Pacific Life Expands Aviation Capital Group Growth Capital Through Partnership With Strategic Investor

NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Pacific Life Insurance Company today announced it has entered into an
agreement with Tokyo Century Corporation (TC) that results in an
investment by TC for a 20 percent membership interest in Aviation
Capital Group (ACG), Pacific Life’s wholly-owned commercial aircraft
leasing subsidiary.

Per terms of the deal, in addition to this initial investment, TC has
agreed to provide additional capital to ACG to help accelerate ACG’s
business expansion and create incremental business opportunities.
Pacific Life will retain a controlling interest in ACG.

Pacific Life is vested in the continued growth and success of ACG,
which has delivered strong and consistent earnings,” said Pacific Life
Chairman, President and CEO Jim Morris. “Tokyo Century Corporation joins
us as a committed strategic partner with familiarity in the commercial
aircraft leasing industry, and a dedication to driving additional
sources of growth and income for ACG.”

TC is publicly-held and listed on the Tokyo Stock Exchange. Its core
lines of business include equipment leasing, specialty financing,
domestic automobile financing, and international business with a global
network in 37 countries. TC’s aircraft financing operation currently
owns 48 aircraft. More information can be found at: www.tokyocentury.co.jp/en/.

Goldman Sachs served as financial advisor for this transaction, together
with Debevoise & Plimpton LLC as the legal advisor.

The transaction is expected to close in the fourth quarter of 2017.

About Pacific Life

Offering insurance since 1868, Pacific Life provides a wide range of
insurance products, annuities, and mutual funds, and offers a variety of
investment products and services to individuals, businesses, and pension
plans. Pacific Life counts more than half of the 100 largest U.S.
companies as its clients. For additional company information, including
current financial strength ratings, visit www.PacificLife.com.

Pacific Life refers to Pacific Life Insurance Company and its
affiliates, including Pacific Life & Annuity Company. Client count as of
June 2017 is compiled by Pacific Life using the 2017 FORTUNE 500® list.

About Aviation Capital Group

Aviation Capital Group is one of the world’s premier full service
aircraft asset managers with 441 owned, managed and committed aircraft
as of June 30, 2017, which are leased to approximately 95 airlines in
approximately 40 countries. ACG was founded in 1989 and is an indirect
wholly-owned subsidiary of Pacific Life Insurance Company.

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