Founded in 1971, and a Legg Mason company since 1986, Western Asset is one of the world's leading fixed income managers. From offices in Pasadena, Hong Kong, London, Melbourne, New York, São Paulo, Singapore and Tokyo, the company provides investment services for a wide variety of global clients, across an equally wide variety of mandates. By devoting all of its resources to fixed income, Western Asset can provide a full commitment to clients of all types. This focused approach has generated strong results in a variety of products with varying risk disciplines. Western Asset's long performance track record and global presence have positioned the company to continue its commitment to excellence in fixed income investment management and client service.

Philosophy
Western Asset believes in long-term, fundamental, value-oriented investing, continuously fine-tuning their approach to adapt to changing conditions. The Firm's objective is to provide fixed-income clients with diversified portfolios that are tightly controlled and managed for the long term. Western believes that significant inefficiencies exist in the fixed-income markets. By combining traditional analysis with innovative technology, Western seeks to add value by exploiting these inefficiencies across eligible sectors. Western Asset emphasizes the value of active management by utilizing multiple investment strategies, including active sector and issuer selection. The Firm believes these strategies enhance value by limiting the ability of any one strategy's underperformance from significantly impacting returns.

Process
Western Asset employs a team-oriented investment process. The strategic goal is to add value to client portfolios while adhering to a disciplined risk control process. The investment management team seeks to exceed benchmark returns while approximating benchmark risk. In pursuing this goal, Western targets four primary strategies: sector allocation, issue selection, duration exposure and term structure weighting. For global portfolios, country/currency allocations form a crucial fifth element. These areas represent the primary sources of value added in Western's active fixed-income management.

Risk Management
Western Asset believes that managing risk is as important to the investment process as adding value. The Firm employs a variety of risk management strategies, aiming to approximate a benchmark's risk while exceeding its return. Western also employs a dedicated risk management team whose sole purpose is to continuously monitor and control investment risk.

Assets Under Management
Western Asset Management manages $481.4 billion assets as of 12/31/09.

Portfolio Managed
 Pacific Select Fund

• Diversified Bond

Data as of December 31, 2009

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 Select Fund portfolios are available only through Pacific Life's variable insurance products.

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