Dryden Strategic Value Fund Speaker Name Date

JennisonDryden Mutual Funds Who is JennisonDryden? JennisonDryden Mutual Funds Bringing Institutional Asset Management Capabilities to Retail Investors JennisonDryden is Prudential Financial’s mutual fund and managed accounts family. We offer a broad spectrum of investments—from core portfolio building blocks to strong sector funds. The managers of our funds are known and respected by major corporations and pension funds throughout the world. When you invest with us, you benefit from the same process, research, risk management, and competitive performance demanded by some of today’s largest investors

Assets Under Management $46 Billion* Quantitative Management Associates Investment Manager Firmly Grounded in Academic Theory Assets Under Management $46 Billion* Highly experienced, stable team of investment professionals Time-tested investment principles psychology of investor behavior financial valuation theory Proprietary quantitative research recognized by industry publications Insights and empirical research incorporated in quantitative processes * Quantitative Management Associates LLC (QMA) directly manages more than $40 billion and allocates approximately $6 billion (assets as of 6/30/05) to other Prudential Investment Management, Inc. units. QMA operated for many years as a unit within Prudential Financial’s asset management business, known today as Prudential Investment Management. On July 1, 2004, QMA became an SEC-registered investment adviser. No changes in investment professionals and processes occurred as a result of this change in legal structure. ** Includes approximately $9 billion in assets for which equity and balanced management services are provided

Value Outperforms Over the Long Haul “In the long run, large-value beats large-growth while offering less volatility…”- Stephen Schurr, Senior Editor - TheStreet.com 3/24/2003 Over a 20 year period, large cap value outperformed large cap growth with less volatility Past performance cannot guarantee future results. The performance above is based on Index teturns, which does not include fees and sales charges. It does not represent actual performance of any specific investment. Return and share price will fluctuate. Source: Ibbotson. Volatility measured by standard deviation which measures the historical dispersion, or spread, of returns from the average return. The Russell 1000 Growth and Russell 1000 Value indexes are unmanaged measures of growth and value stock performance. It is not possible to invest directly in an index.

Quantitative Management Associates Representative Client List* American Marine Management Services, Inc. Arlington Heights, Illinois Police Pension Fund Armed Forces Insurance Exchange AT&T Banche Popolari Unite (BPU) [Italy] B.A.W.A.G. [Austria] Brick Masons Trust Funds Buhler, Inc. BWXT Y12 LLC Central Lincoln People’s Utility District Birmingham (City of) Retirement & Relief System California Public Employees' Retirement System (CalPERS) Compagnia Di San Paolo Compass Group USA Inc. Cubic Corporation CYRO Industries Delta Dental Plan of New Jersey, Inc. Florida State Board of Administration FMC Corporation Great Dane Holdings, Inc. Harris Moran Seed Co Idaho Department of Commerce & Labor International Union of Operating Engineers Local #478 Jacobsen Pilot Service, Inc. Jas. W. Glover Holding Company, Ltd. Letts Industries MIB Group, Inc National Integrated Group Pension Plan New York State Common Retirement Fund Olean Wholesale Grocery Co-Op, Inc Pipefitters Local #636 Defined Benefit Pension Fund PKA - Pensionskassernes Administration A/S Plantation Pipe Line Company Providence Services, Inc. Prudential Foundation Prudential Pension Plan Raley’s Roman Catholic Diocese of Brooklyn Safe Harbor Water Power Corporation SEI Investments Shore Memorial Hospital SOS Metals, Inc. Southern California Lathing Industry Pension Trust Fund Stanford Health & Hospitals Stanford University Suburban Teamsters of Northern Illinois (Health & Welfare Fund) Suburban Teamsters of Northern Illinois (Pension Trust Fund) Sunset Food Mart, Inc. Teamsters Local #301 Pension Plan Texas New Mexico Power Company The American Council of Life Insurers The Provident Bank United States Enrichment Corporation Varig Brazilian Airlines * As of 1/20/2005. Clients listed above are those who allow their names to be publicly disclosed. Disclosure does not indicate approval or disapproval of Quantitative Management Associates advisory services.

QMA Value Equity Philosophy The most consistent way to outperform is to observe the patterns of other investors, and structure processes to take advantage of their recurring errors. Stock markets and individual stocks are subject to price fluctuation, which may be volatile.

Value Equity Philosophy We believe: Low valued, out-of-favor stocks outperform Most investors find this opportunity elusive They don’t stick with value stocks They are too slow to move in, often waiting for a catalyst They avoid the most out-of-favor stocks Philosophy Implementation: First, make sure we capture the outperformance potential Add value to standard low p/e approach Adjust earnings data Emphasize timing of holdings

Value Equity Investment Process S&P 500 Universe Proprietary Operating Earnings Database Purchases Sales Low P/E Companies Reality Check Purchase List Negative Relative Performance Valuation Ranking High P/E Companies Positive Relative Performance Sale List Portfolio (125 - 200 Stocks)

Improvements to a Simple Low P/E Approach: Emphasize Timing Be early in and out of stocks… but not too early Give investors time to absorb bad news Give stocks with positive momentum a chance to “run” Don’t wait for catalysts QMA’s Value Equity Sell Negative News Performance Relative to the S&P 500 QMA’s Value Equity Buy Positive News Relative Performance... Stocks, Industries and Sectors Time There can be no guarantee that this objective will be met. Graph does not represent the performance of any actual investment. Past performance is not indicative of future results.

Construct Diversified Portfolio of Attractively Priced Stocks Portfolio Constraints Security Sector Modified equal weighting 125-200 stocks Initial position of 0.3% or benchmark weight (if greater) Maximum of 40% Industry Liquidity Benchmark-related constraints Maximum of 15 holdings per industry Maximum holding of 5x average daily trading volume Maximum holding of 5% of outstanding shares, across all accounts Levels may vary under normal market conditions. Precise bounds may vary without notice. Holdings and sector allocations are subject to change.

Representative Portfolio Characteristics QMA’s Value Equity Composite As of 6/30/05 1 There is no guarantee that forecasts will be met. Characteristics are subject to change over time. Source: QMA and Frank Russell

QMA’s Value Equity* vs. Russell 1000 Value Quarterly $ Weighted Average Cap $ Billions * Represents the Value Equity Commingled Account The above is based on composite data. All of Quantitative Management Associates composites are available upon request. As of 6/30/05 Past performance is not a guarantee of future results. Investors cannot invest directly in an index. Source: Russell and QMA

QMA’s Value Equity* vs. Russell 1000 Value The above is based on composite data. All of Quantitative Management Associates composites are available upon request. As of 6/30/05 Past performance is not a guarantee of future results. Investors cannot invest directly in an index. Source: Russell and QMA

QMA’s Value Equity Composite vs. Competitors *The past performance of the composite does not represent performance of the Dryden Strategic Value Fund itself and is not indicative of the future performance for the Fund. The composite does not reflect the effect of fees and charges, and assumes a reinvestment of distributions and other earnings. The above is based on composite data. All of Quantitative Management Associates composites are available upon request. Past performance is not a guarantee future results. Callan is an outside vendor whose software has been used to create this exhibit. QMA pays a fee for this software. Universe: Callan Large Cap Value style. QMA has made efforts to confirm accuracy/reliability of the data provided by Callan but we disclaim responsibility for its accuracy or completeness. Please see Composite Performance Returns for full disclosure including net returns. Source: QMA and Callan Associates

Dryden Strategic Value Fund Performance* (as of 6/30/2005) Annualized Returns Since Inception (3/30/01) 1 Year 3 Year Dryden Strategic Value Fund A 6.32% 10.82% 2.99% Standardized Return (w/sales charges) 0.47% 8.75% 1.63% Lipper Large-Cap Value Avg 8.74% 8.10% 3.39% Russell 1000 Value Index 14.06% 11.00% 6.48% Past performance is no guarantee of future results and current performance may be lower or higher than the past performance data quoted. Investment return and principal will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. For the most recent month-end performance update visit our website at www.jennisondryden.com. Maximum sales charge is 5.5%. *On September 20th, the Strategic Partners Focused Value Fund converted to the Dryden Strategic Value Fund.

QMA’s Value Equity vs. Competitors Annualized 5-Year Rolling Returns As of 6/30/05 Past performance cannot guarantee future results. Callan is an outside vendor whose software has been used to create this exhibit. QMA pays a fee for this software. Universe: Callan Large Cap Value style. QMA has made efforts to confirm accuracy/reliability of the data provided by Callan but we disclaim responsibility for its accuracy or completeness. Source: QMA and Callan Associates

Value Equity Composite

Value Equity Composite

Value Equity Composite

QMA has prepared the charts used in this presentation based on separate reports that were AIMR compliant. These separate reports are available upon request. For more information about the Jennison Dryden funds, see the prospectus. Your clients should consider the fund's investment objectives, risks, and charges and expenses carefully before investing. The prospectus will contain this and other information about the investment company. Clients should read the prospectus carefully before investing. There is no assurance the fund’s investment objective will be achieved. P/E Ratio - A valuation ratio of a company's current share price compared to its per-share earnings. Russell 1000 Value Index - measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. These stocks are selected from the 1,000 largest companies in the Russell 3000 Index, which represents approximately 92% of the total market capitalization of the Russell 3000 Index. S&P Barra Value Index - a capitalization-weighted index of all the stocks in the S&P 500 that have low price-to-book ratios. S&P 500 Index - a market capitalization-weighted index, composed of 500 widely-held common stocks, including reinvestment of dividends, that is generally considered representative of the U.S. stock market. Quantitative Management Associates LLC is a Registered Investment Advisor and a Prudential Financial company. JennisonDryden is a registered trademark of The Prudential Insurance Company of America. Mutual Fund shares of mutual funds are distributed by Prudential Investment Management Services LLC (PIMS), a Prudential Financial company. JennisonDryden is a registered service mark of The Prudential Insurance Company of America. IFS- A101948 Edition date 9/2005