Pacific Beach Bank Owned Real Estate

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					                                 HOLDING COMPANY & SUBSIDIARIES

An Introduction to               2009 Financial Summary
                                 Dollars in Millions
                                 December 31,                                            2009                          2008
                                 Company Assets                                  $ 109,954                       $ 96,983

                                 Policyholder & Other Liabilities                $ 103,575                       $ 92,651
                                        1
                                 Equity                                          $     6,537                     $   5,928
                                                            2
                                 Operating Revenues                              $     5,359                     $   5,252
             Focus on Strength   Operating Income3                               $        520                    $      534
                                 Deposits4                                       $ 10,687                        $ 12,889


                                 Company Assets
                                 In Billions of Dollars

                                 05                                                                                            87

                                 06                                                                                            99

                                 07                                                                                           111

                                 08                                                                                            97

                                 09                                                                                          110


                                 Equity
                                 In Billions of Dollars

                                 05                                                                                           5.0

                                 06                                                                                           5.6

                                 07                                                                                           6.2

                                 08                                                                                           5.9

                                 09                                                                                           6.5


                                 Operating Income
                                 In Millions of Dollars

                                 05                                                                                          413

                                 06                                                                                          563

                                 07                                                                                          654

                                 08                                                                                          534

                                 09                                                                                          520



                                  1 Excludes accumulated other comprehensive income/loss and noncontrolling interest.
                                  2 Excludes net realized investment gains/losses and other than temporary impairments.
                                  3 Excludes net realized investment gains/losses, other than temporary impairments and
                                    discontinued operations, net of taxes.
                                  4 Includes receipts from the following liabilities: universal life contracts, fixed and variable
                                    annuities, funding agreements, guaranteed interest contracts, and other deposits.
                                            —Divisions at a Glance
  Life Insurance Division
  We work with financial and insurance professionals to give families      PRINCIPAL PRODUCTS
  and businesses the life insurance coverage needed to meet                Universal life insurance
  important financial protection, wealth accumulation, and wealth          Variable universal life
  preservation goals. The financial future of our customers is important
                                                                           Indexed universal life
  to us and we will continue to provide the diverse products, financial
  security, and outstanding service that have made us a trusted name       Interest-sensitive whole life
  in life insurance.                                                       Joint and last survivor life
                                                                           Term life




  Retirement Solutions Division1
  Our strategy is to leverage our strengths in product development,        PRINCIPAL PRODUCTS
  technology, service, and risk management to create retirement            Fixed annuities
  solutions for individuals and families. With the guidance of financial   Variable annuities
  professionals, our customers have access to an array of annuities and
                                                                           Mutual funds
  mutual funds designed to help grow assets and to provide retirement
  income for financial independence.                                       Small business 401(k) programs
                                                                           Individual(k) programs
                                                                           Structured settlement annuities
1 Formerly known as Annuities & Mutual Funds Division.                     Single premium group annuity contracts


  Investment Management Division
  Our fixed income and private equity investment strategies provide        PRINCIPAL INVESTMENTS & SERVICES
  diversification and attractive returns that support our high-quality     Public corporate bonds and asset-backed
  life insurance, investment, and annuity products which benefit our           securities
  policyholders and contract holders.                                      Private placements
                                                                           Private equity limited partnerships
                                                                           Accounting, reporting, and valuation support
                                                                               for our registered investment advisor




  Real Estate Division
  We provide high-quality commercial real estate investments through       PRINCIPAL INVESTMENTS & SERVICES
  direct mortgage loan originations, commercial mortgage-backed            Fixed- and variable-rate construction and
  securities (CMBS), and real estate investment trust (REIT) debt             permanent mortgage loans
  purchases. Clients are offered speed, certainty of execution, and        Commercial mortgage-backed securities
  flexibility, along with competitive fixed and variable rates, on both
                                                                           REIT debt
  construction and permanent mortgage financing. Direct property
  development and ownership, as well as partnership and fund invest-       Real estate properties and funds
  ments, round out the equity portfolio. Additionally, we offer primary    Commercial mortgage primary and special servicing
  and special servicing to third-party CMBS and private investors.
Principal Subsidiaries at a Glance
Pacific Asset Management
Pacific Asset Management1 specializes in institutional fixed income         PRINCIPAL PRODUCTS & SERVICES
asset management. Our investment team manages bank loans,                   Institutional separate accounts
high-yield bonds, investment-grade bonds, and money market                  Subadvisory investment management services
securities. We offer superior credit research and portfolio                 Cash management
management services, with expertise in assessing enterprise value,
experience investing across the capital structure, and a unique insight
                                                                          1 Pacific Asset Management (PAM) is a division of Pacific Life Fund Advisors
into industry trends. We provide our clients the ability to invest with     LLC, an SEC registered investment advisor and wholly owned subsidiary of
an entrepreneurial investment group focused on fundamental credit           Pacific Life Insurance Company (PLIC). Investment professionals at PAM
                                                                            also have investment responsibilities at PLIC and manage assets within
analysis and supported by the scale and infrastructure of Pacific Life.     PLIC as well as within PAM.




Aviation Capital Group
Aviation Capital Group (ACG), a wholly owned subsidiary of Pacific          PRINCIPAL PRODUCTS & SERVICES
Life, is engaged in the acquisition and leasing of new narrow-body          Commercial jet aircraft for lease to airlines
commercial jet aircraft to airlines around the world. Our owned                worldwide
or managed portfolios include 241 aircraft leased to 94 airline             Aircraft asset management for third-party
customers in 41 countries. ACG also provides fee-based aircraft                financial institutions
asset management services to third-party investors and seeks                Aircraft and aviation-related joint venture
unique investment opportunities in the global aviation industry.               investments
We are one of the top-tier aircraft operating leasing companies             Commercial aircraft jet trading
in the world.


Pacific Life Re
A wholly owned subsidiary of Pacific LifeCorp, Pacific Life Re is a         PRINCIPAL PRODUCTS & SERVICES
specialist life reinsurer. Headquartered in London, we also have            Reinsurance of life, critical illness, and
a branch office in Singapore and a representative office in Tokyo.             income protection business
We specialize in risk and capital management of life assurance,             Reinsurance of annuity and longevity risk
critical illness, income protection, and annuity business, offering         Associated reinsurance services and
a comprehensive range of reinsurance products and services to                  technical support
insurance companies in the United Kingdom, Ireland, and selected
markets in Asia.




College Savings Bank
College Savings Bank, a wholly owned subsidiary of Pacific LifeCorp,        PRINCIPAL PRODUCTS & SERVICES
is a New Jersey-chartered savings bank and member of the Federal            529 college savings plans
Deposit Insurance Corporation (FDIC). The bank’s primary products           Variable- and fixed-rate certificates of deposit
are certificates of deposit designed to help families save for future
college costs through accounts eligible under section 529 of the            Deposits with College Savings Bank are insured by the FDIC up to $250,000
Internal Revenue Code, Coverdell Education Savings accounts, and            for each depositor, subject to FDIC regulations.
                                                                            The 529 plans are approved and issued by the state of Montana or the state
IRAs. Each product has a principal-protection focus, and deposits           of Arizona and are offered through the Montana Family Education Savings
with College Savings Bank are insured by the FDIC.                          Program (MFESP) or the Arizona Family College Savings Program Trust Fund,
                                                                            respectively. The program, the principal, and the returns of the 529 plans are
                                                                            not insured by the state of Montana, the state of Arizona, or Pacific LifeCorp.
CONTACT INFORMATION
PACIFIC LIFE INSURANCE COMPANY/
PACIFIC LIFE & ANNUITY COMPANY
700 Newport Center Drive                       Pacific Mutual Holding Company
Newport Beach, CA 92660-6397                   Pacific Mutual Holding Company (Pacific Mutual) is
(800) 800-7646, ext. 3011 / (949) 219-3011
                                               the parent company of Pacific LifeCorp, which is the
E-mail: Info@PacificLife.com
                                               parent company of Pacific Life Insurance Company.
www.PacificLife.com
www.PacificLifeandAnnuity.com                  Policyholders and contract holders of Pacific Life
                                               Insurance Company are members of Pacific Mutual                                               Pacific Life Insurance Company, a subsidiary of Pacific
Investment Management Division                 and, as such, are able to attend an annual meeting                                            Mutual Holding Company, is licensed in all states except
(800) 800-7646, ext. 3718                      of Pacific Mutual and to elect its board of directors.                                        New York. In New York, individual life insurance and
Real Estate Division                           Through its direct and indirect subsidiaries, Pacific                                         annuity products are available through Pacific Life &
(800) 800-7646, ext. 4763                      Mutual is engaged in a wide variety of insurance,                                             Annuity Company, a subsidiary of Pacific Life Insurance
                                               financial services, and other investment-related                                              Company.
Retirement Solutions Division
                                               businesses.                                                                                   Product availability and features vary by state. Insurance
(800) 722-4448
                                                                                                                                             product and rider guarantees are backed by the financial
Life Insurance Division                                                                                                                      strength and claims-paying ability of the issuing company
45 Enterprise
                                                                                                                                             and do not protect the value of the variable investment
Aliso Viejo, CA 92656-2601
                                                                                                                                             options. Each company is solely responsible for the
(800) 800-7681, ext. 6000 / (949) 420-6000
                                                                                                                                             financial obligations accruing under the policies it issues.
PRINCIPAL SUBSIDIARIES                                                                                                                       Variable products are issued by Pacific Life Insurance
Aviation Capital Group Corp.                   Pacific Life Insurance Company                                                                Company and Pacific Life & Annuity Company. These
610 Newport Center Drive, Suite 1400                                                                                                         products and mutual funds are distributed by Pacific
                                               Offering insurance since 1868, Pacific Life provides
Newport Beach, CA 92660-6465                                                                                                                 Select Distributors, Inc. (member FINRA & SIPC),
                                               a wide range of life insurance products, annuities,
(949) 219-4600                                                                                                                               a subsidiary of Pacific Life Insurance Company and
www.AviationCapitalGroup.com                   and mutual funds, and offers a variety of investment
                                                                                                                                             an affiliate of Pacific Life & Annuity Company, and are
                                               products and services to individuals, businesses, and
College Savings Bank                                                                                                                         available through licensed third-party broker-dealers.
                                               pension plans. Pacific Life also counts more than half
5 Vaughn Drive, Suite 100                      of the 100 largest U.S. companies as its clients.1
Princeton, NJ 08540-6313
(800) 888-2723 / (609) 987-3700
www.CollegeSavings.com
Pacific Asset Management
(800) 800-7646, ext. 1656 / (949) 219-1656
www.PAM.PacificLife.com
Pacific Life Re Limited
Tower Bridge House
St. Katharine’s Way
London E1W 1BA                                 Pacific Life & Annuity Company
+44 (0) 20 7709 1700                           Pacific Life & Annuity Company offers a wide range of
www.PacificLifeRe.com                          products, including life insurance, annuities, structured
Pacific Select Distributors, Inc.              settlement annuities, and other investment products
                                                                                                                                                         Investment and Insurance Products: Not a Deposit —
(800) 800-7646, ext. 3881 / (949) 219-3881     and services for individuals and businesses.                                                                 Not FDIC Insured — Not Insured by Any Federal
                                                                                                                                                     Government Agency — No Bank Guarantee — May Lose Value




                                             1 Client count as of April 2009 is compiled by Pacific Life using the 2009 FORTUNE 500® list.   PL-6J                                                65-15088-19 3/10

				
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