Investment Quality Review (continued) “Throughout Pacific Life’s history, we have been defined by our people and our purpose. As a mutual company, we make decisions based on what is best for our policyholders, and we continue to focus on our long-term vision. This helps us provide security and prosperity to our customers and to maintain our reputation as a leader in our industry. ” Year-End 2014 Financial Strength Ratings Financial strength is an important consideration in choosing an insurance company and is monitored by independent rating agencies. Jim Morris, Chairman and CEO A.M. Best 2014 Achievements Fitch Grew our portfolio of fixed maturity securities to $37 Billion 10 years Moody’s of outstanding fixed maturity security yields and credit loss performance. Standard & Poor’s and reported no net credit losses. Continued strong performance of our Originated $12 Billion $2.1 Billion commercial mortgage and real estate securities portfolios with aggregate net credit losses totaling less than $6 million over the last ten years. of new commercial mortgage loan and real estate securities investments at very favorable yields. Distribution of Real Estate Investments Pacific Life emphasizes high-quality properties in select major metropolitan areas that exhibit strong demographic and economic trends. Mortgage Loans & Real Estate by Property Type $9.7 Billion For questions about Pacific Life’s investment portfolio, contact Pacific Life’s Public Affairs Department at (949) 219-3248 or send an email to PublicAffairs@PacificLife.com. Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company and Pacific Life Re Limited, unless otherwise noted. All Pacific Life financial data is as of December 31, 2014.

After December 31, 2014 there may have been further changes in the financial markets that could have an impact on the amounts reported. Ratings may change and do not apply to the safety or performance of the underlying variable investment options or the mutual funds. For current financial strength ratings and additional rating information, visit www.PacificLife.com/ratings. Dollars in Millions December 31, 2014 $3,809 Office Buildings $1,169 Retail $1,968 Apartments $910 Credit Tenant Loans $1,384 Lodging $423 Other .