#1Pacific Life Global Funding II NOVEMBER 16, 2022 PACIFIC LIFE PLGFII Investor Presentation (Q3 2022) 1 of 33#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, 2022, 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 (Q3 2022) 2 of 33#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. ETHISPHERE WORLD'S MOST ETHICAL COMPANIES 2018-2022 R "World's Most Ethical Companies" and "Ethisphere" names and marks are registered trademarks of Ethisphere LLC. PACIFIC LIFE PLGFII - Investor Presentation (Q3 2022) 3 of 33#4Issuer & Credit Overview PACIFIC LIFE PLGFII Investor Presentation (Q3 2022) 4 of 33#5Overview of Pacific Life Global Funding II Issuer 1$1 Pacific Life Global Funding II, a Delaware statutory trust Ex Funding Agreement Provider Pacific Life Insurance Company ("Pacific Life" or "PLIC"), a Nebraska domiciled company S Type Funding Agreement-Backed ("FA-Backed") Global Medium-Term Notes Program Size $15bn 1 Ratings as of November 15, 2022 PACIFIC LIFE E PLIC Financial Strength Ratings¹ Moody's: Aa3 (Stable outlook) • S&P: AA- (Stable outlook) 目 Format 144A/Regulation S Listing Euronext Dublin • Fitch: AA- (Stable outlook) AM Best: A+ (Stable outlook) PLGFII Investor Presentation (Q3 2022) 5 of 33#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 July 2022 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 November 15, 2022 are: • Moody's: S&P¹: Aa3 AA- • Fitch: AA- PLGFII Investor Presentation (Q3 2022) 6 of 33#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- PACIFIC LIFE PACIFIC LIFE Pacific Life Global Funding II 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- CHF 300,000,000 7-Year Fixed Rate FA-Backed Notes Due October 2028 Coupon: 0.25% Issue Ratings: Aa3/AA-/AA- 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- April 7, 2021 May 27, 2021 October 13, 2021 January 25, 2022 • Pacific Life Global Funding II has issued $6.1B since launching the program in June 2020 Our $800M Sustainable Bond issuance is the largest ESG (Environmental, Social, and Governance) labeled transaction in the US life insurance space to date First ever 5-year SOFR FA-Backed issuance Debut FA-Backed transactions denominated in CHF, CAD, NOK and HKD Program has issued across all tenors between 3-years and 10-years PACIFIC LIFE PLGFII Investor Presentation (Q3 2022) 7 of 33#8Pacific Life Insurance Company INVESTMENT HIGHLIGHTS 1 2 3 Well-established life insurer with a diversified business • • A leading Insurance company with retail Life Insurance and Retirement Solutions businesses 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 4 • • High quality, diversified investment portfolio Strong performing general account portfolio Portfolio mainly composed of investment grade public and private fixed income securities, mortgage loans and contract loans Strong commercial mortgage portfolio loan-to-value of 61% as of September 30, 2022 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 586% as of December 31, 2021 . Commitment to credit strength and ratings 5 6 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 (Q3 2022) 8 of 33#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 #3 variable universal life insurance sales • #1 structured settlement annuity sales "Named One of America's Best Insurance Companies of 2023" -Forbes, October 2022 LEADER Ranked Top Life Insurance Carrier in 20213 STRONG Strong Financial Strength Composite Score, COMDEX rating 95 out of 1004 1 Source: S&P Global Market Intelligence; SNL Financial Data; Based on 2021 Total Admitted Assets ETHICAL SERVICE One of the World's Most Ethical Companies - 5th consecutive year5 Dalbar Insurance Service Award Winner - 5th consecutive year 2 Based on data from LIMRA International as of September 30, 2022 for structured settlement annuity sales and June 30, 2022 for life insurance sales 3 Forbes "America's Best Insurance Companies." Published 10/4/22. 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 2022. For current ratings, visit www.PacificLife.com. COMDEX is not an affiliated company of Pacific Life Insurance Company 5 Ethisphere Institute named Pacific Life one of the 2022 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 fifth 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 2017-2021 PACIFIC LIFE PLGFII Investor Presentation (Q3 2022) 9 of 33#10Pacific Life Management Team¹ Darryl Button CFO of Pacific Life President & CEO CFO and member of the Executive Board of Aegon N.V. CFO of Transamerica 29 years experience Tod Nasser EVP & Chief Investment Officer, Pacific Life Joined Pacific Life in 2017 Adrian Griggs EVP & COO CFO SVP, Finance & Risk Management, Retirement Solutions Division Joined Pacific Life in 1994 33 years experience Alessandro Papa EVP & Chief Risk Officer, Pacific Life • 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 39 years experience 10 years experience Jay Orlandi EVP & General Counsel Vibhu Sharma EVP & CFO EVP, Chief Operating Officer of Transamerica Joined Pacific Life in 2020 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 SVP, Corporate Carol Sudbeck EVP & CAO VP, Corporate Joined Pacific Life in 1994 22 years experience Dawn Behnke² EVP, Life Insurance 18 years experience Joseph Celentano² EVP, Retirement Solutions 35 years experience 1 In November 2022, the Company announced that Mary Beth Eckert has been hired as executive vice president and chief information and digital officer of Pacific Life, effective December 13, 2022 2 The Company will combine the Life Insurance Division and Retirement Solutions Division into a single, unified organization led by Dawn Behnke, currently the head of the Life Insurance Division. As part of this internal reorganization, Joe Celentano has decided to retire from his role as head of the Retirement Solutions Division at the end of 2022 David Howell Chief Executive Officer, Pacific Life Re Brian Woolfolk EVP, Institutional Joseph Krum VP, Managing Director, Institutional Capital Markets Group SVP, Product & Strategy Management, Life Insurance Division VP, IT & PMO Operations, Life Insurance Division Joined Pacific Life in 2001 SVP & CFO, Retirement Solutions Division Chief Risk Officer Joined Pacific Life in 1992 CEO, Scottish Re Group Limited Chief Pricing Office, Swiss Re Joined Pacific Life in 2008 SVP & CMO, Retirement Solutions Division VP, Product Pricing, Retirement Solutions Division Joined Pacific Life in 2010 VP, Treasurer Joined Pacific Life in 2002 35 years experience 36 years experience 25 years experience 24 years experience 31 years experience PACIFIC LIFE PLGFII Investor Presentation (Q3 2022) 10 of 33#11Pacific Life Business Profile Products Life Insurance Term Life Universal Life Indexed Universal Life Variable Universal Life Life Insurance with LTC Retirement Solutions 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 Small businesses Retirement plans Corporations Financial institutions Institutional investors Independent Life Producers Financial advisory networks ⚫ Wirehouses • • Financial Institutions RIAS . • Regional broker- dealers Wirehouses ⚫ M Financial 3 ⚫ IMOS Actuarial and benefit consulting firms • Third-party brokers • Fund management firms • Investment banks • Internal teams Reinsurance Domestic Retrocession Longevity Reinsurance PLIC Premiums & Deposits¹ Reinsurance 5% Life Insurance 15% Insurance and Reinsurance Companies Retirement Solutions 35% Insurance Brokers Retirement Solutions 39% 1 Includes premiums and annuity considerations for life and accident and health contracts and deposits received for deposit-type contracts for the nine months ended 9/30/22, net of reinsurance 2 Total general account annuity and life actuarial reserves and deposit-type contract liabilities as of 9/30/22 3 M Financial Group is a life insurance distribution, service, and product organization serving high net worth individuals, executives and employers PACIFIC LIFE 9/30/22 $18.1B Institutional 45% PLIC Statutory Reserves² 9/30/22 $94.6B Life Insurance 41% Reinsurance 2% Institutional 18% PLGFII Investor Presentation (Q3 2022) 11 of 33#12Statutory Capital and Admitted Assets • Capital and Surplus increased from prior year driven by core operations, private equity gains and a capital contribution of $600 million from Pacific LifeCorp following Pacific LifeCorp senior note issuance offset by net impact of weaker equity markets and higher interest rates Company action level risk-based capital ratio (RBC Ratio) ¹ of 586% as of December 31, 2021 Assets decreased $5.9B due to decline in separate account values primarily from weak equity markets offset by general account growth from new business Net loss of $84M was driven by net impact of weaker equity markets and higher interest rates, offset by core operations PLIC Admitted Assets $178,066 $172,204 $159,293 $145,748 ($ Millions) 2019 2020 2021 9/30/22 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 $11,461 $10,510 2019 RBC Ratio¹ 635% 2020 628% 2021 586% 9/30/22 $1,716 ($ Millions) ($ Millions) PLIC Net Income / (Loss) $861 $652 ($99) ($84) 2019 2020 2021 9/30/21 9/30/22 PLGFII Investor Presentation (Q3 2022) 12 of 33#13Statutory Premiums and Deposits 5-year CAGR of 18% driven by strong growth in our Institutional and Life Insurance divisions Institutional was formed in 2020 Pension Risk-Transfer (PRT) business transferred from PLIC Statutory Premiums & Deposits¹ ($ Billions) 5-year CAGR²: 18% $21.0 Retirement Solutions $15.5 $14.3 $13.1 • Premiums & deposits were $8.0B in 2021 and $8.1B YTD Q3 2022 $10.1 $9.2 The growth in premiums & deposits as compared to Q3 2021 is driven by strong sales primarily in our Institutional Division and fixed annuity sales in our Retirement Solutions Division 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 2016-2021 PACIFIC LIFE $12.9 $18.1 2016 2017 2018 2019 2020 2021 YTD YTD 9/30/21 9/30/22 PLGFII Investor Presentation (Q3 2022) 13 of 33#14Life 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 63% Business Mix by Premiums & Deposits¹ YTD 9/30/22 $2.8B Variable Universal Life 19% Universal Life 9% Whole Life 4% Term Life 5% • business planning and continuation strategies, estate planning strategies, and supplemental retirement income Key product lines include term, indexed universal life, variable universal life, and life insurance with long-term care benefits Life Insurance Statutory Premiums & Deposits¹ ($ Billions) 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 In August 2022, the Company announced that it will combine the Life Insurance Division and Retirement Solutions Division into a single, unified retail organization $3.7 $3.1 $3.1 $3.2 $2.8 $2.8 $2.5 $2.5 2016 2017 2018 2019 2020 2021 YTD 9/30/21 YTD 9/30/22 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 (Q3 2022) 14 of 33#15Retirement Solutions 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 Distribution Model Distribution channels include independent financial professionals, financial institutions, wirehouses, independent marketing organizations, brokerage general agencies, and registered investment advisors Business Mix by Premiums & Deposits¹ Variable Annuities 40% YTD 9/30/22 $6.4B Fixed Annuities 46% Structured Settlement Annuities 14% ($ Billions) Retirement Solutions Statutory Premiums & Deposits 1,2 $10.6 $9.4 $6.7 $6.1 $7.3 $6.5 $6.4 $5.5 2016 2017 2018 2019 2020 2021 YTD 9/30/21 9/30/22 YTD In August 2022, the Company announced that it will combine the Life Insurance Division and Retirement Solutions Division into a single, unified retail organization 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 Retirement Solutions PACIFIC LIFE PLGFII - Investor Presentation (Q3 2022) 15 of 33#16Institutional 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 35%¹ Business Mix by Premiums & Deposits² Health Savings Account Fixed Annuities 23% YTD 9/30/22 $8.1B Short-Term Funding Agreements 31%¹ Pension Risk-Transfer 11% Institutional Statutory Premiums & Deposits² $8.0 ($ Billions) $8.1 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 $5.2 $4.4 2020 2021 YTD 9/30/21 YTD 9/30/22 PLGFII Investor Presentation (Q3 2022) 16 of 33#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 (Q3 2022) 17 of 33#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 1 Moody's rating upgraded and outlook revised to stable in July 2021 2 S&P outlook and rating reaffirmed in December 2021 3 Fitch outlook and rating reaffirmed in November 2022 4 AM Best outlook and rating reaffirmed in June 2022 PACIFIC LIFE Favorable Business Profile Strong Market Positions Diversified Earnings Very Strong Capitalization Excellent Liquidity Ratings as of November 15, 2022 PLGFII Investor Presentation (Q3 2022) 18 of 33#19Strong Enterprise Risk Management ✓ Strong Risk Culture ✓ Diversified Business Profile Effectively Managing Through Market Volatility • Resilient capital ratio under extreme market stress scenarios • Diversified and well-positioned investment portfolio • Hedging programs performing as designed ✓ Clearly Articulated Risk Appetite Effectively Managing Through COVID • Excess claims modest in context of available capital Diversified mortality and longevity lines of business ✓ Well-Designed Risk Framework ✓ Robust Governance Structure ✓ Effective Risk Organization Mature Operational Risk Management Effective coordination across 3-lines-of-defense¹ model • Well-established enterprise-wide programs and processes Robust Cyber Security & IT Risk Management • • 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 (Q3 2022) 19 of 33#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 (Q3 2022) 20 of 33#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 $8.9B as of September 30, 2022 As of September 30, 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 Cash, Cash Equiv, Other¹ 11% and Short Term Investments 1% Contract loans 7% Mortgage Loans 16% 9/30/22 Stat CV $113.1B Bonds 65% ¹Other includes other invested assets, securities lending reinvested collateral assets, private equity funds, derivatives, and common stock PACIFIC LIFE NAIC 3 5% NAIC 2 52% Fixed Income Securities by NAIC Rating 9/30/22 Stat CV $74.0B NAIC 4-6 1% Fixed Income Securities by Industry NAIC 1 42% Real Estate 4% Other 9% Consumer cyclicals and non-cyclicals 18% Governments 6% CMBS/RMBS 6% Energy 7% Telecommunications 8% Industrials 8% 9/30/22 Stat CV $74.0B Financials 13% Utilities 13% Transportation 8% PLGFII - Investor Presentation (Q3 2022) 21 of 33#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 September 30, 2022, total carrying value of mortgage loans and real estate was $18B. Mortgage loans primarily consist of commercial mortgage loans • Overall portfolio loan-to-value remains strong at 61% as of September 30, 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 September 30, 2022, Apartments 41% Pacific 30% . 4% of the mortgage portfolio loans are engaged in deferral of scheduled principal amortization All mortgage payments are current • $0.5M mortgage loan losses year to date Regions consistent with the American Council of Life Insurers (ACLI) geographic regions PACIFIC LIFE Office 23% Atlantic 32% Property Type 9/30/22 Stat CV $18.1B Retail 16% Lodging 8% Agriculture 6% Industrial 4% Other 1% Residential 1% Geographic Region¹ North Central 13% 9/30/22 Stat CV $18.1B Mountain 10% South Central 7% New England 7% Canada 1% PLGFII Investor Presentation (Q3 2022) 22 of 33#23Liquidity Summary ($ Billions) 9/30/22 Cash and Cash Equivalents¹ $0.2 High Quality Liquid Assets (HQLA)² $2.0 Total Cash and HQLA $2.2 Revolving Credit Facility (RCF)³ $1.0 Total Contingent Facilities4 $1.7 Total Available Liquidity5 $4.9 • ⚫ PL has adequate liquidity with Cash and HQLA of $2.2B • 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 US banks •PL also has $1.7B in unencumbered contingent liquidity facilities, with the majority being capable of providing same day funding • Total available liquidity of $4.9B 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 US 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 facilities 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 5 Represents management's internal measure of liquidity. Includes liquidity sources within PLC and readily available to PLIC PACIFIC LIFE PLGFII - Investor Presentation (Q3 2022) 23 of 33#24ESG & Sustainable Bond Framework PACIFIC LIFE PLGFII Investor Presentation (Q3 2022) 24 of 33#25Pacific Life's Principles for Responsible Investing EVIRONMENTAL SOCIAL E GOVERNANCE Our mission is to deliver superior risk-adjusted investments that provide flexible, scalable, and value-added solutions to our clients. We strive to generate sustainable, long-term returns in a balanced, responsible manner. With this in mind, we acknowledge the evolving materiality of environmental, social, and governance factors (ESG) and are increasingly integrating them into our investment decision making. Investing responsibly ties to Pacific Life's Core Values of Accountability for our actions, Integrity to do the right thing, and making a positive impact on our Community. As a long-term investor, we note that the success of our investments will increasingly be tied to the degree to which they reflect ESG principles. Future profitability, asset values, and creditworthiness are optimized by acting responsibly. We recognize that the integration of ESG principles into our investment processes leads to more informed investment decisions. By doing so, we should ultimately experience higher sustainable portfolio returns in line with our responsibilities to our employees, policyowners, community, and other stakeholders. PACIFIC LIFE PLGFII Investor Presentation (Q3 2022) 25 of 33#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 (Q3 2022) 26 of 33#27Pacific Life Corporate Social Responsibility 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 (Q3 2022) 27 of 33#28Pacific Life Corporate Social Responsibility 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 (Q3 2022) 28 of 33#29Pacific Life ESG Risk Rating LAST UPDATED APRIL 7, 2022 PACIFIC LIFE Pacific LifeCorp. Industry Group: Insurance Identifier: - ESG Risk Rating 23.0 Medium Risk Country/Region: United States of America COMPREHENSIVE ? Ranking Industry Group (1st = lowest risk) Insurance 114 out of 298 Universe Negligible Low 0-10 10-20 Medium 20-30 High 30-40 Severe Global Universe 5386 out of 15053 40+ SUSTAINALYTICS PLGFII Investor Presentation (Q3 2022) 29 of 33#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 (Q3 2022) 30 of 33#31Additional Information PACIFIC LIFE PLGFII Investor Presentation (Q3 2022) 31 of 33#32| Key Financial Key Financial Highlights ($ Millions) Nine Months Ended September 30 Years Ended December 31 Selected Income Statement Data 2022 2021 2021 2020 2019 Premiums and annuity considerations $10,332 $8,696 $13,984 $11,760 $13,441 Net investment income 2,526 2,402 3,276 3,206 3,845 Total revenues 13,661 11,793 18,235 15,617 18,006 Total benefits and expenses 12,562 11,942 18,776 15,849 17,187 Realized capital gains (losses), net of taxes (1,070) 959 1,612 (64) 847 Net income (loss) (84) 652 861 (99) 1,716 Selected Balance Sheet Data Total invested assets $113,055 $99,383 $103,873 $92,897 $86,276 Total general account assets 116,873 102,891 107,624 96,010 88,481 Aggregate reserves 78,353 73,327 76,028 71,367 67,687 Liability for deposit-type contracts 16,285 8,822 11,198 6,281 4,118 Surplus notes 1,588 1,674 1,675 1,674 1,730 Total capital and surplus 11,461 11,723 11,353 11,364 10,510 Separate account assets / liabilities 55,331 67,387 70,442 63,283 57,267 PACIFIC LIFE PLGFII - Investor Presentation (Q3 2022) 32 of 33#33Contact Information Joe Krum Vice President, Managing Director, Institutional Capital Markets Group Email: [email protected] • Phone: (949) 219-3077 Lance Doherty Assistant Vice President, Institutional Capital Markets Group • Email: [email protected] Phone: (949) 219-3446 PACIFIC LIFE PLGFII Investor Presentation (Q3 2022) 33 of 33