This general information pertains to the manager responsible for the day-to-day management of the portfolio(s) available through Pacific Life’s variable products and the information presented may not relate specifically to the available portfolio(s). The information is provided by and used with the permission of this manager.

The Jennison Advantage

Jennison Associates LLC (Jennison) is a premier specialist in actively managed equity portfolios and has been fulfilling client needs since 1969. Jennison's disciplined, research-driven approach can help you take advantage of opportunities in the healthcare sector.

Here are some of the insights on how the Jennison’s Health Sciences team manages the portfolio and where they see investment opportunities:

• The aging of the population and GDP growth, particularly in emerging markets, continue to fuel global demand for health care
• Advances in scientific knowledge and technology are spurring the flow of innovative new drugs and devices for unmet medical needs
• However, challenges in the sector are substantial
  • Regulatory hurdles to get a new drug or device approval have never been higher
  • Public skepticism of medical technologies continues to grow
    Pricing pressure is growing, particularly in crowded categories and markets
  • Intellectual property challenges abound as ever more resourceful generic companies challenge existing patents
  • Political risks are significant, as healthcare is a large and growing part of government budgets, and an easy "target"
• There is unprecedented volatility in health care stocks given the crosswinds of differing clinical, regulatory, legal, and market news
• But there is also unprecedented opportunity for a seasoned health care team to "make the right call," particularly on a long-term basis
• The Jennison Health Sciences team is experienced in navigating these cross-currents
• Its resources include:
  • An investment team that has an average of 18 years of industry experience
  • Access to company management teams
  • Attendance at most major medical meetings
  • Networks of medical professionals for consultation, surveys
  • Contracts with specialists for legal and regulatory expertise
  • Subscriptions to detailed prescription data

Portfolio Managed
  Pacific Select Fund

• Health Sciences

Data as of December 31, 2008

Sector portfolios may be subject to greater price volatility.

Although some portfolios may have names or investment objectives that resemble retail mutual funds managed by the portfolio manager, these portfolios will not have the same underlying holdings or performance as the retail mutual funds.

You should carefully consider a variable life insurance product’s risks, charges, limitations and expenses, as well as the risks, charges, expenses and investment objectives of the underlying investment options. The accompanying product and underlying fund prospectuses contain this and other information about Pacific Life. Read them carefully before investing or sending money.

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