#1Pacific Life Global Funding II MARCH 22, 2023 PACIFIC LIFE PLGFII Investor Presentation (Q4 2022) 1 of 35#2IMPORTANT NOTICES REGARDING BASIS OF PRESENTATION AND DISCLAIMERS BASIS OF PRESENTATION: This presentation is based on information generally believed to be reliable and is presented without any liability whatsoever to Pacific Mutual Holding Company or any of its subsidiaries, affiliates or related entities (collectively, the "Company") or their respective directors or officers, and is not intended to constitute legal, tax, investment or accounting advice or opinion. The Company makes no representation or warranty, expressed or implied, as to the accuracy, completeness or thoroughness of the contents of the information, and the Company disclaims any responsibility for any errors or omissions in such information, including any financial calculations, projections and forecasts. If any information contained in these slides has been obtained or compiled from outside sources, such information has not been independently verified by the Company. This presentation has been prepared solely for informational purposes, and is not an offer or a solicitation to buy, sell, or transact in any investment including any products or services; or an invitation, offer or solicitation to engage in any investment activity. It may not serve as the basis for any investment decision made by you or on your behalf. It is strongly recommended that you seek professional investment advice before making any investment decision. A portion of this presentation describes funding agreements issued by Pacific Life Insurance Company ("Pacific Life") in connection with Pacific Life Global Funding II's global debt issuance program. This information is presented solely to detail a funding source employed by Pacific Life and does not constitute an offer to sell, or a solicitation to buy, any securities. The notes issued pursuant to the global debt issuance program have not been and will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or any applicable state or foreign securities laws. The notes may be offered only: By the Offering Memorandum, dated March 22, 2023, as supplemented from time to time; In the United States to "Qualified Institutional Buyers", as defined in Rule 144A under the Securities Act; and In "Offshore Transactions" to persons other than "U.S. Persons", each as defined in Regulation S under the Securities Act. RBC INFORMATION: Pacific Life Insurance Company is required to report risk-based capital ("RBC") data, including its company action level RBC ratio ("RBC Ratio"), to the Nebraska Department of Insurance ("NE DOI") annually. The RBC Ratio is calculated based on a formula which applies factors to various asset, premium and statutory reserve items and accounts for risk characteristics of the insurer. NE DOI uses RBC data as a regulatory tool to identify possible inadequately capitalized insurers for purposes of initiating regulatory action and not as a means to rank insurers generally. Nebraska law imposes broad confidentiality restrictions against the use and publication of RBC data by those engaged in the insurance business (including insurers, agents, brokers and others) and by the NE DOI. Inclusion of Pacific Life Insurance Company's RBC Ratio in this presentation is intended solely for informational purposes for investors, prospective investors, banking and other counterparties with respect to institutional products and other commercial transactions and not for the use or disclosure by those engaged in the insurance business. FORWARD-LOOKING STATEMENTS: This presentation contains forward-looking statements that are intended to enhance your ability to assess the Company's future financial and business performance. These statements are based on the beliefs and assumptions of the Company's management, and are subject to risks and uncertainties. Generally, statements that are not about historical facts, including statements concerning the Company's possible or assumed future actions or results of operations, are forward-looking statements. Forward-looking statements include, but are not limited to, statements that represent the Company's beliefs concerning future operations, strategies, financial results or other developments, and contain words and phrases such as "may," "believes," "intends," "anticipates," "plans," "estimates," "expects," "projects," "should" or similar expressions. Forward-looking statements are made based on management's current expectations and beliefs concerning future developments and their potential effects upon the Company. There can be no assurance that future developments affecting the Company will be those anticipated by management and the Company makes no representation or warranty that any projection, calculation, forward-looking statement, assumption or estimate will be achieved. Actual results could differ materially from the expectations expressed by the forward-looking statements. The Company does not intend, and is under no obligation, to update any particular forward-looking statement or other information included in this presentation. PACIFIC LIFE PLGFII - Investor Presentation (Q4 2022) 2 of 35#3Mutual Lice OF- 44 years Who We Are $10000 Insurance Co CALIFORNIA For more than 150 years, Pacific Life has helped millions of individuals and families with their financial needs through a wide range of life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. Whether your goal is to protect loved ones or grow your assets for retirement, Pacific Life offers innovative products and services that provide value and financial security for current and future generations. Pacific Life has no publicly traded stock. We are an independent company that remains focused on financial strength and long-term strategies that benefit policyholders and clients. Pacific Life Insurance Company OUR MISSION To provide financial security through products and services that stand the test of time. OUR CORE VALUES People; Accountability; Customer Focus; Integrity; Financial Strength; Innovation; Community. We live our core values each and every day. They define us and guide us. OUR VISION To be the company of choice providing financial security and well-being through industry-leading innovation. TM WORLD'S MOST" Ⓡ ETHICAL NCOMPANIES ETHISPHERE "World's Most Ethical Companies" and "Ethisphere" names and marks are registered trademarks of Ethisphere LLC. PACIFIC LIFE PLGFII - Investor Presentation (Q4 2022) 3 of 35#4Issuer & Credit Overview PACIFIC LIFE PLGFII Investor Presentation (Q4 2022) 4 of 35#5Overview of Pacific Life Global Funding II Issuer 1$1 Pacific Life Global Funding II, a Delaware statutory trust Funding Agreement Provider Pacific Life Insurance Company ("Pacific Life" or "PLIC"), a Nebraska domiciled company E PLIC Financial Strength Ratings¹ Moody's: Aa3 (Stable outlook) • S&P: AA- (Stable outlook) Format 144A/Regulation S Type Listing Ex B Funding Agreement-Backed ("FA-Backed") Global Medium-Term Notes Euronext Dublin S Program Size $15B 1 Ratings as of March 21, 2023 PACIFIC LIFE • Fitch: AA- (Stable outlook) AM Best: A+ (Stable outlook) PLGFII Investor Presentation (Q4 2022) 5 of 35#61 FA-Backed Structure Overview Pacific Life Legal Entity Overview Pacific Mutual Holding Company Funding Agreement Pacific LifeCorp Pacific Life Insurance Company Cash Cash Pacific Life Global Funding II Institutional Investors FA-Backed Notes Rating based on note issuance in January 2023 PACIFIC LIFE • FA-Backed Note Mechanics Pacific Life Global Funding II, a Delaware statutory trust, issues global medium-term notes Each series of notes will be secured by one or more Funding Agreements from Pacific Life Insurance Company When Pacific Life Global Funding Il issues a series of notes, the proceeds from the issuance will be used to purchase a Funding Agreement from Pacific Life Insurance Company, which will in turn use the cash to invest in a portfolio of assets The Funding Agreement will mirror Pacific Life Global Funding II's interest and principal payments on the notes Under Nebraska statutory law, the funding agreement securing the notes will rank pari passu with policyholder claims in the event of an insolvency of Pacific Life Insurance Company Pacific Life Global Funding II's FA-Backed Notes program ratings as of March 21, 2023 are: • Moody's: S&P¹. Aa3 AA- • Fitch: AA- PLGFII - Investor Presentation (Q4 2022) 6 of 35#7Commitment and Consistency PACIFIC LIFE Pacific Life Global Funding II $800,000,000 5-Year Fixed Rate Sustainability Notes Due April 2026 Coupon: 1.375% Issue Ratings: A1/AA-/AA- April 7, 2021 PACIFIC LIFE Pacific Life Global Funding II $300,000,000 5-Year Floating Rate FA-Backed Notes Due June 2026 Coupon: SOFR +62 Issue Ratings: A1/AA-/AA- May 27, 2021 PACIFIC LIFE Pacific Life Global Funding II CAD 600,000,000 5-Year Floating Rate FA-Backed Notes Due February 2027 Coupon: CDOR +38 Issue Ratings: Aa3/AA-/AA- January 25, 2022 PACIFIC LIFE Pacific Life Global Funding II GBP 350,000,000 5-Year Fixed Rate FA-Backed Notes Due January 2028 Coupon: 5.00% Issue Ratings: Aa3/AA-/AA- January 5, 2023 EL PACIFIC LIFE GPACIFIC LIFE G PACIFIC LIFE GL PACIFIC LIFE Pacific Life Global Funding II has issued $6.9B since launching the program in June 2020 Our $800M Sustainable Bond issuance is the largest ESG (Environmental, Social, and Governance) labeled transaction in the U.S. life insurance space to date First ever 5-year SOFR FA-Backed issuance • Debut FA-Backed transactions denominated in CHF, CAD, NOK, HKD and GBP Program has issued across all tenors between 3-years and 10-years PACIFIC LIFE PLGFII - Investor Presentation (Q4 2022) 7 of 35#8Pacific Life Insurance Company INVESTMENT HIGHLIGHTS 1 2 3 Well-established life insurer with a diversified business • • • A leading insurance company with retail life and annuity product offerings through our Consumer Markets division Strong market position in the affluent market with extensive distribution relationships • Well-established and growing in our Institutional markets Entering the Workforce Benefits market through a dedicated, greenfield business line Experienced and seasoned management team Senior management has extensive experience in the insurance and investment industry, with ~30 average years of experience Robust balance sheet • Strong capitalization and liquidity • Risk-based capital ratio¹ of 486% as of December 31, 2022 . Commitment to credit strength and ratings 4 5 6 • • High quality, diversified investment portfolio Strong performing general account portfolio Portfolio mainly comprised of investment grade public and private fixed income securities, mortgage loans and contract loans Strong commercial mortgage portfolio loan-to-value of 60% as of December 31, 2022 Well-defined risk management and governance framework • • Strong risk conscious culture that is embedded throughout the enterprise Guides capital and risk management decisions Robust financial liquidity to meet obligations Mutual insurance holding company structure Mutual holding company structure provides strong focus on long term policyholder value creation with a thoughtfully managed financial profile that is not subject to public investor expectations of capital return such as stock buybacks 1 RBC Ratio is not intended for the purpose of ranking any insurance company or for use in connection with any marketing, advertising or promotional activities. See limitations on use in Important Notices, on slide 2 PACIFIC LIFE PLGFII - Investor Presentation (Q4 2022) 8 of 35#9Success by the Numbers Pacific Life is the 16th largest life insurance company in the U.S. based on statutory admitted assets 1 and has ranked among the top 10 in total life insurance sales for more than 10 years 2 Key Pacific Life's product U.S. market rankings 2: • #2 total life insurance sales #1 indexed universal life insurance sales #1 universal life insurance sales #2 variable universal life insurance sales • #1 structured settlement annuity sales "Named One of America's Best Insurance Companies of 2023" -Forbes, March 2023 LEADER Ranked Top Life Insurance Carrier in 20233 STRONG ETHICAL SERVICE Strong Financial Strength Composite Score, COMDEX rating 95 out of 1004 One of the World's Most Ethical Companies - 6th consecutive year5 Dalbar Insurance Service Award Winner - 6th consecutive year 1 Source: S&P Global Market Intelligence; SNL Financial Data; Based on 2021 Total Admitted Assets 2 Based on data from LIMRA International as of December 31, 2022 for structured settlement annuity sales and life insurance sales 3 Forbes "America's Best Insurance Companies." Published 3/13/23. Forbes Advisor is not an affiliated company of Pacific Life Insurance Company 4 The COMDEX is a composite score of the four independent raters of financial strength (A.M. Best, Fitch, Moody's, and Standard & Poor's). The COMDEX rates life insurance companies on a scale of 0 to 100, with 100 being the highest rating. As of March 2023. For current ratings, visit www.Pacific Life.com. COMDEX is not an affiliated company of Pacific Life Insurance Company 5 Ethisphere Institute named Pacific Life one of the 2023 World's Most Ethical Companies based on its compliance and ethics program, corporate citizenship, culture of ethics, corporate governance, and leadership, innovation, and reputation. This marks the sixth consecutive year Pacific Life has been recognized. Ethisphere Institute is not an affiliated company of Pacific Life Insurance Company 6 Dalbar Insurance Service Award Winner for Consistent focus on improving the policyowner experience for 2017-2022 PACIFIC LIFE PLGFII - Investor Presentation (Q4 2022) 9 of 35#10Pacific Life Management Team Darryl Button CFO of Pacific Life President & CEO CFO and member of the Executive Board of Aegon N.V. CFO of Transamerica 30 years experience Tod Nasser EVP & Chief Investment Officer Adrian Griggs EVP & COO Joined Pacific Life in 2017 CFO SVP, Finance & Risk Management, Retirement Solutions Division Joined Pacific Life in 1994 34 years experience Alessandro Papa EVP & Chief Risk Officer • SVP, Investment Management VP of strategy, municipal bond sales and trading, First Boston Corp. Head strategist, financial futures and options, First Boston Corp. Joined Pacific Life in 1991 Chief of Staff to the President & CEO, MetLife, Inc. Head of Insurance and Product Risk Management, MetLife, Inc. U.S. Chief Risk Officer, MetLife, Inc. Joined Pacific Life in 2020 40 years experience 11 years experience Jay Orlandi EVP & GC EVP, Chief Operating Officer of Transamerica Joined Pacific Life in 2020 Vibhu Sharma EVP & CFO EVP, CFO & Treasurer, Thrivent EVP, CFO & Treasurer, Mutual of Omaha CEO, General Insurance Business and Country Head of UK, Zurich Insurance Group AG Joined Pacific Life in 2022 23 years experience 35 years experience Dawn Behnke EVP, Consumer Markets David Howell CEO, Pacific Life Re SVP, Product & Strategy Management, Life Insurance Division VP, IT & PMO Operations, Life Insurance Division Joined Pacific Life in 2001 CEO, Scottish Re Group Limited Chief Pricing Office, Swiss Re Joined Pacific Life in 2008 36 years experience 26 years experience Carol Sudbeck EVP & Chief Human Resources Officer Mary Beth Eckert EVP & Chief Information and Digital Officer • • PACIFIC LIFE SVP, Corporate VP, Corporate Joined Pacific Life in 1994 SVP & Chief Information Officer, USAA Vice President, Travelers Group Consultant, PricewaterhouseCoopers Joined Pacific Life in 2022 36 years experience Brian Woolfolk EVP, Institutional 28 years experience Joseph Krum SVP, Global Institutional Investment Group SVP & CMO, Retirement Solutions Division VP, Product Pricing, Retirement Solutions Division Joined Pacific Life in 2010 25 years experience VP, Treasurer Joined Pacific Life in 2002 32 years experience PLGFII - Investor Presentation (Q4 2022) 10 of 35#11Pacific Life Business Profile Consumer Markets Life Insurance Term Life ⚫ Universal Life Indexed Universal Life Products • Variable Universal Life ⚫ Life Insurance with LTC Consumer Markets - Annuity Variable Annuities Fixed Annuities Structured Settlement Annuities Institutional Pension Risk-Transfer Defined Contribution Lifetime Income Stable Value Products Capital Markets Spread Lending Target Markets Distribution • Individuals and families Small businesses Corporations Individuals Retirement plans • • Small businesses ⚫ Corporations Financial institutions ⚫ Institutional investors •⚫ Independent Life Producers Financial advisory networks Wirehouses M Financial 3 • • Financial Institutions ⚫ RIAS • Regional broker- dealers Wirehouses • IMOS • Actuarial and benefit consulting firms ⚫ Third-party brokers • Fund management firms • Investment banks • Internal teams Reinsurance PLIC Premiums & Deposits¹ Domestic Retrocession Longevity Reinsurance Reinsurance 3% Consumer Markets - Life Insurance 15% YTD 12/31/22 $25.9B Institutional 47% Insurance and Reinsurance Companies Consumer Markets - Annuity 35% Insurance Brokers Consumer Markets - Life Insurance 40% PLIC Statutory Reserves² 12/31/22 $98.0B Reinsurance 2% Consumer Markets - Annuity 38% 1 Includes premiums and annuity considerations for life and accident and health contracts and deposits received for deposit-type contracts for the year ended 12/31/22, net of reinsurance 2 Total general account annuity and life actuarial reserves and deposit-type contract liabilities as of 12/31/22 3 M Financial Group is a life insurance distribution, service, and product organization serving high net worth individuals, executives and employers PACIFIC LIFE Institutional 20% PLGFII - Investor Presentation (Q4 2022) 11 of 35#12• • Statutory Capital and Admitted Assets Capital and Surplus increased from prior year driven by a $700 million capital contribution from Pacific LifeCorp following Pacific LifeCorp senior note issuance, core operations, offset by net impact of weaker equity markets and higher interest rates Company action level risk-based capital ratio (RBC Ratio) 1 of 486% as of December 31, 2022 Assets increased $249M due to general account growth from new business offset by decline in separate accounts values primarily from weak equity markets Net income of $151M was driven by core operations, offset by net derivative losses impacted by weaker equity markets and higher interest rates $159,293 2020 PLIC Admitted Assets $178,066 2021 ($ Millions) $178,315 2022 1 RBC Ratio is not intended for the purpose of ranking any insurance company or for use in connection with any marketing, advertising or promotional activities. See limitations on use in Important Notices, on slide 2. RBC is only presented on an annual basis. PACIFIC LIFE PLIC Capital and Surplus $11,364 $11,353 $11,702 RBC Ratio¹ 2020 628% 2021 586% 2022 486% ($ Millions) PLIC Net Income / (Loss) ($ Millions) $861 $151 ($99) 2020 2021 2022 PLGFII - Investor Presentation (Q4 2022) 12 of 35#13Statutory Premiums and Deposits • . 5-year CAGR² of 21% driven by strong growth in our Institutional and retail life and annuity products The growth in premiums & deposits as compared to 2021 is driven by strong sales primarily in our Institutional Division and retail fixed annuity sales • We remain committed to growing our retail, institutional, and reinsurance product lines 1 Includes premiums and annuity considerations for life and accident and health contracts and deposits received for deposit-type contracts, net of reinsurance 25-year CAGR calculated using years 2017-2022 PACIFIC LIFE PLIC Statutory Premiums & Deposits¹ ($ Billions) 5-year CAGR²: 21% $15.5 $14.3 $13.1 $10.1 $25.9 $21.0 2017 2018 2019 2020 2021 2022 PLGFII - Investor Presentation (Q4 2022) 13 of 35#14Consumer Markets - Life Insurance Our solutions for individuals, families, and businesses help them reach their goals of financial protection and supplemental retirement income through life insurance. We work with leading financial professionals to provide high-quality products and services for the diverse and evolving needs of their clients. Strategy & Target Markets • Deliver exceptional products, services, and experiences that meet the needs of our target markets (individuals, small businesses, corporations) Strengthen our industry-leading position in the Affluent Market Grow sustainably and profitably in the Broad Market Key Products . Our products are centered around customer needs, spanning across financial protection, Indexed Life 62% Business Mix by Premiums & Deposits¹ Variable Universal Life 20% YTD 12/31/22 $3.9B Universal Life 9% Whole Life 4% Term Life 5% business planning and continuation strategies, estate planning strategies, and supplemental retirement income Key product lines include term, indexed universal life, variable universal life, and life insurance with long-term care benefits Distribution Model . Our differentiated distribution model supported by consultative sales support is central to our go-to market strategy Distribution channels include independent financial professionals, producer groups, financial institutions, wirehouses, brokerage general agencies, and direct marketers Effective January 1, 2023, the Company combined its Life Insurance and Retirement Solutions divisions into a single, unified Consumer Markets Division ($ Billions) Life Insurance Statutory Premiums & Deposits¹ $3.7 $3.9 $3.1 $3.1 $3.2 2018 2019 2020 2021 2022 1 Includes premiums and annuity considerations for life and accident and health contracts and deposits received for deposit-type contracts, net of reinsurance PACIFIC LIFE PLGFII Investor Presentation (Q4 2022) 14 of 35#15Consumer Markets - Annuity We offer a broad and diversified range of products and solutions designed to help individuals and families achieve asset growth, guaranteed lifetime income, and long-term financial independence. Strategy & Target Markets . · Deliver exceptional customer experience and financial solutions that meet the needs of our target markets (individuals, families & small businesses) Grow core markets, broaden distribution, drive operational excellence, and enhance the customer experience Key Products We offer a broad and diversified range of products and solutions designed to help individuals and families achieve financial security, wealth accumulation, and guaranteed lifetime income • Key product lines include Variable Annuities, Fixed Annuities and Structured Settlement Annuities $9.4 Distribution Model Distribution channels include independent financial professionals, financial institutions, wirehouses, independent marketing organizations, brokerage general agencies, and registered investment advisors Effective January 1, 2023, the Company combined its Life Insurance and Retirement Solutions divisions into a single, unified Consumer Markets Division PACIFIC LIFE 2018 Business Mix by Premiums & Deposits¹ YTD 12/31/22 $8.9B Fixed Annuities 49% Structured Settlement Annuities 17% Variable Annuities 34% ($ Billions) Retirement Solutions Statutory Premiums & Deposits 1,2 $10.6 2019 $8.9 $7.3 $6.5 2020 2021 2022 1 Includes premiums and annuity considerations for life and accident and health contracts and deposits received for deposit- type contracts, net of reinsurance 2 PRT business was transferred to Institutional effective 1/1/20. All prior periods presented include PRT business in Consumer Markets - Annuity PLGFII Investor Presentation (Q4 2022) 15 of 35#16Institutional Business Mix by Premiums & Deposits² We offer a spectrum of risk mitigating and financing solutions to meet the needs of our clients. We have a dedicated team of experts that specialize in institutional markets. Strategy & Target Markets . Grow our institutional business by exceeding customer expectations, driving new business growth, improving operational efficiency, and expanding our analytical capabilities Key Products . • Key product lines include Pension Risk-Transfer, Stable Value Wrap, FA-Backed Notes, FA- Backed Commercial Paper, Federal Home Loan Bank Advances and Health Savings Account Fixed Annuities Emerging product offerings include Defined Contribution Lifetime Income Distribution Model Our Pension and Stable Value products are offered through plan sponsors, consultants, and investment partnerships while our funding agreements are offered to institutional investors Medium-Term Funding Agreements 29%¹ Health Savings Account Fixed Annuities 17% YTD 12/31/22 $12.2B Short-Term Funding Agreements 41%¹ Pension Risk-Transfer 13% Institutional Statutory Premiums & Deposits² ($ Billions) $12.2 $8.0 $5.2 2020 2021 2022 1 Short-term funding agreements include funding agreements with maturities less than 12 months. Medium-term funding agreements have maturities greater than 12 months 2 Stable Value Wrap fee income is not included in the table above as Stable Value Wrap fees are recorded in miscellaneous income PACIFIC LIFE PLGFII - Investor Presentation (Q4 2022) 16 of 35#17Workforce Benefits We are expanding upon our core mission of providing financial security and well-being by entering the workforce benefits market as a new channel to customers and growth. We will deliver a comprehensive suite of contemporary workforce benefit protection solutions to employers and employees across the U.S. Strategy & Target Markets Leverage the Company's position of strength as a leading insurer to build an innovative business delivering personalized and digitally-connected benefits experiences Focused on serving the needs of U.S. small-and-medium sized businesses (SMBs) • Win by delivering a personalized, tailored, efficient, and friction-free customer experience from quote- to-claim, exceeding the expectations of customers • Grow and scale using data, analytics, and operational excellence to win in a competitive market Key Products We will deliver a comprehensive set of workforce benefits products and offerings, launching with Dental, Vision, and Life Insurance Other products anticipated to follow the initial release Distribution Model We will distribute our products through brokers focused on the SMBs, including local and regional brokers We will leverage the Company's extensive retail distribution network where there are advisers offering group benefits solutions as well KEY ANTICIPATED MILESTONES • 2H22 - Senior leadership team fully onboarded 2H23 Initial Products in market for sale - 1H24 - Initial policy sales effective 2H24 - Second wave of products in market PACIFIC LIFE PLGFII - Investor Presentation (Q4 2022) 17 of 35#18Pacific Life Insurance Company's Ratings MOODY'S S&P Global Fitch Ratings M BEST Aa3 AA- AA- A+ Excellent Stable Outlook¹ Very Strong Stable Outlook² Very Strong Stable Outlook³ Superior Stable Outlook4 Favorable Business Profile Strong Market Positions Diversified Earnings Very Strong Capitalization Excellent Liquidity 1 Moody's outlook and rating reaffirmed in June 2022 2 S&P outlook and rating reaffirmed in February 2023 3 Fitch outlook and rating reaffirmed in November 2022 4 AM Best outlook and rating reaffirmed in June 2022 Ratings as of March 21, 2023 PACIFIC LIFE PLGFII - Investor Presentation (Q4 2022) 18 of 35#19Strong Enterprise Risk Management ✓ Strong Risk Culture ✓ Diversified Business Profile ✓ Clearly Articulated Risk Appetite Comprehensive Stress Testing . Resilient capital ratio under extreme market stress scenarios Sufficient liquidity to support elevated demands under stress Strong Financial and Market Risk Management ✓ Well-Designed Risk Framework Mature Operational Risk Management ✓ Robust Governance Structure ✓ Effective Risk Organization Robust Cyber Security & IT Risk Management Diversified and well-positioned investment portfolio Disciplined asset-liability management Hedging programs performing as designed Effective coordination across three-lines-of-defense¹ model • Well-established enterprise-wide programs and processes • • Established programs aligned with industry standards2,3 Extensive training and awareness campaigns 1 Three lines of defense framework for risk management includes risk owners as first line, risk management as second line, and internal audit as third line 2 National Institute of Standards and Technology (NIST) Cybersecurity Framework (CSF) 3 Control Objectives for Information and Technologies (COBIT) Framework PACIFIC LIFE PLGFII - Investor Presentation (Q4 2022) 19 of 35#20Investment Strategy Starts with our Liabilities . . • • The general account is segmented into product portfolios with characteristics determined by liability needs Investment decisions are based on both top-down views and bottom-up analysis We seek to optimize among yield, risk, capital efficiency, and relative value We continually reassess risk-adjusted return across investment opportunities, including by sector, geography, and rating Investment pace is influenced by projected cash flows and market opportunities As the economic environment evolves, we re-evaluate all of our holdings in terms of value, suitability, and credit fundamentals бх PACIFIC LIFE PLGFII - Investor Presentation (Q4 2022) 20 of 35#21Pacific Life Investment Portfolio Highlights. Total investment portfolio • Investment portfolio consists primarily of investment grade public and private fixed income securities, mortgage loans and contract loans Fixed income profile • Net unrealized losses in the fixed income portfolio were $7.9B as of December 31, 2022 • As of December 31, 2022, 94% of our fixed maturity securities were rated as investment-grade. We have not experienced any material changes in the credit quality of our portfolio since December 31, 2021 Fixed income portfolio performance continues to be strong Investment Portfolio 1 Cash, Cash Equiv, and Short Term Investments 1% Other 13% Contract loans 7% Mortgage Loans 16% 12/31/22 Stat CV $116.5B Bonds 63% ¹Other includes other invested assets, securities lending reinvested collateral assets, private equity funds, derivatives, and common stock PACIFIC LIFE NAIC 3 5% NAIC 2 51% Fixed Income Securities by NAIC Rating 12/31/22 Stat CV $73.9B NAIC 4-6 1% Fixed Income Securities by Industry NAIC 1 43% Other 10% Real Estate 4% Consumer cyclicals and non-cyclicals 17% Governments 5% CMBS/RMBS 7% Energy 7% Telecommunications 8% Industrials 8% 12/31/22 Stat CV $73.9B Financials 13% Utilities 13% Transportation 8% PLGFII - Investor Presentation (Q4 2022) 21 of 35#22Pacific Life Mortgage Loan and Real Estate Portfolio Highlights Portfolio strategy Mortgage loan and real estate emphasis is on properties in high "barrier to entry" locations and regions exhibiting strong demographic and economic trends Loan underwriting at origination emphasizes high debt coverage ratio and low loan-to- value Mortgage loan and real estate profile As of December 31, 2022, total carrying value of mortgage loans and real estate was $19B. Mortgage loans primarily consist of commercial mortgage loans • Overall portfolio loan-to-value remains strong at 60% as of December 31, 2022, a slight decrease from 63% at year end 2021 The real estate mortgage portfolio is backed by high quality assets that are operated by owners with proven track records. As of December 31, 2022, 4.2% of the mortgage portfolio loans are engaged in deferral of scheduled principal amortization • All mortgage payments are current • $15M mortgage loan losses year to date Regions consistent with the American Council of Life Insurers (ACLI) geographic regions PACIFIC LIFE Apartments 41% Pacific 29% 24% Office Atlantic 33% Property Type Retail 16% 12/31/22 Stat CV $19.2B 7% Lodging Agriculture 5% Industrial 5% Other 1% 1% Residential Geographic Region¹ North Central 12% 12/31/22 Stat CV $19.2B South Central 10% Mountain 9% New England 6% Canada 1% PLGFII - Investor Presentation (Q4 2022) 22 of 35#23Liquidity Summary ($ Billions) 12/31/22 Cash and Cash Equivalents¹ $1.0 High Quality Liquid Assets (HQLA)² $0.7 Total Cash and HQLA $1.7 Revolving Credit Facility (RCF)³ $1.0 • Total Contingent Capacity4 $3.8 Total Available Liquidity5 $6.5 . • Pacific Life has adequate liquidity with Cash and HQLA of $1.7B • We have no material pre-funding needs in the next decade. • Additionally, we have $1.0B in an undrawn revolving credit facility provided collectively by 21 top tier global and U.S. banks Pacific Life also has $3.8B in unencumbered contingent liquidity facilities, with the majority being capable of providing same day funding • Total available liquidity of $6.5B represents a subset of our total available liquidity at the consolidated group level 1 Excludes bilateral cash collateral pledged or received, including associated deposits and restricted funds 2 HQLA includes U.S. Treasury securities, obligations of other U.S. government authorities and agencies, and publicly traded U.S. Investment Grade bonds that are either close to maturity (duration < 3 months) or on the run securities (issued in the last 31 days) 3 PLC and PLIC co-borrowed RCF matures in June 2026 4 Contingent capacity include estimated borrowing capacity against Federal Home Loan Bank (FHLB) eligible collateral ring-fenced for PLIC liquidity, commercial paper program and securities lending cash release capacity Represents management's internal measure of liquidity. Includes liquidity sources within PLC and readily available to PLIC PACIFIC LIFE PLGFII - Investor Presentation (Q4 2022) 23 of 35#24ESG & Sustainable Bond Framework PACIFIC LIFE PLGFII - Investor Presentation (Q4 2022) 24 of 35#25Pacific Life's Principles for Responsible Investing EVIRONMENTAL SOCIAL GOVERNANCE The mission of Pacific Life's investment team is to deliver solid risk-adjusted returns that provide flexible, scalable, and value-added solutions to Pacific Life's General Account and in support of Pacific Life's product portfolio. In fulfilling this mission, it is important that we do so in a responsible manner. Investing responsibly is a key pillar of Pacific Life's Corporate Social Responsibility program. It aligns with Pacific Life's Core Values of Accountability for our actions, Financial Strength focused on investing with a long-term view, Integrity to do the right thing, and making a positive impact on our Communities. As an enterprise, we believe that responsible investing is not only good for the environment and society, but also key to our long-term financial strength and our mission to help our clients and their families attain peace of mind and financial security. We continually evolve our investment processes and incorporate environmental, social, and governance (ESG) factors to better align our decision-making with our duty to invest responsibly. For more information, please visit: https://www.pacificlife.com/home/corporate-social-responsibility/responsible-investment-policy.html PACIFIC LIFE PLGFII - Investor Presentation (Q4 2022) 25 of 35#26Pacific Life Corporate Social Responsibility Pacific Life is committed to creating a meaningful future for our stakeholders. This extends beyond the current generation, which is why our corporate social responsibility initiatives create lasting, positive impact for our people, our communities, our customers, and our environment. People Our mission to help clients achieve financial security can only be accomplished if we have a great culture that attracts top talent who feel engaged and supported at work. Communities We are all stronger when the communities in which we live, and work thrive. Pacific Life has a long history of building better communities through investments in low-income housing, volunteerism, disaster relief, and programs to support underserved and underrepresented individuals. Customers Our strong ethics, investment, and privacy programs represent our commitment to the highest standards and help ensure we're able to meet the promises we make to our policyholders. Our investment options within our product portfolios provide choice and flexibility, including investment funds focused on ESG principles. Environment In our more than 150-year history, Pacific Life has never been more committed to having a positive impact on our environment. Today, we are working to protect oceans, reduce our environmental footprint, and identify investment opportunities that create a positive impact for the planet. PACIFIC LIFE PLGFII - Investor Presentation (Q4 2022) 26 of 35#27Pacific Life Corporate Social Responsibility for 2021 People Communities Action for Diversity & Inclusion Signatory of the CEO Action for Diversity & Inclusion pledge, with more than 2,000 CEOs from other companies, associations, and universities, focusing on advancing diversity and inclusion within the workplace $660k* in matching grants supporting employee contributions made through Matching Gifts and United Way programs in 2021 95/100 2022 score on the Corporate Equality Index issued by the Human Rights Campaign PL Connections Groups Designed to create a more diverse and inclusive workplace from the ground up, offering employees a place to build community, connection, camaraderie, and a sense of belonging. Groups so far include: • AAPI@PL for Asian-Americans and Pacific Islanders • ALAS@PL for Latino/ Hispanic Americans • AMENA@PL for Middle Eastern and North African Peoples • Developing Professionals@PL • Pride@PL for LGBTQ+ employees • Women@PL • Veterans@PL • VIBE@PL for voices illuminating the Black experience $7.5M contributions from Pacific Life and the Pacific Life Foundation benefiting more than 465 nonprofits and schools in 2021 $2M* committed to improving food security over the next five years, with $400,000 donated in 2021 $96M invested in assets supporting community development $1.5M* committed to Boys & Girls Clubs of Central Orange Coast's College Bound program to ensure Orange County high school students from underserved populations graduate on time and go to college with scholarship opportunities $1M* grant to American College Center for Economic Empowerment and Equality to narrow wealth gap among underserved communities and promote economic justice through collective, community- focused solutions * These numbers are a subset of total charitable giving by Pacific Life and the Pacific Life Foundation. PACIFIC LIFE PLGFII - Investor Presentation (Q4 2022) 27 of 35#28Pacific Life Corporate Social Responsibility for 2021 Customers Environment 5 consecutive years named as one of the World's Most Ethical Companies by the Ethisphere Institute |WORLD'S MOST ETHICAL COMPANIES® WWW.ETHISPHERE.COM Privacy TM Pacific Life takes the security of personal information very seriously and ensuring sound and secure data protection is our top priority 18 consecutive years awarded DALBAR Financial Intermediary Service Award, including 9th consecutive year ranked #1 among annuity companies, and 5th consecutive year for Insurance Service Award Supplier Diversity Pacific Life is committed to maintaining a supplier base that is representative of the communities in which we live and work. In pursuing supplier diversity in our procurement practices, we seek to provide business opportunity for enterprises owned or employing underrepresented communities. $7.6B invested in assets related to socially responsible efforts in underserved and low-income communities, as well as environmentally green efforts • $1.4B commitment toward renewable energy investments, including hydro, renewable natural gas, solar, wind, and geothermal $800M sustainability bond introduced by Pacific Life, the largest sustainable funding agreement backed issuance in the insurance sector at time of issuance $16.6M invested for the preservation and conservation of marine mammals and the health of our oceans, including $500,000 donated in 2021 PACIFIC LIFE PLGFII Investor Presentation (Q4 2022) 28 of 35#29Pacific Life ESG Risk Rating LAST UPDATED APRIL 7, 2022 PACIFIC LIFE Pacific LifeCorp. Industry Group: Insurance Identifier: - ESG Risk Rating COMPREHENSIVE ? 23.0 Medium Risk Country/Region: United States of America Ranking Industry Group (1st = lowest risk) Insurance 111 out of 293 Universe Negligible Low Medium 0-10 10-20 20-30 High 30-40 Severe Global Universe 5684 out of 15233 40+ SUSTAINALYTICS PLGFII Investor Presentation (Q4 2022) 29 of 35#30Pacific Life Sustainable Bond Framework IN ALIGNMENT WITH THE FOUR COMPONENTS OF THE SUSTAINABILITY BOND GUIDELINES-2018 (SBG), THE GREEN BOND PRINCIPLES-2018 (GBP) AND THE SOCIAL BOND PRINCIPLES-2020 (SBP) Use of proceeds Process for project evaluation and selection An amount equal to the net proceeds will be allocated to existing or future investments in or financings of Eligible Projects that meet Pacific Life's Sustainable Bond Framework Eligibility Criteria: ■Green Buildings, Renewable Energy, Energy Efficiency, Sustainable Water and Wastewater Management, Terrestrial and Aquatic Biodiversity Conservation, Clean Transportation, Access to Essential Services - Education, Affordable Housing Pacific Life's Sustainable Bond Steering Committee is comprised of members from the Institutional Capital Markets Group, Investment Management, Commercial Real Estate, Law Department, Corporate Affairs, and/or Brand Management, and is responsible for the review and selection of the green and social projects that will qualify as Eligible Projects for the final approval of Pacific Life's Institutional Capital Markets Group Pacific Life tracks allocations using its internal recording system Management of proceeds Reporting Pacific Life intends to allocate an amount equal to the net proceeds in the first 36 months after issuance Pacific Life has posted the Annual Review (dated February 25, 2022) on Pacific Life's website specifying the 1) Use of Proceeds 2) Eligibility Criteria and 3) Associated KPIs for our inaugural sustainable bond issuance Pacific Life has posted on its website a Second Party Opinion from a consultant with recognized environmental and social expertise that provides an opinion on the environmental and social benefits of Pacific Life's Sustainable Bond Framework as well as the alignment to the SBG, GBP and SBP PACIFIC LIFE SUSTAINALYTICS PLGFII Investor Presentation (Q4 2022) 30 of 35#31Additional Information PACIFIC LIFE PLGFII - Investor Presentation (Q4 2022) 31 of 35#32| Key Financial Key Financial Highlights PACIFIC LIFE Years Ended December 31 ($ Millions) Selected Income Statement Data Premiums and annuity considerations 2022 $14,298 2021 2020 $13,984 $11,760 Net investment income 3,401 3,276 3,206 Total revenues 18,730 18,235 15,617 Total benefits and expenses 17,589 18,776 15,849 Realized capital gains (losses), net of taxes (981) 1,612 (64) Net income (loss) 151 861 (99) Selected Balance Sheet Data Total invested assets $116,472 $103,873 $92,897 Total general account assets 119,679 107,624 96,010 Liability for deposit-type contracts 18,585 11,198 6,281 Aggregate reserves 79,459 76,028 71,367 Surplus notes 1,588 1,675 1,674 Total capital and surplus 11,702 11,353 11,364 Separate account assets / liabilities 58,636 70,442 63,283 PLGFII - Investor Presentation (Q4 2022) 32 of 35#331 Overview of Pacific Life Short Term Funding, LLC Issuer 1$1 Pacific Life Short Term Funding, LLC, a Delaware limited liability company Funding Agreement Provider Pacific Life, a Nebraska domiciled company 3 . PLIC Short Term Ratings¹ • Moody's: P-1 • S&P: A-1+ • Fitch: F1+ • AM Best: AMB-1+ Program Size $ $5B Citigroup Global Markets Inc Goldman Sachs & Co. LLC • J.P. Morgan Securities LLC Type Ex Dealers B Funding Agreement-Backed Commercial Paper ("FA-Backed CP") 血 Format . Section 4(a)(2) Rule 144A (Securities Act Exemption) • Rule 3a-7 (Investment Company Act Exemption) Ratings as of March 21, 2023 PACIFIC LIFE • Wells Fargo Securities, LLC PLGFII - Investor Presentation (Q4 2022) 33 of 35#34| FA-Backed FA-Backed Commercial Paper Structure Overview Pacific Life Legal Entity Overview Pacific Mutual Holding Company Pacific LifeCorp Pacific Life Insurance Company • • FA-Backed Commercial Paper Mechanics Pacific Life Short Term Funding, LLC, is a special purpose vehicle (SPV) formed under the laws of the State of Delaware Pacific Life Insurance Company will issue a Master Funding Agreement (MFA) to Pacific Life Short Term Funding, LLC which will serve as the SPV's sole material asset Pacific Life Short Term Funding, LLC will issue match funded U.S. CP Notes with the use of proceeds to acquire deposits under the MFA with Pacific Life Insurance Company Under Nebraska statutes, the deposits under the MFA backing the U.S. CP notes will rank pari passu with policyholder claims of Pacific Life Insurance Company Pacific Life Short Term Funding, LLC's FA-Backed CP program ratings as of March 21, 2023 are: Master Funding Agreement Cash Cash CP Investors Pacific Life Short Term Funding, LLC U.S. CP Notes PACIFIC LIFE • Moody's: • S&P: P-1 A-1+ • Fitch: F1+ PLGFII - Investor Presentation (Q4 2022) 34 of 35#35Contact Information Joe Krum Senior Vice President, Global Institutional Investment Group • Email: [email protected] • Phone: (949) 219-3077 Lance Doherty Assistant Vice President, Global Institutional Investment Group Email: [email protected] • Phone: (949) 219-3446 PACIFIC LIFE PLGFII - Investor Presentation (Q4 2022) 35 of 35