Jennison Managed Accounts A Division of Jennison Associates LLC December 2002 Multi-Strategy Portfolio

What is a Multi-Strategy Portfolio ? Single account with multiple investment disciplines Allocation among multiple equity styles and asset classes with $100,000 investment minimum Consolidated performance reporting No duplication of positions

Jennison Multi-Strategy Portfolios (MSPs) Two MSP Portfolios All Equity: Large Cap Growth Large Cap Value Balanced: Large Cap Growth Fixed Income (Target Allocation) Large Cap Value 50% Large Cap Growth 50% (Target Allocation) Fixed Income 40% Large Cap Growth 30% Large Cap Value 30%

Jennison Equity MSP Target Range Equity MSP Value 50% 40% - 60% Capital appreciation through investment in a portfolio consisting primarily of large cap growth and large cap value securities. Target Range Value 50% 40% - 60% Growth 50% 40% - 60% Cash Generally 5% Large Cap Value 50% Large Cap Growth 50%

Jennison Balanced MSP Target Range Balanced MSP Equity 60% 55% - 65% Capital appreciation and income through investment in a portfolio of primarily large cap growth stocks, large cap value stocks, and high quality fixed income securities. Target Range Equity 60% 55% - 65% Fixed Income 40% 35% - 45% (Inc. Cash) Fixed Income 40% Large Cap Growth 30% Large Cap Value 30%

Value and Growth Perform in Cycles S&P Barra Value / S&P Barra Growth Relative Performance V G V G V G V In order to construct the S&P 500 Barra Value and Growth Indices, companies are split into two groups based on price-to-book ratio to create growth and value indices. The Value index contains companies with lower price-to-book ratios, while the Growth index contains those with higher ratios. As of 12/31/02.

Value and Growth Performance Varies S&P BARRA Value minus Growth Quarterly Return Differences Value Outperforms Growth Outperforms Source: Bloomberg. In order to construct the S&P 500 Barra Value and Growth Indices, companies are split into two groups based on price-to-book ratio to create growth and value indices. The Value Index contains companies with lower price-to-book ratios, while the Growth Index contains those with higher ratios. As of 12/31/02.

Value and Growth Relative Valuation Range Russell 1000 Growth and Value Index Relative Valuation Source: Ned Davis Research. The Russell 1000 Growth Index contains those Russell 1000 securities with a higher price-to-book ratios and higher forecasted growth values. The Russell 1000 Value Index contains those Russell 1000 securities with a lower price-to-book ratios and lower forecasted growth values. The Russell 1000 Index is a large cap (market-oriented) index that represents the universe of stocks from which most active money managers typically select. As of 12/31/02.

Growth Equity Approach We identify 20-30 Growth stocks with potential for strong capital appreciation, superior absolute and relative earnings growth, and attractive valuations relative to expectations. The average years experience of our All Equity MSP management team is 25 years. Growth stock selection criteria: High return on assets and equity Improving profitability Strong market position Superior management capability Distinctive company attributes

Value Equity Approach Value Stock Selection Criteria: We identify 20-30 Value stocks which we believe are undervalued relative to their true worth, and possess identifiable catalysts which can unlock the true worth. Value Stock Selection Criteria: Low expectation stock: P/E < market on a trailing & forward basis Financial flexibility: Free cash flow generation Financial strength: Earnings interest coverage of 2x or better Improving earnings: Using conservative assumptions Catalysts: To unlock value Danger tests : Signal potential problems

Disciplined Equity Sell Decisions A stock may be trimmed or sold for one of the following reasons: Growth Fundamental disappointment in earnings Price objective or portfolio weight reached and outlook no longer promising A relatively more attractive stock emerges Value Loss of free cash flow Rating change Loss of value catalysts Initial price target reached Rapid rise or decline in price

Balanced Option Lowers Total Portfolio Risk Fixed Income target allocation is 40% 35% to 45% range High quality focus with U.S. government and agency securities (AAA Rated) Strategic yield curve positioning to add incremental value Maximum final maturity of all holdings is 10 years

Experienced Portfolio Management Team Equity portfolio managers for MSPs: Fixed income portion of Balanced MSP is managed by Prudential Fixed Income Management Malcolm Dalrymple – 23 yrs exp and Richard Piccirillo – 12 yrs exp Tom Kolefas, CFA Executive Vice President Head of Large Cap Value Equity Team Large Cap Value Equity Portfolio Manager Michael Del Balso Director & Executive Vice President Large Cap Growth Equity Portfolio Manager

Portfolio Advisors Abhi Kamerkar Ted Brindisi Portfolio Advisor 12 Years of Experience B.A. (Economics) M.B.A. (Finance) Rutgers University Ted Brindisi Portfolio Advisor 33 Years of Experience B.B.A. and M.B.A. Bernard Baruch College Ted Brindisi – Portfolio Advisor Over 31 years of experience in the investment industry Began in 1969 at the Bank of New York Served at First Fidelity Union for 5 years Vice President of Investments At Dreyfus Mgmt Joined Prudential in 1986 as an equity portfolio manager for Gibraltar James P. Farrell – Portfolio Advisor Jim joined Prudential Investments in June of 1998 Vice President & Portfolio Manager at Bear Stearns Asset Management Prior to Bear Stearns, he was with Kidder Peabody & Co. as a Vice President in the Financial Products Division, and at Merrill Lynch Abhi Kamerkar – Portfolio Advisor Abhi joined Jennison Associates in August 2000. Director, Mutual Fund Product Management at Prudential Investments specializing in Value Equity. Prior to PI, he was a Financial Advisor with Prudential Securities in Bridgewater, NJ.

Weighted Equity Characteristics December 31, 2002 Multi-Strategy Model Portfolio S&P 500 Index EPS Growth (%) P/E Past 5 Yrs 2002E 2003E Source for all data: Jennison Managed Accounts. The Past 5 Yrs EPS growth is the dollar-weighted average of the 5 year historical operating EPS growth rates of the securities held in the Jennison Managed Accounts Multi-Strategy Model Portfolio as of 12/31/02. The EPS growth and P/E listed above are estimates determined by Jennison investment professionals. They are based on operating earnings per share and are subject to periodic change. Portfolio P/E is calculated using harmonic mean methodology. Certain securities for which earnings is not a primary basis for evaluation have been excluded from the calculation of EPS Growth and P/E. A list of those securities is available upon request. The 2002 operating earnings estimate used to calculate the S&P 500 Index EPS Growth and P/E include a benefit from an accounting change related to the elimination of goodwill amortization that took effect January 1, 2002 . Without this benefit, 2002 EPS Growth should be -3%. The Standard & Poor’s 500 (S&P 500) Index is a market capitalization-weighted index of 500 companies primarily traded on the NYSE.

Portfolio Sector Allocation December 31, 2002 Multi Strategy Model Portfolio S&P 500 Index % of Equity Since inception in 1969, Jennison Associates has been a growth stock manager and employed a stock selection (bottom-up) approach to investing. This bottom-up approach relies on individual stock selection with no attempt to mirror the benchmark (S&P 500). As you can see, our relative sector weighting varies from a 13.1% overweight in Consumer Discretion to a 3.6% underweight in Telecommunications Services (as of 9/28/01) Source for all data: Jennison Managed Accounts. Due to rounding, sector percentages may not sum to 100%. Sector classification of individual stocks is determined by S&P/MSCI® and after periodic review, Jennison investment professionals may reclassify certain securities. It should not be assumed that future investments made on behalf of the Jennison Managed Accounts Multi-Strategy Model Portfolio will be of comparable size in terms of percentage of the portfolio or will be as profitable or equal the performance of the securities currently held in the portfolio. The Standard & Poor’s 500 (S&P 500) Index is a market capitalization-weighted index of the common equity of 500 companies primarily traded on the NYSE.

Top Ten Holdings December 31, 2002 XL Capital Ltd. 3.3% % of Model Portfolio XL Capital Ltd. 3.3% The Hartford Financial Services Group, Inc. 3.0% International Paper Company 3.0% BJ Services Company 2.8% HCA Inc. 2.7% The Goldman Sachs Group, Inc. 2.6% Viacom Inc. – Class B 2.5% ENSCO International Incorporated 2.4% Dell Computer Corporation 2.3% ALLTEL Corporation 2.3% Source for all data: Jennison Managed Accounts. These securities represent the largest positions held in the Jennison Managed Accounts Multi-Strategy Model Portfolio as of 12/31/02 and do not represent all of the securities held in the model portfolio. Since accounts are individually managed actual holdings may vary from the holdings shown here and among other accounts. Neither the information contained herein nor any opinion expressed shall be construed to constitute an offer to sell or a solicitation to buy any securities mentioned herein. It should not be assumed that future investments made on behalf of the Jennison Managed Accounts Multi-Strategy Model Portfolio will be of comparable size in terms of percentage of the portfolio or will be as profitable or equal the performance of the securities mentioned herein as well as those currently held in the portfolio. A list of all investments made on behalf of Jennison Managed Accounts since inception is available upon request.

Selecting the Jennison Multi-Strategy Portfolio Jennison’s successful history in growth and value investing* Participation in growth and value styles while limiting excessive exposure to one or the other Professional management of high quality fixed income reduces portfolio volatility “One-stop-shopping” approach provides diversification *Past performance does not guarantee future results. Jennison Associates LLC began offering its growth strategy to institutional clients in July of 1969 and a value strategy through its Opportunistic Equity strategy, which is a multi cap value strategy, in August of 1980. The institutional composite for both strategies have outperformed the S&P 500 Index on an annualized basis through December 31, 2002. Neither institutional composite includes accounts managed in separately managed account programs.