Read RS.GD.141.1006 CVR text version

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Especially prepared for: Michael Mastrantonio

Your Retirement Workbook

Michael Mastrantonio 123 Main Street Route 2 Apartment 4567 Anywhere, NJ 08830-1234

ABC Services 401(k) Retirement Plan

Sample Workbook Profile*

Name. . . . . . . . . . Michael Mastrantonio Status . . . . . . . . . Eligible, not participating Age . . . . . . . . . . . 35 Current Pay . . . . . $35,000

* This data will not be printed in your workbook.

Prudential Retirement 200 Wood Avenue South Iselin, NJ 08830

Securities products and services are offered by Prudential Investment Management Services LLC (PIMS), Three Gateway Center, 14th Floor, Newark, NJ 07102-4077. PIMS is a Prudential Financial company. Investors should carefully consider a fund's investment objectives, risks, charges and expenses before investing. For more complete information about the investment options available through your plan, please contact Prudential Retirement at 200 Wood Avenue South, Iselin, NJ 08830 for a free prospectus that contains this and other information for the fund(s). Read the prospectus carefully before investing. Prudential Retirement's Manager of Managers funds are offered through separate accounts available under group annuity contracts issued by Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, CT, a Prudential Financial Company. Capital Guarantee Funds are group annuity contracts issued by Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, CT, a Prudential Financial company. Capital Guarantee Funds may not be available in all states pending regulatory approval. Indirectly through subsidiaries, Prudential Financial Inc. owns 38% and Wachovia Corporation owns 62% of Wachovia Securities LLC. Prudential Retirement and Prudential Financial are registered service marks of The Prudential Insurance Company of America, Newark, NJ and its affiliates. Prudential Retirement is a Prudential Financial business. INST-20060907-A021281 Ed. 09/2006 RS.GD.141 Printed 10/2006

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February 2007

Michael, Finally a plan that's all about you.

F.Y.I. This intr allows you to productory letter features of your omote the key encourage your plan and enroll. The letter employees to customized with can be organization's lo your go.

Everyone knows that a financially secure retirement doesn't happen overnight; it requires careful planning. But a lot of people think that planning for retirement is a complicated process. As you'll see, we've made it easy for you to start saving. Effective May 1, 2007, you will be automatically enrolled in the ABC Services 401(k) Retirement Plan. After all, we want all of our employees to benefit from a plan that provides:

Employer contributions that can help boost your own savings--it's like getting a bonus. A contribution accelerator feature that enables you to automatically increase your contribution amount each year. GoalMaker®--an investment solution that helps you choose your investments and stay on track throughout your retirement planning years. Capital Guarantee Funds for conservative investors, which provide guaranteed protection of original investment and a guarantee of investment gains for all units held until maturity. Roth contributions allow you to save after-tax dollars today for your future.

A little planning and action today--can lead to a better tomorrow.

We've partnered with Prudential Retirement® to create this workbook for you that explains the benefits of our retirement plan and how easy it can be to help prepare for retirement. Of course, you can decline your enrollment by using the account tools described in Section 4 until you decide the time is right. You must decline enrollment by April 30, 2007. The planning you do in this workbook today may help you have the kind of retirement you want tomorrow. Sincerely,

Jane Smith

Jane Smith

Your Plan Administrator, ABC Services

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PRUDENTIAL RETIREMENT'S

Retirement Workbook

ENGAGE YOUR PARTICIPANTS IN THEIR FUTURE

Anxiety. Confusion. Frustration. All are common reactions for individuals trying to save for retirement. Fortunately, you can help overcome these responses by providing your participants with a Retirement Workbook from Prudential Retirement®. We've learned through extensive research that keeping the topic relevant and simple gets your participants involved in their future faster. This innovative workbook allows participants to learn about the benefits of your retirement program in a way that is easy to understand. Each of the interactive exercises is tailored to give your participants the bottom line about saving for retirement without a lot of confusion or stress. Our workbook is flexible, interactive and engages readers through:

Our personalized workbook contains projections based on each individual's participation status, pay and date of birth. (For individuals already in the plan, projections may include current account balance and/or contribution amount.) But we don't stop there... You can build your retirement workbook to fit your organization's needs. You have the option to customize the assumptions used in projections, such as: inclusion of Social Security benefits specific retirement age specified rate of return

Whether your participants need assistance or want to do it on their own, this workbook helps them create a more secure retirement. It's their future, but we can empower them to make it better.

F.Y.I. Look for these callouts throughout this sample to better understand the innerworkings of our Retirement Workbook. Refer to the character profiles on the back of this workbook to follow the projections used.

simple retirement income scenarios that help make retirement planning decisions easier a quick exercise to help make the investment selection process straightforward quick tips that answer relevant questions clear instructions so participants can take action right away

To put the power of the Retirement Workbook to work for your program, please contact Prudential Retirement at 800-353-2847, and select option 1.

Prudential Retirement's Manager of Managers funds are offered through separate accounts available under group annuity contracts issued by Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, CT, a Prudential Financial company. Securities products and services are offered by Prudential Investment Management Services LLC (PIMS), Three Gateway Center, 14th Floor, Newark, NJ 07102-4077. PIMS is a Prudential Financial company. Prudential Retirement and Prudential Financial are registered service marks of The Prudential Insurance Company of America, Newark, NJ and its affiliates. Prudential Retirement is a Prudential Financial business.

INST-20060913-A021357 Ed. 09/2006

RS.FL.651 Printed 10/2006

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This Table of Co ntents page: · Informs the em ployee that personalized in in the workbooformation is included that informatio k (and the source for n). · Highlights othe information, su r tools and contact Advisor (if applch as a Financial icable).

F.Y.I.

This workbook was designed with you in mind.

Even though you will be automatically enrolled, it's important to learn more about retirement planning.

1.

How much will you need during retirement?

Information provided by ABC Services, such as your date of birth and annual pay, has been incorporated into the projections to help make your retirement planning decisions easier. This workbook can help answer common retirement planning questions and questions you may have about the ABC Services 401(k) Retirement Plan. It is easy to use. Use the space provided in the workbook to track your decisions. (The pencil icon alerts you to sections to be completed by you.) Then, follow the enrollment instructions in Section 4.

2.

How much should you consider contributing?

3.

How can you invest your money?

Important. Be sure to review the Important Information section beginning on page 11. It details plan provisions and investment options' performance.

4.

Complete your enrollment.

1

For more information about your plan, call 877-PRU-2100 or visit www.prudential.com/online/retirement

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1.

$6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $0

F.Y.I. This page employee's curr illustrates the en income "gap" (b t retirement projection data ased on the employer). The chosen by the choose whetheremployer may also Social Security or not to have in the monthly projections included re projection illustr tirement income ation.

Michael, did you know you may need an income of $4,800 per month during retirement?*

So how can you reach this goal?

First, let's look at how much Social Security may provide you. Based on your data, Social Security may provide you with $2,000 per month. This leaves a gap of $2,800 per month ($4,800 ­ $2,000 = $2,800). The ABC Services 401(k) Retirement Plan is one way to help make up this gap.

Monthly retirement income projections

Monthly income needed during retirement

Projected monthly gap $2,800

Monthly income from Social Security

* This projection is based on your current pay, which was provided by ABC Services. It assumes that you retire at 65, spend 20 years retired and your current pay will grow by 2.5% annually until you retire. The projected Social Security benefit is an estimate based on recent Social Security Administration statistics and benefit formulas. It assumes that benefits when you retire will equal the current Primary Insurance Amount (PIA) for a single individual in a similar situation. In addition, this estimate does not take into consideration any changes to Social Security that may occur. This estimate does not take into consideration any other retirement savings or benefits you may have. This projection does not include commissions, bonuses or any other incentive compensation.

How did we arrive at these projections?

We projected that your monthly pay when you become eligible to retire will be $6,000. Then, we multiplied this figure by 0.80 because many financial experts estimate that individuals will need a total monthly retirement income equal to 80 percent of their pay. The resulting figure--$4,800-- represents what you may need each month during retirement.

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Do you have other retirement savings? To create your own estimate of your projected retirement income based on more detailed personal information, visit www.prudential.com/signature/sample

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This page: · Points out be retirement plannefits of a tax-deferred . · Reiterates the and "decline" deauto-enrollment date adline (if applic able).

F.Y.I.

Joining the plan is easy.

On May 1, 2007, you will be automatically enrolled in your retirement plan unless you opt out by April 30, 2007 or take action on your own (See Step 2 in Section 4). Your contribution amount will be 6 percent per pay period, and your money will be invested in an age-appropriate GoalMaker portfolio--but this is just a starting point. This workbook is meant to help you make the most appropriate planning decisions today. And one of those decisions may be to enroll early. By enrolling early, you can choose your own investments and contribute more than your "auto-enrollment" amount. This feature gives you the ability to take control and manage your account now. Here are more features of the plan:

Employer contributions that can help boost your savings: ABC Services will contribute 50 cents for every $1 you contribute--up to 6 percent of your eligible pay. You pay less in federal taxes today: Your before-tax contributions will lower your current taxable income. Compounding helps your money grow: You earn interest on both the money you invest and the interest that money earns over time. Time is the most important ingredient in the compounding process. Your money works harder for you: All of your before-tax contributions and any money your contributions earn grow tax-deferred until you withdraw them.* Saving is easy: Your contributions are automatically deducted from your paycheck-- so you don't have to worry about writing a check or finding the money to invest.

Quick Tip:

Concerned about having access to your money in your retirement plan account? Should an event arise that requires you to access your money, you can take a loan or hardship withdrawal--or take your money with you when your employment with ABC Services ends.

* Withdrawals of contributions and potential earnings are taxed at ordinary income tax rates.

3

Next step: How much should you consider contributing?

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2.

$6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $0

F.Y.I. This page different contrib illustrates how can help to clos ution amounts projected monthe an employee's ly income gap.

How much should you consider contributing?

Now that you know your projected monthly retirement income gap may be $2,800, review the chart below to see how different before-tax contribution amounts today can help you close that gap during retirement.

Contributing 12% can help you reach your monthly retirement income goal of $4,800.

Employer contribution Employer contribution Employer contribution Your 6% contribution Social Security Your 9% contribution Your 12% contribution

Social Security

Social Security

Each dollar amount shown in this table represents an estimate of your potential monthly retirement income that is based on a rate of return of 7% annually over a period of 20 years. Each amount also includes an estimated monthly Social Security benefit of $2,000 and your employer's contributions. You become vested in your employer's contributions based on your plan's vesting schedule (see the Important Information section starting on page 11). Your suggested contribution amount also takes into consideration your plan's maximum contribution limit, which may not be enough to help you reach your goal. Please keep in mind that this is a hypothetical illustration, and this estimate does not take into consideration any other retirement savings or benefits you may have. It is not intended to represent the performance of your specific investment. It is possible to lose money by investing in securities.

When it comes to your employer's contributions, don't leave money on the table!

Keep in mind that your employer's contributions can help your account grow faster. ABC Services will contribute 50 cents to your account for every $1 you contribute--up to the first 6 percent of your eligible pay. Because you will be auto enrolled at 6 percent, you will be contributing enough to take full advantage of your employer contribution.

Quick Tip:

You may contribute between 1 and 20 percent of your annual pay before taxes are deducted. And, your retirement plan also allows you to make Roth contributions, which are subject to different tax rules. See the Important Information Section for details.

4

To "test drive" other contribution amounts or paycheck scenarios, please visit www.prudential.com/signature/sample

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Your bottom line.

F.Y.I. This page projects, for vario includes a chart that us contribution amounts: · How much m oney could be co the employee's ntributed to account; and · How much m each paycheck. oney could be deducted from This page also in accelerator or Rotroduces contribution th contributions applicable). (if

Now that you know how much you may need to contribute to your retirement plan, take a look at the chart below to see how those contributions will affect your take-home pay. For example, if you contribute $175 each month, your monthly take-home pay is only reduced by $131. Because your contribution is deducted from your pay before taxes, your taxable income is reduced. You benefit because you pay less in federal income taxes and you invest more into your account. That's the power of before-tax investing.

How much will it cost each month?

Contribution Percentage

Your monthly contribution amount Your employer's monthly contribution amount Total contributed to your account each month Amount your take-home pay is reduced each month

This chart assumes a 25% pre-retirement tax bracket and does not take into account state or local taxes.

6%

$175

9%

$263

12%

$350

$88

$88

$88

$263

$351

$438

$131

$197

$263

Choose your contribution amount: OR... Write your own amount here:

6%

9%

12%

Looking for an easy way to boost your savings?

There's an easy way to increase your contribution amount over time-- through your plan's optional contribution accelerator feature. Here's how it works:

You automatically benefit from this feature unless you affirmatively opt out. You can opt out at any time by using your new account tools. Your contribution amount will increase by 1 percent on January 1, 2008, annually, up to a maximum of 15 percent of your pay.

Remember, you will automatically be enrolled at 6 percent--but this is just to get you started. Make sure you're contributing enough to help reach your goal.

5

Next step: How can you invest your money?

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3.

This page: · Outlines the em investment solu ployee's various tions. · Helps the em ployee determin type of investor e the with the investmthey are to assist ent selection process.

F.Y.I.

How can you invest your money?

When it comes to choosing your investments, you have the following options. For more information on these investment options, please refer to the Important Information Section.

Keep it simple.

Enroll in GoalMaker . . . . . . . . . . . . . . . determine your Investor Type Code (below) This easy-to-use asset allocation program, adopted by your plan, helps select investments based on your risk tolerance and years to retirement. With GoalMaker's age adjustment feature, your account automatically shifts to invest more conservatively as retirement nears. Capital Guarantee Funds . . . . . . . . . . . . determine your Investor Type Code (below) Capital Guarantee Funds are innovative retirement investment options designed for conservative investors. They provide protection without sacrificing the opportunity for growth. If you determine your investing style is "conservative" in the exercise below, these funds may be the solution for you. Build Your Own Portfolio . . . . . . . . . . . determine your Investor Type Code (below) To help you choose your own investments, we've provided an overview of general investment categories and performance information in the back of this workbook.

Help protect your savings.

Choose from plan investments.

Determine Your Investor Type

Your investment mix depends on your risk tolerance and number of years until retirement. Complete this section if you're using GoalMaker or if you're choosing your own investment mix. If you need additional help determining your investing style, take the Risk Tolerance Quiz located at the back of this workbook.

Description

CONSERVATIVE investors generally: are concerned about short-term

ups and downs in the market; and want to minimize risk and maintain principal.

Type

Code

Yrs. to Retirement

C M R

01 02 03 04

0-5 6-10 11-15 16+

MODERATE investors generally: are willing to sacrifice safety of

principal for potentially greater returns; and can tolerate modest market fluctuations.

AGGRESSIVE investors generally: seek to maximize investment

returns; and can tolerate substantial market fluctuations.

My Investor Type Code is:

6

Next step: Find your suggested portfolio option.

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On this page: · Employees ar e based on their in provided with suggested port fo vestor type and years to retiremlios · Or, employees ent. can use their co money can be in vested by asset de to see how their choose GoalMak er or build their class, whether they own portfolio.

F.Y.I.

Suggested Portfolio Options by Investor Type Code*

Find your Investor Type Code in the chart below. If you want to enroll in GoalMaker, this chart shows how your money would be invested by asset class. If you want to build your own portfolio, the same code provides a suggested mix of investments by asset class. Review these options, then go to page 8 to choose how you would like to invest your contributions.

Stable Value Fixed Income Large Cap Stock--Growth

Conservative

C 01

Large Cap Stock--Value Small/Mid Cap Stock--Growth

Moderate

M 01

Small/Mid Cap Stock--Value International Stock

Aggressive

R

01

0-5 years

· 50% · 25% · 7% · 7% · 6% · 5%

· 34% · 26% · 11% · 11% · 5% · 5% · 8%

· 26% · 19% · 15% · 16% · 6% · 7% · 11%

C

02

M

02

R

02

Years to Retirement

6-10 years

· 37% · 28% · 9% · 9% · 5% · 5% · 7%

· 28% · 22% · 14% · 14% · 6% · 6% · 10%

· 20% · 15% · 18% · 18% · 8% · 8% · 13%

C

03

M

03

R

03

11-15 years

· 28% · 22% · 14% · 14% · 6% · 6% · 10%

· 20% · 15% · 18% · 18% · 8% · 8% · 13%

· 11% · 9% · 22% · 23% · 9% · 10% · 16%

C

04

M

04

R

04

16+ years

· 17% · 13% · 19% · 20% · 8% · 9% · 14%

· 9% · 6% · 24% · 24% · 10% · 10% · 17%

· 28% · 28% · 12% · 12% · 20%

Michael, these are your Suggested Portfolio Options.

* These model portfolios are provided as samples and not as investment recommendations. They are based on generally accepted investment theories and take into account the principles of the modern portfolio theory, in which allocations are adjusted in an effort to achieve maximum returns for a given level of risk. You should consider other assets, income and investments you may have before applying these models to your individual situation. An asset allocation strategy does not ensure safety of principal and interest. It is always possible to lose money while investing in securities, even if you have done your best to choose an allocation model that matches your situation.

7

Next step: Complete your enrollment.

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4.

Capital Guarantee 2010

Complete your enrollment.

%

F.Y.I. This sect account tools anion introduces follow workshe d offers an easy-toet for: · Enrolling in th e plan--or decl enrollment ining · Choosing thei and/or selectingr contribution amount their investmen ts · Designating th eir beneficiary

Step 1: Write in your contribution amount here:

You will be automatically enrolled at 6 percent, but you can increase that amount to better reach your retirement goal.

Select one option below that best meets your investing style and goals.

You will be automatically invested in an age-appropriate GoalMaker portfolio unless you select an alternative below.

Enroll in GoalMaker

I wish to enroll in GoalMaker. Enter your Investor Type Code from Section 3, then go directly to Step 2 (page 10) to complete enrollment.

My Investor Type Code is:

The investments included in your plan's GoalMaker portfolios are noted with an asterisk in the chart on the next page.

OR...Choose Capital Guarantee Funds

You can choose to invest 100 percent in a single fund or mix and match to build your own investment strategy. To invest in a single fund, choose the desired fund below and go to Step 2 (page 10) to take action. If you wish to invest in more than one Capital Guarantee Fund, make your selections on page 9.

Capital Guarantee 2015 Capital Guarantee 2020 Capital Guarantee 2025

OR...Build Your Own Portfolio1:

(Total of selected funds equals 100%)

If you decide to choose your own investments, you can refer to the Suggested Portfolio Options on the previous page for allocation suggestions. You can then choose from the investment options in the chart on the next page, and write in the percentage you'd like to invest. Then go directly to Step 2 (page 10) to complete enrollment. If Capital Guarantee Funds are of interest to you, you may decide to invest a portion or 100 percent of your money in these funds based on your individual situation and goals.

1

Please refer to the Important Information and investment performance sections starting on page 11 for additional information.

8

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Asset Class Asset Class Asset Class Asset Class Asset Class Asset Class Asset Class Asset Class Asset Class Asset Class Asset Class Asset Class Asset Class Asset Class Asset Class Asset Class

Fund Name Fund Name* Fund Name Fund Name Fund Name Fund Name Fund Name Fund Name* Fund Name Fund Name Fund Name Fund Name Fund Name Fund Name Fund Name* Fund Name

% % % % % % % % % % % % % % % %

Fund Name Fund Name Fund Name* Fund Name Fund Name Fund Name Fund Name Fund Name Fund Name Fund Name* Fund Name* Fund Name Fund Name Fund Name* Fund Name Fund Name

% % % % % % % % % % % % % % % %

TOTAL MUST EQUAL

100%

*These investments are included in your plan's GoalMaker portfolios. These investments are subject to change. You will be notified in writing in advance of any such change.

Quick Tip:

What do we mean by assets and asset classes? What is the relationship between investment risk and reward? You can find answers to these and many other investing questions by visiting our educational website, Signature OnlineSM at www.prudential.com/signature

9

Next step: Complete your enrollment.

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Step 2: Start Today.

Online or by phone: Visit www.prudential.com/online/retirement and select the "First Time Logging In?" option. Or, call 877-PRU-2100. If you are hearing impaired, please call 877-760-5166. Follow the prompts to create your PIN (Personal Identification Number) and then complete your transaction. You can also use these tools if you wish to decline enrollment by April 30, 2007 or to opt out of the contribution accelerator feature.

Step 3: Designate your beneficiary.

Once you have established your account, you must wait at least 24 hours before you can designate your beneficiary. Identifying the person you want to receive your account balance in case of your death is very important. Call 877-PRU-2100 to record the beneficiary for your retirement plan account.

Be sure to stay on track.

It's important to keep an eye on your account to help ensure that your financial future is on track. Use the following tools to help yourself along the way: Obtain account information and initiate transactions by visiting www.prudential.com/online/retirement or calling our Interactive Voice Response service toll free, at 877-PRU-2100. (Representatives are available to assist you weekdays, from 8 a.m. to 9 p.m., ET.) SM Visit our educational website, Signature Online at www.prudential.com/signature to access a variety of interactive financial planning tools. Review your retirement statement detailing your account activity.

Quick Tip:

Do you have money in another retirement plan or Individual Retirement Account (IRA)? You may want to consider rolling it into this retirement plan. With your retirement investments consolidated in one account, you'll have one convenient place to go to manage your savings. Call 800-992-4472 for more details.

10

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Important Information About the ABC Services 401(k) Retirement Plan

F.Y.I. This section is customized with your plan-specific information and features additional investment education for those interested in learning more.

On the following pages, you will find important information about the ABC Services 401(k) Retirement Plan, including performance information for each of the plan's investment options and some helpful worksheets. The information in this guide is just an overview of the plan's features and is not intended to replace the information contained in the Summary Plan Description (SPD). The SPD includes more complete information. If you do not have a copy of the SPD, you should request one from your Plan Administrator. You should be sure to read the SPD carefully. This plan follows guidelines set forth by 404(c). In dealing with participant investment self-direction, 404(c) has garnered much interest as a means for plan sponsors to avoid or reduce fiduciary liability for participant investment choices in a participant-directed investment plan. This plan chooses to comply with specific requirements regarding information about investment options, number and type of investment options, as well as an ability to move balances between those options on a reasonably frequent basis.

Enrollment and Eligibility

Your enrollment in the ABC Services 401(k) Retirement Plan is automatic, unless you decline participation within 30 days of your eligibility date.

E L P M A S

Additional Features!

affirmatively opt out.

Contribution Accelerator--an easy way to increase your contribution amount over time--through your plan's optional contribution accelerator feature. Here's how it works: You automatically benefit from this feature unless you

You can opt out at any time by using your new account tools. Your contribution amount will increase by 1 percent on January 1,

You will be enrolled in an ageappropriate GoalMaker portfolio. To learn more about other investment options in your plan, refer to the investment type section located in this portion of your workbook.

2008, annually, up to a maximum of 15 percent of your pay.

Roth Contributions

Your retirement plan allows you to make Roth contributions to your account. Roth contributions combine the savings and investment features of a traditional, before-tax retirement plan with the tax-free distribution features of the Roth IRA. If you meet certain requirements down the road, the Roth money you withdraw at retirement--and its investment earnings--won't be taxable. When deciding if you should make Roth contributions, consider the following scenarios:

If your tax rate will be higher in retirement than it is today--making

Your Contributions

You may contribute between: ­ 1 and 20 percent of your annual pay before taxes1 You may also make Roth contributions to your retirement plan account.1 You may roll over money to your account, in any amount, from another employer's similar retirement plan. Refer to the plan's SPD for further details.

1

designated Roth contributions may make sense for you.

If your tax rate will be lower in retirement than your working years,

you may benefit more from making before-tax contributions and deferring your tax obligation until retirement.

With tax rates in retirement being uncertain, you may choose to

diversify your taxation by making both before-tax and Roth contributions to your retirement plan. To help you determine if Roth contributions are appropriate for you, visit

www.prudential.com/signature/roth and enter your personal data into our

In 2007, the IRS allows you to make contributions to your retirement plan up to $15,500. If you are a highly compensated employee, you may be subject to additional contribution limits.

Roth contribution calculator.

11

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What is Vesting?

"Vesting" refers to your ownership of the money in your account. You are always 100 percent vested in your own contributions right away. But it may take longer to become vested in your employer's contributions. See below for details about your employer's contributions and any applicable vesting schedule.

LOANS

You may borrow up to: Interest rate: Minimum loan: Maximum loan: Application fee: Processing fee: Repayment period: 50 percent of your vested account balance at anytime Prime rate +1 percent* $1,000 $50,000 $75 for each loan $25 annually 1 to 5 years. Up to 20 years for a loan taken to purchase your primary residence. Tax consequences: Method of repayment: Prepayment available: If loan is not paid in full, tax consequences will apply. Payroll deduction Yes

Your Employer's Contributions

ABC Services will contribute 50 cents to your account for every $1 you contribute, up to the first 6 percent of your eligible pay. You are immediately 100 percent vested in employer contributions. You can direct employer contributions to any investment in your plan.

ACCESSING YOUR MONEY

You may be able to access money in your retirement plan account, through a loan, in-service withdrawal, or hardship withdrawal. Loans will be allowed for the following reasons: Purchase of a principal residence--this does not include mortgage payments

Finance the cost of post secondary education for your dependent children Prevent the foreclosure on the mortgage of a primary residence

LE P M A S

Number of loans permitted at one time: 2

* Interest is paid back to participant's account.

IN-SERVICE WITHDRAWALS

While employed, you may also make the following types of in-service withdrawals. Age 59 1/2

After-tax

Regular in-service

Important Note!

You generally cannot withdraw your before-tax contributions, or any vested employer contributions before age 59 1/2. If you have an immediate financial need and you lack other reasonably available resources to meet that need, you may be eligible to receive a hardship withdrawal as defined under the federal tax law. Generally, you must take a loan (for which you are eligible) before you can apply.

Un-reimbursed medical expenses for you, your spouse or dependents

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HARDSHIP WITHDRAWALS2 You must meet one of the following requirements: Purchase or construction of a principal residence Payment for higher education expenses Major medical expenses Preventing eviction from or foreclosure on a principal residence Payment of funeral or burial expenses Repair of damage to participant's primary residence that qualified for casualty deduction Once you take a hardship withdrawal, you will not be able to make contributions to your account for 6 months.

KEEPING IT IN THE PLAN At the time benefits are payable, your vested account balance will determine how your account is handled. Refer to the schedule below: Your Vested Account Balance

Less than $1,000 Greater than $1,000 but less than $5,000

Impact to Your Money

Paid in lump sum, regardless of prior elections* If you do not choose to receive a distribution, your benefit will follow the direction of ABC Services Your money will continue to grow tax-deferred in your account

Greater than $5,000

Retiring or Leaving ABC Services

It's important to learn about all options regarding your account balance before you retire or leave ABC Services. You will need to make a decision about what to do with your vested account balance when one of the following events occurs: Your employment with ABC Services ends You retire from ABC Services at the normal retirement age of 65 with 30 years of service You retire at the early retirement age of 60 with 30 years of service You become permanently disabled Your death. Your beneficiary is entitled to your account balance when you die

* Standard 20% withheld.

DIRECTLY ROLLING IT OVER You can choose to "roll" money over into another retirement plan or Individual Retirement Account (IRA) account. This allows your money to continue growing tax-deferred. HAVING ACCOUNT BALANCE PAID IN THE FORM OF AN ANNUITY An annuity pays you a regular income, usually monthly. This option spreads the tax burden over a period of years. HAVING ACCOUNT BALANCE PAID IN INSTALLMENTS

When any of the events listed above occurs, you or your beneficiary will have several distribution options. It's important to understand each of the distribution options listed below, before you make your decision. You can also contact Prudential's dedicated Retirement Specialists for assistance, please call 800-992-4472.

2

Hardship Withdrawals: The taxable portion of a withdrawal is taxed as ordinary income and will be subject to an additional early distribution penalty tax if you receive the withdrawal before age 591/2. The total amount of the withdrawal may not be more than the amount required to meet your immediate financial need, however, you may have the option to "gross-up" the amount you receive to cover taxes. You may want to consult a tax professional before taking a withdrawal from the plan.

LE P M A S

LUMP SUM

You can withdraw your account balance in a series of payments, in an amount over a period of time determined by ABC Services.

You may choose to take a full or partial lump sum distribution. A 20 percent federal income tax will be applied. If you have not reached age 59 1/2, you will be subject to a 10 percent early withdrawal penalty.

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Investment Types

There are four main types of investments in which participants generally invest: Stable-Value Investments: These investments combine safety of principal with money-market-like liquidity and seek to produce rates of return that are superior to money market funds over the long term. Fixed-Income Investments: Invest in corporate and government bonds. They can go up or down in value each day, so they carry more risk than stable-value investments, but also offer more opportunity for a potentially larger return. Stocks/Equities: Stock funds also called equity investments represent ownership in funds which own shares of corporations. Stock funds offer you a chance to share in the profits or losses of those corporations. Stock funds have the potential for higher returns, but they carry more risk than the other investment options.

Balanced: Balanced investments combine fixed-income and stock components to offer you a combination of the interest income from fixed-income investments and the growth potential of stock investments. As a result, balanced investments typically do not experience the full ups and downs of the stock market.

Investment Options

ABC Services offers a selection of investments to choose from. You can decide how you want your money invested, and may move money between investments anytime.

There are many types of stock investment options, each categorized by the size or market capitalization of the companies they invest in, the investment style followed by the fund manager, and the geographic focus of the fund: Size of Market Capitalization:

Large Cap: over $10 billion

Mid Cap: $2 billion to $10 billion Small Cap: under $2 billion

E L P M A S

Money Market or Stable Value Fund Name(s) Fixed Income Fund Name(s) Balanced Fund Name(s) Large Cap Stock­Growth Fund Name(s) Large Cap Stock­Value Fund Name(s) Large Cap Stock­Blend Fund Name(s) Mid Cap Stock­Growth Fund Name(s) Mid Cap Stock­Value Fund Name(s) Small Cap Stock­Growth Fund Name(s) Small Cap Stock­Value Fund Name(s) International Stock Fund Name(s)

Investment Style: Growth: these stocks are expected to grow faster than the economy. Value: these stocks are thought to be a bargain because they have been undervalued or overlooked by investors. Blend: these investments combine both growth and value stocks. Geographic Focus: Domestic: invests primarily in U.S. companies Global: invests in both U.S. and foreign companies International: invests primarily in foreign countries

14

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GoalMaker*

Your retirement plan offers GoalMaker®, an optional easy-to-use asset allocation program that will invest your contributions in a portfolio that matches your risk tolerance and years left until retirement. To use GoalMaker, all you need is your "Investor Type" code that you created in section 3 of this workbook. By enrolling in GoalMaker, you direct Prudential to immediately reinvest your future contributions and existing account balance (if applicable) to match this model investment allocation. Your entire account will be rebalanced according to this model portfolio unless a restriction is in place or a portion of your account is invested in a restricted source that isn't available through GoalMaker. Of course, as your goals and years left until retirement change, you can select a new portfolio at any time without changes or penalties, however, making an allocation change will cause you to no longer be enrolled in the GoalMaker program.

CONSERVATIVE ALLOCATIONS C01 C02

6-10 Years

C03

11-15 Years

C04

16+ Years

INVESTMENT OPTIONS

Stable Value Fund Name Fixed Income Fund Name Large Cap Stock­Growth Fund Name Large Cap Stock­Value Fund Name Small/Mid Cap Stock­Growth Fund Name Small/Mid Cap Stock­Value Fund Name International Stock Fund Name

50% 25% 7% 7% 0% 6% 5%

0-5 Years

37% 28% 9% 9% 5% 5% 7%

28% 17% 22% 13% 14% 19% 14% 20% 6% 6% 8% 9%

11-15 Years

6-10 Years

INVESTMENT OPTIONS

Additionally, GoalMaker's optional age adjustment feature automatically adjusts your allocations over time, based on the number of years you have left until retirement. How does it work? If you choose a conservative investor portfolio with 11-15 years to retirement, once you reach an age that brings you ten years before your expected retirement age, your account will automatically be updated to the conservative investor portfolio with 6-10 years to retirement. To see how your money would be invested across various asset classes, find your Investor Type code in the chart below that matches your risk tolerance.

Stable Value Fund Name

34% 26% 11% 11% 5% 5% 8%

28% 22% 14% 14% 6% 6% 10%

20% 15%

9% 6%

Fixed Income Fund Name

Large Cap Stock­Growth Fund Name Large Cap Stock­Value Fund Name Small/Mid Cap Stock­Growth Fund Name Small/Mid Cap Stock­Value Fund Name International Stock Fund Name

18% 24% 18% 24% 8% 10% 8% 10% 13% 17%

16+ Years

0-5 Years

The GoalMaker portfolio you choose will be automatically rebalanced quarterly. Automatic rebalancing with GoalMaker ensures your asset allocation stays in line with your original investment objectives. During the rebalancing process, money is moved among investments in your GoalMaker portfolio to maintain the allocation percentages you choose.

LE P M A S

MODERATE ALLOCATIONS

10% 14%

M01

M02

M03 M04

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AGGRESSIVE ALLOCATIONS

R01

0-5 Years

Capital Guarantee Funds

R02

6-10 Years

R03

11-15 Years

R04

16+ Years

INVESTMENT OPTIONS

Capital Guarantee Funds are investment options that provide guaranteed protection of your original investment and a guarantee of any investment gains for all units held until maturity. These funds invest in a mix of equity and fixed-income investments intended to minimize risk while retaining growth potential. As such, they may be suitable for investors who are worried about market volatility eroding the value of their retirement savings, or those who have reservations about taking unnecessary risk to achieve growth in their portfolios. Capital Guarantee Funds: In making a decision to invest in a Capital Guarantee Fund, investors should consider, among other things, their ability to maintain their investment in a Fund until its target maturity date, Investors who redeem units prior to maturity for any reason will receive the Net Unit Value, which may be worth more or less than the original cost. The Guaranteed Maturity Unit Value will be paid on the maturity date. Before making an investment decision, investors should also consider whether similar results may be available through use of other plan investment alternatives--as well as their assets, income and investments. For more information on the Capital Guarantee Funds, refer to the Investment Performance section of this workbook.

Stable Value Fund Name Fixed Income Fund Name Large Cap Stock­Growth Fund Name Large Cap Stock­Value Fund Name Small/Mid Cap Stock­Growth Fund Name Small/Mid Cap Stock­Value Fund Name International Stock Fund Name

26% 19% 15% 16% 6% 7% 11%

20% 15% 18% 18% 8% 8% 13%

11% 9%

0% 0%

22% 28% 23% 28% 9% 12% 10% 12% 16% 20%

* Please note that in addition to the specific funds used in the GoalMaker model portfolios, other funds with similar risk and return may be available to you.

E L P M A S

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Risk Tolerance Quiz

Please indicate how concerned you are about the following by circling the score next to your answer: 1) The possibility that I won't earn enough in my account over the long term: I am very concerned 10 I am somewhat concerned 7 I am not concerned 3 2) The possible loss of "buying power" or "quality of life" from the effects of inflation: I am very concerned 6 I am somewhat concerned 4 I am not concerned 1 3) The possibility of wide swings in the value of my account over 1­3 months: I am very concerned 0 I am somewhat concerned 4 I am not concerned 12 4) The possibility of wide swings in the value of my account over 1­2 years: I am very concerned 2 I am somewhat concerned 6 I am not concerned 12 5) Which of the following causes you the most concern about the investments in your account? My future ability to get back at least the same amount of money that I put in 2 That my money is not earning enough 6 How much I have gained or lost this month 0

F.Y.I. This quiz who want help is for employees id kind of an invest entifying what or they may be.

Still not sure what your risk tolerance is? Answer the following questions to help get a clearer picture.

Your experience with various investments can affect how you feel about the investments in your account. Please answer the following relative to your investment experience or your comfort level regarding investments 6) One of the investments in your program has performed very well for a few years. If it suddenly dropped 15 percent in 3 months, what would you do? Sell immediately 0 Hold it 6 Buy more 8 7) You would describe your experience with stocks or stock funds as: A great deal of experience 6 A fair amount of experience 4 Very little experience 2 None 1 8) You would describe your experience with bonds or bond funds as: A great deal of experience 5 A fair amount of experience 3 Very little experience 2 None 1 9) You would describe your comfort level with stocks or stock funds as: A great deal of experience 12 A fair amount of experience 10 Very little of experience 4 None 0 10) You would describe your comfort level with bonds or bond funds as: A great deal 7 A fair amount 4 Very little 3 None 0

If you scored a "2" on question 5, Capital Guarantee Funds may be a solution for you.

To determine your score: Add up the points assigned to all ten of your answers. Total Score: ________

What Your Score Indicates:

If you scored 0 ­ 40 points, you may be a Conservative investor. If you scored 41 ­ 60 points, you may be a Moderate investor. If you scored 61 or more points, you may be an Aggressive investor.

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F.Y.I. This section helps employees understand the important information in each Fund Fact Sheet.

I NVESTMENT P ROFILE /P ERFORMANCE U PDATE U SER ' S G UIDE

This guide will help you use the Investment Profile/Performance Update to your advantage.

Please note: You may notice that some of the Fund Fact Sheets included are in a different format than the User's Guide. Currently, these Fact Sheets are not described by this tool.

A Category Morningstar assigns each investment option to one of 60 categories, based on the stocks and bonds that have found their way into the portfolio over the past three years.

The XYZ Fund

Key Facts

INVESTMENT ADVISER: FUND CATEGORY: NET ASSETS: INCEPTION DATE: TICKER SYMBOL: B EXPENSE RATIO: C OVERALL MORNINGSTAR RATINGTM: OVERALL # OF FUNDS IN MORNINGSTAR CATEGORY: D PORTFOLIO MANAGERS: A ABC Company Fixed Income - Domestic $186 Million Jul 2002 ABCDE 1.07% of Fund Assets

First Quarter 2006 Performance Update OBJECTIVE / DESCRIPTION

The XYZ Fund seeks capital appreciation. The Fund primarily invests in common stocks drawn from a universe of the largest 1,500 companies (ranked by market capitalization) traded in the United States. Smaller-capitalization stocks will be ranked from a different universe. Smaller-capitalization stocks will be ranked from a different universe. Smaller-capitalization stocks will be ranked from a different universe. There is no assurance the objective of the Fund will be met.

Expense Ratio The amount of money taken out of your account each year to pay for the operation and management of an investment portfolio, expressed as a percentage. How much is too much to pay? The average stock fund charges 1.4%, while the average bond fund charges 0.75%. The lower the expense ratio the better.

B C D

Top Ten Holdings

H U.S. Treasury Bills

As of 3/31/2006

Fin Fut Euribor Fin Fut US 5 Yr Fin Fut Euro$ CME GNMA I TBA 5% FNMA Pass Thru Mtg 5.90% 5.40% 5.20% 5.20% 2.60%

I

Portfolio Allocation

International Equity 99.74% US Equity 0.01% Cash 0.24% Other Assets 0.01%

As of 3/31/2006

650 Jane Doe John Doe

Overall Morningstar RatingTM Portfolio's overall rating.

E

Overall Morningstar Rating as of quarter ending 12/31/05. The Morningstar Rating shown is for the share class of this Fund only; other classes may have different performance characteristics. © 2006 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

FIN FUT US 10yr TBC Pooled Emp Tr Fund U.S. Treasury Note FNMA TBA 4.00%

44.40% 37.20% 14.40% 11.60% 6.50%

Sector Allocation

JIndustrials . . . . . . . . . .17.54%

As of 3/31/2006

Energy . . . . . . . . . . . . .9.35% Consumer Discretionary . .7.87% Materials . . . . . . . . . . .2.64% Utilities . . . . . . . . . . . . .2.24% Telecomm Service . . . . . .1.18%

Portfolio Characteristics

As of 3/31/2006

Fund Mandate Benchmark 4.77 Yrs 7.47 Yrs AAA 5.32%

Operations Find out the name of the person who determines which stocks or bonds belong in the investment portfolio (the "portfolio manager"). Investor Risk Profile For mutual funds, the investor risk profile displays the fund's Morningstar Risk, a downside risk measure that evaluates the portfolio relative to other portfolios within its Morningstar Category. For separate accounts, the fund's investor risk profile is classified according to its overall volatility. Volatility measures the ranges of returns a portfolio has experienced over time. Wide ranges of returns are labeled "high," and are considered riskier than "low" volatility investments, which have had smaller ranges in returns. Please refer to the "For More Information" section of the User Guide for further information on Morningstar risk and volatility analysis.

E

Investor Risk Profile

Consumer Staples . . . . .16.19% Information Technology .15.10% Health Care . . . . . . . . .14.96% Financials . . . . . . . . . .12.93%

Investment Style

F

Value Blend Growth

As of 12/31/2005

The Fund is classified based on its long-term performance relative to the benchmark index that most

Top Ten Holdings and Sector Allocation are unaudited and ranked as a percentage of assets.

Effective Duration Average Maturity Average Quality Average Coupon

4.43 Yrs 6.67 Yrs AAA 2.46%

Large closely resembles its total return stream. This classi-

fication process incorporates regression analysis to determine the index to which the Fund's returns have a high "fit"(R2). The vertical axis represents the Fund's market Mid capitalization relative to appropriate style benchmark indexes. The horizontal axis represents the Fund's investSmall ment style expressed on a value-to-growth scale, relative to appropriate style benchmark indexes. Fund holdings may also be used to classify a fund's style. Please refer to the user guide for more information.

Performance* (%)

K

As of 3/31/2006

CUMULATIVE RETURNS

Quarter Fund Mandate Benchmark Morningstar RatingTM # of Funds in Category 3.54 3.60 ­ ­ YTD 2.61 2.77 ­ ­ 1 Year 12.02 12.25

1

AVERAGE ANNUAL TOTAL RETURNS

3 Year 16.51 16.72

2

5 Year -1.66 -1.49

3

10 Year 9.29 9.49

4

Since Inception 11.79 N/A ­ ­

Result of $10,000 Investment*

$20,000 $15,000 $10,000 $5,000 $0

'98 '99 '00 '01 '02 '03 '04 '05

822

1227

931

321

* Results are net of the highest management fee for this Fund (X.XX%) and other operating expenses (X.X% for 2005) charged for this Fund, but are before any contract-related expenses. The Fund may have an arrangement to recapture a portion of trade commissions that are used to offset operating expenses of the Fund.

Fund

Mandate Benchmark

Annual Performance*

G 2005 2004 2003 2002 2001 Fund -0.94% 4.69% 10.49% 8.78% 11.38% Mandate Benchmark -0.82% 4.10% 10.25% 8.44% 11.63%

Morningstar Style Box/Investment Style Box While the category description tells you how the portfolio has been run in the past, the Style Box is a snapshot of what the portfolio currently owns. Data for equity separate accounts is based on a quarter lag.

F

The performance quoted above represents past performance and current performance may be lower or higher than the performance data quoted. Past performance does not guarantee future results. The investment return and principal value will fluctuate so that an investor's units, when redeemed may be worth more or less than original cost. The performance results shown do not reflect the deduction of the sales charge that may apply if mutual fund shares were purchased outside of the plan, such sales charges would lower performance. An investment cannot be made directly in an index. See Userguide for benchmark definitions. L The "investment manager" of the PRIAC separate account as defined under ERISA, is Prudential Retirement Insurance and Annuity Company. Prudential Retirement's Manager of Managers group annuity contracts are issued by The Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, CT, a Prudential Financial company.

For current performance or additional information, go to: www.Prudential.com or call the toll-free number that appears on your statement.

INST-20050624-A01060

XYZ-DC/123456-106

Annual Performance Calendar year returns for the Fund and corresponding benchmarks.

G H

Top Ten Holdings The top holdings are the stocks or bonds with the most influence on a portfolio's returns.

I Portfolio Allocation We break down the investment portfolio's holdings into general investment classes. The pie chart shows how much emphasis is placed on stocks, bonds or cash. We also show how much is held in foreign stocks. Bond investments replace the portfolio allocation chart with the following: Credit Analysis: We reveal the quality of the bonds in a bond-heavy portfolio, from least risky to most risky, with the percentage assigned to each. J

Sector Allocation Morningstar classifies each stock holding into 10 major industrial sectors, listed on the Fund Profile.

K Performance History The investment's total return is shown for the quarter, year-to-date and preceding year, as well as the average annual total return for the past three, five, and 10 years, or since inception. To provide you with a point of comparison, the return of the benchmark indexes are shown for the quarter, year-to-date, one, three, five and 10 year periods. We also present the category's performance. L Manager of Manager Separate Accounts Prudential Retirement is a Prudential Financial business. Prudential Retirement's Manager of Managers group annuity contracts are issued by Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, CT, a Prudential Financial company. Prudential Financial is a registered service mark of The Prudential Insurance Company of America, Newark, NJ and its affiliates.

The Investment Profile Page User's Guide

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For More Information

Para hablar con un representante de servicios al cliente en español (u otros lenguajes), por favor, llama a nuestro numero gratuito 800 entre las 8:00 a.m. y las 8:00 p.m., Hora del Este, días de trabajo. (To speak with a Prudential Service Representative through an interpreter in Spanish (or other languages), please call our toll-free number week-days between 8:00 a.m. and 8:00 p.m. Eastern Time.) Performance Portfolio return reflects performance without adjusting for sales charges or the effects of taxation, but is adjusted to reflect all actual ongoing portfolio expenses and assumes reinvestment of dividends and capital gains. If adjusted, sales charges would reduce the performance quoted. In addition, due to market volatility, the portfolio's return may vary greatly over short periods of time. The portfolio's performance is compared with that of an index. The index is an unmanaged portfolio of specified securities and does not reflect any initial or ongoing expenses nor can it be invested in directly. The sales charge utilized in the standard return calculation was obtained from the portfolio's most recent prospectus and/or shareholder report available to Morningstar. A portfolio may differ significantly from the securities in the index. Morningstar RatingTM To determine an investment portfolio's star rating for a given time period (three, five and 10 years), the portfolio's Morningstar Risk score is subtracted from its Morningstar Return score. The resulting number is plotted along a bell curve to determine the portfolio's rating for each time period. (Refer to section L) If the fund scores in the top 10% of its broad investment group, it receives 5 stars; if it falls in the next 22.5%, it receives 4 stars; a place in the middle 35% earns 3 stars; those in the next 22.5% receive 2 stars; and the bottom 10% get 1 star. A portfolio's overall return and risk profiles stem from a weighted average of these three time periods. The 10-year statistics account for 50% of the overall score, the five-year figures for 30%, and the three-year numbers for 20%. If only five years of history are available, the five-year period is weighted 60% and the three-year period 40%. If only three years of data are available, the three-year figures alone are used. For Funds that have been in existence for less than five years the managers composite performance will be assessed. Separate Account composite performance is not actual and not reflective of any specific investment but is comprised of the separate account managers portfolios that are managed in a substantially similar strategy as the separate account. Morningstar Style Box® The style box reveals a portfolio's investment strategy. For equity portfolios and fixedincome portfolios respectively, the vertical axis shows the market capitalization of the stocks owned or the average credit quality of the bonds owned. The horizontal axis shows investment style (value, blend, or growth) or interest rate sensitivity as measured by a bond's duration (short, medium or long). Duration is a measure of interest-rate sensitivity-the longer a portfolio's duration, the more sensitive the portfolio is to shifts in interest rates. ©2006 Morningstar, Inc. All Rights Reserved. The info contained herein: 1) is proprietary to Morningstar and/or its content providers; 2) may not be copied or distributed; and 3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Volatility Analysis We classify investment portfolios as having one of three volatility levels relative to all types of mutual funds: Low, Below Average, Average, Above Average and High. Investments with wider ranges of returns are labeled "high," as they are considered riskier than "low" volatility investments, which have had smaller ranges of returns. For portfolios that haven't been in existence for three years we simply show the category average. Investment Risk Foreign Securities Portfolios/Emerging Market Portfolios: The investor should note that portfolios that invest in foreign securities involve special additional risks. These risks include, but are not limited to, currency risk, political risk, and risk associated with varying accounting standards. Investing in emerging markets may accentuate these risks. Sector Portfolios: The investor should note that portfolios that invest exclusively in one sector or industry involve additional risks. The lack of industry diversification subjects the investor to increased industry-specific risks. Non-Diversified Portfolios: The investor should note that portfolios that invest more of their assets in a single issuer involve additional risks, including share price fluctuations, because of the increased concentration of investments Small Cap Portfolios: The investor should note that portfolios that invest in stocks of small companies involve additional risks. Smaller companies typically have a higher risk of failure, and are not as well established as larger blue-chip companies. Historically, smaller-company stocks have experienced a greater degree of market volatility than the overall market average and may be less liquid than larger companies. You get tax deferral of your investment earnings through the qualified retirement plan in which you participate. Because you already enjoy this tax deferral, your decision to invest in this variable annuity should be based on the annuity's investment and insurance features, such as the ability to annuitize and the death benefit. Variable Annuities Discovery SelectSM/Discovery PremierSM: Investment return and principal value of the Portfolios will fluctuate resulting in a value which may at any time, including the time of withdrawal of the cash value, be more or less than the total principal investment made. The performance information represents past performance and is no guarantee of future results. The rates of return reflect the reinvestment of all dividends and capital gains, and the deduction of investment management fees, expenses and product-related insurance charges. Discovery Select/Discovery Premier: Investors should carefully consider a fund's investment objectives, risks, charges and expenses before investing. For more complete information about the investment options available through your plan, please call 1-800-458-6333 for a free prospectus that contains this and other information about our funds. For variable insurance products, please consider carefully both the contract prospectus and underlying-fund prospectus before investing. Medley: Investors should carefully consider a fund's investment objectives, risks, charges and expenses before investing. For more complete information about the investment options available through your plan, please call 1-800-458-6333 for a free prospectus that contains this and other information about our funds. For variable insurance products, please consider carefully both the contract prospectus and underlying-fund prospectus before investing. The Discovery Select and Discovery Premier Group Retirement Annuity and MEDLEY Program are group annuity insurance products issued by The Prudential insurance Company of America, Newark, NJ and are distributed by Prudential Investment Management Services LLC (PIMS), Three Gateway Center, Newark, NJ 07102-4077. PIMS and The Prudential Insurance Company of America are Prudential Financial companies. Prudential Financial is a service mark of the Prudential Insurance Company of America, Newark, NJ, and affiliates. Any taxable amount received under the Contract may be subjected to a 10 percent tax penalty. Amounts are not subjected this penalty if: the amount is paid on or after age 59 1/2 or the death of the Participant; the amount received is attributed to the Participant becoming disabled; the amount paid or received is in the form of level payments not less frequently than annually for life (or a period not exceeding life expectancy); or the amount received is paid under an immediate annuity contract (in which annuity payments begin within one year of purchase). If the lifetime payment stream is modified (other than as a result of death disability) before age 59 1/2 (or before the end of the five year period beginning with the first payment and ending after age 59 1/2), the tax for the year of modification will be increased by the penalty tax that would have been imposed without the exception, plus interest for the deferral. Guarantees are based upon the claims-paying ability of the issuing company and not on the value of the securities within the account.

Benchmark Definitions

10-Year U.S. Treasury Note: The average daily treasury yield for U.S. Treasuries with a maturity of ten years (negotiable debt obligations of the U.S. Government, considered intermediate in maturity). 3-Year Treasury Average Yield: The average daily treasury yield for U.S. Treasuries with a maturity of three years (negotiable debt obligations of the U.S. Government, considered intermediate in maturity). 5-Year U.S. Treasury Note: The average daily treasury yield for U.S. Treasuries with a maturity of five years (negotiable debt obligations of the U.S. Government, considered intermediate in maturity). 60% Russell 1000 Growth Index/40% Lehman Brothers Aggregate Bond Index: A composite index that consists of the Russell 1000® Index (60%) and the Lehman Brothers Aggregate Bond Index (40%). 60% Russell 1000 Growth Index/40% Lehman Brothers Intermediate U.S. Government/Credit Index: A composite index that consists of the Russell 1000 Growth Index (60%) and the Lehman Brothers Intermediate U.S. Government/Credit Index (40%). 60% Russell 1000 Index/40% Lehman Brothers Aggregate Bond Index: A composite index that consists of the Russell 1000® Index (60%) and the Lehman Brothers Aggregate Bond Index (40%). 60% Russell 1000 Value Index/40% Lehman Brothers Aggregate Bond Index: A composite index that consists of the Russell 1000 Value Index and the Lehman Brothers Aggregate Bond Index. 60% Russell 1000 Value Index/40% Lehman Brothers Intermediate U.S. Government/Credit Index: A composite index that consists of the Russell 1000 Value Index (60%) and the Lehman Brothers Intermediate U.S. Government/Credit Index (40%). 60% Russell 1000 Value Index/40% Lehman Brothers Government/Credit Index: A composite index that consists of the Russell 1000 Value Index (60%) and the Lehman Brothers Government Credit Index (40%). 60% S&P 500 Index/40% Lehman Brothers Aggregate Bond Index: A composite Index that consists of the S&P 500 Index (60%) and the Lehman Brothers Aggregate Bond Index (40%). Balanced Composite Index: Consists of the Wilshire 5000 Total Market Index (60%) and the Lehman Brothers Aggregate Bond Index (40%). Citigroup World Non-U.S. Government Bond Index: A market capitalization-weighted index, unhedged and stated in U.S. dollar terms. The Index tracks the performance of the 17 government bond markets of Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Ireland, Italy, Japan, Netherlands, Portugal, Spain, Sweden, Switzerland, and the United Kingdom. The minimum maturity for included bonds is one year. Composite Index: Consists of the S&P 500 Index (65%) and the Lehman Brothers Credit A Index (35%). Dow Jones U.S. Target Date Indexes: Reflects total portfolios of stocks, bonds and cash that automatically adjust over time to reduce potential risk as an investor's target maturity date approaches. Each index is a composite of subindexes that represent the three major asset classes ­ stocks, bonds and cash. Within each index, the weightings among stocks, bonds and cash are rebalanced monthly to reduce potential risk over time. Equity exposure in each target index changes from approximately 90% at index creation to approximately 20% as maturity approaches. After maturity, each index becomes a "Today Index" with a steady allocation to equity of approximately 20%. iMoneyNet Taxable Money Funds Index: Reports on the average yields of all major money market funds, on a 7- and 30-day basis. J.P. Morgan Emerging Markets Bond Index Plus: Tracks total returns for external currency-denominated debt instruments of the emerging markets: Brady bonds, loans, Eurobonds, and U.S. dollar-denominated local market instruments. Countries covered are Argentina, Brazil, Bulgaria, Colombia, Ecuador, Mexico, Morocco, Nigeria, Panama, Peru, the Philippines, Poland, Qatar, Russia, South Korea, Turkey, and Venezuela. The index is market capitalization weighted, based on publicly stated face amounts outstanding. Total returns are calculated by weighting the bonds' daily returns in proportion to their market capitalization. Lehman Brothers Aggregate Bond Index: Composed of securities from the Lehman Brothers U.S. Government/Credit Index, Mortgage-Backed Securities Index, and the Asset-Backed Securities Index. Total return comprises price appreciation/depreciation and income as a percentage of the original investment. Indexes are rebalanced monthly by market capitalization. Lehman Brothers High Yield Bond Index: All bonds included in the Lehman Brothers High Yield Bond Index must be dollar-denominated and nonconvertible and have at least one year remaining to maturity and an outstanding par value of at least $100 million. This index includes fixed rate, publicly issued, noninvestment-grade debt registered with the SEC (Securities and Exchange Commission). Pay-in-kind (PIK) bonds, Eurobonds, 144A bonds, and debt from designated emerging market countries are excluded. Yankees, global bonds (SEC registered) of issuers in G-7 countries, original issue zeros and step-up coupons are included. Generally, securities must be rated Ba1 or lower (including defaulted issuers) by Moody's Investors Service, BB+ or lower by Standard & Poor's, or below investment grade by Fitch Investors Service. A small number of unrated bonds is included in the index; to be eligible, they must have previously held a high yield rating or have been associated with a high yield issuer and must trade accordingly. Lehman Brothers Intermediate U.S. Government/Credit Index: Composed of all bonds covered by the Lehman Brothers U.S. Government Bond and U.S. Credit Indexes with maturities between 1 and 9.99 years. This index includes all publicly issued, fixed rate, nonconvertible investment-grade corporate debt. Issues are rated at least Baa by Moody's Investors Service or BBB by Standard & Poor's, if unrated by Moody's. Collateralized Mortgage Obligations (CMOs) are not included. Total return comprises price appreciation/depreciation and income as a percentage of the original investment. Indexes are rebalanced monthly by market capitalization. Lehman Brothers U.S. Credit Index: Includes all publicly issued, fixed rate, nonconvertible investment-grade corporate debt. Issues are rated at least Baa by Moody's Investors Service or BBB by Standard & Poor's, if unrated by Moody's. Total return comprises price appreciation/depreciation and income as a percentage of the original investment. Indexes are rebalanced monthly by market capitalization.

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Lehman Brothers U.S. Government Bond Index: Composed of all publicly issued, nonconvertible domestic debt of the U.S. Government. Flower bonds and pass-through issues are excluded. Total return comprises price appreciation/ depreciation and income as a percentage of the original investment. Indexes are rebalanced monthly by market capitalization. Lehman Brothers U.S. Government/Credit Index: Composed of all bonds that are investment grade (rated Baa or higher by Moody's or BBB or higher by Standard & Poor's, if unrated by Moody's). Issues must have at least one year to maturity. Total return comprises price appreciation/depreciation and income as a percentage of the original investment. Indexes are rebalanced monthly by market capitalization. Lipper Balanced Funds Index: Represents the average of the 30 largest qualifying mutual funds (based on year-end total net assets) for the investment objective (to conserve principal by maintaining a balanced portfolio of stocks and bonds). Typically, the stock/bond ratio ranges around 60%/40%. Lipper Flexible Portfolio Funds Index: Represents the average of the 30 largest qualifying mutual funds in the Lipper Flexible Portfolio investment objective category (based on year-end total net assets). The mutual funds that comprise the Average allocate their investments across various asset classes, including domestic common stocks, bonds and money market instruments, with a focus on total return. Lipper Global Funds Index: Represents the average of the 30 largest qualifying mutual funds (based on year-end total net assets) for the investment objective (to invest at least 25% of its portfolio in securities traded outside of the United States). These funds may own U.S. securities as well. Lipper High Yield Bond Funds Index: Represents the average of the 30 largest qualifying mutual funds (based on year-end total net assets) for the investment objective (to seek a high [relative] current yield from fixed income securities without regard to quality or maturity restrictions). These funds tend to invest in lower-grade debt issues. Lipper International Funds Index: Represents the average of the 30 largest qualifying mutual funds (based on year-end total net assets) for the investment objective (to invest assets in securities whose primary trading markets are outside the United States). Lipper Large-Cap Core Funds Index: Represents the average of the 30 largest qualifying mutual funds (based on year-end total net assets) in the Lipper Large-Cap Universe. These funds, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) greater than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Lipper Large-Cap Growth Funds Index: Represents the average of the 30 largest qualifying mutual funds (based on year-end total net assets) in the Lipper Large-Cap Universe. These funds, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) greater than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Lipper Large-Cap Value Funds Index: Represents the average of the 30 largest qualifying mutual funds (based on year-end total net assets) in the Lipper Large-Cap Universe. These funds, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) greater than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Lipper Mid-Cap Core Funds Index: Represents the average of the 30 largest qualifying mutual funds (based on year-end total net assets) in the Lipper Mid-Cap Universe. These funds, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Lipper Mid-Cap Growth Funds Index: Represents the average of the 30 largest qualifying mutual funds (based on year-end total net assets) in the Lipper Mid-Cap Universe. These funds, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Lipper Mid-Cap Value Funds Index: Represents the average of the 30 largest qualifying mutual funds (based on year-end total net assets) in the Lipper Mid-Cap Universe. These funds, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index.

Lipper Real Estate Funds Index: An equally weighted index of the largest thirty funds within the real estate funds investment objective as defined by Lipper Inc. These funds invest at least 65% of their portfolios in equity securities of domestic and foreign companies engaged in the real estate industry. Lipper Science and Technology Funds Index: Represents the average of the 30 largest qualifying mutual funds in the Lipper Science and Technology universe (based on year-end total net assets). These funds, by portfolio practice, invest at least 65% of their equity assets in science technology stocks. Lipper Small-Cap Core Funds Index: Represents the average of the 30 largest qualifying mutual funds (based on year-end total net assets) in the Lipper Small-Cap Universe. These funds, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 250% of the dollar-weighted median of the smallest 500 of the middle 1,000 securities of the S&P Super-Composite 1500 Index. Lipper Small-Cap Growth Funds Index: Represents the average of the 30 largest qualifying mutual funds (based on year-end total net assets) in the Lipper Small-Cap Universe. These funds, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 250% of the dollar-weighted median of the smallest 500 of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Lipper Small-Cap Value Funds Index: Represents the average of the 30 largest qualifying mutual funds (based on year-end total net assets) in the Lipper Small-Cap Universe. These funds, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 250% of the dollar-weighted median of the smallest 500 of the middle 1,000 securities of the S&P SuperComposite 1500 Index. MSCI All Country World Free Ex. U.S. Index: Designed to measure equity performance in the global developed and emerging markets. MSCI EAFE Growth Index: A market capitalization-weighted index comprised of that half of the MSCI EAFE Index with the highest price/book ratios. MSCI EAFE Index (net): A market capitalization-weighted index comprised of companies representative of the market structure of 21 developed market countries in Europe, Australia and the Far East. The MSCI EAFE Index is available both in local currency and U.S. dollar terms. The returns shown in the performance chart are calculated with dividends reinvested and are net of foreign withholding tax. MSCI EAFE Value Index: Includes those firms in the MSCI EAFE Index with lower price-to-book value ratios relative to their respective MSCI country index. MSCI EMF Index (net): A market capitalization-weighted index comprised of companies representative of the market structure of 26 emerging market countries open to foreign investment. The MSCI EMF Index excludes closed markets and those shares in otherwise open markets that are not available for purchase by foreigners. The returns shown in the performance chart are calculated with dividends reinvested and are net of foreign withholding tax. The index is available both in local currency and U.S. dollar terms. MSCI World Growth Index: A market capitalization-weighted index comprised of that half of the MSCI World Index with the highest price/book ratios. MSCI World Index (net): A market capitalization-weighted index comprised of companies representative of the market structure of 23 developed market countries in North America (including the U.S.), Europe, and the Asia/Pacific region. The MSCI World Index is available both in local currency and U.S. dollar terms. The returns shown in the performance chart are calculated with dividends reinvested and are net of foreign withholding tax. MSCI World Value Index: includes those firms in the MSCI World Index with lower price-to-book ratios relative to their respective MSCI country index. NAREIT Equity REIT Index: An unmanaged market capitalization index of all tax-qualified Equity REITS listed on the NYSE, AMEX, and the NASDAQ that have 75% or more of their gross invested book of assets invested directly or indirectly in the equity ownership of real estate. Russell 1000® Growth Index: A market capitalization-weighted index that measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth rates. Russell 1000® Index: A market capitalization-weighted index that measures the performance of the 1,000 largest companies in the Russell 3000® Index, which represents approximately 92% of the total market capitalization of the Russell 3000 Index. Russell 1000® Value Index: A market capitalization-weighted index that measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth rates.

Russell 2000® Growth Index: A market capitalization-weighted index that measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth rates. Russell 2000® Index: A market capitalization-weighted index that measures the performance of the 2000 smallest companies in the Russell 3000® Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. Russell 2000® Value Index: A market capitalization-weighted index that measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth rates. Russell 2500® Growth Index: Measures the performance of those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values. Russell 2500® Value Index: A market capitalization-weighted index that measures the performance of those Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values. Russell 3000 Value Index: Measures the performance of those Russell 3000 Index companies with lower price-to-book ratios and lower forecasted growth values. The stocks in this index are also members of either the Russell 1000 Value or the Russell 2000 Value indexes. Russell 3000® Index: A market capitalization-weighted index that measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. Russell Midcap® Growth Index: A market capitalization-weighted index that measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth rates. The stocks are also members of the Russell 1000® Growth Index. Russell Midcap® Index: A market capitalization-weighted index that measures the performance of the 800 smallest companies in the Russell 1000® Index, which represent approximately 24% of the total market capitalization of the Russell 1000 Index. Russell Midcap® Value Index: A market capitalization-weighted index that measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth rates. The stocks are also members of the Russell 1000® Value Index. S&P 500® Index: (registered trademark of The McGraw-Hill Companies, Inc.) An unmanaged index of 500 common stocks, weighted by market capitalization, representing approximately 75% of NYSE (New York Stock Exchange) capitalization and 30% of NYSE issues. (Index performance includes the reinvestment of dividends and capital gains.) S&P MidCap 400 Index: Consists of 400 domestic stocks chosen for market size, liquidity, and industry group representation. It is a market-weighted index, with each stock affecting the Index in proportion to its market value. S&P MidCap 400/Barra Value Index: Standard & Poor's and Barra cooperate to employ a value calculation, whereby the market capitalization of the S&P MidCap 400 Index is divided equally between growth and value. The value component recognizes undervalued companies within the S&P MidCap 400 Index, which have lower price-to-book ratios. The index is rebalanced semi-annually. S&P500/Barra Value Index: Standard & Poor's and Barra cooperate to employ a Price to Book value calculation, whereby the market capitalization of an index S & P 500, is divided equally between growth and value. The value component recognizes undervalued companies within the S&P 500 Index, which have lower price-to-book ratios.The indices are rebalanced twice per year. Vanguard Wellington Composite Index: is a combination of unmanaged industry benchmarks: 65% S&P 500 Index and 35% Lehman Credit A or Better Index. Prior to March 1, 2000, weighted 65% S&P 500 Index and 35% Lehman Long Credit AA or Better Index.

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Dryden S&P 500(R) Index Fund

Key Facts

INVESTMENT Quantitative Management Associates ADVISOR: FUND CATEGORY: Large Cap Stock-Blend NET ASSETS: $3,210.7 Million INCEPTION DATE: 12/31/1987 OVERALL MORNINGSTAR RATINGTM: ### OVERALL # OF FUNDS IN MORNINGSTAR CATEGORY: M MANDATE BENCHMARK M SECONDARY BENCHMARK PORTFOLIO MANAGER: 1476 S&P 500 Index NA John W. Moschberger

Second Quarter 2006 Performance Update

DESCRIPTION/OBJECTIVE This Separate Account (the "Fund") is managed by Quantitative Management Associates. The Fund is constructed to reflect the composition of the S&P 500® Index. Seeks to provide long-term growth of capital and income. There is no assurance the objective of the Fund will be met. NOTE E "Standard & Poor's®", "S&P®", "S&P 500®", "Standard & Poor's 500" and "500" are registered trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by Prudential. The Fund is not sponsored, endorsed, sold, or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in the Fund.

Top Ten Holdings

As of 06/30/2006

Portfolio Allocation

As of 06/30/2006

Overall Morningstar Rating as of quarter ending l r 06/30/2006. The Morningstar Rating shown is for the share class of this Fund only; other classes may have different performance characteristics. ©2006 Morningstar, Inc. All Rights Reserved.

Investor Risk Profile

This Fund may be suitable for investors who: G Seek a combination of capital growth and current income. G Can tolerate a potentially moderate to high level of Fund balance fluctuation.

Exxon Mobil Corporation........................................... 3.25% General Elec Cap Corp ..............................................2.99% U.S. Equity 97.03% Citigroup Inc..............................................................2.10% Bank of America Corp ...............................................1.92% Cash 2.45% Microsoft Corp ..........................................................1.80% Procter & Gamble Co.................................................1.59% Johnson & Johnson ..................................................1.55% International Equity 0.52% Pfizer Inc....................................................................1.51% Altria Group Inc.........................................................1.33% American International Group...................................1.33% Top Ten Holdings and Sector Allocations are unaudited and are ranked as a percentage of equity assets

Sector Allocation

Financials .....................21.41% Info Tech ......................14.80% Health Care ..................12.28% Industrials ....................11.77% Energy ..........................10.23%

As of 06/30/2006

Portfolio Characteristics

As of 06/30/2006 Mandate M Fund Benchmark $48.58 $48.58 19.73x 19.8x 3.62x 3.63x 1.93% 1.92% 18.42% 12.38% As of 06/30/2006

Investment Style

As of 03/31/2006

The Fund is classified based on its longterm performance relative to the benchmark index that most closely resembles its total return stream. This classification process incorporates regression analysis to determine the index to which the Fund's returns have a high "fit" (R2). The vertical axis represents the Fund's market capitalization relative to appropriate style benchmark indexes. The horizontal axis represents the Fund's investment style expressed on a value-to-growth scale, relative to appropriate style benchmark indexes.

Cons Disc ..................10.22% Consumer Staples.....9.58% Utilities .....................3.34% Weighted Median Market Cap (Bil) Telecom ....................3.33% Price/Earnings Ratio (Trailing) Materials ..................3.04% Price/Book Ratio Dividend Yield 5-Year Earning Growth Rate

Performance*(%)

Cumulative Returns QTD YTD -1.43 2.65

M

Fund Mandate Benchmark Morningstar RatingTM

1 Year 8.43 8.63

Average Annual Total Returns 3 Year 5 Year 10 Year Since Inception 10.92 2.25 8.03 11.46 11.22 2.49 8.32 NA

-1.44

2.71

Fund holdings may also be used to classify a fund's style. Please refer to the User Guide for more information.

Results of $10,000 Investment*

30,000.00 25,000.00 20,000.00 15,000.00 10,000.00 5,000.00 96 Fund 97 98 99 00 01 02 03 04 05

### ### ### # of Funds in Category 1476 1175 443 *The Separate Account was established 12/31/1987. Results are net of the highest management fee for this Fund (0.30%) and other operating expenses (0.02% for 2005) charged for this Fund, but are before any contract-related expenses. The Fund may have an arrangement to recapture a portion of trade commissions that are used to offset operating expenses of the Fund. Effective 4/2004, Quantitative Management, an affiliate of Prudential Investment Management, assumed portfolio management responsibilities for the Fund. Dryden is the brand used for Quantitative Management. Performance since 4/2004 represents performance of Quantitative Management. Since Inception returns for this Fund are based on an inception date of 12/31/1987.

The performance quoted above represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance data quoted and do not reflect the deduction of the sales charge that may apply if mutual fund shares were purchased outside of the plan, such sales charges would lower performance. The Investment return and principal value will fluctuate so that an investor's units, when redeemed may be worth more or less than original cost. An investment cannot be made directly in an index. See User Guide for benchmark definitions.

The "investment manager" of the separate account (as that term is defined under ERISA) is Prudential Retirement Insurance and Annuity Company.

Mandate Benchmark

For more information, go to www.Prudential.com

Annual Performance*

Fund d 2005 2004 2003 2002 2001 1 4.62% 10.56% 28.30% -22.25% -12.13% e Mandate M Benchmark 4.91% 10.88% 28.68% -22.10% -11.89%

INST-20050812-A018672

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