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Large Cap Growth Equity Strategy

June 2004

JENNISON MANAGED ACCOUNTSA Division of Jennison Associates LLC

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Investment Strategy & Process

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A Firm Committed to Performance

Investment Objectives:

Long-term outperformance of both S&P 500 and Russell® 1000 Growth indices

Be the best performing manager among our peers, with a consistent risk profile

Investment Culture:

Confidence in our philosophy, people and process

A competitive drive to perform

Values individual impact and rewards teamwork

See Notes to Presentation 1.

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Large Cap Growth Investment Philosophy

We believe we can generate attractive returns by investing in companies with above average growth in revenues, earnings and cash flows

Capture inflection points in growth rates

Own stocks with sustainability of growth

Critical components of our philosophy

Bottom-up stock selection

Internal fundamental research focus

Highly interactive investment process

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Overview of Investment Process

Jennison is organized to facilitate the analysis, sharing and debating of essential information, which is critical to portfolio construction

DEFINEINVESTMENT UNIVERSE

PROPRIETARY RESEARCH FOCUSED

BY SECTOR

FUNDAMENTAL OUTLOOKS & EARNINGS MODELS

INTERACT DAILY PORTFOLIOS

CREATE

We build portfolios that represent the collective insight and intellectual capital of an entire team driven to perform

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Ideal Jennison Growth Stock

Buy CriteriaSuperior fundamental characteristics

Expected earnings growth 50% greater than market

Inflection point in growth rate

Sustainability of growth rate

Expectations above consensus

Appropriate valuation

Sell CriteriaUnfavorable change in fundamentals

Full valuation realized

More attractive portfolio candidate emerges

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Rigorous dialogue drives investment process centered on internalfundamental research

Benefits of this process:

Elevates quality of analysis and underpins conviction in decisions

Ensures a high degree of commonality across accounts

Incentive system rewards collective performance and individual impact

Investment Process Creates Sustainable Advantage

Segalas McCarragher

Siegel

Boyer Del BalsoResearch Analysts

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Risk Management

Fundamental Analysis

Disciplined Buy/Sell Process

Performance Attribution

Risk Decomposition

OperationsStrict monitoring of portfolios vs. client guidelines

Clear separation of functions

Stock Selection

PortfolioManagement

Analytical

Operational

Position LimitsIndustry 25%Security 5%

Loss Control Methodology

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Michael Del BalsoDirector, Executive Vice President,Director of Research for Growth Equity &Large Cap Growth Equity Portfolio Manager

36 Years of Experience

Joined Jennison in 1972

B.A., Yale University

M.B.A., Columbia University

Large Cap Growth Portfolio Manager

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Ted BrindisiPortfolio Advisor

35 Years of Experience

B.B.A. and M.B.A. Bernard Baruch College

Portfolio Advisors

Abhi KamerkarPortfolio Advisor

14 Years of Experience

B.A. (Economics) and M.B.A. (Finance) Rutgers University

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40-50 Stocks

Primarily invests in large cap stocks; opportunistically invests in mid cap stocks

Maximum position: generally 5%

Turnover of approximately 60-70%

Fully Invested: cash typically less than 5%

Long-term perspective: average horizon when positions initiated of 12-18 months

Also available in Balanced strategy with targeted allocation of 60% Equity and 40% Fixed Income

Large Cap Growth

Expected Portfolio Characteristics

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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

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Performance

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Large Cap Growth Equity Strategy PerformanceJune 30, 2004

Source for performance after September 30, 1998 and all benchmark performance: Prudential Investments. Source for performance prior to September 30, 1998: Jennison Associates LLC. The inception of the Jennison Managed Accounts Large Cap Growth Composite is September 30, 1998. Performance prior to September 30, 1998 represents the performance of the Jennison Large Cap Growth Equity Composite. Net performance prior to September 30, 1998 represents the deduction of 0.75%, which is the maximum quarterly fee for accounts in the investment style. Net returns after September 30, 1998 represent the deduction of actual program fees. Actual fees may vary depending on, among other things, the applicable fee schedule and portfolio size. Past performance does not guarantee future results. See Notes to Presentation 1 and 2.

2Q 2004 YTD 1 Year 3 Years 5 Years 10 Years 30 Years

Gross 3.30% 5.22% 21.40% -1.38% -4.45% 11.91% 14.28%

Net 2.89 4.39 19.47 -3.09 -6.15 9.42 11.24

Russell® 1000 Growth Index 1.94 2.74 17.88 -3.74 -6.48 10.12 N/A

S&P 500 Index 1.72 3.44 19.10 -0.69 -2.21 11.83 12.73

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S&P 500 Index

Consistently Competitive Long-Term PerformanceRolling Ten Year Annualized Gross and Net of Fee Returns

Outperformed Russell® 1000 Growth Index in 16 of 16 rolling periods (Gross of Fee)

Outperformed S&P 500 Index in 24 of 25 rolling periods (Gross of Fee)%

0

5

10

15

20

25

30

70-80

71-81

72-82

73-83

74-84

75-85

76-86

77-87

78-88

79-89

80-90

81-91

82-92

83-93

84-94

85-95

86-96

87-97

88-98

89-99

90-00

91-01

92-02

93-03

94-04

Large Cap Growth Equity Strategy (Gross of Fee)

Russell® 1000 Growth Index

All data is for periods ending June. Inception of Russell® 1000 Growth Index: 1/1/79. Source for performance after September 30, 1998: Prudential Investments. Source for performance prior to September 30, 1998 and all benchmark performance: Jennison Associates LLC. The inception of the Jennison Managed Accounts Large Cap Growth Composite is September 30, 1998. Performance prior to September 30, 1998 represents the performance of the Jennison Large Cap Growth Equity Composite. While the same Large Cap Growth investment process is applied to both the Jennison Large Cap Growth Equity Composite and the Jennison Large Cap Growth Equity Managed Account strategy, accounts in the Composite generally invest in 55 to 70 securities, whereas accounts in the Managed Account strategy generally invest in 40-50 stocks. Net performance prior to September 30, 1998 represents the deduction of 0.75%, which is the maximum quarterly fee for accounts in the investment style. Net returns after September 30, 1998 represent the deduction of actual program fees. Actual fees may vary depending on, among other things, the applicable fee schedule and portfolio size. Past performance does not guarantee future results. See Notes to Presentation 1, 2 and 4.

Large Cap Growth Equity Strategy (Net of Fee)

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Cumulative Relative PerformanceLarge Cap Growth Equity Strategy vs. Russell® 1000 Growth Index from January 1979 to June 2004

75

10 0

12 5

150

175

2 0 0

2 2 5

7 8 7 9 8 0 8 1 8 2 8 3 8 4 8 5 8 6 8 7 8 8 8 9 9 0 9 1 9 2 9 3 9 4 9 5 9 6 9 7 9 8 9 9 0 0 0 1 0 2 0 3

D at e

%

(12/29/78)

+41%

(6/30/83)

-3%

(3/31/85)

(6/30/95)

-9%

(3/31/97)

+23%

(6/30/02)

-5%

(12/31/02)+18%

(6/30/88)

-6%

(9/30/90)

+18%

Gross of FeeNet of Fee

Inception of Russell® 1000 Growth Index: 1/1/79. The brackets shown represent the percent change in the relative performance of selected periods of highs and lows. Source for performance after September 30, 1998: Prudential Investments. Source for performance prior to September 30, 1998 and all benchmark performance: Jennison Associates LLC. The inception of the Jennison Managed Accounts Large Cap Growth Composite is September 30, 1998. Performance prior to September 30, 1998 represents the performance of the Jennison Large Cap Growth Equity Composite. While the same Large Cap Growth investment process is applied to both the Jennison Large Cap Growth Equity Composite and the Jennison Large Cap Growth Equity Managed Account strategy, accounts in the Composite generally invest in 55 to 70 securities, whereas accounts in the Managed Account strategy generally invest in 40-50 stocks. Net performance prior to September 30, 1998 represents the deduction of 0.75%, which is the maximum quarterly fee for accounts in the investment style. Net returns after September 30, 1998 represent the deduction of actual program fees. Actual fees may vary depending on, among other things, the applicable fee schedule and portfolio size. Past performance does not guarantee future results. See Notes to Presentation 1, 2 and 4.

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Large Cap Growth Balanced Strategy PerformanceJune 30, 2004

Source for performance : Prudential Investments. The inception of the Jennison Managed Accounts Large Cap Growth Balanced Composite is December 31, 1999. Net returns represent the deduction of actual program fees. Actual fees may vary depending on, among other things, the applicable fee schedule and portfolio size. Past performance does not guarantee future results. See Notes to Presentation 1 and 3.

2Q 2004 YTD 1 Year 3 Years Since

Inception

Gross 0.94% 2.80% 12.06% 0.72% -3.96%

Net 0.46 1.83 9.93 -0.64 -5.32

60/40 Russell® 1000 Growth/LB Int. Gov. 0.24 1.60 10.34 0.77 -3.24

60/40 S&P 500/LB Int. Gov. 0.11 2.01 11.06 2.48 0.74

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Portfolio Characteristics

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%

20

3

1412

25

910

0 0 0

7

11 1113

20

17

11

7

3 3 3

00

5

10

15

20

25

30

35

ConsumerDiscretion.

ConsumerStaples

Health Care Financials InformationTech.

Industrials Energy Materials Telecomm.Services

Utilities Cash

Portfolio Sector AllocationAs of June 30, 2004

See Notes to Presentation 4 and 5.

S&P 500 Index

Large Cap Growth Equity Strategy Model Portfolio

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Gilead Sciences Inc. 4.1%eBay Inc. 3.9%Yahoo! Inc. 3.8%Starbucks Corporation 3.5%BJ Services Company 3.5%General Electric Company 3.5%Cisco Systems, Inc. 3.5%3M Co. 3.4%Whole Foods Market, Inc. 3.1%Total SA – ADR 3.1%

Total 35.5%

Largest Equity HoldingsAs of June 30, 2004

% of Model Portfolio

See Notes to Presentation 6.

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2622

17 16

0

10

20

30

40

2004E 2005E

See Notes to Presentation 4 and 7.

Portfolio CharacteristicsAs of June 30, 2004

EPS Growth P/E

Relative P/E

29

2121

6

0

10

20

30

40

2004E 2005E

%

S&P 500 Index

Large Cap Growth Equity Strategy Model Portfolio

153138

0255075

100125150175

2004E 2005E

%

Other Characteristics

Number of HoldingsCashAnnual Turnover

38 securities6.8% of portfolio61%

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Summary

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Summary of Investment Process

DEFINEINVESTMENT UNIVERSE

PROPRIETARY RESEARCH FOCUSED

BY SECTOR

FUNDAMENTAL OUTLOOKS & EARNINGS MODELS

INTERACT DAILY PORTFOLIOS

CREATE

Adequate capitalization

Sufficient liquidity

Fundamental characteristics consistent with investment objectives

Result ~ 400 growth stocks

Scrutinize financial statements

Meet senior management

Access customers, suppliers, competitors

Incorporate custom analysis

Build in-depth company & industry knowledge

Growth in units, revenues and cash flows

Defendable competitive position

Enduring business franchise, differentiated product/service

Proven management team

Robust balance sheet

Analyst Buy/Sell recommendations

Ongoing discussion of portfolio positions

Dialogue elevates quality of analysis and underpins conviction

Individual managers make their own investment decisions

High commonality across accounts

Conviction in fundamentals

Perception of opportunity

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Selecting Jennison Large Cap Growth Equity

Sustainable investment edge driven by our interactive process

Extraordinary commitment to internal fundamental research

Culture that values individual impact and rewards teamwork

Highly experienced investment team

Over 30 years of superior performance

See Notes to Presentation 8.

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Notes to Presentation1 The Russell® 1000 Growth Index is a trademark/service mark of the Frank Russell Company. Russell® is a trademark of the Frank Russell Company. The information in

this presentation is confidential and further redistribution is prohibited.2 The Jennison Managed Account Large Cap Growth Composite performance presented for periods from September 30, 1998 to the most recent quarter end represents the

performance of all accounts invested in the Jennison Large Cap Growth Managed Account strategy which have been under management for one full quarter. Performance presented for periods prior to September 30, 1998 represents the returns achieved by accounts in Jennison’s Large Cap Growth Equity Composite. While the same Large Cap Growth investment process is applied to both the Jennison Large Cap Growth Equity Composite and the Jennison Large Cap Growth Equity Managed Account strategy, accounts in the Composite generally invest in 55 to 70 securities, whereas accounts in the Managed Account strategy generally invest in 40-50 stocks. The Jennison Large Cap Equity Composite includes all fully discretionary institutional and registered investment company (mutual fund) accounts which have been under Jennison’smanagement using the Large Cap Growth strategy for one full month. The only accounts using the Large Cap Growth strategy which were excluded from the Jennison Large Cap Equity Composite are not fully discretionary (for example, do not permit certain types of investments or limit the number of securities), have not been managed for a full month, or are taxable accounts. Returns for periods longer than a year are annualized. Some of the performance represented was achieved during a period of unprecedented returns in certain market sectors and may not be repeated. Past performance does not guarantee future results. The Russell® 1000 Growth Index is a market capitalization-weighted index which consists of growth stocks. 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. Investors cannot directly invest in an index.

3 Effective January 17, 2003 Jennison assumed portfolio management responsibilities for the Large Cap Growth Balanced Managed Account Strategy, with the fixed income portion of the portfolio sub-advised to Prudential Investment Management (PIM). Prior to this date, PIM was responsible for portfolio management of the Jennison Large Cap Growth Balanced Portfolio, with the equity portion sub-advised to Jennison. Some of the performance represented was achieved during a period of unprecedented returns in certain market sectors and may not be repeated. Past performance does not guarantee future results. The 60/40 Russell® 1000 Growth Index/Lehman Brothers Intermediate Government Bond Index is a blended index with 60% Russell® 1000 Growth Index and 40% Lehman Brothers Intermediate Government Bond Index. The 60/40 S&P 500 Index/Lehman Brothers Intermediate Government Bond Index is a blended index with 60% S&P 500 Index and 40% Lehman Brothers Intermediate Government Bond Index. The Standard & Poor’s 500 (S&P 500) Index is a market capitalization-weighted index of 500 companies. The Russell® 1000 Growth Index is a market capitalization-weighted index which consists of growth stocks. The Lehman Brothers Intermediate Government Index is an unmanaged index, and comprises U.S. Treasuries and agencies having 1- to 10-year maturities. Investors cannot directly invest in an index.

4 Source for Russell® 1000 Growth Index data: FactSet. Source for S&P 500 Index: FactSet, Standard & Poor’s and FT Interactive Data Corporation. Jennison does not compile statistical or other data itself and relies on third-party vendors to provide such data. Although Jennison utilizes vendors that it believes are reliable, we can not guarantee the accuracy of such information as we do not control the methods used to compile such data.

5 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 Global Industry Classification standard developed by Standard & Poor’s in collaboration with Morgan Stanley Capital International. However, after periodic review, Jennison investment professionals may reclassify certain securities held in the portfolio. The cash percentage represents trade date cash and cash equivalents. It should not be assumed that future investments made on behalf of the Jennison Managed Accounts Large Cap Growth Equity 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.

6 Source for all data: Jennison Managed Accounts. Due to rounding, percentages may not sum to total shown. These securities represent the largest positions held in the Jennison Managed Accounts Large Cap Growth Equity Strategy Model Portfolio as of 6/30/04 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 Large Cap Growth Equity 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 throughout the past twelve months is available upon request.

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Notes to Presentation7 Source for all data: Jennison Managed Accounts. The portfolio 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. Relative P/E is the portfolio P/E divided by the Index P/E. The cash percentage represents trade date cash and cash equivalents. It should not be assumed that future investments made on behalf of the Jennison Managed Accounts Large Cap Growth Equity 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. A list of all investments made on behalf of Jennison Managed Accounts throughout the past twelve months is available upon request.

8 Past performance does not guarantee future results. Jennison Associates LLC began offering its growth strategy to institutional clients in July of 1969. The institutional composite has outperformed the S&P 500 Index on an annualized basis from inception to June 30, 2004. The institutional composite does not include accounts managed in separately managed account programs.