<PAGE>
Pacific Mutual Life Insurance Company
700 Newport Center Drive
Newport Beach, CA 92660
Telephone: (714) 640-3852
February 24, 1997
Pacific Mutual Life Insurance Company
Post Office Box 9000
700 Newport Center Drive
Newport Beach, CA 92660
Dear Sir or Madam:
In my capacity as Vice President and Investment Counsel of Pacific Mutual Life
Insurance Company ("Pacific Mutual"), I am familiar with the Pacific Select Exec
Separate Account of Pacific Mutual Life Insurance Company ("Separate Account"),
which is a separate account for assets applicable to Pacific Select Exec and
Pacific Select Choice variable life insurance policies ("Policies") issued by
Pacific Mutual.
I have made such examination of the law and examined such corporate records and
such other documents as in my judgement are necessary and appropriate to enable
me to render the following opinion.
The issuance and sale of interests in the Separate Account under the Policies
during the Separate Account's fiscal year ending December 31, 1996 represent the
following amounts allocated to the Variable Accounts:
<TABLE>
<CAPTION>
VARIABLE ACCOUNT AMOUNT
---------------- ------
<S> <C>
MONEY MARKET $124,506,644
MANAGED BOND 29,872,669
GOVERNMENT SECURITIES 4,561,914
HIGH YIELD BOND 18,875,684
GROWTH 83,933,539
EQUITY INCOME 39,898,341
MULTI-STRATEGY 27,994,293
INTERNATIONAL 52,104,799
EQUITY INDEX 61,789,389
GROWTH LT 72,939,640
AGGRESSIVE EQUITY 12,044,232
EMERGING MARKETS 3,719,191
VARIABLE ACCOUNT I 78,169
VARIABLE ACCOUNT II 178,443
VARIABLE ACCOUNT III 545,942
VARIABLE ACCOUNT IV 417,987
------------
TOTAL: $533,460,876
============
</TABLE>
<PAGE>
Pacific Mutual Life Insurance Company
February 24, 1997
Page 2
It is my opinion that such interests were issued in connection with Policies
that constitute legal, validly issued and binding obligations of Pacific Mutual
except as limited by bankruptcy or insolvency laws affecting the rights of
creditors generally.
I consent to the use of this letter by Pacific Mutual in connection with the
Separate Account's Notice pursuant to Rule 24f-2 under the Investment Company
Act of 1940 for the Separate Account's fiscal year ending December 31, 1996.
Very truly yours,
/s/ Sharon A. Cheever
Vice President and Investment Counsel
<PAGE>
APPENDIX I. U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 24F-2
Annual Notice of Securities Sold
Pursuant to Rule 24f-2
Read instructions at end of Form before preparing Form.
Please print or type.
- --------------------------------------------------------------------------------
1. Name and address of Issuer: PACIFIC SELECT EXEC SEPARATE ACCOUNT
700 NEWPORT CENTER DRIVE
NEWPORT BEACH, CA 92660
- --------------------------------------------------------------------------------
2. Name of each series or class of funds for which this notice is filed:
- --------------------------------------------------------------------------------
3. Investment Company Act File Number: 811-5563
Securities Act File Number: 33-57908 (Issuer previously paid fees
pursuant to Rule 24f-2 for all
registered contracts offered by Issuer
by means of a Form 24f-2 (File No. 33-
21754) filed on February 28, 1997 in
reliance on the SEC Staff's position
in "Dear Registrant" (pub. avail. Nov.
7, 1996.)
- --------------------------------------------------------------------------------
4. Last day of fiscal year for which this notice is filed:
December 31, 1996
- --------------------------------------------------------------------------------
5. Check box if this notice is being filed more than 180 days after the close of
the issuer's fiscal year for purposes of reporting securities sold after the
close of the fiscal year but before termination of the issuer's 24f-2
declaration:
[ ]
- --------------------------------------------------------------------------------
6. Date of termination of issuer's declaration under rule 24f-2(a)(1), if
applicable (see instruction A.6):
N/A
- --------------------------------------------------------------------------------
7. Number and amount of securities of the same class or series which had been
registered under the Securities Act of 1933 other than pursuant to rule 24f-2
in a prior fiscal year, but which remained unsold at the beginning of the
fiscal year:
NONE
- --------------------------------------------------------------------------------
8. Number and amount of securities registered during the fiscal year other than
pursuant to rule 24f-2:
NONE
- --------------------------------------------------------------------------------
9. Number and aggregate sale price of securities sold during the fiscal year:
SEE ATTACHED WORKSHEET
Number of securities sold not applicable as Registrant is a separate account
registered as a unit investment trust.
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
10. Number and aggregate sale price of securities sold during the fiscal year
in reliance upon registration pursuant to rule 24f-2:
SAME AS NUMBER 9
- --------------------------------------------------------------------------------
11. Number and aggregate sale price of securities issued during the fiscal
year in connection with dividend reinvestment plans, if applicable (see
instruction C.7):
N/A
- --------------------------------------------------------------------------------
12. Calculation of registration fee:
<TABLE>
<S> <C>
(i) Aggregate sale price of securities sold
during the fiscal year in reliance on rule
24f-2 (from item 10): $533,460,876
------------
(ii) Aggregate price of shares issued in connection
with dividend reinvestment plans (from item 11,
of applicable): +
------------
(iii) Aggregate price of shares redeemed or repurchased
during the fiscal year (if applicable): -347,305,578
------------
(iv) Aggregate price of shares redeemed or repurchased
and previously applied as a reduction to filing
fees pursuant to rule 24f-2 (if applicable): +
------------
(v) Net aggregate price of securities sold and issued
during the fiscal year in reliance on rule 24f-2
[line (i), plus line (ii), less line (iii), plus
Line (iv)] (if applicable): 186,155,298
------------
(vi) Multiplier prescribed by Section 6(b) of the
Securities Act of 1933 or other applicable law
or regulation (see instruction C.6): x 1/3300
------------
(vii) Fee due [line (I) or line (v) multiplied by
Line (vi)]: 56,410.70
============
</TABLE>
Instructions: Issuers should complete lines (ii), (iii), (iv), and (v) only
if the form is being filed within 60 days after the close of
the issuer's fiscal year. See Instruction C.3.
- --------------------------------------------------------------------------------
13. Check box if fees are being remitted to the Commission's lockbox depository
as described in section 3a of the Commission's Rules of Informal and Other
Procedures (17 CFR 202.3a).
[X]
Date of mailing or wire transfer of filing fees to the Commission's lockbox
depository:
February 25, 1997
- --------------------------------------------------------------------------------
SIGNATURES
This report has been signed below by the following persons on behalf of the
issuer and in the capacities and on the dates indicated.
By (Signature and Title) /s/ Diane N. Ledger
----------------------------------------------
Date March 4, 1997 Diane N. Ledger, Assistant Vice President
---------------- ----------------------------------------------
Please print the name and title of the signing officer below the signature.
- --------------------------------------------------------------------------------
<PAGE>
PACIFIC SELECT EXEC SEPARATE ACCOUNT
FOR THE YEAR ENDED 12/31/96
RULE 24F-2 FEE
<TABLE>
<CAPTION>
(A) (B) (C)
NET
TOTAL TOTAL SALES
SALES REDEMPTIONS (REDEMPTIONS)
----------- ----------- -------------
(A) - (B)
<S> <C> <C> <C>
Money Market 124,506,644 121,689,186 2,817,458
Managed Bond 29,872,669 11,590,398 18,282,271
Government Securities 4,561,914 3,232,023 1,329,891
High Yield Bond 18,875,684 9,726,606 9,149,078
Growth 83,933,539 73,417,032 10,516,507
Equity Income 39,898,341 15,831,585 24,066,756
Multi-Strategy 27,994,293 10,610,529 17,383,764
International 52,104,799 26,231,180 25,873,619
Equity Index 61,789,389 18,609,613 43,179,776
Growth LT 72,939,640 48,120,992 24,818,648
Aggressive Equity 12,044,232 7,824,218 4,220,014
Emerging Markets 3,719,191 398,159 3,321,032
Variable Account I 78,169 1,337 76,832
Variable Account II 178,443 1,402 177,041
Variable Account III 545,942 19,265 526,677
Variable Account IV 417,987 2,053 415,934
----------- ----------- -----------
TOTAL 533,460,876 347,305,578 186,155,298
----------- ----------- -----------
</TABLE>
<TABLE>
<CAPTION>
FEE CALCULATION:
EDGAR 1/33 OF 1%
Method Method
----------- ------------
(a/b) (a*b)
<S> <C> <C>
Sales Less Redemptions (a) 186,155,298 186,155,298
Rate (b) 3,300 0.00030303
----------- -----------
Filing Fee 56,410.70 56,410.64
----------- -----------
Fee due payable will be the higher of the two methods. If less than zero, no amount due.
AMOUNT DUE: -----------
56,410.70
-----------
</TABLE>
