NFJ Founded in 1989 Based in Dallas $33.8 billion in assets under management as of 12/31/06 NFJ has investment advisory responsibility for the PL Small-Cap Value Portfolio. NFJ is based in Dallas and was formed in 1989 by three of the current managing directors: Chris Najork, Ben Fischer and John Johnson. NFJ is a disciplined, value oriented equity manager specializing in a diversified, low P/E approach that selects stocks on a bottom-up basis. NFJ's deep value philosophy is solidly based on research that shows that portfolios with stocks of low P/Es that pay dividends have substantially outperformed market indices throughout all capitalization levels over extended periods. Bios Neuberger Bio Senior Vice President Summary PL Small-Cap Value Objectives and Investments Long-term growth of capital through investment in equity securities of small companies believed to be undervalued. Benchmark    Russell 2000 Value Index The Russell 2000 Value Index ("Russell 2000 Value") is an index of companies that have lower price-to-book ratios and lower forecasted growth values than companies in the Russell 2000 Growth Index. Investment Style    Small-Cap Value Based on information from Morningstar, Inc., 2008.

NFJ Portfolios PL Small-Cap Value† NFJ Managers Company Profile Select a Manager AlgerAllianceBernsteinClearBridgeGoldman SachsHighlandJanusLazardLoomis SaylesMFSNeuberger BermanNFJOppenheimerFundsPAMPIMCOVan Kampen † This fund is available only through Portfolio Optimization Funds.