PIMCO Tactical

Opportunities Fund
PIMCO Alternatives
October 2023

FUND DESCRIPTION

The PIMCO Tactical Opportunities Fund (“Tac Opps” or the “Fund”) is a directional, opportunistic credit strategy with
beta hedges that seeks to capitalize on dislocations across global credit markets. The Fund is structured to provide
flexibility and access to both complexity and illiquidity premia by investing across global public and private residential,
commercial, corporate, and specialty credit markets.

PERFORMANCE SUMMARY

All returns net of fees (%) 1m 3m YTD 1yr 3yr 5yr 10yr S.I.1
Tactical Opportunities Fund 2 -1.14 7.31 12.69 15.73 8.17 6.07 7.08 7.91
Index Performance
ICE BofA ML US High Yield 3 -1.24 -2.11 4.66 5.82 1.24 2.88 3.78 3.97
4
S&P 500 Index -2.10 -8.25 10.69 10.14 10.36 11.01 11.18 12.17
5
BBG US Aggregate Bond Index -1.58 -4.69 -2.77 0.36 -5.57 -0.06 0.88 0.78

MARKET COMMENTARY

Financial markets broadly declined amid rate volatility and conflict in the Middle East. U.S. credit spreads widened and
developed sovereign bond yields were mixed, while the dollar maintained its strength. In the U.S., the 10-year Treasury
rose 0.36% to 4.93% amid heightened concerns about the increasing federal deficit. In Germany, the 10-year bund yield
fell 0.03% to 2.81%. In the U.K., 10-year Gilt yields rose 0.08% to 4.51%, while 10-year Japanese government bond yields
rose 0.18% to 0.95%.
U.S. commercial property prices were flat in September, with all major sectors posting annual declines (most recent data).
The apartment sector saw the largest annual decline among different property types, with its rate of decline gradually
easing during the third quarter. The growth rate across all properties was 0.0%, bringing the year-over-year growth rate to -
9.0% (RCA CPPI Index).
CMBS spreads widened in October. Private label CMBS issuance in October totaled $3.5bn, bringing YTD issuance to
$34.4bn, which is down 67% vs the issuance at the same point last year. Ongoing tightening of financial conditions
following the shock to the banking system has frozen what were already challenging lending conditions, and continues to
keep borrowers on the sidelines.
In October, spreads for the JP Morgan Leverage Loan index widened 0.32%, and Split B/CCC spreads widened 1.22%.
Including distressed exchanges, the par-weighted U.S. high-yield bond and loan default rates increased 0.49% and 0.14%
month-over-month to 2.60% and 3.08%, respectively, both up from 1.65% in December 2022.
U.S. residential home prices increased 0.9% on a seasonally adjusted basis over the month of August (most recent data),
and increased 2.6% year-over-year (measured by the S&P/Case-Shiller National Home Price Index). Current mortgage
rates and potential economic weakness may pose risks to home prices moving forward. Legacy non-Agency residential
MBS spreads widened during the month.
Global investment grade credit spreads widened 0.07% amid continued interest rate volatility and an escalation of
geopolitical tension in the Middle East.
As of 31 October 2023, unless otherwise indicated. SOURCE: PIMCO, unless otherwise indicated.
Past performance is not a guarantee or reliable indicator of future results. Performance for periods longer than one year is annualized. Performance is net of management,
performance and administrative fees. See the endnotes hereto for additional information on indices presented above
1 Reflects Tac Opps’ inception date (1 February 2013) 6 Measured by RCA CCPI
2 Class A interests net of fees, expenses and incentive allocation 7 A index of commercial mortgage backed securities
3 An index of publicly issued U.S. high yield corporate bonds 8 Measured by the JP Morgan leveraged loan index, an index of leveraged loans. Spread
4 An index of 500 large cap U.S. equities represented by discount margin flat to 3y take out
5 An index of U.S. investment grade fixed-rate bonds 9 Measured by the S&P/Case-Shiller national home price index

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 PIMCO Tactical Opportunities Fund | October 2023 2

PERFORMANCE ATTRIBUTION

Sector MTD (bps) YTD (bps)

Commercial -9 29
Public -5 -13
Private -4 42
Residential -98 -70
Public -97 -88
Private -1 19
Corporate -25 1310
Public -21 77
Private -5 1233
Specialty Finance 19 -1
Public -29 -153
Private 47 152
Total -114 1269

PORTFOLIO HIGHLIGHTS

During October, the following represent key drivers of performance, themes, and investments of the Fund:

 Commercial
− Public
• Office CMBS detracted from performance, modestly offset by hospitality CMBS
− Private
• A portfolio of loans backed by affordable multi-family housing detracted from performance, partially offset by
European grocery-backed retail assets
 Residential
− Public
• Tactical positioning among US agency MBS and non-agency US RMBS detracted from performance, slightly offset
by European RMBS and Irish mortgage securitizations
− Private
• A private non-QM pool detracted from performance, mostly offset by privately originated pools of Irish mortgages
 Corporate
− Public
• Public special situations positions detracted from performance
− Private
• An investment in an aerospace and defense firm detracted from performance, modestly offset by the Fund’s private
energy positions
 Specialty Finance
− Public
• Targeted duration exposure and interest rate volatility strategies detracted from performance, modestly offset by
gains in the Fund’s strategy level hedges
− Private
• Life settlements pools contributed to performance

As of 31 October 2023. SOURCE: PIMCO.

Past performance is not a guarantee or reliable indicator of future results.
TMT positions refer to technology, media and telecom
Attribution is net of performance, management and administration fees. Performance reflects an investment in Class A interests.
Statements concerning financial market trends or portfolio strategies are based on current market conditions, which will fluctuate. There is no guarantee that existing investment
strategies will work under all market conditions or are appropriate 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.
For professional and qualified investor use only – not for public distribution
 PIMCO Tactical Opportunities Fund | October 2023 3

PORTFOLIO COMPOSITION AND RISK STATISTICS

Allocation Market Weighted Spread (“MWS”) 1

Strategy
% MV Duration (yrs)

Long Short Net

Commercial
Commercial Public
Public 3% 0.4 0.0 0.4 3%
Commercial Residential
Private 7% 0.4 0.0 0.4 Cash Private Private
7% 2%
CRE Total 10% 0.9 0.0 0.8 6%
Specialty Finance
Public
11%
Residential
Public 18% 2.1 -0.1 2.0
Specialty Finance Residential
Private 2% 0.1 0.0 0.1 Private Public
Resi Total 20% 2.2 -0.1 2.1 13% 18%

Corporate
Corporate Public Corporate
Public 10% 0.7 0.0 0.6 10% Private
Private (Alloc excl. LNG) 12% 2.4 0.0 2.4 12%
Private LNG Firm
Private LNG Firm 18%
18%
Corporate Total 40% 3.1 0.0 3.0

Specialty Finance
Public* 11% 0.7 -1.0 -0.4 48% Public and 52% Private
Private 13% 1.8 0.0 1.8
Specialty Total 24% 2.4 -1.0 1.4
Cash
Cash Total 6% 0.0 0.0 0.0
Tac Opps Total 100% 8.6 -1.2 7.4
* Includes strategy-level hedges
2
Fund Exposure by Geography Historical Duration Profile
United States 73% 10
Canada 0%
Europe 24% 8
Ireland 11%
United Kingdom 3% 6
Years

Spain 5%
Greece/Cyprus 1%
4
Europe Other 4%
Emerging Markets 3%
2
Other 1%
Total 100%
0
'13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23
Additional Portfolio Statistics
Mkt Wgt Spread Interest Rate Duration
Direct Borrowings 3 0.5
4
Average Yield to Maturity (%) 10.3
Effective Duration (yrs) 3.6
Mkt Wgt Spread (yrs)1 7.4
As of 31 October 2023. SOURCE: PIMCO. Note that numbers may not sum perfectly due to rounding. Portfolio composition is presented as of a point in time and may change
materially over time without notice.
1 Market-weighted spread duration multiplies the spread duration of the security by a ratio of the option adjusted spread of the security and the spread of the Bloomberg U.S.

Corporate High Yield Index.

2 As a percent of total assets.
3 Measured as the ratio of the Fund’s liabilities (including loans and financing instruments) to the current net asset value. Direct borrowings as defined in the Private Placement

Memorandum (“PPM”) may vary from the value shown above.

4 Yield to maturity calculated by averaging the yield to maturity of applicable securities held in the portfolio on a market weighted basis.

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 PIMCO Tactical Opportunities Fund | October 2023 4

FUND PROFILE

Quarterly share class4 Longer-lock share class2

Fund AUM $6.9 billion Management Fee5 1.00% 1.00%

Inception Date 1 February 2013 Incentive Allocation 15% 15%
Category Hybrid opportunistic credit Initial Lock Up None 24-month hard

PM Team Dan Ivascyn, Russ Gannaway, Sharad Subscriptions Monthly

Bansal, Jon Horne, Alfred Murata, Josh
Withdrawals5 Quarterly, 1/20th gate Semi-annual, 1/5th gate
Anderson
Share Classes Accumulation or income available
Note: The above represents a high-level summary of certain Fund terms that have been simplified for illustrative purposes. It is not complete
and may change at any time without notice. Please refer to the Fund’s legal documents, which will control in the event of any conflict with the
above terms.

FUND PERFORMANCE SUMMARY

Historical Net Returns (%)1

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD

2023 1.28 0.42 -0.89 0.84 2.00 0.37 0.90 1.62 6.82 -1.14 12.69

2022 0.91 0.23 -1.22 -0.68 -0.89 -3.24 0.60 0.22 -1.87 -1.37 2.32 0.37 -4.62

2021 3.02 2.70 -0.11 0.95 0.47 1.97 0.11 0.45 0.89 0.92 2.58 -1.65 12.92

2020 0.80 0.24 -15.17 2.47 3.60 2.98 2.16 2.08 1.48 0.52 2.28 1.95 3.95

2019 1.04 0.45 0.69 0.83 0.56 0.29 0.99 0.26 -0.32 0.51 0.23 1.58 7.31

2018 0.95 1.37 1.03 0.42 0.56 0.98 0.34 0.27 0.26 0.08 -0.16 -0.65 5.56

2017 0.92 1.50 0.82 0.91 1.88 0.41 1.02 1.36 0.32 0.43 0.18 0.59 10.83

2016 -0.47 -0.16 0.20 1.24 1.41 0.51 1.66 1.49 1.38 1.22 0.33 0.16 9.32

2015 0.34 1.40 0.56 0.99 1.56 0.67 0.37 -0.35 1.09 -0.30 0.00 -0.49 5.98

2014 1.31 0.32 0.54 1.00 1.26 0.82 1.36 -0.47 1.61 0.15 -0.09 -0.47 7.55

2013 - 1.47 2.09 4.08 4.72 -1.71 0.37 1.24 -0.17 1.57 0.32 0.10 14.83
3
Since Inception Annualized Return 7.91

SI Correlation, Volatility, and Sharpe Ratio

Correlation Volatility (%) Sharpe Ratio

Tactical Opportunities Fund - 6.49 1.06

ICE BofA-ML US High Yield Index 0.57 7.38 0.40

S&P 500 Index 0.33 14.62 0.76

BBG US Aggregate Bond Index 0.10 4.35 -0.06

The correlation of various indexes or securities against one another or against inflation is based upon data over a certain period of time. These
correlations may vary in the future or over different time periods that can result in greater volatility. Volatility calculated based on the standard
deviation of monthly net returns.
As of 31 October 2023. SOURCE: PIMCO
Past performance is not a guarantee or reliable indicator of future results. Performance for periods longer than one year is annualized. Performance is net of
management, performance and administrative fees.
1 Class A interest. Monthly returns are net of management, performance and administrative fees.
2 Class K interest. Additional share classes available.
3 The inception date of Tac Opps is 1 February 2013.
4 Class K-QW interest.
5 Fee and Liquidity terms have been modified and suspended from the standard terms outlined herein until a “LNG Firm realization event.” Please see page 5 for

important information regarding changes to liquidity, fees.

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 PIMCO Tactical Opportunities Fund | October 2023 5

The Fund holds a significant position in a private LNG firm (the “private LNG position”). During Q3 2023, the value of the private LNG
position increased significantly and, as of September 30, 2023, represented ~18% of the Fund’s NAV. Please refer to page 3 for the position’s
size in the current month.

Effective January 1, 2024, until a sale or other realization event with respect to the private LNG position, standard fee terms will be modified as
follows: (i) management fees for the private LNG position will be reduced to 50 basis points and (ii) any appreciation in the private LNG position’s
value will be disregarded for purposes of the performance allocation until after a realization event.

PIMCO and the Master Fund’s Directors want to ensure that all investors are protected and treated fairly with respect to the significantly appreciated
private LNG position.

While as a technical legal matter this process involves a temporary suspension of withdrawals, it is not a suspension in the ordinary sense.

The Master Fund’s Directors, following PIMCO’s recommendation, have implemented a process whereby withdrawing investors will have the option
to receive liquidity with respect to all of their interests in the Fund, except for their respective indirect interests in the private LNG position. Investors
will not be permitted to withdraw the portion of their investments corresponding to their respective indirect interests in the private LNG position until it
is realized by the Fund.

Additional detail is set out in the Supplemental Information Memorandum dated November 3, 2023.

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 PIMCO Tactical Opportunities Fund | October 2023 6

Past performance is not a guarantee or a reliable indicator of future results. The Fund’s fees are discussed within its Private Placement Memorandum (PPM) and other definitive
legal documents. This is neither an offer to sell nor a solicitation of an offer to buy interests in the Fund, but is provided for informational purposes only. This material is not intended to
provide, and should not be relied on for, accounting, legal or tax advice; you should consult your tax or legal adviser regarding such matters. In event of any conflict between this
material and the provisions of the Fund’s definitive legal documents, the latter will control.
The Fund’s portfolio composition presented herein is as of the specified reference date, and is subject to change over time. The Fund may invest in assets not presently held or referred
to herein in the future. In addition, the actual realized return on unrealized investments will depend on, among other factors, future operating results, interest rates, economic and market
conditions and the value of the underlying assets at the time of disposition, as well as any related transaction costs and the timing and manner of disposition.
This material reflects the current opinions of the manager, and such opinions are subject to change without notice. There can be no assurance that such opinions are or will remain
accurate, or that other opinions or methodologies would not produce different results. Information contained herein has been obtained from sources believed to be reliable, but not
guaranteed. Actual events or results may differ materially from those reflected or contemplated in any opinions contained herein. Certain information presented herein is as of a
specified reference date, and may have changed significantly since such date. None of the Fund, PIMCO or any of their affiliates shall have any duty to update any of the information
presented herein.
The Fund is not subject to the same regulatory requirements as mutual funds. The Fund may be, and is expected to be, leveraged and may engage in speculative investment
practices that increase the risk of investment loss. The Fund’s performance can be volatile; an investor could lose all or a substantial amount of its investment. The Fund manager has
broad trading authority over the Fund. The use of a single adviser applying generally similar trading programs could mean lack of diversification and, consequently, higher risk. There is
no secondary market for the investor’s interest and none is expected to develop. There are restrictions on transferring interests in the Fund and it has limited liquidity provisions. The
Fund’s high fees and expenses may offset the Fund’s trading profits. The Fund is not required to provide periodic pricing or valuation information to investors. The Fund involves
complex tax structures and there may be delays in distributing important tax information.
The Fund’s investments give rise to numerous risks. Investments in residential/commercial mortgage loans and consumer loans are subject to risks that include
prepayment, delinquency, foreclosure, risks of loss, servicing risks and adverse regulatory developments, which risks may be heightened in the case of non-performing loans.
The Fund will also have exposure to such risks through its investments in mortgage and asset-backed securities, which are highly complex instruments that may be sensitive
to changes in interest rates and subject to early repayment 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 low interest rate environments increase this risk. 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. Corporate debt securities are subject to the risk of the issuer’s inability to meet principal and interest payments on the obligation and may also be subject to price
volatility due to factors such as interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity. Equity investments may decline in
value due to both real and perceived general market, economic and industry conditions, while debt investments are subject to credit, interest rate and other risks. In addition,
there can be no assurance that PIMCO’s strategies with respect to any investment will be capable of implementation or, if implemented, will be successful. Investing in foreign
denominated and/or domiciled securities may involve heightened risk due to currency fluctuations, and economic and political risks. Structured products such as
collateralized debt obligations are also highly complex instruments, typically involving a high degree of risk; use of these instruments may involve derivative instruments that could
lose more than the principal amount invested. Private credit involves an investment in non-publically traded securities which may be subject to illiquidity risk. Portfolios that
invest in private credit may be leveraged and may engage in speculative investment practices that increase the risk of investment loss.
A purchase of these interests involves a high degree of risk that each prospective investor must carefully consider prior to making such an investment. Investors should thoroughly
review the Fund’s PPM for a more complete description of these risks. Prospective investors are advised that investment in the Fund is appropriate only for persons of adequate
financial means who have no need for liquidity with respect to their investment and who can bear the economic risk, including the possible complete loss, of their investment.
The attribution analysis contained herein is calculated by PIMCO and is intended to provide an estimate as to which elements of a strategy contributed (positively or negatively) to the
Fund’s performance. Attribution analysis is not a precise measure and should not be relied upon for investment decisions.
References to specific securities and their issuers are not intended and should not be interpreted as recommendations to purchase, sell or hold such securities. PIMCO products and
strategies may or may not include the securities referenced and, if such securities are included, no representation is being made that such securities will continue to be included.
HFRX Global Hedge Fund Index is an unmanaged index designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund
strategies; including but not limited to convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value
arbitrage. The strategies are asset weighted based on the distribution of assets in the hedge fund industry. The Bloomberg U.S. Corporate High-Yield Index the covers the USD-
denominated, non-investment grade, fixed-rate, taxable corporate bond market. Securities are classified as high-yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB+/BB+ or
below. The index excludes Emerging Markets debt. The S&P 500 Index is an unmanaged market index generally considered representative of the stock market as a whole. The index
focuses on the Large-Cap segment of the U.S. equities market. The Bloomberg US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment
grade, U.S. dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS, ABS, and CMBS. The RCA CPPI
Indices are transaction-based and measure commercial real estate price movements using repeat-sales regression methodology. S&P/Case-Shiller U.S. National Home Price
Index tracks the value of single-family housing within the United States. The index is a composite of single-family home price indices for the nine U.S. Census divisions.
References to the ICE BofA ML US HY Index, the S&P 500, the HFRX Global Hedge Fund Index, the Bloomberg US Aggregate Bond Index and any other benchmark(s) referred to
herein are for illustrative purposes only. Any such benchmarks are included merely to show general trends in the markets in the periods indicated and are not intended to imply that the
Fund’s portfolio is similar to any such benchmarks, either in composition or element of risk or otherwise. The Fund does not attempt to track a benchmark and there is no guarantee
that the Fund’s performance will meet or exceed that of any benchmark.
The correlation of various indexes or securities against one another or against inflation is based upon data over a certain time period. These correlations may vary substantially in the
future or over different time periods that can result in greater volatility.
Yield to Maturity (YTM) is the estimated total return of a bond if held to maturity. YTM accounts for the present value of a bond’s future coupon payments. PIMCO calculates a Fund's
Estimated YTM by averaging the YTM of each security held in the portfolio on a market-weighted basis. PIMCO pulls each security's YTM from PIMCO's Portfolio Analytics database.
In general, the calculation will incorporate the yield based on the notional value of all derivative instruments held by a portfolio. The measure does not reflect the deduction of fees and
expenses and is not necessarily indicative of the portfolio or Fund’s actual performance. A portfolio’s actual yield or distribution rate may be significantly lower than its estimated YTM in
practice. Also, estimated YTM is not intended to indicate that a portfolio will actually hold any or all of its portfolio securities to maturity, and various securities may be sold or otherwise
disposed of prior to maturity. Estimated YTM is not a projection or prediction of the actual yield or return that a portfolio may achieve or any other future performance results. There can
be no assurance that a portfolio will achieve any particular level of yield or return and actual results may vary significantly from estimated YTM.

For professional and qualified investor use only – not for public distribution
 PIMCO Tactical Opportunities Fund | October 2023 7
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or ambiguity in relation to the meaning of any word or phrase in any such translation, the English text shall prevail, to the fullest extent permitted by law.

Important Information for United States Domiciled Investors

These materials are being provided on the express basis that they and any related communications (whether written or oral) will not cause Pacific Investment Management
Company LLC (or any affiliate) (collectively, “PIMCO”) to become an investment advice fiduciary under ERISA or the Internal Revenue Code, as the recipients are fully aware that
PIMCO (i) is not undertaking to provide impartial investment advice, make a recommendation regarding the acquisition, holding or disposal of an investment, act as an impartial
adviser, or give advice in a fiduciary capacity, and (ii) has a financial interest in the offering and sale of one or more products and services, which may depend on a number of
factors relating to PIMCO (and its affiliates’) internal business objectives, and which has been disclosed to the recipient. These materials are also being provided on PIMCO’s
understanding that the recipients they are directed to are all financially sophisticated, capable of evaluating investment risks independently, both in general and with regard to
particular transactions and investment strategies. If this is not the case, we ask that you inform us immediately. You should consult your own separate advisors before making
any investment decisions.

These materials are also being provided on the express basis that they and any related communications will not cause PIMCO (or any affiliate) to become an investment advice
fiduciary under ERISA or the Internal Revenue Code with respect to any recipient or any employee benefit plan or IRA. The information provided herein is intended to be used
solely by the recipient in considering the products or services described herein and may not be used for any other reason, personal or otherwise.

For professional and qualified investor use only – not for public distribution
 PIMCO Tactical Opportunities Fund | October 2023 8

Additional Disclosures by Region

EMEA

Distribution in the European Economic Area:

In relation to each member state of the EEA (each a “Member State”) which has implemented Alternative Investment Fund Managers Directive (Directive (2011/61/EU)) (the
“AIFMD”) (and for which transitional arrangements are not/ no longer available), this material may only be distributed and Shares/Interests may only be offered or placed in a
Member State to the extent that: (1) the Fund is permitted to be marketed to professional investors in the relevant Member State in accordance with AIFMD (as implemented into
the local law/regulation of the relevant Member State); or (2) this material may otherwise be lawfully distributed and the Shares/Interests may otherwise be lawfully offered or
placed in that Member State (including at the initiative of the investor). No subscriptions are being sought or solicited from EEA countries where the fund has not been registered
for sale to qualified investors. In relation to each Member State of the EEA which, at the date of this Prospectus, has not implemented AIFMD, this material may only be
distributed and Shares/Interests may only be offered or placed to the extent that this material may be lawfully distributed and the Shares/Interests may lawfully be offered or
placed in that Member State (including at the initiative of the investor).

Switzerland: The Fund has appointed ACOLIN Fund Services AG, succursale Genève, 6 cours de Rive, 1204 Geneva, Switzerland, as its Swiss Representative. Banque
Cantonale de Genève, 17 quai de l’Ile, CH-1204 Geneva, Switzerland is the Swiss Paying Agent. In Switzerland shares shall be distributed exclusively to qualified investors.
The fund offering documents, articles of association and audited financial statements can be obtained free of charge from the Representative. The place of performance with
respect to shares distributed in or from Switzerland is the registered office of the Representative.
Home Jurisdiction of the fund: Cayman Islands
Jurisdiction: Zurich, Selnaustrasse 16, 8002 Zurich, Switzerland
The prospectus, and the memorandum of the Fund and the annual and semi-annual reports of the Fund are available at the Swiss representative office.

United Kingdom: The services and products described in this communication are only available to professional clients as defined in the Financial Conduct Authority's Handbook.
This communication is not a public offer and individual investors should not rely on this document. Opinion and estimates offered constitute our judgment and are subject to
change without notice, as are statements of financial market trends, which are based on current market conditions. We believe the information provided here is reliable, but do
not warrant its accuracy or completeness.

Bahrain: The document has not been approved by the Central Bank of Bahrain which takes no responsibility for its contents. No offer to the public to purchase the [fund units]
will be made in the Kingdom of Bahrain and this document is intended to be read by the addressee only and must not be passed to, issued to, or shown to the public generally.

Saudi Arabia: The Interests may only be offered and sold in the Kingdom of Saudi Arabia in accordance with Article 94 of the Investment Funds Regulations issued on
December 24, 2006 (the “Regulations”). Article 94(a) of the Regulations states that, if investment fund interests are offered to sophisticated investors, as specified in Article 74(b)
of the Regulations, or the minimum amount payable per offeree is not less than Saudi Riyals 1 million or an equivalent amount in another currency, such offer of investment fund
units shall be deemed a private placement for
purposes of the Regulations. Investors are informed that Article 101 of the Regulations places restrictions on secondary market activity with respect to such investment fund units.

Kuwait: This investor letter is not for general circulation to the public in Kuwait. The Interests have not been licensed for offering in Kuwait by the Kuwait Capital Markets
Authority or any other relevant Kuwaiti government agency. The offering of the interests in Kuwait on the basis of a private placement or public offering is, therefore, restricted in
accordance with Law No. 7 of 2010 and the bylaws thereto (as amended). No private or public offering of the interests is being made in Kuwait, and no agreement relating to the
sale of the interests will be concluded in Kuwait. No marketing or solicitation or inducement activities are being used to offer or market the interests in Kuwait.”

Oman: the information contained in this [description of document] neither constitutes a public offer of securities in the Sultanate of Oman as contemplated by the Commercial
Companies Law of Oman (Royal Decree 4/74) or the Capital Market Law of Oman (Royal Decree 80/98), nor does it constitute an offer to sell, or the solicitation of any offer to
buy Non-Omani securities in the Sultanate of Oman as contemplated by Article 139 of the Executive Regulations to the Capital Market Law (issued by Decision No.1/2009).
Additionally, this private placement memorandum is not intended to lead to the conclusion of any contract of whatsoever nature within the territory of the Sultanate of Oman.

UAE: UNITED ARAB EMIRATES (EXCLUDING DUBAI INTERNATIONAL FINANCIAL CENTRE AND ABU DHABI GLOBAL MARKET) RESIDENTS ONLY
This material, and the information contained herein, does not constitute, and is not intended to constitute, a public offer of securities in the United Arab Emirates and accordingly
should not be construed as such. The Interests are only being offered to a limited number of investors in the UAE who (a) are willing and able to conduct an independent
investigation of the risks involved in an investment in such Interests, and (b) upon their specific request. The Interests have not been approved by or licensed or registered with
the UAE Central Bank, the Securities and Commodities Authority or any other relevant licensing authorities or governmental agencies in the UAE. The material is for the use of
the named addressee only, who has specifically requested it without a promotion effected by PIMCO, its promoters or the distributors of its units, and should not be given or
shown to any other person (other than employees, agents or consultants in connection with the addressee's consideration thereof). No transaction will be concluded in the UAE
and any enquiries regarding the Interests should be made to PIMCO.

For professional and qualified investor use only – not for public distribution
 PIMCO Tactical Opportunities Fund | October 2023 9

Americas

Canada: Information pertaining to the Fund is not to be construed as a public offering of securities in any jurisdiction in Canada. The offering of Interests of the Fund into Canada
may only be made pursuant to an exemption from the prospectus requirement of Canadian securities legislation, by PIMCO Canada Corp. or another person duly registered to
offer such Interests, and only to “permitted clients” (as defined in National Instrument 31-103). Read the offering documents of the Fund carefully before investing. Potential
investors are advised to seek legal advice. For Institutional Investor use only.

Bermuda, Brazil, Cayman Islands, Chile, Colombia, Guatemala, Mexico, Panama, Peru, Uruguay:
This material and the information contained herein does not constitute and is not intended to constitute an offer of securities and accordingly should not be construed as such.
The Fund and any other products or services referenced in this material may not be licensed in all jurisdictions, and unless otherwise indicated, no regulator or government
authority has reviewed this document or the merits of the products and services referenced herein. This material and the information contained herein has been made available in
accordance with the restrictions and/or limitations implemented by any applicable laws and regulations. This material is directed at and intended for institutional investors (as
such term is defined in each jurisdiction in which the Fund is marketed).

This material is provided on a confidential basis for informational purposes only and may not be reproduced in any form. Before acting on any information in this material,
prospective investors should inform themselves of and observe all applicable laws, rules and regulations of any relevant jurisdictions and obtain independent advice if required.
This material is for the use of the named addressee only and should not be given, forwarded or shown to any other person (other than employees, agents or consultants in
connection with the addressee’s consideration thereof).

Bermuda: Securities may be offered or sold in Bermuda only in compliance with the provisions of the Investment Business Act 2003, the Exchange Control Act 1972, the
Exchange Control Regulations 1973 and the Companies Act 1981 which regulate the sale of securities in Bermuda. This material and the information contained herein has been
made available in accordance with the restrictions and/or limitations implemented by Bermuda law. This material is directed at and intended for qualified participants (as such
term is defined in the Investment Fund act 2006). Neither the Registrar of Companies in Bermuda (ROC) nor the Bermuda Monetary Authority or any other regulatory body in
Bermuda has reviewed this material and accepts no responsibility for the financial soundness of any proposal or for the correctness of any of the statements made or opinions
expressed herein. Any representation to the contrary is a criminal offence. A copy of this document has not been delivered to the ROC.

Chile: Fecha de inicio de la oferta: EL DÍA 1 DE FEBRERO 2013 (i) La presente oferta se acoge a la Norma de Carácter General N° 336 de la Comisión para el Mercado
Financiero (CMF) de Chile. (ii) La presente oferta versa sobre valores no inscritos en el Registro de Valores o en el Registro de Valores Extranjeros que lleva la Comisión para el
Mercado Financiero, por lo que los valores sobre los cuales ésta versa, no están sujetos a su fiscalización; (iii) Que por tratarse de valores no inscritos, no existe la obligación
por parte del emisor de entregar en Chile información pública respecto de estos valores; y (iv) Estos valores no podrán ser objeto de oferta pública mientras no sean inscritos en
el Registro de Valores correspondiente.

Colombia: The Fund and any other products or services referenced in this material may not be promoted or marketed in Colombia or to Colombian residents unless such
promotion and marketing is made in compliance with Decree 2555 of 2010 and other applicable rules and regulations related to the promotion of foreign financial and/or securities
related products or services in Colombia.

Guatemala: This is a private offering. These interests have not been registered with any regulator or government authority in Guatemala. This material and any accompanying
information is intended solely for informational purposes and does not constitute (and should not be interpreted to constitute) the offering, selling, or conducting of business with
respect to the interests in Guatemala, or the conducting of any brokerage, banking or other similarly regulated activities in Guatemala.

Peru: Specifically, the Fund will not be subject to a public offering in Peru. The Fund described herein has not been and will not be approved by or registered with the Peruvian
Superintendency of Capital Markets (Superintendencia del Mercado de Valores, or the “SMV”) or the Lima Stock Exchange (Bolsa de Valores de Lima). Accordingly, the shares
may not be offered or sold in Peru except, among others, if such offering is considered a private offer under the securities laws and regulations of Peru. The shares cannot be
offered or sold in Peru or in any other jurisdiction except in compliance with the securities laws thereof. In making an investment decision, institutional investors (as defined by
Peruvian law) must rely on their own examination of the terms of the offering of the shares to determine their ability to invest in the shares.

Uruguay: The sale of the shares qualifies as a private placement pursuant to section 2 of Uruguayan law 18,627. The shares must not be offered or sold to the public in
Uruguay, except in circumstances which do not constitute a public offering or distribution under Uruguayan laws and regulations. The shares are not and will not be registered
with the Financial Services Superintendency of the Central Bank of Uruguay. The shares correspond to investment funds that are not investment funds regulated by Uruguayan
law 16,774 dated October 27, 1996, as amended.

For professional and qualified investor use only – not for public distribution
 PIMCO Tactical Opportunities Fund | October 2023 10

Asia (excluding Japan)

Australia: Any reference to Tac Opps in this publication are not registered managed investment schemes domiciled in Australia. This publication is intended to be general
information for financial advisers and wholesale investors only. This should not be passed on to retail clients within the meaning of the Corporations Act (Cth). Past performance
is not a reliable indicator of future results. Interests in any PIMCO fund mentioned in this publication are issued by Pacific Investment Management Co LLC (PIMCO LLC) where
PIMCO LLC and/or it associates, as the context requires (together, PIMCO) is the investment manager. This publication has been prepared without taking into account the
objectives, financial situation or needs of investors. Before making an investment decision, investors should obtain professional advice and consider whether the information
contained herein is appropriate having regard to their objectives, financial situation and needs. Investors should obtain a copy of the offer document (Offer Document) and
consider it before making any decision about whether to acquire an interest in any PIMCO LLC fund mentioned in this publication. The current Offer Document for funds issued
by PIMCO LLC can be obtained via www.pimco.com. This publication may include economic and market commentaries based on proprietary research, which are for general
information only. PIMCO believe the information contained in this publication to be reliable, however its accuracy, reliability or completeness is not guaranteed. Any opinions or
forecasts reflect the judgment and assumptions of PIMCO on the basis of information at the date of publication and may later change without notice. These should not be taken
as a recommendation of any particular security, strategy or investment product. All investments carry risk and may lose value. To the maximum extent permitted by law, PIMCO
as well as each of their directors, employees, agents, representatives and advisers disclaim all liability to any person for any loss arising, directly or indirectly, from the information
in this publication. No part of this publication may be reproduced in any form, or referred to in any other publication, without express written permission of PIMCO. PIMCO is a
trademark of Allianz Asset Management of America L.P. in the United States and throughout the world.

Hong Kong: The contents of this document have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation to the offer. If you
are in any doubt about any of the contents of this document, you should obtain independent professional advice. The Fund is a collective investment scheme but is not authorised
under Section 104 of the Securities and Futures Ordinance of Hong Kong by the Securities and Futures Commission of Hong Kong. Accordingly the distribution of the Private
Placement Memorandum and this material, and the placement of interests/units in Hong Kong, is restricted. The Private Placement Memorandum and this material may only be
distributed, circulated or issued to persons who are professional investors under the Securities and Futures Ordinance and any rules made under that Ordinance or as otherwise
permitted by the Securities and Futures Ordinance.
Singapore,

Singapore: For investors in please also refer to the Singapore Information Memorandum which forms part of and should be read in conjunction with the prospectus. Investors
should note the shares of the fund (the “Shares”) is not authorised or recognised by the Monetary Authority of Singapore ("MAS") and the Shares are not allowed to be offered to
the Singapore retail public. Accordingly, the Shares may not be offered or sold, nor may the Shares be the subject of an invitation for subscription or purchase, nor may the
Information Memorandum or any other document or material in connection with the offer or sale, or invitation for subscription or purchase of the Shares be circulated or
distributed, whether directly or indirectly, to any person in Singapore other than under exemptions provided in the Securities and Futures Act (“SFA”) for offers made (a) to an
institutional investor (as defined in Section 4A of the SFA) pursuant to Section 304 of the SFA, (b) to a relevant person (as defined in Section 305(5) of the SFA), or any person
pursuant to an offer referred to in Section 305(2) of the SFA, and in accordance with the conditions specified in Section 305 of the SFA or (c)otherwise pursuant to, and in
accordance with, the conditions of any other applicable provision of the SFA.
CMR2023-1115-3235939

For professional and qualified investor use only – not for public distribution
3235939