NEWPORT BEACH, Calif. - (April 5, 2005) - Pacific Life & Annuity Company today announced the launch of the Pacific Value variable annuity in the state of New York.

Pacific Value jump-starts the consumers’ investment with an immediate four percent credit that is added to the contract on their investments (purchase payments) up to $250,000. Total investments less withdrawals of $250,000 or more receive a five percent credit. It features 14 world-class money managers with 31 market based investment options, plus a Dollar Cost Averaging Plus Fixed-rate Option. Available at no additional cost is Portfolio Optimization, a strategic asset allocation service developed by Pacific Life. Nobel Prize-winning modern portfolio theory is used to construct and update diversified models by Ibbotson Associates, a leading asset allocation firm.

Pacific Value offers Guaranteed Protection Advantage for an additional cost, an optional guarantee of the initial investment that ensures there will be no loss at the end of a 10 year holding period.

"Consumers have shown a strong demand for a product that provides an extra boost to help their investment returns build quickly — while offering them an optional guarantee that their initial investments are protected against loss," said Kathleen Hunter, vice president of marketing, Annuities & Mutual Funds Division.

Variable annuities are sold by registered representatives whose broker/dealer firms have selling agreements with Pacific Life & Annuity. Pacific Life & Annuity Company offers a wide range of products including life insurance, individual annuities, structured settlement annuities, and other investment products and services for individuals and businesses. Pacific Life & Annuity is a member of IMSA (Insurance Marketplace Standards Association), whose membership promotes ethical market conduct for individual life insurance and annuities.

Guarantees are subject to the claims-paying ability of Pacific Life & Annuity.

[NOTE: PL&A products include variable life, last survivor variable universal life, fixed universal life, term life, fixed annuities, variable annuities, and structured settlement annuities.]

Investors should carefully consider the underlying fund investment objectives, risks, charges, limitations and expenses of a variable annuity. This and other information about Pacific Life & Annuity is in prospectuses available from your registered representative or by calling (800) 748-6907. Read the prospectuses carefully before investing.
 
Variable annuities are long-term investments designed for retirement. The value of the variable investment options will fluctuate and when redeemed, may be worth more or less than the original cost. Withdrawals and other distributions of taxable amounts, including death benefit payments, will be subject to ordinary income tax. If distributions are taken prior to age 59½, a 10% federal tax penalty may apply. A withdrawal charge may also apply. Withdrawals will reduce the value of the death benefit and any optional benefits. Past performance does not guarantee future results. Pacific Life & Annuity Company’s individual variable annuities are available for sale in the state of New York only. This material may be used in New York only. Credit enhancements are treated as earnings for tax purposes and will be subject to market risk when invested in the variable investment options.

Dollar cost averaging can be a convenient way to continuously invest, regardless of changing prices. However, it does not assure a profit or protect against loss in declining markets. Please consider your financial ability to continue to invest, even when prices are low. The stated interest rate is credited on a declining balance as money is transferred out of the DCA Plus Fixed Option.

Variable annuities issued by Pacific Life & Annuity Company are distributed by Pacific Select Distributors, Inc. (member NASD & SIPC), an affiliate of Pacific Life & Annuity, and are available through licensed third party broker/dealers.

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