Real Estate Investment Strategies

BRAVO III model portfolio: Flexible and responsive to heightened volatility Category Residential Commercial Specialty finance Financials/other Total Breakdown 40% • 40% 10% Illustrative examples . Whole loans Residential Land / development RMBS / ABS CDOs Other residential mortgage credit related Loans . Direct real estate • CMBS / CRE CDOS • Other commercial real estate related Consumer loans Commercial finance loans • Other receivables or previously asset-backed related 10% • Bank debt or equity . Reg cap/risk transfer trades • TruPS CDOS / CLOS 100% • Distressed credit SOURCE: PIMCO. Hypothetical Example for Illustrative Purposes Only. Reflects leverage (direct borrowings expected not to exceed 2x, with a hard cap of 2.5x; refer to the Fund's PPM for additional details on this guideline). Represents model portfolio composition at end of investment period; portfolio composition at other periods during Fund's life is likely to be materially different. There can be no assurance that BRAVO III's actual portfolio will resemble the above model portfolio, which is presented for illustrative purposes only and is subject to change at any time without notice. BRAVO III may also make investments not referred to above. TruPS: Trust preferred securities Refer to Appendix for additional hypothetical example, investment strategy, portfolio structure and risk information. PIMCO 20 20

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