  10708                                         

Henry J. Jacoby                    Director                   
305 Riverside Drive                                           
New York, NY  10025                                           

David L. Porteous                  Director                   
20434 Crestview Drive                                         
Reed City, MI  49777                                          

Richard Ash                        Appointed Actuary and      
1 Corporate Way                    Vice President - Actuarial 
Lansing, MI 48951                                             

 John B. Banez                      Vice President - Systems and
1 Corporate Way                    Programming                
Lansing, MI 48951                                             

 James P. Binder, CPA               Vice President - Finance and
1 Corporate Way                    Corporate Strategy         
Lansing, MI 48951                                             

  Douglas Campbell                   Vice President - Illustration
1 Corporate Way                    Officer                    
Lansing, MI 48951                                             

Joseph Mark Clark                  Vice President - Policy    
1 Corporate Way                    Administration             
Lansing, MI 48951                                             

      Marianne Clone                     Vice President - Administration -
1 Corporate Way                    Customer Service Center    
Lansing, MI 48951                                             

    James B. Croom                     Vice President & Deputy General
1 Corporate Way                    Counsel                    
Lansing, MI 48951                                             

         Gerald W. Decius                   Vice President - Systems Application
1 Corporate Way                    Coordinator                
Lansing, MI 48951                                             

Lisa C. Drake                      Senior Vice President -    
1 Corporate Way                    Chief Actuary              
Lansing, MI 48951                                             

  Robert A. Fritts                   Vice President & Controller -
1 Corporate Way                    Financial Operations       
Lansing, MI 48951                                             

James D. Garrison                  Vice President - Tax       
1 Corporate Way                                               
Lansing, MI 48951                                             

    James G. Golembiewski              Vice President, Senior Counsel,
   1 Corporate Way                    Assistant Secretary & Director
Lansing, MI  48951                                            

         Rhonda K. Grant                    Vice President - Government & Public
1 Corporate Way                    Relations                  
Lansing, MI 48951                                             

Lou E. Hensley                     Vice President - Corporate 
1 Corporate Way                    Development                
Lansing, MI 48951                                             

Andrew B. Hopping                  Executive Vice President,  
1 Corporate Way                    Chief Financial Officer,   
      Lansing, MI 48951                  Treasurer & Chairman of the Board

  Stephen A. Hrapkiewisicz           Senior Vice President - Human
1 Corporate Way                    Resources                  
Lansing, MI  48951                                            

     Clifford Jack                      Executive Vice President & Chief
1 Corporate Way                    Distribution Officer       
Lansing, Mi 48951                                             

   Cheryl L. Johns                    Vice President - Life Division
1 Corporate Way                                               
Lansing, MI 48951                                             

Timo P. Kokko                      Vice President - Support   
1 Corporate Way                    Services                   
Lansing, MI 48951                                             

  Everett W. Kunzelman               Vice President - Underwriting
1 Corporate Way                                               
Lansing, MI 48951                                             

        Clark P. Manning                   President & Chief Executive Officer
1 Corporate Way                                               
Lansing, MI 48951                                             

 Herbert G. May III                 Chief Administrative Officer
HQ Global                          & Director                 
890 Winter St                                                 
Suite 150                                                     
Waltham, MA 02451-1449                                        

   Thomas J. Meyer                    Senior Vice President, General
   1 Corporate Way                    Counsel & Secretary & Director
Lansing, MI 48951                                             

Keith R. Moore                     Vice President - Technology
1 Corporate Way                                               
Lansing, MI 48951                                             

   P. Chad Myers                      Senior Vice President - Asset/
1 Corporate Way                    Liability Management       
Lansing, MI 48951                                             

J. George Napoles                  Executive Vice President & 
1 Corporate Way                    Chief Information Officer  
Lansing, MI 48951                                             

     Mark D. Nerud                      Vice President - Fund Accounting
225 West Wacker Drive              & Administration           
Suite 1200                                                    
Chicago, IL  60606                                            

  Laura L. Prieskorn                 Vice President - Model Office
1 Corporate Way                                               
Lansing, MI 48951                                             

   Bradley J. Powell                  Vice President - Institutional
1 Corporate Way                    Marketing Group & Director 
Lansing, MI 48951                                             

James B. Quinn                     Vice President - Broker    
1 Corporate Way                    Management                 
Lansing, MI 48951                                             

         James R. Sopha                     Executive Vice President - Corporate
1 Corporate Way                    Development                
Lansing, MI 48951                                             

Scott L. Stoltz                    Senior Vice President -    
1 Corporate Way                    Administration             
Lansing, MI 48951                                             

Michael A. Wells                   Chief Operations Officer   
1 Corporate Way                                               
Lansing, MI 48951                                             

Item 26.  Persons Controlled by or Under Common Control with the                
Depositor or Registrant.                                    

State of          Control/                  
Company           Organization      Ownership           Principal Business      

Alaiedon, LLC     Michigan          100% Hermitage                              
      Management LLC

Brooke            Delaware          100% Brooke         Finance Company         
Finance                             Holdings, Inc.                              
Corporation                                                                     

Brooke            Delaware          100%                Holding Company         
Holdings, Inc.                      Brooke              Activities              
     Holdings (UK)
Limited 

Brooke            United            100%                Holding Company         
Holdings (UK)     Kingdom           Holborn             Activities              
Limited                             Delaware                                    
   Corporation

Brooke Life       Michigan          100% Brooke         Life Insurance          
Insurance                           Holdings, Inc.                              
Company                                                                         

Brooke            United            100%                Holding Company         
(Jersey)          Kingdom           Prudential One      Activities              
Limited                             Limited                                     

Crescent          Delaware          100% Jackson        Telecommunications      
Telephone                           National Life                               
         Insurance Company

Curian Capital,   Michigan          100%                Registered Investment   
LLC                                 Jackson             Advisor                 
     National Life
 Insurance
Company 

GCI Holding       Delaware          70% Jackson         Holding Company         
Corporation                         National Life       Activities              
 Insurance
Company 

Gloucester        Delaware          100% Jackson        Adhesives               
Holdings                            National Life                               
 Insurance
Company 

GS28 Limited      United            100%                Holding Company         
    Kingdom           Brooke Holdings     Activities
    (UK) Limited

Hermitage         Michigan          100% Jackson        Advertising Agency      
Management, LLC                     National Life                               
 Insurance
Company 

Holborn           Delaware          80% Prudential      Holding Company         
Delaware                            One Limited,        Activities              
Corporation                         10% Prudential                              
    Two Limited,
      10% Prudential
     Three Limited

Holliston         Delaware          70% Jackson         Textile Mfg.            
Mills                               National Life                               
         Insurance Company

Industrial        Delaware          70% Jackson         Textile Mfg.            
Coatings                            National Life                               
Group                               Insurance Company                           

IFC Holdings,     Delaware          99% National        Broker/Dealer           
Inc.                                Planning Holdings                           
Inc.    

Investment        Delaware          100% IFC Holdings,  Broker/Dealer           
Centers of                          Inc.                                        
America                                                                         

IPM Products      Delaware          100% Jackson        Auto Parts              
Group                               National Life                               
         Insurance Company

Jackson           USA               100% JNL            Savings & Loan          
Federal                             Thrift                                      
Bank                                Holdings, Inc.                              

Jackson           Michigan          100% Jackson        Investment Adviser      
National                            National Life       and Transfer Agent      
Asset                               Insurance                                   
Management, LLC                     Company                                     

Jackson           Delaware          100% Jackson        Advertising/            
National                            National Life       Marketing               
Life                                Insurance           Corporation and         
Distributors,                       Company             Broker/Dealer           
Inc.                                                                            

Jackson           New York          100%                Life Insurance          
National                            Jackson                                     
Life Insurance                      National Life                               
Company of                          Insurance                                   
New York                            Company                                     

JNLI LLC          Delaware          100%                Tuscany Notes           
Jackson 
     National Life
 Insurance
Company 

JNL Securities,   Michigan          100%                Securities Broker/Dealer
LLC                                 JNL Advisors,       & Insurance Agency      
LLC     

JNL Investors     Massachusetts     Common Law          Investment Company      
Series Trust                        Trust with                                  
   contractual
   association
    with Jackson
     National Life
 Insurance
      Company of New
York    

JNL Series        Massachusetts     Common Law          Investment Company      
Trust                               Trust with                                  
   contractual
   association
    with Jackson
     National Life
 Insurance
      Company of New
York    

JNL Thrift        Michigan          100% Jackson        Holding Company         
Holdings, Inc.                      National Life                               
 Insurance
Company 

JNL Variable      Delaware          100% Jackson        Investment Company      
Fund LLC                            National                                    
Separate
   Account - I

JNL Variable      Delaware          100% Jackson        Investment Company      
Fund III LLC                        National                                    
Separate
   Account III

JNL Variable      Delaware          100% Jackson        Investment Company      
Fund IV LLC                         National                                    
Separate
  Account IV

JNL Variable      Delaware          100% Jackson        Investment Company      
Fund V LLC                          National                                    
Separate
 Account V

JNLNY Variable    Delaware          100% JNLNY          Investment Company      
Fund I LLC                          Separate                                    
 Account I

JNLNY Variable    Delaware          100% JNLNY          Investment Company      
Fund II LLC                         Separate                                    
  Account II

LePages           Delaware          50% Jackson         Adhesives               
Management                          National Life                               
Co., LLC                            Insurance                                   
Company 

National          Delaware          100% National       Broker/Dealer           
Planning                            Planning            and Investment          
Corporation                         Holdings, Inc.      Adviser                 

National          Delaware          100% Brooke         Holding Company         
Planning                            Holdings, Inc.      Activities              
Holdings, Inc.                                                                  

PPM Holdings,     Delaware          100% Brooke         Holding Company         
Inc.                                Holdings, Inc.                              

Jackson National  Bermuda           100% Jackson        Life Insurance          
Life (Bermuda)                      National Life                               
Ltd.                                Insurance                                   
Company 

Prudential        United Kingdom    100% Prudential     Holding Company         
Corporation                         Corporation plc     Activities              
Holdings Limited                                                                

Prudential        United            100%                Holding Company         
Corporation       Kingdom           Prudential                                  
Holdings                            Corporation                                 
Limited                             PLC                                         

Prudential        United            Publicly            Financial               
Corporation       Kingdom           Traded              Institution             
PLC                                                                             

Prudential        England and       100%                Holding                 
One Limited       Wales             Prudential          Company                 
                      Corporation         Activities
Holdings
Limited 

Prudential        England and       100%                Holding                 
Two Limited       Wales             Prudential          Company                 
                      One                 Activities
Limited 

Prudential        England and       100%                Holding                 
Three Limited     Wales             Prudential          Company                 
                      One                 Activities
Limited 

SII               Wisconsin         100%                Broker/Dealer           
Investments,                        National                                    
Inc.                                Planning                                    
      Holdings, Inc.

Item 27.  Number of Contract Owners as of March 11, 2003.                       

Qualified: 685                                              
Non-qualified: 690                                          

Item 28.  Indemnification                                                       

       Provision is made in the Company's By-Laws for indemnification by the
Company of any person made or threatened to be made a party to an action or     
proceeding, whether civil or criminal by reason of the fact that he or she is or
was a director, officer or employee of the Company or then serves or has served 
any other corporation in any capacity at the request of the Company, against    
expenses, judgments, fines and amounts paid in settlement to the full extent    
that officers and directors are permitted to be indemnified by the laws of the  
State of New York.                                                              

         Insofar as indemnification for liabilities arising under the Securities
Act of 1933 ("Act") may be permitted to directors, officers and controlling     
persons of the Company pursuant to the foregoing provisions, or otherwise, the  
Company has been advised that in the opinion of the Securities and Exchange     
Commission such indemnification is against public policy as expressed in the Act
and is, therefore, unenforceable. In the event that a claim for indemnification 
against liabilities (other than the payment by the Company of expenses incurred 
or paid by a director, officer or controlling person of the Company in the      
successful defense of any action, suit or proceeding) is asserted by such       
director, officer or controlling person in connection with the securities being 
registered, the Company will, unless in the opinion of its counsel the matter   
has been settled by controlling precedent, submit to a court of appropriate     
jurisdiction the question whether such indemnification by it is against public  
policy as expressed in the Act and will be governed by the final adjudication of
such issue.                                                                     

Item 29.  Principal Underwriter                                                 

   (a)      Jackson National Life Distributors, Inc. acts as general
                  distributor for the JNLNY Separate Account I. Jackson National
                Life Distributors, Inc. also acts as general distributor for
            the  Jackson  National Separate Account - I, the Jackson
                  National  Separate Account III, the Jackson National  Separate
 Account V, and the JNLNY Separate Account II.

        (b)      Directors and Officers of Jackson National Life Distributors,
Inc.:                                       

Name and                           Positions and Offices                        
Business Address                   with Underwriter                             
----------------                   ----------------                             

Michael A. Wells                   Director                                     
401 Wilshire Blvd.                                                              
Suite 1200                                                                      
Santa Monica, California 90401                                                  

Clark Manning                      Director                                     
1 Corporate Way                                                                 
Lansing, Michigan 48951                                                         

Andrew B. Hopping                  Director                                     
1 Corporate Way                                                                 
Lansing, Michigan 48951                                                         

Clifford J. Jack                   President and Chief Executive Officer        
401 Wilshire Blvd.                                                              
Suite 1200                                                                      
Santa Monica, California 90401                                                  

Nikhil Advani                      Vice President - Product Management          
8055 E. Tufts Avenue                                                            
Suite 1100                                                                      
Denver, CO 80237                                                                

Pam Aurbach                        Vice President - National Sales Development  
401 Wilshire Blvd.                                                              
Suite 1200                                                                      
Santa Monica, California 90401                                                  

Kendall Best                       Vice President - Strategic Relations         
401 Wilshire Blvd.                                                              
Suite 1200                                                                      
Santa Monica, California 90401                                                  

Sean P. Blowers                    Vice President - Thrift Products             
401 Wilshire Blvd.                                                              
Suite 1200                                                                      
Santa Monica, California 90401                                                  

William Britt                      Vice President - Market Planning and Analysis
8055 E. Tufts Avenue                                                            
Suite 1100                                                                      
Denver, CO 80237                                                                

Barry L. Bulakites                 Senior Vice President - National Sales       
401 Wilshire Blvd.                 Development                                  
Suite 1200                                                                      
Santa Monica, California 90401                                                  

Tori Bullen                        Vice President - Institutional Marketing     
210 Interstate North Parkway       Group                                        
Suite 401                                                                       
Atlanta, Georgia 30339-2120                                                     

Doug Campbell                      Senior Vice President and National Sales     
401 Wilshire Blvd.                 Director                                     
Suite 1200                                                                      
Santa Monica, California 90401                                                  

David Collett                      Chief Financial Officer                      
401 Wilshire Blvd.                                                              
Suite 1200                                                                      
Santa Monica, California 90401                                                  

Robert DeChellis                   Executive Vice President - National Sales    
8055 E. Tufts Avenue               Manager                                      
Suite 1000                                                                      
Denver, Colorado 80237                                                          

Anthony L. Dowling                 Chief Compliance Officer & Assistant Vice    
8055 E. Tufts Avenue               President                                    
Suite 1100                                                                      
Denver, CO 80237                                                                

Joseph D. Emanuel                  Executive Vice President                     
8055 E. Tufts Avenue                                                            
Suite 1000                                                                      
Denver, Colorado 80237                                                          

Luis Gomez                         Vice President - Marketing                   
8055 E. Tufts Avenue                                                            
Suite 1100                                                                      
Denver, CO 80237                                                                

Thomas Hull                        Vice President - Life Product Development    
8055 E. Tufts Avenue                                                            
Suite 1100                                                                      
Denver, CO 80237                                                                

John Kawauchi                      Senior Vice President - Marketing            
8055 E. Tufts Avenue               and Corporate Communications                 
Suite 1100                                                                      
Denver, Colorado 80237                                                          

Nicholas Koutouras                 Vice President - Business Development        
401 Wilshire Boulevard                                                          
Suite 1200                                                                      
Santa Monica, CA 90401                                                          

James Livingston                   Senior Vice President - Product Development  
401 Wilshire Blvd.                                                              
Suite 1200                                                                      
Santa Monica, California 90401                                                  

Lisa Pedote                        Vice President - Finance                     
401 Wilshire Boulevard                                                          
Suite 1200                                                                      
Santa Monica, CA 90401                                                          

Stephen Pene                       Vice President, Controller & Financial       
401 Wilshire Boulevard             Operations                                   
Suite 1200                                                                      
Santa Monica, CA 90401                                                          

Christine A. Pierce-Tucker         Senior Vice President - JNLD Product         
401 Wilshire Blvd.                 Development                                  
Suite 1200                                                                      
Santa Monica, California 90401                                                  

Bradley J. Powell                  Executive Vice President                     
210 Interstate North Parkway                                                    
Suite 401                                                                       
Atlanta, Georgia 30339-2120                                                     

Peter Radloff                      Vice President - Marketing                   
8055 E. Tufts Avenue                                                            
Suite 1100                                                                      
Denver, CO 80237                                                                

Gregory B. Salsbury                Executive Vice President                     
401 Wilshire Blvd.                                                              
Suite 1200                                                                      
Santa Monica, California 90401                                                  

James L. Simon                     Secretary                                    
1 Corporate Way                                                                 
Lansing, Michigan 48951                                                         

Greg Smith                         Senior Vice President - Project Management/  
401 Wilshire Blvd.                 Business Solutions                           
Suite 1200                                                                      
Santa Monica, California 90401                                                  

David Sprague                      Vice President - National Sales Development  
8055 E. Tufts Avenue                                                            
Suite 1100                                                                      
Denver, CO 80237                                                                

Phil Wright                        Vice President - Communications              
8055 E. Tufts Avenue                                                            
Suite 1100                                                                      
Denver, CO 80237                                                                

Scott Yessner                      Senior Vice President - Strategic Initiatives
401 Wilshire Blvd.                                                              
Suite 1200                                                                      
Santa Monica, California 90401                                                  

(c)                                                           

New Under-       Compensation               
writing          on                         
Name of           Discounts        Redemption                                   
Principal         and              or Annuiti-     Brokerage                    
Underwriter       Commissions      zation          Commissions      Compensation
-----------       -----------      ------          -----------      ------------

Jackson                                                                         
National                                                                        
Life              Not              Not             Not              Not         
Distributors,     Applicable       Applicable      Applicable       Applicable  
Inc.                                                                            

Item 30. Location of Accounts and Records                                       

       Jackson National Life Insurance Company of New York
2900 Westchester Avenue                     
Purchase, NY 10577                          

       Jackson National Life Insurance Company of New York
Annuity Service Center                      
8055 East Tufts Ave., Second Floor          
Denver, CO 80237                            

       Jackson National Life Insurance Company of New York
Institutional Marketing Group Service Center
1 Corporate Way                             
Lansing, MI 48951                           

       Jackson National Life Insurance Company of New York
225 West Wacker Drive, Suite 1200           
Chicago, IL 60606                           

Item 31. Management Services                                                    

Not Applicable                              

Item 32. Undertakings and Representations                                       

               a. Jackson National Life Insurance Company of New York hereby
      undertakes to file a post-effective amendment to this registration
      statement as frequently as is necessary to ensure that the audited
          financial statements in the registration statement are never more than
     sixteen (16) months old for so long as payment under the variable
annuity contracts may be accepted.                          

               b. Jackson National Life Insurance Company of New York hereby
  undertakes to include either (1) as part of any application to
  purchase a contract offered by the Prospectus, a space that an
         applicant can check to request a Statement of Additional Information,
    or (2) a postcard or similar written communication affixed to or
          included in the Prospectus that the applicant can remove to send for a
Statement of Additional Information.                        

                 c. Jackson National Life Insurance Company of New York hereby
       undertakes to deliver any Statement of Additional Information and any
   financial statement required to be made available under this Form
promptly upon written or oral request.                        

            d. Jackson  National Life Insurance  Company of New York
      represents that the fees and charges deducted under the contract, in
         the aggregate, are reasonable in relation to the services rendered, the
         expenses to be incurred, and the risks assumed by Jackson National Life
Insurance Company of New York.                                

         e. The Registrant hereby represents that any contract
   offered by the prospectus and which is issued pursuant to Section
       403(b) of the Internal Revenue Code of 1986, as amended, is issued by
         the Registrant in reliance upon, and in compliance with, the Securities
 and Exchange Commission's industry-wide no-action letter to the
     American Council of Life Insurance (publicly available November 28,
        1988) which permits withdrawal restrictions to the extent necessary to
comply with IRC Section 403(b)(11).                           

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SIGNATURES

      As required by the Securities Act of 1933 and the Investment Company
Act of 1940, the Registrant certifies that it has caused this Registration      
Statement to be signed on its behalf, in the City of Lansing, and State of      
Michigan, on this 30th day of April, 2003                                       

JNLNY Separate Account I                    
(Registrant)                                

            By:  Jackson National Life Insurance Company of New York

By:      /s/ Thomas J. Meyer                
         -----------------------------------------------
Thomas J. Meyer           
                         Senior Vice President, General Counsel and Director

       Jackson National Life Insurance Company of New York
(Depositor)                                 

By:      /s/ Thomas J. Meyer                
         -----------------------------------------------
Thomas J. Meyer           
                         Senior Vice President, General Counsel and Director

        As required by the Securities Act of 1933, this Registration Statement
has been signed by the following persons in the capacities and on the dates     
indicated.                                                                      

/s/ Thomas J. Meyer                        *                  April 30, 2003    
--------------------------------------------                  ------------------
Clark P. Manning, President and                               Date              
Chief Executive Officer                                                         

/s/ Thomas J. Meyer                        *                  April 30, 2003    
--------------------------------------------                  ------------------
Andrew B. Hopping, Executive Vice President,                  Date              
Chief Financial Officer and Director                                            

/s/ Thomas J. Meyer                        *                  April 30, 2003    
---------------------------------------------                 ------------------
Herbert G. May III                                            Date              
Chief Administrative Officer and Director                                       

/s/ Thomas J. Meyer                        *                  April 30, 2003    
---------------------------------------------                 ------------------
Bradley J. Powell,                                            Date              
Vice President - IMG and Director                                               

/s/ Thomas J. Meyer                        *                  April 30, 2003    
--------------------------------------------                  ------------------
James G. Golembiewski                                         Date              
Vice President, Senior Counsel and Director                                     

/s/ Thomas J. Meyer                                           April 30, 2003    
--------------------------------------------                  ------------------
Thomas J. Meyer, Senior Vice President,                       Date              
General Counsel, Secretary and Director                                         

/s/ Thomas J. Meyer                        *                  April 30, 2003    
--------------------------------------------                  ------------------
Donald B. Henderson, Jr.                                      Date              
Director                                                                        

/s/ Thomas J. Meyer                        *                  April 30, 2003    
--------------------------------------------                  ------------------
Henry J. Jacoby                                               Date              
Director                                                                        

/s/ Thomas J. Meyer                        *                  April 30, 2003    
--------------------------------------------                  ------------------
David C. Porteous                                             Date              
Director                                                                        

/s/ Thomas J. Meyer                        *                  April 30, 2003    
--------------------------------------------                  ------------------
Donald T. DeCarlo                                             Date              
Director                                                                        

* Thomas J. Meyer, Attorney In Fact                                             

485BPOS 93rd “Page” of 94 TOC 1st Previous Next ↓Bottom Just 93rd
POWER OF ATTORNEY 

     KNOW ALL MEN BY THESE PRESENTS,  that each of the undersigned as a director
and/or  officer  of JACKSON  NATIONAL  LIFE  INSURANCE  COMPANY OF NEW YORK (the
Depositor), a New York corporation, hereby appoints Andrew B. Hopping, Thomas J.
Meyer and Clark P.  Manning  (with  full power to each of them to act alone) his
attorney-in-fact   and  agent,   each  with  full  power  of  substitution   and
resubstitution, for and in his name, place and stead, in any and all capacities,
to  execute,  deliver  and  file in the  names  of the  undersigned,  any of the
documents referred to below relating to the registration  statement on Form N-4,
under the Investment  Company Act of 1940, as amended,  and under the Securities
Act of 1933,  as  amended,  covering  the  registration  of a  Variable  Annuity
Contract  issued by JNLNY  Separate  Account I (the  Registrant),  including the
initial registration  statements,  any amendment or amendments thereto, with all
exhibits and any and all  documents  required to be filed with  respect  thereto
with any regulatory  authority.  Each of the undersigned  grants to each of said
attorney-in-fact  and agent, full authority to do every act necessary to be done
in order to  effectuate  the same as fully,  to all intents  and  purposes as he
could do in person,  thereby ratifying all that said attorney-in-fact and agent,
may lawfully do or cause to be done by virtue hereof.                           

     This Power of Attorney may be executed in one or more counterparts, each of
which shall be deemed to be an original,  and all of which shall be deemed to be
a single document.                                                              

     IN WITNESS WHEREOF,  each of the undersigned director and/or officer hereby
executes this Power of Attorney as of the 6th day of January, 2003.             

/s/ Clark P. Manning                                                            
____________________________________                                            
Clark P. Manning                                                                
President and Chief Executive Officer                                           

/s/ Andrew B. Hopping                                                           
____________________________________                                            
Andrew B. Hopping                                                               
Executive Vice President, Chief Financial Officer                               
and Director                                                                    

/s/ Bradley J. Powell                                                           
____________________________________                                            
Bradley J. Powell                                                               
Vice President - IMG and Director                                               

/s/ Herbert G. May III                                                          
____________________________________                                            
Herbert G. May III                                                              
Chief Administrative Officer and Director                                       

/s/ James G. Golembiewski                                                       
____________________________________                                            
James G. Golembiewski                                                           
Vice President, Senior Counsel and Director                                     

/s/ Thomas J. Meyer                                                             
____________________________________                                            
Thomas J. Meyer                                                                 
Senior Vice President, General Counsel and Director                             

/s/ Donald B. Henderson, Jr.                                                    
____________________________________                                            
Donald B. Henderson, Jr.                                                        
Director                                                                        

/s/ Henry J. Jacoby                                                             
____________________________________                                            
Henry J. Jacoby                                                                 
Director                                                                        

/s/ David L. Porteous                                                           
____________________________________                                            
David L. Porteous                                                               
Director                                                                        

/s/ Donald T. DeCarlo                                                           
____________________________________                                            
Donald T. DeCarlo                                                               
Director                                                                        

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EXHIBIT LIST
Exhibit                                                                         
No.      Description                                                            

5.b.     Form  of  the  Perspective  II  Fixed  and  Variable  Annuity          
Application, attached hereto as EX-99.5.b.                    

9.       Opinion and Consent of Counsel, attached hereto as EX-99.9.            

10.      Consent of Auditors, attached hereto as EX-10.

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Dates Referenced Herein and Documents Incorporated by Reference

		Referenced-On Page
This ‘485BPOS’ Filing	Date	First	Last	Other Filings

Effective on:	5/1/03	1	16	485BPOS
Filed on:	4/30/03	1	92	485BPOS
	3/18/03	15		497
	3/11/03	91
	2/14/03	75
	1/31/03	78
	12/31/02	8	91	24F-2NT, 497, NSAR-U
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	5/20/02	91		485APOS
	5/17/02	44	91	485BPOS
	12/31/01	8	91	24F-2NT, NSAR-U
	12/19/01	91		N-4/A
	10/29/01	17	69
	10/10/01	91		485BPOS
	9/28/01	91		N-4
	5/1/01	17	68
	1/1/01	90
	12/31/00	35	91	24F-2NT, NSAR-U
	5/1/00	17	74
	12/31/99	60	91	24F-2NT, NSAR-U
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	3/22/99	60	69
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	1/29/99	63	65
	1/21/99	66	74
	12/31/98	60	74	24F-2NT, NSAR-U
	11/27/98	39	74
	10/3/97	91		N-4 EL, N-8A
	9/19/97	91
	9/12/97	8	39
	9/16/96	17
	10/16/95	17
				List all Filings

4 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 4/25/24  Jnlny Separate Account I          485BPOS     4/29/24    3:6.1M
 4/27/23  Jnlny Separate Account I          485BPOS     5/01/23    3:5.9M
 4/21/22  Jnlny Separate Account I          485BPOS     4/25/22    3:6M
 4/22/21  Jnlny Separate Account I          485BPOS     4/26/21    3:27M

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Filing Submission 0000933691-03-000109 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Jnlny Separate Account I, et al. – ‘485BPOS’ on 4/30/03

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485BPOS — Jnlny Sep Acct I (Pii) 485BPOSDocument Table of Contents

Dates Referenced Herein and Documents Incorporated by Reference

4 Subsequent Filings that Reference this Filing

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