Pacific Life Insurance Company Announces Early Tender Results

Pacific Life Insurance Company (“Pacific Life”) today announced the Early Tender Time (as defined below) results in connection with its previously announced cash tender offer to purchase up to $250,000,000 (subject to increase) aggregate principal amount of Pacific Life’s 9.25% Surplus Notes due 2039 (the “Notes”).

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. As of 5:00 p.m., New York City time, on January 15, 2013 (the “Early Tender Time”), $322,793,000 aggregate principal amount of Notes were validly tendered and not validly withdrawn.

As set forth in the Offer to Purchase, holders who validly tendered and did not validly withdraw their Notes at or prior to the Early Tender Time and whose Notes are accepted for purchase will receive the Full Tender Offer Consideration, which will be determined at the Yield Calculation Time. In addition, holders whose Notes are accepted for purchase will receive accrued and unpaid interest.

The Withdrawal Deadline for the offer was 5:00 p.m., New York City time, on January 15, 2013 and has not been extended. The offer will expire at 11:59 p.m., New York City time, on January 30, 2013, unless extended or earlier terminated by Pacific Life (such date and time, as the same may be extended or earlier terminated, the “Expiration Time”).

The offer is subject to the satisfaction or waiver of certain conditions, including a financing condition and a minimum tender condition, as specified in the Offer to Purchase.

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