NEWPORT BEACH, Calif.—June 16, 2005—Aviation Capital Group (ACG), a subsidiary of Pacific LifeCorp, announced that yesterday it completed the acquisition of Seattle-based Boullioun Aviation Services from WestLB AG. The acquisition of Boullioun brings ACG’s portfolio of aircraft owned or under management to over 220 aircraft with a value of over $5 billion. The total consideration is approximately $2.65 billion.

Deutsche Bank Securities acted as the financial advisor to ACG. Deutsche Bank, UBS and HSH Nordbank acted as structuring agents and arrangers and provided the financing along with Calyon, DBS Bank, Fortis Bank and Norinchukin Trust and Banking Co.

“As a result of this transaction, ACG becomes one of the top five operating lessors, with over 90 clients worldwide,” said Stephen Hannahs, Group Managing Director and Co-founder of ACG.

Newport Beach, California-based Aviation Capital Group has been providing innovative aircraft financing solutions and aircraft to the world’s airline industry for more than 15 years. ACG has also actively provided asset management services to other third-party aircraft and aviation financing parties and is among the leading aircraft operating lessors in the world, with a reach to all corners of the globe. For additional information about ACG, visit the company’s Web site at www.aviationcapital.com.

ACG is a subsidiary of Pacific LifeCorp, the parent company of Pacific Life Insurance Company. Founded in 1868, Pacific Life provides life insurance products, individual 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 clients¹ and is a member of Insurance Marketplace Standards Association (IMSA), whose membership promotes high ethical standards for the sale of individual life insurance and annuities.

¹ Data compiled by Pacific Life using the FORTUNE 500 lists as of April 2005.