For financial professional use only. Not for use with the public.

BREAK THROUGH THE CAPS AND PROTECT THE DOWNSIDEwith Protected Investment Benefit

An Optional Benefit with Pacific Life Variable Annuities

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WHY PACIFIC LIFE

No bank guarantee • Not a deposit • May lose value Not FDIC/NCUA insured • Not insured by any federal government agency

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.

It’s essential to choose a strong and stable company that can help your clients

achieve their future income needs. Since 1868, individuals and their families have

relied on the strength of Pacific Life to help protect their financial security.

o Pacific Life Insurance Company is organized under a mutual holding

company structure and operates for the benefit of its policyholders

and contract owners.

o We have achieved ongoing recognition1 for high-quality service standards.

o We offer products that address market environments during all stages

of your clients’ lives.

o Pacific Life is designated as one of the 2020 World’s Most Ethical

Companies®2 by the Ethisphere Institute, a global leader in defining and

advancing the standards of ethical business practices.

o We maintain strong financial-strength ratings from major independent

rating agencies.

Ratings may change and do not apply to the safety or performance of the underlying

variable investment options. For more information and current financial-strength

ratings, please visit our website at PacificLife.com.

1 Recipient of multiple DALBAR Service Awards since 1997. Refer to www.DALBAR.com for more information regarding awards, certifications, and rankings.

2 Based on the Ethisphere Institute’s Ethics Quotient®. “World’s Most Ethical Companies” and “Ethisphere” names and marks are registered trademarks of Ethisphere LLC. Pacific Life is unaffiliated with Ethisphere Institute.

While ratings can be objective indicators of an insurance company’s financial strength and can provide a relative measure to help select among insurance companies, they are not guarantees of the future financial strength and/or claims-paying ability of a company. The independent third party from which this annuity is purchased, including the broker/dealer, the insurance agency from which this annuity is purchased, and any affiliates of those entities, make no representations regarding the quality of the analysis conducted by the rating agencies. The rating agencies are not affiliated with the above-mentioned entities nor were they involved in any rating agency’s analysis of the insurance companies.

For financial professional use only. Not for use with the public.

For financial professional use only. Not for use with the public.

DOWNSIDE PROTECTION. UNLIMITED GROWTH POTENTIAL.

When your clients are ready to break through performance caps and experience unlimited upside potential—while

still maintaining downside protection—consider a Pacific Life variable annuity with Protected Investment Benefit.

A possible alternative to structured variable annuities, together they offer:

o A 5-year option.

o A variety of investment options.

o 90% protection of purchase payments invested in the first contract year.

o Unlimited growth potential.

o Transparent fees.

In addition to the mortality and expense risk charges, administrative fees, and investment fees on the variable annuity, clients are charged 1.15% for the 5-Year Protected Investment Benefit option. After the five-year period, Protected Investment Benefit automatically expires and your client will no longer be charged the annual fee.

Variable AnnuityA variable annuity is designed to provide reliable income that lasts for life. It is a long-term investment that can help

your clients grow their retirement savings faster by investing in a diverse selection of investment options while

deferring taxes until they take income. The market-based investment performance will be variable, meaning it can

go up or down, and dividend reinvestment is typically included in investment returns. Variable annuities also allow

clients to provide for their loved ones through a guaranteed death benefit. Optional benefits may be purchased

for an additional cost.

Structured Variable AnnuityA structured variable annuity is a long-term contract that helps protect a percentage of the client’s account value from

negative returns by hedging a portion of the downside risk, generally in exchange for capping gains. This is typically done

through the use of a buffer, which absorbs index losses up to a stated percentage. Losses greater than that percentage

are reflected in the account value. Structured variable annuities provide investment options linked to an index such as

the S&P 500® index and typically do not include reinvested dividends.

For financial professional use only. Not for use with the public.

Let’s explore how a structured variable annuity and Pacific Choice® with Protected Investment Benefit would perform in

similar market conditions.

IN 12 OF THE LAST 22 ROLLING 5-YEAR PERIODS, the contract with Protected Investment Benefit outperformed the structured variable annuity contract.

Structured Variable Annuity Pacific Choice® with Protected Investment Benefit

5-Year Period

Cumulative S&P 500® Index

Price Return (No reinvested dividends)

Cumulative Return

(Assumes 12% cap and 10% buffer)

Contract Value

Cumulative Portfolio Return

(Net of fees; dividends reinvested)

Contract Value

1994–1998 163.5% 57.4% $157,352 108.0% $208,025

1995–1999 219.9% 76.2% $176,234 145.9% $245,889

1996–2000 114.4% 57.1% $157,133 107.6% $207,641

1997–2001 55.0% 36.0% $136,028 71.1% $171,057

1998–2002 (9.3%) 5.2% $105,220 30.1% $130,087

1999–2003 (9.5%) 5.2% $105,220 11.5% $111,502

2000–2004 (17.5%) 2.4% $102,396 1.2% $101,209

2001–2005 (5.5%) 5.6% $105,616 2.8% $102,806

2002–2006 23.5% 22.0% $122,002 20.1% $120,137

2003–2007 66.9% 45.8% $145,795 43.1% $143,119

2004–2008 (18.8%) (6.9%) $93,093 5.3% $105,325

2005–2009 (8.0%) (4.3%) $95,661 22.0% $121,972

2006–2010 0.7% 4.0% $104,019 22.4% $122,432

2007–2011 (11.3%) (7.1%) $92,874 12.1% $112,119

2008–2012 (2.9%) 0.5% $100,472 15.0% $114,956

2009–2013 104.6% 57.4% $157,352 66.8% $166,761

2010–2014 84.6% 56.5% $156,496 43.3% $143,285

2011–2015 62.5% 39.7% $139,728 33.5% $133,484

2012–2016 78.0% 53.1% $153,052 38.2% $138,222

2013–2017 87.5% 53.1% $153,052 44.2% $144,160

2014–2018 35.6% 36.7% $136,653 20.2% $120,210

2015–2019 56.9% 37.4% $137,401 35.8% $135,762

The hypothetical example assumes the products were available in 1994. Pacific Choice and Protected Investment Benefit were not available in 1994. Current product fees and charges as of 5/1/20 were deducted. The 2007-2011 time frame was selected to show a period of significant loss and recovery. SVA index-lined options do not have explicit fees. In the example, it is assumed that the SVA contract is allocated to an index-linked option. The S&P 500 Index is a market capitalization-weighted index of 500 widely held stocks often used as a proxy for the U.S. stock market. Performance does not include the reinvestment of dividends. The index is not available for direct investment.

For financial professional use only. Not for use with the public.

To learn more about the differences between a structured variable annuity and a Pacific Life variable annuity with Protected Investment Benefit, call your

Pacific Life consultative wholesaler at (800) 722-2333 or visit our website.PacificLife.com

3.53 3.53

(38.49)

(28.49)

23.45

12.00 12.78 12.00

0.00 0.00

2007

2008

2009

2010

2011

7.51

(18.24)

22.32

5.45

(1.11)

SVA Return

Pacific Choice Portfolio ReturnS&P 500 Price Return

SVA Contract Value

Pacific Choice Contract Value

$107,511 $87,903 $107,524 $113,381 $112,119

$103,530 $74,038 $82,923 $92,874 $92,874

Structured Variable Annuity Pacific Choice® with Protected Investment Benefit

5-Year Period

Cumulative S&P 500® Index

Price Return (No reinvested dividends)

Cumulative Return

(Assumes 12% cap and 10% buffer)

Contract Value

Cumulative Portfolio Return

(Net of fees; dividends reinvested)

Contract Value

1994–1998 163.5% 57.4% $157,352 108.0% $208,025

1995–1999 219.9% 76.2% $176,234 145.9% $245,889

1996–2000 114.4% 57.1% $157,133 107.6% $207,641

1997–2001 55.0% 36.0% $136,028 71.1% $171,057

1998–2002 (9.3%) 5.2% $105,220 30.1% $130,087

1999–2003 (9.5%) 5.2% $105,220 11.5% $111,502

2000–2004 (17.5%) 2.4% $102,396 1.2% $101,209

2001–2005 (5.5%) 5.6% $105,616 2.8% $102,806

2002–2006 23.5% 22.0% $122,002 20.1% $120,137

2003–2007 66.9% 45.8% $145,795 43.1% $143,119

2004–2008 (18.8%) (6.9%) $93,093 5.3% $105,325

2005–2009 (8.0%) (4.3%) $95,661 22.0% $121,972

2006–2010 0.7% 4.0% $104,019 22.4% $122,432

2007–2011 (11.3%) (7.1%) $92,874 12.1% $112,119

2008–2012 (2.9%) 0.5% $100,472 15.0% $114,956

2009–2013 104.6% 57.4% $157,352 66.8% $166,761

2010–2014 84.6% 56.5% $156,496 43.3% $143,285

2011–2015 62.5% 39.7% $139,728 33.5% $133,484

2012–2016 78.0% 53.1% $153,052 38.2% $138,222

2013–2017 87.5% 53.1% $153,052 44.2% $144,160

2014–2018 35.6% 36.7% $136,653 20.2% $120,210

2015–2019 56.9% 37.4% $137,401 35.8% $135,762

1The Janus Henderson VIT Balanced Portfolio is actively managed and has a 60% equity/40% fixed income target allocation. It is rider eligible and has an inception date of 9/13/93.

Structured Variable Annuity (SVA)

o $100,000 initial investment

o Annual 12% performance cap

o Annual 10% buffer

o Costs are implicit and charged through the level of the performance cap

Pacific Choice with Protected Investment Benefit

o $100,000 investment

o Annual 1.20% mortality, expense, and administrative fees

o Annual 1.15% Protected Investment Benefit fee

o 100% allocation to the Janus Henderson VIT Balanced Portfolio (0.88% net fund expense)1

Assumptions for Table and Chart

Let’s take a closer look at the 2007–2011 time frame shown in the table.

For financial professional use only. Not for use with the public.

Not all products or riders are available at all broker/dealer firms.

Pacific Life, its affiliates, their distributors, and respective representatives do not provide tax, accounting, or legal advice. Any taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor or attorney.

Pacific Life is a product provider. It is not a fiduciary and therefore does not give advice or make recommendations regarding insurance or investment products.

Investors should carefully consider a variable annuity’s risks, charges, limitations, and expenses, as well as the risks, charges, expenses, and investment goals of the underlying investment options. This and other information about Pacific Life is provided in the product and underlying fund prospectuses. These prospectuses should be read carefully before investing.

The value of the variable investment options will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. Annuity withdrawals and other distributions of taxable amounts, including death benefit payouts, will be subject to ordinary income tax. For nonqualified contracts, an additional 3.8% federal tax may apply on net investment income. If withdrawals and other distributions are taken prior to age 59½, a 10% federal tax may apply. A withdrawal charge also may apply. Withdrawals will reduce the contract value and the value of the death benefits, and also may reduce the value of any optional benefits.

Protected Investment Benefit is named “Guaranteed Minimum Accumulation Benefit” in the contract rider. Protected Investment Benefit was first available in 2019.

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 product and rider guarantees, including optional benefits and any fixed subaccount crediting rates or annuity payout rates, are backed by the financial strength and claims-paying ability of the issuing insurance company and do not protect the value of the variable investment options. They are not backed by the broker/dealer from which this annuity is purchased, by the insurance agency from which this annuity is purchased, or any affiliates of those entities, and none makes any representations or guarantees regarding the claims-paying ability of the issuing insurance company.

Variable insurance products are distributed by Pacific Select Distributors, LLC (member FINRA & SIPC), a subsidiary of Pacific Life Insurance Company (Newport Beach, CA) and an affiliate of Pacific Life & Annuity Company and are available through licensed third parties.

Contract Form Series: 10-17800, ICC12:10-1252, 10-178OR (state variations may apply) Rider Series: 20:1354 (state variations may apply)

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