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 "Impolta- Information" 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