GLDUS126 Pacific Life Insurance Co Glendower Capital Secondary Opportunities Fund N. LP Appendix 5 Important Performance Information Distributions to Paid-in Capital (*DPI"): Represents aggregate distributions to investors in the S0F Funds relative to aggregate capital contributions to the SOF Funds. Gross fund data (gross TVPI. etc.): Gross performance data reflects amounts net of the underlying investments' carried interest, management fees and other expenses but before the SOF Funds carried interest, management fees and other expenses Gross multiple Represents Total Value as a multiple of capital invested by the SOF Funds. Gross Internal Rate of Return ('Gross IRR"): calculated as a gross return at the SOF Funds level net of the underlying investments' carried interest, management fees and other expenses and is based on the actual timing of cash inflows (regardless of whether drawdowns of limited partners were made at a later date as a result of the subscription-line financing) and outflows for the SOF Funds' investments and the value of the remaining investments as of the most recent reported date (June 30, 2017), including the fair value (positive or negative) of foreign currency option contracts. Net Asset Value r NAV'): Equals total assets minus total liabilities as of June 30, 2017 (unless provided otherwise). In determining the SOF Funds' NAV, the Manager values the SOF Funds' investments in good faith based on the reasonable judgment of the Manager taking into account available information it considers relevant, including information provided by the fund managers and general partners of the underlying kinds. Because of the inherent uncertainty of the valuation, the estimated valuation may differ significantly and materially from the value that would have been used had a ready market existed or had the investment been liquidated. The long-term value of the investments may be lesser or greater than the valuation provided. The value includ