0 PIMCO Asia Limited Nine Queen’s Road Central 24 th Floor Units 2403 & 2405 Hong Kong 852-3650-7700.

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PIMCO Asia LimitedNine Queen’s Road Central

24th FloorUnits 2403 & 2405

Hong Kong 852-3650-7700

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Biographical Information

Investors should consider the investment objectives, risks, charges and expenses of this fund carefully before investing. This and other information are contained in the fund’s prospectus, which may be obtained by contacting your PIMCO representative. Please read the prospectus carefully before you invest or send money.

Sun HaoSun Hao is a Vice President in PIMCO’s Hong Kong Office. He is responsible for marketing and business development in China. Mr. Sun joined PIMCO in 2006, having previously spent 6 years with ING Bank Hong Kong as the head of China sales. Prior to this, he was working at Dresdner Kleinwort Benson Hong Kong in fixed income sales. Mr. Sun worked at Bank of China for 10 years in Treasury management and trading. Mr. Sun has 20 years of investment experience, earned his bachelor's degree in economics from Beijing University and MBA degree from China-Europe International Business School in Shanghai.

孫昊

孫昊是 PIMCO香港的副總裁。負責中國的市場及業務發展。他 2006年加入 PIMCO，此前，他作為中國銷售主管在 ING銀行香港分行工作了 6 年。再此之前，他在德累斯頓銀行香港分行負責債券銷售。他也曾在中國銀行資金部工作 10年。他有近 20年的投資經驗，擁有北京大學經濟學學士學位和上海中歐國際工商學院MBA學位。

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Agenda

I. Why Invest in Global Bonds?II. Introduction to PIMCO’s Global

CapabilitiesIII. Investment Philosophy & ProcessIV. Investment Outlook & Portfolio

StructureV. PerformanceVI. Why Choose PIMCO?

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Why Invest in Global Bonds?

Competitive Returns Low Volatility Broad Asset Class Diversification

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PIMCO’s Global ExpertiseAs of 30 September 2006

Global Expertise

Global Assets

Manage both hedged and unhedged portfolios against a variety of indices

Presently manage 40 funds and 156 institutional separate accounts

Extensively use global strategies in core fixed income portfolios

One of the largest active global fixed income managers

18 years of experience managing global bond assignments

Portfolio Management teams located in global financial centers

Assets Categories ($ Billions)

Global Indices:

Global Hedged 33.5

Global Unhedged 29.2

Local Market Indices 2.6

Global Overlay 0.8

Total Global AUM 66.1

Tactical use of Non-U.S. Dollar Bonds 82.5

Total Assets 148.6

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Bermuda / Cayman

NewportBeach

London

Tokyo

Singapore

Sydney

MunichNew York

Toronto

PIMCO’s Global PresenceAs of 30 September 2006

Offices Date Opened

Newport BeachSingaporeLondonSydneyTokyoNew YorkTorontoMunichHong Kong

19711996199719971997200120042005

2005

Hong Kong

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Investment Philosophy: Diversified Sources of Value Added

DurationDuration CountryCountry Yield CurvePositioningYield CurvePositioning CurrencyCurrency

Credit Analysis

Credit Analysis

Sector /QualitySector /Quality VolatilityVolatility Short-Term

ManagementShort-Term

Management

Value Added

Top Down Strategies

Bottom Up Strategies

Construct diversified portfolios that draw on multiple strategies both top down & bottom up

Top down strategies include duration, country selection, curve positioning and currency

Bottom up strategies draw on the expertise of PIMCO’s specialist teams across all sectors

Benefits

No single strategy dominates risk in portfolios

Aims to reduce overall portfolio volatility while smoothing the value added

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Investment Philosophy: Risk Focused Investment strategies are sized within the context of an overall risk budget

An iterative process continually assesses the risk of individual strategies and the entire portfolio

Comprehensive proprietary systems facilitate daily monitoring of key portfolio risk factors

Benefits

No black holes. We insist on being compensated for the risks assumed

Higher information ratio as we risk optimize strategy implementation

Portfolio Tracking Error CalculatorWeight Increment (%) Curr'cy

Pacific 0-3 Yr 3-7 Yr 7-30 Yr Currcy Duration Curve Weights Level Curve Currcy Total Region Level Curve Currcy

Australia -0.02 0.00 0.0% 0.01% 0.00% 0.00% 0.01% 0.20%New Zealand 0.01 0.00 0.0% 0.00% 0.00% 0.00% 0.00%

Japan -0.48 0.03 2.4% 0.11% -0.01% 0.04% 0.14% 0.18% 1.21%Hong Kong -0.02 -0.01 0.0% 0.01% 0.00% 0.00% 0.01% 0.37%Singapore 0.00 0.00 0.0% 0.00% 0.00% 0.00% 0.00% 0.15%

Europe

Denmark -0.04 -0.01 0.0% 0.01% 0.00% 0.00% 0.01% 0.14%EMU-11 1.00 -0.08 0.5% -0.17% -0.01% -0.01% -0.18%Greece 0.00 0.00 0.0% 0.00% 0.00% 0.00% 0.00%Norway 0.00 0.00 0.0% 0.00% 0.00% 0.00% 0.00%Sweden 0.05 0.02 0.0% -0.01% 0.00% 0.00% -0.01% 0.00%

Switzerland 0.00 0.00 0.0% 0.00% 0.00% 0.00% 0.00%UK -0.33 0.36 0.0% 0.09% 0.01% 0.00% 0.09% -0.09% 0.21% 0.02%

Emerging Mkt

Asia 0.00 0.1% 0.00% 0.00% 0.00%Latin Am 0.03 0.1% 0.01% 0.00% 0.00% 0.60%

Europe 0.01 0.1% 0.00% 0.00% 0.00%Africa/ME 0.00 0.0% 0.00% 0.00% 0.00% 0.00% 1.78%

Spread Exposure

Corporate -2.13 0.37% 0.37% 0.14%Mortgage 0.14 -0.01% -0.01% 0.36%

Americas

Canada -0.04 0.04 0.0% 0.02% 0.00% 0.00% 0.01% 0.32%US -0.89 0.11 -3.2% 0.59% -0.02% 0.00% 0.58% 0.59% 0.53% 0.00%

Total 0.00 0.00 0.00 0.00 -0.76 0.46 0.0% 1.01% -0.02% 0.03% 1.02%Manager: Decay/Half Life:

Risk/Tracking Error Portfolio BenchMk Net

Account: Bond - Level 2.15% 2.69% 0.64%Portfolio as of: Bond - Slope 0.10% 0.06% -0.02%

Bogie: Market Value: Bond - Spread 0.03% 0.00% 0.36%Base Currency: Currency - Dev Mk 5.63% 5.35% 0.03%IR/Impied View: Emerging Mkt 0.00% 0.00% 0.00%

Net 7.92% 8.10% 1.02%0.80

Tracking ErrorExposure Implied Yield Chg

11-Jun-2004$MM 876

J.P. Morgan Global Unhedged USD - United States

775: PIMCO Global Bond Fund

2.0 - 25 Feb 2003Sudi Mariappa

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Specialist TeamsSpecialist Teams

PIMCO Global Investment

Committee

PIMCO Global Investment

Committee

Investment Process: Driving PIMCO’s Best Ideas Into Client Portfolios

3-5 year horizon

Structural trends Secular ForumSecular Forum Cyclical ForumCyclical Forum

Thematic discussion

Structural biases

Risk allocation

Recommend best ideas within sector

Provide sector analysis & intelligence

Implementation / Execution

Examine four regions

Forecast GDP & CPI

Ratify model portfolio

Monitor implementation

Risk Monitoring daily

Top Down Economic Themes

Bottom Up Strategies

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Investment Process: Comprehensive Approach Across All Sectors

Specialists provide depth in every fixed income sector

Global Model Portfolio

ConvertibleSpecialistsConvertibleSpecialists

InternationalSpecialistsInternationalSpecialists

TechnologySpecialistsTechnologySpecialists

MunicipalSpecialistsMunicipal

Specialists

C

MortgageSpecialistsMortgageSpecialists

I nv e

s tment om

mitte

e

GeneralistPortfolio Managers

GeneralistPortfolio Managers

Gov’ts. / FuturesSpecialists

Gov’ts. / FuturesSpecialists

Credit Specialists

Credit Specialists

Short-TermSpecialistsShort-TermSpecialists

la

bo l

G

EmergingSpecialistsEmergingSpecialists

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Global Cyclical Macroeconomic Outlook

Housing market weakness feeds into a broader economic slowdown The Fed has paused. But now what?

Domestic demand led growth will face some headwinds Hawkish ECB to remain focused on headline inflation

Underlying growth fundamentals remain firm BOJ has ended ZIRP, but future moves will be very measured

Cyclical Forecast

GDP (%) Inflation (%)

U.S.: 2 – 2½ 2¼ – 2¾*

Japan: 1¾ – 2¼ ¼ – ¾

Europe: 1½ – 2 1¾ – 2¼

U.S.

Europe

Japan

* U.S. Inflation is Core PCE (note Core Price Consumption Expenditures is usually about 50bps lower than core CPI)Refer to Appendix for additional outlook and strategy information

As of 30 September 2006

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How is the PIMCO GIS plc Global Bond Fund Positioned?

For Fund Presentations

Duration 5.05 years

Average Maturity 8.18 years

Sector Breakdown (duration weighted exposure %)

Government

Mortgages

Corporate

Other

64%

22%

8%

5%

Portfolio Quality AAA

Regional Breakdown (duration weighted exposure %)

U.S. & Dollar Bloc

Euroland

United Kingdom

Japan

Portfolio

54%

29%

7%

8%

Lehman Global Aggregate Hedged into USD

33%

32%

9%

18%

As of 31st Oct 2006

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How Has the PIMCO GIS plc Global Bond Fund Performed?

All periods over one year are annualized. *Lehman Brothers Global Aggregate (300mm) from 12/01/00, J.P. Morgan Global Bond Index Hedged prior.The performance quoted represents past performance. Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that Fund shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.pimco.com or by calling (800) 927-4648.The table above reflects the total return performance of the PIMCO GIS plc Global Bond Fund Institutional as compared to the J.P. Morgan Global Index Hedged, an unmanaged market index representative of the total return performance in U.S. dollars on a hedged basis of major world bond markets and the Lehman Brothers Global Aggregate Hedged bond index, a diversified investment grade index comprised primarily of government, corporate, and collateralized fixed income securities from several regional Lehman Brothers indexes. Net of fees and expenses. All time periods longer than one year are annualized. Returns are net of fees and other expenses for Institutional Class, Accumulation Shares and include reinvestment of dividends. The performance data represents past performance, and investment return and principal value will fluctuate so that PIMCO GIS Funds shares, when redeemed, may be worth more or less than their original cost. For informational purposes only. For additional information, contact the Administrator: Investor Fund Services (Ireland) Limited, Block D, Iveagh Court, Harcourt Road, Dublin 2, Ireland, Telephone +353-1-475-2211, Fax +355-1-475-2250.

PIMCO GIS plc Global Bond Fund

Before Expenses (%) 6.85 5.66 4.80 5.21 3.88 After Expenses (%) 6.16 5.10 4.28 4.69 3.35

Benchmark (%)* 5.92 4.73 4.00 4.34 3.40

Value Added After Expenses (bps) 24 37 28 35 (5)

0

2

4

6

8

Re

turn

s (

%)

S inceI nception03/12/98

5 Yrs. 3 Yrs. 2 Yrs. 1 Yr.

Periods Ended 09/30/06

3 Yr 5 Yr

Information Ratio

1.09 0.98

Tracking Error

0.70 0.92

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Fees and Expense

Advisory Fee: 0.35% Operational Fee: 0.30% (Cap) Total: 0.65% (Cap) Actual Total Expense Ratio :

0.52%

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Why Choose PIMCO?

Goal of Consistent Returns Depth of resources Management style characterized by:

– Comprehensive set of fixed income skills– Conservative, value orientation

High level of client servicing Unique educational opportunities

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PIMCO – Recent Awards

Firm– Fixed Income Manager of the Year Morningstar 1998 & 2000

Global– Fixed Income Manager of the Year Global Pensions Magazine 2006

– International Fixed Interest Fund Manager of the Year Morningstar 2004

– Finalist for Australian Fixed Interest Fund Manager of the Year Morningstar 2004

– Asia Asset Management Awards Global Bonds Asia Asset Management Magazine 2004

– International Fixed Interest Fund Manager of the Year Money Management Magazine 2004

– Fixed Income Manager of the Year Global Pensions Magazine 2004

– Asian Investor Achievement Awards – Global Fixed Income Asian Investor Magazine 2003, 2004

– Asian Investor Achievement Awards – Japan Fixed Income Asian Investor Magazine 2003

– “The Real Mutual Fund Dream Team” Fortune Magazine 2003

– “Awards for Excellence” – Euro Fixed Income Global Investor Magazine 2002

– “Awards for Excellence” – Global Fixed Income Global Investor Magazine 1997, 2000 & 2001

– “European Bond Manager of the Year” – PIMCO Financial News 2002

– “European Personality of the Year” – Bill Gross of PIMCO Financial News 2002

Risk Management– Risk Manager of the Year Risk Magazine 2001

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Fund Risks

Investing in non-U.S. securities may entail risk due to foreign economic and political developments; this risk may be enhanced when investing in emerging markets. High-yield bonds typically have a lower credit rating than other bonds. Lower rated bonds generally involve a greater risk to principal than higher rated bonds. Mortgage-backed securities are subject to prepayment risk and may be sensitive to changes in prevailing interest rates. When interest rates rise, the value of fixed income securities generally declines. These Funds may use derivative instruments for hedging purposes or as part of its investment strategy. Use of these instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, management risk and the risk that a fund could not close out a position when it would be most advantageous to do so. Portfolios investing in derivatives could lose more than the principal amount invested in those instruments. These Funds are non-diversified, which means that it may concentrate its assets in a smaller number of issuers than a diversified fund. Diversification does not ensure against loss. The credit quality of a particular security or group of securities does not ensure the stability or safety of the overall portfolio.

Fund Structure

The portfolio structure presented is intended to illustrate sectors in which the portfolios may invest. The structure is subject to change and no guarantee is being made that similar results will be achieved.

Tracking Error/Information Ratio

Tracking error is defined as the standard deviation of the portfolio’s relative return vs. the benchmark. The information ratio is defined as the portfolio’s relative return per unit of risk, or tracking error.

Outlook and Strategy

Statements concerning financial market trends are based on current market conditions, which will fluctuate. There is no guarantee that these investment strategies will work under all market conditions, and each investor should evaluate their ability to invest for the long-term, especially during periods of downturn in the market. Outlook and strategies are subject to change without notice.

Efficient Frontiers

The efficient frontier models illustrate performance of the Citigroup World Government Bond Index (WGBI) vs. the LBAG and the Citigroup U.S. Treasure Index from the dates illustrated on the graphs. Different time periods may produce different results. This information does not illustrate the past or future performance of any PIMCO product. Certain assumptions were made in this analysis, which have resulted in the returns detailed herein. Transaction costs (such as commissions) are not included in the calculation of returns, and changes to the assumptions may have an impact on any returns detailed.

Appendix

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PIMCO Experience

The years of experience of the portfolio management and credit team includes all credit analysis and work-related experience, respectively, including firms other than PIMCO.

Index Descriptions

The Lehman Brothers Aggregate Bond Index is an unmanaged market index representative of the U.S. taxable fixed income universe.

The Citigroup US Government Treasury Index is an unmanaged comprising of the universe of U.S. Government Treasury Securities.

The Citigroup World Government Bond Index (WGBI) is a market capitalization weighted index consisting of the government bond markets of the following countries: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Italy, Japan, Netherlands, Spain, Sweden, Switzerland, United Kingdom, and United States. Country eligibility is determined based upon market capitalization and investability criteria. The index includes all fixed-rate bonds with a remaining maturity of one year or longer and with amounts outstanding of at least the equivalent of US$25 million. Government securities typically exclude floating or variable rate bonds, US/Canadian savings bonds and private placements. Prior to 4/7/03 the Citigroup Indices were known as the Salomon Indices

The Lehman Brothers Global Aggregate Index covers the most liquid portion of the global investment grade fixed-rate bond market, including government, credit and collateralized securities. The liquidity constraint for all securities in the index is $300 million.

The JPMorgan GBI Global Ex-U.S. Index (US $ Hedged) is an unmanaged market index representative of the total return performance in U.S. dollars on a hedged basis of non-U.S. bond markets.

The JPMorgan GBI Global Ex-U.S. FX NY (US $ Unhedged) is an unmanaged market index representative of the total return performance in U.S. dollars on an unhedged basis of non-U.S. bond markets- changed to 4 p.m. NY close of exchange markets on 07/01/2004.

The JPMorgan GBI Global Index (Hedged) is an unmanaged market index representative of the total return performance in U.S. dollars on a hedged basis of major world bond markets.

The JPMorgan GBI Global FX NY (US $ Unhedged) is an unmanaged market index representative of the total return performance in U.S. dollars on a hedged basis of major world bond markets- changed to 4 p.m. NY close of exchange markets on 07/01/2004. It is not possible to invest directly in an unmanaged index.

The Personal Consumption Expenditures (PCE) deflator is published by the Bureau of Economic Analysis as part of the GDP report. It measures inflation across the basket of goods purchased by households, and is computed by taking the difference between current dollar PCE and chained dollar PCE.

The Consumer Price Index (“CPI”) is an unmanaged index representing the rate of inflation of the U.S. consumer prices as determined by the US Department of Labor Statistics. There can be no guarantee that the CPI or other indexes will reflect the exact level of inflation at any given time.

Appendix

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In an environment where interest rates may trend upward, rising rates will negatively impact most bond funds, and fixed income securities held by a fund are likely to decrease in value. Bond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations.

This presentation contains the current opinions of the manager and such opinions are subject to change without notice. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this presentation may be reproduced in any form, or referred to in any other publication, without express written permission of Pacific Investment Management Company LLC, 840 Newport Center Drive, Newport Beach, CA 92660. ©2006, PIMCO.

PIMCO Funds are distributed by Investor Fund Services (Ireland) Limited, Block D, Iveagh Court, Harcourt Road, Dublin 2, Ireland, Telephone +353-1-475-2211, Fax +355-1-475-2250.

Appendix