PIMCO - Specialty Fixed Income Managers

PIMCO is one of the largest specialty fixed income managers in the world, with more than £343bn in assets under management and more than 800 employees located in London, Munich, Newport Beach (California), New York, Singapore, Tokyo, Sydney, Hong Kong and Toronto.

From our founding in 1971, PIMCO's focus has been our clients. PIMCO dedicates a team of investment professionals to client servicing, allowing portfolio managers to focus on returns.

We manage assets for a wide and diverse client base, ranging from central banks to multinational corporations to individual investors. For our institutional clients, we offer privately managed separate accounts as well as mutual funds. We serve retail investors as well, through our pooled mutual fund complexes in the US and Europe.

PIMCO's London office opened in 1998. Currently around £32bn of PIMCO's worldwide assets is managed or serviced from London, including assets for over 60 UK pension schemes. We are committed to being the best-fixed income manager in the world.

INVESTMENT PHILOSOPHY - WHAT MAKES PIMCO DIFFERENT?

Three key themes underlie our investment approach. Specifically we:

• Exploit global opportunities through diversified investment decisions and off-benchmark strategies
• Focus on a longer-term investment horizon
• Seek to take advantage of structural inefficiencies available in the market place

INVESTMENT APPROACH

At PIMCO we build our portfolios using a multiple of small-uncorrelated strategies. We utilise the widest possible sources of added value across the fixed income markets enabling us to diversify our clients' portfolios.

Our investment process includes both top-down and bottom-up decision-making. Top-down strategies include duration, yield curve positioning and sector rotation. Bottom-up strategies involve analysis and selection of specific securities.

Combining this analysis with a long-term investment horizon and global opportunity set have meant that we have consistently added value over time while incurring acceptable levels of portfolio risk.

FIXED INCOME MANAGEMENT SERVICES

PIMCO Europe provides institutional clients with specialist fixed income management. Our broad range of products includes:

• UK, Europe, US, global, corporate, high yield and emerging market bonds
• Equities*
• Enhanced cash
• Commodities*
• Real Estate
• Tactical multi-asset allocation*
• Liability driven investment
• Absolute return strategies

*Portable Alpha techniques (using fixed income) enable us to offer equity and commodity products.

Associated Companies: Pacific Investment Management Company (Newport Beach CA), Allianz Global Investors

"Past performance is no guarantee of future results"

"Diversification does not ensure against losses"

"The services and products described in this communication are only available to investors who come within the category of market counterparty or intermediate customer as defined in the Financial Services Authority's Handbook. This communication is not a public offer and individual investors should not rely on this document"

"PIMCO Europe Ltd is authorised and regulated by the Financial Services Authority"