Release Date: 03-31-2018

PSF Real Estate Available through Pacific Life Variable Annuity ProductsBenchmark: FTSE NAREIT All Equity REITs TR USD

Overall Morningstar Rating™ Morningstar Return Morningstar RiskQQQ Average Above AverageOut of 931 Real Estate VA subaccounts. An investment's overall Morningstar Rating, based on its risk-adjustedreturn, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Strategy from underlying investment's prospectus

The investment seeks current income and long-term capital appreciation. The fund invests at least 80% of its assets in securities of companies operating in the real estate and related industries. It invests primarily in equity securities of companies in the U.S. real estate industry, including real estate investment trusts ("REITs") and real estate operating companies ("REOCs"). REITs and REOCs invest primarily in properties that produce income and in real estate interest or loans. The fund normally will invest more than 25% of its assets in securities of companies in real estate and related industries. It is non-diversified.

Category Description: Real Estate

Real estate portfolios invest primarily in real estate investmenttrusts of various types. REITs are companies that develop andmanage real estate properties. There are several different typesof REITs, including apartment, factory-outlet, health-care, hotel,industrial, mortgage, office, and shopping center REITs. Someportfolios in this category also invest in real estate operatingcompanies.

Morningstar Proprietary Statistics as of 03-31-18Fund Rank Morningstar out of # of

Percentile Rating Investments

YTD 74 . 11031 Year 67 . 10113 Year 67 QQ 9315 Year 44 QQQ 81610 Year 52 QQQ 541

OperationsSubaccount Incp Date 01-04-99Management Company Pacific Life Fund Advisors LLC

(PLFA)Subadvisor Morgan Stanley Investment

Management, Inc.

Portfolio Manager(s)

Theodore Bigman. Since 1999.Bill Grant. Since 2014.

Portfolio AnalysisComposition as of 02-28-18 % Assets

U.S. Stocks 98.9Non-U.S. Stocks 0.0Bonds 0.0Cash 1.1Other 0.0

Morningstar Equity Style Box™ as of 02-28-18 % Mkt Cap

LargeM

idSm

all

Value Blend Growth

Giant 0.00........................................................Large 39.07Medium 50.42Small 10.51........................................................Micro 0.00

Morningstar Sectors as of 02-28-18 % Fund

h Cyclical 100.00.......................................................................................................r Basic Materials 0.00t Consumer Cyclical 0.51y Financial Services 0.00u Real Estate 99.49

j Sensitive 0.00.......................................................................................................i Communication Services 0.00o Energy 0.00p Industrials 0.00a Technology 0.00

k Defensive 0.00.......................................................................................................s Consumer Defensive 0.00d Healthcare 0.00f Utilities 0.00

Top Holdings as of 02-28-18 % Assets

Simon Property Group Inc 11.67Boston Properties Inc 7.54Vornado Realty Trust 6.60SL Green Realty Corp 6.05GGP Inc 3.84.......................................................................................................Equity Residential 3.63Prologis Inc 2.92Public Storage 2.53AvalonBay Communities Inc 2.49Regency Centers Corp 2.40.......................................................................................................LaSalle Hotel Properties 2.37HCP Inc 2.36Macerich Co 2.20American Homes 4 Rent Class A 2.18DCT Industrial Trust Inc 2.12

.......................................................................................................Total Number of Stock Holdings 59Total Number of Bond Holdings 0Annual Turnover Ratio % 44.00Tax Cost Ratio 3 Yr 0.00Total Fund Assets ($mil) 256.45

Statistics as of 02-28-18 Port Avg Rel S&P 500 Rel Cat

P/E Ratio 36.60 2.16 0.94P/B Ratio 2.01 0.71 0.90P/C Ratio 13.84 1.12 0.93GeoAvgCap ($mil) 10,814.33 0.12 0.94

Risk Measures as of 03-31-18 Port Avg Rel S&P 500 Rel Cat3 Yr Std Dev 14.03 1.37 1.043 Yr Beta 0.65 . 1.033 Yr Sharpe Ratio -0.09 -0.09 2.253 Yr Alpha -6.36 . 1.143 Yr R-squared 25.21 . 0.98.......................................................................................................Income Ratio 0.06 . .3-Yr Information Ratio -0.77 . 1.04

NotesThis investment option is available only through variableannuities from Pacific Life. Variable annuities are long-terminvestments designed for retirement. The value of the variableinvestment options will fluctuate so that shares, whenredeemed, 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 ordinaryincome tax. For nonqualified contracts, an additional tax of 3.8%may apply on net investment income. If withdrawals and otherdistributions are taken prior to age 59 1/2, an additional 10%federal tax may apply. A withdrawal charge also may apply.Withdrawals will reduce the contract value and the value of thedeath benefits, and also may reduce the value of any optionalbenefits.Pacific Life refers to Pacific Life Insurance Company and itsaffiliates, including Pacific Life & Annuity Company. Insuranceproducts are issued by Pacific Life Insurance Company in allstates except New York and in New York by Pacific Life & AnnuityCompany. Product availability and features may vary by state.Each insurance company is solely responsible for the financialobligations accruing under the products it issues. Insurance

product and rider guarantees, including optional benefits andany fixed subaccount crediting rates or annuity payout rates, arebacked by the financial strength and claims-paying ability of theissuing insurance company and do not protect the value of thevariable investment options. They are not backed by the broker/dealer from which this annuity is purchased, by the insuranceagency from which this annuity is purchased, or any affiliates ofthose entities, and none makes any representations orguarantees regarding the claims-paying ability of the issuinginsurance company. Variable annuities and shares of the PacificSelect Fund are distributed by Pacific Select Distributors,LLC (member FINRA & SIPC), a subsidiary of Pacific LifeInsurance Company (Newport Beach, CA) and an affiliate ofPacific Life & Annuity Company, and are available throughlicensed third parties.This fact sheet must be preceded or accompanied by theproduct and underlying fund prospectuses which areavailable from your financial advisor. Theseprospectuses contain more complete information aboutPacific Life and a variable annuity's risks, charges,limitations, and expenses, as well as the risks, charges,

expenses, and investment objectives of the underlyinginvestment options. Read the prospectuses carefullybefore investing.This page must be accompanied by all disclosure pages.

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©2018 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary toMorningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstarnor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of futureperformance. Visit our investment website at www.morningstar.com.

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Pacific Life Insurance Company contracts Morningstar Inc., fora fee, as a third-party advisor to produce this fact sheet. In thiscapacity, Morningstar independently provides analysis on theunderlying investment options for Pacific Life. Pacific Life and itsaffiliates have not independently verified this information. The Morningstar Fact Sheet is provided to help you furtherevaluate the investment options available within Pacific Lifevariable annuities. This information (including MorningstarRating) does not reflect expenses and charges that are, or maybe, imposed under your variable annuity contract. Forinformation on these charges, please refer to the applicablevariable annuity contract or variable annuity prospectus. Morningstar chooses the applicable benchmark for eachportfolio. This index may differ from the benchmark index or theindices in the underlying prospectuses. The index is anunmanaged portfolio of specified securities and the index doesnot reflect any initial or ongoing expenses. Indexes cannot beinvested in directly. See the underlying prospectuses for moreinformation on benchmarks and definitions. Pacific Life Fund Advisors, LLC (PLFA), is the investmentadviser to the Pacific Select Fund (PSF) and the manager ofcertain PSF portfolios. PLFA also does business under the namePacific Asset Management and manages certain PSF portfoliosunder that name. For PSF investment options, the information presented isabout subaccounts funded by corresponding Pacific Select Fundportfolios. Pacific Select Fund is an underlying investmentvehicle to Pacific Life variable products. American Century Investment Services, Inc., American FundsDistributors, Inc., BlackRock Distributors, Inc., FidelityDistributors Corporation, First Trust Portfolios L.P., FranklinTempleton Distributors, Inc., Invesco Distributors, Inc., IvyDistributors, Inc. Janus Henderson Distributors LLC, JPMorganDistribution Services, Inc., Legg Mason Investor Services,LLC, Lord Abbett Distributor LLC, MFS Fund Distributors,Inc., Neuberger Berman Management LLC, OppenheimerFundsDistributor, Inc., PIMCO Investments LLC, State Street GlobalMarkets, VanEck Securities Corporation, and the products eachdistributes are not affiliated with Pacific Life or Pacific SelectDistributors, LLC. Third-party trademarks and service marks arethe property of their respective owners.

Applicable to Franklin Templeton FundsBecause the Franklin Templeton Founding Funds Allocation VIPFund invests in underlying funds that may engage in a variety ofinvestment strategies involving certain risks, this fund may besubject to those same risks. It also involves direct expenses foreach fund and indirect expenses for the underlying funds, whichtogether can be higher than expenses incurred when investingdirectly in an underlying fund. Investments in stocks offer thepotential for long-term gains but can be subject to short-termprice fluctuations. Because the underlying funds invest in bondsand other debt obligations, the fund's share price and yield willbe affected by interest rate movements. Bond prices generallymove in the opposite direction from interest rates. Thus, as theprices of bonds in the fund adjust to a rise in interest rates, thefund's share price may decline. High yield, lower-rated (junk)bonds generally have greater price swings and higher defaultrisks than investment-grade bonds. Foreign investing, especiallyin emerging markets, involves additional risks, including

currency fluctuations, economic instability, market volatility, andpolitical and social instability. These and other risks aredescribed more fully in the fund's prospectus. The fund is a seriesof Franklin Templeton Variable Insurance Products Trust (FTVIP).Shares are generally sold only to insurance company separateaccounts. The fund is distributed by Franklin TempletonDistributors, Inc., One Franklin Parkway, San Mateo, CA94403-1906. Franklin Advisers, Inc. serves as the fund'sinvestment manager. Templeton Global Advisors Limited servesas the fund's investment manager. Franklin Mutual Advisers, LLCserves as the fund's investment manager. Applicable to Russell IndexesThe Russell 2000 Index and Russell 2000 Value Index (together,the “Indexes”) are calculated by Russell or its agent, aretrademarks of Frank Russell Company (“Russell”), and have beenlicensed for use by Pacific Select Fund (“PSF”). Neither Russellnor the London Stock Exchange Group companies (together the“Licensor Parties”) sponsor, endorse, sell or promote anyportfolios of PSF, the content of this communication, or makeany claim, prediction, warranty or representation whatsoever,expressly or impliedly, either as to (i) the results to be obtainedfrom the use of the Indexes, or (ii) the suitability of the Indexesfor the purpose to which they are being put. The Licensor Partiesdo not and will not provide any financial or investment advice orrecommendation in relation to the Index to Pacific Select Fundor its clients. The Licensor Parties do not accept any liability toany person for any errors or omissions in the Russell Indexesand are under no obligation to advise any person of any errortherein.

Morningstar Portfolio Analysis and Morningstar SectorWeightingsFor individual subaccounts, the purpose of these sections is toprovide an analysis of the individual subaccount. Morningstarprepares this information based on publicly available holdingsinformation. Generally, each underlying subaccount's holdingsare for the prior month end; however, certain underlyingsubaccounts' holdings are for the month ended one or twomonths prior.

Benchmark DefinitionFTSE NAREIT All Equity REITs TR USD: The index measures theperformance of all tax-qualified REITs with more than 50 percentof total assets in qualifying real estate assets other thanmortgages secured by real property that also meet minimumsize and liquidity criteria. A REIT is a company that owns, and inmost cases, operates income-producing real estate.

Morningstar RatingTM

The Morningstar RatingTM for funds, or "star rating", is calculatedfor funds and separate accounts with at least a three-yearhistory. Exchange-traded funds and open-ended mutual fundsare considered a single population for comparative purposes. Itis calculated based on a Morningstar Risk-Adjusted Returnmeasure that accounts for variation in a managed product'smonthly excess performance, placing more emphasis ondownward variations and rewarding consistent performance.The Morningstar Rating does not include any adjustment forsales loads. The top 10% of products in each product category

receive 5 stars, the next 22.5% receive 4 stars, the next 35%receive 3 stars, the next 22.5% receive 2 stars, and the bottom10% receive 1 star. The Overall Morningstar Rating for amanaged product is derived from a weighted average of theperformance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics.

Morningstar ReturnThe Morningstar Return rates a fund’s performance relative toother managed products in its Morningstar Category. It is anassessment of a product's excess return over a risk-free rate(the return of the 90-day Treasury Bill) in comparison with theproducts in its Morningstar category. In each Morningstarcategory, the top 10% of products earn a High MorningstarReturn (High), the next 22.5% Above Average (+Avg), themiddle 35% Average (Avg), the next 22.5% Below Average (-Ave), and the bottom 10% Low (Low). Morningstar Return ismeasured for up to three time periods (three, five, and 10 years). These separate measures are then weighted and averaged toproduce an overall measure for the product. Products with lessthan three years of performance history are not rated.

Morningstar RiskMorningstar Risk evaluates a fund’s downside volatility relativeto that of other products in its Morningstar Category. It is anassessment of the variations in monthly returns, with anemphasis on downside variations, in comparison with theproducts in its Morningstar category. In each Morningstarcategory, the 10% of products with the lowest measured riskare described as Low Risk (Low), the next 22.5% Below Average(-Avg), the middle 35% Average (Avg), the next 22.5% AboveAverage (+Avg), and the top 10% High (High). MorningstarRisk is measured for up to three time periods (three, five, and10 years). These separate measures are then weighted andaveraged to produce an overall measure for the product. Products with less than three years of performance history arenot rated.

Morningstar Style Box™The Morningstar Style Box reveals a portfolio's investment style.For equity portfolios, the vertical axis shows the marketcapitalization of the stocks owned. The horizontal axis showsinvestment style (value, blend, or growth).

DefinitionsAlpha is a measure of the difference between a portfolio's actualreturns and its expected performance, given its level of risk asmeasured by beta. Beta is a measure of a portfolio's sensitivity to marketmovements. Credit Analysis on bond portfolios is based on Moody'sratings. Duration is a time measure of a bond's interest-rate sensitivity.Average effective duration is a weighted average of the durationof the underlying fixed-income securities within the portfolio. Information Ratio is a risk-adjusted performance measure.The information ratio is a special version of the Sharpe Ratio inthat the benchmark doesn't have to be the risk-free rate. Income Ratio reveals the percentage of current income earnedper share. The income ratio can be used as a gauge of how much

Disclosure

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

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©2018 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary toMorningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstarnor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of futureperformance. Visit our investment website at www.morningstar.com.

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of the total return comes from income. Price/Book (P/B) Ratio is the weighted average of the price/book ratios of all the stocks in a portfolio. Price/Cash (P/C) Ratio represents the weighted average ofthe price/cash-flow ratios of the stocks in a portfolio. Price/Earnings (P/E) Ratio is a stock's current price dividedby the company's trailing 12-month earnings per share. Geometric Average Cap is the geometric mean of the marketcapitalization for all of the stocks the portfolio owned. Maturity is the average effective maturity, which is a weightedaverage of all the maturities of the bonds in a portfolio, computedby weighting each maturity date by the market value of thesecurity. R-squared reflects the percentage of a portfolio's movementsthat can be explained by movements in its benchmark. Sharpe Ratio is a risk-adjusted measure calculated by usingstandard deviation and excess return to determine reward perunit of risk. Standard Deviation is a statistical measure of the volatilityof the portfolio's returns. Subaccount Inception (Incp) Date is when the investmentoption became part of the separate account. Weighted (Wtd) Coupon is the average weighted coupon,which is generated from the portfolio by weighting the couponof each bond by its relative size in the portfolio. Coupons arefixed percentages paid out on a fixed-income security on anannual basis. Weighted (Wtd) Price is the average weighted price, whichis generated from the portfolio by weighting the price of eachbond by its relative size in the portfolio. This number reveals ifthe portfolio favors bonds selling at prices above or below facevalue (premium or discount securities, respectively). A highernumber indicates a bias toward premiums. This statistic isexpressed as a percentage of par (face) value.

Investment RiskEach investment option has varying degrees of risk dependingon the investments and investment strategies used. See theapplicable underlying fund prospectus for more completeinformation regarding investment risks.

Active Management The investment is actively managed andsubject to the risk that the advisor's usage of investmenttechniques and risk analyses to make investment decisions failsto perform as expected, which may cause the portfolio to losevalue or underperform investments with similar objectives andstrategies or the market in general.

Currency Investments in securities traded in foreign currenciesor more directly in foreign currencies are subject to the risk thatthe foreign currency will decline in value relative to the U.S.dollar, which may reduce the value of the portfolio. Investmentsin currency hedging positions are subject to the risk that thevalue of the U.S. dollar will decline relative to the currency beinghedged, which may result in a loss of money on the investmentas well as the position designed to act as a hedge. Cross-currency hedging strategies and active currency positions mayincrease currency risk because actual currency exposure maybe substantially different from that suggested by the portfolio'sholdings.

Derivatives Investments in derivatives may be subject to therisk that the advisor does not correctly predict the movementof the underlying security, interest rate, market index, or otherfinancial asset, or that the value of the derivative does notcorrelate perfectly with either the overall market or theunderlying asset from which the derivative's value is derived.Because derivatives usually involve a small investment relativeto the magnitude of liquidity and other risks assumed, theresulting gain or loss from the transaction will bedisproportionately magnified. These investments may result ina loss if the counterparty to the transaction does not performas promised.

Emerging Markets Investments in emerging- and frontier-markets securities may be subject to greater market, credit,currency, liquidity, legal, political, and other risks compared withassets invested in developed foreign countries.

Equity Securities The value of equity securities, which includecommon, preferred, and convertible preferred stocks, willfluctuate based on changes in their issuers' financial conditions,as well as overall market and economic conditions, and candecline in the event of deteriorating issuer, market, or economicconditions.

Foreign Markets Exposure to foreign markets can involveadditional risks relating to market, economic, political,regulatory, geopolitical, or other conditions. These factors canmake foreign investments more volatile and less liquid than U.S.investments.

Forwards Investments in forwards may increase volatility andbe subject to additional market, active management, currency,and counterparty risks as well as liquidity risk if the contractcannot be closed when desired. Forwards purchased on a when-issued or delayed-delivery basis may be subject to risk of loss ifthey decline in value prior to delivery, or if the counterpartydefaults on its obligation.

Geographic Focus Focusing investments in a single country,limited number of countries, or particular geographic regionincreases the risk that economic, political, social, or otherconditions in those countries or that region will have a significantimpact on performance.

Growth Investing Growth securities may be subject toincreased volatility as the value of these securities is highlysensitive to market fluctuations and future earningsexpectations. These securities typically trade at higher multiplesof current earnings than do other securities and may lose valueif it appears their earnings expectations may not be met.

Industry and Sector Investing Concentrating assets in aparticular industry, sector of the economy, or markets mayincrease volatility because the investment will be moresusceptible to the impact of market, economic, regulatory, andother factors affecting that industry or sector compared with amore broadly diversified asset allocation.

Issuer A stake in any individual security is subject to the riskthat the issuer of that security performs poorly, resulting in adecline in the security's value. Issuer-related declines may becaused by poor management decisions, competitive pressures,technological breakthroughs, reliance on suppliers, laborproblems or shortages, corporate restructurings, fraudulentdisclosures, or other factors. Additionally, certain issuers maybe more sensitive to adverse issuer, political, regulatory, market,or economic developments.

Large Cap Concentrating assets in large-capitalization stocksmay subject the portfolio to the risk that those stocksunderperform other capitalizations or the market as a whole.Large-cap companies may be unable to respond as quickly assmall- and mid cap companies can to new competitivepressures and may lack the growth potential of those securities.Historically, large-cap companies do not recover as quickly assmaller companies do from market declines.

Leverage Leverage transactions may increase volatility andresult in a significant loss of value if a transaction fails. Becauseleverage usually involves investment exposure that exceeds theinitial investment, the resulting gain or loss from a relativelysmall change in an underlying indicator will be disproportionatelymagnified.

Restricted/Illiquid Securities Restricted and illiquidsecurities may fall in price because of an inability to sell thesecurities when desired. Investing in restricted securities maysubject the portfolio to higher costs and liquidity risk.

Market/Market Volatility The market value of the portfolio'ssecurities may fall rapidly or unpredictably because of changingeconomic, political, or market conditions, which may reduce thevalue of the portfolio.

Mid-Cap Concentrating assets in mid-capitalization stocks maysubject the portfolio to the risk that those stocks underperformother capitalizations or the market as a whole. Mid-capcompanies may be subject to increased liquidity risk comparedwith large-cap companies and may experience greater pricevolatility than do those securities because of more-limitedproduct lines or financial resources, among other factors.

Mortgage-Backed and Asset-Backed SecuritiesInvestments in mortgage-backed and asset-backed securitiesmay be subject to increased price volatility because of changesin interest rates, issuer information availability, credit quality ofthe underlying assets, market perception of the issuer,availability of credit enhancement, and prepayment of principal.The value of ABS and MBS may be adversely affected if theunderlying borrower fails to pay the loan included in thesecurity.

Nondiversification A nondiversified investment, as definedunder the Investment Act of 1940, may have an increasedpotential for loss because its portfolio includes a relatively smallnumber of investments. Movements in the prices of theindividual assets may have a magnified effect on a nondiversifiedportfolio. Any sale of the investment's large positions could

Disclosure

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

W21006-15A7/15

©2018 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary toMorningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstarnor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of futureperformance. Visit our investment website at www.morningstar.com.

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adversely affect stock prices if those positions represent asignificant part of a company's outstanding stock.

Price Volatility As with any investment, the value of the Fund'sholdings will fluctuate so that shares, when redeemed, may beworth more or less than their original cost.

Small Cap Concentrating assets in small-capitalization stocksmay subject the portfolio to the risk that those stocksunderperform other capitalizations or the market as a whole.Smaller, less-seasoned companies may be subject to increasedliquidity risk compared with mid- and large-cap companies andmay experience greater price volatility than do those securitiesbecause of limited product lines, management experience,market share, or financial resources, among other factors.

Underlying Funds Because the Fund may serve as anunderlying fund of one or more "fund of funds" and thus have asignificant percentage of its outstanding shares held by suchfund of funds, a change in asset allocation by the fund of fundscould result in large redemptions out of the Fund, causingpotential increases in expenses to the Fund and sale of securitiesin a short timeframe, both of which could negatively impactperformance.

Value Investing Value securities may be subject to the riskthat these securities cannot overcome the adverse factors theadvisor believes are responsible for their low price or that themarket may not recognize their fundamental value as the advisorpredicted. Value securities are not expected to experiencesignificant earnings growth and may underperform growthstocks in certain markets.

Mailing addresses:Pacific Life Insurance CompanyP.O. Box 2378 • Omaha, NE 68103-2378 • (800) 722-4448

Pacific Life & Annuity Company P.O. Box 2829 • Omaha, NE 68103-2829 • (800) 748-6907 • www.PacificLife.com

Disclosure

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

W21006-15A7/15

©2018 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary toMorningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstarnor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of futureperformance. Visit our investment website at www.morningstar.com.

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