GLDUSI26 Pacific Life Insurance Co SOF Funds show consistent performance1 Across different fund sizes, fund vintages and economic cycles Net Contributed Capital (as % of Fund Size) Net IRR 30% 100% min SOF —SOF 11 60% 40% 20% 0% 20% -40% 43% 25 27 29 31 33 35 37 39 41 43 45 DPI (Distributed to Paid-In Capital) 20A 1.6x 1.4X I 24 1.0x 0.40t 0.5x 0 4x 0,2x 0.0x Quarters from inception -$PF sennia.SOF 80% 40% — 20% ESOP •••• 940F 4 HI 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 Quarters frominception TVPI (Total Value to Paid-In Capital) SOF --SOF 11 ---SOF III 2.0x 1 54 1.0x 0.5x 00x 1 3 5 7 9 11 13 15 It 19 21 23 25 ' 29 3I 33 35 37 39 41 43 45 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 Quartets fromincepton Caters t romneeption (1) Performance figures nave been calciiated based on the unaudited performance results of SOF. -SOF II and SOF III as of September '30. 2017 anti should be read and reviewed in conjunction with the "ImpoltaInformation" and Notes to Per lormance Information sections of this presentation. Past perfonnart* is not a predk..toi of luttee returns and there can be no assurance that S0F IV will acNeve comparable results or th%t any target results will pe achieved tr4re is no guarantee tivet futon pgerformarce will be conststent with past performance of SOF. SOF II and SOF III. Performance information on SOF 0 has not teen it•cluded un Irts wise becayse SOF 0 is a single transaction :topup fund tamed in 2010 to Ullfierfilite paripassu the Da limn transaction with SOF. Glendower does not sopc-ct that similar tram.actions will be avretabie to SOF IV. Glendower Capital STRICTLY CONFIDENTIAL CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0039899 SDNY_GM_00186083 EFTA01355095