Real Estate Investment Strategies

PIMCO's track record in comparable opportunistic PE-style funds' Since inception net IRR MATURED DISTRIBUTING INVESTING 40% 35.4% 34.3% 35% 30% 25% 22.4% 20% 15% 12.3% 11.0% 9.1% 10% 5% 0% DMF² DISCO³ DMF II4 TALF5 BRAVO6 BRAVO II7 Vintage 2008 2008 2009 2009 2011 2013 Committed $2,867 $2,681 $610 $1,502 $2,345 $5,495 capital ($mm) Net multiple 1.4x 1.4x 2.9x 1.4x 1.8x Focus Senior non-Agency MBS, ABS CDOs Senior structured credit Senior non-Agency MBS, ABS CDOs Senior CMBS, Consumer ABS Broad range of commercial, residential, consumer & financial assets. 1.3x Broad range of commercial, residential, consumer & financial assets As of 31 December 2016. SOURCE: PIMCO. Please note all the funds presented above are closed to new investors. The data contained in this section is for information purposes only and should not be treated or relied on by any person as an offer, placement, invitation, inducement or any other type of solicitation or promotion with respect to any transferable security, unit in a collective investment undertaking, or other financial instrument to which the data relates or may relate. The above table provides information about the returns of certain other investment funds sponsored by PIMCO whose primary investment strategies include or included mortgage and real estate-related assets that are distressed and/or undervalued due to market dislocations or other factors. Past performance is not indicative of future results, and there can be no assurance that the Fund will be able to implement its investment strategy or achieve any particular level of returns (including returns comparable to the above funds or any other funds advised by PIMCO). Please see the Appendix for the footnotes relating to the above chart and additional information. PIMCO 23

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