Aviation Capital Group Announces Acquisition of Boullioun Aviation Services.

NEWPORT BEACH, Calif. -- Aviation Capital Group (ACG), a subsidiary of Pacific LifeCorp, announced today that it has signed a stock purchase agreement to acquire Seattle-based Boullioun Aviation Services from WestLB AG. Included in the agreement are 102 owned or managed commercial aircraft, 11 Airbus airplanes currently on order, employees, and other assets of Boullioun Aviation Services. Deutsche Bank Securities acted as the financial advisor to ACG. Deutsche Bank, UBS and HSH Nordbank will provide funding for the acquisition. Additional terms of the transaction were not disclosed and it is expected to be finalized within the second quarter.

"This transaction allows ACG the ability to solidify its spot as one of the top 5 aircraft operating lessors in the world," said Stephen Hannahs, Group Managing Director and Co-founder of ACG.

According to Khanh Tran, Executive Vice President & Chief Financial Officer of Pacific LifeCorp, "Pacific LifeCorp's investment in ACG began approximately 10 years ago and it has been our strategy to grow ACG to become one of the leading asset managers in aviation leasing. Through the Boullioun acquisition, we will have achieved this objective."

Newport Beach-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 clients(1) and is a member of the Insurance Marketplace Standards Association (IMSA), whose membership promotes high ethical standards for the sale of individual life insurance and annuities. For additional information about Pacific Life, including its current financial strength ratings from A.M. Best, Fitch Ratings, Standard & Poor's and Moody's, visit the company Web site at www.PacificLife.com.

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