Real Estate Investment Strategies

PIMCO BRAVO Fund III overview Fund Experience Our edge • • • . • Private equity-style opportunistic fund with an expected emphasis on markets influenced by regulatory reform (e.g. mortgage, real estate and consumer markets) in the U.S. and Europe Employs a "4 quadrant" investment approach across public and private debt and equity markets to identify attractive risk- adjusted returns Flexible investment approach, due to the complex interaction of monetary policies, regulation and fragmented capital markets Target IRR and multiple of 14%-16% and 1.7x-1.9x, net of fees and carried interest (the "Target Return")¹ Seven-year term from final close, with two possible one-year extensions BRAVO team includes over 80 portfolio management resources spanning a diverse range of backgrounds, including originations, capital markets, real estate acquisitions and asset management History of identifying investment opportunities, selecting and constructing teams to capitalize on these opportunities with a focus on achieving attractive returns Strong track record that has generated approximately $5.5 billion in net-of-fee value for limited partners in five prior comparable funds that have completed their investment periods² Disciplined underwriting process that combines macro perspectives and asset-level expertise Breadth of information available through the platform and proprietary analytics expected to result in a unique understanding of and ability to identify and source relative value across the capital structure Fundraising status As of 31 December 2016. SOURCE: PIMCO . Leverage PIMCO's capital markets and structuring expertise to understand embedded options and increase exit strategy optionality with the goal on optimizing returns • Strong financing platform • $1.2 billion³ in total commitments raised to date (as of 30 December 2016) • Quarterly closes through 2017 subject to fund capacity Robust investment pipeline; the fund has called 10% of committed capital to date 1The Target Return is not a guarantee, projection or prediction of future results of the Fund. Actual results may vary significantly from the Target Return. Refer to the Appendix for important additional information on the Target Return. IRR represents the annualized internal rate of return for a specified period, based on capital contributions by investors, distributions to investors and the residual value of unrealized investments. Multiple represents the ratio of (i) distributions to investors plus the residual value of unrealized investments to (ii) capital contributions by investors. 2Refer to following page for information on these prior funds. Net of fee value equals (i) distributions to investors plus (with respect to unrealized BRAVO investments) residual value to paid-in capital, net of fees, expenses and realized/unrealized carried interest, over (ii) capital contributions (approximately $9.2 billion). Does not include BRAVO II, the investment period of which has not ended. 3 This figure includes commitments of BRAVO III's General Partner and Limited Partners, as well as $62 million of commitments that will be accepted from prospective Limited Partners at future closes, assuming sufficient ERISA capacity The above terms are preliminary and subject to change, and have been simplified for illustrative purposes. In particular, this summary omits certain important details about the stated terms, and does not address certain other key Fund terms or represent a complete list of all Fund terms. In the event of any conflict between the above terms and the Fund's definitive legal documents, the latter will control Refer to Appendix for additional performance and fee, investment strategy, target return and risk information PIMCO 3

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