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.

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 200 investment personnel worldwide, they offer investors of all types an array of equity, fixed income, and alternative investment solutions from their network of local offices in ten different countries. A team-based approach to portfolio management helps them to deliver robust and consistent performance over time, and strong client relationships allow them to understand how to employ their capabilities to their 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 their 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 
  $116.5 billion

Portfolios Managed
  Pacific Select Fund