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

2. 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

3. 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%

4. 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%

5. 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%

6. 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.

7. 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.

8. 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.

9. Growth Equity Approach
We identify 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

10. Value Equity Approach Value Stock Selection Criteria:
We identify 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

11. 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

12. 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

13. 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

14. 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.

15. 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, 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.

16. 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.

17. 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.

18. 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 The institutional composite for both strategies have outperformed the S&P 500 Index on an annualized basis through December 31, Neither institutional composite includes accounts managed in separately managed account programs.