PIMCO ON SOCIAL MEDIA

Please read the following carefully. The PIMCO Companies’ social media profiles and pages are not intended to be, and are not, an offer or solicitation with respect to the purchase or sale of any security or other financial instrument or any investment management services. They are provided for information purposes only, do not constitute investment advice and should not be used as the basis for any investment decision. They also do not purport to provide any legal, tax or accounting advice. The PIMCO Companies, as a general matter, provide 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 is not an offer to any person in any jurisdiction where unlawful or unauthorized. | Pacific Investment Management Company LLC, 650 Newport Center Drive, Newport Beach, CA 92660 is regulated by the United States Securities and Exchange Commission. | PIMCO Europe Ltd (Company No. 2604517) and PIMCO Europe Ltd - Italy (Company No. 07533910969) are authorised and regulated by the Financial Conduct Authority (12 Endeavour Square, London E20 1JN) in the UK. The Italy branch is additionally regulated by the Commissione Nazionale per le Società e la Borsa (CONSOB) in accordance with Article 27 of the Italian Consolidated Financial Act. PIMCO Europe Ltd services are available only to professional clients as defined in the Financial Conduct Authority’s Handbook and are not available to individual investors, who should not rely on this communication. | PIMCO Deutschland GmbH (Company No. 192083, Seidlstr. 24-24a, 80335 Munich, Germany), PIMCO Deutschland GmbH Italian Branch (Company No. 10005170963) and PIMCO Deutschland GmbH Spanish Branch (N.I.F. W2765338E) are authorised and regulated by the German Federal Financial Supervisory Authority (BaFin) (Marie- Curie-Str. 24-28, 60439 Frankfurt am Main) in Germany in accordance with Section 32 of the German Banking Act (KWG). The Italian Branch and Spanish Branch are additionally supervised by the Commissione Nazionale per le Società e la Borsa (CONSOB) in accordance with Article 27 of the Italian Consolidated Financial Act and the Comisión Nacional del Mercado de Valores (CNMV) in accordance with obligations stipulated in articles 168 and  203  to 224, as well as obligations contained in Tile V, Section I of the Law on the Securities Market (LSM) and in articles 111, 114 and 117 of Royal Decree 217/2008, respectively. The services provided by PIMCO Deutschland GmbH are available only to professional clients as defined in Section 67 para. 2 German Securities Trading Act (WpHG). They are not available to individual investors, who should not rely on this communication. | PIMCO (Schweiz) GmbH (registered in Switzerland, Company No. CH-020.4.038.582-2), Brandschenkestrasse 41, 8002 Zurich, Switzerland, Tel: + 41 44 512 49 10. The services provided by PIMCO (Schweiz) GmbH are not available to individual investors, who should not rely on this communication but contact their financial adviser. | PIMCO Asia Pte Ltd (Registration No. 199804652K) is regulated by the Monetary Authority of Singapore as a holder of a capital markets services licence and an exempt financial adviser. The asset management services and investment products are not available to persons where provision of such services and products is unauthorised. | PIMCO Asia Limited is licensed by the Securities and Futures Commission for Types 1, 4 and 9 regulated activities under the Securities and Futures Ordinance. The asset management services and investment products are not available to persons where provision of such services and products is unauthorised. | PIMCO Australia Pty Ltd ABN 54 084 280 508, AFSL 246862. 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. | PIMCO Japan Ltd, Financial Instruments Business Registration Number is Director of Kanto Local Finance Bureau (Financial Instruments Firm) No. 382. PIMCO Japan Ltd is a member of Japan Investment Advisers Association and The Investment Trusts Association, Japan. All investments contain risk. There is no guarantee that the principal amount of the investment will be preserved, or that a certain return will be realized; the investment could suffer a loss. All profits and losses incur to the investor. The amounts, maximum amounts and calculation methodologies of each type of fee and expense and their total amounts will vary depending on the investment strategy, the status of investment performance, period of management and outstanding balance of assets and thus such fees and expenses cannot be set forth herein. | PIMCO Taiwan Limited is managed and operated independently. The reference number of business license of the company approved by the competent authority is (107) FSC SICE Reg. No.001. 40F., No.68, Sec. 5, Zhongxiao E. Rd., Xinyi Dist., Taipei City 110, Taiwan (R.O.C.), Tel: +886 2 8729-5500. | PIMCO Canada Corp. (199 Bay Street, Suite 2050, Commerce Court Station, P.O. Box 363, Toronto, ON, M5L 1G2) services and products may only be available in certain provinces or territories of Canada and only through dealers authorized for that purpose. | PIMCO Latin America Av. Brigadeiro Faria Lima 3477, Torre A, 5° andar São Paulo, Brazil 04538-133.

The above financial institutions, are collectively referred herein as the “PIMCO Companies” or individually as a “PIMCO Company.” The PIMCO Companies publish content on or through pages, profiles, accounts, feeds, channels or other portions of various social media digital platforms, including Facebook, LinkedIn, Twitter, Xing and YouTube, for educational, promotional or other business reasons (such content published by the PIMCO Companies, other than paid advertisements, is referred to herein as the “PIMCO Content”).

LinkedIn, Xing and YouTube

PIMCO Content published in the PIMCO Companies’ portion of these social media platforms may include both PIMCO Companies’ content and content intended for a specific PIMCO company. PIMCO Content intended for a specific PIMCO company will utilize the social media platform’s country settings, where applicable, to limit distribution to those regions in which the PIMCO Company is authorized or may otherwise conduct business. Regarding YouTube, PIMCO has established regional channels for those regions in which a PIMCO Company is authorized or may otherwise conduct business. Such channels are intended solely for the residents of the respective region and are not intended for nor should be accessed by any person or entity in any other jurisdiction. Each of the PIMCO Companies is solely responsible for its content. Prior to 7 October 2016, the PIMCO Content published on LinkedIn included PIMCO Content intended for residents of the United States, Puerto Rico, Guam and the U.S. Virgin Islands only (“Legacy Content”). Legacy Content available on LinkedIn is not intended for nor should be accessed by any person or entity in any other jurisdiction.

Facebook and Twitter

PIMCO Content published in the PIMCO Companies’ portion of these social media platforms may include both PIMCO content and PIMCO Investments content. PIMCO Content on these social media platforms is intended for residents of the United States, Puerto Rico, Guam and the U.S. Virgin Islands only (“U.S. Territories”), and is not directed to any person in any jurisdiction where (by reason of that person's nationality, domicile, residence or otherwise) the publication or availability of the PIMCO Content is prohibited. Persons in respect of whom such prohibitions apply must not access the PIMCO Companies’ portion of any of these social media platforms or PIMCO Content. Investors outside of the United States are subject to securities and tax regulations within their applicable jurisdictions that are not addressed in the PIMCO Content published herein. U.S. investors are advised that not all investments or services described in any PIMCO Content are available for sale in all states. Any potential investor should satisfy himself or herself that the purchase of PIMCO products and services is permissible under the laws, rules and regulations applicable to him or her. Each of PIMCO and PIMCO Investments is solely responsible for its content. PIMCO Investments is the distributor of PIMCO investment products, and any PIMCO Content relating to those investment products is the sole responsibility of PIMCO Investments.

Important Information for PIMCO Content Intended for a Specific Region

PIMCO Content for a specific PIMCO company utilizing country settings is intended to be limited to residents of Australia, Canada, Germany, Hong Kong, Italy, Singapore, Spain, United Kingdom, and U.S. Territories, and is not directed to any person in any jurisdiction where (by reason of that person's nationality, domicile, residence or otherwise) the publication or availability of the PIMCO Content is prohibited.

U.S. Territories: Investors considering an investment in a PIMCO product:

Investors should consider the investment objectives, risks, charges and expenses of PIMCO sponsored funds carefully before investing. This and other information can be found in each fund’s prospectus and summary prospectus, if available, which may be obtained by visiting www.pimco.com/investments. Please read them carefully before you invest or send money. Investing involves risk, including possible loss of principal.

The PIMCO Content is being provided on the express basis that this information and any related communications (whether written or oral) do not constitute investment advice and will not cause Pacific Investment Management Company LLC (or any affiliate) (collectively, “PIMCO”) to become a fiduciary to any recipient, 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’s (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 to whom they are directed are all financially sophisticated and 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.

The PIMCO Content is also being provided on the express basis that this information and any related communications are not investment advice and will not cause PIMCO (or any affiliate) to become a fiduciary with respect to any recipient or any employee benefit plan or IRA because the recipients are all independent of and unrelated to PIMCO and its affiliates. If this is not the case, or if there is any relationship with any recipient of which you are aware that would call into question the recipient’s ability to independently fulfill its responsibilities to any employee benefit plan or IRA, we ask that you let us know immediately.

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.

General User Guidelines

Please ensure that your contributions in relation to PIMCO Content are relevant and topical. Do not publish your own advertisements of any kind in any of the PIMCO Companies’ portion of any social media platform, including without limitation LinkedIn, Xing, YouTube, Facebook or Twitter (each a “PIMCO Space”), or with respect to any PIMCO Content. Additionally, refrain from publishing, including through hyper-links, false, misleading, inappropriate or offensive material in any PIMCO Space. Do not attempt to promote investments (this includes posting testimonials, giving investment advice, or making recommendations about specific securities, securities strategies, products or services) in any PIMCO Space. Do not attempt to submit to the PIMCO Companies any personal, confidential or account information through any PIMCO Space. Visit www.pimco.com for more information about PIMCO and for client service inquiries. The PIMCO Companies are not subject to any obligations of confidentiality regarding information submitted to them through any PIMCO Space or otherwise through any social media platform.

About PIMCO Content

The PIMCO Content 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. The PIMCO Content has been created for informational purposes.

No PIMCO Content published on any social media platform is an offer to sell or a solicitation of an offer to buy shares of any investment product, including without limitation, any PIMCO investment product to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the laws of such jurisdiction. Additionally, all PIMCO Content published on any social media platform is for informational purposes only and should not be considered as investment advice or a recommendation to invest in any particular security, strategy or investment product. The PIMCO Companies are not engaged in rendering any tax, legal or accounting advice. Please consult with a qualified professional for this type of advice. References to specific securities and their issuers or other investments are not intended and should not be interpreted as recommendations to purchase, sell or hold such securities or other investments. PIMCO products and strategies may or may not include the investments referenced and, if such investments are included, no representation is being made that such investments will continue to be included. Personnel of the PIMCO Companies may or may not invest, directly or indirectly, in the specific investments and their issuers that are referenced in PIMCO Content by such personnel.

Although the PIMCO Companies have taken reasonable care to ensure that the PIMCO Content is accurate, no representation or warranty (including liability towards third parties), expressed or implied, is made as to its accuracy, reliability or completeness by the PIMCO Companies.

Third-Party Content in any PIMCO Space

While the PIMCO Companies may monitor third-party content published in a PIMCO Space, such content is not reviewed before it is displayed. Third-party content in any PIMCO Space is both the view and responsibility of the third-party, not the PIMCO Companies. The PIMCO Companies cannot guarantee the appropriateness, accuracy or usefulness of any third-party content or of any third-party hyper-link, nor are they responsible for any unauthorized or copyrighted materials contributed by a third-party in any PIMCO Space. PIMCO reserves the right to remove, alter, edit or adapt any third-party content in any PIMCO Space. However, if PIMCO does not remove a third-party post, it is not an endorsement of the content.

The PIMCO Companies do not publish or otherwise disseminate statements relating to current or former clients’ positive experiences with or endorsements of PIMCO and expect you to refrain from publishing such content in any PIMCO Space. You should limit your content in any PIMCO Space to investment themes rather than commenting, positively or negatively, on PIMCO, its products, services or personnel.

Any descriptions of, references to, or links to other products, publications or services do not constitute an endorsement, authorization, sponsorship by, or affiliation with the PIMCO Companies with respect to any hyper-linked site or its sponsor, unless expressly stated by the PIMCO Companies. The PIMCO Companies expressly disclaim 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, as posted by third-parties in any PIMCO Space.

Use Social Media Platforms at Your Own Risk

The PIMCO Companies and their respective affiliates, directors, officers, registered representatives or employees are not liable for any direct, indirect, incidental, consequential, punitive or special damages arising out of or in any way connected with your access or use of, or inability to access or use, a social media platform, any PIMCO Space thereon or reliance on any PIMCO Content or any failure of performance, interruption, defect, delay in transmission, computer viruses or other harmful components, or line or system failure associated with a social media platform or any PIMCO Space thereon. Use of a social media platform or any PIMCO Space thereon is at your own risk.

The PIMCO Companies do not provide customer service, conduct financial transactions, or accept customer complaints through any PIMCO Space. Never disclose account or other personal information on any PIMCO Space.

Links to Other Websites

A PIMCO Space may contain links to third-party websites. The PIMCO Companies have no control over any such third-party websites, the contents therein or the products/services offered. The inclusion of any such links is not and does not imply an affiliation, sponsorship, endorsement, representation or warranty by the PIMCO Companies of any information contained in third-party websites. Third-party websites linked to by a PIMCO Space are not governed by the PIMCO Companies’ Privacy Policies. Your access to and use of such linked websites are governed by the terms of use and privacy policies of those sites, and shall be at your own risk. We encourage visitors to review carefully the terms of use and privacy policy on each of these other websites before disclosing any personal information.

PIMCO’s Privacy Policy can be found at: global.pimco.com/general/legal-pages/privacy-policy 

Important Investment Information

Past performance is not a guarantee or a reliable indicator 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. 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. The value of investments, and the income from them, can go down as well as up, and you may not recover the amount of your original investment. Where investments involve currency exposure, changes in rates of exchange may cause the value of the investment to go up or down. Any tax benefits referred to in any PIMCO Content 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 discussed in PIMCO Content may not be available in or appropriate for a retirement savings plan. Please contact your financial advisor about any investment restrictions associated with your particular plan.

Certain PIMCO Content may include statements of future expectations and other forward-looking statements that are based on the PIMCO Companies’ view when made 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.

Dated: October2019