Tracing its history back to 1848, Lazard has long maintained a pre-eminent position in the world's financial marketplace. Lazard Asset Management LLC, an indirect, wholly-owned subsidiary of Lazard Ltd., is known for its global perspective on investing and years of experience with global, regional and domestic portfolios. With more than 265 investment personnel worldwide, we offer investors of all types an array of equity, fixed income, and alternative investment solutions from our network of local offices in ten different countries. Our team-based approach to portfolio management helps us to deliver robust and consistent performance over time, and strong client relationships allow us to understand how to employ our capabilities to our clients' advantage.

Investment Philosophy

Lazard's investment philosophy centers around four principles:

• Pick securities not markets: Securities are evaluated individually, and capital is allocated to the most attractive. Each investment decision is backed by original research, strict accounting validation, and rigorous fundamental analysis.
• Don't overpay: A careful analysis of valuation is predicated on a long-term view of financial productivity. Understanding that value is determined by the relationship between cost and reward, an emphasis is placed on strong fundamentals.
• Manage risk: Although it cannot be avoided, risk can be actively managed through an understanding of the cumulative risk resulting from individual investment decisions.
• Stick to the discipline: In the course of a complete market cycle, investment styles will fall in and out of favor. By remaining faithful to our approach, success can be measured with a long-term perspective.

Investment Process

Lazard follows a systematic process to search for undervalued opportunities within each asset class:

• A global database screening identifies companies with low valuations, yet which exhibit high financial productivity.
• In an intensive accounting validation process, Lazard's analysts examine balance sheets and financial data to determine a company's true value.
• A fundamental analysis is conducted to ensure the sustainability of returns and to identify a catalyst for price revaluation. Periodic visits with companies and local presence are key to this step in the process.
• Portfolio construction is decided by the managers/analysts of the investment team, whose goal is a portfolio that offers high expected returns at an acceptable level of risk.

Attributes

• 15 offices and affiliates worldwide
• Lazard and its affiliates provide investment management services to client discretionary accounts with assets totaling approximately 
  $79.8 billion

Portfolios Managed
  Pacific Select Fund

• Mid-Cap Equity

  Lazard Retirement Series, Inc.

• Lazard Retirement US Strategic Equity Portfolio

Data as of December 31, 2008.

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.

Pacific Life Insurance Company is licensed to issue individual life insurance and annuity products in all states except New York. Product availability and features may vary by state.

Pacific Select Fund portfolios are available only through Pacific Life Insurance Company's and Pacific Life & Annuity Company's variable products.

Shares of Lazard Retirement Series, Inc. are distributed by Lazard Asset Management Securities LLC.

The Lazard Retirement Series, Inc. is not affiliated with Pacific Life.

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