American Skandia Adds New Investment Options as Sales Reach Record Heights; Sales Up More Than 100% in First Quarter 2000.

Business Editors

SHELTON, Conn.--(BUSINESS WIRE)--May 1, 2000

American Skandia Marketing, Inc., one of the nation's leading distributors of investment products, has added ten investment options - including a new AST Janus Mid-Cap Growth Portfolio - to its line-up of tax-deferred variable annuities and its family of mutual funds. These funds offer financial planners and their clients a broader array of investment options than ever before. American Skandia's ongoing success is confirmed by the company's record sales of $4.3 billion in the first quarter of 2000, an increase of 111% over the same period last year. Variable annuity sales amounted to $2.7 billion and sales of other financial products totaled $1.6 billion. Total assets under management are now more than $34 billion. "These investment options deepen our already premier line-up of equity managers," said Timothy Cronin, Vice President/Director of Investments & Research at American Skandia Marketing, Inc., "and represent our ongoing efforts to identify, screen and select the top performing managers across all investment disciplines. Our record sales reflect the fact that planners have come to trust and value our investment selections."

American Skandia's variable annuity portfolios now total 48 sub-accounts covering 25 distinct asset classes, all managed by among the best-known names in money management. In addition to the AST Janus Mid-Cap portfolio, the new portfolios in the variable annuity line are:

-- AST Alliance Growth Portfolio (formerly AST Oppenheimer

Large-Cap Growth Portfolio)

-- AST Alliance Growth and Income Portfolio (formerly AST Lord

Abbett Growth and Income Portfolio)

-- AST Sanford Bernstein Managed Index 500 Portfolio (formerly

AST Bankers Trust Managed Index 500 Portfolio)

-- AST American Century International Growth II Portfolio

(formerly AST T. Rowe Price International Equity Portfolio)

-- ProFund VP UltraSmall-Cap Portfolio (formerly ProFund VP

SmallCap Portfolio)

The changes to the American Skandia Advisor Funds (ASAF), a family of non-proprietary retail mutual funds, are:

-- ASAF Alliance Growth Fund (formerly ASAF Oppenheimer Large-Cap

Growth)

-- ASAF Alliance Growth and Income Fund (formerly ASAF Lord

Abbett Growth and Income Fund)

-- ASAF Managed Index Fund (formerly ASAF Bankers Trust Managed

Index 500 Fund)

-- ASAF American Century International Growth Fund (formerly ASAF

T. Rowe Price International Equity Fund)

American Skandia's product lines include variable annuities, mutual funds, variable life insurance and qualified retirement plans. Call 1-800-SKANDIA for a prospectus containing more complete information on charges, expenses and tax consequences. It should be read carefully before you invest or send money. Information about the company and its products can also be found on the company Web site at www.americanskandia.com.

Variable annuities and variable life insurance are issued by American Skandia Life Assurance Corporation. All products are distributed by American Skandia Marketing, Inc., both located at One Corporate Drive, Shelton, CT 06484.