Building on 38 Years of Successful Asset Management

Jennison Associates has earned a reputation for excellence by fulfilling client investment needs since its founding in 1969. Today, we manage  more than  $80 billion for institutions and private clients through separately managed accounts and commingled vehicles including mutual funds through subadvisory relationships.

Our expertise includes a range of equity strategies across styles and market capabilities, as well as fixed income strategies. As of March 31, 2008, we managed more than $60 billion in equities and approximately $20 billion in fixed income and balanced assets.

Dedicated to meeting client investment objectives

Since our founding, we have had one goal – to provide superior investment returns for our clients. Our expertise spans a select array of active investment disciplines that focus on areas where we believe we can add significant value. Throughout our history, we have taken careful steps to sustain our disciplined investment philosophies, hire and retain talented professionals, and build our business in a controlled fashion. This has led to our long-term investment success and long-term client relationships.

As of March 31, 2008, over 42% of our clients – representing over half of assets under management – had been with us for more than 10 years. As of the same date, we managed money for 18% of companies comprising the Fortune 100.

An unwavering process and team focus on performance

Our success is attributable to our performance-oriented culture and adherence to clear and consistent investment philosophies. Our commitment to fundamental research and bottom-up stock selection drives investment performance across all strategies and is the cornerstone of our investment philosophy.

While portfolio managers ultimately make investment decisions for the portfolios they manage, they work closely with our research analysts and other portfolio managers in a dynamic and continuous process of updating and debating investment ideas and company-specific convictions. This process prizes intellectual rigor and leverages the knowledge and skills of our entire investment team.

Hallmarks of our investment process include investing in securities based on original, fundamental research and the implementation of investment ideas by highly skilled investment professionals.

Investment decisions incorporate every individual’s insights but also reflect collective input, the distinguishing characteristic of our process. Our team approach recognizes that individual accountability combined with close collaboration among professionals is the foundation of success.

Furthermore, our compensation structure rewards investment professionals for their individual and collective contributions to portfolio performance. Long-term outperformance of benchmarks and competitive universes is the focus, ensuring that the interests of our professionals and clients are aligned.

We believe that to successfully meet our investment objectives, we must: