Press Releases

Mellon Capital Selected by Jackson National Life Insurance Company To Manage Equity and Fixed-Income Index Portfolios

SAN FRANCISCO, April 23, 2002—Mellon Financial Corporation today announced that its Mellon Capital Management Corporation subsidiary has been selected to manage approximately $91 million in assets by Jackson National Life Insurance Company. Mellon Capital will serve as subadviser to the firm's indexed portfolios.

The assets are to be managed in a variety of portfolios tracking the performance of the Lehman Brothers Aggregate Bond Index, The Morgan Stanley Capital International EAFE® Index, the Standard & Poor's® 500 Index, the Standard & Poor's MidCap 400 Index and the Russell 2000® Index.*

"As one of the world's leading index fund managers, Mellon Capital impressed us with its depth of experience and commitment to meeting our particular needs," said Christine Tucker, senior vice president of variable products, Jackson National Life Distributors, Inc.

"Jackson National Life is an industry leader in the areas of fixed, indexed and variable annuities with powerful distribution capabilities across the United States," said Thomas F. Loeb, Mellon Capital chairman and chief executive officer. "We look forward to helping its clients reach their financial goals by providing a broad range of efficient investment options that promote diversification."

Mellon Capital is a San Francisco-based investment manager specializing in global quantitatively based investment strategies for institutional investors. Its professionals are widely recognized as the originators of tactical asset allocation and index fund management. As of March 31, 2002, the firm had $99 billion in assets under management and overlay strategies.**

Mellon Financial Corporation is a global financial services company. Headquartered in Pittsburgh, Mellon is one of the world's leading providers of financial services for institutions, corporations and affluent individuals, providing institutional asset management, mutual funds, private wealth management, asset servicing, human resources services and treasury services. Mellon has more than $2.8 trillion in assets under management, administration or custody, including $610 billion under management. News and other information about Mellon is available at www.mellon.com.

*EAFE®, Standard & Poors® and Russell 2000® are trademarks of Morgan Stanley, McGraw-Hill Inc., and Frank Russell Company, respectively, and the products mentioned above are not sponsored, endorsed or recommended by any of those companies.

**Assets under management include assets managed as dual officers of affiliated companies.