Real Estate Investing in an Uncertain Environment

DISCLOSURES

In this brochure Allianz Real Estate GmbH and Allianz Real Estate of America, their subsidiaries and affiliates are jointly referred to as “Allianz Real Estate”.

The sole purpose of this brochure is to provide information on a non-reliance basis. It discusses broad market, industry or sector trends, or other general economic, market or political conditions. This brochure contains statements of opinion and belief. Any views expressed herein are those of Allianz Real Estate as of the date indicated, are based on information available to Allianz Real Estate as of such date, and are subject to change, without notice, based on market and other conditions. No representation is made or assurance given that such views are correct. Allianz Real Estate has no duty or obligation to update the information contained herein. This brochure should not be construed as research, investment advice, or any investment recommendation. It does not constitute an offer to sell any securities or the solicitation of an offer to purchase any securities.

Certain information contained herein concerning economic trends and/ or data is based on or derived from information provided by independent third-party sources. Allianz Real Estate believes that the sources from which such information has been obtained are reliable; however, it cannot guarantee the accuracy of such information and has not independently verified the accuracy or completeness of such information or the assumptions on which such information is based.

Any views expressed were held at the time of preparation and are subject to change without notice. Any forecast, projection or target where provided is indicative only and not guaranteed in any way. Allianz Real Estate accepts no liability for any failure to meet such forecast, projection or target. Past performance is not necessarily indicative of future performance.

Allianz Real Estate may have issued, and may in the future issue, other communications that are inconsistent with, and reach different conclusions from, the information presented herein. Those communications reflect the assumptions, views, and analytical methods of the persons that prepared them.

No representation, warranty or undertaking is given by Allianz Real Estate or any other person in respect of the fairness, adequacy, accuracy or completeness of statements, information or opinions expressed in the brochure and neither Allianz Real Estate nor any other person takes responsibility for the consequences of reliance upon any such statement, information or opinion in, or any omissions from, the brochure.

The information contained herein is proprietary and confidential and may not be copied, used for an improper purpose, reproduced, republished, or posted in whole or in part, in any form, without the prior written consent of Allianz Real Estate.

Allianz Real Estate is a PIMCO company. PIMCO is a trademark of Allianz Asset Management of America L.P. in the United States and throughout the world. ©2022, PIMCO.