PSF Portfolio Optimization Moderate Available through Pacific Life's Variable Universal Life Insurance Products

PSF Portfolio Optimization Moderate Available through Pacific Life's Variable Universal Life Insurance Products Release Date 3-31-215 Benchmark Overall Morningstar Rating Morningstar Return Morningstar Risk S&P 5 TR USD QQ Below Average Low Out of 1767 Moderate Allocation Investments. A fund's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 1-year Ratings. See disclosure for details. Investment Strategy from underlying investment's prospectus The investment seeks long-term growth of capital and low to moderate income. The fund seeks to achieve its investment goal through a strategy of allocating its assets to diverse investment styles within the two major asset classes of equity and debt securities. Under normal circumstances, the fund maintains a balance between the two major asset classes of equity and debt by allocating its assets in the target amounts of 55% equity and 45% debt. It is a "fund of funds" that seeks to achieve its investment goal through a strategy of allocating its assets among other funds of Pacific Select Fund. Morningstar Category: Moderate Allocation Moderate-allocation portfolios seek to provide both capital appreciation and income by investing in three major areas: stocks, bonds, and cash. These portfolios tend to hold larger positions in stocks than conservative-allocation portfolios. These portfolios typically have 5% to 7% of assets in equities and the remainder in fixed income and cash. Fees and Expenses as of 5-1-14 Prospectus Net Expense Ratio.97% Prospectus Gross Expense Ratio.97% Waiver Data Type Exp. Date %.... Operations Portfolio Inception Date: 5-2-11 Separate Acct Start Date: 5-2-11 Portfolio Manager(s) Howard Hirakawa, CFA. Since 211. Carleton Muench, CFA. Since 211. Samuel... Park. Since 213. Management Company Pacific Life Fund Advisors LLC (PLFA) Subadvisor. Notes Variable universal life (VUL) insurance offers the policyowner the flexibility to structure the desired death benefit, as well as the premium payments according to individual needs and objectives. The policyowner also has the ability to allocate these premium payments among a variety of investment options. Pacific Life's VUL insurance products offer a wide variety of variable investment options. Insurance products are issued by Pacific Life Insurance Company in all states except New York, and in New York by Pacific Life & Annuity Company. Product availability and features may vary by state. Portfolio statistics may differ from the annual report. Performance YTD YTD YTD YTD Performance Disclosure: The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. For more current information including month-end performance, please call 8-8-7681 or visit www.pacificlife.com. Please refer to the performance section of the disclosure page for more information. 2 15 1 5-5 -1-15 Total Return% as of 3-31-15 Investment (Standardized) Investment (Non-Std) Benchmark Average annual, if greater than 1 year. YTD 1 Year 3 Year 5 Year 1 Year Since Inception 2.1 5.34 7.76.. 6.45 Non-Std Return % 2.1 5.34 7.76... Standardized Return %.95 12.73 16.11... Benchmark Return %... 1.9 6.42 9.44... Category Average %.. QQ... Morningstar Rating.. 1767... # of Funds in Category Growth of $1, as of 3-31-15 Investment (Non-Standardized) : $12,846 Benchmark : $16,692 25 2 15 1 5 25 26 27 28 29 21 211 212 213 214 3-15 Portfolio Analysis Composition as of 3-31-15 % Net U.S. Stocks 35.6 Non-U.S. Stocks 16.8 Bonds 32.2 Cash 12.5 Other 2.9... -1-5 5 1 Total 1. Top 1 Holdings as of 3-31-15 % Assets Pacific Select Diversified Bond P 1.1 Pacific Select Managed Bond P 6.71 Pacific Select Short Duration Bond P 5.49 Pacific Select International Large-Cap P 5.36 Pacific Select Large-Cap Value P 5.28... Pacific Select Currency Strats P 4.94 Pacific Select Global Absolute Ret P 4.2 Pacific Select Emerging Markets Debt P 3.89 Pacific Select Emerging Markets P 3.67 Pacific Select Comstock P 3.53... Total Number of Holdings 34 Annual Turnover Ratio % 16. Total Fund Assets ($mil) 14,546.24 Morningstar Style Box as of 3-31-15(EQ) ; 12-31-14(F-I) Value Blend Growth Large Mid Small Ltd Mod Ext Morningstar Equity Sectors as of 3-31-15 % Fund h Cyclical 41.38... r Basic Materials 6.3 t Consumer Cyclical 14.42 y Financial Services 16.64 u Real Estate 4.2 j Sensitive 35.24... i Communication Services 3.37 o Energy 5.94 p Industrials 11.43 a Technology 14.5 k Defensive 23.38... s Consumer Defensive 8.36 d Healthcare 12.71 f Utilities 2.31 High Med Low Page 1 of 6

PSF Portfolio Optimization Moderate Available through Pacific Life's Variable Universal Life Insurance Products Release Date 3-31-215 Benchmark Overall Morningstar Rating Morningstar Return Morningstar Risk S&P 5 TR USD QQ Below Average Low Out of 1767 Moderate Allocation Investments. A fund's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 1-year Ratings. See disclosure for details. Style Orientation Equity Style Ownership Zone as of 3-31-15 Equity Style Trail as of 3-31-15 Fixed Income Style Trail as of 3-31-15 Deep Val Core Val Blend Core Grth High Grth H Investment mmmmmmmmmm H Benchmark Giant Large Mid Small Micro Deep Val Core Val Blend Core Grth High Grth 3-31-212 3-31-215 Giant Large Mid Small Micro Lim Mod Ext High Med Low Investment 3-31-212 3-31-215 Fixed Income Statistics as of 3-31-15 Avg Eff Duration 4.83 Avg Eff Maturity 8.3 Avg Credit Quality BB Avg Wtd Coupon 4.73 Avg Wtd Price 68.45 Total Return as of 3-31-15 2 15 1 5-5 -1-15 Investment Benchmark Avg annual, if > 1 yr. Peer Group Moderate Allocation Top Quartile 2nd Quartile 3rd Quartile Bottom Quartile YTD 1 Year 3 Year 5 Year 1 Year 2.1 5.34 7.76.. Investment Return % 2.1 5.34 7.76.. Standardized Return %.95 12.73 16.11.. Benchmark Return % 1.9 6.42 9.44.. Category Average %..... QQ.. Morningstar Rating.. 1767.. # of Funds in Category Risk Evaluation as of 3-31-15 Total Return 4 3 2 Risk Measures as of 3-31-15 3-Year 5-Year 1-Year Standard Deviation 6.5.. Sharpe Ratio 1.26.. Information Ratio -.38.. R-squared 87.46.. Beta.59.. Alpha -1.48.. 1-1 -2-2 -1 1 2 3 4 Standard Deviation % H Investment H Benchmark Category Average Page 2 of 6

You should carefully consider the risks, charges, limitations, and expenses associated with a variable universal life insurance policy, as well as the risks, charges, expenses, and investment goals/objectives of the underlying investment options. This fact sheet is authorized for distribution only when preceded or accompanied by the currently effective prospectuses for a Pacific Life variable universal life insurance product and underlying funds. Read them carefully before investing or sending money. Each variable investment option invests in a corresponding portfolio of the Pacific Select Fund, American Century Variable Portfolios, Inc., BlackRock Variable Series Funds, Inc., Dreyfus Variable Investment Fund, Fidelity Variable Insurance Products Funds, Franklin Templeton Variable Insurance Products Trust, GE Investments Funds, Inc., Invesco Variable Insurance Funds, Janus Aspen Series, Lazard Retirement Series, Inc., Legg Mason Partners Variable Equity Trust, Lord Abbett Series Fund, Inc., MFS Variable Insurance Trust, Neuberger Berman Advisers Management Trust, Oppenheimer Variable Account Funds, PIMCO Variable Insurance Trust, Royce Capital Fund, T. Rowe Price Equity Series, Inc., or Van Eck VIP Trust. Although some portfolios may have names or investment goals/objectives that resemble retail mutual funds managed by the portfolio manager, these portfolios will not have the same underlying holdings or performance as the retail mutual funds' goals/ objectives. Expense ratios shown were determined based on average net assets as of the fiscal year ended 12-31, unless otherwise indicated. Certain portfolios' net expenses reflect a contractual advisory fee waiver and/or expense cap through a specified period. Please see the applicable portfolio's prospectus for detailed information. Performance The portfolios' returns shown only reflect fund level fees and expenses, and reinvestment of dividends and distributions. Returns do not include any policy fees or expenses, which include premium loads, policy administrative fees and charges, mortality and expense risk charges, surrender charges, or any other charges that may be incurred under the policy. Policy returns would be significantly lower, after all policy fees and expenses are deducted. Policy cash values could be less than the total premiums paid. Policy fees and expenses vary by product, and some fees and expenses, such as Cost of Insurance, will vary according to insured's age, sex distinct or unisex rates, smoking status, face amount, and any applicable substandard rating. Please see the applicable product prospectus for detailed information. You are encouraged to ask your life insurance producer for a personalized illustration reflecting the effects of policy fees and expenses with a hypothetical rate of return. For underlying portfolios whose inception date predates its inclusion in the separate account, and for each Master Fund, which existed prior to each feeder portfolio being added to the separate account, Morningstar will present extended performance returns (see the Non-Std Return % prior to the separate account inception date). The extended performance in this case will go back to the inception date of the applicable underlying portfolio or Master Fund. For each Master Fund, the extended performance returns are calculated by adjusting the prior returns to also reflect the management fees of the applicable feeder portfolio, but all other expenses, fee waivers, or reimbursements are not included. Returns would differ if these items were considered. The performance for certain portfolios includes periods of time when other investment management firms managed these portfolios and/or when investment policies, and possibly the portfolio name, differed. The applicable portfolios and dates such changes occurred are as follows: Pacific Select Fund: Equity Index and Small-Cap Index on 1/1/ and 9/26/6. Inflation Managed on 5/1/1. Main Street Core and Emerging Markets on 1/1/3. Comstock on 5/1/3 and 6/1/1. Mid-Cap Growth on 5/1/3 and 11/1/13. Real Estate on 5/1/3. International Large-Cap on 1/1/4. Technology and Health Sciences on 5/1/5. Small-Cap Growth on 5/1/5 and 5/1/7. Large-Cap Growth on 1/1/6, 5/1/9, 1/1/13, and 5/1/13. International Value on 5/1/6 and 1/1/11. Large-Cap Value on 1/1/6. Small-Cap Equity on 5/1/7 and 5/1/1. High Yield Bond on 1/1/8. Mid-Cap Equity on 5/1/8 and 1/1/13. Diversified Bond on 2/1/9. Dividend Growth and Floating Rate Loan on 5/1/1. Short Duration Bond and Long/ Short Large-Cap on 5/1/11. Growth on 5/1/13. Currency Strategies on 11/1/13. Focused Growth, Inflation Strategy, Health Sciences, Technology, and Small-Cap Value on 5/1/14. Effective 5/1/14, VUL premium allocations and transfers into the Small-Cap Growth Portfolio are no longer available. BlackRock Variable Series Funds: BlackRock Basic Value V.I. Fund Class III and BlackRock Global Allocation V.I. Fund Class III on 1/2/6. Franklin Templeton Variable Insurance Products Trust: Templeton Global Bond VIP Fund Class 2 and Templeton Foreign VIP Fund Class 2 on 5/1/14. Janus Aspen Series: JAS Overseas Svc Shares and JAS Enterprise Svc Shares on 5/1/9. Legg Mason Partners Variable Equity Trust: Clearbridge Variable Aggressive Growth Portfolio Class II and ClearBridge Variable Mid Cap Core Portfolio Class II on 11/2/9 and 5/1/13. M Fund: M International Equity Fund on 7/1/98 and 5/1/1. M Large Cap Growth Fund on 1/12/9 and 5/1/1. M Capital Appreciation Fund on 5/1/1. M Large Cap Value on 5/1/1 and 5/1/13. PIMCO Variable Insurance Trust: PIMCO VIT Global Multi- Asset Managed Allocation - Advisor Class on 5/1/14. Van Eck VIP Trust: Van Eck VIP Global Hard Assets Initial Class on 5/1/1. Lazard Retirement Multi-Asset Targeted Volatility Portfolio - Service Shares and Lord Abbett Series Fund Bond Debenture VC are not available with the following variable universal life insurance products: Pacific Select (policy form #87-51), Pacific Select Accumulator (policy form #P4PSA), Pacific Select Choice (policy form #93-55), Pacific Select Estate Maximizer (policy form #97-5), Pacific Select Estate Preserver (policy form #96-56), Pacific Select Estate Preserver II (policy form #97-56), Pacific Select Estate Preserver III (policy form #-56), Pacific Select Estate Preserver IV (policy form #-57), Pacific Select Estate Preserver V (policy form #P1SP5), MVP Survivor Life (policy form #P3S5M). These products were issued by Pacific Life Insurance Company and are no longer available for sale. Pacific Select Estate Preserver-NY (policy form #P156-NY), Pacific Select Exec II - NY (policy form #P9852-NY), Pacific Select Exec III - NY (policy form #P3SE3-NY), Pacific Select Exec IV - NY (policy form #P7SE4-NY). These products were issued by Pacific Life & Annuity Company and are no longer available for sale. A separate account is a type of Investment Company referred to as a unit investment trust which is registered in the Securities Exchange Commission under the Investment Company Act of 194. The Separate Account Start Date represents the date the portfolio was added as a sub-account into the applicable Separate Account. The benchmark indices provided herein may not represent all of a funds' benchmark indices shown in the applicable funds' prospectuses. See the applicable funds' prospectuses for more information. S&P 5 TR USD: The index measures the performance of 5 widely held stocks in US equity market. Standard and Poor's chooses member companies for the index based on market size, liquidity and industry group representation. Included are the stocks of industrial, financial, utility, and transportation companies. Since mid 1989, this composition has been more flexible and the number of issues in each sector has varied. The index is market capitalization-weighted. Definitions Alpha is measure of the difference between a portfolio s actual returns and its expected performance, given its level of risk as measured by beta. A positive Alpha figure indicates the portfolio has performed better than its beta would predict. In contrast, a negative Alpha indicates the portfolio has underperformed, given the expectations established by beta. Average Market Cap defines the overall "size" of a stock fund's portfolio as the geometric mean of the market capitalization for all of the stocks it owns. Beta is a measure of a fund's sensitivity to market movements. A portfolio with a beta greater than 1 is more volatile than the market, and a portfolio with a beta less than 1 is less volatile than the market. Credit Analysis For corporate-bond and municipal-bond funds, the credit analysis depicts the quality of US and non-us bonds in the fund's portfolio. The analysis reveals the percentage of fixed-income securities that fall within each credit-quality rating as assigned by Standard & Poor's or Moody's. At the top of the ratings are AAA bonds. Bonds with a BBB rating are the lowest bonds that are still considered to be of investment grade. Bonds that are rated at or lower than BB (often called junk bonds or high-yield bonds) are considered to be quite speculative. (For municipal bonds, ratings BBB and below are considered speculative). Any bonds that appear in the Not Rated category are either not rated by Standard & Poor's or Moody's, or did not have a rating available. Credit Quality gives a snapshot of the portfolio's overall credit quality. It is an average of each bond's credit rating, adjusted for its relative weighting in the portfolio. The average is calculated using an exponential approach instead of a linear approach to better account for the default rates of bonds with different ratings. Duration Average effective duration is a measure of a bond's interest-rate sensitivity--the longer a fund's duration, the more sensitive the fund is to shifts in interest rates. Duration is determined by a formula that includes coupon rates and bond maturities. Small coupons tend to increase duration, while shorter maturities and higher coupons shorten duration. The relationship between funds with different durations is straightforward: A fund with a duration of 1 years is twice as Page 3 of 6

volatile as a fund with a five-year duration. Equity Style Ownership Zone The Morningstar Ownership ZoneSM provides a graphic and intuitive representation of the size and investment style of stocks in an equity portfolio. The Ownership Zone is derived by plotting each stock in the portfolio within the Morningstar Style Box. The Ownership Zone is the shaded area that represents 75% of the assets in the portfolio and indicates the level of concentration in the holdings. The "centroid" in the middle of the Ownership Zone represents the weighted average of all the holdings. The Ownership Zone helps investors differentiate between portfolios that may otherwise look similar. Investors can also use the Ownership Zone to construct diversified portfolios and model how multiple funds complement one other in a portfolio. Equity Style Trail gives you a historical view of the movement of a portfolio over time in terms of equity style based on historical portfolios. This helps to clearly define the management of a portfolio over time and determine the consistency of that management. Information Ratio is a risk-adjusted performance measure. The information ratio is a special version of the Sharpe Ratio in that the benchmark doesn't have to be the risk-free rate. Maturity is a weighted average of all the maturities of the bonds in a portfolio, computed by weighting each bond's effective maturity by the market value of the security. It takes into consideration all mortgage prepayments, puts, and adjustable coupons. Longer-maturity funds are generally considered more interest-rate sensitive than their shorter counterparts. Price/Prospective Book Ratio is the asset-weighted average of the prospective book value yields of all the domestic stocks in the fund's portfolio as of the date of the portfolio. It is calculated by dividing the company's estimated shareholders' equity per share for the current fiscal year by the company's month-end stock price as of the portfolio date. Price/Prospective Cash Flow Ratio represents the weighted average of the price/cash-flow ratios of the stocks in a fund's portfolio. Price/cash-flow represents the amount an investor is willing to pay for a dollar generated from a particular company's operations. Price/cash flow shows the ability of a business to generate cash and acts as a gauge of liquidity and solvency. Price/Prospective Earnings Ratio is the asset-weighted average of the prospective earnings yields of all the domestic stocks in the fund's portfolio as of the date of the portfolio. A stock's prospective earnings yield is calculated by dividing the company's estimated earnings per share for the current fiscal year by the company's month-end share price as of the portfolio date. Price/Prospective Sales Ratio is the weighted average of the price/sales ratios of the stocks in a portfolio. Price/sales represents the amount an investor is willing to pay for a dollar generated from a particular company's operations. Sharpe Ratio is a risk-adjusted measure developed by Nobel Laureate William Sharpe. It is calculated by using standard deviation and excess return to determine reward per unit of risk. The higher the Sharpe Ratio, the better the fund's historical riskadjusted performance. Standard deviation is a statistical measure of the volatility of the fund's returns. R-squared reflects the percentage of a fund's movements that are explained by movements in its benchmark index, showing the degree of correlation between the fund and the benchmark. Risk Evaluation Chart provides a graphic of the three year standard deviation of fund returns compared to its benchmark and Morningstar Category. Standard deviation is a statistical measurement of dispersion about an average, which, for a mutual fund, depicts how widely the returns varied over a certain period of time. Investors use the standard deviation of historical performance to try to predict the range of returns that are most likely for a given fund. When a fund has a high standard deviation, the predicted range of performance is wide, implying greater volatility. Morningstar computes standard deviation using the trailing monthly total returns for the appropriate time period. All of the monthly standard deviations are then annualized. Total Return bar chart and table presents the trailing performance of the investment, a chosen benchmark and the Morningstar Category for the time periods shown. The bar chart presents the fund's performance (red caret) and the chosen benchmark's performance (blue caret) alongside the performance of all of the investments within the Morningstar Category, expressed in percentile rank. Weighted Coupon is calculated by weighting each bond's coupon by its relative size in the portfolio. It indicates whether the underlying fund owns more high- or low-coupon bonds. Weighted Price is calculated by weighting the price of each bond by its relative size in the portfolio. This number reveals if the fund favors bonds selling at prices above or below face value (premium or discount securities, respectively). A higher number indicates a bias toward premiums. Morningstar Rating Often called the Star Rating, the Morningstar Rating brings loadadjustments, performance (returns) and risk together into one evaluation. To determine a fund's star rating for a given time period (three, five, or 1 years), the fund's risk-adjusted return is plotted on a bell curve: If the fund scores in the top 1% of its category, it receives 5 stars (Highest); if it falls in the next 22.5% it receives 4 stars (Above Average); a place in the middle 35% earns 3 stars (Average); those lower still, in the next 22.5%, receive 2 stars (Below Average); and the bottom 1% get only 1 star (Lowest). The Overall Morningstar Rating is a weighted average of the available three-, five-, and 1-year ratings. Morningstar Return This measures a fund's excess return over a risk-free rate (the return of the 9-day Treasury bill), after adjusting for all applicable loads and sales charges. In each Morningstar Category, the top 1% of funds earn a High Morningstar Return, the next 22.5% Above Average, the middle 35% Average, the next 22.5% Below Average, and the bottom 1% Low. Morningstar Return is measured for up to three time periods (three-, five-, and 1-years). These separate measures are then weighted and averaged to produce an overall measure for the fund. Funds with less than three years of performance history are not rated. Morningstar Risk This evaluates the variations in a fund's monthly returns, with an emphasis on downside variations. In each Morningstar Category, the 1% of funds with the lowest measured risk are described as Low Risk, the next 22.5% Below Average, the middle 35% Average, the next 22.5% Above Average, and the top 1% High. Morningstar Risk is measured for up to three time periods (three-, five-, and 1-years). These separate measures are then weighted and averaged to produce an overall measure for the fund. Funds with less than three years of performance history are not rated. Morningstar Style Box The Morningstar Style Box reveals a fund's investment strategy as of the date noted on this report. For equity funds the vertical axis shows the market capitalization of the long stocks owned and the horizontal axis shows investment style (value, blend, or growth). For fixed-income funds, the vertical axis shows the credit quality of the long bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond's effective duration. Morningstar seeks credit rating information from fund companies on a periodic basis (e.g., quarterly). In compiling credit rating information Morningstar accepts credit ratings reported by fund companies that have been issued by all Nationally Recognized Statistical Rating Organizations (NRSROs). For a list of all NRSROs, please visit http:// www.sec.gov/divisions/marketreg/ratingagency.htm. Additionally, Morningstar accepts foreign credit ratings from widely recognized or registered rating agencies. If two rating organizations/agencies have rated a security, fund companies are to report the lower rating; if three or more organizations/ agencies have rated a security, fund companies are to report the median rating, and in cases where there are more than two organization/agency ratings and a median rating does not exist, fund companies are to use the lower of the two middle ratings. PLEASE NOTE: Morningstar, Inc. is not itself an NRSRO nor does it issue a credit rating on the fund. An NRSRO or rating agency ratings can change from time-to-time and do not remove market risk. For credit quality, Morningstar combines the credit rating information provided by the fund companies with an average default rate calculation to come up with a weighted-average credit quality. The weighted-average credit quality is currently a letter that roughly corresponds to the scale used by a leading NRSRO. Bond funds are assigned a style box placement of "low", "medium", or "high" based on their average credit quality. Funds with a low credit quality are those whose weightedaverage credit quality is determined to be less than "BBB-"; medium are those less than "AA-", but greater or equal to "BBB-"; and high are those with a weighted-average credit quality of "AA-" or higher. When classifying a bond portfolio, Morningstar first maps the NRSRO credit ratings of the underlying holdings to their respective default rates (as determined by Morningstar's analysis of actual historical default rates). Morningstar then averages these default rates to determine the average default rate for the entire bond fund. Finally, Morningstar maps this average default rate to its corresponding credit rating along a convex curve. For interest-rate sensitivity, Morningstar obtains from fund companies the average effective duration. Generally, Morningstar classifies a fixed-income fund's interest-rate sensitivity based on the effective duration of the Morningstar Core Bond Index (MCBI), which is currently three years. The classification of Limited will be assigned to those funds whose average effective duration is between 25% to 75% of MCBI's average effective duration; funds whose average effective duration is between 75% to 125% of the MCBI will be classified as Moderate; and those that are at 125% or greater of the Page 4 of 6

average effective duration of the MCBI will be classified as Extensive. For municipal bond funds, Morningstar also obtains from fund companies the average effective duration. In these cases static breakpoints are utilized. These breakpoints are as follows: (i) Limited: 4.5 years or less; (ii) Moderate: more than 4.5 years but less than 7 years; and (iii) Extensive: more than 7 years. In addition, for non-us taxable and non-us domiciled fixed income funds static duration breakpoints are used: (i) Limited: less than or equal to 3.5 years; (ii) Moderate: greater than 3.5 and less than equal to 6 years; (iii) Extensive: greater than 6 years. Morningstar Sectors Morningstar determines how much of each stock portfolio is held in each of Morningstar's 12 major industrial sectors. In instances where the portfolio has a fund-of-fund structure, the sector breakdown is calculated by evaluating the underlying assets of the aggregated portfolio. About Risk Every variable investment option has some degree of risk depending on its investments and strategies. While all variable investment options are subject to market risk, some investment options may be subject to greater volatility than others. The variable investment options are not FDIC insured or guaranteed. The risks disclosed below are intended only to illustrate certain principal risks of the variable investment options and are not intended to be complete or exhaustive. Before investing you should carefully read the applicable fund prospectuses. Asset allocation is the process of distributing investments among varying classes of investments (e.g., stocks and bonds). It does not guarantee future results, assure a profit, or protect against loss. Currency exposure subjects a fund to changes in the rates of exchange between currencies, which may result in increased volatility. Derivatives can be complex instruments that may experience sudden changes in price and liquidity, may be difficult to value, sell or unwind and may be leveraged, which can cause very large swings in value. Emerging market securities tend to be more volatile and less liquid than those in developed countries. Funds with fewer securities may be subject to greater price volatility. Investments in foreign markets are subject to currency fluctuations, political changes, and less liquidity than U.S. investments. Floating rate loans involve risk of default on interest and principal payments or price changes due to changes in credit quality of the issuer. The value can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments. Investments in foreign markets are subject to currency fluctuations, political changes and less liquidity than U.S. investments. Forward commitments, which are securities whose terms are defined or scheduled to settle on a future date, are subject to risk of default or bankruptcy of the counterparty. If the counterparty fails to honor its obligations, the fund may miss an advantageous investment opportunity. Fund-of-funds are subject to risks at the fund-of-funds level and risks of the underlying funds in which they invest, among other risks. They are also subject to their own expenses along with the expenses of the underlying funds, which can be higher than the expenses incurred when investing directly in an underlying fund. High yield bonds (also known as "junk bonds") have greater credit risk than higher quality bonds, that may have a lower yield. The performance of index funds, whose investments track an index, may vary substantially from the performance of the fund s benchmark index due to imperfect correlation between the fund s investments and the index. Interest rate changes may cause the value of debt securities to fluctuate. Debt securities with longer durations or fixed interest rates tend to be more sensitive to changes in interest rates, making them generally more volatile than debt securities with shorter durations or floating or adjustable interest rates. Leverage can increase market exposure and may subject a fund to a loss far greater than the principal amount invested. A non-diversified fund may invest a greater percentage of its assets in a single issuer than a diversified fund thereby increasing its volatility. Non-traditional or alternative investment performance may be correlated with traditional equity and fixed income investments over short or longer term periods, resulting in a lessened diversification effect and increased volatility from including such a fund as part of an asset allocation strategy. Companies engaged in precious metals-related activities may be adversely affected by drops in the prices of the precious metals themselves, which prices can be volatile. Sector and concentrated funds, which invest significantly in an industry or sector, or geographically concentrated funds, which invest significantly in a single or limited number of countries or particular geographic region, may be subject to greater price volatility. Short positions, whether taken through a derivative instrument or by conducting a short sale, pose a risk because they lose value as the security s or reference asset s price increases; therefore, the loss on a short position is theoretically unlimited. Leverage can increase market exposure and magnify investment risk. Generally, stocks of small-cap and mid-cap companies may be riskier and more volatile than those of larger, more established companies. Socially responsive funds could underperform similar funds that do not have a social policy. Among the reasons for this are: undervalued stocks that do not meet the social criteria could outperform those that do, economic or political changes could make certain companies less attractive for investment, and the social policy could cause the Fund to sell or avoid stocks that subsequently perform well. Additional Information Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Insurance products are issued by Pacific Life Insurance Company in all states except New York and in New York by Pacific Life & Annuity Company. Product availability and features may vary by state. Each insurance company is solely responsible for the financial obligations accruing under the products it issues. Insurance products and their guarantees, including optional benefits and any fixed subaccount crediting rates, are backed by the financial strength and claims-paying ability of the issuing insurance company, but they do not protect the value of the variable investment options. Look to the strength of the life insurance company with regard to such guarantees as these guarantees are not backed by the broker-dealer, insurance agency or their affiliates from which products are purchased. Neither these entities nor their representatives make any representation or assurance regarding the claims-paying ability of the life insurance company. Variable insurance products and shares of Pacific Select Fund are distributed by Pacific Select Distributors, Inc. (member FINRA and SIPC), a subsidiary of Pacific Life Insurance Company and an affiliate of Pacific Life & Annuity Company, and are available through licensed third party broker-dealers. Pacific Life Fund Advisors LLC (PLFA), the investment adviser to the Pacific Select Fund (PSF) and the manager of certain PSF funds also does business under the name Pacific Asset Management and manages certain PSF funds under that name. The American Funds Growth-Income, American Funds Growth, and American Funds Asset Allocation Portfolios of the Pacific Select Fund invest their assets in American Funds Insurance Series Growth-Income Fund, Growth Fund, and Asset Allocation Fund, respectively (each a Master Fund). Capital Research and Management Company is the investment adviser to the Master Funds. American Century Investment Services, Inc., BlackRock Investments, LLC, Fidelity Distributors Corporation, Franklin Templeton Distributors, Inc., GE Investment Distributors, Inc., Invesco Distributors, Inc., Janus Distributors LLC, Lazard Asset Management Securities LLC, Legg Mason Investor Services, LLC, Lord Abbett Distributor LLC, MBSC Securities Corporation, M Financial Group, M Holdings Securities, Inc., MFS Fund Distributors, Inc., Neuberger Berman Management LLC, OppenheimerFunds Distributor, Inc., PIMCO Investments LLC, Royce Fund Services, Inc., T. Rowe Price Investment Services, Inc., and Van Eck Securities Corporation, and the products each distributes, are not affiliated with Pacific Life and Pacific Select Distributors, Inc. All American Funds trademarks referenced in this publication are registered trademarks owned by American Funds Distributors, Inc. or an affiliated company. Fidelity and Contrafund are registered trademarks of FMR LLC. BlackRock is a registered trademark of BlackRock, Inc. All other trademarks are the property of their respective owners. Main Street is a registered trademark of OppenheimerFunds, Page 5 of 6

Inc. MFS is a registered trademark of Massachusetts Financial Services Company. Portfolio statistics may differ from the annual report. Pacific Life Insurance Company Newport Beach, CA (8) 8-7681 www.pacificlife.com Pacific Life & Annuity Company Newport Beach, CA (888) 595-6996 www.pacificlife.com Page 6 of 6