Sydney
PIMCO Australia Pty Ltd
363 George Street
Level 19
Sydney, NSW 2000
Australia
612-9279-1771
ABN: 54 084 280 508

The services and products provided by PIMCO Australia Pty Ltd are available only to persons who are not retail clients as defined in regulation 7.3.02(B)(10) of the old Corporations Regulations (as they applied at 10 March 2002), and may acquire those products or services as a wholesale client under section 761G(4) of the Corporations Act (“Institutional Investors”). Investors should obtain relevant and specific professional advice before making any investment decision. The information contained herein does not take into account the investment objectives, financial situation or needs of any particular investor. Before making an investment decision investors should consider, with or without the assistance of a securities advisor, whether the information contained herein is appropriate in light of their particular investment needs, objectives and financial circumstances.

Investment management products and services offered by PIMCO Australia Pty Ltd are offered only to persons within its respective jurisdiction, and are not available to persons where provision of such products or services is unauthorized.

Past performance is no guarantee of future results. No part of this publication may be reproduced in any form, or referred to in any other publication, without express written permission. This article contains the current opinions of the author but not necessarily those of the PIMCO Group and does not represent a recommendation of any particular security strategy, or investment product. The author’s opinions are subject to change without notice. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. This article is distributed for educational purposes and should not be considered as investment advice or an offer of any security for sale.

Copyright 2003, PIMCO