Manager Profile This general information is provided by and used with the permission of this manager. It may not contain information about the Pacific Select Fund portfolios managed by this manager. Pacific Select Fund portfolios are available only through variable products. Lazard Asset Management A subsidiary of Lazard Fréres & Co. LLC, which has a history going back to 1848 More than $97 billion in assets under management as of 12/31/06 Nine offices and affiliates worldwide Lazard manages global assets for corporations, endowments and public and private pension plans. The firm's global research capabilities and broad technical expertise span industry and geographic borders. Lazard offers investors a distinct, value-based philosophy and process that is consistently applied, providing a global perspective on investing, and years of experience in both U.S. and non-U.S. portfolios. This investment philosophy and process is centered around four principles: Pick securities, not markets Don't overpay Understand and manage portfolio risk Stick to the discipline Lazard's selection process involves evaluating a company's core competencies, competition, sales and profit trends, brand name strengths and sensitivity to market cycles. Investment opportunities are ranked by risk and reward in order to acheive high expected returns while minimizing risk. Bios Andrew Lacey Mr. Lacey is senior managing director and a portfolio manager at Lazard. Prior to becoming a full time member of Lazard’s equity team in 1996, he worked part-time at Lazard from 1995-1996 while he obtained his MBA from Columbia University. Mr. Lacey also has a BA from Wesleyan University. Christopher H. Blake Managing Director and Portfolio Manager Mr. Blake maintains a research focus on U.S. consumer and commercial services stocks. He joined Lazard in 1995 and has a BSBA in Finance from the University of Denver. Robert A. Failla, CFA Senior Vice President and Portfolio Manager Mr. Failla began working in the investment field in 1993. He has an MBA from New York University's Stern School of Business, and a BA from Havard University. Michael G. Fry Managing Director Mr. Fry received a BS from Flinders University in Adelaide, Australia John R. Reinsberg Managing Director Mr. Reinsberg is responsible for overseeing the day-to-day operations of Lazard’s international equity investment team. He joined Lazard in 1991. Mr. Reinsberg holds an MBA from Columbia University and a B.A. from the University of Pennsylvania. He speaks German, French, and Spanish. Gary Buesser,CFA Senior Vice President and Portfolio Manager Mr. Buesser is a U.S. Small/Mid-Cap portfolio manager. He joined Lazard in 2000. Mr. Buesser has a BS from St. Peter's College and an MBA from William and Mary. He is also a member of the New York Society of Security Analysts. Mid-Cap Equity Objectives and Investments Capital appreciation through investment in equity securities of medium-sized U.S. companies believed to be undervalued. Benchmark    Russell Midcap Index The Russell Midcap Index is an index of 800 of the smallest companies in the Russell 1000 Index. Results include reinvested dividends. Investment Style    Mid-cap blend Based on information from Morningstar, Inc., 2007.

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