Terms and Conditions of Use Important Legal Information Please read these Terms and Conditions of Use (“Terms and Conditions”) carefully. This is not an offer of securities to any person in any jurisdiction where it is unlawful or unauthorized. For the most part, PIMCO provides services to qualified institutions, financial intermediaries and institutional investors. Individual investors should contact their own financial professional to determine the most appropriate investment options for their financial situation. This Site includes information provided by Pacific Investment Management Company LLC and PIMCO Investments LLC, each of which is responsible for the information it provides. | Pacific Investment Management Company LLC, 650 Newport Center Drive, Newport Beach, CA 92660 is regulated by the United States Securities and Exchange Commission. | PIMCO Investments LLC (“PI”), 1633 Broadway, New York, NY 10019, is a U.S. broker-dealer registered with the U.S. Securities and Exchange Commission and member of FINRA; PI serves as the principal underwriter for the U.S.-registered PIMCO Funds (“Funds”), placement agent for PIMCO-sponsored private funds (the “Private Funds”) and sub-placement agent for certain third-party managed funds that invest substantially all over their assets in Private Funds. The above financial institutions collectively referred to herein as “PIMCO” own and operate this website (“Site”). The portions of the Site relating to the Funds or Private Funds are the sole responsibility of PI. The information provided on this Site is not intended for distribution to, or use by, any person or entity in any jurisdiction where such distribution or use would be contrary to law or regulation or which would subject PIMCO or any of PIMCO’s products or services to any authorization, registration, licensing or notification requirement within any jurisdiction outside of those jurisdictions in which the underlying financial institutions are licensed to operate. By registering for, logging into, visiting and/or otherwise using the Site in any way, you indicate that you understand and intend these Terms and Conditions to be the legal equivalent of a signed, written contract, and you accept the terms of use as set forth herein and agree to be legally bound by them. If you do not agree to these Terms and Conditions, please do not access this website or any pages thereof. By accessing or using this Site, Data or Content (each, as defined below), you agree to be bound by these Terms and Conditions. These Terms and Conditions govern your access to and use of the Site operated by PIMCO, and of any text, music and sound, graphics, images, photographs, audio and video, footage, animations, podcasts, analyses, studies, reports, and downloads or other materials appearing on the Site ("Content") or data pages and downloads ("Data"). Restrictions Unless and except as otherwise expressly permitted by these Terms and Conditions, you may not (a) access, copy, reproduce, modify, create derivative works of, alter, publicly distribute, republish, upload, post, transmit, publicly perform or display, license, transfer, sell, mirror, frame, “deep link,” “scrape,” data mine, or otherwise use any information or material obtained from or through this Site (b) attempt to gain unauthorized access to any portion or feature of the Site or any other systems or networks connected to the Site or to any PIMCO server or to any of the services offered on or through the Site, by hacking, password "mining," or any other illegitimate or prohibited means, (c) probe, scan, or test the vulnerability of the Site or any network connected to the Site, nor breach the security or authentication measures on the Site or any network connected to the Site, (d) reverse look-up, trace, or seek to trace any information on any other user of or visitor to the Site, (e) take any action that imposes an unreasonable or disproportionately large load on the infrastructure of the Site or PIMCO’s systems or networks or any systems or networks connected to the Site, (f) use any device, software, or routine to interfere with the proper working of the Site or any transaction conducted on the Site, or with any other person's use of the Site, (g) forge headers, impersonate a person, or otherwise manipulate identifiers in order to disguise your identity or the origin of any message or transmittal you send to PIMCO on or through the Site, or (h) use the Site in an unlawful manner. Any unauthorized use of this Site or the content on the Site will terminate the permission granted herein and may violate applicable laws, including copyright law, trademark laws, and commercial regulations and statutes. Reservation of Rights We reserve the right, at our discretion, to change, modify, add, or remove portions of these Terms and Conditions at any time. Your continued use of the Site following such modifications will be conclusively deemed acceptance of any changes to these Terms and Conditions. You agree that notice of changes to these Terms and Conditions posted on the Site constitutes reasonable and sufficient notice. At all times, you are bound by the then-current version of the Terms and Conditions and of all applicable laws. Use of Content The Content of this Site is available for informational purposes only. The posting of Content and access to this Site does not constitute, either explicitly or implicitly, any provision of services or products by PIMCO or any of its respective affiliates. PIMCO updates the Content and Data from time to time at its sole discretion. You agree to check this Site regularly for updates. You agree to use all Content unmodified and as provided by PIMCO and with all logos and copyright, trade name, and other proprietary rights notices provided by PIMCO (the "Marks") intact and to not modify the Content, including but not limited to by removing, altering, or adding any text, graphics, warranty statements, logos, or Marks. You will not re-brand or co-brand the Content or Data. You agree to use of Data as-is and not alter or distribute Data. You will not take any action in derogation of PIMCO's rights in the Marks, including but not limited to applying to register any trademark, trade name, service mark, or other designation that is confusingly similar to any Mark. You will not use the Marks for any purpose. You will use only Content designated for you and will not distribute Content to any third parties. No Relationship PIMCO is an independent contractor and not an agent of you in the performance of these Terms and Conditions. These Terms and Conditions are not to be interpreted as evidence of an association, joint venture, partnership, or franchise between the parties. Nothing in these Terms and Conditions will be deemed to confer any third-party rights or benefits. Copyright and Trademarks This Site (including the software and files), the computers hosting this Site, Content and Data provided on this Site are the exclusive property of PIMCO and/or its licensors, and are protected by applicable laws, including United States copyright, database, trade secret, and trademark law, as well as other state, national, and international laws and regulations. PIMCO is a trademark or registered trademark of Allianz Asset Management of America LLC in the United States and throughout the world. PIMCO reserves all rights with respect to its proprietary information or material on this Site and will enforce such rights to the full extent of applicable copyright and trademark law. Except as expressly provided in these Terms and Conditions, PIMCO does not grant any express or implied rights to you. All rights in the pages and Site Content are owned by PIMCO and its licensors. You agree not to sell, distribute, publish, broadcast, circulate or commercially exploit Site Content in any manner without the express written consent of PIMCO. Any downloading or otherwise copying from this Site will not transfer title to any software or material to you. Unless otherwise noted PIMCO and other brands featured on the Site constitute our trade/service marks. You agree not to directly or indirectly: attempt to register, challenge or contest the validity of PIMCO’s ownership of, such copyrights, trademarks or any other intellectual property of PIMCO , or assist any third party in doing so. Grant of License PIMCO grants to you a personal, revocable, nonexclusive, nontransferable license to use this Site conditioned on your continued compliance with these Terms and Conditions. Limited portions of the Content available in the public areas of the Site may be accessed, printed and downloaded on an occasional basis for personal, scholarly, research or non-commercial purposes; provided that all hard copies contain all copyright and other applicable proprietary rights notices included in such content and information and/or appropriate attribution to PIMCO in a form and manner acceptable to us. For information on obtaining permission to use any Content beyond the uses permitted above, please contact PIMCO -650 Newport Center Drive, Newport Beach, CA 92660, 800-387-4626. Any unauthorized use of this Site or the Content will terminate the permission granted herein and may violate applicable laws, including copyright law, trademark laws, and commercial regulations and statutes. No Investment Advice Nothing contained herein constitutes an offer, solicitation or recommendation regarding any investment management product or service, or the offer to sell or the solicitation of an offer to buy any security; nor shall any such services be provided, or securities be offered or sold, in any jurisdiction in which such an offer, solicitation, provision or sale would be unlawful. All Site Content is subject to applicable statutes and regulations. This Site is published in the United States for residents of the United States. Investors outside of the United States are subject to securities and tax regulations within their applicable jurisdictions that are not addressed on this Site. U.S. investors are advised that not all investments or services described on this Site are available for sale in all states. Any potential investor should satisfy himself that an investment in any PIMCO product is permissible under the rules and regulations of his or her domicile. The Site is not directed to any person in any jurisdiction where (by reason of that person's nationality, residence or otherwise) the publication or availability of the Site is prohibited. Persons in respect of whom such prohibitions apply must not access the Site. The information provided is for informational purposes only and investors should determine for themselves whether a particular service or product is suitable for their investment needs or should seek such professional advice for their particular situation. Please refer to offering documents for further information concerning specific products. Certain of the statements contained herein may be statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, the words “may, will, should, expects, plans, intends, anticipates, believes, estimates, predicts, potential, or continue” and similar expressions identify forward-looking statements. The matters discussed herein may also involve risks and uncertainties described from time to time in PIMCO filings with the U.S. Securities and Exchange Commission. PIMCO assumes no obligation to update any forward-looking information contained herein. Investments Past performance is no guarantee of future results. All investments contain risk and may lose value. Investing in the bond market is subject to certain risks including market, interest-rate, issuer, credit, and inflation risk; investments may be worth more or less than the original cost when redeemed. 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. 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. Commodities contain heightened risk including market, political, regulatory, and natural conditions, and may not be suitable for all investors. Equities may decline in value due to both real and perceived general market, economic, and industry conditions. Where investments involve currency exposure, changes in rates of exchange may cause the value of the investment to go up or down. The above is not intended to be a complete representation of the risks of investment contained in this Site. Any tax benefits referred to on this Site are subject to change and their availability and value will depend on your individual circumstance. Such investments are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not federally insured or guaranteed by the U.S. government, the FDIC, the Federal Reserve Board or any other agency. There is no guarantee that any PIMCO Content discussing an investment strategy will work under all market conditions or will be suitable for all investors and each investor should evaluate their ability to invest long-term, especially during periods of downturn in the market. Investors should consult their financial and/or tax advisor prior to making any investment decision. Some of the investments and services on this site may not be available in or appropriate for a retirement savings plan. Please contact your financial adviser about any investment restrictions associated with your particular plan. No Reliance Although PIMCO has taken reasonable care to ensure that the information contained within this Site is accurate and current as of the date stated, no representation or warranty (including liability towards third parties), expressed or implied, is made as to its accuracy, reliability or completeness by PIMCO or their contractual partners. Certain resources available herein rely on third party information. PIMCO has not independently verified the third party data. Those viewing the content should not rely on it for any investment or other purposes. Opinions and any other contents on the Site are provided by PIMCO for personal use and informational purposes only and are subject to change without notice. Nothing contained on this Site constitutes investment, legal, tax or other advice and is not to be relied on in making an investment or other decision. No Warranty The information and opinions contained on this Site, including hyperlinks or references to other sites, are provided ‘as is’ without any warranty of any kind, either expressed or implied, and PIMCO does not in any way warrant and hereby disclaims the accuracy, reliability, completeness, usefulness, non-infringement or quality of the Site to the fullest extent permissible pursuant to applicable law. You are responsible for evaluating the adequacy, accuracy, reliability, merchantability, non-infringement, completeness of any information or the content available on the Site or fitness for any particular purpose with respect to the site or any of its content. PIMCO further assumes no responsibility for, and makes no warranties that, functions contained on this Site will be uninterrupted or error-free, that defects will be corrected, or that this Site or the servers that make it available will be free of viruses or other harmful components. The Site, Data, and Content, as defined above, has been prepared based upon sources, materials, and systems believed to be reliable and accurate, and are provided to you on an “as is” and “as available” basis. PIMCO content providers make no representations, and disclaim all expressed, implied, and statutory warranties of any kind to you or any third party, including but not limited to representations and warranties regarding accuracy, timelines, completeness, merchantability, fitness for any particular purpose, non-infringement of third-party rights, and freedom from computer viruses. PIMCO content providers and other providers assume no responsibility for the consequences of any errors or omissions in, or delay or inability to access, the Site, Data, or Content. No advice or information, whether oral or written, obtained from PIMCO (outside of a formal written agreement) or through the Site, Data or Content will create any warranty not expressly made in these terms and conditions. PIMCO reserves the right to cease providing, or to change, the Site, Data or content (or any portion or feature thereof) at any time or frequency and without notice. Guard Your Password and Information You are responsible for safeguarding the password that you use to access any secure areas of the Site. You agree not to disclose your password to any third party. You are to take sole responsibility for any activities or actions under your password, whether or not you have authorized such activities or actions. If you suspect any unauthorized use of your password, please contact your PIMCO representative and request to have your password changed. Failure to comply with these requirements may result in PIMCO revoking your access to the Site. Fair Practices You agree not to: (i) make any representations, warranties or guarantees on PIMCO's behalf or with respect to the Site, Content or Data; (ii) make any false or misleading representations with regard to PIMCO, the Site, Data or Content; or (iii) participate or engage in any illegal, deceptive, misleading, unethical, or improper practices. Liability Waiver TO THE MAXIMUM EXTENT PERMITTED BY LAW, IN NO EVENT SHALL PIMCO OR ANY OF ITS AFFILIATES, DIRECTORS, OFFICERS, REGISTERED REPRESENTATIVES OR EMPLOYEES, NOR ANY THIRD PARTY VENDOR, BE LIABLE OR HAVE ANY LIABILITY, WHETHER IN CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE, FOR ANY DIRECT, INDIRECT, INCIDENTAL, CONSEQUENTIAL, PUNITIVE OR SPECIAL DAMAGES INCLUDING LOST PROFITS ARISING OUT OF, RELATED TO, OR IN ANY WAY IN CONNECTION WITH YOUR ACCESS OR USE OR INABILITY TO ACCESS OR USE THE SITE OR RELIANCE ON THE CONTENT, OR ANY FAILURE OF PERFORMANCE, INTERRUPTION, DEFECT, DELAY IN TRANSMISSION, COMPUTER VIRUSES OR OTHER HARMFUL COMPONENTS, OR LINE OR SYSTEM FAILURE ASSOCIATED WITH THE SITE, REGARDLESS OF OUR KNOWLEDGE THEREOF. THE SAME IS TRUE FOR ANY CONTENT APPEARING ON ANY OF PIMCO WEBSITES. Indemnity You agree to indemnify, defend, and hold PIMCO and its subsidiaries, affiliates, officers, agents, and employees harmless from any direct and third party claims, and any related damages, losses or costs (including reasonable attorney fees and costs), arising out of, related to, or in connection with your use of the Site, your violation of these Terms and Conditions, or your violation of any rights of a third party. Events Beyond PIMCO’s Control You expressly absolve and release PIMCO, their respective affiliates, related companies, and all of their respective officers, directors, employees, registered representatives, shareholders, legal representatives, attorneys, agents, successors and assigns, from any claim of harm resulting from a cause beyond its control including, but not limited to, the failure of electronic or mechanical equipment or communication lines, telephone or other interconnect problems, computer viruses or software failures, data breaches, unauthorized access, theft, operator errors, severe weather, earthquakes, or natural disasters, pandemic or epidemic, strikes or other labor problems, wars, acts of domestic or foreign terrorism or governmental restrictions. User Representations You represent and warrant to PIMCO that you will not use this Site for any purpose that is unlawful or prohibited by these Terms and Conditions, including but not limited to attempting or actually (a) disrupting, impairing or otherwise interfering with the operation or integrity of the Site or circumventing any Site security system; (b) collecting any information about other users of the Site; or (c) systematically extracting Content or other information or data contained in the Site to populate databases or other sites. Information Submitted By You You should not submit any confidential or proprietary information via the Site. All information or material submitted through the Site will be deemed to be the property of the PIMCO. By submitting any information or material to us through the Site, you grant us an unrestricted, irrevocable license to use, reproduce, display, perform, modify, transmit and distribute those materials or information. You also agree that PIMCO is free to use for any purpose any ideas, concepts, know-how or techniques that you submit to us through the Site. PIMCO shall not be subject to any obligations of confidentiality regarding submitted information, except as agreed by PIMCO or as otherwise specifically agreed or required by law. You can find more information about how we use and store content and about the collection and use of personal information by reviewing our Privacy Policies. Linked Sites Certain hyperlinks or referenced websites on the Site may for your convenience forward you to third parties' websites, which generally are recognized by their top level domain name. Any descriptions of, references to, or links to other products, publications or services does not constitute an endorsement, authorization, sponsorship by or affiliation with PIMCO with respect to any linked site or its sponsor, unless expressly stated by PIMCO. Any such information, products or sites have not necessarily been reviewed by PIMCO and are provided or maintained by third parties over whom PIMCO exercise no control. PIMCO expressly disclaims any responsibility for the content, the accuracy of the information, and/or quality of products or services provided by or advertised on these third-party sites. PIMCO reserves the right to terminate any hyperlink or hyperlinking program at any time. Jurisdiction, Severability Any action arising out of these Terms and Conditions or the Site shall be litigated in, and only in, courts located in California, and you agree to submit to the exclusive jurisdiction of those courts and further agree that they are a convenient forum for you. In the event that any provision of these terms is held unenforceable, the validity or enforceability of the remaining provisions will not be affected, and the unenforceable provision will be replaced with an enforceable provision that comes close to the intention underlying the unenforceable provision. If you have any questions regarding these Terms and Conditions and/or the Site, please contact PIMCO - 650 Newport Center Drive, Newport Beach, CA 92660, 800-387-4626. Dated: November 2020