Investing in Private Credit

Key themes driving the current opportunity set 1 Secular Forces Rise in e-commerce and supply chain evolution Increased propensity to work from home Changing demographics PIMCO Current Themes 2 Dislocation & Distress Pressure on sponsors in segments of leisure/office markets Acute liquidity needs due to upcoming CRE loan maturities. Tight bank lending standards 3 Balance Sheet Frictions Pullback in capital availability Continued build-up of global NPLs Lending gaps in residential and specialty finance markets. As of 30 June 2021. Source: PIMCO There is no guarantee that the Fund will launch or, if it does, that it will produce the desired results. For illustrative purposes only. The views and expectations expressed are those of PIMCO. There is no guarantee that (i) the investment strategies discussed herein will work under all market conditions, (ii) that the market trends discussed will continue, or (iii) that the investment opportunities discussed herein will materialize or produce any level of returns. Refer to Appendix for additional investment strategy, outlook and risk information. 01 5

View entire presentation