Introduction to PIMCO

KOFIA Webinar

Introduction to PIMCO

May 2021

22

Disclosures

This material contains the current opinions of the manager and such opinions are subject to change without notice. This material is distributed for informational purposes

only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Information contained herein has

been obtained from sources believed to be reliable, but not guaranteed. No part of this publication may be reproduced in any form, or referred to in any other publication,

without express written permission. PIMCO is a trademark of Allianz Asset Management of America L.P. in the United States and throughout the world. ©2021, PIMCO

The material is for the ESG webinar organized by Korea Financial Investment Association only and not for further distributions.

PIMCO Asia Limited (Suite 2201, 22nd Floor, Two International Finance Centre, No. 8 Finance Street, Central, Hong Kong) is licensed by the Securities and Futures

Commission for Types 1, 4 and 9 regulated activities under the Securities and Futures Ordinance. PIMCO Asia Limited is registered as a cross-border discretionary

investment manager with the Financial Supervisory Commission of Korea (Registration No. 08-02-307). The asset management services and investment products are not

available to persons where provision of such services and products is unauthorised.

33

Biographical information

Jung Park

Mr. Park is an executive vice president in the Hong Kong office and head of Korea, responsible for managing client relationships and business

development in Korea. Prior to joining PIMCO in 2008, he was a senior managing director and head of the Korea FICC group at Bear Stearns Asia,

responsible for the fixed income, currency and commodities business in Korea. Previously, Mr. Park was head of the Korea sales team at Merrill Lynch

in Hong Kong. Mr. Park also worked at the Bank of Korea as a portfolio manager for the foreign exchange reserves of Korea. He has 32 years of

investment experience and holds an undergraduate degree from Seoul National University.

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44

PIMCO at a glance

New York (2001)

Toronto

(2004)

London(1998)

Singapore

(1996)

Hong Kong

(2006)

Newport Beach

(1971)

Zurich(2009)

Munich(2000)

Tokyo

(1997)

Sydney

(1997)

Milan(2012)

São Paulo

(2012)

As of 31 March 2021. SOURCE: PIMCO.

* Includes 1.62 trillion in third party client assets, including $17.7 billion in assets of clients contracted with Gurtin Fixed Income Management, LLC and $79.7 billion in assets of clients contracted with Allianz Real Estate, affiliates and wholly-owned

subsidiaries of PIMCO. Due to data lag, regional breakdown of AUM includes assets of clients contracted with Allianz Real Estate as of 31 December 2021.

** Excludes Allianz Real Estate employees

*** Based on client account tax domicile

1 Includes Allianz Real Estate indirect AUM

Austin(2018)

Taipei(2018)

Bermuda

(2019)Solana Beach

(2019)

Chicago

(2019)

PIMCO

$2.16 trillion

in AUM*

50 years in

industry

850+ investment

professionals

3,040+ total

employees**

250+ Portfolio Managers with an

average of 17 years experience

50+ countries in which

clients are based***

EMEA

$689 Billion AUM¹

213 Investment Professionals

554 Total Employees

Asia Pacific

$277 Billion AUM


282 Total Employees

Americas

$1,191 Billion AUM


2,212 Total Employees

Miami(2018)

Dublin(2020)

Shanghai

(2020)

55

PIMCO Organizational Structure

As of 31 March 2021

* Portfolio Risk Management reports both to the Group Chief Investment Officer and the Chief Executive Officer

** The Solana Beach, CA and Chicago, IL offices relate to PIMCO’s acquisition of Gurtin Fixed Income Management, LLC in January 2019

*** PIMCO offices added in 2020

PIMCO Management Board (Managing Directors)

Portfolio Management

Analytics

CIOs

Credit Research

Investment Committee

Portfolio Risk

Management*

Strategic

Markets

Client

Management

Product Strategy

Global Wealth

Management

Legal

Fund

Administration

Human

Resources

Operations

General CounselClient, Product &

Strategy

PIMCO Executive Committee

Allianz SE (parent)

Compliance

Co-Chief

Operating Officer

Office Services &

Admin. Support

Corporate

Responsibility

Media / Internal

Communications

Enterprise Risk

Management

Technology

GLOBAL OFFICES

Austin Bermuda Chicago** Dublin*** Hong Kong London Miami Milan Munich New York

Corporate

Development

Chief Financial

Officer

Financial Planning

& Analysis

Strategic Services

and Transformation Marketing

Chief Executive Officer

Co-Chief

Operating Officer

Business

Management

Group Chief Investment Officer

Allianz Asset Management

Newport Beach São Paulo Shanghai*** Singapore Solana Beach** Sydney Taipei Tokyo Toronto Zurich

Asset Management

66

Assets under management by strategy

PIMCO manages $2.16 trillion in assets*, including $1.62 trillion in third-party client assets

As of 31 March 2021. SOURCE: PIMCO. Past performance is not a guarantee or a reliable indicator of future results.

*Including $79.7 billion in assets of clients contracted with Allianz Real Estate, an affiliate and wholly-owned subsidiary of PIMCO Europe Gmbh.

^Starting 31 March 2020, assets have been re-categorized accordingly # Alt Credit and Private Strategies AUM shows previous quarter data due to data availability limitations.

1 Total Return has been segregated to isolate the assets of PIMCO sponsored U.S. Total Return 1940-act fund and foreign pool fund accounts. All other U.S. Total Return portfolios are included in the Intermediate category.

2 Stable value assets have not been netted from U.S. Total Return, U.S. Moderate Duration and U.S. Low Duration assets.

3 Tail-risk hedging assets reflect total notional value of dedicated mandates and are not counted towards PIMCO total assets under management.

4 As of 31 March 2021, assets include $17.7 billion in assets of clients contracted with Gurtin Fixed Income Management, LLC, an affiliate and wholly-owned subsidiary of PIMCO.

5 Assets reflect those managed on behalf of third-party clients and exclude affiliated assets. Fund of funds assets have been netted from each strategy. Potential differences in asset totals are due to rounding.

Alternatives Billions ($)

Diversifying Absolute Return Global macro, long/short credit, relative value commodities, alternative risk premia, and insurance linked securities 13.81

Alternative Credit & Private Strategies# Opportunistic vintage, private lending, semi-liquid evergreen, and specialty mandates 33.14

Asset Allocation

Asset Allocation Strategies Global Core Asset Allocation, All Asset, EM Multi Asset, RealPath, Inflation-Response Multi Asset, DRA 46.30

Equities

Equity Strategies StocksPLUS®, systematic value, and smart beta equities 32.62

Real Return

Real Return Strategies Inflation linked strategies, actively managed commodities, and real-estate linked exposure 56.45

Fixed Income

Total Return1-2 Total Return 86.94

Intermediate2 Core Strategies, Moderate Duration 115.07

Credit Investment Grade Credits, Bank Loans, High Yield 277.97

Long Duration Focus on long-term bonds; asset liability management 190.58

Income Income-oriented, insurance income 302.60

Global International and global multiple currency formats 129.01

Liquidity Management2 Money Market, Short-Term, Low Duration 139.36

Liquid Absolute Return Dynamic Bond strategies, Credit Opportunities Bond, other absolute return strategies 14.52

Emerging Markets Local debt, external debt, currency 36.39

Mortgages Agency MBS, structured credit (non-Agency MBS, CMBS, and ABS) 57.34

Diversified Income Global credit combining corporate and emerging markets debt 34.26

Municipals4 Tax-efficient total return management 42.76

Other Custom mandates 14.32

Total assets under management5 $ 1,623.44 B

Stable Value2 Stable income with emphasis on principal stability 25.19

Tail-Risk Hedging3 Pooled and customized portfolios of actively managed tail-risk hedges 27.00

77

Snapshot of our APAC business

Strong regional presence with 6 offices and relationships across 14 countries

As of 31 December 2020. SOURCE: PIMCO

Serviced AUM percentages may vary due to rounding differences.

Institutional 75.6%

Retail 24.4%

Total AUM $278.4 bn

AUM by Segment

Japan 47.4%

Asia ex Japan 35.2%

Australia 17.4%

Total AUM $278.4 bn

AUM by Region

Total Employees 85

Investment Professionals 30

Serviced AUM 47.4%

TOKYO (1997)

Total Employees 43


Serviced AUM 17.4%

SYDNEY (1997)

Total Employees 75


Serviced AUM 22.7%

HONG KONG (2006)

Total Employees 55


Serviced AUM 10.8%

SINGAPORE (1996)

Total Employees 23


Serviced AUM 1.8%

TAIPEI (2018)

Total Employees 5


SHANGHAI (2019)

88

PIMCO’s people and teams

The depth and breadth of PIMCO’s resources are exceptional

As of 31 March 2021

*Investment Committee Chair rotates between the Group CIO and CIOs

1 Effective 31 October 2017, PIMCO began reporting the Client Solutions and Analytics teams separately. Previously, these professionals were members of the PM Analytics team.

Please note that certain PMs contribute to multiple strategies and may be included in more than one strategy team PM headcount.

2 The Credit Analyst Team includes Distressed Credit team members whose function serves a dual role as Credit Analyst and Portfolio Manager

3 Certain PIMCO personnel who will provide investment advice to the private funds are separated by an information barrier that has been established between the private side of the Alternatives platform (the “Special Alternatives Group”) and PIMCO’s

public-side trading floor. As a result, communications between the Special Alternatives Group and PIMCO’s public side investment professionals are subject to certain restrictions as set forth in PIMCO’s policies and procedures pertaining to MNPI and

information barriers.

Portfolio Management Structure

Investment Committee*

Americas Portfolio Committee

European Portfolio Committee

Asia-Pacific Portfolio Committee

Emerging Markets Portfolio Committee

Active

EquitiesJohn Devir

1 PMs

Risk

ManagementSudi Mariappa

13 portfolio risk managers

Short-TermJerome Schneider

13 PMs

Quantitative

PortfoliosNick Granger

11 PMs

Real ReturnNic Johnson/Steve

Rodosky/Lorenzo Pagani8 PMs

MunicipalsDave Hammer

12 PMs

Portfolio

Analytics1

Ravi Mattu65 analysts

Long Duration/

LDIMike Cudzil/Mohit Mittal

10 PMs

Liquid ProductsSteve Rodosky

13 PMs

High YieldJon Horne/Andrew Jessop

14 PMs

Investment

Grade CreditMark Kiesel

23 PMs

Global Mortgage

CreditDan Ivascyn

60 PMs

Asset AllocationMarc Seidner/Erin Browne/

Geraldine Sundstrom/

Emmanuel Sharef

8 PMs

Bank

LoanDavid Forgash

8 PMs

Emerging

MarketsPramol Dhawan

27 PMs

Enhanced EquitiesMohsen Fahmi/Jing

Yang/Bryan Tsu

10 PMs

Credit

ResearchChristian Stracke

68 analysts2

Our People

250+Portfolio managers with 17 years

average investment experience

14Sector specialty desks covering the

global fixed income spectrum

110+Alternatives Portfolio Managers3

Analysts2 on our industry-leading

credit research team

77

Orga_25

GlobalAndrew Balls

14 PMs

99

PIMCO’s portfolio management committee teams

ASIA-PACIFIC

PORTFOLIO COMMITTEE

AMERICAS PORTFOLIO

COMMITTEE

EUROPEAN PORTFOLIO

COMMITTEE

EMERGING MARKETS

PORTFOLIO COMMITTEE

Adam Bowe Rob Mead Del Anderson Emmanuel Sharef Andrew Balls Lorenzo Pagani Yacov Arnopolin4 Javier Romo

Stephen Chang² Javier Romo Allison Boxer Bryan Tsu4 Peder Beck-Friis Eve Tournier Kofi Bentsi Nik Skouloudis

Sachin Gupta Aaditya Thakur Libby Cantrill Tiffany Wilding4 Philippe Bodereau Konstantin Veit2 Mike Davidson Mihaela Yankova

Tadashi Kakuchi Cedric Zhao Nathan Chiaverini Amit Agrawal3 Andrew Bosomworth Brittany Subers3 Pramol Dhawan4 Allison Boxer3

Tomoya Masanao Daniel He Niranjan Nagwekar3 Gene Frieda Avi Tillu3 Ran Duan Avi Tillu3

Lillian Lin John Pollakowski3 Nicola Mai Charles Watford3 Mohsen Fahmi Brian Holmes3

Vinayak Seshasayee4 Catherine Xiao3 Nidhi Nakra Gene Frieda Rahul Garg3

Ismael Orenstein Alfred Murata3

Lupin Rahman

CIOs

Andrew Balls Mark Kiesel Scott Mather Marc Seidner

CIO Global Fixed Income CIO Global

Credit

CIO US Core Strategies CIO Non-Traditional

Strategies

Group Chief Investment Officer

Dan Ivascyn

As of 29 January 2021

IC Chair rotates between the Group CIO and CIOs

¹IC rotating members

²Portfolio Committee Chair

³Committee Rotating Member4Portfolio Committee Co-chair

ADDITIONAL INVESTMENT COMMITTEE MEMBERS

Tony Crescenzi Chris Dialynas Mohsen Fahmi Joachim Fels Sudi Mariappa Qi Wang

Erin Browne¹ Nic Johnson¹ Mohit Mittal1 Geraldine Sundstrom1 Tiffany Wilding¹

1010

PIMCO's investment philosophy and process

As of 31 March 20211The Credit Analyst Team includes Distressed Credit team members whose function serves a dual role as Credit Analyst and Portfolio Manager

GIGC_stru_3683_01

Philosophy

• Active management

• Focus on long term

• Diversified sources

of return

• Risk management emphasis

• Solutions orientation

• Bottom-up and top-down

insights

Firmwide framework for discussion and debate

Annual Secular Forum

Long term 3–5 year trends

Quarterly Cyclical Forum

6–12 month GDP/inflation forecasts

Forums attended by senior advisors to the firm:

Ben Bernanke, Michael Spence, Gene Sperling

GLOBAL INVESTMENT COMMITTEE (IC)

Portfolio

construction

SPECIALTY DESKS

Governments Global Equities

Mortgage / ABS EM Fixed Income

Credit (IGC) Municipals

High Yield/ Bank

LoansShort-Term

Global Fixed Income Asset Allocation

Long Duration Inflation / Real Return

PORTFOLIO RISK MANAGEMENT

LEGAL AND COMPLIANCE

COMMITTEE FRAMEWORK

Americas Portfolio Committee (AmPC)

European Portfolio Committee (EPC)

Asia-Pacific Portfolio Committee (APC)

Emerging Markets Portfolio Committee (EMPC)

GROUP CHIEF INVESTMENT OFFICER

5 Chief Investment Officers

250+ Portfolio Managers

65 Portfolio Analytics / Asset Experts

35 Client Solutions & Analytics Analysts

77 Credit Research Analysts1

Leveraging bottom-up and top-down expertise

1111

Forums: Identifying themes that anchor portfolio construction

SOURCE: PIMCORefer to Appendix for additional investment strategy, outlook and risk information.

PIMCO_Phil_05

PIMCO

Forum

Ou

tlo

ok

FuturePast

Cyclical

Trend

Secular

Trend

Quarterly cyclical forum

(6–9 month outlook)

G-3 / emerging market inflation and GDP

forecasts and fine tune the secular outlook

Annual secular forum

(3–5 year outlook)

Assess long-term trends: demographics, political

factors, globalisation of trade and capital,

productivity / technology

1212

2006 2010 2014 2018 2022

PIMCO’s Secular Outlook Themes

As of September 2020. SOURCE: PIMCO

Refer to Appendix for additional outlook and risk information.

PIMCO 2009:

“New Normal”

Le

ve

l o

f re

al glo

ba

l G

DP

(sty

lize

d)

PIMCO 2019:

“Dealing with

Disruption”

?

Cyclical outlook:

“The Long Climb”

PIMCO 2020:

“Escalating Disruption”

1313

PIMCO Global Advisory Board

orga_03

Insights from market and policy experts to complement our investment process

• Members meet several times per year and attend PIMCO’s Secular Forum

• Board offers collective views on global economic, political and strategic developments

• Inform but not change PIMCO’s longstanding investment process

Joshua Bolten

President and CEO of the Business Roundtable, and former White House Chief of Staff

Ben Bernanke | Chair of the Board

Former Federal Reserve Chair, and scholar at the Brookings Institution

2000 and 2015 PIMCO Secular Forum speaker, “Perspectives on the Secular Outlook”

Mark Carney

UN Special Envoy on Climate Action and Finance, former Governor of the Bank of England and the Bank of Canada

Gordon Brown

Former UK Prime Minister and Chancellor of the Exchequer

2011 PIMCO Secular Forum speaker, “Evolution of the international monetary system over the next few years”

Ng Kok Song

Former Group Chief

Investment Officer

of the Government of

Singapore Investment

Corporation (GIC)

As of March 2021. SOURCE: PIMCO

Michèle Flournoy

U.S. defense policy

and national security

expert, former U.S.

Under Secretary of

Defense for Policy

1414

Cultivating new investment strategies that aim to deliver diversified sources of alpha to our

clients

PIMCO product evolution

Enhanced equity

Emergingmarkets

Real assets

Global rates

Global platform

CultureThought

leadership

PIMCO process

Credit MBSU.S. rates

Asset allocation

Quant strategies

Private credit

Real

estate

PIMCO’s expertise is built

on an investment process

honed over 45+ years

Refer to Appendix for additional investment strategy and risk information.

Client-centric culture

Examples by decade

1970s PIMCO is founded in 1971 and pioneers

a total return approach to bond investing

1980s PIMCO introduces StocksPLUS strategies

groundbreaking portable alpha strategies

1990s PIMCO launches the first Treasury

Inflation-Protected Securities (TIPS)-

focused strategy on the same day as the

first TIPS auction

2000s PIMCO launches Alternatives, including

hedge funds and opportunistic strategies, to

meet client demand for PIMCO expertise in

such areas as global macro, real estate, and

distressed debt

2010s PIMCO launches dedicated quantitative

strategies, leveraging industry-leading

analytics and risk management in an effort

to deliver new sources of alpha to clients

1515

Clients stand to benefit from PIMCO’s scale

As of 31 March 2021. SOURCE: PIMCO

* The Credit Analyst Team includes Distressed Credit team members whose function serves a dual role as Credit Analyst and Portfolio Managers

Portfolio Management

• 250+ PMs (average of

17 years investment

experience)

• 100+ Investment

Professionals dedicated to

Private Strategies

• 75+ credit analysts*

• 14 sector specialty desks

• Global Advisory Board

(Chair: Dr. Ben Bernanke)

Operations and Technology

• Global trading capabilities

• Technologists

Risk Management

• 24-hour risk support globally

• Proprietary risk analytics

Client Service and Solutions

• 243 Client Managers

• 69 Product Strategists

• 7 Korea AM Team Members

dedicated to Client Service

(Korean Speakers)

Access best opportunities

Expertise across sectors

Comprehensive monitoring

Expertise across markets

Minimize transaction costs

Capture opportunities 24/7

Exceptional service

Bespoke investment solutions

Credit/PM Analytics/pimco.com Account Management, PSG, Client solutions

and ana

Office & Department headcount

1616

Appendix

Past performance is not a guarantee or a reliable indicator of future results.

FORECAST

Forecasts, estimates and certain information contained herein are based upon proprietary research and should not be interpreted as investment advice, as an offer or solicitation, nor as the purchase or sale of

any financial instrument. Forecasts and estimates have certain inherent limitations, and unlike an actual performance record, do not reflect actual trading, liquidity constraints, fees, and/or other costs. In

addition, references to future results should not be construed as an estimate or promise of results that a client portfolio may achieve.

INVESTMENT STRATEGY

There is no guarantee that these investment strategies will work under all market conditions and each investor should evaluate their ability to invest for a long-term especially during periods of downturn in the

market. 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.

OUTLOOK

Statements concerning financial market trends or portfolio strategies are based on current market conditions, which will fluctuate. There is no guarantee that these investment strategies will work under all

market conditions or are suitable for all investors and each investor should evaluate their ability to invest for the long term, especially during periods of downturn in the market. Outlook and strategies are subject

to change without notice.

RISK

Investing in the bond market is subject to risks, including market, interest rate, issuer, credit, inflation risk, and liquidity risk. The value of most bonds and bond strategies are impacted by changes in interest

rates. Bonds and bond strategies with longer durations tend to be more sensitive and volatile than those with shorter durations; bond prices generally fall as interest rates rise, and the current low interest rate

environment increases this risk. Current reductions in bond counterparty capacity may contribute to decreased market liquidity and increased price volatility. Bond investments may be worth more or less than

the original cost when redeemed. Commodities contain heightened risk, including market, political, regulatory and natural conditions, and may not be suitable for all investors. Currency rates may fluctuate

significantly over short periods of time and may reduce the returns of a portfolio. Derivatives may involve certain costs and risks, such as liquidity, interest rate, market, credit, management and the risk that a

position could not be closed when most advantageous. Investing in derivatives could lose more than the amount invested. Equities may decline in value due to both real and perceived general market,

economic and industry conditions. Investing in foreign-denominated and/or -domiciled securities may involve heightened risk due to currency fluctuations, and economic and political risks, which may be

enhanced in emerging markets. Sovereign securities are generally backed by the issuing government. Obligations of U.S. government agencies and authorities are supported by varying degrees, but are

generally not backed by the full faith of the U.S. government. Portfolios that invest in such securities are not guaranteed and will fluctuate in value. High yield, lower-rated securities involve greater risk than

higher-rated securities; portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not. Mortgage- and asset-backed securities may be sensitive to changes

in interest rates, subject to early repayment risk, and while generally supported by a government, government-agency or private guarantor, there is no assurance that the guarantor will meet its obligations.

Income from municipal bonds may be subject to state and local taxes and at times the alternative minimum tax. Swaps are a type of derivative; swaps are increasingly subject to central clearing and

exchange-trading. Swaps that are not centrally cleared and exchange-traded may be less liquid than exchange-traded instruments. Inflation-linked bonds (ILBs) issued by a government are fixed income

securities whose principal value is periodically adjusted according to the rate of inflation; ILBs decline in value when real interest rates rise. Treasury Inflation-Protected Securities (TIPS) are ILBs issued by the

U.S. government. Certain U.S. government securities are backed by the full faith of the government. Obligations of U.S. government agencies and authorities are supported by varying degrees but are

generally not backed by the full faith of the U.S. government. Portfolios that invest in such securities are not guaranteed and will fluctuate in value.

INDEX DESCRIPTIONS

It is not possible to invest directly in an unmanaged index.

This material contains the current opinions of the manager and such opinions are subject to change without notice. This material has been distributed for informational purposes only and should not be

considered as investment advice or a recommendation of any particular security, strategy or investment product. Statements concerning financial market trends are based on current market conditions, which

will fluctuate. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this material may be reproduced in any form, or referred to in any other

publication, without express written permission. PIMCO is a trademark of Allianz Asset Management of America L.P. in the United States and throughout the world. ©2021, PIMCO

PIMCO Asia Limited, Suite 2201, 22nd floor, Two International Finance Centre, 8 Finance Street, Central, Hong Kong, 852-3650-7700

GIGC_appendix_01_euro

Introduction to PIMCO

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