Dear Member,

You are invited to attend the Pacific Mutual Holding Company (Pacific Mutual) Annual Meeting of Members (Annual Meeting), which will be held on Wednesday, May 20, 2020, at 11:30 a.m. Pacific Time, at 700 Newport Center Drive, Newport Beach, California 92660. As a policyholder and/or contract holder of Pacific Life Insurance Company (Pacific Life), you are automatically a Member of Pacific Mutual and entitled to vote in the election of its directors.

Your vote is important. Please submit your proxy as soon as possible by Internet, telephone, or mail. Submitting your proxy by one of these methods will ensure your representation at the Annual Meeting regardless of whether you attend the meeting. If you plan to attend the Annual Meeting, please check our website at www.PacificMutual.com for updated information ten (10) days prior to the meeting date.*

We understand that you have a choice when choosing a company to protect your financial future. On behalf of the Board of Directors and management, thank you for choosing Pacific Life.

Sincerely,

James T. Morris Chairman, President and Chief Executive Officer

2020 VOTING INFORMATION

Election of Directors

The Board of Directors of Pacific Mutual is divided into three classes. Members of Pacific Mutual (Members) elect one class of directors at the annual meeting each year to serve a three-year term. The Board of Directors of Pacific Mutual has nominated Christopher D. Furman, James T. Morris, and Dean A. Yoost for election at the Annual Meeting to hold office until the annual meeting in 2023. The nominees currently serve on the Board of Directors of Pacific Mutual and have indicated that they will continue to serve, if elected. For additional information regarding the directors of Pacific Mutual, please visit www.PacificMutual.com.

The Board of Directors unanimously recommends that Members vote in favor of the election of the nominees.

Directors Continuing in Office

Mariann ByerwalterChairman EmeritusSRI International

Directors Standing for Election

Christopher D. Furman, age 60, has been a member of the Board of Directors of Pacific Mutual since 2012 and serves on the Compensation and Personnel Committee (Chair) and the Governance and Nominating Committee. Mr. Furman also served as a director of Pacific LifeCorp from 2012 to 2018. Since 2009, Mr. Furman has served as the president and chief executive officer of Ventura Foods, LLC, a leading global manufacturer of custom and branded food products. Prior to joining Ventura Foods, LLC, Mr. Furman spent 23 years with PepsiCo, holding several leadership roles, including president of PepsiCo

Foodservice. He currently serves on the board of directors of Children’s Hospital of Orange County (CHOC). Mr. Furman received his bachelor’s degree in food marketing from St. Joseph’s University.

James T. Morris, age 60, is chairman, president and chief executive officer of Pacific Life, and its parent companies Pacific Mutual and Pacific LifeCorp. Mr. Morris has been a member of the Board of Directors of Pacific Mutual since 2007, and is also chairman of the Pacific Life Foundation. He is a board member of Edison International, Southern California Edison, and CHOC. He also serves as a board member of the American Council of Life Insurers (ACLI), the nation’s principal life insurance company trade association headquartered in Washington, D.C., where he served as chairman from 2012 to 2013. Mr. Morris

received his bachelor’s degree in mathematics from the University of California, Los Angeles. He is a fellow of the Society of Actuaries, and a member of the American Academy of Actuaries.

Julia S. GouwRetired President andChief Operating OfficerEast West Bank

Dwight W. DeckerRetired Chairman andChief Executive OfficerConexant Systems, Inc.

Dean A. Yoost, age 70, has been a member of the Board of Directors of Pacific Mutual since 2007 and serves on the Governance and Nominating Committee (Chair) and the Audit Committee. He also served as a director of Pacific LifeCorp from 2007 to 2018. Mr. Yoost is the founder and chairman of the Corporate Directors Roundtable Association of Orange County, serves as a member of the advisory committee of American Honda Finance Corporation, and serves as a board member of MUFG Union Bank and the National Association of Corporate Directors of Southern California. He retired as

a partner after 33 years with PricewaterhouseCoopers (PwC) where he held multiple leadership positions. Mr. Yoost received his bachelor’s degree in accounting from Winona State University and his graduate degrees from the University of Minnesota and Minnesota State University.

J. Michael ShepherdChairmanBank of the West

Kerry L. WilliamsChief Operating OfficerExperian

Scott D. StowellChief Executive Officer Capital Thirteen, LLC

Peter J. TaylorPresidentECMC Foundation

Register to receive your communications electronically at www.WebVoteDirect.com/PMHC

ANSWERING YOUR QUESTIONS ABOUT THE ANNUAL MEETING

Q. Is there any item of business to be voted upon at the Annual Meeting other than the election of directors?

A. No. The election of three directors is the only item to be considered and voted upon at the Annual Meeting.

Q. I have more than one Pacific Life policy/contract, but I received only one proxy card. Why?

A. In accordance with insurance laws and the Pacific Mutual bylaws, each Member is entitled to one vote regardless of the number of policies or contracts owned; therefore, only one proxy card is provided.

Q. How can I request electronic delivery of future annual meeting materials as well as other Pacific Mutual communications and materials from Pacific Life?

A. Go to www.WebVoteDirect.com/PMHC, enter the control number found on your proxy card without spaces and, when prompted, indicate your desire to receive materials electronically.

If you have additional questions concerning the Annual Meeting and the voting process, please submit them via email at AnnualMeeting@PacificLife.com or call (800) 800-7646, ext. 3200.

For further information about Pacific Mutual or Pacific Life, please visit our websites www.PacificMutual.com or www.PacificLife.com.

*We intend to hold the Annual Meeting in person. However, we are actively monitoring the coronavirus (COVID-19). We are sensitive to the health and well-being of our Members and the protocols that federal, state, and local governments may impose. In the event it is not possible or advisable to hold the Annual Meeting in person, we will announce alternative arrangements for the meeting. If you are planning to attend the meeting, please check our website at www.PacificMutual.com ten (10) days prior to the meeting date.