Pacific Life Insurance Company Announces Pricing and Upsizing of Tender Offer

Pacific Life Insurance Company (“Pacific Life”) today announced the determination of the Full Tender Offer Consideration, as shown in the table below, for its previously announced cash tender offer to purchase up to $250,000,000 (subject to increase, the “Tender Cap”) aggregate principal amount of Pacific Life’s 9.25% Surplus Notes due 2039 (the “Notes”). Pacific Life also announced that it has increased the Tender Cap from $250,000,000 to $322,793,000. Except as described in this press release, all other terms of the offer as described in the Offer Documents (as defined below) remain unchanged.

On January 2, 2013, Pacific Life commenced the offer to purchase Notes in accordance with the terms and conditions set forth in the offer to purchase, dated January 2, 2013 (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.