For fund distributors and professional investors only.

For fund distributors and professional investors only.
Exploring Growth in Europe Allianz Europe Equity Growth Allianz Europe Equity Growth Select Allianz Euroland Equity Growth Allianz Continental European Fund September 2017 Thorsten Winkelmann Investment Style Leader Growth, Senior Portfolio Manager, Managing Director

Europe Equity Growth Strategy – Performance History A growth investment for the whole market cycle
Rolling 3-years performance since , monthly data Outperformance in 135/136 3-year periods Source: Pico, IDS GmbH, IDS is a 100% subsidiary of Allianz SE. Closing price gross of fees, figures as per Past performance is no reliable indicator of future performance. All figures in Euro. Scatter plot chart: Performance rolling 3 years annualised, calculation starting with , first data point: This presentation aims to demonstrate the qualities and track record of the strategy Europe Equity Growth, reflected in several share classes and segregate accounts. For the purpose of the presentation, we illustrate the characteristics of the strategy via a representative account. The performance track record of the composite is shown at the end of this presentation. The strategy's performance is demonstrated for periods prior to by the representative account Allianz Wachstum Europa, each against the MSCI Europe. The official benchmark is Standard & Poor´s Europe LargeMidCap Growth Net Total Return. On this slide, we show the MSCI Europe as a proxy for the broad European equity market. This information is supplemental to the report in compliance with the Global Investment Performance Standards.

Allianz Europe Equity Growth Team Team structure
Investment Style Team Growth Thorsten Winkelmann Senior Portfolio Manager Managing Director 21 years experience Portfolio Management Teams | In House Company Research | GrassrootsSM Research Company Meetings | Sell-side Research Robert Hofmann, CFA Portfolio Manager 14 years experience Andreas Hildebrand, CFA Portfolio Manager 10 years experience Marcus Morris-Eyton, CFA Portfolio Manager 7 years experience Giovanni Trombello, CFA Portfolio Manager 18 years experience Darina Valcova Portfolio Management Associate Laura Villani Product Specialist Associate 2 years experience 6 years experience Source: Allianz Global Investors GmbH. Data as of 1st September GrassrootsSM Research is a division within Allianz Global Investors that commissions investigative research for asset management professionals. Research data used to generate GrassrootsSM Research reports are received from reporters and field force investigators who work as independent, third party research providers, supplying research that is paid for by commissions generated by trades executed on behalf of clients.

1 Investment Process

Investment Philosophy Allianz Europe Equity Growth Structural growth investing beyond market cycles
Pure bottom-up stock picking approach Country/ Sector agnostic Always fully invested No derivatives Benchmark agnostic Long-term investing (3-5 years) Growth We identify stocks with structurally above average earnings and cash flow growth, that are consistently able to deliver high returns on capital. Quality We strive to select companies with competitive advantages and high barriers to entry, that are able to compound their stellar returns over the long term.

Long term, sustainable competitive advantages
+ + Structural Growth Quality Valuation Sustainable growth Secular market growth driver Technological leadership Cost leadership Stable above average returns Long term sustainable competitive advantage Operational excellence Balance sheet strength High barriers to entry Management quality Remaining upside potential Multiples versus market Multiples versus peers Multiples in historical context Multiples in context of visibility of growth and returns Making use of the power of compounding Competitive companies have the ability to compound their sustainable high returns over the long term

Porter’s Five Forces Competitive advantages to generate superior returns
Threat of Substitutes Perceived product quality/ value Cost of change Substitute performance Power to innovate/ stay relevant Threat of new Entrants Barriers to entry Time and cost of entry Economies of scale, cost adv Innovation power Industry Rivalry Concentration of market Customer loyalty Switching costs Quality differences Buyer Power Concentration/ size of buyers Cost of switching Ability to substitute Price sensitivity, rel size of order Supplier Power Concentration/ size of suppliers Switching costs Control of distribution channels Ability to substitute Based on the concept that there are five forces that determine the competitive intensity and attractiveness of a market. Porter’s five forces help to identify where power lies in a business situation.

Part of a Successful European Equity Growth Franchise
Performance (gross) as at Source: IDS GmbH, a company of Allianz SE. Performance: IDS, PiCo, Funds AUM as of The benchmarks are taken for comparative performance measurement, but not as a guide to investing. The portfolio composition is largely independent from the benchmark composition regarding sector and country weightings as well as single stock positions. Past performance is not a reliable indicator of future results. 8

2 Investment Examples

Amadeus IT – leading Global Distribution Services (GDS) provider
Spain | Information Technology | Invested since June Monopoly-like data services and technology provider for the travel sector (hotels, airlines, travel agencies etc). Distribution and IT Solutions. Secular Growth Passenger air traffic grows 1.5 times faster than GDP Outsourcing and pooling IT functions is attractive due to cost pressure on airlines and industry consolidation Superior Business Model Stable and resilient transaction based pricing bypasses the volatility of industry earnings Strong tech synergies allowing expansion into new verticals – now providing IT solutions to hospitality firms, airports and railway companies Technological Leadership Altéa (only independent outsourcing product in the market on the high end) Mission critical services and multi-year contracts (GDS < 10y, Altéa < 15y) => high customer captivity Barriers to Entry Significant technological edge and >40% market share translated into cost leadership 1.7b EUR and 16,000 man-years of investments into platform and process, cost leader => natural monopoly. Source: AllianzGI, company data, proprietary research, April ‘Invested since’ date refers to the Europe Equity Growth strategy. This is no recommendation or solicitation to buy or sell any particular security. The stock mentioned as example above will not necessarily be comprised in the portfolio by the time this document is disclosed or at any other subsequent date. Past performance is not a reliable indicator of future results.

GrassrootsSM Research: Impact of Lufthansa’s DCC (for Amadeus IT)
Internal GrassrootsSM Research: Impact of Lufthansa’s DCC (for Amadeus IT) Objective: Assess the impact of Lufhansa’s Distribution Cost Charge (DCC) on travel agencies’ booking behavior Background: Lufthansa, Amadeus IT GrassrootsSM Research findings of 19 sources at travel agencies in Germany (published April 2016): Lufthansa bookings expected to trend flat over next 12 months Around 75% of travel agents exclusively used Global Distribution Systems (i.e. Amadeus IT) for booking Lufthansa flights Trend expected to remain largely stable for next 12m Additional technical solutions required to use Lufthansa’s Direct Connect DCC generally passed on to customers, over 40% suggest alternatives flights to avoid Lufthansa’s DCC Chatter Comments “The German Travel Association (DRV) stated yesterday that Lufthansa might have lost up to 10% in market share due to the introduction of the €16 GDS fee. Lufthansa is disaffirming the statements and is pointing to a potential loss of market share due to the strikes.” – Thorsten Winkelmann Europe Growth PM Feedback “We believe the convenience aspect a GDS software is providing is too strong to change the booking habits of customers. As only large travel agencies can afford a Direct Connect, Lufthansa might ultimately loose customers.” – Andreas Hildebrand, CFA Past performance is not a reliable indicator of future results. This is no recommendation or solicitation to buy or sell any particular security. A stock mentioned as example above will not necessarily be comprised in the portfolio by the time this document is disclosed or at any other subsequent date. GrassrootsSM Research is a division within the Allianz Global Investors group of companies that commissions investigative research for asset-management professionals. Research data used to generate Grassroots SM Research reports are received from reporters and field force investigators who work as independent, third party research providers, supplying research that is paid for by commissions generated by trades executed on behalf of clients. Internal

Amadeus IT – leading Global Distribution Services (GDS) provider
Quality Growth Valuation Source: Datastream, August 2017.This is no recommendation or solicitation to buy or sell any particular security. A stock mentioned as example above will not necessarily be comprised in the portfolio by the time this document is disclosed or at any other subsequent date. ROIC = Return on Invested Capital, P/E = Price/Earnings, EPS = Earnings per Share, EV/EBITDA = Enterprise Value to Earnings before Interest, Depreciation and Amortization.

Ryanair – Europe’s most efficient, low cost airline
Ireland | Industrials | Invested since July Europe’s leading Low-Cost Carrier (LCC) being number 1 in passenger traffic, coverage and service with a growing market share (15% in Q3 / FY17), and widening cost advantage. Secular Growth Low-Cost Carriers (LCC’s) are disrupting the European aviation market and taking market share Strongly growing passenger numbers LCC 2016: 45% of flight capacity in Europe, expected dominant by 2020 Superior Business Model >93% Load factor on flights (“load factor active, yield passive” approach) Solid balance sheet, highly cash generative Efficiencies from fleet of all the same aircraft Best punctuality of all EU airlines Cost Leadership Strong focus on further decreasing unit costs (helped by the new larger, more efficient B737 planes) High pricing power with airports My Ryanair programme will drive ancillary revenue sales Barriers to Entry Average fare price is ₠46, with the nearest competitor having an average fare price 24% higher By far the lowest unit costs of peers, 43% lower than the nearest competitor 200+ airports covered Source: AllianzGI, company data, proprietary research, April This is no recommendation or solicitation to buy or sell any particular security. The stock mentioned as example above will not necessarily be comprised in the portfolio by the time this document is disclosed or at any other subsequent date. Fare prices from Frankfurt are given as an example only. Past performance is not a reliable indicator of future results.

Ryanair – Europe’s most efficient, low cost airline
Quality Growth Valuation Source: Datastream, August This is no recommendation or solicitation to buy or sell any particular security. A stock mentioned as example above will not necessarily be comprised in the portfolio by the time this document is disclosed or at any other subsequent date. ROIC = Return on Invested Capital, P/E = Price/Earnings, EPS = Earnings per Share, EV/EBITDA = Enterprise Value to Earnings before Interest, Depreciation and Amortization.

Zalando – Europe’s number 1 online fashion retailer and disruptor
Deutschland | Consumer Discretionary | Invested since Feb Zalando’s online store offers clothing and accessories from a variety of brand partners to customers in 15 European countries. Secular Growth Strong business momentum despite wider market conditions Online fashion market growing at 9% p.a. with Zalando gaining market share Ongoing technology and systems projects improve efficiency and generate new growth opportunities Superior Business Model Offers unique fashion context with fast and free delivery/return options Offers brands access to large EU consumer base (200mn visits per month, 20mn active customers) Model allows brands to get the direct relation to the consumers Technological Leadership Comprehensive digital strategy with 170 data analysts within a strong team of tech engineers Ongoing investments into improving customer experience, leveraging data, and further developing e-Commerce platform Barriers to Entry Size and scale Deep knowledge of consumer via big data Agile technological capabilities Closer and faster collaborations with brands and partners Proprietary media buying expertise Source: AllianzGI, company data, proprietary research, June ‘Invested since’ date refers to Allianz Euroland Equity Growth. This is no recommendation or solicitation to buy or sell any particular security. The stock mentioned as example above will not necessarily be comprised in the portfolio by the time this document is disclosed or at any other subsequent date. Fare prices from Frankfurt are given as an example only. Past performance is not a reliable indicator of future results.

Zalando – Europe’s number 1 online fashion retailer and disruptor
Quality Growth Valuation Source: Datastream, June This is no recommendation or solicitation to buy or sell any particular security. A stock mentioned as example above will not necessarily be comprised in the portfolio by the time this document is disclosed or at any other subsequent date. ROIC = Return on Invested Capital, P/E = Price/Earnings, EPS = Earnings per Share, EV/EBITDA = Enterprise Value to Earnings before Interest, Depreciation and Amortization.

Transactions – 2017 YTD Trades
Allianz Europe Equity Growth Allianz Europe Equity Growth Select Bought Sold ZALANDO LUXOTTICA AKZO NOBEL CLARIANT DIAGEO Bought Sold KINGSPAN AKZO NOBEL TRELLEBORG BRENNTAG ZALANDO DIAGEO WHITBREAD Allianz Euroland Equity Growth Allianz Continental European Bought Sold ZALANDO HUGO BOSS WARTSILA LUXOTTICA OSRAM PROSEGUR ELIOR GROUP AKZO NOBEL Bought Sold ZALANDO LUXOTTICA OSRAM SODEXO SARTORIUS Source: AllianzGI, This is no recommendation or solicitation to buy or sell any particular security. This is for guidance only and not indicative of future allocation.

Allianz Europe Equity Growth - Performance & Profile
3 Allianz Europe Equity Growth - Performance & Profile

Europe Equity Growth Annualised Performance gross of fees 31.08.2017
BM: S&P Europe LargeMidCap Growth Ret. Net. since BM: S&P Citigroup PMI Europe Growth Tot. Ret. Net Since Source: Pico, IDS GmbH, IDS is a 100% subsidiary of Allianz SE. Past performance is no reliable indicator of future performance. This information is supplemental to the report in compliance with the Global Investment Performance Standards at the end of this presentation. In order to illustrate the performance of the broad European equity market, we show the MSCI Europe in addition to the benchmark of the fund. Data gross of fees; calculation at the net asset value (BVI method) based on the assumption that distributions are reinvested and excludes initial charges. Individual costs such as fees, commissions and other charges have not been taken into consideration and would have a negative impact on the performance if they were included.

Europe Equity Growth Calendar Year Performance gross of fees 31. 08
BM: S&P Europe LargeMidCap Growth Ret. Net. since BM: S&P Citigroup PMI Europe Growth Tot. Ret. Net Since Source: Pico, IDS GmbH, IDS is a 100% subsidiary of Allianz SE. Past performance is no reliable indicator of future performance. This information is supplemental to the report in compliance with the Global Investment Performance Standards at the end of this presentation. In order to illustrate the performance of the broad European equity market, we show the MSCI Europe in addition to the benchmark of the fund. Data gross of fees; calculation at the net asset value (BVI method) based on the assumption that distributions are reinvested and excludes initial charges. Individual costs such as fees, commissions and other charges have not been taken into consideration and would have a negative impact on the performance if they were included.

Europe Equity Growth Strategy – Mercer Peer Ranking
Source: Mercer, Data as of Past performance is not a reliable indicator of future results.

Europe Equity Growth Performance attribution vs S&P Style index – 3 months to 31.08.2017
*Note: Attribution based on position-based performance attribution (daily buy-and-hold, closing price, no transaction costs). Performance figures shown on this report are approximates. The official performance for funds subject to substantial cash flows or which trade in volatile daily market conditions will vary from these figures. Source: Wilshire, IDS GmbH, IDS is a 100% subsidiary of Allianz SE. The strategy is shown via the representative account Allianz Europe Equity Growth – A Eur. versus S&P Europe LargeMidCap Growth.

Europe Equity Growth Performance attribution vs S&P Style index – 12 months to 31.08.2017
*Note: Attribution based on position-based performance attribution (daily buy-and-hold, closing price, no transaction costs). Performance figures shown on this report are approximates. The official performance for funds subject to substantial cash flows or which trade in volatile daily market conditions will vary from these figures. Source: Wilshire, IDS GmbH, IDS is a 100% subsidiary of Allianz SE. The strategy is shown via the representative account Allianz Europe Equity Growth – A Eur. versus S&P Europe LargeMidCap Growth.

Europe Equity Growth – Single Stocks
Source: Wilshire, IDS GmbH, IDS is a 100% subsidiary of Allianz SE. The strategy is shown via the representative account Allianz Europe Equity Growth – A Eur. versus S&P Europe LargeMidCap Growth. *This is no recommendation or solicitation to buy or sell any particular security. This is for guidance only and not indicative of future allocation.

Europe Equity Growth – Sector Allocation

Europe Equity Growth – Country Allocation

Strategy Europe Equity Growth – Earnings Growth and PE
Structural growth through the cycle P Valuation Relative valuations not stretched P Source: IDS GmbH, StyleResearch, Allianz Global Investors GmbH, Earnings Growth: The average annual growth rate of earnings (adjusted for amortizations of intangibles, extraordinary charges and credits) over a trailing three years; Price/ Earnings is based on a 1-year forecast (next annual reporting period).

Allianz Europe Equity Growth Select - Performance & Profile
4 Allianz Europe Equity Growth Select - Performance & Profile

Europe Equity Growth Select Annualised Performance gross of fees 31.08.2017
Source: Pico, IDS GmbH, IDS is a 100% subsidiary of Allianz SE. Past performance is not a reliable indicator of future performance. This information is supplemental to the report in compliance with the Global Investment Performance Standards at the end of this presentation. In order to illustrate the development of the broad European equity market, we show the MSCI Europe in addition to the benchmark of the fund. Data gross of fees; calculation at the net asset value (BVI method) based on the assumption that distributions are reinvested and excludes initial charges. Individual costs such as fees, commissions and other charges have not been taken into consideration and would have a negative impact on the performance if they were included.

Europe Equity Growth Select Calendar Performance gross of fees 31. 08
Source: Pico, IDS GmbH, IDS is a 100% subsidiary of Allianz SE. Past performance is not a reliable indicator of future performance. This information is supplemental to the report in compliance with the Global Investment Performance Standards at the end of this presentation. In order to illustrate the development of the broad European equity market, we show the MSCI Europe in addition to the benchmark of the fund. Data gross of fees; calculation at the net asset value (BVI method) based on the assumption that distributions are reinvested and excludes initial charges. Individual costs such as fees, commissions and other charges have not been taken into consideration and would have a negative impact on the performance if they were included.

Europe Equity Growth Select – Mercer Peer Ranking

Europe Equity Growth Select Performance Attribution vs S&P Style Index – 3 Months to 31.08.2017
Attribution based on position-based performance attribution (daily buy-and-hold, closing price, no transaction costs). Performance figures shown on this report are approximates. The official performance for funds subject to substantial cash flows or which trade in volatile daily market conditions will vary from these figures. Source: Wilshire, IDS GmbH, IDS is a 100% subsidiary of Allianz SE. The strategy is shown via the representative account Allianz Europe Equity Growth Select – A EUR versus S&P Europe LargeCap Growth.

Europe Equity Growth Select Performance Attribution vs S&P Style Index – 12 Months to 31.08.2017
*Note: Attribution based on position-based performance attribution (daily buy-and-hold, closing price, no transaction costs). Performance figures shown on this report are approximates. The official performance for funds subject to substantial cash flows or which trade in volatile daily market conditions will vary from these figures. Source: Wilshire, IDS GmbH, IDS is a 100% subsidiary of Allianz SE. The strategy is shown via the representative account Allianz Europe Equity Growth Select – A EUR versus S&P Europe LargeCap Growth.

Europe Equity Growth Select – Single Stocks
Source: Wilshire, IDS GmbH, IDS is a 100% subsidiary of Allianz SE. The strategy is shown via the representative account Allianz Europe Equity Growth Select – A EUR versus S&P Europe LargeCap Growth.*This is no recommendation or solicitation to buy or sell any particular security. This is for guidance only and not indicative of future allocation.

Europe Equity Growth Select – Sector Allocation

Europe Equity Growth Select – Country Allocation

Strategy Europe Equity Growth Select – Earnings Growth and PE
Structural growth through the cycle P Valuation Relative valuations not stretched P Source: IDS GmbH, StyleResearch, Allianz Global Investors GmbH, Earnings Growth: The average annual growth rate of earnings (adjusted for amortizations of intangibles, extraordinary charges and credits) over a trailing three years; Price/ Earnings is based on a 1-year forecast (next annual reporting period). Comparison is MSCI Europe.

Allianz Euroland Equity Growth – Performance & Profile
5 Allianz Euroland Equity Growth – Performance & Profile

Euroland Equity Growth Strategy Performance gross of fees 31.08.2017
Source: Pico, IDS GmbH, IDS is a 100% subsidiary of Allianz SE. Past performance is no reliable indicator of future performance. Data gross of fees; calculation at the net asset value (BVI method) based on the assumption that distributions are reinvested and excludes initial charges. Individual costs such as fees, commissions and other charges have not been taken into consideration and would have a negative impact on the performance if they were included. This information is supplemental to the report in compliance with the Global Investment Performance Standards at the end of this presentation. *BM: S&P Eurozone LargeMidCap Growth Return Net since BM: S&P PMI Eurozone Growth Total Return Net since In order to illustrate the performance of the broad eurozone stock market we show the DJ Euro Stoxx in addition to the benchmark of the fund.

Euroland Equity Growth Strategy – Mercer Peer Ranking
Source: Mercer, data as of Past performance is not a reliable indicator of future results.

Allianz Euroland Equity Growth Performance Attribution vs S&P Style Index – 3 Months to 31.08.2017
*Note: Attribution based on position-based performance attribution (daily buy-and-hold, closing price valuation, no transaction costs). Performance figures shown on this report are approximates. The official performance for funds subject to substantial cash flows or which trade in volatile daily market conditions will vary from these figures. The strategy is shown via Allianz Euroland Growth – A Eur. Source: Wilshire, IDS GmbH, IDS is a 100% subsidiary of Allianz SE.

Allianz Euroland Equity Growth Performance Attribution vs S&P Style Index – 12 Months to 31.08.2017
*Note: Attribution based on position-based performance attribution (daily buy-and-hold, closing price valuation, no transaction costs). Performance figures shown on this report are approximates. The official performance for funds subject to substantial cash flows or which trade in volatile daily market conditions will vary from these figures. The strategy is shown via Allianz Euroland Growth – A Eur. Source: Wilshire, IDS GmbH, IDS is a 100% subsidiary of Allianz SE.

Allianz Euroland Equity Growth – Single Stocks
Source: IDS GmbH, Wilshire, IDS is a 100% subsidiary of Allianz SE. Allianz Euroland Equity Growth versus S&P Eurozone LargeMidCap Growth. *This is no recommendation or solicitation to buy or sell any particular security. This is for guidance only and not indicative of future allocation.

Allianz Euroland Equity Growth – Sector Allocation

Allianz Euroland Equity Growth – Country Allocation

Strategy Euroland Equity Growth – Earnings Growth and PE
Structural growth through the cycle P Valuation Relative valuations not stretched P Source: IDS GmbH, StyleResearch, Allianz Global Investors GmbH, Earnings Growth: The average annual growth rate of earnings (adjusted for amortizations of intangibles, extraordinary charges and credits) over a trailing three years; Price/ Earnings is based on a 1-year forecast (next annual reporting period). Comparison is DJ Euro Stoxx.

Allianz Continental European Fund - Performance & Profile
6 Allianz Continental European Fund - Performance & Profile

Allianz Continental European Fund Annualised Performance (gross of fees, as of 31.08.2017)
Source: Pico, IDS GmbH, IDS is a 100% subsidiary of Allianz SE. Past performance is no reliable indicator of future performance.This information is supplemental to the report in compliance with the Global Investment Performance Standards at the end of this presentation. *BM: S&P Europe ex UK LargeMidCap Growth (GBP) Net Total Return since *BM: FTSE Eurofirst 300 ex UK GBP since

Allianz Continental European Fund Performance gross of fees 31.08.2017
Performance up to Source: Pico, IDS GmbH, IDS is a 100% subsidiary of Allianz SE. Past performance is no reliable indicator of future performance.This information is supplemental to the report in compliance with the Global Investment Performance Standards at the end of this presentation. *BM: S&P Europe ex UK LargeMidCap Growth (GBP) Net Total Return since *BM: FTSE Eurofirst 300 ex UK GBP since

Continental European – Mercer Peer Ranking

Allianz Continental European Fund Performance attribution vs S&P Style index – 3 Months to *Note: Attribution based on position-based performance attribution (daily buy-and-hold, closing price valuation, no transaction costs). Performance figures shown on this report are approximates. The official performance for funds subject to substantial cash flows or which trade in volatile daily market conditions will vary from these figures. Source: Wilshire, IDS GmbH, IDS is a 100% subsidiary of Allianz SE.

Allianz Continental European Fund Performance attribution vs S&P Style index – 12 Months to *Note: Attribution based on position-based performance attribution (daily buy-and-hold, closing price valuation, no transaction costs). Performance figures shown on this report are approximates. The official performance for funds subject to substantial cash flows or which trade in volatile daily market conditions will vary from these figures. Source: Wilshire, IDS GmbH, IDS is a 100% subsidiary of Allianz SE.

Allianz Continental European Fund – Single Stocks
Source: IDS GmbH, Wilshire, IDS is a 100% subsidiary of Allianz SE. Allianz Continental European Fund versus S&P Europe ex UK LargeMidCap Growth. This is no recommendation or solicitation to buy or sell any particular security. This is for guidance only and not indicative of future allocation.

Allianz Continental European Fund – Sector Allocation

Allianz Continental European Fund – Country Allocation

Market Outlook & Strategy
7 Market Outlook & Strategy

Outlook from the Europe Equity Growth Team
Political Risk subsiding We believe the importance of politics is often overstated by markets, but recent elections in Europe have undoubtedly improved investor sentiment, leading to strong inflows into the region Earnings coming through Europe has so far delivered a modest net beat of 8% in Q2, while Q1 was the best net beat for 7 years (with 29%) Earnings are on track to grow at >15% year-on year Europe appears to be syncing with a global macro upturn Valuations remain attractive Relative to other developed markets Europe looks undervalued, with a c. 30% discount to the US, using the Cyclically Adjusted P/E measure (10 year trailing earnings) Domestic European investors remain overweight fixed income markets, while international investors are underweight EU equities Source: Allianz Global Investors, August The opinions and estimates offered constitute our judgment and are subject to change at any time without notice, as are statements of financial market trends, which are based on current market conditions. Forecasts should not be relied upon as an indicator of future results. Research and figures derived from third parties have not been independently verified.

Equity valuation overview: US expensive, most Emerging Markets attractive, Europe moderately priced
Overview of Global equity markets cyclically adjusted P/E (S&P 500, otherwise MSCI indices in local currency) Investors reward strong growth (like in The Philippines) or reliable growth, as perceived in the US or Switzerland. Cyclically exposed developed markets like Sweden are catching up. Eurozone and EM stay attractively valued. Source: AllianzGI, Datastream, *numbers for regional indices without inflation adjustment. Latest available data used (August 1st 2017)

European earnings – another false dawn?
European EPS Growth (Consensus, IBES) Europe’s 3M Earnings Momentum vs MSCI Europe Chart 1, source: AllianzGI, Datastream; EPS growth = growth in Earnings per Share. Chart 2, source: UBS, Past performance is not a reliable indicator of future results.

Major political roadblocks passed in a market-friendly manner, but Europe is still not running short of political risks Eurozone Refugee crisis. Terror fears. Growing anti- establishment and centrifugal political forces. Netherlands Surprisingly strong victory of liberal- conservative, pro-European VVD of PM Rutte at general elections, nationalist PVV second strongest force “only”. But coalition negotiations repeatedly failed. Highly fragmented parliament. UK Paralyzing political uncertainty after Brexit “leap in the dark” and snap elections on 8 Jun 2017 (weakened mandate for PM May). Negotiations on terms of withdrawal and future partnership set to be a drawn-out process. Another Scottish independence referendum unlikely given SNP support fell at elections. Finland FIXIT movement Germany Refugee crisis provides tailwind to right-wing populist AfD. General elections on 24 Sep 2017 Poland/Hungary Nationalist / Anti-EU governments. Worsening relationships with the EU incl. infringement procedures. Will Warsaw risk loosing its EU voting rights? Ireland Minority government. Brexit-related foreign- policy challenges ahead. Austria Snap parliamentary elections on 15 Oct Far-right FPO to enter government? France Reform fatigue. Slowdown of fiscal consolidation. Will Macron’s “La République en Marche” be able to move forward with supply-side reforms, given the absolute majority in parliament? Continued conflict over Ukraine Greece Fragile government. Pending reform agenda. Unresolved fiscal sustainability issue. Will creditors grant substantial medium-term relief measures after the third programme ends in mid-2018? Portugal How stable is the minority government? Repeated budget clash with Brussels likely due to lacking budget discipline Italy Italy to keep lame-duck administration. Snap elections cannot be excluded if new electoral were to be passed. Polls suggest strong support for euro-sceptic M5S and LF, FdI (to some extent also FI). PD weakened by split of left wing. NPL / Bad bank problems. Fiscal consolidation fatigue. Spain Minority government tolerated by socialists. Repeated budget clash with Brussels likely due to lacking budget discipline. Catalonia to hold (legally non-binding) independence vote on 1 Oct 2017. EMU member state EU, non-EMU member state EU member state with an opt-out Sources: EU, national governments, J.P. Morgan, DZ Bank, AllianzGI Global Economics & Strategy. As of 9th August 2017.

8 Appendix

Global Research Headcount
Consumer Financial Health Care Industrial & Resources Tech & Telecom & Media ESG & Engagement GrassrootsSM Research Credit Total Asia 2 3 1 4 15 Europe 9 5 43 Americas 6 19 8 14 13 77 An average of 15 years of industry experience Innovative and proprietary investment tools Analysts manage sector and thematic mandates Each analyst conducts circa 100 meetings per year with corporate management Research identifies the key drivers of each stock, which frames and focuses the analytical process Dedicated ESG research analysts Complemented by GrassrootsSM Research Data as of January 31, GrassrootsSM Research is a division of Allianz Global Investors that commissions investigative research for asset-management professionals. Research data used to generate GrassrootsSM Research reports are received from reporters and Field Force investigators who work as independent, third-party research providers, supplying research that is paid for by commissions generated by trades executed on behalf of clients.

GrassrootsSM Research – Overview
Mission: Provide investment professionals with timely business insights that help identify inflection points and increase investment conviction GrassrootsSM Analysts Portfolio Managers & Analysts Client Methodology: Customized to answer specific questions about key stock drivers identified by Portfolio Managers and Analysts Resources: In-house staff of 9 60 reporters 300+ Field Force Investigators 50,000+ industry contacts Results: 30+ company/industry studies per month GrassrootsSM Reporters Field Force Investigators Experts Customers Regulators Suppliers Managers Distributors Physicians Competitors Consumers Investment decisions – reality checked As of March 31, GrassrootsSM Research is a division of Allianz Global Investors that commissions investigative research for asset-management professionals. Research data used to generate GrassrootsSM Research reports are received from reporters and field force investigators who work as independent, third-party research providers, supplying research that is paid for by commissions generated by trades executed on behalf of clients.

Chatter – Innovative Communication Platform and Database
Where we were in 2013 increasingly proved suboptimal for organisational debate. Proprietary data base RIMS was still essentially one-way analyst broadcasting. We needed something 21st-Century: cloud-based, multi-platform Facebook/Twitter-like micro-blog. Chatter: an online investment discussion platform The cumulative activity of the firm becomes a structured and fully searchable knowledge base – nothing is lost. Hundreds of people can discuss thousands of stocks, in a personalised and manageable way. Benefits include: exposing formerly-hidden investment discussions increased PM engagement improved communication of themes across regions and industries using hash tagging. 73

Europe Equity Growth Strategy – Franchise Awards
Thorsten Winkelmann Allianz Europe Equity Growth I-EUR Allianz Wachstum Europa A-EUR Allianz Euroland Equity Growth I-EUR Allianz Wachstum Euroland A-EUR Allianz Europe Equity Growth Select A-EUR Performance (net) (as at in % p.a.) 3Y: vs BM: Y: vs BM: 9.25 Performance (net) (as at in % p.a.) 3Y: 8.80 vs BM: Y: vs BM: 9.11 Performance (net) (as at in % p.a.) 3Y: vs BM: Y: vs BM: 11.09 Performance (net) (as at in % p.a.) 3Y: vs BM: Y: vs BM: 11.09 Performance (net) (as at in % p.a.) 1Y: 8.47 vs BM: Y: 8.57 vs BM: 5.44 Finanzen Fund Award 2016 Citywire: Thorsten Winkelmann is Citywire AA rated Thomson Reuters Lipper Fund Award: Allianz Europe Equity Growth (1st / 10 yrs / Europe) and Allianz Wachstum Euroland (1st / 10yrs / Germany), June Asia Asset Management Best of the Best Awards 2015: Allianz Europe Equity Growth (Winner, 3 yrs and 5 yrs). Finanzen Euro 2016: Allianz Wachstum Europa A EUR (2nd / 10yr) in the Equity Europe incl. UK sector by Finanzen Euro, Finanzen Euro 2015: Allianz Europe Equity Growth A EUR (2nd / 5 yr); Allianz Euroland Equity Growth A EUR (3rd / 5 yr); Allianz Wachstum Europa A EUR (1st / 10 yr), and Allianz Wachstum Euroland (3rd / 10 yr) in the Equity Europe incl. UK sector by Finanzen Euro, Finanzen Euro 2014: Allianz Europe Equity Growth A EUR (1st / 5 yr); Allianz Euroland Equity Growth A EUR (2nd / 5 yr); Allianz Wachstum Europa A EUR (3rd / 5 & 10 yr), and Allianz Wachstum Euroland (2nd / 10 yr) in the Equity Europe sector by Finanzen Euro, Finanzen Euro 2013: Allianz Europe Equity Growth A EUR (1st / 3 & 5 yr); Allianz Euroland Equity Growth A EUR (2nd / 3 & 5 yr); Allianz Wachstum Europa A EUR (3rd / 5yr & 1st / 10 yr, and Allianz Wachstum Euroland (3rd / 5 yr & 2nd / 10yr) in the Equity Europe incl. UK sector by Finanzen Euro, Morningstar 2015: Allianz Euroland Equity Growth 1st place in France ( ), Spain ( ), and Italy ( ). Sauren: Thorsten Winkelmann (2 gold medals / sector Equity Europe) as at Morningstar Fund Ratings as of Source: Allianz Global Investors, A ranking, a rating or an award provides no indicator for future performance and is not constant over time. Past performance is not a reliable indicator of future results.

Biography Thorsten Winkelmann
Facts Name Thorsten Winkelmann Designation/Division Senior Portfolio Manager / Investment Style Leader Growth Asset Management Unit Allianz Global Investors GmbH Year of joining company/group 2001 Number of years with company/group 16 Years of experience in securities business/ portfolio management 21 Employment History 09/ today 05/2013 – today Co-Lead Portfolio Manager Allianz Europe Equity Growth Select 10/ today Co-Lead Portfolio Manager Allianz Continental European Fund 10/ today Senior Portfolio Manager / Investment Style Co-Leader Growth, Portfolio Manager Allianz Europe Equity Growth, Allianz Wachstum Europa 10/ today Portfolio Manager of the Equity Portion of Kapital Plus 09/ /2005 Portfolio Management Balanced Portfolios Deutsche Bank AG Brokerage-Department Part-time Employment Academic Qualification Diplom-Volkswirt (German university degree in economics), Rheinische Friedrich-Wilhelms-Universität Bonn, Germany Source: Allianz Global Investors; data as at July 2017.

Biography Robert Hofmann
Facts Name Robert Hofmann Designation/Division Portfolio Manager / Investment Style Team Growth Asset Management Unit Allianz Global Investors GmbH Year of joining company/group 2005 Number of years with company/group 12 Years of experience in securities business/portfolio management 14 Employment History 01/ today 06/ today Co-Lead Portfolio Manager, Allianz Europe Equity Growth Select 03/ today Portfolio Manager Allianz International Equity Growth 11/ today Deputy Portfolio Manager Allianz Wachstum Europa / Europe Equity Growth Portfolio Manager / Europe Equity Growth Team Academic Qualification 2004 Diplom-Kaufmann (German university degree in business administration), Universität Frankfurt, Germany 2012 Chartered Financial Analyst Source: Allianz Global Investors; data as at July 2017.

Biography Andreas Hildebrand
Facts Name Andreas Hildebrand Designation/Division Portfolio Manager / Europe Growth Team Asset Management Unit Allianz Global Investors GmbH Year of joining company/group 2007 Number of years with company/group 9 Years of experience in securities business/portfolio management 10 Employment History 09/ today 06/ today Portfolio Manager Allianz Euroland Equity Growth / Allianz Wachstum Euroland 11/2012 – 05/2017 Deputy Portfolio Manager Allianz Euroland Equity Growth / Allianz Wachstum Euroland Deputy Portfolio Manager Allianz CONCENTRA (German Equity) 04/ today Portfolio Manager / Europe Equity Growth Team From 4/2009 to 3/2011 Research Associate European Healthcare From 9/2007 to 3/2009 Global Graduate Program at AllianzGI Europe GmbH Academic Qualification Diplom-Volkswirt (German university degree in economics), Ludwig-Maximilians-Universität in Munich, Studies at Université Libre de Bruxelles and Solvay Business School 2012 Chartered Financial Analyst Source: Allianz Global Investors; data as at July 2017.

Biography Marcus Morris-Eyton
Facts Name Marcus Morris-Eyton, CFA Designation/Division Portfolio Management / Investment Style Team Growth Asset Management Unit Allianz Global Investors GmbH Year of joining company/group 2011 Number of years with company/group 6 Years of experience in securities business/portfolio management 7 Employment History 09/ today 06/ today Co-Lead Portfolio Manager, Allianz Continental European Fund Deputy Portfolio Manager, Allianz Euroland Equity Growth / Allianz Wachstum Euroland 01/2013 – 05/2017 09/2011 – 12/2012 Sales Manager, UK Discretionary Sales Academic Qualification 2015 CFA Charterholder, member of the CFA Society UK 2012 IMC, (CFA UK Society) 1st Class Honours, English and Philosophy, BA, University of Leeds Source: Allianz Global Investors; data as at July 2017.

Biography Giovanni Trombello
Facts Name Giovanni Trombello, CFA Designation/Division Portfolio Manager/ Investment Style Team Growth Asset Management Unit Allianz Global Investors GmbH Year of joining company/group 2009 Number of years with company/group 8 Years of experience in securities business/portfolio management 18 Employment History 05/2009 – today 05/2017 – today Portfolio Manager, Europe Equity Growth Team 05/2009 – 04/2017 Senior Research Analyst / European Consumer Team 07/2006 – 12/2016 Portfolio Manager, Allianz Deluxe 02/1999 – 04/2009 Cominvest, Research Analyst 01/1998 – 12/1998 PricewaterhouseCoopers, Tax Consultant Academic Qualification 2003 CFA Charterholder 2000 CEFA (DVFA/Certified European Financial Analyst) 1997 Diplom-Kaufmann (German university degree in business administration), Universität Mannheim, Germany Source: Allianz Global Investors; data as at April 2017.

Biography Darina Valkova
Facts Name Darina Valkova Designation/Division Portfolio Management Associate/ Investment Style Team Growth Asset Management Unit Allianz Global Investors GmbH Year of joining company/group 2015 Number of years with company/group 2 Years of experience in securities business/portfolio management Employment History – today – Investment Management Graduate today Academic Qualification M.Sc. in Business Management, University of Augsburg, Germany 2012 B.Sc. in Business Management, University of Birmingham, UK Source: Allianz Global Investors; data as at September 2017.

Biography Laura Villani
Facts Name Laura Villani Designation/Division Product Specialist Associate / Investment Style Team Growth Asset Management Unit Allianz Global Investors GmbH Year of joining company/group 2014 Number of years with company/group 3 Years of experience in securities business/portfolio management 6 Employment History 09/2014 – today 01/2017 – today Product Specialist Associate, supporting Europe Equity Growth team 09/2014 – 12/2016 Senior Marketing Manager, Product & Fund Buyer Marketing 09/2012 – 10/2013 Marketing Manager, Capital Dynamics 01/2011 – 08/2012 Marketing Associate, AMP Capital Academic Qualification 2008 Master of Commerce, Entrepreneurship / Marketing, University of Sydney 2006 Bachelor of Commerce, Victoria University of Wellington Source: Allianz Global Investors; data as at September 2017.

Disclaimer Investing involves risk. The value of an investment and the income from it may fall as well as rise and investors might not get back the full amount invested. The volatility of fund unit prices may be increased or even strongly increased. Past performance is not a reliable indicator of future results. If the currency in which the past performance is displayed differs from the currency of the country in which the investor resides, then the investor should be aware that due to the exchange rate fluctuations the performance shown may be higher or lower if converted into the investor’s local currency. This is for information only and not to be construed as a solicitation or an invitation to make an offer, to conclude a contract, or to buy or sell any securities. The products or securities described herein may not be available for sale in all jurisdictions or to certain categories of investors. This is for distribution only as permitted by applicable law and in particular not available to residents and/or nationals of the USA. The investment opportunities described herein do not take into account the specific investment objectives, financial situation, knowledge, experience or specific needs of any particular person and are not guaranteed. The views and opinions expressed herein, which are subject to change without notice, are those of the issuer companies at the time of publication. The data used is derived from various sources, and assumed to be correct and reliable, but it has not been independently verified; its accuracy or completeness is not guaranteed and no liability is assumed for any direct or consequential losses arising from its use, unless caused by gross negligence or wilful misconduct. The conditions of any underlying offer or contract that may have been, or will be, made or concluded, shall prevail. For a free copy of the sales prospectus, incorporation documents, daily fund prices, key investor information, latest annual and semi-annual financial reports, contact the management company at the address indicated below or Please read these documents, which are solely binding, carefully before investing. This is a marketing communication issued by Allianz Global Investors GmbH, an investment company with limited liability, incorporated in Germany, with its registered office at Bockenheimer Landstrasse 42-44, Frankfurt/M, registered with the local court Frankfurt/M under HRB 9340, authorised by Bundesanstalt für Finanzdienstleistungsaufsicht ( This communication has not been prepared in accordance with legal requirements designed to ensure the impartiality of investment (strategy) recommendations and is not subject to any prohibition on dealing before publication of such recommendations. The duplication, publication, or transmission of the contents, irrespective of the form, is not permitted.

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