<SEC-DOCUMENT>0001193125-21-219597.txt : 20210720
<SEC-HEADER>0001193125-21-219597.hdr.sgml : 20210720
<ACCEPTANCE-DATETIME>20210720154404
ACCESSION NUMBER:		0001193125-21-219597
CONFORMED SUBMISSION TYPE:	40-APP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210720
DATE AS OF CHANGE:		20210720

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PCM FUND, INC.
		CENTRAL INDEX KEY:			0000908187
		IRS NUMBER:				521834031
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15248
		FILM NUMBER:		211100912

	BUSINESS ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212 -739-4000

	MAIL ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PIMCO COMMERCIAL MORTGAGE SECURITIES TRUST INC
		DATE OF NAME CHANGE:	19930624

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO CORPORATE & INCOME STRATEGY FUND
		CENTRAL INDEX KEY:			0001160990
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15248-16
		FILM NUMBER:		211100928

	BUSINESS ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-739-4000

	MAIL ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PIMCO CORPORATE INCOME FUND
		DATE OF NAME CHANGE:	20011017

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PACIFIC INVESTMENT MANAGEMENT CO LLC
		CENTRAL INDEX KEY:			0001163368
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15248-28
		FILM NUMBER:		211100940

	BUSINESS ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660
		BUSINESS PHONE:		949-720-6000

	MAIL ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO CORPORATE & INCOME OPPORTUNITY FUND
		CENTRAL INDEX KEY:			0001190935
		IRS NUMBER:				466121513
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15248-17
		FILM NUMBER:		211100929

	BUSINESS ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-739-4000

	MAIL ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PIMCO CORPORATE OPPORTUNITY FUND
		DATE OF NAME CHANGE:	20021022

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PIMCO CORPORATE ADVANTAGE FUND
		DATE OF NAME CHANGE:	20020919

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO HIGH INCOME FUND
		CENTRAL INDEX KEY:			0001219360
		IRS NUMBER:				383676799
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15248-23
		FILM NUMBER:		211100935

	BUSINESS ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-739-3000

	MAIL ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO INCOME STRATEGY FUND
		CENTRAL INDEX KEY:			0001244183
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15248-21
		FILM NUMBER:		211100933

	BUSINESS ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-739-4000

	MAIL ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PIMCO FLOATING RATE INCOME FUND
		DATE OF NAME CHANGE:	20030619

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO Income Strategy Fund II
		CENTRAL INDEX KEY:			0001296250
		IRS NUMBER:				201619298
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15248-20
		FILM NUMBER:		211100932

	BUSINESS ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212 739-4000

	MAIL ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PIMCO Floating Rate Strategy Fund
		DATE OF NAME CHANGE:	20040701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO Global StocksPLUS & Income Fund
		CENTRAL INDEX KEY:			0001318025
		IRS NUMBER:				202726382
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15248-24
		FILM NUMBER:		211100936

	BUSINESS ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212 739-4000

	MAIL ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PIMCO Global StocksPLUS Income Fund
		DATE OF NAME CHANGE:	20050321

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PIMCO International StocksPLUS Income Fund
		DATE OF NAME CHANGE:	20050216

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO Income Opportunity Fund
		CENTRAL INDEX KEY:			0001412350
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15248-22
		FILM NUMBER:		211100934

	BUSINESS ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-739-4000

	MAIL ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO ABSOLUTE RETURN STRATEGY IV IDF LLC
		CENTRAL INDEX KEY:			0001426150
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15248-42
		FILM NUMBER:		211100954

	BUSINESS ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660
		BUSINESS PHONE:		949-720-6000

	MAIL ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO INVESTMENTS LLC
		CENTRAL INDEX KEY:			0001499812
		IRS NUMBER:				800620304
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15248-40
		FILM NUMBER:		211100952

	BUSINESS ADDRESS:	
		STREET 1:		1633 BROADWAY
		STREET 2:		45TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		(212) 776-1666

	MAIL ADDRESS:	
		STREET 1:		1633 BROADWAY
		STREET 2:		45TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO Dynamic Income Fund
		CENTRAL INDEX KEY:			0001510599
		IRS NUMBER:				274580758
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15248-14
		FILM NUMBER:		211100926

	BUSINESS ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-739-4000

	MAIL ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO DISTRESSED SENIOR CREDIT OPPORTUNITIES FUND II, L.P.
		CENTRAL INDEX KEY:			0001532934
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15248-39
		FILM NUMBER:		211100951

	BUSINESS ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660
		BUSINESS PHONE:		949-720-6000

	MAIL ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO Dynamic Credit & Mortgage Income Fund
		CENTRAL INDEX KEY:			0001558629
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15248-15
		FILM NUMBER:		211100927

	BUSINESS ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-739-4000

	MAIL ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PIMCO Dynamic Credit Income Fund
		DATE OF NAME CHANGE:	20120920

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO Horseshoe Fund, LP
		CENTRAL INDEX KEY:			0001624109
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15248-02
		FILM NUMBER:		211100914

	BUSINESS ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660
		BUSINESS PHONE:		949-720-6000

	MAIL ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO Flexible Credit Income Fund
		CENTRAL INDEX KEY:			0001688554
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15248-37
		FILM NUMBER:		211100949

	BUSINESS ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		(844)337-4626

	MAIL ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO Flexible Municipal Income Fund
		CENTRAL INDEX KEY:			0001723701
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15248-36
		FILM NUMBER:		211100948

	BUSINESS ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		(844) 337-4626

	MAIL ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO Commercial Real Estate Debt Fund, L.P.
		CENTRAL INDEX KEY:			0001749523
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15248-07
		FILM NUMBER:		211100919

	BUSINESS ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660
		BUSINESS PHONE:		949-720-6000

	MAIL ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO Energy & Tactical Credit Opportunities Fund
		CENTRAL INDEX KEY:			0001756908
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15248-25
		FILM NUMBER:		211100937

	BUSINESS ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		(844) 312-2113

	MAIL ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO Red Stick Fund, L.P.
		CENTRAL INDEX KEY:			0001769131
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15248-32
		FILM NUMBER:		211100944

	BUSINESS ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660
		BUSINESS PHONE:		949-720-6000

	MAIL ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO ILS Fund SP I, A Segregated Portfolio of PIMCO ILS Series SPC
		CENTRAL INDEX KEY:			0001778560
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15248-29
		FILM NUMBER:		211100941

	BUSINESS ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660
		BUSINESS PHONE:		949-720-6000

	MAIL ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LVS III Holding LP
		CENTRAL INDEX KEY:			0001792718
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15248-12
		FILM NUMBER:		211100924

	BUSINESS ADDRESS:	
		STREET 1:		C/O PACIFIC INVESTMENT MGMT. COMPANY LLC
		STREET 2:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92600
		BUSINESS PHONE:		949-720-6000

	MAIL ADDRESS:	
		STREET 1:		C/O PACIFIC INVESTMENT MGMT. COMPANY LLC
		STREET 2:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92600

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO Dynamic Income Opportunities Fund
		CENTRAL INDEX KEY:			0001798618
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15248-11
		FILM NUMBER:		211100923

	BUSINESS ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		(844) 312-2113

	MAIL ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PIMCO Tactical Income Fund
		DATE OF NAME CHANGE:	20200102

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO ILS Fund SP II, A Segregated Portfolio of PIMCO ILS Series SPC
		CENTRAL INDEX KEY:			0001798640
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15248-45
		FILM NUMBER:		211100957

	BUSINESS ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660
		BUSINESS PHONE:		949-720-6000

	MAIL ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PHFS Residential Opportunities Offshore Fund, L.P.
		CENTRAL INDEX KEY:			0001810622
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15248-46
		FILM NUMBER:		211100958

	BUSINESS ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660
		BUSINESS PHONE:		949-720-6000

	MAIL ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO Flexible Emerging Markets Income Fund
		CENTRAL INDEX KEY:			0001851077
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15248-35
		FILM NUMBER:		211100947

	BUSINESS ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		844-312-2113

	MAIL ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO Absolute Return Strategy 3E Master Fund LDC
		CENTRAL INDEX KEY:			0001872409
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15248-08
		FILM NUMBER:		211100920

	BUSINESS ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660
		BUSINESS PHONE:		949-720-6000

	MAIL ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO Absolute Return Strategy V Master Fund LDC
		CENTRAL INDEX KEY:			0001872410
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15248-41
		FILM NUMBER:		211100953

	BUSINESS ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660
		BUSINESS PHONE:		949-720-6000

	MAIL ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO BRAVO Fund IV, L.P.
		CENTRAL INDEX KEY:			0001872438
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15248-13
		FILM NUMBER:		211100925

	BUSINESS ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660
		BUSINESS PHONE:		949-720-6000

	MAIL ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO Corporate Opportunities Fund III, L.P.
		CENTRAL INDEX KEY:			0001872439
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15248-30
		FILM NUMBER:		211100942

	BUSINESS ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660
		BUSINESS PHONE:		949-720-6000

	MAIL ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO BRAVO CRE Fund, L.P.
		CENTRAL INDEX KEY:			0001872443
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15248-26
		FILM NUMBER:		211100938

	BUSINESS ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660
		BUSINESS PHONE:		949-720-6000

	MAIL ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO DISCO Fund III LP
		CENTRAL INDEX KEY:			0001872444
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15248-18
		FILM NUMBER:		211100930

	BUSINESS ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660
		BUSINESS PHONE:		949-720-6000

	MAIL ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LVS IV Holding LP
		CENTRAL INDEX KEY:			0001872447
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15248-31
		FILM NUMBER:		211100943

	BUSINESS ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660
		BUSINESS PHONE:		949-720-6000

	MAIL ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LVS IV Holding SP LP
		CENTRAL INDEX KEY:			0001872450
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15248-27
		FILM NUMBER:		211100939

	BUSINESS ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660
		BUSINESS PHONE:		949-720-6000

	MAIL ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OCI III Holding LP
		CENTRAL INDEX KEY:			0001872456
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15248-47
		FILM NUMBER:		211100959

	BUSINESS ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660
		BUSINESS PHONE:		949-720-6000

	MAIL ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO BRAVO Fund III, L.P.
		CENTRAL INDEX KEY:			0001872474
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15248-34
		FILM NUMBER:		211100946

	BUSINESS ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660
		BUSINESS PHONE:		949-720-6000

	MAIL ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO Residential Opportunities Fund, L.P.
		CENTRAL INDEX KEY:			0001872475
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15248-33
		FILM NUMBER:		211100945

	BUSINESS ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660
		BUSINESS PHONE:		949-720-6000

	MAIL ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO Global Credit Opportunity Master Fund LDC
		CENTRAL INDEX KEY:			0001872780
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15248-44
		FILM NUMBER:		211100956

	BUSINESS ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660
		BUSINESS PHONE:		949-720-6000

	MAIL ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO Private Income Fund LP
		CENTRAL INDEX KEY:			0001872781
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15248-19
		FILM NUMBER:		211100931

	BUSINESS ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660
		BUSINESS PHONE:		949-720-6000

	MAIL ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO Absolute Return Strategy 3D Offshore Fund Ltd.
		CENTRAL INDEX KEY:			0001872782
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15248-09
		FILM NUMBER:		211100921

	BUSINESS ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660
		BUSINESS PHONE:		949-720-6000

	MAIL ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO Absolute Return Strategy IV Master Fund LDC
		CENTRAL INDEX KEY:			0001872783
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15248-43
		FILM NUMBER:		211100955

	BUSINESS ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660
		BUSINESS PHONE:		949-720-6000

	MAIL ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO Absolute Return Strategy 3 Master Fund LDC
		CENTRAL INDEX KEY:			0001872784
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15248-10
		FILM NUMBER:		211100922

	BUSINESS ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660
		BUSINESS PHONE:		949-720-6000

	MAIL ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Allianz PCREL US Debt S.A.
		CENTRAL INDEX KEY:			0001873191
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			N4

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15248-06
		FILM NUMBER:		211100918

	BUSINESS ADDRESS:	
		STREET 1:		14, BOULEVARD F. D. ROOSEVELT
		CITY:			LUXEMBOURG
		STATE:			N4
		ZIP:			L-2450
		BUSINESS PHONE:		949-720-6000

	MAIL ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO Absolute Return Strategy IV eFund
		CENTRAL INDEX KEY:			0001873244
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15248-01
		FILM NUMBER:		211100913

	BUSINESS ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660
		BUSINESS PHONE:		949-720-6000

	MAIL ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO Tactical Opportunities Master Fund Ltd.
		CENTRAL INDEX KEY:			0001873342
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15248-03
		FILM NUMBER:		211100915

	BUSINESS ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660
		BUSINESS PHONE:		949-720-6000

	MAIL ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALLIANZ DEBT INVESTMENTS SCSP SICAV-SIF
		CENTRAL INDEX KEY:			0001873376
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			N4

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15248-05
		FILM NUMBER:		211100917

	BUSINESS ADDRESS:	
		STREET 1:		10-12, BOULEVARD F.D. ROOSEVELT
		CITY:			LUXEMBOURG
		STATE:			N4
		ZIP:			L-2450
		BUSINESS PHONE:		949-720-6000

	MAIL ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO Commercial Real Estate Debt Fund II, L.P.
		CENTRAL INDEX KEY:			0001873451
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15248-04
		FILM NUMBER:		211100916

	BUSINESS ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660
		BUSINESS PHONE:		949-720-6000

	MAIL ADDRESS:	
		STREET 1:		650 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO STRATEGIC INCOME FUND, INC
		CENTRAL INDEX KEY:			0000916183
		IRS NUMBER:				943194834
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15248-38
		FILM NUMBER:		211100950

	BUSINESS ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212 739 4000

	MAIL ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PIMCO STRATEGIC GLOBAL GOVERNMENT FUND INC
		DATE OF NAME CHANGE:	20041005

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RCM STRATEGIC GLOBAL GOVERNMENT FUND INC
		DATE OF NAME CHANGE:	19931214
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-APP
<SEQUENCE>1
<FILENAME>d173504d40app.htm
<DESCRIPTION>40-APP
<TEXT>
<HTML><HEAD>
<TITLE>40-APP</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">File
<FONT STYLE="white-space:nowrap">No.&nbsp;812-[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT> </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>U.S.
SECURITIES AND EXCHANGE COMMISSION </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Washington, D.C. 20549 </P> <P STYLE="font-size:14pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">APPLICATION FOR AN ORDER UNDER
SECTIONS 17(d) AND 57(i) OF THE INVESTMENT COMPANY ACT OF 1940 AND RULE <FONT STYLE="white-space:nowrap">17d-1</FONT> THEREUNDER PERMITTING CERTAIN JOINT TRANSACTIONS OTHERWISE PROHIBITED BY SECTIONS 17(d) AND 57(a)(4) AND RULE <FONT
STYLE="white-space:nowrap">17d-1</FONT> </P> <P STYLE="font-size:14pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PCM FUND, INC. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO
CORPORATE&nbsp;&amp; INCOME OPPORTUNITY FUND </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO CORPORATE&nbsp;&amp; INCOME STRATEGY FUND </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO DYNAMIC CREDIT&nbsp;&amp; MORTGAGE INCOME FUND </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO DYNAMIC INCOME FUND </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO DYNAMIC INCOME OPPORTUNITIES FUND </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO ENERGY AND TACTICAL CREDIT OPPORTUNITIES FUND </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO GLOBAL STOCKSPLUS</B>&reg;<B></B><B>&nbsp;&amp; INCOME FUND</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO HIGH INCOME FUND </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO INCOME OPPORTUNITY FUND </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO INCOME STRATEGY FUND </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO INCOME STRATEGY FUND II </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO STRATEGIC INCOME FUND, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO FLEXIBLE CREDIT INCOME FUND </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO FLEXIBLE MUNICIPAL INCOME FUND </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO FLEXIBLE EMERGING MARKETS INCOME FUND </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO BRAVO FUND III, L.P. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>LVS III HOLDING LP </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO
BRAVO FUND IV, L.P. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>LVS IV HOLDING SP LP </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>LVS IV HOLDING LP </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO
BRAVO CRE FUND, L.P. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>ALLIANZ PCREL US DEBT S.A. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>ALLIANZ DEBT INVESTMENTS SCSP <FONT STYLE="white-space:nowrap">SICAV-SIF</FONT> &#150; AZ DEBT INVESTMENT FUND </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO COMMERCIAL REAL ESTATE LENDING FUND </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO COMMERCIAL REAL ESTATE DEBT FUND, L.P. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO COMMERCIAL REAL ESTATE DEBT FUND II, L.P. </B></P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO CORPORATE OPPORTUNITIES FUND III, L.P. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>OCI III HOLDING LP </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO
PRIVATE INCOME FUND LP </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO TACTICAL OPPORTUNITIES MASTER FUND LTD. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO HORSESHOE FUND, LP </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO RED STICK FUND, L.P. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO DISTRESSED SENIOR CREDIT OPPORTUNITIES FUND II, L.P. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO DISCO FUND III LP </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO RESIDENTIAL OPPORTUNITIES FUND, L.P. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PHFS RESIDENTIAL OPPORTUNITIES OFFSHORE FUND, L.P. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO ILS SERIES SPC, ON BEHALF OF AND FOR THE ACCOUNT OF PIMCO ILS FUND I </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO ILS SERIES SPC, ON BEHALF OF AND FOR THE ACCOUNT OF PIMCO ILS FUND II </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO GLOBAL CREDIT OPPORTUNITY MASTER FUND LDC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO ABSOLUTE RETURN STRATEGY 3 MASTER FUND LDC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO ABSOLUTE RETURN STRATEGY 3D OFFSHORE FUND LTD. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO ABSOLUTE RETURN STRATEGY 3E MASTER FUND LDC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>PIMCO ABSOLUTE RETURN STRATEGY IV MASTER FUND LDC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO ABSOLUTE RETURN STRATEGY IV IDF LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO ABSOLUTE RETURN STRATEGY IV EFUND </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO ABSOLUTE RETURN STRATEGY V MASTER FUND LDC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO INVESTMENTS LLC </B></P>
<P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>AND </B></P> <P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PACIFIC INVESTMENT
MANAGEMENT COMPANY LLC </B></P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">650 Newport Center Drive </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Newport Beach, CA 92660 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(949) <FONT
STYLE="white-space:nowrap">720-6000</FONT> </P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><I>All Communications, Notices and Orders to: </I></P>
<P STYLE="margin-top:20pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>David C. Flattum, Esq. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Global General Counsel </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>c/o Pacific Investment Management Company LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>650 Newport Center Drive </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Newport Beach, California 92660 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Telephone: (949) <FONT STYLE="white-space:nowrap">720-6134</FONT> </B></P>
<P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Ryan G. Leshaw, Esq. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Chief Legal Officer for the <FONT STYLE="white-space:nowrap">Closed-End</FONT> Funds </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>c/o Pacific Investment Management Company LLC </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-2- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>650 Newport Center Drive </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Newport Beach, California 92660 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Telephone: (949) <FONT STYLE="white-space:nowrap">720-6980</FONT> </B></P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><I>Copies to: </I></P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>David C.
Sullivan, Esq. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Michael G. Doherty, Esq. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Ropes&nbsp;&amp; Gray LLP </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Prudential Tower </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>800
Boylston Street </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Boston, Massachusetts 02199 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>david.sullivan@ropesgray.com </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>michael.doherty@ropesgray.com </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-3- </P>


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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%" VALIGN="top" ALIGN="left">I.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">SUMMARY OF APPLICATION </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Requested Relief</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The following entities identified in Section I.B below, hereby request an order (the &#147;<B><I>Order</I></B>&#148;) pursuant
to Sections 17(d) and 57(i) of the Investment Company Act of 1940, as amended (the &#147;<B><I>Act</I></B>&#148;),<SUP STYLE="font-size:85%; vertical-align:top">1</SUP> and Rule <FONT STYLE="white-space:nowrap">17d-1</FONT> thereunder<SUP
STYLE="font-size:85%; vertical-align:top">2</SUP>, authorizing certain joint transactions that otherwise would be prohibited by either or both of Sections 17(d) and 57(a)(4) as modified by the exemptive rules adopted by the U.S. Securities and
Exchange Commission (the &#147;<B><I>Commission</I></B>&#148;) under the Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In particular, the relief requested in this
application for an Order (the &#147;<B><I>Application</I></B>&#148;) would allow a Regulated Fund and one or more other Regulated Funds (as defined below) (including one or more BDC Downstream Funds (as defined below) or any Wholly-Owned Investment
Subs (as defined below) and/or one or more Affiliated Funds (each as defined below) to participate in the same investment opportunities through a proposed <FONT STYLE="white-space:nowrap">co-investment</FONT> program where such participation would
otherwise be prohibited under Section&nbsp;17(d) or Section&nbsp;57(a)(4) and the rules under the Act (the &#147;<B><I><FONT STYLE="white-space:nowrap">Co-</FONT> Investment Program</I></B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Applicants Seeking Relief</U> </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The following funds, each of which is a <FONT STYLE="white-space:nowrap">closed-end</FONT> management
investment company registered under the Act (the &#147;<B><I><FONT STYLE="white-space:nowrap">Closed-End</FONT> Funds</I></B>&#148;); </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="16%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">PCM Fund, Inc. (&#147;PCM&#148;); </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="16%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">PIMCO Corporate&nbsp;&amp; Income Opportunity Fund (&#147;PTY&#148;); </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="16%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">PIMCO Corporate&nbsp;&amp; Income Strategy Fund (&#147;PCN&#148;); </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="16%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">PIMCO Dynamic Credit&nbsp;&amp; Mortgage Income Fund (&#147;PCI&#148;); </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="16%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">PIMCO Dynamic Income Fund (&#147;PDI&#148;); </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="16%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">PIMCO Dynamic Income Opportunities Fund (&#147;PDO)&#148;; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="16%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">PIMCO Energy and Tactical Credit Opportunities Fund (&#147;NRGX&#148;); </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="16%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">PIMCO Global StocksPLUS<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP>&nbsp;&amp; Income Fund
(&#147;PGP&#148;); </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="16%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">PIMCO High Income Fund (&#147;PHK&#148;); </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="16%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">PIMCO Income Opportunity Fund (&#147;PKO&#148;); </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="16%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">PIMCO Income Strategy Fund (&#147;PFL&#148;); </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="16%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">PIMCO Income Strategy Fund II (&#147;PFN&#148;); </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="16%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">PIMCO Strategic Income Fund, Inc. (&#147;RCS&#148;); </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The following funds, each of which is a <FONT STYLE="white-space:nowrap">closed-end</FONT> management
investment company registered under the Act and is operated as an &#147;interval fund&#148; pursuant to Rule <FONT STYLE="white-space:nowrap">23c-3</FONT> under the Act (the &#147;<B><I>Interval Funds</I></B>&#148; and, together with the <B><I><FONT
STYLE="white-space:nowrap">Closed-End</FONT> Funds</I></B>, the &#147;<B><I>Funds</I></B>&#148;); </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="16%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">PIMCO Flexible Credit Income Fund (&#147;PFLEX&#148;); </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:26%">&nbsp;</P>
<P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP> Unless otherwise indicated, all section references herein are to the Act. </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP> Unless otherwise indicated, all rule references herein are to rules under the Act. </P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="16%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">PIMCO Flexible Municipal Income Fund (&#147;PMFLX &#148;); </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="16%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">PIMCO Flexible Emerging Markets Income Fund (&#147;EMFLX&#148;); </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The investment vehicles identified in <U>Schedule A</U>, on behalf of themselves and their successors, each of
which is a separate and distinct legal entity and each of which would be an investment company but for Section&nbsp;3(c)(1) or 3(c)(7) of the Act (the &#147;<B><I>Existing Affiliated Funds</I></B>&#148;); </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">PIMCO Investments LLC (the &#147;<B><I>Distributor</I></B>&#148;), a wholly-owned subsidiary of PIMCO that is
registered with the Commission as a broker-dealer under the Securities Exchange Act of 1934, as amended (the &#147;<B><I>Exchange Act</I></B>&#148;); and </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Pacific Investment Management Company LLC, the investment adviser to the Funds and the investment adviser to
each Existing Affiliated Fund (&#147;<B><I>PIMCO</I></B><I>&#148; </I>and, together with the Funds, the Existing Affiliated Funds and the Distributor, the &#147;<B><I>Applicants</I></B>&#148;) on behalf of itself and its successors.<SUP
STYLE="font-size:85%; vertical-align:top">3</SUP> </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Applicants do not seek relief for transactions that
would be permitted under other regulatory or interpretive guidance, including, for example, transactions effected consistent with Commission staff <FONT STYLE="white-space:nowrap">no-action</FONT> positions.<SUP
STYLE="font-size:85%; vertical-align:top">4</SUP> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All existing entities that currently intend to rely on the Order have
been named as Applicants and any existing or future entities that may rely on the Order in the future will comply with the terms and conditions of the Application. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Defined Terms</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B><I>Adviser</I></B>&#148; means PIMCO and any other investment adviser together with any future investment adviser
that is (i)&nbsp;controlled by PIMCO or is controlled by a successor in interest to PIMCO&#146;s advisory business, (ii)&nbsp;registered as an investment adviser under the Investment Advisers Act of 1940 (the &#147;Advisers Act&#148;) and
(iii)&nbsp;not a Regulated Fund or a subsidiary of a Regulated Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B><I>Affiliated Fund</I></B>&#148; means the
Existing Affiliated Funds, any Future Affiliated Fund, any PIMCO Proprietary Account or any Capital Markets Affiliate (each as defined below). No Existing Affiliated Fund is a BDC Downstream Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B><I>BDC</I></B>&#148; means a business development company under the Act. Section&nbsp;2(a)(48) defines a BDC to be
any <FONT STYLE="white-space:nowrap">closed-end</FONT> investment company that operates for the purpose of making investments in securities described in Section&nbsp;55(a)(1) through 55(a)(3) and makes available significant managerial assistance
with respect to the issuers of such securities. </P> <P STYLE="font-size:36pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:26%">&nbsp;</P>
<P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><SUP STYLE="font-size:85%; vertical-align:top">3</SUP> The term successor, as applied to each Adviser, means an entity which results from a
reorganization into another jurisdiction or change in the type of business organization. </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><SUP STYLE="font-size:85%; vertical-align:top">4</SUP> <I>See</I> the JT <FONT STYLE="white-space:nowrap">No-Action</FONT> Letters (as defined
below). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-2- </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B><I>BDC Downstream Fund</I></B>&#148; means, with respect to any
Regulated Fund that is a BDC, an entity (i)&nbsp;that the BDC directly or indirectly controls, (ii)&nbsp;that is not controlled by any person other than the BDC (except a person that indirectly controls the entity solely because it controls the
BDC), (iii) that would be an investment company but for Section&nbsp;3(c)(1) or 3(c)(7) of the Act, (iv)&nbsp;whose investment adviser (and <FONT STYLE="white-space:nowrap">sub-adviser(s),</FONT> if any) are an Adviser, (v)&nbsp;that is not a
Wholly-Owned Investment Sub, and (vi)&nbsp;that intends to participate in the <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Program. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B><I>Board</I></B>&#148; means (i)&nbsp;with respect to a Regulated Fund other than a BDC Downstream Fund, the board of
trustees or directors (or the equivalent) of the applicable Regulated Fund and (ii)&nbsp;with respect to a BDC Downstream Fund, the Independent Party (as defined below) of the BDC Downstream Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B><I>Board-Established Criteria</I></B>&#148; means criteria that the Board of a Regulated Fund may establish from time
to time to describe the characteristics of Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions regarding which the Adviser to such Regulated Fund should be notified under Condition 1. The Board-Established Criteria will be
consistent with the Regulated Fund&#146;s Objectives and Strategies (defined below). If no Board-Established Criteria are in effect, then the Regulated Fund&#146;s Adviser will be notified of all Potential
<FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions that fall within the Regulated Fund&#146;s then-current Objectives and Strategies. Board-Established Criteria will be objective and testable, meaning that they will be based on
observable information, such as capital structure position, type of debt (e.g., secured vs. unsecured), credit performance (e.g., performing vs. <FONT STYLE="white-space:nowrap">non-performing),</FONT> industry/sector of the issuer, minimum EBITDA
of the issuer, asset class of the investment opportunity or required commitment size, and not on characteristics that involve a discretionary assessment. The Adviser to the Regulated Fund may from time to time recommend criteria for the Board&#146;s
consideration, but Board-Established Criteria will only become effective if approved by a majority of the Independent Trustees (defined below). The Independent Trustees of a Regulated Fund may at any time rescind, suspend or qualify its approval of
any Board-Established Criteria, though Applicants anticipate that, under normal circumstances, the Board would not modify these criteria more often than quarterly. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B><I>Capital Markets Affiliate</I></B>&#148; means any PIMCO Broker-Dealer Subsidiary (defined below). Each Capital
Markets Affiliate may, from time to time, hold various financial assets in a principal capacity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B><I>Close
Affiliate</I></B>&#148; means the Adviser, the Regulated Funds, the Affiliated Funds and any other person described in Section&nbsp;57(b) (after giving effect to Rule <FONT STYLE="white-space:nowrap">57b-1)</FONT> in respect of any Regulated Fund
(treating any registered investment company or series thereof as a BDC for this purpose) except for limited partners included solely by reason of the reference in Section&nbsp;57(b) to Section&nbsp;2(a)(3)(D). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B><I><FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction</I></B>&#148; means any transaction in which one
or more Regulated Funds (or its Wholly-Owned Investment Sub (defined below)) participated together with one or more Affiliated Funds and/or one or more other Regulated Funds in reliance on the Order. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B><I>Disposition</I></B>&#148; means the sale, exchange or other disposition of an interest in a security of an issuer.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-3- </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B><I>Eligible Trustees</I></B>&#148; means, with respect to a Regulated
Fund and a Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction, the members of the Regulated Fund&#146;s Board eligible to vote on that Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction under
Section&nbsp;57(o) of the Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:1%; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B><I>Existing PIMCO Broker-Dealer Subsidiary</I></B>&#148; means
the Distributor. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:1%; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B><I><FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment</I></B>&#148;
means an additional investment in the same issuer, including, but not limited to, through the exercise of warrants, conversion privileges or other rights to purchase securities of the issuer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:1%; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B><I>Future Affiliated Fund</I></B>&#148; means any entity (a)&nbsp;whose investment adviser (and <FONT
STYLE="white-space:nowrap">sub-adviser(s),</FONT> if any) is an Adviser, (b)&nbsp;that (x) would be an investment company but for Section&nbsp;3(c)(1), 3(c)(5)(C) or 3(c)(7) of the Act, (y)&nbsp;relies on Rule
<FONT STYLE="white-space:nowrap">3a-7</FONT> under the Act, or (z)&nbsp;is an advisory account other than a pooled investment vehicle, (c)&nbsp;that intends to participate in the <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Program, and
(d)&nbsp;that is not a BDC Downstream Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:1%; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B><I>Future Regulated Fund</I></B>&#148; means a <FONT
STYLE="white-space:nowrap">closed-end</FONT> management investment company (a)&nbsp;that is registered under the Act or has elected to be regulated as a BDC; (b)&nbsp;whose investment adviser (and
<FONT STYLE="white-space:nowrap">sub-adviser(s),</FONT> if any) is an Adviser; and (c)&nbsp;that intends to participate in the <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Program. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:1%; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B><I>Independent Party</I></B>&#148; means, with respect to a BDC Downstream Fund, (i)&nbsp;if the BDC
Downstream Fund has a board of directors (or the equivalent), the board or (ii)&nbsp;if the BDC Downstream Fund does not have a board of directors (or the equivalent), a transaction committee or advisory committee of the BDC Downstream Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:1%; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B><I>Independent Trustee</I></B>&#148; means a member of the Board of any relevant entity who is not an
&#147;interested person&#148; as defined in Section&nbsp;2(a)(19) of the Act. No Independent Trustee of a Regulated Fund (including any <FONT STYLE="white-space:nowrap">non-interested</FONT> member of an Independent Party) will have a direct or
indirect financial interest in any <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction, other than indirectly through share ownership in one of the Regulated Funds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B><I>JT <FONT STYLE="white-space:nowrap">No-Action</FONT> Letters</I></B>&#148; means SMC Capital, Inc., SEC <FONT
STYLE="white-space:nowrap">No-Action</FONT> Letter (pub. avail. Sept. 5, 1995) and Massachusetts Mutual Life Insurance Company, SEC <FONT STYLE="white-space:nowrap">No-Action</FONT> Letter (pub. avail. June&nbsp;7, 2000). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B><I>Objectives and Strategies</I></B>&#148; means (i)&nbsp;with respect to any Regulated Fund other than a BDC
Downstream Fund, its investment objectives and strategies, as described in its most current registration statement on Form <FONT STYLE="white-space:nowrap">N-2,</FONT> other current filings with the Commission under the Securities Act of 1933 (the
&#147;<B><I>Securities Act</I></B>&#148;) or under the Exchange Act, and its most current report to stockholders, and (ii)&nbsp;with respect to any BDC Downstream Fund, those investment objectives and strategies described in its disclosure documents
(including private placement memoranda and reports to equity holders) and organizational documents (including operating agreements). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B><I>PIMCO Broker-Dealer Subsidiary</I></B>&#148; means (a)(i) any Existing PIMCO Broker-Dealer Subsidiary (defined
above) and (ii)&nbsp;any entity that (x)&nbsp;is a wholly- or majority-owned subsidiary </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-4- </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
of PIMCO and (y)&nbsp;is registered or authorized as a broker-dealer or its foreign equivalent, and (b)&nbsp;any entity that is a wholly-owned subsidiary of an entity described in the preceding
clause (a). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B><I>PIMCO Proprietary Account</I></B>&#148; means any account of the Adviser or its affiliates or any
company that is a direct or indirect, wholly- or majority-owned subsidiary of the Adviser or its affiliates, which, from time to time, may hold various financial assets in a principal capacity. For the avoidance of doubt, &#147;PIMCO Proprietary
Account&#148; includes accounts of Allianz SE or its subsidiaries. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B><I>Potential
<FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction</I></B>&#148; means any investment opportunity in which a Regulated Fund (or its Wholly-Owned Investment Sub) could not participate together with one or more Affiliated Funds and/or
one or more other Regulated Funds without obtaining and relying on the Order. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B><I><FONT STYLE="white-space:nowrap">Pre-Boarding</FONT> Investments</I></B>&#148; are investments in an issuer held
by a Regulated Fund as well as one or more Affiliated Funds and/or one or more other Regulated Funds that were acquired prior to participating in any <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">in transactions in which the only term negotiated by or on behalf of such funds was price in reliance on one
of the JT <FONT STYLE="white-space:nowrap">No-Action</FONT> Letters; or </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">in transactions occurring at least 90 days apart and without coordination between the Regulated Fund and any
Affiliated Fund or other Regulated Fund. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B><I>Regulated Funds</I></B>&#148; means the Funds, any
Future Regulated Funds, and the BDC Downstream Funds. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B><I>Related Party</I></B>&#148; means (i)&nbsp;any Close
Affiliate and (ii)&nbsp;in respect of matters as to which any Adviser has knowledge, any Remote Affiliate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B><I>Remote Affiliate</I></B>&#148; means any person described in Section&nbsp;57(e) in respect of any Regulated Fund
(treating any registered investment company or series thereof as a BDC for this purpose) and any limited partner holding 5% or more of the relevant limited partner interests that would be a Close Affiliate but for the exclusion in that definition.
For the avoidance of doubt, Allianz SE and any persons controlled by Allianz SE (except for an Adviser and any persons controlled by an Adviser) will be considered Remote Affiliates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B><I>Required Majority</I></B>&#148; means a required majority, as defined in Section&nbsp;57(o) of the Act.<SUP
STYLE="font-size:85%; vertical-align:top">5</SUP> </P> <P STYLE="font-size:36pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:26%">&nbsp;</P>
<P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><SUP STYLE="font-size:85%; vertical-align:top">5</SUP> In the case of a Regulated Fund that is a registered
<FONT STYLE="white-space:nowrap">closed-end</FONT> fund, the Board members that make up the Required Majority will be determined as if the Regulated Fund were a BDC subject to 57(o). In the case of a BDC Downstream Fund with a board of directors (or
the equivalent), the members that make up the Required Majority will be determined as if the BDC Downstream Fund were a BDC subject to Section&nbsp;57(o). In the case of a BDC Downstream Fund with a transaction committee or advisory committee, the
committee members that make up the Required Majority will be determined as if the BDC Downstream Fund were a BDC subject to Section&nbsp;57(o) and as if the committee members were directors of the fund. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-5- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B><I>Tradable Security</I></B>&#148; means a security that meets the
following criteria at the time of Disposition: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">it trades on a national securities exchange or designated offshore securities market as defined in rule
902(b) under the Securities Act; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">it is not subject to restrictive agreements with the issuer or other security holders; and
</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">it trades with sufficient volume and liquidity (findings as to which are documented by the Advisers to any
Regulated Funds holding investments in the issuer and retained for the life of the Regulated Fund) to allow each Regulated Fund to dispose of its entire position remaining after the proposed Disposition within a short period of time not exceeding 30
days at approximately the value (as defined by Section&nbsp;2(a)(41) of the Act) at which the Regulated Fund has valued the investment. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B><I>Wholly-Owned Investment Sub</I></B>&#148; means an entity (i)&nbsp;that is wholly-owned by a Regulated Fund (with
such Regulated Fund at all times holding, beneficially and of record, 95% or more of the voting and economic interests); (ii) whose sole business purpose is to hold one or more investments and/or issue debt on behalf or in lieu of such Regulated
Fund (and, in the case of an SBIC Subsidiary (defined below), maintains a license under the SBA Act (defined below) and issues debentures guaranteed by the SBA (defined below)); (iii) with respect to which such Regulated Fund&#146;s Board has the
sole authority to make all determinations with respect to the entity&#146;s participation under the Conditions (as defined below) to this application; and (iv)&nbsp;(A) either (a) that would be an investment company but for Section&nbsp;3(c)(1),
3(c)(5)(C) or 3(c)(7) of the Act or (b)&nbsp;relies on Rule <FONT STYLE="white-space:nowrap">3a-7</FONT> under the Act, or (B)&nbsp;that qualifies as a real estate investment trust (&#147;<B><I>REIT</I></B>&#148;) within the meaning of
Section&nbsp;856 of the Internal Revenue Code of 1986, as amended (&#147;<B><I>Code</I></B>&#148;), because substantially all of its assets would consist of real properties. The term &#147;<B><I>SBIC Subsidiary</I></B>&#148; means a Wholly-Owned
Investment Sub that is licensed by the Small Business Administration (the &#147;<B><I>SBA</I></B>&#148;) to operate under the Small Business Investment Act of 1958, as amended, (the &#147;<B><I>SBA Act</I></B>&#148;) as a small business investment
company. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="8%" VALIGN="top" ALIGN="left">II.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">GENERAL DESCRIPTION OF APPLICANTS </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>The Fund</U><U>s</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Each <FONT STYLE="white-space:nowrap">Closed-End</FONT> Fund, except for PCM and RCS, was organized as a Massachusetts
business trust. PCM and RCS were organized as Maryland corporations. Each <FONT STYLE="white-space:nowrap">Closed-End</FONT> Fund is a <FONT STYLE="white-space:nowrap">closed-end</FONT> management investment company registered under the Act. Each <FONT
STYLE="white-space:nowrap">Closed-End</FONT> Fund intends to qualify annually as a regulated investment company under <FONT STYLE="white-space:nowrap">Sub-Chapter</FONT> M of the Code. PCM&#146;s primary investment objective is to achieve high
current income, with capital gain from the disposition of investments as a secondary objective. PTY&#146;s investment objective is to seek maximum total return through a combination of current income and capital appreciation. PCN&#146;s primary
investment objective is to seek high current income, with capital preservation and appreciation are secondary objectives. Each of PCI, PDI and PDO seek current income as a primary objective and capital appreciation as a secondary objective.
NRGX&#146;s primary investment objective is to seek total return, with a secondary objective to seek to provide high current income. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-6- </P>


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PGP&#146;s investment objective is to seek total return comprised of current income, current gains and long-term capital appreciation. PHK&#146;s primary investment objective is to seek high
current income, with capital appreciation as a secondary objective. PKO&#146;s investment objective is to seek current income as a primary focus and also capital appreciation. Each of PFL&#146;s and PFN&#146;s primary investment objective is to seek
high current income, consistent with the preservation of capital. RCS&#146;s primary investment objective is to generate a level of income that is higher than that generated by high quality, intermediate-term U.S. debt securities. RCS also seeks
capital appreciation to the extent consistent with its primary investment objective. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Each Interval Fund was organized as
a Massachusetts business trust. Each Interval Fund is a <FONT STYLE="white-space:nowrap">closed-end</FONT> management investment company registered under the Act and operates as an &#147;interval fund&#148; pursuant to Rule <FONT
STYLE="white-space:nowrap">23c-3</FONT> under the Act. Each Interval Fund intends to qualify annually as a regulated investment company under <FONT STYLE="white-space:nowrap">Sub-Chapter</FONT> M of the Code. The investment objective of PFLEX is to
seek to provide attractive risk-adjusted returns and current income. The investment objective of PMFLX is to seek to provide high current income exempt from federal income tax, with capital appreciation as a secondary objective. The investment
objective of EMFLX is to seek to provide attractive risk-adjusted returns and current income. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Each Fund&#146;s principal
place of business is 1633 Broadway, New York, New York 10019. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Each Fund is managed under the direction of a board (the
&#147;Board&#148;), of which a majority of members are not &#147;interested&#148; persons of the Funds within the meaning of Section&nbsp;2(a)(19).<SUP STYLE="font-size:85%; vertical-align:top">6</SUP> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>The Existing Affiliated Funds</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Existing Affiliated Funds are investment funds each of whose investment adviser is PIMCO and each of which would be an
investment company but for Section&nbsp;3(c)(1) or 3(c)(7) of the Act.<SUP STYLE="font-size:85%; vertical-align:top">7</SUP> A list of the Existing Affiliated Funds is included in <U>Schedule A</U> hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>PIMCO</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">PIMCO serves as the investment adviser of the Funds and the investment adviser to the Existing Affiliated Funds (other than
the Capital Markets Affiliates), respectively, and either they or another Adviser will serve as the investment adviser to any Future Regulated Fund. PIMCO is a Delaware limited liability company and is a registered investment adviser with the
Commission under the Advisers Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The PIMCO Proprietary Accounts will hold various financial assets in a principal
capacity. PIMCO and its affiliates may operate through wholly- or majority-owned subsidiaries. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Under the terms of an
investment advisory agreement with the Funds and the Affiliated Funds, respectively, PIMCO, among other things, manages the investment portfolio, directs </P> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:29%">&nbsp;</P> <P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><SUP
STYLE="font-size:85%; vertical-align:top">6</SUP> The Board of each Future Regulated Fund will consist of a majority of members who are not &#147;interested persons&#148; of such Future Regulated Fund within the meaning of Section&nbsp;2(a)(19) of
the Act. </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><SUP STYLE="font-size:85%; vertical-align:top">7</SUP> In the future, each Affiliated Fund may register as a <FONT
STYLE="white-space:nowrap">closed-end</FONT> management investment company under the Act and, if so registered, will be considered a Regulated Fund for purposes of this Application. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-7- </P>


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purchases and sales of portfolio securities and reports thereon to the Funds&#146; or Affiliated Funds&#146;, as applicable, officers and board regularly. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>The Distributor</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Distributor, a limited liability company formed under the laws of the State of Delaware, is a wholly-owned subsidiary of
PIMCO through which PIMCO conducts U.S.-based marketing and fundraising activities. The Distributor acts as a private placement agent with respect to the offer and sale of interests in privately offered funds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Distributor is registered as a broker-dealer with the Commission and is a member of the Financial Industry Regulatory
Authority. It is also registered as a broker-dealer in all 50 states, the District of Columbia, the Commonwealth of Puerto Rico and the Virgin Islands. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="8%" VALIGN="top" ALIGN="left">III.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">ORDER REQUESTED </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Applicants respectfully request an Order of the Commission under Sections 17(d) and 57(i) and Rule <FONT
STYLE="white-space:nowrap">17d-1</FONT> thereunder to permit, subject to the terms and conditions set forth below in this Application (the &#147;<B><I>Conditions</I></B>&#148;), a Regulated Fund and one or more other Regulated Funds and/or one or
more Affiliated Funds to enter into <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions with each other. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Regulated Funds and the Affiliated Funds seek relief to enter into <FONT STYLE="white-space:nowrap">Co-Investment</FONT>
Transactions because such <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions would otherwise be prohibited by either or both of Section&nbsp;17(d) or Section&nbsp;57(a)(4) and the Rules under the Act. This Application seeks relief in
order to (i)&nbsp;enable the Regulated Funds and Affiliated Funds to avoid, among other things, the practical commercial and/or economic difficulties of trying to structure, negotiate and persuade counterparties to enter into transactions while
awaiting the granting of the relief requested in individual applications with respect to each <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction that arises in the future and (ii)&nbsp;enable the Regulated Funds and the Affiliated
Funds to avoid the significant legal and other expenses that would be incurred in preparing such individual applications. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Similar to the standard precedent used for the majority of <FONT STYLE="white-space:nowrap">co-investment</FONT> applications
(the &#147;<B><I>Standard Precedent</I></B><I>&#148;</I>), Applicants seek relief that would permit <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions in the form of initial investments,
<FONT STYLE="white-space:nowrap">Follow-On</FONT> Investments and Dispositions of investments in an issuer. In these cases, the terms and Conditions of this Application would govern the entire lifecycle of an investment with respect to a particular
issuer, including both the initial investment and any subsequent transactions. Unlike the Standard Precedent, Applicants also seek the ability to make <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investments and Dispositions in issuers where
the Regulated Funds and Affiliated Funds did not make their initial investments in reliance on the Order. Applicants seek this flexibility because the Regulated Funds and Affiliated Funds may, at times, invest in the same issuer without engaging in
a prohibited joint transaction but then find that subsequent transactions with that issuer would be prohibited under the Act. Through the proposed &#147;onboarding process,&#148; discussed below, Applicants would, under certain circumstances, be
permitted to rely on the Order to complete subsequent <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions. In Section A.1. below, Applicants first discuss the overall investment process that would apply to initial investments under
the Order as well as subsequent transactions with issuers. In Sections A.3. and A.4. below, Applicants discuss </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-8- </P>


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additional procedures that apply to <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investments and Dispositions, including the onboarding process that applies when initial investments were
made without relying on the Order. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Overview</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Adviser is presented with a substantial number of investment opportunities each year on behalf of its clients and must
determine how to allocate those opportunities in a manner that, over time, is fair and equitable to all of its clients, and without violating the prohibitions on joint transactions included in Rule <FONT STYLE="white-space:nowrap">17d-1</FONT> and
Section&nbsp;57(a)(4) of the Act. Such investment opportunities may be Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Applicants discuss the need for the requested relief in greater detail in Section III.C below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Applicants represent that the Adviser has established rigorous processes for allocating initial investment opportunities,
opportunities for subsequent investment in an issuer and dispositions of securities holdings reasonably designed to treat all clients fairly and equitably. As discussed below, these processes will be extended and modified in a manner reasonably
designed to ensure that the additional transactions permitted under the Order will both (i)&nbsp;be fair and equitable to the Regulated Funds and Affiliated Funds and (ii)&nbsp;comply with the Conditions contained in the Order. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>The Investment Process</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The investment process consists of three stages: (i)&nbsp;the identification and consideration of investment opportunities
(including <FONT STYLE="white-space:nowrap">follow-on</FONT> investment opportunities); (ii) order placement and allocation; and (iii)&nbsp;consideration by each applicable Regulated Fund&#146;s Board when a Potential
<FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction is being considered by one or more Regulated Funds, as provided by the Order. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Identification and Consideration of
Investment Opportunities</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">PIMCO is, and each of the Future Advisers will be, organized and managed such that the
individual portfolio managers, as well as the teams and committees of portfolio managers, analysts and senior management (&#147;<B><I>Investment Teams</I></B>&#148; and &#147;<B><I>Investment Committees</I></B>&#148;),<SUP
STYLE="font-size:85%; vertical-align:top">8</SUP> responsible for evaluating investment opportunities and making investment decisions on behalf of clients are promptly notified of the opportunities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Opportunities for Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions may arise when investment
advisory personnel of an Adviser or a Capital Markets Affiliate become aware of investment opportunities that may be appropriate for one or more Regulated Funds and one or more Affiliated Funds. If the requested Order is granted, the Adviser will
establish, maintain and implement policies and procedures reasonably designed to ensure that, when such opportunities arise, the Adviser to the relevant Regulated Funds is promptly notified and receives the same information about the opportunity as
any other Adviser considering the opportunity for its clients or as any </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:26%">&nbsp;</P> <P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><SUP
STYLE="font-size:85%; vertical-align:top">8</SUP> Investment Teams and Investment Committees responsible for an area of investment may include portfolio managers, analysts and senior management from one or more of the Advisers. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-9- </P>


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Capital Markets Affiliates considering the opportunity for themselves. In particular, consistent with Condition 1, if a Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction
falls within the then-current Objectives and Strategies and any Board-Established Criteria of a Regulated Fund, the policies and procedures will require that the Adviser to such Regulated Fund receive sufficient information to allow the Regulated
Fund&#146;s Adviser to make its independent determination and recommendations under Conditions 1, 2(a), 6, 7, 8 and 9 (as applicable)<SUP STYLE="font-size:85%; vertical-align:top">9</SUP>. In addition, the policies and procedures will specify the
individuals or roles responsible for carrying out the policies and procedures, including ensuring that the Adviser receive such information. After receiving notification of a Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT>
Transaction under Condition 1(a), the Adviser to each applicable Regulated Fund will then make an independent determination of the appropriateness of the investment for the Regulated Fund in light of the Regulated Fund&#146;s then-current
circumstances. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Applicants acknowledge that the Capital Markets Affiliates are not funds advised by the Adviser
because they are PIMCO Broker-Dealer Subsidiaries, which are regulated broker-dealers or their foreign equivalents or the wholly-owned subsidiaries of such regulated entities. The Applicants do not believe that the participation of the Capital
Markets Affiliates in <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions would raise any regulatory or mechanical concerns different from those discussed with respect to the Affiliated Funds generally. With respect to Potential <FONT
STYLE="white-space:nowrap">Co-Investment</FONT> Transactions within a Regulated Fund&#146;s Objectives and Strategies and Board-Established Criteria that are considered by a Capital Markets Affiliate that is a PIMCO Broker-Dealer Subsidiary, such
Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions will be referred to the Adviser of the Regulated Funds by the PIMCO Broker-Dealer Subsidiary to ensure that Condition 1(a) will be satisfied. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Applicants represent that, if the requested Order is granted, the investment advisory personnel of the Adviser to the
Regulated Funds will be charged with making sure they identify, and participate in this process with respect to, each investment opportunity that falls within the Objectives and Strategies and Board-Established Criteria of each Regulated Fund.
Applicants assert that the Adviser&#146;s allocation policies and procedures are structured so that the relevant investment advisory personnel for each Regulated Fund will be promptly notified of all Potential
<FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions that fall within the then current Objectives and Strategies and Board Established Criteria of such Regulated Fund and that the Advisers will undertake to perform these duties
regardless of whether the Advisers will serve as investment adviser or <FONT STYLE="white-space:nowrap">sub-adviser</FONT> to a Regulated Fund or Affiliated Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Order Placement and Allocation</U> </P>
<P STYLE="margin-top:14pt; margin-bottom:0pt; margin-left:16%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>General</U>. If the Adviser to a Regulated
Fund deems the Regulated Fund&#146;s participation in any Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction to be appropriate, it will formulate a recommendation regarding the proposed order </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:26%">&nbsp;</P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><SUP STYLE="font-size:85%; vertical-align:top">9</SUP> Representatives from each Adviser to a Regulated Fund are members of each Investment
Team or Investment Committee, or are otherwise entitled to participate in each meeting of any Investment Team or Investment Committee, that is expected to approve or reject recommended investment opportunities falling within its Regulated
Funds&#146; Objectives and Strategies and Board-Established Criteria. Accordingly, the policies and procedures may provide, for example, that the Adviser will receive the information required under Condition 1 in conjunction with its
representatives&#146; participation in the relevant Investment Team or Investment Committee. The Investment Teams and Investment Committees will keep minutes of their meetings, and such minutes will include reference to the specific opportunities
considered at the meeting. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-10- </P>


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amount for the Regulated Fund. In doing so, the Adviser may consider such factors, among others, as investment guidelines, issuer, industry and geographical concentration, availability of cash
and other opportunities for which cash is needed, tax considerations, leverage covenants, regulatory constraints (such as requirements under the Act), investment horizon, potential liquidity needs, and the Regulated Fund&#146;s risk concentration
policies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Allocation Procedure</U>.
For each Regulated Fund and Affiliated Fund whose Adviser recommends participating in a Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction, the Adviser will approve an investment amount to be allocated to each Regulated Fund
and/or Affiliated Fund participating in the Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction. Prior to the External Submission (as defined below), each proposed order amount may be reviewed and adjusted, in accordance with
the Adviser&#146;s written allocation policies and procedures.<SUP STYLE="font-size:85%; vertical-align:top">10</SUP> The order of a Regulated Fund or Affiliated Fund resulting from this process is referred to as its &#147;<B><I>Internal
Order</I></B>&#148;. The Internal Order will be submitted for approval by the Required Majority of any participating Regulated Funds in accordance with the Conditions and as discussed in Section III.A.1(c) below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">If the aggregate Internal Orders for a Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT>
Transaction do not exceed the size of the investment opportunity immediately prior to the submission of the orders to the underwriter, broker, dealer or issuer, as applicable (the &#147;<B><I>External Submission</I></B>&#148;), then each Internal
Order will be fulfilled as placed. If, on the other hand, the aggregate Internal Orders for a Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction exceed the size of the investment opportunity immediately prior to the External
Submission, then the allocation of the opportunity will be made pro rata on the basis of the size of the Internal Orders.<SUP STYLE="font-size:85%; vertical-align:top">11</SUP> If, subsequent to such External Submission, the size of the opportunity
is increased or decreased, or if the terms of such opportunity, or the facts and circumstances applicable to the Regulated Funds&#146; or the Affiliated Funds&#146; consideration of the opportunity, change, the participants will be permitted to
submit revised Internal Orders in accordance with written allocation policies and procedures that the Advisers will establish, implement and maintain. The Board of the Regulated Fund will then either approve or disapprove of the investment
opportunity in accordance with Condition 2, 6, 7, 8 or 9, as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance</U>. Applicants represent
that the Advisers&#146; allocation review process will be a robust process designed as part of their overall compliance policies and procedures to ensure that every client is treated fairly and that the Advisers are following their allocation
policies. The entire allocation </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:26%">&nbsp;</P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><SUP STYLE="font-size:85%; vertical-align:top">10</SUP> The reason for any such adjustment to a proposed order amount will be documented in
writing and preserved in the records of the Advisers. </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><SUP STYLE="font-size:85%; vertical-align:top">11</SUP> Each Adviser will maintain
records of all proposed order amounts, Internal Orders and External Submissions in conjunction with Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions. Each applicable Adviser will provide the Eligible Trustees with
information concerning the Affiliated Funds&#146; and Regulated Funds&#146; order sizes to assist the Eligible Trustees with their review of the applicable Regulated Fund&#146;s investments for compliance with the Conditions. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-11- </P>


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process will be monitored and reviewed by the compliance team, led by the chief compliance officer, and approved by the Board of each Regulated Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Approval of Potential <FONT
STYLE="white-space:nowrap">Co-Investment</FONT> Transactions</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">A Regulated Fund will enter into a Potential <FONT
STYLE="white-space:nowrap">Co-Investment</FONT> Transaction with one or more other Regulated Funds and/or one or more Affiliated Funds only if, prior to the Regulated Fund&#146;s participation in the Potential
<FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction, the Required Majority approves it in accordance with the Conditions of this Order. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In the case of a BDC Downstream Fund with an Independent Party consisting of a transaction committee or advisory committee,
the individuals on the committee would possess experience and training comparable to that of the directors of the parent Regulated Fund and sufficient to permit them to make informed decisions on behalf of the applicable BDC Downstream Fund.
Applicants represent that the Independent Parties of the BDC Downstream Funds would be bound (by law or by contract) by fiduciary duties comparable to those applicable to the directors of the parent Regulated Fund, including a duty to act in the
best interests of their respective funds when approving transactions. These duties would apply in the case of all Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions, including transactions that could present a conflict of
interest. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Further, Applicants believe that the existence of differing routes of approval between the BDC Downstream Funds
and other Regulated Funds would not result in Applicants investing through the BDC Downstream Funds in order to avoid obtaining the approval of a Regulated Fund&#146;s Board. Each Regulated Fund and BDC Downstream Fund has its own Objectives and
Strategies and may have its own Board-Established Criteria, the implementation of which depends on the specific circumstances of the entity&#146;s portfolio at the time an investment opportunity is presented. As noted above, consistent with its duty
to its BDC Downstream Funds, the Independent Party must reach a conclusion on whether or not an investment is in the best interest of its relevant BDC Downstream Funds. An investment made solely to avoid an approval requirement at the Regulated Fund
level should not be viewed as in the best interest of the entity in question and, thus, would not be approved by the Independent Party. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">A Regulated Fund may participate in Pro Rata Dispositions (defined below) and Pro Rata
<FONT STYLE="white-space:nowrap">Follow-On</FONT> Investments (defined below) without obtaining prior approval of the Required Majority in accordance with Conditions 6(c)(i) and 8(b)(i). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Delayed Settlement</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All Regulated Funds and Affiliated Funds participating in a <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction
will invest at the same time, for the same price and with the same terms, conditions, class, registration rights and any other rights, so that none of them receives terms more favorable than any other. However, the settlement date for the Affiliated
Funds in a <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction may occur up to ten business days after the settlement date for a Regulated Fund, and vice versa. Nevertheless, in all cases, (i)&nbsp;the date on which the commitment of
the Affiliated Funds and Regulated Funds is made will be the same even where the settlement date is not and (ii)&nbsp;the earliest settlement date and the latest settlement date of any Affiliated Fund or Regulated Fund participating in the
transaction will occur within ten business days of each other. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-12- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Permitted <FONT
STYLE="white-space:nowrap">Follow-On</FONT> Investments and Approval of <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investments</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">From time to time, the Regulated Funds and Affiliated Funds may have opportunities to make
<FONT STYLE="white-space:nowrap">Follow-On</FONT> Investments in an issuer in which a Regulated Fund and one or more other Regulated Funds and/or Affiliated Funds previously have invested and continue to hold an investment. If the Order is granted, <FONT
STYLE="white-space:nowrap">Follow-On</FONT> Investments will be made in a manner that, over time, is fair and equitable to all of the Regulated Funds and Affiliated Funds and in accordance with the proposed procedures discussed above and with the
Conditions of the Order. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Order would divide <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investments into two
categories depending on whether the Regulated Funds and Affiliated Funds holding investments in the issuer previously participated in a <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction with respect to the issuer and continue to hold
any securities acquired in a <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction for that issuer. If such Regulated Funds and Affiliated Funds have previously participated in a <FONT STYLE="white-space:nowrap">Co-Investment</FONT>
Transaction with respect to the issuer, then the terms and approval of the <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment would be subject to the process discussed in Section III.A.3(a) below and governed by Condition 8. These <FONT
STYLE="white-space:nowrap">Follow-On</FONT> Investments are referred to as &#147;<B><I>Standard Review <FONT STYLE="white-space:nowrap">Follow-Ons</FONT></I></B>.&#148; If such Regulated Funds and Affiliated Funds have not previously participated in
a <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction with respect to the issuer, then the terms and approval of the <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment would be subject to the &#147;onboarding process&#148;
discussed in Section III.A.3(b) below and governed by Condition 9. These <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investments are referred to as &#147;<B><I>Enhanced Review <FONT STYLE="white-space:nowrap">Follow-Ons</FONT></I></B>.&#148;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Standard Review <FONT
STYLE="white-space:nowrap">Follow-Ons</FONT></U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">A Regulated Fund may invest in Standard Review <FONT
STYLE="white-space:nowrap">Follow-Ons</FONT> either with the approval of the Required Majority using the procedures required under Condition 8(c) or, where certain additional requirements are met, without Board approval under Condition 8(b). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">A Regulated Fund may participate in a Standard Review <FONT STYLE="white-space:nowrap">Follow-On</FONT> without obtaining the
prior approval of the Required Majority if it is (i)&nbsp;a Pro Rata <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment or (ii)&nbsp;a <FONT STYLE="white-space:nowrap">Non-Negotiated</FONT> <FONT STYLE="white-space:nowrap">Follow-On</FONT>
Investment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">A &#147;<B><I>Pro Rata <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment</I></B>&#148; is a <FONT
STYLE="white-space:nowrap">Follow-On</FONT> Investment (i)&nbsp;in which the participation of each Affiliated Fund and each Regulated Fund is proportionate to its outstanding investments in the issuer or security, as appropriate,<SUP
STYLE="font-size:85%; vertical-align:top">12</SUP> immediately preceding the <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment, and (ii)&nbsp;in the case of a Regulated Fund, a majority of the Board has approved the Regulated Fund&#146;s
participation in the pro rata <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investments as being in the best interests of the Regulated Fund. Each Regulated Fund&#146;s Board may refuse to approve, or at any time rescind, suspend or qualify, its
approval of Pro Rata <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investments, in which case all subsequent <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investments will be submitted to the Regulated Fund&#146;s Eligible Trustees in
accordance with Condition 8(c). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">A &#147;<B><I><FONT STYLE="white-space:nowrap">Non-Negotiated</FONT> <FONT
STYLE="white-space:nowrap">Follow-On</FONT> Investment</I></B>&#148; is a <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment in which a Regulated Fund participates together with one or more Affiliated Funds and/or one or more other
Regulated Funds (i)&nbsp;in which the only term negotiated by or on behalf of the funds is price and (ii) </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:29%">&nbsp;</P> <P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><SUP
STYLE="font-size:85%; vertical-align:top">12 </SUP><I>See</I> note 31, below. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-13- </P>


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with respect to which, if the transaction were considered on its own, the funds would be entitled to rely on one of the JT <FONT STYLE="white-space:nowrap">No-Action</FONT> Letters. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Applicants believe that these Pro Rata and <FONT STYLE="white-space:nowrap">Non-Negotiated</FONT> <FONT
STYLE="white-space:nowrap">Follow-On</FONT> Investments do not present a significant opportunity for overreaching on the part of any Adviser and thus do not warrant the time or the attention of the Board. Pro Rata
<FONT STYLE="white-space:nowrap">Follow-On</FONT> Investments and <FONT STYLE="white-space:nowrap">Non-Negotiated</FONT> <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investments remain subject to the Board&#146;s periodic review in accordance
with Condition 10. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Enhanced Review <FONT
STYLE="white-space:nowrap">Follow-Ons</FONT></U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">One or more Regulated Funds and/or one or more Affiliated Funds holding <FONT
STYLE="white-space:nowrap">Pre-Boarding</FONT> Investments may have the opportunity to make a <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment that is a Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction in an
issuer with respect to which they have not previously participated in a <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction. In these cases, the Regulated Funds and Affiliated Funds may rely on the Order to make such <FONT
STYLE="white-space:nowrap">Follow-On</FONT> Investment subject to the requirements of Condition 9. These enhanced review requirements constitute an &#147;onboarding process&#148; whereby Regulated Funds and Affiliated Funds may utilize the Order to
participate in <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions even though they already hold <FONT STYLE="white-space:nowrap">Pre-Boarding</FONT> Investments. For a given issuer, the participating Regulated Funds and Affiliated
Funds need to comply with these requirements only for the first <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction. Subsequent <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions with respect to the issuer will be
governed by Condition 8 under the standard review process. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dispositions</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Regulated Funds and Affiliated Funds may be presented with opportunities to sell, exchange or otherwise dispose of
securities in a transaction that would be prohibited by Rule <FONT STYLE="white-space:nowrap">17d-1</FONT> or Section&nbsp;57(a)(4), as applicable. If the Order is granted, such Dispositions will be made in a manner that, over time, is fair and
equitable to all of the Regulated and Affiliated Funds and in accordance with procedures set forth in the proposed Conditions to the Order and discussed below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Order would divide these Dispositions into two categories: (i)&nbsp;if the Regulated Funds and the Affiliated Funds
holding investments in the issuer have previously participated in a <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction with respect to the issuer and continue to hold any securities acquired in a
<FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction for such issuer, then the terms and approval of the Disposition (hereinafter referred to as &#147;<B><I>Standard Review Dispositions</I></B>&#148;) would be subject to the process
discussed in Section III.A.4(a) below and governed by Condition 6; and (ii)&nbsp;if the Regulated Funds and Affiliated Funds have not previously participated in a <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction with respect to the
issuer, then the terms and approval of the Disposition (hereinafter referred to as &#147;<B><I>Enhanced Review Dispositions</I></B>&#148;) would be subject to the same &#147;onboarding process&#148; discussed in Section III.A.4(b) below and governed
by Condition 7. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Standard Review
Dispositions</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">A Regulated Fund may participate in a Standard Review Disposition either with the approval of the
Required Majority using the standard procedures required under Condition 6(d) or, where certain additional requirements are met, without Board approval under Condition 6(c). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-14- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">A Regulated Fund may participate in a Standard Review Disposition without
obtaining the prior approval of the Required Majority if (i)&nbsp;the Disposition is a Pro Rata Disposition or (ii)&nbsp;the securities are Tradable Securities and the Disposition meets the other requirements of Condition 6(c)(ii). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">A &#147;<B><I>Pro Rata Disposition</I></B>&#148; is a Disposition (i)&nbsp;in which the participation of each Affiliated Fund
and each Regulated Fund is proportionate to its outstanding investment in the security subject to Disposition immediately preceding the Disposition;<SUP STYLE="font-size:85%; vertical-align:top">13</SUP> and (ii)&nbsp;in the case of a Regulated
Fund, a majority of the Board has approved the Regulated Fund&#146;s participation in pro rata Dispositions as being in the best interests of the Regulated Fund. Each Regulated Fund&#146;s Board may refuse to approve, or at any time rescind, suspend
or qualify, their approval of Pro Rata Dispositions, in which case all subsequent Dispositions will be submitted to the Regulated Fund&#146;s Eligible Trustees. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In the case of a Tradable Security, approval of the required majority is not required for the Disposition if: (x)&nbsp;the
Disposition is not to the issuer or any affiliated person of the issuer;<SUP STYLE="font-size:85%; vertical-align:top">14</SUP> and (y)&nbsp;the security is sold for cash in a transaction in which the only term negotiated by or on behalf of the
participating Regulated Funds and Affiliated Funds is price. Pro Rata Dispositions and Dispositions of a Tradable Security remain subject to the Board&#146;s periodic review in accordance with Condition 10. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Enhanced Review Dispositions</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">One or more Regulated Funds and one or more Affiliated Funds that have not previously participated in a <FONT
STYLE="white-space:nowrap">Co-</FONT> Investment Transaction with respect to an issuer may have the opportunity to make a Disposition of <FONT STYLE="white-space:nowrap">Pre-Boarding</FONT> Investments in a Potential
<FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction. In these cases, the Regulated Funds and Affiliated Funds may rely on the Order to make such Disposition subject to the requirements of Condition 7. As discussed above, with respect
to investment in a given issuer, the participating Regulated Funds and Affiliated Funds need only complete the onboarding process for the first <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction, which may be an Enhanced Review <FONT
STYLE="white-space:nowrap">Follow-On</FONT> or an Enhanced Review Disposition.<SUP STYLE="font-size:85%; vertical-align:top">15</SUP> Subsequent <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions with respect to the issuer will be
governed by Condition 6 or 8 under the standard review process. </P> <P STYLE="font-size:14pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:29%">&nbsp;</P> <P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><SUP
STYLE="font-size:85%; vertical-align:top">13</SUP> <I>See</I> note 29, below. </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><SUP STYLE="font-size:85%; vertical-align:top">14</SUP> In
the case of a Tradable Security, Dispositions to the issuer or an affiliated person of the issuer are not permitted so that funds participating in the Disposition do not benefit to the detriment of Regulated Funds that remain invested in the issuer.
For example, if a Disposition of a Tradable Security were permitted to be made to the issuer, the issuer may be reducing its short term assets (i.e., cash) to pay down long term liabilities. </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><SUP STYLE="font-size:85%; vertical-align:top">15</SUP> However, with respect to an issuer, if a Regulated Fund&#146;s first <FONT
STYLE="white-space:nowrap">Co-Investment</FONT> Transaction is an Enhanced Review Disposition, and the Regulated Fund does not dispose of its entire position in the Enhanced Review Disposition, then before such Regulated Fund may complete its first
Standard Review <FONT STYLE="white-space:nowrap">Follow-On</FONT> in such issuer, the Eligible Trustees must review the proposed <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment not only on a stand-alone basis but also in relation to the
total economic exposure in such issuer (i.e., in combination with the portion of the <FONT STYLE="white-space:nowrap">Pre-Boarding</FONT> Investment not disposed of in the Enhanced Review Disposition), and the other terms of the investments. This
additional review is required because such findings were not required in connection with the prior Enhanced Review Disposition, but they would have been required had the first <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction been an
Enhanced Review <FONT STYLE="white-space:nowrap">Follow-On.</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-15- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Use of
Wholly-Owned Investment Subs</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">A Regulated Fund may, from time to time, form one or more Wholly-Owned Investment Subs.
Such a subsidiary may be prohibited from investing in a <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction with a Regulated Fund (other than its parent) or any Affiliated Fund because it would be a company controlled by its parent
Regulated Fund for purposes of Section&nbsp;57(a)(4) and Rule <FONT STYLE="white-space:nowrap">17d-1.</FONT> Applicants request that each Wholly-Owned Investment Sub be permitted to participate in
<FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions in lieu of the applicable parent Regulated Fund that owns it and that the Wholly-Owned Investment Sub&#146;s participation in any such transaction be treated, for purposes of the
Order, as though the parent Regulated Fund were participating directly. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Applicants note that an entity could not be both
a Wholly-Owned Investment Sub and a BDC Downstream Fund because, in the former case, the Board of the parent Regulated Fund makes any determinations regarding the subsidiary&#146;s investments while, in the latter case, the Independent Party makes
such determinations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Applicable Law</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section 17(d) and
Section</U><U></U><U>&nbsp;57(a</U><U>)(</U><U>4)</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:1%; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;17(d) of the Act generally prohibits
an affiliated person (as defined in Section&nbsp;2(a)(3) of the Act), or an affiliated person of such affiliated person, of a registered investment company acting as principal, from effecting any transaction in which the registered investment
company is a joint or a joint and several participant, in contravention of such rules as the Commission may prescribe for the purpose of limiting or preventing participation by the registered investment company on a basis different from or less
advantageous than that of such other participant. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Similarly, with regard to BDCs, Section&nbsp;57(a)(4) prohibits certain
persons specified in Section&nbsp;57(b) from participating in a joint transaction with the BDC, or a company controlled by the BDC, in contravention of rules as prescribed by the Commission. In particular, Section&nbsp;57(a)(4) applies to: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Any director, officer, employee, or member of an advisory board of a BDC or any person (other than the BDC
itself) who is an affiliated person of the forgoing pursuant to <BR>Section 2(a)(3)(C); or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Any investment adviser or promoter of, general partner in, principal underwriter for, or person directly or
indirectly either controlling, controlled by, or under common control with, a BDC (except the BDC itself and any person who, if it were not directly or indirectly controlled by the BDC, would not be directly or indirectly under the control of a
person who controls the BDC);<SUP STYLE="font-size:85%; vertical-align:top">16</SUP> or any person who is an </P></TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:26%">&nbsp;</P> <P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><SUP
STYLE="font-size:85%; vertical-align:top">16</SUP> Also excluded from this category by Rule <FONT STYLE="white-space:nowrap">57b-1</FONT> is any person who would otherwise be included (a)&nbsp;solely because that person is directly or indirectly
controlled by a BDC, or (b)&nbsp;solely because that person is, within the meaning of Section&nbsp;2(a)(3)(C) or (D), an affiliated person of a person described in (a)&nbsp;above. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-16- </P>


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<TD WIDTH="16%">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">
affiliated person of any of the forgoing within the meaning of Section&nbsp;2(a)(3)(C) or (D). </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Pursuant to the foregoing application of Section&nbsp;57(a)(4), BDC Downstream Funds on the one hand and other Regulated Funds
and Affiliated Funds on the other, may not <FONT STYLE="white-space:nowrap">co-invest</FONT> absent an exemptive order because the BDC Downstream Funds are controlled by a BDC and the Affiliated Funds and other Regulated Funds are included in
Section&nbsp;57(b). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;2(a)(3)(C) defines an &#147;affiliated person&#148; of another person to include any
person directly or indirectly controlling, controlled by, or under common control with, such other person. Section&nbsp;2(a)(3)(D) defines &#147;any officer, director, partner, copartner, or employee&#148; of an affiliated person as an affiliated
person. Section&nbsp;2(a)(9) defines &#147;control&#148; as the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with that company. Under
Section&nbsp;2(a)(9) a person who beneficially owns, either directly or through one or more controlled companies, more than 25% of the voting securities of a company is presumed to control such company. The Commission and its staff have indicated on
a number of occasions their belief that an investment adviser that provides discretionary investment management services to a fund and that sponsored, selected the initial directors, and provides administrative or other <FONT
STYLE="white-space:nowrap">non-advisory</FONT> services to the fund, controls such fund, absent compelling evidence to the contrary.<SUP STYLE="font-size:85%; vertical-align:top">17</SUP> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rule <FONT STYLE="white-space:nowrap">17d-1</FONT></U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Rule <FONT STYLE="white-space:nowrap">17d-1</FONT> generally prohibits an affiliated person (as defined in
Section&nbsp;2(a)(3)), or an affiliated person of such affiliated person, of a registered investment company acting as principal, from effecting any transaction in which the registered investment company, or a company controlled by such registered
company, is a joint or a joint and several participant, in contravention of such rules as the Commission may prescribe for the purpose of limiting or preventing participation by the registered investment company on a basis different from or less
advantageous than that of such first or second tier affiliate. Rule <FONT STYLE="white-space:nowrap">17d-1</FONT> generally prohibits participation by a registered investment company and an affiliated person (as defined in Section&nbsp;2(a)(3)) or
principal underwriter for that investment company, or an affiliated person of such affiliated person or principal underwriter, in any &#147;joint enterprise or other joint arrangement or profit-sharing plan,&#148; as defined in the rule, without
prior approval by the Commission by order upon application. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Rule <FONT STYLE="white-space:nowrap">17d-1</FONT> was
promulgated by the Commission pursuant to Section&nbsp;17(d) and made applicable to persons subject to Sections 57(a) and (d)&nbsp;by Section&nbsp;57(i) to the extent specified therein. Section&nbsp;57(i) provides that, until the Commission
prescribes rules under Sections 57(a) and (d), the Commission&#146;s rules under Section&nbsp;17(d) applicable to registered <FONT STYLE="white-space:nowrap">closed-end</FONT> investment companies will be deemed to apply to persons subject to the
prohibitions of Section </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:29%">&nbsp;</P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><SUP STYLE="font-size:85%; vertical-align:top">17</SUP> <I>See</I>, e.g., SEC Rel. No. <FONT STYLE="white-space:nowrap">IC-4697</FONT> (Sept.
8, 1966) (&#147;For purposes of Section&nbsp;2(a)(3)(C), affiliation based upon control would depend on the facts of the given situation, including such factors as extensive interlocks of officers, directors or key personnel, common investment
advisers or underwriters, etc.&#148;); Lazard Freres Asset Management, SEC <FONT STYLE="white-space:nowrap">No-Action</FONT> Letter (pub. avail. Jan. 10, 1997) (&#147;While, in some circumstances, the nature of an advisory relationship may give an
adviser control over its client&#146;s management or policies, whether an investment company and another entity are under common control is a factual question&#133;&#148;). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-17- </P>


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57(a) or (d). Because the Commission has not adopted any rules under Section&nbsp;57(a) or (d), Rule <FONT STYLE="white-space:nowrap">17d-1</FONT> applies to persons subject to the prohibitions
of Section&nbsp;57(a) or (d). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Applicants seek relief pursuant to Rule <FONT STYLE="white-space:nowrap">17d-1,</FONT>
which permits the Commission to authorize joint transactions upon application. In passing upon applications filed pursuant to Rule <FONT STYLE="white-space:nowrap">17d-1,</FONT> the Commission is directed by Rule
<FONT STYLE="white-space:nowrap">17d-1(b)</FONT> to consider whether the participation of a registered investment company or controlled company thereof in the joint enterprise or joint arrangement under scrutiny is consistent with provisions,
policies and purposes of the Act and the extent to which such participation is on a basis different from or less advantageous than that of other participants. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Commission has stated that Section&nbsp;17(d), upon which Rule <FONT STYLE="white-space:nowrap">17d-1</FONT> is based, and
upon which Section&nbsp;57(a)(4) was modeled, was designed to protect investment companies from self-dealing and overreaching by insiders. The Commission has also taken notice that there may be transactions subject to these prohibitions that do not
present the dangers of overreaching.<SUP STYLE="font-size:85%; vertical-align:top">18</SUP> The Court of Appeals for the Second Circuit has enunciated a like rationale for the purpose behind Section&nbsp;17(d): &#147;The objective of [Section]
17(d)&#133;is to prevent&#133;injuring the interest of stockholders of registered investment companies by causing the company to participate on a basis different from or less advantageous than that of such other participants.&#148;<SUP
STYLE="font-size:85%; vertical-align:top">19</SUP> Furthermore, Congress acknowledged that the protective system established by the enactment of Section&nbsp;57 is &#147;similar to that applicable to registered investment companies under
Section&nbsp;17, and rules thereunder, but is modified to address concerns relating to unique characteristics presented by business development companies.&#148;<SUP STYLE="font-size:85%; vertical-align:top">20</SUP> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Applicants believe that the Conditions would ensure that the conflicts of interest that Section&nbsp;17(d) and
Section&nbsp;57(a)(4) were designed to prevent would be addressed and the standards for an order under Rule <FONT STYLE="white-space:nowrap">17d-1</FONT> and Section&nbsp;57(i) would be met. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Need for Relief</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions are prohibited by either or both of Rule <FONT
STYLE="white-space:nowrap">17d-1</FONT> and Section&nbsp;57(a)(4) without a prior exemptive order of the Commission to the extent that the Affiliated Funds and the Regulated Funds participating in such transactions fall within the category of
persons described by Rule <FONT STYLE="white-space:nowrap">17d-1</FONT> and/or <BR>Section 57(b), as modified by Rule <FONT STYLE="white-space:nowrap">57b-1</FONT> thereunder, as applicable, <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">vis-&agrave;-vis</FONT></FONT> each participating Regulated Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Each of the participating
Regulated Funds and Affiliated Funds may be deemed to be affiliated persons <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">vis-&agrave;-vis</FONT></FONT> a Regulated Fund within the meaning of Section&nbsp;2(a)(3) by reason of
common control because (i)&nbsp;PIMCO manages, and may be deemed to control, the Existing Affiliated Funds and any other Affiliated Fund will be managed by, and may be deemed to be controlled by, an Adviser to Affiliated Funds; (ii)&nbsp;PIMCO is
the investment adviser to, and may </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:26%">&nbsp;</P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP STYLE="font-size:85%; vertical-align:top">18</SUP> <U>See Protecting Investors: A Half-Century of Investment Company Regulation</U>, 1504 Fed. Sec. L.
Rep., Extra Edition (May 29, 1992) at 488 <I>et seq</I>. </P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP STYLE="font-size:85%; vertical-align:top">19</SUP> <U>Securities and Exchange Commission v.
Talley Industries, Inc.</U>, 399 F.2d 396, 405 (2d Cir. 1968), <U>cert. denied</U>, 393 U.S. 1015 (1969). </P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP STYLE="font-size:85%; vertical-align:top">20</SUP> H.Rep. <FONT STYLE="white-space:nowrap">No.&nbsp;96-1341,</FONT> 96th Cong., 2d Sess. 45 (1980)
<I>reprinted in</I> 1980 U.S.C.C.A.N. 4827. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-18- </P>


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be deemed to control, the Funds and an Adviser to the Regulated Funds will be the investment adviser to, and may be deemed to control, any Future Regulated Fund; (iii)&nbsp;each BDC Downstream
Fund will be deemed to be controlled by its BDC parent and/or its BDC parent&#146;s investment adviser; and (iv)&nbsp;the Advisers to Affiliated Funds and the Advisers to Regulated Funds are under common control. Thus, each of the Affiliated Funds
could be deemed to be a person related to the Regulated Funds, including any BDC Downstream Fund, in a manner described by Section&nbsp;57(b) and related to Future Regulated Funds in a manner described by Rule
<FONT STYLE="white-space:nowrap">17d-1;</FONT> and therefore the prohibitions of Rule <FONT STYLE="white-space:nowrap">17d-1</FONT> and Section&nbsp;57(a)(4) would apply respectively to prohibit the Affiliated Funds from participating in <FONT
STYLE="white-space:nowrap">Co-Investment</FONT> Transactions with the Regulated Funds. Further, because the BDC Downstream Funds and Wholly-Owned Investment Subs would be controlled by the Regulated Funds, the BDC Downstream Funds and Wholly-Owned
Investment Subs would be subject to Section&nbsp;57(a)(4) (or Section&nbsp;17(d) in the case of Wholly-Owned Investment Subs controlled by Regulated Funds that are registered under the Act), and thus also subject to the provisions of Rule <FONT
STYLE="white-space:nowrap">17d-1,</FONT> and therefore would be prohibited from participating in <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In addition, because the PIMCO Proprietary Accounts are controlled by the Adviser or its affiliates and, therefore, may be
under common control with the Funds, any future Advisers, and any Future Regulated Funds, the PIMCO Proprietary Accounts could be deemed to be persons related to the Regulated Funds (or a company controlled by the Regulated Funds) in a manner
described by Section&nbsp;57(b) and also prohibited from participating in the <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Program. Each Regulated Fund would also be related to each other Regulated Fund in a manner described by 57(b) or
rule <FONT STYLE="white-space:nowrap">17d-1,</FONT> as applicable, and thus prohibited from participating in <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions with each other. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Finally, the Distributor and any other Capital Markets Affiliate, as wholly- or majority-owned subsidiaries of PIMCO, will be
controlling, controlled by or under common control with PIMCO. Thus, the Capital Markets Affiliates may be deemed to be a person related to a Regulated Fund in a manner described by Section&nbsp;57(b) (or Section&nbsp;17(d) in the case of Regulated
Funds that are registered under the Act) and therefore would be prohibited by Section&nbsp;57(a)(4) (or Section&nbsp;17(d) in the case of Regulated Funds that are registered under the Act) and Rule <FONT STYLE="white-space:nowrap">17d-1</FONT> from
participating in <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions without the Order. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Precedents</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Commission has issued numerous exemptive orders under the Act permitting registered investment companies and BDCs to <FONT
STYLE="white-space:nowrap">co-invest</FONT> with affiliated persons.<SUP STYLE="font-size:85%; vertical-align:top">21</SUP> Although the </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:26%">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I></I><SUP
STYLE="font-size:85%; vertical-align:top">21</SUP><I> See, e.g</I>., AB Private Credit Investors Corp., et al. (File <FONT STYLE="white-space:nowrap">No.&nbsp;812-14925)</FONT> Investment Company Act Rel. Nos. 33152 (July 9, 2018) (notice) and 33191
(August 6, 2018) (order); Blackstone / GSO Floating Rate Enhanced Income Fund, et al. (File <FONT STYLE="white-space:nowrap">No.&nbsp;812-14835)</FONT> Investment Company Act Rel. Nos. 33149 (July 6, 2018) (notice) and 33186 (July 31,2018); Benefit
Street Partners BDC, Inc., et al. (File <FONT STYLE="white-space:nowrap">No.&nbsp;812-14601)</FONT> Investment Company Act Rel. Nos. 33068 (April 6, 2018) (notice) and 33090 (May 1, 2018) (order); Triloma EIG Energy Income Fund, et al. (File <FONT
STYLE="white-space:nowrap">No.&nbsp;812-</FONT> 14848) Investment Company Act Rel. Nos. 33047 (March 14, 2018) (notice) and 33070 (April 10, 2018) (order); Corporate Capital Trust, Inc., et al. (File
<FONT STYLE="white-space:nowrap">No.&nbsp;812-14882)</FONT> Investment Company Act Rel. Nos. 33043 (March 8, 2018) (notice) and 33064 (April 3, 2018) (order); Alcentra Capital Corporation, et al. (File
<FONT STYLE="white-space:nowrap">No.&nbsp;812-14760)</FONT> Investment Company Act Rel. Nos. 33038 (February 28, 2018) (notice) and 33059 (March 27, 2018) (order); TriplePoint Venture </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-19- </P>


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various precedents involved somewhat different formulae, the Commission has accepted, as a basis for relief from the prohibitions on joint transactions, use of allocation and approval procedures
to protect the interests of investors in the BDCs and registered investment companies. Applicants submit that the allocation procedures set forth in the Conditions for relief are consistent with and expand the range of investor protections found in
the orders we cite. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Hamilton Lane Private Assets Fund and its affiliates, Ares Capital Corporation and its affiliates,
Apollo Investment Corporation and its affiliates Oaktree Strategic Income, LLC and its affiliates and TCG BDC, Inc. and its affiliates each previously received exemptive relief consistent with the relief Applicants are requesting herein. Thus,
Applicants based the Application on the applications of Hamilton Lane Private Assets Fund and its affiliates, for which an order was issued on February&nbsp;23, 2021 (the &#147;<B><I>Hamilton Order</I></B>&#148;),<SUP
STYLE="font-size:85%; vertical-align:top">22</SUP> Ares Capital Corporation and its affiliates, for which an order was issued on January&nbsp;18, 2017 (the &#147;<B><I>Ares Order</I></B>&#148;),<SUP STYLE="font-size:85%; vertical-align:top">23</SUP>
Apollo Investment Corporation and its affiliates, for which an order was granted on March&nbsp;29, 2016 (the &#147;<B><I>Apollo Order</I></B>&#148;),<SUP STYLE="font-size:85%; vertical-align:top">24</SUP> Oaktree Strategic Income, LLC and its
affiliates, for which an order was granted on October&nbsp;18, 2017 (the &#147;<B><I>Oaktree Order</I></B>&#148;) and TCG BDC, Inc. and its affiliates, for which an order was granted on January&nbsp;17, 2018 (the &#147;<B><I>TCG
Order</I></B>&#148;).<SUP STYLE="font-size:85%; vertical-align:top">25</SUP> Applicants believe that the relief requested herein is consistent with the policy underlying the Hamilton Order, the Ares Order, the Apollo Order, the Oaktree Order and,
with respect to Capital Markets Affiliates, the TCG Order, as well as <FONT STYLE="white-space:nowrap">co-investment</FONT> relief granted by the Commission to other BDCs and to registered <FONT STYLE="white-space:nowrap">closed-end</FONT> funds.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Commission also has issued orders extending <FONT STYLE="white-space:nowrap">co-investment</FONT> relief to
proprietary accounts.<SUP STYLE="font-size:85%; vertical-align:top">26</SUP> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:26%">&nbsp;</P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Growth BDC Corp., et al.
(File <FONT STYLE="white-space:nowrap">No.&nbsp;812-14773)</FONT> Investment Company Act Rel. Nos. 33037 (February 28, 2018) (notice) and 33060 (March 28, 2018) (order); Bain Capital Specialty Finance, Inc., et al. (File <FONT
STYLE="white-space:nowrap">No.&nbsp;812-14766)</FONT> Investment Company Act Rel. Nos. 33031 (February 23, 2018) (notice) and 33051 (March 22, 2018) (order); Guggenheim Credit Income Fund, et al. (File
<FONT STYLE="white-space:nowrap">No.&nbsp;812-14831)</FONT> Investment Company Act Rel. Nos. 32960 (January 3, 2018) (notice) and 32996 (January 30, 2018) (order); TCG BDC, Inc., et al. (File
<FONT STYLE="white-space:nowrap">No.&nbsp;812-14798)</FONT> Investment Company Act Rel. Nos. 32945 (December 20, 2017) (notice) and 32969 (January 17, 2018) (order); BlackRock Capital Investment Corporation, et al. (File <FONT
STYLE="white-space:nowrap">No.&nbsp;812-14582)</FONT> Investment Company Act Rel. Nos. 32943 (December 19, 2017) (notice) and 32968 (January 16, 2018) (order). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><SUP STYLE="font-size:85%; vertical-align:top">22</SUP> <U>Hamilton Lane Private Assets Fund, et al</U>. (File
<FONT STYLE="white-space:nowrap">No.&nbsp;812-15099)</FONT> Release No. <FONT STYLE="white-space:nowrap">IC-34201</FONT> (February 23, 2021) (order), Release No. <FONT STYLE="white-space:nowrap">IC-34182</FONT> (January 28, 2021) (notice). </P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><SUP STYLE="font-size:85%; vertical-align:top">23</SUP> <U>Ares Capital Corporation, et al</U>. (File
<FONT STYLE="white-space:nowrap">No.&nbsp;812-13603)</FONT> Release No. <FONT STYLE="white-space:nowrap">IC-32427</FONT> (January 18, 2017) (order), Release No. <FONT STYLE="white-space:nowrap">IC-32399</FONT> (December 21, 2016) (notice). </P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><SUP STYLE="font-size:85%; vertical-align:top">24</SUP> <I>See</I> <U>Apollo Investment Corporation, et al</U>. (File <FONT
STYLE="white-space:nowrap">No.&nbsp;812-13754)</FONT> Investment Company Act Rel. Nos. 32019 (March 2, 2016) (notice) and 32057 (March 29, 2016) (order). </P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><SUP STYLE="font-size:85%; vertical-align:top">25</SUP> <I>See</I> <U>Oaktree Strategic Income, LLC, et al</U>. (File <FONT
STYLE="white-space:nowrap">No.&nbsp;812-14758)</FONT> Investment Company Act Rel. Nos. 32831 (September 22, 2017) (notice) and 32862 (October 18, 2017) (order). </P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I></I><SUP STYLE="font-size:85%; vertical-align:top">26</SUP><I> See </I><U>Stellus Capital Investment Corporation, et al</U>. (File <FONT
STYLE="white-space:nowrap">No.&nbsp;812-14855)</FONT> Investment Company Act Rel Nos. 33289 (Nov. 6, 2018) (notice) and 33316 (Dec. 4, 2018) (order); <U>Blackstone / GSO Floating Rate Enhanced Income Fund, et al</U>. (File <FONT
STYLE="white-space:nowrap">No.&nbsp;812-14835)</FONT> Investment Company Act Rel. Nos. 33149 (July 6, 2018) (notice) and 33186 (July 31,2018); <U>Corporate Capital Trust, Inc., et al</U>. (File
<FONT STYLE="white-space:nowrap">No.&nbsp;812-14882)</FONT> Inv. Co. Act Rel. Nos. 33043 (March 8, 2018) (notice) and 33064 (April 3, 2018) (order); <U>TriplePoint Venture Growth BDC Corp., et al</U>. (File
<FONT STYLE="white-space:nowrap">No.&nbsp;812-14773)</FONT> Investment Company Act Rel. Nos. 33037 (February 28, 2018) (notice) and 33060 (March 28, 2018) (order); <U>TCG BDC, Inc., et</U> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-20- </P>


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<TD WIDTH="8%" VALIGN="top" ALIGN="left">IV.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">STATEMENT IN SUPPORT OF RELIEF REQUESTED </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In accordance with Rule <FONT STYLE="white-space:nowrap">17d-1</FONT> (made applicable to transactions subject to
Section&nbsp;57(a) by <BR>Section&nbsp;57(i)), the Commission may grant the requested relief as to any particular joint transaction if it finds that the participation of the Regulated Funds in the joint transaction is consistent with the provisions,
policies and purposes of the Act and is not on a basis different from or less advantageous than that of other participants. Applicants submit that allowing the <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions described in this
Application is justified on the basis of (i)&nbsp;the potential benefits to the Regulated Funds and the shareholders thereof and (ii)&nbsp;the protections found in the Conditions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">As required by Rule <FONT STYLE="white-space:nowrap">17d-1(b),</FONT> the Conditions ensure that the terms on which <FONT
STYLE="white-space:nowrap">Co-Investment</FONT> Transactions may be made will be consistent with the participation of the Regulated Funds being on a basis that it is neither different from nor less advantageous than other participants, thus
protecting the equity holders of any participant from being disadvantaged. The Conditions ensure that all <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions are reasonable and fair to the Regulated Funds and their shareholders and do
not involve overreaching by any person concerned, including the Advisers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Potential Benefits</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In the absence of the relief sought hereby, in many circumstances, the Regulated Funds would be limited in their ability to
participate in attractive and appropriate investment opportunities. Section&nbsp;17(d), Section&nbsp;57(a)(4) and Rule <FONT STYLE="white-space:nowrap">17d-1</FONT> should not prevent BDCs and registered
<FONT STYLE="white-space:nowrap">closed-end</FONT> investment companies from making investments that are in the best interests of their shareholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Each Regulated Fund and its shareholders will benefit from the ability to participate in
<FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions. The Board, including the Required Majority, of each Regulated Fund will determine that it is in the best interests of the Regulated Fund to participate in <FONT
STYLE="white-space:nowrap">Co-Investment</FONT> Transactions because, among other matters, (i)&nbsp;the Regulated Fund should be able to participate in a larger number and greater variety of transactions; (ii)&nbsp;the Regulated Fund should be able
to participate in larger transactions; (iii)&nbsp;the Regulated Fund and any other Regulated Funds participating in the proposed investment should have greater bargaining power, more control over the investment and less need to bring in other
external investors or structure investments to satisfy the different needs of external investors; and (iv)&nbsp;the Regulated Fund should be able to obtain greater attention and better deal flow from investment bankers and others who act as sources
of investments; and (v)&nbsp;the Conditions are fair to the Regulated Funds and their shareholders. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:26%">&nbsp;</P> <P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><U>al</U>. (File <FONT
STYLE="white-space:nowrap">No.&nbsp;812-14798)</FONT> Investment Company Act Rel. Nos. 32945 (December 20, 2017) (notice) and 32969 (January 17, 2018) (order); <U>Medley Capital C</U><U>orporation, et al</U>. (File
<FONT STYLE="white-space:nowrap">No.&nbsp;812-14778)</FONT> Investment Company Act Rel. Nos. 32809 (September 8, 2017) (notice) and 32850 (October 4, 2017) (order); and <U>Harvest Capital Credit Corporation, et al</U>. (File <FONT
STYLE="white-space:nowrap">No.&nbsp;812-14365)</FONT> Investment Company Act Rel. No.&nbsp;31860 (October 5, 2015) (notice) and 31930 (December 10, 2015) (order). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-21- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Protective
Representations and Conditions</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Conditions ensure that the proposed
<FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions are consistent with the protection of each Regulated Fund&#146;s shareholders and with the purposes intended by the policies and provisions of the Act. Specifically, the Conditions
incorporate the following critical protections: (i)&nbsp;all Regulated Funds participating in the <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions will invest at the same time (except that, subject to the limitations in the
Conditions, the settlement date for an Affiliated Fund in a <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction may occur up to ten business days after the settlement date for the Regulated Fund, and vice versa), for the same price and
with the same terms, conditions, class, registration rights and any other rights, so that none of them receives terms more favorable than any other; (ii)&nbsp;a Required Majority of each Regulated Fund must approve various investment decisions (not
including transactions completed on a pro rata basis pursuant to Conditions 6(c)(i) and 8(b)(i) or otherwise not requiring Board approval) with respect to such Regulated Fund in accordance with the Conditions; and (iii)&nbsp;the Regulated Funds are
required to retain and maintain certain records. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Applicants believe that participation by the Regulated Funds in Pro Rata
<FONT STYLE="white-space:nowrap">Follow-On</FONT> Investments and Pro Rata Dispositions, as provided in Conditions 6(c)(i) and 8(b)(i), is consistent with the provisions, policies and purposes of the Act and will not be made on a basis different
from or less advantageous than that of other participants. A formulaic approach, such as pro rata investment or disposition eliminates the possibility for overreaching and unnecessary prior review by the Board. Applicants note that the Commission
has adopted a similar pro rata approach in the context of Rule <FONT STYLE="white-space:nowrap">23c-2,</FONT> which relates to the redemption by a <FONT STYLE="white-space:nowrap">closed-end</FONT> investment company of less than all of a class of
its securities, indicating the general fairness and lack of overreaching that such approach provides. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Applicants also
believe that the participation by the Regulated Funds in <FONT STYLE="white-space:nowrap">Non-Negotiated</FONT> <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investments and in Dispositions of Tradable Securities without the approval of a
Required Majority is consistent with the provisions, policies and purposes of the Act as there is no opportunity for overreaching by affiliates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Additional duties imposed by the Conditions on the Advisers include maintaining written policies and procedures reasonably
designed to ensure compliance with the Conditions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">If an Adviser, its principals, or any person controlling, controlled
by, or under common control with the Adviser or its principals, and the Affiliated Funds (collectively, the &#147;<B><I>Holders</I></B>&#148;) own in the aggregate more than 25&nbsp;percent of the outstanding voting shares of a Regulated Fund (the
&#147;<B><I>Shares</I></B>&#148;), then the Holders will vote such Shares as required under Condition 15. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Applicants
believe that this condition will ensure that the Independent Trustees will act independently in evaluating <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions, because the ability of an Adviser or its principals to influence the
Independent Trustees by a suggestion, explicit or implied, that the Independent Trustees can be removed if desired by the Holders will be limited significantly. The Independent Trustees shall evaluate and approve any independent party, taking into
account its qualifications, reputation for independence, cost to the shareholders, and other factors that they deem relevant. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-22- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In sum, Applicants believe that the Conditions would ensure that each Regulated
Fund that participates in any type of <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction does not participate on a basis different from, or less advantageous than, that of such other participants for purposes of Section&nbsp;17(d) or
Section&nbsp;57(a)(4) and the Rules under the Act. As a result, Applicants believe that the participation of the Regulated Funds in <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions in accordance with the Conditions would be
consistent with the provisions, policies, and purposes of the Act, and would be done in a manner that was not different from, or less advantageous than, the other participants. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conditions</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Applicants agree that any Order granting the requested relief shall be subject to the following conditions: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Identification and Referral of Potential <FONT
STYLE="white-space:nowrap">Co-Investment</FONT> Transactions</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Advisers will establish, maintain and
implement policies and procedures reasonably designed to ensure that each Adviser is promptly notified of all Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions that fall within the then-current Objectives and Strategies
and Board-Established Criteria of any Regulated Fund the Adviser manages. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When an Adviser to a Regulated Fund is
notified of a Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction under Condition 1(a), the Adviser will make an independent determination of the appropriateness of the investment for the Regulated Fund in light of the
Regulated Fund&#146;s then-current circumstances. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Board
Approvals of <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an Adviser deems a Regulated Fund&#146;s
participation in any Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction to be appropriate for the Regulated Fund, it will then determine an appropriate level of investment for the Regulated Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the aggregate amount recommended by the
Advisers to be invested in the Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction by the participating Regulated Funds and any participating Affiliated Funds, collectively, exceeds the amount of the investment opportunity,
the investment opportunity will be allocated among them pro rata based on the size of the Internal Orders, as described in Section III.A.1(b) above. Each Adviser to a participating Regulated Fund will promptly notify and provide the Eligible
Trustees with information concerning the Affiliated Funds&#146; and Regulated Funds&#146; order sizes to assist the Eligible Trustees with their review of the applicable Regulated Fund&#146;s investments for compliance with these Conditions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After making the determinations required in
Condition 1(b) above, each Adviser to a participating Regulated Fund will distribute written information concerning the Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction (including the amount proposed to be invested by each
participating Regulated Fund and each participating Affiliated Fund) to the Eligible Trustees of its participating Regulated Fund(s) for their consideration. A Regulated Fund will enter into a <FONT STYLE="white-space:nowrap">Co-Investment</FONT>
Transaction with one or more other </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-23- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
Regulated Funds or the Affiliated Funds only if, prior to the Regulated Fund&#146;s participation in the Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction, a Required
Majority concludes that: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the terms of
the transaction, including the consideration to be paid, are reasonable and fair to the Regulated Fund and its shareholders and do not involve overreaching in respect of the Regulated Fund or its shareholders on the part of any person concerned;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the transaction is consistent with:
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:25%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the interests of the Regulated
Fund&#146;s shareholders; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:25%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Regulated Fund&#146;s then-current Objectives and Strategies; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the investment by any other Regulated
Fund(s), or Affiliated Fund(s) would not disadvantage the Regulated Fund, and participation by the Regulated Fund would not be on a basis different from, or less advantageous than, that of any other Regulated Fund(s) or Affiliated Fund(s)
participating in the transaction; <U>provided</U> that the Required Majority shall not be prohibited from reaching the conclusions required by this Condition 2(c)(iii) if: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:25%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the settlement date for another Regulated
Fund or an Affiliated Fund in a <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction is later than the settlement date for the Regulated Fund by no more than ten business days or earlier than the settlement date for the Regulated Fund
by no more than ten business days, in either case, so long as: (x)&nbsp;the date on which the commitment of the Affiliated Fund and Regulated Funds is made is the same; and (y)&nbsp;the earliest settlement date and the latest settlement date of any
Affiliated Fund or Regulated Fund participating in the transaction will occur within ten business days of each other; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:25%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any other Regulated Fund or Affiliated Fund,
but not the Regulated Fund itself, gains the right to nominate a director for election to a portfolio company&#146;s board of directors, the right to have a board observer or any similar right to participate in the governance or management of the
portfolio company so long as: (x)&nbsp;the Eligible Trustees will have the right to ratify the selection of such director or board observer, if any; (y)&nbsp;the Adviser agrees to, and does, provide periodic reports to the Regulated Fund&#146;s
Board with respect to the actions of such director or the information received by such board observer or obtained through the exercise of any similar right to participate in the governance or management of the portfolio company; and (z)&nbsp;any
fees or other compensation that any other Regulated Fund or Affiliated Fund or any affiliated person of any other Regulated Fund or Affiliated Fund receives in connection with the right of one or more Regulated Funds or Affiliated Funds to nominate
a director or appoint a </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-24- </P>


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board observer or otherwise to participate in the governance or management of the portfolio company will be shared proportionately among any participating Affiliated Funds (who may, in turn,
share their portion with their affiliated persons) and any participating Regulated Fund(s) in accordance with the amount of each such party&#146;s investment; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the proposed investment by the Regulated
Fund will not involve compensation, remuneration or a direct or indirect<SUP STYLE="font-size:85%; vertical-align:top">27</SUP> financial benefit to the Advisers, any other Regulated Fund, the Affiliated Funds or any affiliated person of any of them
(other than the parties to the <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction), except (A)&nbsp;to the extent permitted by Condition 14, (B) to the extent permitted by Section&nbsp;17(e) or 57(k), as applicable,
(C)&nbsp;indirectly, as a result of an interest in the securities issued by one of the parties to the <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction, or (D)&nbsp;in the case of fees or other compensation described in Condition
2(c)(iii)(B)(z). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Right to Decline</U>. Each Regulated
Fund has the right to decline to participate in any Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction or to invest less than the amount proposed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>General Limitation</U>. Except for <FONT
STYLE="white-space:nowrap">Follow-On</FONT> Investments made in accordance with Conditions 8 and 9 below,<SUP STYLE="font-size:85%; vertical-align:top">28</SUP> a Regulated Fund will not invest in reliance on the Order in any issuer in which a
Related Party has an investment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Same Terms and
Conditions</U>. A Regulated Fund will not participate in any Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction unless (i)&nbsp;the terms, conditions, price, class of securities to be purchased, date on which the commitment
is entered into and registration rights (if any) will be the same for each participating Regulated Fund and Affiliated Fund and (ii)&nbsp;the earliest settlement date and the latest settlement date of any participating Regulated Fund or Affiliated
Fund will occur as close in time as practicable and in no event more than ten business days apart. The grant to one or more Regulated Funds or Affiliated Funds, but not the respective Regulated Fund, of the right to nominate a director for election
to a portfolio company&#146;s board of directors, the right to have an observer on the board of directors or similar rights to participate&nbsp;in&nbsp;the&nbsp;governance&nbsp;or management of the portfolio company will not be interpreted so as to
violate this Condition 5, if Condition 2(c)(iii)(B) is met. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Standard Review Dispositions</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>General</I>. If any Regulated Fund or
Affiliated Fund elects to sell, exchange or otherwise dispose of an interest in a security and one or more Regulated Funds and Affiliated Funds have previously participated in a <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction with
respect to the issuer, then: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:26%">&nbsp;</P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><SUP STYLE="font-size:85%; vertical-align:top">27</SUP> For example, procuring the Regulated Fund&#146;s investment in a Potential <FONT
STYLE="white-space:nowrap">Co-Investment</FONT> Transaction to permit an affiliate to complete or obtain better terms in a separate transaction would constitute an indirect financial benefit. </P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><SUP STYLE="font-size:85%; vertical-align:top">28</SUP> This exception applies only to <FONT STYLE="white-space:nowrap">Follow-On</FONT>
Investments by a Regulated Fund in issuers in which that Regulated Fund already holds investments. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-25- </P>


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<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Adviser to such Regulated Fund or
Affiliated Fund,<SUP STYLE="font-size:85%; vertical-align:top">29</SUP> as applicable, will notify each Regulated Fund that holds an investment in the issuer of the proposed Disposition at the earliest practical time; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:17%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Adviser to each Regulated Fund that
holds an investment in the issuer will formulate a recommendation as to participation by such Regulated Fund in the Disposition. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Same Terms and Conditions</I>. Each
Regulated Fund will have the right to participate in such Disposition on a proportionate basis, at the same price and on the same terms and conditions as those applicable to the Affiliated Funds and any other Regulated Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>No Board Approval Required</I>. A Regulated
Fund may participate in such a Disposition without obtaining prior approval of the Required Majority if: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:17%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the participation of each Regulated Fund
and Affiliated Fund in such Disposition is proportionate to its then-current holding of the security (or securities) of the issuer that is (or are) the subject of the Disposition;<SUP STYLE="font-size:85%; vertical-align:top">30</SUP> (B)&nbsp;the
Board of the Regulated Fund has approved as being in the best interests of the Regulated Fund the ability to participate in such Dispositions on a pro rata basis (as described in greater detail in the Application); and (C)&nbsp;the Board of the
Regulated Fund is provided on a quarterly basis with a list of all Dispositions made in accordance with this Condition; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:17%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;each security is a Tradable Security and
(A)&nbsp;the Disposition is not to the issuer or any affiliated person of the issuer; and (B)&nbsp;the security is sold for cash in a transaction in which the only term negotiated by or on behalf of the participating Regulated Funds and Affiliated
Funds is price. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Standard Board
Approval</I>. In all other cases, the Adviser will provide its written recommendation as to the Regulated Fund&#146;s participation to the Eligible Trustees and the Regulated Fund will participate in such Disposition solely to the extent that a
Required Majority determines that it is in the Regulated Fund&#146;s best interests. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Enhanced Review Dispositions</U><I>.</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>General</I>. If any Regulated Fund or
Affiliated Fund elects to sell, exchange or otherwise dispose of a <FONT STYLE="white-space:nowrap">Pre-Boarding</FONT> Investment in a Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction and the Regulated Funds and
Affiliated Funds have not previously participated in a <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction with respect to the issuer: </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:26%">&nbsp;</P> <P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><SUP
STYLE="font-size:85%; vertical-align:top">29</SUP> Any PIMCO Proprietary Account that is not advised by the Adviser is itself deemed to be an Adviser for purposes of Conditions 6(a)(i), 7(a)(i), 8(a)(i), and 9(a)(i). </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><SUP STYLE="font-size:85%; vertical-align:top">30</SUP> In the case of any Disposition, proportionality will be measured by each participating
Regulated Fund&#146;s and Affiliated Fund&#146;s outstanding investment in the security in question immediately preceding the Disposition. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-26- </P>


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<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:16%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Adviser to such Regulated Fund or
Affiliated Fund, as applicable, will notify each Regulated Fund that holds an investment in the issuer of the proposed Disposition at the earliest practical time; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Adviser to each Regulated Fund that
holds an investment in the issuer will formulate a recommendation as to participation by such Regulated Fund in the Disposition; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Advisers will provide to the Board of
each Regulated Fund that holds an investment in the issuer all information relating to the existing investments in the issuer of the Regulated Funds and Affiliated Funds, including the terms of such investments and how they were made, that is
necessary for the Required Majority to make the findings required by this Condition. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Enhanced Board Approval</I>. The Adviser
will provide its written recommendation as to the Regulated Fund&#146;s participation to the Eligible Trustees, and the Regulated Fund will participate in such Disposition solely to the extent that a Required Majority determines that: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Disposition complies with Condition
2(c)(i), (ii), (iii)(A), and (iv); and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the making and holding of the <FONT
STYLE="white-space:nowrap">Pre-Boarding</FONT> Investments were not prohibited by Section&nbsp;57 or Rule <FONT STYLE="white-space:nowrap">17d-1,</FONT> as applicable, and records the basis for the finding in the Board minutes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Additional Requirements: </I>The
Disposition may only be completed in reliance on the Order if: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Same Terms and Conditions</I>. Each
Regulated Fund has the right to participate in such Disposition on a proportionate basis, at the same price and on the same terms and Conditions as those applicable to the Affiliated Funds and any other Regulated Fund; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Original Investments</I>. All of the
Affiliated Funds&#146; and Regulated Funds&#146; investments in the issuer are <FONT STYLE="white-space:nowrap">Pre-Boarding</FONT> Investments; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Advice of counsel</I>. Independent
counsel to the Board advises that the making and holding of the investments in the <FONT STYLE="white-space:nowrap">Pre-Boarding</FONT> Investments were not prohibited by Section&nbsp;57 (as modified by Rule
<FONT STYLE="white-space:nowrap">57b-1)</FONT> or Rule <FONT STYLE="white-space:nowrap">17d-1,</FONT> as applicable; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Multiple Classes of Securities. </I>All
Regulated Funds and Affiliated Funds that hold <FONT STYLE="white-space:nowrap">Pre-Boarding</FONT> Investments in the issuer immediately before the time of completion of the <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction hold the
same security or securities of the issuer. For the purpose of determining whether the Regulated Funds and Affiliated Funds hold the same security or securities, they </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-27- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
may disregard any security held by some but not all of them if, prior to relying on the Order, the Required Majority is presented with all information necessary to make a finding, and finds,
that: (x)&nbsp;any Regulated Fund&#146;s or Affiliated Fund&#146;s holding of a different class of securities (including for this purpose a security with a different maturity date) is immaterial<SUP STYLE="font-size:85%; vertical-align:top">3</SUP><SUP
STYLE="font-size:85%; vertical-align:top">1</SUP> in amount, including immaterial relative to the size of the issuer; and (y)&nbsp;the Board records the basis for any such finding in its minutes. In addition, securities that differ only in respect
of issuance date, currency, or denominations may be treated as the same security; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>No control</I>. The Affiliated Funds, the
other Regulated Funds and their affiliated persons (within the meaning of Section&nbsp;2(a)(3)(C) of the Act), individually or in the aggregate, do not control the issuer of the securities (within the meaning of Section&nbsp;2(a)(9) of the Act).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Standard Review
<FONT STYLE="white-space:nowrap">Follow-Ons</FONT></U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>General</I>. If any Regulated Fund or
Affiliated Fund desires to make a <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment in an issuer and the Regulated Funds and Affiliated Funds holding investments in the issuer previously participated in a
<FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction with respect to the issuer: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Adviser to each such Regulated Fund and
Affiliated Fund, as applicable, will notify each Regulated Fund that holds securities of the portfolio company of the proposed transaction at the earliest practical time; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Adviser to each Regulated Fund that
holds an investment in the issuer will formulate a recommendation as to the proposed participation, including the amount of the proposed investment, by such Regulated Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>No Board Approval Required</I>. A Regulated
Fund may participate in the <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment without obtaining prior approval of the Required Majority if: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the proposed participation of each
Regulated Fund and each Affiliated Fund in such investment is proportionate to its outstanding investments in the issuer or the security at issue, as appropriate,<SUP STYLE="font-size:85%; vertical-align:top">3</SUP><SUP
STYLE="font-size:85%; vertical-align:top">2</SUP> immediately preceding the <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment; and (B)&nbsp;the Board of the Regulated Fund has </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:26%">&nbsp;</P>
<P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><SUP STYLE="font-size:85%; vertical-align:top">31</SUP> In determining whether a holding is &#147;immaterial&#148; for purposes of the Order,
the Required Majority will consider whether the nature and extent of the interest in the transaction or arrangement is sufficiently small that a reasonable person would not believe that the interest affected the determination of whether to enter
into the transaction or arrangement or the terms of the transaction or arrangement. </P>
<P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><SUP STYLE="font-size:85%; vertical-align:top">32</SUP> To the extent that a <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment
opportunity is in a security or arises in respect of a security held by the participating Regulated Funds and any Affiliated Fund, proportionality will be measured by each participating Regulated Fund&#146;s and Affiliated Fund&#146;s outstanding
investment in the security in question immediately preceding the <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment using the most recent available valuation thereof. To the extent that a <FONT STYLE="white-space:nowrap">Follow-On</FONT>
Investment opportunity relates to an opportunity to invest in a security that is not in respect of any security held by any of the participating Regulated Funds or any Affiliated Fund, proportionality will be measured by each participating Regulated
Fund&#146;s and Affiliated Fund&#146;s outstanding investment in the issuer immediately preceding the <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment using the most recent available valuation thereof.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-28- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
approved as being in the best interests of the Regulated Fund the ability to participate in <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investments on a pro rata basis (as described in
greater detail in this Application); or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;it is a
<FONT STYLE="white-space:nowrap">Non-Negotiated</FONT> <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Standard Board Approval</I>. In all other
cases, the Adviser will provide its written recommendation as to the Regulated Fund&#146;s participation to the Eligible Trustees and the Regulated Fund will participate in such <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment solely to
the extent that a Required Majority makes the determinations set forth in Condition 2(c). If the only previous <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction with respect to the issuer was an Enhanced Review Disposition the
Eligible Trustees must complete this review of the proposed <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment both on a stand-alone basis and together with the <FONT STYLE="white-space:nowrap">Pre-Boarding</FONT> Investments in relation
to the total economic exposure and other terms of the investment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Allocation</I>. If, with respect to any
such <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the amount of the opportunity proposed to be
made available to any Regulated Fund is not based on the Regulated Funds&#146; and the Affiliated Funds&#146; outstanding investments in the issuer or the security at issue, as appropriate, immediately preceding the
<FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the aggregate amount recommended by the
Advisers to be invested in the <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment by the participating Regulated Funds and any participating Affiliated Funds, collectively, exceeds the amount of the investment opportunity, then the <FONT
STYLE="white-space:nowrap">Follow-On</FONT> Investment opportunity will be allocated among them pro rata based on the size of the Internal Orders, as described in Section III.A.1(b) above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other Conditions</I>. The acquisition of <FONT
STYLE="white-space:nowrap">Follow-On</FONT> Investments as permitted by this Condition will be considered a <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction for all purposes and subject to the other Conditions set forth in this
application. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Enhanced Review <FONT
STYLE="white-space:nowrap">Follow-Ons</FONT></U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>General</I>. If any Regulated Fund or
Affiliated Fund desires to make a <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment in an issuer that is a Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction and the Regulated Funds and any Affiliated Funds
holding investments in the issuer have not previously participated in a <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction with respect to the issuer: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Adviser to each such Regulated Fund or
Affiliated Fund, as applicable, will notify each Regulated Fund that holds securities of the portfolio company of the proposed transaction at the earliest practical time; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Adviser to each Regulated Fund that
holds an investment in the issuer will formulate a recommendation as to the proposed participation, including the amount of the proposed investment, by such Regulated Fund; and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-29- </P>


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<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:16%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Advisers will provide to the Board of
each Regulated Fund that holds an investment in the issuer all information relating to the existing investments in the issuer of the Regulated Funds and Affiliated Funds, including the terms of such investments and how they were made, that is
necessary for the Required Majority to make the findings required by this Condition. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Enhanced Board Approval</I>. The Adviser
will provide its written recommendation as to the Regulated Fund&#146;s participation to the Eligible Trustees, and the Regulated Fund will participate in such <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment solely to the extent that a
Required Majority reviews the proposed <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment both on a stand-alone basis and together with the <FONT STYLE="white-space:nowrap">Pre-Boarding</FONT> Investments in relation to the total economic
exposure and other terms and makes the determinations set forth in Condition 2(c). In addition, the <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment may only be completed in reliance on the Order if the Required Majority of each
participating Regulated Fund determines that the making and holding of the <FONT STYLE="white-space:nowrap">Pre-Boarding</FONT> Investments were not prohibited by Section&nbsp;57 (as modified by Rule <FONT STYLE="white-space:nowrap">57b-1)</FONT> or
Rule <FONT STYLE="white-space:nowrap">17d-1,</FONT> as applicable. The basis for the Board&#146;s findings will be recorded in its minutes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Additional Requirements</I>. The <FONT
STYLE="white-space:nowrap">Follow-On</FONT> Investment may only be completed in reliance on the Order if: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Original Investments</I>. All of the
Affiliated Funds&#146; and Regulated Funds&#146; investments in the issuer are <FONT STYLE="white-space:nowrap">Pre-Boarding</FONT> Investments; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Advice of counsel</I>. Independent
counsel to the Board advises that the making and holding of the investments in the <FONT STYLE="white-space:nowrap">Pre-Boarding</FONT> Investments were not prohibited by Section&nbsp;57 (as modified by Rule
<FONT STYLE="white-space:nowrap">57b-1)</FONT> or Rule <FONT STYLE="white-space:nowrap">17d-1,</FONT> as applicable; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Multiple Classes of Securities</I>. All
Regulated Funds and Affiliated Funds that hold <FONT STYLE="white-space:nowrap">Pre-Boarding</FONT> Investments in the issuer immediately before the time of completion of the <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction hold the
same security or securities of the issuer. For the purpose of determining whether the Regulated Funds and Affiliated Funds hold the same security or securities, they may disregard any security held by some but not all of them if, prior to relying on
the Order, the Required Majority is presented with all information necessary to make a finding, and finds, that: (x)&nbsp;any Regulated Fund&#146;s or Affiliated Fund&#146;s holding of a different class of securities (including for this purpose a
security with a different maturity date) is immaterial in amount, including immaterial relative to the size of the issuer; and (y)&nbsp;the Board records the basis for any such finding in its minutes. In addition, securities that differ only in
respect of issuance date, currency, or denominations may be treated as the same security; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>No control</I>. The Affiliated Funds, the
other Regulated Funds and their affiliated persons (within the meaning of Section&nbsp;2(a)(3)(C) of the Act), individually or in the aggregate, do not control the issuer of the securities (within the meaning of Section&nbsp;2(a)(9) of the Act).
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-30- </P>


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<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Allocation</I>. If, with respect to any such
<FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the amount of the opportunity proposed to be
made available to any Regulated Fund is not based on the Regulated Funds&#146; and the Affiliated Funds&#146; outstanding investments in the issuer or the security at issue, as appropriate, immediately preceding the
<FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the aggregate amount recommended by the
Advisers to be invested in the <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investment by the participating Regulated Funds and any participating Affiliated Funds, collectively, exceeds the amount of the investment opportunity, then the <FONT
STYLE="white-space:nowrap">Follow-On</FONT> Investment opportunity will be allocated among them pro rata based on the size of the Internal Orders, as described in Section III.A.1(b) above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other Conditions</I>. The acquisition of <FONT
STYLE="white-space:nowrap">Follow-On</FONT> Investments as permitted by this Condition will be considered a <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction for all purposes and subject to the other Conditions set forth in this
application. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Board Reporting, Compliance and Annual <FONT
STYLE="white-space:nowrap">Re-Approval</FONT></U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Adviser to a Regulated Fund will present
to the Board of each Regulated Fund, on a quarterly basis, and at such other times as the Board may request, (i)&nbsp;a record of all investments in Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions made by any of the
other Regulated Funds or any Affiliated Funds during the preceding quarter that fell within the Regulated Fund&#146;s then-current Objectives and Strategies and Board-Established Criteria that were not made available to the Regulated Fund, and an
explanation of why such investment opportunities were not made available to the Regulated Fund; (ii)&nbsp;a record of all <FONT STYLE="white-space:nowrap">Follow-On</FONT> Investments in and Dispositions of investments in any issuer in which the
Regulated Fund holds any investments by any Affiliated Fund or other Regulated Fund during the prior quarter; and (iii)&nbsp;all information concerning Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions and <FONT
STYLE="white-space:nowrap">Co-Investment</FONT> Transactions, including investments made by other Regulated Funds or Affiliated Funds that the Regulated Fund considered but declined to participate in, so that the Independent Trustees may determine
whether all Potential <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions and <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions during the preceding quarter, including those investments that the Regulated Fund
considered but declined to participate in, comply with the Conditions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All information presented to the Regulated
Fund&#146;s Board pursuant to this Condition will be kept for the life of the Regulated Fund and at least two years thereafter, and will be subject to examination by the Commission and its staff. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Regulated Fund&#146;s chief compliance
officer, as defined in rule <FONT STYLE="white-space:nowrap">38a-1(a)(4),</FONT> will prepare an annual report for its Board each year that evaluates (and documents the basis of that evaluation) the Regulated Fund&#146;s compliance with the terms
and Conditions of the application and the procedures established to achieve such compliance. In the case of a BDC Downstream Fund that does not have a chief compliance </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-31- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
officer, the chief compliance officer of the BDC that controls the BDC Downstream Fund will prepare the report for the relevant Independent Party. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Independent Trustees (including the <FONT
STYLE="white-space:nowrap">non-interested</FONT> members of each Independent Party) will consider at least annually whether continued participation in new and existing <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transactions is in the
Regulated Funds&#146; best interests. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Record
Keeping</U>. Each Regulated Fund will maintain the records required by Section&nbsp;57(f)(3) of the Act as if each of the Regulated Funds were a BDC and each of the investments permitted under these Conditions were approved by the Required Majority
under Section&nbsp;57(f). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Trustee Independence</U>. No
Independent Trustee (including the <FONT STYLE="white-space:nowrap">non-interested</FONT> members of each Independent Party) of a Regulated Fund will also be a director, general partner, managing member or principal, or otherwise be an
&#147;affiliated person&#148; (as defined in the Act) of any Affiliated Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Expenses</U>. The expenses, if any, associated with
acquiring, holding or disposing of any securities acquired in a <FONT STYLE="white-space:nowrap">Co-</FONT> Investment Transaction (including, without limitation, the expenses of the distribution of any such securities registered for sale under the
Securities Act) will, to the extent not payable by the Advisers under their respective advisory agreements with the Regulated Funds and the Affiliated Funds, be shared by the Regulated Funds and any participating Affiliated Funds in proportion to
the relative amounts of the securities held or being acquired or disposed of, as the case may be. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Transaction Fees</U>.<SUP
STYLE="font-size:85%; vertical-align:top">3</SUP><SUP STYLE="font-size:85%; vertical-align:top">3</SUP> Any transaction fee (including <FONT STYLE="white-space:nowrap">break-up,</FONT> structuring, monitoring or commitment fees but excluding
brokerage or underwriting compensation contemplated by Section&nbsp;17(e) or <BR>57(k)) received in connection with any <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction will be distributed to the participants on a pro rata basis
based on the amounts they invested or committed, as the case may be, in such <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction. If any transaction fee is to be held by an Adviser pending consummation of the transaction, the fee will
be deposited into an account maintained by an Adviser at a bank or banks having the qualifications prescribed in Section&nbsp;26(a)(1), and the account will earn a competitive rate of interest that will also be divided pro rata among the
participants. None of the Adviser, the Affiliated Funds, the other Regulated Funds or any affiliated person of the Affiliated Funds or the Regulated Funds will receive any additional compensation or remuneration of any kind as a result of or in
connection with a <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction other than (i)&nbsp;in the case of the Regulated Funds and the Affiliated Funds, the pro rata transaction fees described above and fees or other compensation
described in Condition 2(c)(iii)(B)(z), (ii) brokerage or underwriting compensation permitted by Section&nbsp;17(e) or 57(k) or (iii)&nbsp;in the case of the Adviser, investment advisory compensation paid in accordance with investment advisory
agreements between the applicable Regulated Fund(s) or Affiliated Fund(s) and its Adviser. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:26%">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><SUP
STYLE="font-size:85%; vertical-align:top">33</SUP> Applicants are not requesting, and the Commission is not providing, any relief for transaction fees received in connection with any <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Transaction.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-32- </P>


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<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Independence</U>. If the Holders own in the aggregate more
than 25&nbsp;percent of the Shares of a Regulated Fund, then the Holders will vote such Shares in the same percentages as the Regulated Fund&#146;s other shareholders (not including the Holders) when voting on (1)&nbsp;the election of directors;
(2)&nbsp;the removal of one or more directors; or (3)&nbsp;any other matter under either the Act or applicable State law affecting the Board&#146;s composition, size or manner of election. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%" VALIGN="top" ALIGN="left">V.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">PROCEDURAL MATTERS </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Communications</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Please address all communications concerning this Application and the Notice and Order to: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>David C. Flattum </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Global
General Counsel </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>c/o Pacific Investment Management Company LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>650 Newport Center Drive </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Newport Beach, California 92660 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Telephone: (949) <FONT STYLE="white-space:nowrap">720-6134</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Ryan G. Leshaw, Esq. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Chief Legal Officer for the <FONT STYLE="white-space:nowrap">Closed-End</FONT> Funds </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>c/o Pacific Investment Management Company LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>650 Newport Center Drive </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Newport Beach, California 92660 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Telephone: (949) <FONT STYLE="white-space:nowrap">720-6980</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Please address any questions, and a copy of any communications, concerning this Application, the Notice and Order to: </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>David C. Sullivan, Esq. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Michael G. Doherty, Esq. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Ropes&nbsp;&amp; Gray LLP </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Prudential Tower </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>800
Boylston Street </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Boston, Massachusetts 02199 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>david.sullivan@ropesgray.com</U> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>michael.doherty@ropesgray.com</U> </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Authorizations</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The filing of this Application for the Order sought hereby and the taking of all acts reasonably necessary to obtain the
relief requested herein was authorized by the Board of each Fund pursuant to resolutions duly adopted by the Board on June&nbsp;30, 2021 (attached hereto as Exhibit A). In accordance with Rule <FONT STYLE="white-space:nowrap">0-2(c)</FONT> under the
Act, each person executing the Application on behalf of the Applicants being duly sworn deposes and says that he or she has duly executed </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-33- </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
the attached Application for and on behalf of the applicable entity listed; that he or she is authorized to execute the Application pursuant to the terms of an operating agreement, management
agreement or otherwise; and that all actions by members, directors or other bodies necessary to authorize each such deponent to execute and file the Application have been taken. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Ryan G. Leshaw </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Chief
Legal Officer for the <FONT STYLE="white-space:nowrap">Closed-End</FONT> Funds </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>c/o Pacific Investment Management Company LLC
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>650 Newport Center Drive </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Newport Beach, California 92660 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Telephone: (949) 720-6980 </B></P>
<P STYLE="margin-top:36pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><I>Signature Pages Follow </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-34- </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Applicants have caused this Application to be duly signed on their behalf on the
20th day of July 2021. </P> <P STYLE="font-size:36pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="52%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>PCM FUND, INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>/s/ <FONT STYLE="white-space:nowrap">Wu-Kwan</FONT> Kit</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Wu-Kwan</FONT> Kit</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Secretary</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="49" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>PIMCO CORPORATE&nbsp;&amp; INCOME OPPORTUNITY FUND</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>/s/ <FONT STYLE="white-space:nowrap">Wu-Kwan</FONT> Kit</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Wu-Kwan</FONT> Kit</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Secretary</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="49" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>PIMCO CORPORATE&nbsp;&amp; INCOME STRATEGY FUND</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>/s/ <FONT STYLE="white-space:nowrap">Wu-Kwan</FONT> Kit</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Wu-Kwan</FONT> Kit</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Secretary</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="49" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>PIMCO DYNAMIC CREDIT &amp; MORTGAGE INCOME FUND</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>/s/ <FONT STYLE="white-space:nowrap">Wu-Kwan</FONT> Kit</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Wu-Kwan</FONT> Kit</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Secretary</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="49" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>PIMCO DYNAMIC INCOME FUND</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>/s/ <FONT STYLE="white-space:nowrap">Wu-Kwan</FONT> Kit</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Wu-Kwan</FONT> Kit</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Secretary</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-1- </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="52%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>PIMCO DYNAMIC INCOME OPPORTUNITIES FUND</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>/s/ <FONT STYLE="white-space:nowrap">Wu-Kwan</FONT> Kit</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Wu-Kwan</FONT> Kit</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Secretary</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="49" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>PIMCO ENERGY AND TACTICAL CREDIT OPPORTUNITIES FUND</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>/s/ <FONT STYLE="white-space:nowrap">Wu-Kwan</FONT> Kit</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Wu-Kwan</FONT> Kit</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Secretary</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="49" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>PIMCO GLOBAL STOCKSPLUS&reg;&nbsp;&amp; INCOME FUND</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>/s/ <FONT STYLE="white-space:nowrap">Wu-Kwan</FONT> Kit</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Wu-Kwan</FONT> Kit</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Secretary</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="49" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>PIMCO HIGH INCOME FUND</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>/s/ <FONT STYLE="white-space:nowrap">Wu-Kwan</FONT> Kit</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Wu-Kwan</FONT> Kit</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Secretary</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="49" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>PIMCO INCOME OPPORTUNITY FUND</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>/s/ <FONT STYLE="white-space:nowrap">Wu-Kwan</FONT> Kit</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Wu-Kwan</FONT> Kit</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Secretary</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-2- </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="52%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="84%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>PIMCO INCOME STRATEGY FUND</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>/s/ <FONT STYLE="white-space:nowrap">Wu-Kwan</FONT> Kit</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Wu-Kwan</FONT> Kit</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Secretary</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="49" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>PIMCO INCOME STRATEGY FUND II</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>/s/ <FONT STYLE="white-space:nowrap">Wu-Kwan</FONT> Kit</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Wu-Kwan</FONT> Kit</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Secretary</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="49" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>PIMCO STRATEGIC INCOME FUND, INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>/s/ <FONT STYLE="white-space:nowrap">Wu-Kwan</FONT> Kit</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Wu-Kwan</FONT> Kit</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Secretary</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="49" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>PIMCO FLEXIBLE CREDIT INCOME FUND</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>/s/ <FONT STYLE="white-space:nowrap">Wu-Kwan</FONT> Kit</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Wu-Kwan</FONT> Kit</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Secretary</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="49" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>PIMCO FLEXIBLE MUNICIPAL INCOME FUND</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>/s/ <FONT STYLE="white-space:nowrap">Wu-Kwan</FONT> Kit</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Wu-Kwan</FONT> Kit</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Secretary</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-3- </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="52%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="84%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>PIMCO FLEXIBLE EMERGING MARKETS INCOME FUND</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>/s/ <FONT STYLE="white-space:nowrap">Wu-Kwan</FONT> Kit</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Wu-Kwan</FONT> Kit</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Secretary</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="49" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>PIMCO BRAVO FUND III, L.P.</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">By: PIMCO GP XVII, LLC, its general partner</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">By: Pacific Investment Management Company LLC, its managing member</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>/s/ Jason Mandinach</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Jason Mandinach</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Managing Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="49" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>LVS III HOLDING LP</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">By: PIMCO GP XVII, LLC, its general partner</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">By: Pacific Investment Management Company LLC, its managing member</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>/s/ Jason Mandinach</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Jason Mandinach</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Managing Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="49" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>PIMCO BRAVO FUND IV, L.P.</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">By: PIMCO GP XLI, LLC, its general partner</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">By: Pacific Investment Management Company LLC, its managing member</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>/s/ Jason Mandinach</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Jason Mandinach</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Managing Director</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-4- </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="52%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="84%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>LVS IV HOLDING SP LP</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">By: LVS IV GP LLC, its general partner</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">By: LVS IV Holding LP, its managing member</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">By: PIMCO GP XLI, LLC, its general partner</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">By: Pacific Investment Management Company</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">LLC, its managing member</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>/s/ Jason Mandinach</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Jason Mandinach</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Managing Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="49" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>LVS IV HOLDING LP</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">By: PIMCO GP XLI, LLC, its general partner</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">By: Pacific Investment Management Company LLC, its managing member</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>/s/ Jason Mandinach</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Jason Mandinach</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Managing Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="49" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>PIMCO BRAVO CRE FUND, L.P.</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">By: PIMCO GP XLV, LLC, its general partner</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">By: Pacific Investment Management Company LLC, its managing member</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>/s/ Jason Mandinach</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Jason Mandinach</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Managing Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="49" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>ALLIANZ PCREL US DEBT S.A.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>/s/ Lars Daniel Junkermann</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lars Daniel Junkermann</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Director</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-5- </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="52%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="84%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>ALLIANZ DEBT INVESTMENTS SCSP <FONT STYLE="white-space:nowrap">SICAV-SIF</FONT> &#150; AZ DEBT INVESTMENT FUND PIMCO COMMERCIAL REAL ESTATE LENDING FUND</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">By: Allianz Debt Investments S.&agrave; r.l., its general partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>/s/ Lars Daniel Junkermann</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lars Daniel Junkermann</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="49" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>PIMCO COMMERCIAL REAL ESTATE DEBT FUND, L.P</B>.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">By: PIMCO GP XXVI, LLC, its general partner</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">By: Pacific Investment Management Company LLC, its managing member</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>/s/ Jason Mandinach</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Jason Mandinach</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Managing Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="49" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>PIMCO COMMERCIAL REAL ESTATE DEBT FUND II, L.P.</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">By: PIMCO GP XLIX, LLC, its general partner</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">By: Pacific Investment Management Company LLC, its managing member</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>/s/ Jason Mandinach</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Jason Mandinach</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Managing Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="49" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>PIMCO CORPORATE OPPORTUNITIES FUND III, L.P.</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">By: PIMCO GP XXX, LLC, its general partner</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">By: Pacific Investment Management Company LLC, its managing member</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>/s/ Jason Mandinach</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Jason Mandinach</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Managing Director</TD></TR></TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-6- </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="52%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="84%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>OCI III HOLDING LP</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">By: PIMCO GP XXX, LLC, its general partner</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">By: Pacific Investment Management Company LLC, its managing member</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>/s/ Jason Mandinach</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Jason Mandinach</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Managing Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="49" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>PIMCO PRIVATE INCOME FUND LP</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">By: PIF CE Ltd, its general partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>/s/ Michelle Wilson-Clarke</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Michelle Wilson-Clarke</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="49" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>PIMCO TACTICAL OPPORTUNITIES MASTER FUND LTD.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>/s/ Michelle Wilson-Clarke</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Michelle Wilson-Clarke</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="49" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>PIMCO HORSESHOE FUND, LP</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">By: PIMCO GP XIV, LLC, its general partner</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">By: Pacific Investment Management Company LLC, its managing member</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>/s/ Jason Mandinach</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Jason Mandinach</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Managing Director</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-7- </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="52%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="84%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>PIMCO RED STICK FUND, L.P.</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">By: PIMCO GP XXVIII, LLC, its general partner</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">By: Pacific Investment Management Company LLC, its managing member</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>/s/ Jason Mandinach</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Jason Mandinach</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Managing Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="49" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>PIMCO DISTRESSED SENIOR CREDIT OPPORTUNITIES FUND II, L.P.</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">By: PIMCO GP X, LLC, its general partner</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">By: Pacific Investment Management Company LLC, its managing member</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>/s/ Jason Mandinach</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Jason Mandinach</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Managing Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="49" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>PIMCO DISCO FUND III LP</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">By: PIMCO GP XXXIII, LLC, its general partner</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">By: Pacific Investment Management Company LLC, its managing member</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>/s/ Jason Mandinach</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Jason Mandinach</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Managing Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="49" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>PIMCO RESIDENTIAL OPPORTUNITIES FUND, L.P.</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">By: PIMCO GP XXXV, LLC, its general partner</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">By: Pacific Investment Management Company LLC, its managing member</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>/s/ Jason Mandinach</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Jason Mandinach</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Managing Director</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-8- </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="52%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD WIDTH="16%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="83%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" COLSPAN="3"><B>PHFS&nbsp;RESIDENTIAL&nbsp;OPPORTUNITIES OFFSHORE FUND, L.P.</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" COLSPAN="3">By: PIMCO GP XXXVI, LLC, its general partner</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" COLSPAN="3">By: Pacific Investment Management Company LLC, its managing member</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>/s/ Jason Mandinach</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Jason Mandinach</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Managing Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="49" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" COLSPAN="3"><B>PIMCO ILS SERIES SPC, ON BEHALF OF AND FOR THE ACCOUNT OF PIMCO ILS FUND I</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>/s/ Michelle Wilson-Clarke</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Michelle Wilson-Clarke</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="49" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" COLSPAN="3"><B>PIMCO ILS SERIES SPC, ON BEHALF OF AND FOR THE ACCOUNT OF PIMCO ILS FUND II</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>/s/ Michelle Wilson-Clarke</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Michelle Wilson-Clarke</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="49" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" COLSPAN="3"><B>PIMCO&nbsp;GLOBAL&nbsp;CREDIT&nbsp;OPPORTUNITY MASTER FUND LDC</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U><FONT STYLE="white-space:nowrap">/s/&nbsp;Michelle&nbsp;Wilson-Clarke</FONT></U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Michelle Wilson-Clarke</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Director</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-9- </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="52%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="84%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>PIMCO ABSOLUTE RETURN STRATEGY 3 MASTER FUND LDC</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>/s/ Michelle Wilson-Clarke</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Michelle Wilson-Clarke</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="49" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>PIMCO ABSOLUTE RETURN STRATEGY 3D OFFSHORE FUND LTD</B>.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>/s/ Michelle Wilson-Clarke</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Michelle Wilson-Clarke</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="49" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>PIMCO ABSOLUTE RETURN STRATEGY 3E MASTER FUND LDC</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>/s/ Michelle Wilson-Clarke</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Michelle Wilson-Clarke</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="49" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>PIMCO ABSOLUTE RETURN STRATEGY IV MASTER FUND LDC</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>/s/ Michelle Wilson-Clarke</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Michelle Wilson-Clarke</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="49" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>PIMCO ABSOLUTE RETURN STRATEGY IV IDF LLC</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">By: Pacific Investment Management Company LLC, its managing member</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>/s/ Jason Mandinach</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Jason Mandinach</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Managing Director</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-10- </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="52%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="84%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>INTERTRUST FUND SERVICES (CAYMAN) LIMITED, IN ITS CAPACITY AS TRUSTEE OF PIMCO ABSOLUTE RETURN STRATEGY IV EFUND, A <FONT STYLE="white-space:nowrap">SUB-TRUST</FONT> OF PIMCO OFFSHORE FUNDS</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>/s/ Sheena Thompson</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Sheena Thompson</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Authorised Signatory</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>/s/ Laura Homer</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Laura Homer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Authorised Signatory</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="49" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>PIMCO ABSOLUTE RETURN STRATEGY V MASTER FUND LDC</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>/s/ Michelle Wilson-Clark<B>e</B></U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Michelle Wilson-Clarke</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="49" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>PIMCO INVESTMENTS LLC</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>/s/ Eric Sutherland</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Eric Sutherland</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">President</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="49" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>PACIFIC INVESTMENT MANAGEMENT COMPANY LLC</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>/s/ Jason Mandinach</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Jason Mandinach</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Managing Director</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-11- </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>SCHEDULE A</U> </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; margin-left:2%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Existing Affiliated Funds are comprised of the following groups, and all Existing Affiliated Funds are
advised by Advisers to Affiliated Funds: </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I>Verification Group A </I></B></P>
<P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">PIMCO BRAVO Fund III, L.P. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">LVS III Holding LP </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">PIMCO BRAVO Fund IV, L.P. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">LVS IV Holding SP LP </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">LVS IV Holding LP </P></TD></TR></TABLE>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">PIMCO BRAVO CRE Fund, L.P. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">PIMCO Commercial Real Estate Debt Fund, L.P. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">PIMCO Commercial Real Estate Debt Fund II, L.P. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">PIMCO Corporate Opportunities Fund III, L.P. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">OCI III Holding LP </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">PIMCO Horseshoe Fund, LP </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">8.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">PIMCO Red Stick Fund, L.P. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">9.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">PIMCO Distressed Senior Credit Opportunities Fund II, L.P. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">10.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">PIMCO DISCO Fund III LP </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">11.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">PIMCO Residential Opportunities Fund, L.P. (&#147;Resi Opps&#148;) </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">12.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">PHFS Residential Opportunities Offshore Fund, L.P., a shareholder of the Master Fund, PHFS XI SP, a
segregated portfolio of PHFS Series SPC </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">13.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">PIMCO Absolute Return Strategy IV IDF LLC </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I>Verification Group B </I></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">14.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">PIMCO Private Income Fund LP </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">15.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">PIMCO Tactical Opportunities Master Fund Ltd. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">16.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">PIMCO ILS Series SPC, on behalf and for the account of PIMCO ILS Fund I </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-1- </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">17.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">PIMCO ILS Series SPC, on behalf and for the account of PIMCO ILS Fund II </P></TD></TR></TABLE>
<P STYLE="font-size:20pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">18.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">PIMCO Global Credit Opportunity Master Fund LDC </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">19.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">PIMCO Absolute Return Strategy 3 Master Fund LDC </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">20.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">PIMCO Absolute Return Strategy 3D Offshore Fund Ltd. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">21.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">PIMCO Absolute Return Strategy 3E Master Fund LDC </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">22.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">PIMCO Absolute Return Strategy IV Master Fund LDC </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">23.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">PIMCO Absolute Return Strategy V Master Fund LDC </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I>Verification Group C </I></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">24.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">PIMCO Absolute Return Strategy IV eFund </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I>Verification Group D </I></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">25.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">Allianz PCREL US Debt S.A. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">26.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">Allianz Debt Investments SCSp <FONT STYLE="white-space:nowrap">SICAV-SIF</FONT> &#150; AZ Debt Investment
Fund PIMCO Commercial Real Estate Lending Fund </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-2- </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">VERIFICATION </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The undersigned states that she has duly executed the foregoing Application for and on behalf of each of PCM Fund, Inc., PIMCO
Corporate&nbsp;&amp; Income Opportunity Fund, PIMCO Corporate&nbsp;&amp; Income Strategy Fund, PIMCO Dynamic Credit&nbsp;&amp; Mortgage Income Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund, PIMCO Energy and Tactical Credit
Opportunities Fund, PIMCO Global StocksPLUS&reg;&nbsp;&amp; Income Fund, PIMCO High Income Fund, PIMCO Income Opportunity Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II, PIMCO Strategic Income Fund, Inc., PIMCO Flexible Credit
Income Fund, PIMCO Flexible Municipal Income Fund, and PIMCO Flexible Emerging Markets Income Fund, that she is the Secretary of such entity and that all action by officers, directors, and other bodies necessary to authorize deponent to execute and
file such instrument has been taken. The undersigned further states that she is familiar with such instrument, and the contents thereof, and that the facts therein set forth are true to the best of her knowledge, information and belief. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="52%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-right:0.50em; font-size:12pt; font-family:Times New Roman"><B>PCM FUND, INC.</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-right:0.50em; font-size:12pt; font-family:Times New Roman"><B>PIMCO CORPORATE &amp; INCOME</B> <B>OPPORTUNITY FUND</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-right:0.50em; font-size:12pt; font-family:Times New Roman"><B>PIMCO CORPORATE &amp; INCOME</B> <B>STRATEGY FUND</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-right:0.50em; font-size:12pt; font-family:Times New Roman"><B>PIMCO DYNAMIC CREDIT &amp; MORTGAGE</B> <B>INCOME FUND</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-right:0.50em; font-size:12pt; font-family:Times New Roman"><B>PIMCO DYNAMIC INCOME FUND</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-right:0.50em; font-size:12pt; font-family:Times New Roman"><B>PIMCO DYNAMIC INCOME</B> <B>OPPORTUNITIES FUND</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-right:0.50em; font-size:12pt; font-family:Times New Roman"><B>PIMCO ENERGY AND TACTICAL CREDIT</B> <B>OPPORTUNITIES FUND</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-right:0.50em; font-size:12pt; font-family:Times New Roman"><B>PIMCO GLOBAL STOCKSPLUS&reg; &amp;</B> <B>INCOME FUND</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-right:0.50em; font-size:12pt; font-family:Times New Roman"><B>PIMCO HIGH INCOME FUND</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-right:0.50em; font-size:12pt; font-family:Times New Roman"><B>PIMCO INCOME OPPORTUNITY FUND</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-right:0.50em; font-size:12pt; font-family:Times New Roman"><B>PIMCO INCOME STRATEGY FUND</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-right:0.50em; font-size:12pt; font-family:Times New Roman"><B>PIMCO INCOME STRATEGY FUND II</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-right:0.50em; font-size:12pt; font-family:Times New Roman"><B>PIMCO STRATEGIC INCOME FUND, INC.</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-right:0.50em; font-size:12pt; font-family:Times New Roman"><B>PIMCO FLEXIBLE CREDIT INCOME FUND</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-right:0.50em; font-size:12pt; font-family:Times New Roman"><B>PIMCO FLEXIBLE MUNICIPAL INCOME</B> <B>FUND</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-right:0.50em; font-size:12pt; font-family:Times New Roman"><B>PIMCO FLEXIBLE EMERGING MARKETS INCOME FUND</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><U>/s/ <FONT STYLE="white-space:nowrap">Wu-Kwan</FONT> Kit</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="white-space:nowrap">Wu-Kwan</FONT> Kit</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Secretary</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-1- </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">VERIFICATION </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The undersigned states that he has duly executed the foregoing Application for and on behalf of Pacific Investment Management
Company LLC, that he is the Managing Director of such entity and that all action by officers, directors, and other bodies necessary to authorize deponent to execute and file such instrument has been taken. The undersigned further states that he is
familiar with such instrument, and the contents thereof, and that the facts therein set forth are true to the best of his knowledge, information and belief. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="52%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="84%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-right:2.00em; font-size:12pt; font-family:Times New Roman"><B>PACIFIC INVESTMENT MANAGEMENT COMPANY LLC</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>/s/ Jason Mandinach</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Jason Mandinach</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Managing Director</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-2- </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">VERIFICATION </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The undersigned states that he has duly executed the foregoing Application for and on behalf of PIMCO Investments LLC, that he
is the President of such entity and that all action by officers, directors, and other bodies necessary to authorize deponent to execute and file such instrument has been taken. The undersigned further states that he is familiar with such instrument,
and the contents thereof, and that the facts therein set forth are true to the best of his knowledge, information and belief. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="52%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="84%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>PIMCO INVESTMENTS LLC</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><U>/s/ Eric Sutherland</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Eric Sutherland</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>President</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-3- </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">VERIFICATION </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The undersigned states that he has duly executed the foregoing Application for and on behalf each of the funds listed in <U>Verification Group
A</U> on <U>Schedule A</U>, that he is the Managing Director of such funds, and that all action by officers, directors, and other bodies necessary to authorize deponent to execute and file such instrument has been taken. The undersigned further
states that he is familiar with such instrument, and the contents thereof, and that the facts therein set forth are true to the best of his knowledge, information and belief. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="52%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="84%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><U>/s/ Jason Mandinach</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Jason Mandinach</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Managing Director</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-4- </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">VERIFICATION </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The undersigned states that she has duly executed the foregoing Application for and on behalf each of the funds listed in <U>Verification
Group B</U> on <U>Schedule A</U>, that she is the Director of such funds, and that all action by officers, directors, and other bodies necessary to authorize deponent to execute and file such instrument has been taken. The undersigned further states
that she is familiar with such instrument, and the contents thereof, and that the facts therein set forth are true to the best of her knowledge, information and belief. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="52%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="84%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><U>/s/ Michelle Wilson-Clarke</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Michelle Wilson-Clarke</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Director</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-5- </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">VERIFICATION </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The undersigned state that they have duly executed the foregoing Application for and on behalf of the fund listed in <U>Verification Group
C</U> on <U>Schedule A</U>, that they are the Authorised Signatories of such fund, and that all action by officers, directors, and other bodies necessary to authorize deponent to execute and file such instrument has been taken. The undersigned
further state that they are familiar with such instrument, and the contents thereof, and that the facts therein set forth are true to the best of their knowledge, information and belief. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="52%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="84%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">/s/&nbsp;Sheena&nbsp;Thompson</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Sheena Thompson</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Authorised Signatory</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="21"></TD>
<TD HEIGHT="21" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">/s/ Laura Homer</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Laura Homer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Authorised Signatory</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-6- </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">VERIFICATION </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The undersigned states that he has duly executed the foregoing Application for and on behalf each of the funds listed in <U>Verification Group
D</U> on <U>Schedule A</U>, that he is the Director of such funds, and that all action by officers, directors, and other bodies necessary to authorize deponent to execute and file such instrument has been taken. The undersigned further states that
he is familiar with such instrument, and the contents thereof, and that the facts therein set forth are true to the best of his knowledge, information and belief. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="52%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


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<TD VALIGN="top">By:</TD>
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<TD VALIGN="bottom" NOWRAP><U>/s/ Lars Daniel Junkermann</U></TD></TR>
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<TD VALIGN="top">Name:</TD>
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<TD VALIGN="bottom" NOWRAP>Lars Daniel Junkermann</TD></TR>
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<TD VALIGN="top">Title:</TD>
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<TD VALIGN="bottom" NOWRAP>Director</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT A </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Resolutions of PCM Fund, Inc., PIMCO Corporate&nbsp;&amp; Income Opportunity Fund, PIMCO Corporate&nbsp;&amp; Income Strategy Fund, PIMCO
Dynamic Credit&nbsp;&amp; Mortgage Income Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund, PIMCO Energy and Tactical Credit Opportunities Fund, PIMCO Global
StocksPLUS<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP>&nbsp;&amp; Income Fund, PIMCO High Income Fund, PIMCO Income Opportunity Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II, PIMCO Strategic Income Fund, Inc., PIMCO
Flexible Credit Income Fund, PIMCO Flexible Municipal Income Fund, and PIMCO Flexible Emerging Markets Income Fund (the &#147;Funds&#148;) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><I>Approval of Filing Section&nbsp;17(d) Application for <FONT STYLE="white-space:nowrap">Co-Investment</FONT> Relief </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>NOW, THEREFORE, BE IT RESOLVED</B>, that the officers of each of the Funds are hereby authorized to prepare, execute and cause to be filed
with the SEC an Application for an Order of Exemption, substantially in the form attached hereto as Exhibit B, and any amendments thereto, pursuant to Sections 17(d) and 57(i) of the 1940 Act and Rule <FONT STYLE="white-space:nowrap">17d-1</FONT>
promulgated under the 1940 Act, authorizing certain joint transactions that otherwise may be prohibited by Sections 17(d) and 57(a)(4) of the 1940 Act; and it is </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>FURTHER RESOLVED</B>, that the officers of each of the Funds are hereby authorized to take such further action and execute such other
documents as such officer or officers shall deem necessary or advisable in order to effectuate the intent of the foregoing resolution. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-1- </P>

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