<PAGE>
Supplement to Prospectus Dated May 1, 2000 for
Pacific Select Exec II-NY
Flexible Premium Variable Insurance Policy (the "policy")
Issued by Pacific Life & Annuity Company
This supplement changes the prospectus to reflect the
following and restates information contained in a
supplement dated August 28, 2000:
---------------------------------------------------------
Two new variable The two new investment options are added to the chart
investment options on page 1 of the prospectus.
are available
References to the 20 variable investment options
. Strategic Value throughout the prospectus are changed to refer to 22
. Focused 30 variable investment options.
---------------------------------------------------------
An overview of Other expenses
Pacific Select Exec The table also shows the fund expenses for each
II-NY: Fees and portfolio based on expenses in 1999, adjusted to
expenses paid by reflect recently reduced custody fees. To help limit
the Pacific Select fund expenses, effective July 1, 2000 Pacific Life has
Fund: Other contractually agreed to waive all or part of its
expenses is investment advisory fees or otherwise reimburse each
replaced portfolio for operating expenses (including
organizational expenses, but not including advisory
fees, additional costs associated with foreign
investing and extraordinary expenses) that exceed an
annual rate of 0.10% of its average daily net assets.
Such waiver or reimbursement is subject to repayment to
Pacific Life to the extent such expenses fall below the
0.10% expense cap. For each portfolio, Pacific Life's
right to repayment is limited to amounts waived and/or
reimbursed that exceed the new 0.10% expense cap and,
except for the Strategic Value and Focused 30
portfolios, that do not exceed the previously
established 0.25% expense cap. Any amounts repaid to
Pacific Life will have the effect of increasing
expenses of the portfolio, but not above the 0.10%
expense cap. There is no guarantee that Pacific Life
will continue to cap expenses after December 31, 2001.
In 1999, Pacific Life reimbursed the Small-Cap Index
Portfolio $96,949.
<TABLE>
-----------------------------------------------------------------------
<CAPTION>
Less
Advisory Other Total adviser's Total net
Portfolio fee expenses expenses+ reimbursement expenses
-----------------------------------------------------------------------
As an annual % of average daily net assets
<S> <C> <C> <C> <C> <C>
Aggressive Equity 0.80 0.04 0.84 -- 0.84
Emerging
Markets/1/ 1.10 0.19 1.29 -- 1.29
Diversified
Research/2/ 0.90 0.05 0.95 -- 0.95
Small-Cap Equity 0.65 0.04 0.69 -- 0.69
International
Large-Cap/2/ 1.05 0.10 1.15 -- 1.15
Equity 0.65 0.03 0.68 -- 0.68
I-Net
Tollkeeper/2/ 1.50 0.14 1.64 (0.04) 1.60
Multi-Strategy 0.65 0.04 0.69 -- 0.69
Equity Income 0.65 0.04 0.69 -- 0.69
Strategic Value/2/
0.95 0.08 1.03 -- 1.03
Growth LT 0.75 0.03 0.78 -- 0.78
Focused 30/2/ 0.95 0.08 1.03 -- 1.03
Mid-Cap Value 0.85 0.07 0.92 -- 0.92
Equity Index/3/ 0.25 0.04 0.29 -- 0.29
Small-Cap Index 0.50 0.30 0.80 (0.20) 0.60
REIT 1.10 0.15 1.25 (0.05) 1.20
International
Value 0.85 0.09 0.94 -- 0.94
Government
Securities 0.60 0.05 0.65 -- 0.65
Managed Bond/1/ 0.60 0.05 0.65 -- 0.65
Money Market/1/ 0.35 0.04 0.39 -- 0.39
High Yield Bond/1/
0.60 0.05 0.65 -- 0.65
Large-Cap Value 0.85 0.08 0.93 -- 0.93
-----------------------------------------------------------------------
</TABLE>
/1/ Total adjusted net expenses for these portfolios in
1999, after deduction of an offset for custodian
credits were: 1.28% for Emerging Markets Portfolio,
0.64% for Managed Bond Portfolio, 0.38% for Money
Market Portfolio, and 0.64% for High Yield Bond
Portfolio.
/2/ Expenses are estimated. There were no actual
advisory fees or expenses for these portfolios in
1999 because the portfolios started after December
31, 1999.
/3/ Total adjusted net expenses for the Equity Index
Portfolio in 1999, after deduction of an offset for
custodian credits, were 0.28%. The advisory fee for
the portfolio has also been adjusted to reflect the
advisory fee increase effective January 1, 2000.
The actual advisory fee and total adjusted net
expenses for this portfolio in 1999, after
deduction of an offset for custodian credits, were
0.16% and 0.19%, respectively.
+ The fund has adopted a brokerage enhancement 12b-1
plan, under which brokerage transactions may be
placed with broker-dealers in return for credits,
cash, or other compensation that may be used to
help promote distribution of fund shares. There are
no fees or charges to any portfolio under this
plan, although the fund's distributor may defray
expenses of up to approximately $300,000 for the
year 2000, which it might otherwise incur for
distribution. If such defrayed amount were
considered a fund expense, it would represent
approximately .0023% or less of any portfolio's
average daily net assets.
Supplement dated October 2, 2000
<PAGE>
---------------------------------------------------------
Your investment The chart in Your investment options: Variable
options is amended investment options is amended to add the following:
<TABLE>
<CAPTION>
THE PORTFOLIO'S THE PORTFOLIO'S PORTFOLIO
PORTFOLIO INVESTMENT GOAL MAIN INVESTMENTS MANAGER
<S> <C> <C> <C>
Strategic Long-term growth of Common stocks with the potential Janus Capital
Value capital. for long-term growth of capital. Corporation
Focused Long-term growth of Common stocks selected for their Janus Capital
30 capital. growth potential. Corporation
</TABLE>
---------------------------------------------------------
Telephone You may enroll in or give instructions regarding the
transactions is dollar cost averaging or portfolio rebalancing program
changed to by telephone if we have your completed telephone
Telephone and authorization on file.
electronic
transactions By the end of the year, certain registered
representatives will be able to give us instructions
We expect to make electronically if authorized by you. You may appoint
the electronic your registered representative to give us instructions
transaction feature on your behalf by completing and filing an updated
available by the telephone and electronic authorization with us.
end of 2000. Please
ask your registered Transactions made electronically will be subject to the
representative for same procedures, restrictions and risks as those made
more information. by telephone. Sometimes your electronic transactions
will not be able to reach us. For example, our website
may be busy because of unusual market activity or a
significant economic or market change, or telephone
lines or the Internet are out of service due to severe
weather conditions or other emergencies.
2
