Dear PIMCO Client:

As a follow up to Mohamed’s email, first and foremost, I would like to thank him for his tremendous contributions as PIMCO’s Chief Executive Officer and Co-Chief Investment Officer during the past six years. He has provided world-class leadership, insight and guidance to the firm and to you, our clients during his tenure. He has been my partner as we have guided the firm and served you during a time of great change in the global economy and financial markets. We are pleased that he will remain part of the Group as a member of its International Executive Committee and advisor to its Board of Management.

I also want to share with you the leadership transition plan.

Going forward, I will continue to enthusiastically serve as PIMCO’s Chief Investment Officer, which is a role I have held since PIMCO’s founding. I intend to be at PIMCO for a long time. We have also appointed two Deputy CIOs: Andrew Balls and Dan Ivascyn. They will report to me.

To lead the firm’s business management going forward, PIMCO’s Managing Directors today elected Doug Hodge as Chief Executive Officer, and Jay Jacobs as President. They will have separate and distinct responsibilities, and will work as equal partners. In addition, Craig Dawson becomes Head of Strategic Business Management, reporting to Doug. He will return to Newport Beach from the Munich office to take up his new post.

PIMCO‘s focus remains on delivering value to our clients through superior investment performance and client service. The firm’s new leadership team embodies PIMCO’s culture and values, and it reflects the strength and depth of our talent in both portfolio management and business management. With this team to lead us forward, PIMCO is in great hands.

Most importantly, thank you for your continued trust in PIMCO as your investment manager. Please let us know how we can help you meet your investment objectives in 2014 and beyond.

Thank you and regards,

Bill Gross Founder and Chief Investment Officer

PIMCO Investments LLC, T: +1 212.739.3000 Your Global Investment Authority U.S. Distributor TF: 888.942.9962 pimco.com/investments 1633 Broadway, 45th Floor F: +1 212.739.3926 New York, NY 10019 Andrew Balls: Mr. Balls is a Managing Director in the London office, a member of the Investment Committee and head of European portfolio management. He leads PIMCO’s European investment team (which is based in London and Munich) and manages a range of global and European portfolios, including PIMCO’s Global Advantage strategy, combining developed and emerging markets. He is also a member of the PM Management Group, overseeing PIMCO’s global interest rate and foreign exchange teams. Mr. Balls was previously a Portfolio Manager in Newport Beach and the firm’s global strategist. Prior to joining PIMCO in 2006, he spent eight years at the Financial Times as an economics correspondent and columnist in London, New York and Washington, DC. He has 15 years of investment experience and holds a bachelor’s degree from Oxford and a master’s degree from Harvard University. He was a lecturer in economics at Keble College, Oxford.

Craig Dawson, CFA: Mr. Dawson is a Managing Director and Head of Strategic Business Management. He is currently based in the Munich office and is also responsible for PIMCO’s business in Germany, Austria, Switzerland and Italy. He is also Head of Product Management for Europe. Prior to joining PIMCO in 1999, Mr. Dawson was with Wilshire Associates, an investment consulting firm. He has 19 years of investment experience and holds an MBA from the University of Chicago Graduate School of Business. He received his undergraduate degree from the University of California, San Diego.

Douglas Hodge, CFA: Mr. Hodge is a Managing Director in the Newport Beach office and PIMCO’s Chief Executive Officer-elect. He is currently PIMCO’s Chief Operating Officer. He also serves on PIMCO’s executive committee and on the global executive committee for Allianz Asset Management, the governing body of asset management for the Allianz Group. Earlier, Mr. Hodge led the Asia Pacific region from the firm’s Tokyo office from 2002-2009. He joined PIMCO in 1989 and has previously served the firm as a senior account manager responsible for client relationships worldwide and as a global product manager. Mr. Hodge currently serves on the board of the Securities Industry and Financial Markets Association. He has 28 years of investment experience and holds an MBA from . He received an undergraduate degree from Dartmouth College.

Jay Jacobs, CFA: Mr. Jacobs is a Managing Director in the Newport Beach office and PIMCO’s President- elect. He is currently the head of talent management globally. Previously, he was the head of PIMCO’s German business and a member of the company’s European management team for five years, based in Munich. He joined the firm in 1998, working initially in the management group in Newport Beach. Prior to joining PIMCO, Mr. Jacobs was a vice president at Commercial Trust Company. He has 19 years of investment experience and holds an MBA from Georgetown University. He received his undergraduate degree from Washington University, St. Louis.

Daniel Ivascyn: Mr. Ivascyn is a Managing Director in the Newport Beach office. He is the head of the mortgage credit portfolio management team and a lead portfolio manager for PIMCO’s credit fund and mortgage opportunistic strategies. Mr. Ivascyn is a member of PIMCO’s Executive Committee and has also periodically served as a member of the Investment Committee. Prior to joining PIMCO in 1998, he worked at Bear Stearns in the asset-backed securities group, as well as T. Rowe Price and . He has 22 years of investment experience and holds an MBA in analytic finance from the University of Chicago Graduate School of Business and a bachelor’s degree in economics from Occidental College.