PIMCO EUROPE LTD
SECTION 172(1) STATEMENT AND STAKEHOLDER ENGAGEMENT REPORTFOR THE YEAR ENDED 31 DECEMBER 2023

Section 172(1) statement
Section 172 of the Companies Act 2006 requires a director of a company to act in the way he or she considers, in goodfaith, would be most likely to promote the success of the company for the benefit of its members as a whole. The directors
give careful consideration to the stakeholders and matters set out in section 172(1) (a-f) in discharging their duties under
Section 172.
The Board reviews and sets the policies to manage risks to the company’s operations and seeks regular assurance thatthe system of internal control is effective in managing risks in the manner it has approved. In particular, in 2023 there wassignificant new regulation requiring new or enhanced policies including the FCA’s Consumer Duty, ESG and anti-financial
crime requirements. Additionally, from a strategic perspective, to address projected office space needs a search wasconducted for a new and larger office space culminating in the company signing an agreement for lease on five floors in anew London office building at 25 Baker Street in February 2023. The new office is designed to be a net zero carbon
building with strong sustainability credentials. Other examples of how the Board and the company act with regard to, andengages with, its key stakeholder groups are set out in the Stakeholder Engagement Report, including its employees,suppliers, clients, the local community, the environment and its single shareholder.
The company is a regulated financial services firm and as such it has established a risk management framework thatseeks to ensure that it has effective systems and controls to identify, monitor and manage risks faced by the firm. Thisframework, along with its Internal Capital Adequacy and Risk Assessment (“ICARA”) process, through which the firm
determines whether it requires additional levels of capital or liquidity to mitigate the specific risks it faces, ensures that theBoard gives due regard to the likely consequences of both short term and long-term decisions with reputational risk
being a key consideration. The company’s ICARA is subject to review on a periodic basis by the FCA. Furtherinformation on capital and the company’s ICARA can be found in its Investment Firm Prudential Regime (“IFPR”)
disclosure which can be found on the company’s website.

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SECTION 172(1) STATEMENT AND STAKEHOLDER ENGAGEMENT REPORTFOR THE YEAR ENDED 31 DECEMBER 2023

Stakeholder Engagement Report
We set out below the company’s key stakeholder groups and how it engages with them. As part of the wider PIMCO
group with significantly shared policies and processes, references to PIMCO in this section refer to the wider PIMCO
group which includes the company.
Clients
PIMCO exists to serve our clients. As such, we strive to be trusted advisors and aim to help clients achieve theirfinancial goals. We strive to understand our clients’ investment objectives, risk tolerances, and work with them todeliver the full resources of the PIMCO group in response.
In delivering high quality service to our clients, PIMCO offers ongoing thought leadership, educational content,
conference calls, and in-person meetings.
In addition to client meetings and regular reports to discuss investment performance and portfolio positioning, we
recognise the importance of training and education to our clients. We therefore offer training at the PIMCO Institute,a multi-day training programme; training sessions at the client’s location; as well as investor days, conference calls,and other reporting on specific issues.
As a regulated financial services firm, putting our clients first is integral to our company’s culture and aligns with thecentral goal of the FCA’s recently introduced rules on Consumer Duty. PIMCO listens to its clients to help formulate
new product ideas in response to their needs and requirements. The company provides investment management
services to a wide range of global institutional investors but where third party distributors help to distribute offshore
PIMCO funds we continue to engage with distributors to ensure they understand PIMCO products and are advisingclients suitably.
Employees
At PIMCO, our mission of delivering superior investment returns, solutions and service to our clients is only possible
by fostering a high performance culture in which all employees live our values of collaboration, responsibility,
openness and excellence. Bringing together people from around the world, PIMCO draws on the experience andresources of our 3,400+ employees across 23 offices to promote fresh ideas and differing points of view.
Learning and Development: We strive to foster a continuous learning culture and talent strategy in which
all PIMCO employees have access to targeted development that builds capability, increases capacity andimproves overall effectiveness and performance. This investment also includes leadership and management
development to enable our senior employees to set clear examples of best practice and be role models forthe group.
Inclusion, Diversity and Culture: At PIMCO, we seek to create an environment which fosters opennessand encourages diverse perspectives. By prioritising initiatives that provide equal opportunities for all
employees, we can enhance collaboration, communication, engagement, knowledge sharing and ultimately
improve organisational performance and employee satisfaction. We are committed to encouraging diversityof thought, creating a pipeline of diverse talent, investing in connectivity with both our employees and acrossthe industry, and driving impact in our communities through our Purpose@PIMCO corporative giving
initiatives.
Communication: We ask for feedback through regular surveys on events / speaker series, and our on-going
employee engagement surveys where employees have the opportunity to provide in depth feedback on theirexperience as a PIMCO employee. Quarterly town hall events sharing the progress of PIMCO against its
goals and senior management thinking with staff are held across business groups and regions.
Collaboration: A variety of internal employee networks are in place to encourage collaboration amongst
employees and engagement from employees on a number of key topics. These networks include PIMCOFamilies, PIMCO Social, PIMCO Multicultural, PIMCO Pride and PIMCO Wellbeing. These groups areresponsible for a number of employee led events such as social gatherings, cultural awareness events, andexternal speaker events. Employees are also encouraged to work together and give back to through thedonation of resources, time and talents to combat challenges facing the communities where we live and work.

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SECTION 172(1) STATEMENT AND STAKEHOLDER ENGAGEMENT REPORTFOR THE YEAR ENDED 31 DECEMBER 2023

Stakeholder Engagement Report (continued)Local communities
At PIMCO, we understand both the opportunity and obligation to effect meaningful social change. We are innovative,
collaborative and determined in our efforts to confront some of society’s most urgent challenges. By matching theresources, time and talents of our employees with our charitable partners in the UK we strive to become part of thesolution. Our focus on hunger and gender equality reflects our belief that these are fundamental issues critical tohuman development and sustainable worldwide economic growth. We engage:By giving through the company’s charitable foundation, PIMCO Foundation Europe (the “Foundation”), wesupport high performing non-profit partners to support critical on-the-ground services and innovative projects
in the UK and in other parts of the world. In 2023, the Foundation donated over £1,400,000 to charitablecauses (up from over £978,000 in the prior year);By employees volunteering their time with our partners we help to drive meaningful change in our local
communities. In 2023, 415 PIMCO employees across EMEA volunteered at charitable projects providing
support of over 1,910 hours in total. This included 249 UK employees contributing 1,071 hours. In 2022, 320
PIMCO employees across EMEA volunteered at charitable projects providing support of over 1,380 hours intotal. This included 195 UK employees contributing 681 hours; andBy aiming to take leadership within our industry as thought leaders and strategic partners to create solutions
and advocate for change. In 2023, PIMCO focused on increasing shared learning, a broader pipeline forrecruiting and better connectivity to our clients with partnerships such as Girls Who Invest, 10,000 Black
Interns, Business in the Community and others.

Suppliers
The company values the partnerships it has with suppliers having outsourced several key functions. It engages with
its suppliers through regular meetings to discuss performance of both the supplier and the company for key contracts.
The company has standard payment terms of paying suppliers within 30 days of receipt of an invoice. In 2023, on
average the company paid its UK suppliers in less than 30 days from the date of receipt of the invoice. The company’s
latest semi-annual UK supplier payment statistics can be found at:https://check-payment-practices.service.gov.uk/company/02604517/reports
As part of our commitment to the aims of the Modern Slavery Act, the company seeks to ensure that it knows who isproviding it with goods and services at all times. The company communicates its policy of zero tolerance in writing to
its existing and new suppliers. For further information on how the company engages with its suppliers to ensure its
compliance, please go to the company’s website to see its Modern Slavery statement.

Government and Regulators
As a financial services firm, the company is authorised and regulated by the FCA and distributes PIMCO’s products
in several countries outside the UK. As a result, it seeks to maintain compliance with all relevant regulatory rules ineach jurisdiction along with good relations with regulators. It does this by responding to requests for information,
participation in meetings both directly with the regulator and within industry groups about new regulation and key
industry issues. In addition, the company has a low tolerance for tax risk and the Allianz UK tax group (of which thecompany is part) seeks to maintain a moderate risk tax rating from HMRC. The company's effective rate of taxation
is close to the UK standard rate of corporate tax (please see note 11 to the financial statements). The Board takesthese factors into consideration in its decision making, reviewing the regulatory and tax impacts of projects andfinancial decisions.
Investee companies
PIMCO’s mission is to deliver superior investment returns, solutions and service to our clients. For over 50 years, wehave worked relentlessly to help millions of investors pursue their objectives – regardless of shifting market
conditions. Leadership in sustainable investing is essential to deliver on our clients’ financial objectives while
sustainable long-term economic growth is essential to maintain healthy markets.

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SECTION 172 (1) STATEMENT AND STAKEHOLDER ENGAGEMENT REPORTFOR THE YEAR ENDED 31 DECEMBER 2023
Stakeholder Engagement Report (continued)
Investee companies (continued)
For PIMCO, sustainable investing represents an approach that seeks to appropriately consider material issues ininvestment decision making and portfolio construction. Sustainable investing includes issuers’ impact on theenvironment and society, as well as how environmental, social and governance factors may impact the issuer more
broadly. We analyse the extent to which environmental, social and governance factors could impact valuations. Thisapproach can be achieved through a process of integrating these factors into investment research and decision
making where relevant and material, to ultimately help manage portfolio risks and identify opportunities. Additionally,sustainable investing can also be achieved through offering specific sustainable investment solutions that explicitly
include and seek to optimise these factors. Sustainable investment solutions may encompass negative screening,
the proactive selection of assets based on more favorable environmental, social or governance (ESG) factors relative
to their investment universe (e.g. positive screening), and, in certain circumstances, the selection of investments
based partly on their contribution to broader objectives, such as alignment with the Paris Agreement, the Sustainable
Development Goals (SDGs) or overall contribution to society, aligned with fiduciary duty and investment objectives.
We have developed a suite of sustainable investment solutions for clients seeking risk-adjusted returns and theinclusion of sustainable factors in the investment selection process which may include managing the portfolio’scarbon footprint, active engagement with issuers, green, social, sustainable or sustainability linked (GSS) bondallocations and/or a tilt toward issuers with higher quality or improving ESG characteristics. These investment
solutions build on PIMCO’s over 50-year core investment processes, while actively incorporating our clients’sustainability objectives. Clients around the world define their sustainability objectives differently – and thatcustomisation is supported. At PIMCO, we are eager to partner with clients to identify and deliver sustainability
objectives customised to their risk and return profile.
As one of the largest bondholders in the world, PIMCO has a large and important platform with which to engage
issuers on sustainability matters. Engagement is an essential tool for both improving investment outcomes andinfluencing sustainability outcomes. We believe that sustainable investing is not only about partnering with issuers
which already demonstrate a deeply unified approach to sustainability, but also about engaging with those issuersthat are evolving their sustainability practices. While engagements seek to benefit our clients’ investment objectives,
they may also benefit additional stakeholders, including employees, customers, broader society and theenvironment.
PIMCO has a published Sustainable Investment Policy Statement that details PIMCO’s commitments to: theintegration of ESG factors broadly into our research process, sustainable investment solutions offered to our clients,
our engagement with issuers on sustainability factors, and the evaluation of climate change and related risks in ourinvestment analysis. PIMCO formalised our Sustainable Investment Policy Statement originally in 2012 with
continuous enhancements and evolutions over the years. The policy statement is publicly available on PIMCO’s
website at the following address:

https://www.pimco.com/en-us/investments/esg-investing
For further information on our sustainability team and investment process, please refer to the latest PIMCO
Sustainable Investing Report available on PIMCO’s website at the same web address.
Environment
PIMCO’s credit research analysts engage regularly with the issuers that they cover in the corporate space by, forexample, discussing topics with company management teams related to corporate strategy, leverage, and balance
sheet management, as well as sustainability-related topics such as climate change targets and environmental plans.
PIMCO recognises that climate change will potentially have a profound impact on the global economy, financial
markets and issuers over a long-term investment horizon. We have developed tools and methods that seek toincorporate material climate risk evaluations in our investment research processes.

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SECTION 172(1) STATEMENT AND STAKEHOLDER ENGAGEMENT REPORTFOR THE YEAR ENDED 31 DECEMBER 2023
Stakeholder Engagement Report (continued)
Environment (continued)
Details on PIMCO’s broad climate research approach include:When evaluating climate-related risks and opportunities within specific sectors and issuers, we typicallybegin with two broad categories: 1) transition risks (e.g., tighter regulations on carbon emissions) and 2)
physical risks (e.g., how the rising intensity and frequency of extreme weather events affects critical assets
and natural resources used or relied upon by the issuer);In sustainable portfolio solutions, the insights these tools provide are designed to provide material
information to portfolio managers to better manage and mitigate climate related credit risks and assess a
portfolio’s alignment with the Paris Agreement targets;For portfolios with decarbonisation goals, we have developed a four pronged approach of (1) reducing thecarbon footprint, (2) investing in climate leaders, (3) supporting climate solutions and (4) influencing change
through engagements;

We explore climate change in the context of broader sustainability risk and are supportive of the SDGs as
the reference framework to assess these wide-ranging risks (e.g. biodiversity, water scarcity, human andlabour rights); and

We also seek to engage with issuers on innovative debt issuance opportunities to advance the Paris
Agreement and/ or the SDGs.

In addition to our investment process, PIMCO also considers its own environmental impact. The company is required
to disclose information on its own carbon footprint and this disclosure can be found in the Directors’ Report.
Shareholder
The company is a wholly owned subsidiary of the PIMCO group. As a private company with a single direct
shareholder, there is significant engagement by the company with the members of staff of its parent on a daily basis.
In addition, the wider PIMCO group (excluding the company) provides three board directors to provide representation.
The shareholder therefore plays an important role in the strategy and business model of the company with many
shared policies and mutual leverage of each other’s respective specialisms in different areas of portfolio managementand distribution. The shareholder receives dividends from the company (see note 12 to the financial statements) andmonitors its financial performance.

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