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PIMCO Credit Capabilities

Today’s global credit markets represent an ever-expanding range of issuers and securities, creating opportunities and for investors. PIMCO has been successfully managing credit since we were founded 50 years ago.

The depth, expertise and structure of our credit team, combined with our extensive global resources, distinguishes PIMCO and helps us to identify compelling opportunities across the credit spectrum – often before they are recognized by the broader market. 2 PIMCO CREDIT CAPABILITIES

A closer look at PIMCO’s Global Credit Capabilities

Credit selection remains critical in today’s uncertain environment and PIMCO’s renowned credit team – backed by our extensive resources and nearly five decades of investment expertise – is well-positioned to identify some of the most attractive opportunities across the vast $16 trillion global credit markets.*

CREDIT BY NUMBERS PIMCO’S CREDIT INVESTMENT PROCESS:

PIMCO has been managing credit for 50 years. Today, we are HIGH CONVICTION STANDARD among the largest investors in the global credit markets with PIMCO’s credit selection process combines the over $580 billion in under and offer a full firm’s top-down macroeconomic views with extensive, suite of strategies across the credit spectrum, including bottom-up research, including our independent credit ratings investment grade, high yield, loans, multi-sector, emerging system, which helps us to stay ahead of major credit events markets, municipals, and securitized that may not be reflected in rating agency ratings.

Our credit investment strategy focuses on finding global global credit managers with companies with high barriers to entry, strong pricing power, 135+ 17 years average investment experience solid growth prospects, good quality and a focus on protecting bondholders’ interests. The 135+ investment professionals on PIMCO’s credit team employ a three-screen global credit research analysts with 14 process to identify these growing industries and companies. 75+ years average investment experience

Morningstar Fixed-Income Fund Top-Down 1 Manager of the Year winner in credit: Identify industries with growth prospects that we believe are Mark Kiesel (2012) better than the overall economy and avoid regions and sectors facing economic, political or other headwinds.

Morningstar Awards for Investing Excellence, Rising Talent, Bottom-Up 2 (U.S.) Winner Single-out companies that have pricing power, quality assets Mohit Mittal (2020), Sonali Pier (2021) and exposure to long-term growth.

20,000+ securities rated independently by PIMCO Relative Start with an investment agnostic view and compare opportunities across the capital structure, selecting credits meetings and calls with issuers each year 5,000+ the market may have mispriced and that offer the potential for appreciation.

*Source: Bloomberg Global Aggregate Credit Index PIMCO CREDIT CAPABILITIES 3

PIMCO’S EXPERT CREDIT TEAM: A STUDY IN COLLABORATION

PIMCO’s team-oriented approach defines and differentiates our robust credit selection process. Our award-winning global credit portfolio managers and research analysts work closely together in an effort to identify attractive opportunities before the market and the credit rating agencies recognize the potential.

GLOBAL CREDIT PORTFOLIO GLOBAL CREDIT RESEARCH TEAM:

MANAGEMENT TEAM: Distinguished by size, structure and quality Highly-talented, seasoned and skilled investors “To know any one company well, we have to know “The degree of conviction we have in a company the sector in which it operates very well. That’s why determines our allocation – overweighting our high our credit research analysts are sector specialists conviction ideas and avoiding risks.” with wide-ranging experience analyzing credits across the rating spectrum.” MARK KIESEL CIO Global Credit Morningstar Fixed-Income Manager CHRISTIAN STRACKE Head of Global Credit Research of the Year in 2012 and High Yield Portfolio Manager 28 years investment experience 24 years investment experience

DAVID HAMMER Head of Municipal PHILIPPE BODEREAU Head of European Credit Research Portfolio Management and Financials Portfolio Manager 18 years investment experience 25 years investment experience PRAMOL DHAWAN Global Head, Emerging Markets 18 years investment experience JOHN DEVIR Head of Americas Credit Research and Equity Portfolio Manager ANDREW JESSOP U.S. & Global Lead, High Yield 28 years investment experience 32 years investment experience

DAVID FORGASH Head of Global Leveraged Loans ANNISA LEE Head of Asia Credit Research and Senior Multi-Sector Credit 24 years investment experience Portfolio Manager 28 years investment experience SECTORS AND NUMBER OF ANALYSTS ROBERT MEAD Co-head of Asia-Pacific portfolio management Consumer Products 13 32 years investment experience Distressed Credit 15 TOMOYA MASANAO Co-head of Asia-Pacific Energy 7 portfolio management 31 years investment experience ESG 5 MOHIT MITTAL Head of Credit Trading and Financials 13 Multi-Sector Portfolio Manager 14 years investment experience Industrials 17 EVE TOURNIER Head of European Credit Metals/Mining 6 Portfolio Management 23 years investment experience Municipals 13 SUDI MARIAPPA Global Head, Telecom/Media/Tech 9 Portfolio Management 34 years investment experience Utilities 5 .com blog.pimco.com

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