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. Western Asset Management Western Asset Management Company (WAMCO) is the primary manager for the Diversified Bond Portfolio and operates from offices in California and New York. Portfolio management services are also provided by Western Asset Management Company Ltd. (Japan), Western Asset Management Company Pte. Ltd. (Singapore) and Western Asset Management Company Limited (United Kingdom) (together with WAMCO, these firms are collectively “Western Asset”), and each is a registered investment adviser, and a wholly-owned subsidiary of Legg Mason, Inc. Western Asset, together with other affiliated investment advisory entities around the world, provide global asset management services. As of September 30, 2008, Western Asset, together with its other affiliated investment advisory entities, had total assets under management of approximately $585 billion Western Asset Diversified Bond Objectives and Investments Seeks to maximize total return consistent with prudent investment management. The fund invests at least 80% of its assets in fixed income securities. Such investments include U.S. government and agency securities; corporate bonds and notes including zero coupon and payment-in-kind (PIK) securities; convertible securities; inflation indexed securities; asset-backed and mortgage-backed securities; municipal securities; variable and floating rate debt securities; commercial paper and other short term investments; structured notes; loan participations and assignments; bank obligations; and repurchase and reverse repurchase agreements. Benchmark    Lehman Brothers Aggregate Bond Index The Lehman Brothers Aggregate Bond Index is an index of investment grade fixed income securities with maturities of at least one year. Results include reinvested dividends. Investment Style    Intermediate-term bond Based on information from Morningstar, Inc. 2009

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