Real Estate Investment Strategies

Investment flexibility is critical The ability to invest in cheap forms of risk is key to achieving attractive returns Private debt ◉ Newly originated mortgage or consumer loans Public debt ■ Structured credit (CMBS, RMBS, CLOS, etc.) ■ Sub-performing or non-performing loan acquisitions Mezzanine capital for CRE re-financings Financing for mortgage servicing rights / single family rentals CRE and homebuilder development financing Private equity Commercial or residential real estate RE preferred equity Corporate/portfolio acquisitions ☐ Regulatory capital relief transactions ☐ Credit default swaps ◉ Financial institution debt Public equity Equity or mortgage REIT investments during sell-offs Financial institution equity or equity-linked securities Note: the above represent potential Fund transactions, based on current market conditions, the Fund investment team's experience and investments made or evaluated by prior PIMCO-advised investment funds. However, no assurance can be given that the Fund will actually make these or comparable investments. In addition, the Fund has a broad and flexible investment mandate, and is likely to make investments that are materially different from those described above. CMBS: Commercial mortgage-backed securities, RMBS: Residential mortgage-backed securities, CLO: Collateralized loan obligations, CRE: Commercial real estate, REIT: Real Estate Investment Trust Refer to Appendix for additional investment strategy and risk information. PIMCO 19

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