This material contains the opinions of the author but not necessarily those of PIMCO 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. Information contained herein has been
obtained from sources believed to be reliable,
but not guaranteed. This material is published by ft.com. Date of original publication 7 January 2013.