Life Insurance

Pacific Life Insurance Company and Pacific LifeCorp Announce Expiration of Tender Offer


NEWPORT BEACH, Calif.–()–Pacific Life Insurance Company (“PLIC”) and Pacific LifeCorp (“PLC”; and
together with PLIC, “Pacific Life”) today announced the expiration of
the previously announced cash tender offer with respect to PLIC’s
outstanding 9.25% Surplus Notes due 2039 (the “9.25% Surplus Notes”) and
7.90% Surplus Notes due 2023 (the “7.90% Surplus Notes”) and PLC’s
outstanding 6.60% Senior Notes due 2033 (the “6.60% Senior Notes”),
5.125% Senior Notes due 2043 (the “5.125% Senior Notes”) and 6.00%
Senior Notes due 2020 (the “6.00% Senior Notes”; together, with the
9.25% Surplus Notes, 7.90% Surplus Notes, 6.60% Senior Notes and 5.125%
Senior Notes, the “Notes”) on the terms and conditions set forth in the
offer to purchase, dated October 2, 2017 (the “Offer to Purchase”) and
the related letter of transmittal (the “Letter of Transmittal” and,
together with the Offer to Purchase, the “Offer Documents”) sent to
holders of the Notes.

As of 11:59 p.m., New York City time, on October 30, 2017, $236,447,000
aggregate principal amount of 9.25% Surplus Notes, $16,451,000 aggregate
principal amount of 7.90% Surplus Notes, $13,550,000 aggregate principal
amount of 6.60% Senior Notes, $89,685,000 aggregate principal amount of
5.125% Senior Notes and $217,289,000 aggregate principal amount of 6.00%
Senior Notes were validly tendered. Because the Tender Cap (as
increased) was reached at the Early Tender Time, Notes tendered after
the Early Tender Time will not be accepted and will be returned to the
holders of such Notes.

Capitalized terms used in this press release and not defined herein have
the meanings given to them in the Offer to Purchase.

THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN
OFFER OR SOLICITATION TO PURCHASE NOTES. THE OFFER WAS MADE SOLELY
PURSUANT TO THE OFFER DOCUMENTS.

About Pacific Life

Offering insurance since 1868, Pacific Life provides a wide range of
life insurance products, annuities, and mutual funds, and offers a
variety of investment products and services to individuals, businesses,
and pension plans. Pacific Life and its affiliates count more than half
of the 100 largest U.S. companies as their clients.

Pacific Life refers to Pacific Life Insurance Company and its
affiliates, including Pacific Life & Annuity Company. Client count as of
June 2017 is compiled by Pacific Life using the 2017 FORTUNE 500® list.



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