<PAGE>
[LOGO]
PROXY
PRUDENTIAL MUNICIPAL SERIES FUND
(MARYLAND SERIES)
GATEWAY CENTER THREE
100 MULBERRY STREET
NEWARK, NEW JERSEY 07102-4077
THIS PROXY IS SOLICITED ON BEHALF OF THE TRUSTEES
The undersigned hereby appoints Robert F. Gunia, Deborah A. Docs and Grace
Torres as Proxies, each with the power of substitution, and hereby authorizes
each of them to represent and to vote, as designated below, all the shares of
Prudential Municipal Series Fund (Maryland Series), held of record by the
undersigned on November 20, 1998, at the Special Meeting of Shareholders to
be held on December 17, 1998, or any adjournment thereof.
THE TRUSTEES RECOMMEND A VOTE "FOR" THE FOLLOWING PROPOSAL.
1. Approval of the Agreement and Plan of Reorganization and Liquidation.
/ / FOR / / AGAINST / / ABSTAIN
2. IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH
OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING.
(over)
1
<PAGE>
(Continued from other side)
PLEASE MARK, SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY, USING THE
ENCLOSED ENVELOPE.
THIS PROXY WHEN EXECUTED WILL BE VOTED IN THE MANNER DESCRIBED HEREIN BY
THE UNDERSIGNED SHAREHOLDER. IF EXECUTED AND NO DIRECTION IS MADE, THIS
PROXY WILL BE VOTED FOR PROPOSAL 1.
-To vote by mail, sign below exactly as your name appears above
and return the Card in the envelope provided
-To vote by touch-tone phone, call 1-800-690-6903
-To vote by Internet, use website www.proxyvote.com
Please sign exactly as name appears below. When shares are held by joint
tenants, both should sign.
When signing as attorney,
executor, administrator,
trustee or guardian, please
give full title as such. If a
corporation, please sign in
full corporate name by
president or other authorized
officer. If a partnership,
please sign in partnership
name by authorized person.
Dated , 1998
------------------
-----------------------------------
Signature (Please sign within box)
-----------------------------------
Signature (Joint Owners)
<PAGE>
[LOGO]
PROXY
PRUDENTIAL MUNICIPAL SERIES FUND
(MICHIGAN SERIES)
GATEWAY CENTER THREE
100 MULBERRY STREET
NEWARK, NEW JERSEY 07102-4077
THIS PROXY IS SOLICITED ON BEHALF OF THE TRUSTEES
The undersigned hereby appoints Robert F. Gunia, Deborah A. Docs and Grace
Torres as Proxies, each with the power of substitution, and hereby authorizes
each of them to represent and to vote, as designated below, all the shares of
Prudential Municipal Series Fund (Michigan Series), held of record by the
undersigned on November 20, 1998, at the Special Meeting of Shareholders to
be held on December 17, 1998, or any adjournment thereof.
THE TRUSTEES RECOMMEND A VOTE "FOR" THE FOLLOWING PROPOSAL.
1. Approval of the Agreement and Plan of Reorganization and Liquidation.
/ / FOR / / AGAINST / / ABSTAIN
2. IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH
OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING.
(over)
1
<PAGE>
(Continued from other side)
PLEASE MARK, SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY, USING THE
ENCLOSED ENVELOPE.
THIS PROXY WHEN EXECUTED WILL BE VOTED IN THE MANNER DESCRIBED HEREIN BY
THE UNDERSIGNED SHAREHOLDER. IF EXECUTED AND NO DIRECTION IS MADE, THIS
PROXY WILL BE VOTED FOR PROPOSAL 1.
-To vote by mail, sign below exactly as your name appears above
and return the Card in the envelope provided
-To vote by touch-tone phone, call 1-800-690-6903
-To vote by Internet, use website www.proxyvote.com
Please sign exactly as name appears below. When shares are held by joint
tenants, both should sign.
When signing as attorney,
executor, administrator,
trustee or guardian, please
give full title as such. If a
corporation, please sign in
full corporate name by
president or other authorized
officer. If a partnership,
please sign in partnership
name by authorized person.
Dated , 1998
------------------
-----------------------------------
Signature (Please sign within box)
-----------------------------------
Signature (Joint Owners)
<PAGE>
[LOGO]
PROXY
PRUDENTIAL MUNICIPAL BOND FUND
(INTERMEDIATE SERIES)
GATEWAY CENTER THREE
100 MULBERRY STREET
NEWARK, NEW JERSEY 07102-4077
THIS PROXY IS SOLICITED ON BEHALF OF THE TRUSTEES
The undersigned hereby appoints Robert F. Gunia, Deborah A. Docs and Grace
Torres as Proxies, each with the power of substitution, and hereby authorizes
each of them to represent and to vote, as designated below, all the shares of
Prudential Municipal Bond Fund (Intermediate Series), held of record by the
undersigned on November 20, 1998, at the Special Meeting of Shareholders to be
held on December 17, 1998, or any adjournment thereof.
THE TRUSTEES RECOMMEND A VOTE "FOR" THE FOLLOWING PROPOSAL.
1. Approval of the Agreement and Plan of Reorganization and Liquidation.
/ / FOR / / AGAINST / / ABSTAIN
2. IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH
OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING.
(over)
1
<PAGE>
(Continued from other side)
PLEASE MARK, SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY, USING THE
ENCLOSED ENVELOPE.
THIS PROXY WHEN EXECUTED WILL BE VOTED IN THE MANNER DESCRIBED HEREIN BY
THE UNDERSIGNED SHAREHOLDER. IF EXECUTED AND NO DIRECTION IS MADE, THIS
PROXY WILL BE VOTED FOR PROPOSAL 1.
-To vote by mail, sign below exactly as your name appears above
and return the Card in the envelope provided
-To vote by touch-tone phone, call 1-800-690-6903
-To vote by Internet, use website www.proxyvote.com
Please sign exactly as name appears below. When shares are held by joint
tenants, both should sign.
When signing as attorney,
executor, administrator,
trustee or guardian, please
give full title as such. If a
corporation, please sign in
full corporate name by
president or other authorized
officer. If a partnership,
please sign in partnership
name by authorized person.
Dated , 1998
------------------
-----------------------------------
Signature (Please sign within box)
-----------------------------
Signature (Joint Owners)
