Real Estate Investment Strategies

Appendix The Prior Funds' strategies, although similar to the Fund's strategy in some respects, are substantially different in other respects; in addition, the Prior Funds have broad investment mandates and/or have significant flexibility to invest in assets other than mortgage and real estate-related assets that are distressed and/or undervalued due to market dislocations or other factors. Because of these differences and other factors, the performance of the Prior Funds should not be considered to be predictive of the Fund's performance. Past performance is not indicative of future results and no assurance can be made that the Fund will achieve returns comparable to the Prior Funds. One or more of the Prior Funds have different fee, profit allocation and expense arrangements than each other and the Fund. Performance in a particular fund may vary because of differing fees and expenses (e.g., distribution or organizational expenses), the effect of investing through "blockers" or parallel vehicles or other reasons. Additional fee, expense and carried interest/performance allocation information for these funds is available upon request. Any investment decision should be based only on the Fund's private placement memorandum (the "PPM"), limited partnership agreement, subscription agreement and other definitive Fund documents (the "Documents"), which shall govern in the event of any conflict with the information contained herein. You must rely only on the information in the Documents in making any decision to invest. This information is being furnished to you solely for the purpose of giving you a preliminary indication of the strategy and structure of the Fund and is not to be used for any other purpose or made available to anyone not directly concerned with your evaluation of the possibility of requesting further information regarding an investment. The summary of the structure and other information for the Fund mentioned in the presentation are not and do not purport to be complete, and are qualified by and will be subject to Documents. If the Fund is launched and you express an interest in investing in the Fund, an offer will be made by, and you will be provided with, the Documents. This summary is for informational purposes only, and does not constitute an offer to sell, or a solicitation of an offer to buy, interests in the Fund described above or to participate in any trading strategy. In the event that an offer were to be made, any such offer would be made only after a prospective purchaser has had the opportunity to conduct its own independent evaluation of the Fund and has received all information required to make its own investment decision, including a copy of Documents, which will contain material information not included herein and to which prospective purchasers are referred. This summary is intended solely to determine the level of interest, if any, in the Fund. No person has been authorized to give any information or to make any representation with respect to the Fund other than those contained in this summary and, if given or made, such information or representations must not be relied upon as having been authorized. Each prospective investor should consult its own counsel, accountant, or tax or business adviser as to legal, accounting, regulatory, tax and related matters, as well as economic risks and merits, concerning the possibility of making an investment in the Fund. PERFORMANCE AND FEES Past performance is not a guarantee or a reliable indicator of future results. The Fund's fees are discussed within the PPM. FORECAST Forecasts, estimates and certain information contained herein are based upon proprietary research and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. There is no guarantee that results will be achieved. HYPOTHETICAL EXAMPLE Hypothetical example for illustrative purposes only. No representation is being made that any account, product, or strategy will or is likely to achieve profits, losses, or results similar to those shown. Hypothetical or simulated performance results have several inherent limitations. Unlike an actual performance record, simulated results do not represent actual performance and are generally prepared with the benefit of hindsight. There are frequently sharp differences between simulated performance results and the actual results subsequently achieved by any particular account, product or strategy. In addition, since trades have not actually been executed, simulated results cannot account for the impact of certain market risks such as lack of liquidity. There are numerous other factors related to the markets in general or the implementation of any specific investment strategy, which cannot be fully accounted for in the preparation of simulated results and all of which can adversely affect actual results. INVESTMENT STRATEGY There is no guarantee that the Fund's investment strategies will work under all market conditions. Each investor should evaluate its ability to invest long-term, especially during periods of downturn in the market. PIMCO 27 22

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