EFTA01355018.pdf

GLDUS126 Pacific Life Insurance Co Section 2: Investment Performance Glendower Capital Secondary Opportunities Fund TV, LP In Exhibit 2 each of SOF. SOF D. SOF II and SOF III is benchinarked against its vintage peer group reported in the Cambridge Associates Secondaries Benchmark statistics (September 30, 2017). The SOF Funds present comparatively strong Net IRR. DPI and TVPI across each vintage year. Exhibit 2: SOF Funds performance versus Cambridge Associates Secondary Fund Benchmark " 34 37 Secondary funds: Net IRR to limited partners Secondary funds: Net multiple to limited partners • Uppu Cauret LeAr "dal* • 7171.1C s 0 1.01 Din D IVA • I Hz a^.. 3 .5:7 /WI ; 904 SOf •I DPI • i at, 0(• e 1II TIP•• l3. sac OFI • 0 2% 170 a t SCE II I. 20% I s t t t ♦ • ; I. 7 1 a 00 01 I4 •• ! II 04 % /6 or of to so it 11 13 11 opea Ori maw awl i sop Tina Crit sit flat mil In Exhibit 3. each of SOF. SOF D. SOF II and SOF III is benchmarked against its vintage group of top quartile buyout funds reported in the Cambridge Associates Global Buyout Benchmark as of September 30. 2017. Again, the SOF Funds present comparatively strong Net IRR, DPI and TVPI across each vintage year. Exhibit 3: Buyout•hke returns with a secondary risk profiles vFw Car, IN see• Ma 1 n Wj • EOFD X00 as • aa 221 4$ I 3. IN !fl, OL / OF • f• 0:' Ts 1 Xdf. PA )7A .ron .a4 •911 Alt Ar. nr) A, 1 X, 7i SM X•14 .•1'27‘. 0 Wee to .7•7 ih•70. Some: Combo:Ice Associates Secondaries Benchmark statistics as of September 30 2017 SOF Funds are shown benchmarked against their *tape year peer group SOF and SOF 0 performance is riot included in the data se teed to calculate the tenclvnark data Note that the performance figures in respect ci SW and SOF D have not been audited and shaft be read and reviewed in COnamatai hMN Apr:ender 5 impOrtanIParlonnanCe bitirmatton Past pedcrmance of SOF Finds 6 not a predecton ci future performance. Information presented n Exhibt 21s based at the Lineup:Med results of SOF, SOF D. SOF II and SOF III as of September 30. 2017 100•0n of the future performance of SOF, SOF D. SOF II or SOF III be is included to demanuate the track record or the Past performance is !lad 011 Gkricioner SOF Team There can be no assurance that SOF fif win achieve canceratle results a that any target resultswill be acheved DPI = Cietrbutions to Paid-in Capital. RVOI = Reedual Value to Para-In Capful. TVPI = Total Value to Paid-in Caotal Source' Cambridge Associates Gobi& Buyout Benchmark as of September 30. 2017. The information reflects a comparison of SOF. SOF D. SOF II a SCf HI performance against one benchmark only Past performance is not a prediction ol the Um performance of SOF. SOF D, SOF II. SOF III or any other Glendower Vide and there can be no assurance that SOF hr well achieve oomparaVo resifts or that any target results will be achieved. but is included to demonstrate the track record of the Glandover SOF Team IMormatcc presented in this chart Is based on the unaudted issues of SOF. SOF a 9CF II and $OF III as of September 30.2017 and afraid be read and reviewed in CianpnetCn and *hand be read and reviewed in conjunction with Appendix 5 Important Pet ,nine InfOrrnation which sets forth amongst other throe important nfamation regarding the performance awaited above Confidential Private Placement Memorandum 9 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0039715 CONFIDENTIAL SDNY_GM_00185899 EFTA01355018