London
PIMCO Europe Ltd
(Registered in England and Wales, Company No. 2604517)
Registered Office
Nations House
103 Wigmore Street
London W1U 1QS
England
+44 (0) 20 7872 1300

Munich
PIMCO Europe Ltd Munich Branch
(Registered in Germany, Company No. 157591)
Registered Office
Seidlstraße 24-24a
80335 Munich
Germany
+49 (0) 89 1221 90

Amsterdam
PIMCO Europe Ltd Amsterdam Branch
(Registered in The Netherlands, Company No. 24319743)
Registered Office
Schiphol Boulevard 315
Tower A6
1118 BJ Luchthaven Schiphol
The Netherlands
+31 (0) 20 655 4710

PIMCO Europe Ltd, PIMCO Europe Ltd Munich Branch, and PIMCO Europe Ltd Amsterdam Branch are authorised and regulated by the Financial Services Authority in the UK, 25 The North Colonnade, Canary Wharf, London E14 5HS.  PIMCO Europe Ltd Munich Branch is additionally regulated by the BaFin in Germany in accordance with Section 53b of the German Banking Act and PIMCO Europe Ltd in Amsterdam is additionally regulated by the AFM in the Netherlands.  The services and products provided by PIMCO Europe Ltd are available only to professional clients as defined in the Financial Services Authority's Handbook. They are not available to individual investors, who should not rely on this communication.

This material contains the opinions of the author but not necessarily those of PIMCO and such opinions are subject to change without notice. This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. This material is provided with permission of Bloomberg.  Date of original publication 3 February 2010.