For fund distributors and professional investors only

For fund distributors and professional investors only
Learning from Nature. For fund distributors and professional investors only Choose the best strategy to reach your goals – Multi Asset Funds from Allianz Global Investors. October 2017

1 2 3 4 Overview The Investment Approach: Dynamic Multi Asset Plus
Overview of Potential Solutions 3 Performance 4 Comparison with Competitors 2

1 The Investment Approach: Dynamic Multi Asset Plus 3

DMAP Dynamic Multi Asset Plus – An Attractive Alternative to Static Mixed Portfolios Broad range of investments Participation in risk premiums of several diversified asset classes, namely stocks, bonds and alternative assets Risk reduction Active risk management aims to significantly reduce drawdown risks Active asset allocation Systematic and fundamental approaches Pro- and anti-cyclical elements Aims to achieve additional returns over a market cycle Additional sources of return Contributions from active stock/bond management Higher potential returns and lower loss risks. Source: Allianz Global Investors. A performance of the strategy is not guaranteed and losses remain possible.

The Core of the Investment Process: Active Asset Allocation
DMAP A B C The Core of the Investment Process: Active Asset Allocation The three components of active asset allocation Market cycle Economic cycle Risk management A B C Exploitation of medium-term trends Procyclical Anticyclical Fundamental analysis Economy Valuations Active risk management Continuous monitoring of the defined risk budget Reduction of risk positions if there is a significant risk that the risk budget is exceeded Goals: Additional returns and risk reduction Goal: Additional returns Goal: Risk reduction Above-average return opportunities and increased stability Source: Allianz Global Investors. A performance of the strategy is not guaranteed and losses remain possible.

Exploitation of Medium-Term Trends
DMAP A Exploitation of Medium-Term Trends Follow the trends (procyclical), but reduce the active weighting if trends overshoot (anticyclical) Uptrend Downtrend 1 Build-up of promising investments during an uptrend Reduction of promising investments during a downtrend normal excessive normal normal excessive normal 1 1 2 Partial re-entry in extreme market situations 1 2 Partial profit taking in extreme market situations 2 Price Price 2 1 1 Time Time Active weight Active weight Time Time Source: Allianz Global Investors. A performance of the strategy is not guaranteed and losses remain possible.

Tactical asset allocation
DMAP B Fundamental Analysis A fundamental analysis of relevant influences helps to recognise turning points Asset classes Analysis Equity markets Tactical asset allocation Fundamental analysis Valuation Bond markets Technical factors Currencies Economic cycle Alternative investments Market sentiment Cash Special situations Source: Allianz Global Investors. A performance of the strategy is not guaranteed and losses remain possible.

Reduction of Loss Risks via Active Risk Management
DMAP C Reduction of Loss Risks via Active Risk Management Individual Tailored to the specific needs of each portfolio Portfolio risk is always in line with the current risk budget Reliable and conservative Prudent evaluation of risks (distribution of extreme/tail risks) Risk manage-ment Always present Continuous monitoring of portfolio risks Always active, but acting only if necessary Active Action is taken if risk budget is used to a large extent and if markets remain weak for a prolonged time Portfolio risks are reduced by including money market/hedging instruments

Increased Potential Returns and Lower Loss Risks
DMAP A B C Increased Potential Returns and Lower Loss Risks Target distribution of 12-month returns Strategic asset allocation Dynamic Multi Asset Plus Increased potential returns over a market cycle 1 Maximum Participation in gains 2 2 Substantial reduction of loss risks 3 1 Average 0% 3 Minimum Asymmetrical risk-return profile Schematic presentation which does not reflect current data or performance.

Active Allocation - Retail Active Allocation - Institutional
Allianz Global Investors Multi Asset Active Allocation Europe – 46 portfolio managers with an average of 19 years of industry experience Dr Matthias Müller CIO Active Allocation, 1990* Active Allocation - Retail Active Allocation - Institutional Manuela Thies, CFA Head of Active Allocation - Retail, 1998* Dr Matthias Müller Head of Active Allocation - Institutional, 1990* VermögensManagement 8 portfolio managers - Frankfurt Average exp. 14 years France 5 portfolio managers - Paris Average exp. 22 years Europe 7 portfolio managers - Frankfurt Average exp. 15 years Customized 7 portfolio managers - Frankfurt Average exp. 28 years Multi Channel 4 portfolio managers - Frankfurt Average exp. 15 years Unit Linked 5 portfolio managers - Frankfurt / London Average exp. 24 years France 4 portfolio managers - Paris Average exp. 20 years Protection 5 portfolio managers - Frankfurt Average exp. 16 years Source: Allianz Global Investors, as at 1 July * industry experience since Internal

2 Overview of Potential Solutions 11

AllianzGI Retail Funds – Using DMAP investment process
Version 1 DMAP AllianzGI Retail Funds – Using DMAP investment process Profile Allianz Strategy Allianz Strategiefonds Allianz Dynamic Multi Asset Strategy Asset class universe 15 50 75 Stabilität Balance Wachstum Global developed markets equities Aktien Schwellenländer max. 30% EUR bonds: government bonds, supranationals, covered bonds (investment grade) Corporate bonds Emerging markets bonds: max. 30% High-yield bonds: max. 20% Alternative asset classes Commodities SAA equities/bonds in % 15/85 50/50 75/25 Active asset class allocation Yes Allocation ranges Equities 0-35 % Equities 0-100 % Equities 0-125 % Equities 5-25 % Equities 40-60 % Equities 65-85 % Degree of investment Up to 125 % Up to 100 % Active security selection No Specific management characteristics/investment style equities/bonds Equity exposure via futures Best Styles Global Advanced Fixed Income Best Styles Global Advanced Fixed Income Others possible Active risk management Remarks Volatility target 4 % Volatility target 8 % 12 % Equity range: +/- 10% around the SAA Value at Risk steering, duration steering between -2 and +10 years allowed Morningstar Rating TM **** ***** Benchmark 15/50/75% MSCI World T.R. Net + 85/50/25% JPMorgan EMU Bond IG 15/50/75% MSCI World T.R.Net + 85/50/25% Bloomberg Barclays Capital Euro Aggr. Source: Allianz Global Investors, as at This is for guidance only and not indicative of future allocation. Morningstar ratings as at A ranking, a rating or an award provides no indicator of future performance and is not constant over time. This information is not binding and subject to the sales prospectus. Morningstar, Inc. All rights reserved. This information: (1) is copyright-protected on behalf of Morningstar and/or its content providers; (2) must not be copied or distributed; and (3) its correctness, completeness or up-to-date-ness are not guaranteed. Neither Morningstar nor its content providers are liable for any damages or losses related to the use of this information.

AllianzGI Retail Funds – Using DMAP investment process
Version 2 DMAP AllianzGI Retail Funds – Using DMAP investment process Profile Allianz Strategiefonds Allianz Strategy Allianz Dynamic Multi Asset Strategy Asset class universe Stabilität Balance Wachstum 15 50 75 Global developed markets equities Aktien Schwellenländer max. 30% EUR bonds: government bonds, supranationals, covered bonds (investment grade) Corporate bonds Emerging markets bonds: max. 30% High-yield bonds: max. 20% Alternative asset classes Commodities SAA equities/bonds in % 15/85 50/50 75/25 Active asset class allocation Yes Allocation ranges Equities 5-25 % Equities 40-60 % Equities 65-85 % Equities 0-35 % Equities 0-100 % Equities 0-125 % Degree of investment Up to 100 % Up to 125 % Active security selection No Specific management characteristics/investment style equities/bonds Best Styles Global Advanced Fixed Income Equity exposure via futures Best Styles Global Advanced Fixed Income Others possible Active risk management Remarks Equity range: +/- 10% around the SAA Volatility target 4 % 8 % 12 % Value at Risk steering, duration steering between -2 and +10 years allowed Morningstar Rating TM **** ***** Benchmark 15/50/75% MSCI World T.R. Net + 85/50/25% JPMorgan EMU Bond IG 15/50/75% MSCI World T.R.Net + 85/50/25% Bloomberg Barclays Capital Euro Aggr. Source: Allianz Global Investors, as at This is for guidance only and not indicative of future allocation. Morningstar ratings as at A ranking, a rating or an award provides no indicator of future performance and is not constant over time. This information is not binding and subject to the sales prospectus. Morningstar, Inc. All rights reserved. This information: (1) is copyright-protected on behalf of Morningstar and/or its content providers; (2) must not be copied or distributed; and (3) its correctness, completeness or up-to-date-ness are not guaranteed. Neither Morningstar nor its content providers are liable for any damages or losses related to the use of this information.

Allianz Strategy 15 / Strategy 50 / Strategy 75
DMAP Allianz Strategy 15 / Strategy 50 / Strategy 75 Allianz Strategy 15 The funds strive to outperform a portfolio consisting of 15%/50%/75% equities and 85%/50%/25% Euro bonds over a market cycle while targeting a certain risk profile. A central element of the investment process to achieve outperformance is an active approach to asset allocation which captures trends between the equity and bond asset classes. To avoid sharp spikes in risk and to keep the risk around the targeted level, the allocation towards equities and bonds is varied over time. Selection in equities and bonds is less of a concern for these funds. The funds follow the DMAP investment approach. Allianz Strategy 50 Allianz Strategy 75 Morningstar Rating™ Morningstar Rating™ Morningstar Rating™ Armin Kayser (investment experience since 1987) Benchmark (equities/bonds) 15% / 50% / 75% MSCI World Total Return (Net) + 85% / 50% / 25% JP Morgan EMU Government Bond Investment Grade Index Clear target volatility 4% / 8% / 12% Sources of alpha Active asset allocation, risk management Active asset allocation is at the core of the investment strategy Investment degree: %*, including systematic pursuit of the volatility target Strategic asset allocation (SAA) Market return Exploitation of trends Additional return and reduction of loss risks Risk management Target volatility: 4 % / 8 % / 12 % Strategy element What is its purpose? Allianz Strategy 15/50/75 1. 2. 3. Investment degree >100% Full investment Investment degree < 100% Global Equities Treasuries Euro zone Cash Equity weighting of SAA Source: Allianz Global Investors; as at A performance of the strategy is not guaranteed and losses remain possible. *Current range, may change over time. Morningstar ratings as at Morningstar, Inc. All rights reserved. This information: (1) is copyright-protected on behalf of Morningstar and/or its content providers; (2) must not be copied or distributed; and (3) its correctness, completeness or up-to-date-ness are not guaranteed. Neither Morningstar nor its content providers are liable for any damages or losses related to the use of this information. A ranking, rating or award is not an indicator of future performance and may be subject to change over the course of time.

Allianz Strategiefonds Stabilität / Balance / Wachstum
DMAP Allianz Strategiefonds Stabilität / Balance / Wachstum Strategiefonds Stabilität The funds invest about 15% / 50% / 75% of their assets in international equities. In addition, they invest in euro-area bonds. Minor investments in alternative assets may be made as well. Strategiefonds Balance Strategiefonds Wachstum Morningstar Rating™ Morningstar Rating™ Cordula Bauss Portfolio manager since 2/2013 (Investment experience since 1995) Morningstar Rating™ Benchmark (equities/bonds) 15% / 50% / 75% MSCI World Total Return (Net) + 85% / 50% / 25% JP Morgan EMU Government Bond Investment Grade Index Risk budget - Sources of alpha Active asset allocation, active security selection Active asset allocation is at the core of the investment strategy Active allocation steering in a NEGATIVE equity market environment – stylised presentation Strategy element What is its purpose? Bonds t2 Maximum underweighting of stocks t0 SAA t1 Underweighting of stocks Bond proportion Stocks Fundamental Min Trend Max Strategic asset allocation (SAA) Market return 1. Exploitation of market cycle trends (medium-term capital market trends) and economic trends (fundamental analysis) Additional return and reduction of loss risks 2. Active asset allocation – pre-defined ranges of +/-10 pp around the strategic asset allocation Additional return 3. Selection of individual stocks/bonds Proven strategies for stocks (Best Styles) and bonds (Advanced Fixed Income) Additional return 4. Source: Allianz Global Investors; as at A performance of the strategy is not guaranteed and losses remain possible. Morningstar ratings as at Morningstar, Inc. All rights reserved. This information: (1) is copyright-protected on behalf of Morningstar and/or its content providers; (2) must not be copied or distributed; and (3) its correctness, completeness or up-to-date-ness are not guaranteed. Neither Morningstar nor its content providers are liable for any damages or losses related to the use of this information. A ranking, rating or award is not an indicator of future performance and may be subject to change over the course of time.

Allianz Strategiefonds Stabilität / Balance / Wachstum
DMAP Allianz Strategiefonds Stabilität / Balance / Wachstum Strategiefonds Stabilität The funds invest about 15% / 50% / 75% of their assets in international equities. In addition, they invest in euro-area bonds. Minor investments in alternative assets may be made as well. Strategiefonds Balance Strategiefonds Wachstum Morningstar Rating™ Morningstar Rating™ Cordula Bauss Portfolio manager since 2/2013 (Investment experience since 1995) Morningstar Rating™ Benchmark (equities/bonds) 15% / 50% / 75% MSCI World Total Return (Net) + 85% / 50% / 25% JP Morgan EMU Government Bond Investment Grade Index Risk budget - Sources of alpha Active asset allocation, active security selection Active asset allocation is at the core of the investment strategy Active allocation steering in a POSITIVE equity market environment – stylised presentation Strategy element What is its purpose? Bonds t2 Maximum overweighting of stocks t0 SAA t1 Overweighting of stocks Equity proportion Stocks Fundamental Min Trend Max Strategic asset allocation (SAA) Market return 1. Exploitation of market cycle trends (medium-term capital market trends) and economic trends (fundamental analysis) Additional return and reduction of loss risks 2. Active asset allocation – pre-defined ranges of +/-10 pp around the strategic asset allocation Additional return 3. Selection of individual stocks/bonds Proven strategies for stocks (Best Styles) and bonds (Advanced Fixed Income) Additional return 4. Source: Allianz Global Investors; as at A performance of the strategy is not guaranteed and losses remain possible. Morningstar ratings as at Morningstar, Inc. All rights reserved. This information: (1) is copyright-protected on behalf of Morningstar and/or its content providers; (2) must not be copied or distributed; and (3) its correctness, completeness or up-to-date-ness are not guaranteed. Neither Morningstar nor its content providers are liable for any damages or losses related to the use of this information. A ranking, rating or award is not an indicator of future performance and may be subject to change over the course of time.

Allianz Dynamic Multi Asset Strategy 15 / 50 / 75
DMAP Allianz Dynamic Multi Asset Strategy 15 / 50 / 75 DMAS 15 DMAS 50 DMAS 75 Morningstar Rating™ Morningstar Rating™ “Active asset allocation, security selection and a consistent risk management are at the core of our multi asset expertise. We actively exploit trends on the equity and bond markets. Security selection and alternative investments offer additional return opportunities. Risk management is an integral part of our investment process and aims to palpably reduce losses during major market downturns.” Morningstar Rating™ Marcus Stahlhacke (investment experience since 1990) Strategic asset allocation 15% / 50% / 75% MSCI World Total Return (Net) + 85% / 50% / 25 % Barclays Capital Euro-Aggregate Bond Index Risk budget VaR, confidence level: 95% Sources of alpha Active asset allocation, risk management via risk budget Active asset allocation is at the core of the investment strategy Investments in equities and bonds – how are they made? Strategy component What is this component’s purpose? Strategic asset allocation (SAA) Market return 1. Trend exploitation Additional return, reduction of loss risks 2. Selection of individual stocks/bonds Additional return 3. Alternative investments Market-independent return, risk reduction 4. Risk management Risk budget: depending on the profile. The goal is to reduce the losses palpably during major market corrections 5. Equities Bonds Use of proven, successful Allianz Global Investors strategies Investments in prime bonds Flexible in the large, mid and small cap segments Addition of spread products (EM + HY) Individual stocks – experienced stock-pickers Selection according to rich-cheap analysis Target funds for special themes, such as emerging markets, alternatives Additional returns via optimisation of country allocation, curve positioning, duration (-2 to +10 years) Portfolio managers and analysts in close contact with companies Bond structure in line with overall risk management Source: Allianz Global Investors; as at A performance of the strategy is not guaranteed and losses remain possible. Morningstar ratings as at Morningstar, Inc. All rights reserved. The information above (1) is subject to copyright law in favour of Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) no guarantee as to its correctness, completeness or up-to-dateness is given. Neither Morningstar nor its content providers assume responsibility for any damage or losses stemming from the use of this information. Past performance is not a reliable indicator of future results. A ranking, rating or award is not an indicator of future performance and may be subject to change over the course of time.

3 Performance 18

3.1 Allianz Strategy 15 / 50 / 75 19

Allianz Strategy 15 Portfolio manager Annualised performance in % 1,2
Morningstar Rating™ 3 Portfolio manager since 05/2012 “Our strategy aims to actively use upcoming trends on the equity or bond markets. If risks increase, we also try to reduce risks in comparison to a passive investment in equities or bonds. If risk premiums of stocks and/or bonds are realised, i.e. if risks are relatively low, we may also use leverage to collect the premiums in both asset classes.” Armin Kayser (investment experience since 1987) Annualised performance in % 1,2 Facts and figures for the unit class - CT - EUR ISIN / WKN LU / A0RCVJ Bloomberg ticker ALS15CE LX Launch date of the unit class Fund assets EUR m Risk-return indicator 3 Distribution fee in % p.a. 0.20 All-in fee in % p.a. currently 1.25 (max. 1.40) TER in % 1.30 Sharpe ratio 3 years / 5 years 0.70 / 1.37 Volatility (%) 3 years / 5 years 4.19 / 4.17 Max. loss (%) 3 years / 5 years / year 2008 -5.38 / / n.a. Time to recover (months) 3 y/ 5 y / year 2008 10 / 10 / n.a. Tracking error (%) 1 year / 3 years / 5 years 0.64 / 1.33 / 1.29 Information ratio 1 year / 3 years / 5 years 0.05 / / -0.48 Calendar-year performance in % 1,2 1 Calculated at the net asset value, excl. front-end load, distributions reinvested. Calculation according to method as defined by BVI, the German Fund Companies Association. Past performance is not a reliable indicator of future results. Any front-end loads reduce the capital employed and the performance. 2 Benchmark: 15% MSCI World Total Return (Net) local + 85% JP Morgan EMU Government Bond Investment Grade Index, Benchmark history: until 31/08/ % MSCI World Total Return (Net) + 85% JP Morgan EMU Government Bond Investment Grade Index, until 14/07/ % JP MORGAN EMU BOND INDEX RETURN, 15% MSCI THE WORLD INDEX TOTAL RETURN (NET). 3 Morningstar Rating as of: 31/08/2017 Morningstar, Inc. All rights reserved. The information given here: (1) is protected by copyright for Morningstar and/or its content providers; (2) may not be reproduced or distributed; and (3) is not guaranteed to be accurate, complete or up-to-date. Neither Morningstar nor its content providers shall be liable for any losses or damage that result from use of this information. Past performance is not a guarantee for future results. Source: Allianz Global Investors; as of 30/09/2017

Morningstar Rating™ 3 4 Portfolio manager since 05/2012 “Our strategy aims to actively use upcoming trends on the equity or bond markets. If risks increase, we also try to reduce risks in comparison to a passive investment in equities or bonds. If risk premiums of stocks and/or bonds are realised, i.e. if risks are relatively low, we may also use leverage to collect the premiums in both asset classes.” Armin Kayser (investment experience since 1987) Annualised performance in % 1,2 Facts and figures for the unit class - A - EUR ISIN / WKN LU / A1W8XH Bloomberg ticker ALS50AI LX Launch date of the unit class Fund assets EUR 3, m Risk-return indicator 4 Front-end load in % 3.00 All-in fee in % p.a. currently 1.35 (max. 1.50) TER in % 1.40 Sharpe ratio 3 years / 5 years 0.98 / 1.56 Volatility (%) 3 years / 5 years 6.45 / 6.06 Max. loss (%) 3 years / 5 years / year 2008 -8.09 / / Time to recover (months) 3 y/ 5 y / year 2008 17 / 17 / 21 Tracking error (%) 1 year / 3 years / 5 years 1.27 / 1.87 / 2.03 Information ratio 1 year / 3 years / 5 years 1.26 / / -0.13 Calendar-year performance in % 1,2 1 Calculated at the net asset value, excl. front-end load, distributions reinvested. Calculation according to method as defined by BVI, the German Fund Companies Association. Past performance is not a reliable indicator of future results. Any front-end loads reduce the capital employed and the performance stated. All performance data in respect of Allianz Strategy 50 – A – EUR prior to the launch date, 09/12/2013, are based on another share class of the same investment fund, Allianz Strategy 50. This fund is an open-ended SICAV organised under the laws of Luxembourg and managed by Allianz Global Investors GmbH – Frankfurt, namely Allianz Strategy 50 – CT – EUR (ISIN LU ), launched on 01/07/2008. All performance data in respect of Allianz Strategy 50 – CT – EUR prior to the launch date, 01/07/2008, are based on another investment fund, Allianz Strategiefonds Balance. This is an investment fund subject to the Investment Code (Kapitalanlagegesetzbuch – KAGB), organised under the laws of Germany and managed by Allianz Global Investors GmbH – Frankfurt, namely Allianz Strategiefonds Balance – A – EUR (ISIN DE ), launched on 02/12/2002. This does not imply that Allianz Strategy 50 – A – EUR will enjoy similar performance in the future. 2 Benchmark: 50% MSCI World Total Return (Net) local + 50% JP Morgan EMU Government Bond Investment Grade Index. Benchmark history: until 31/08/ % MSCI World Total Return (Net) + 50% JP Morgan EMU Government Bond Investment Grade Index 3 Morningstar Rating as of: 31/08/2017 Morningstar, Inc. All rights reserved. The information given here: (1) is protected by copyright for Morningstar and/or its content providers; (2) may not be reproduced or distributed; and (3) is not guaranteed to be accurate, complete or up-to- date. Neither Morningstar nor its content providers shall be liable for any losses or damage that result from use of this information. Past performance is not a guarantee for future results. 4 Deutscher Fondspreis 2017: Allianz Global Investors was awarded in the category “Mixed Asset Global Balanced” (Allianz Strategy 50 - CT - EUR). In total 33 mutual funds from 28 different companies were awarded for their "excellent" performance results in 11 categories. The “Institut für Vermögensaufbau (IVA)” in Munich was again responsible for the selection of the top three funds in each category. Source: FONDS Professionell - Deutscher Fondspreis A ranking, a rating or an award provides no indicator of future performance and is not constant over time. Source: Allianz Global Investors; as of 30/09/2017

Morningstar Rating™ 3 Portfolio manager since 05/2012 “Our strategy aims to actively use upcoming trends on the equity or bond markets. If risks increase, we also try to reduce risks in comparison to a passive investment in equities or bonds. If risk premiums of stocks and/or bonds are realised, i.e. if risks are relatively low, we may also use leverage to collect the premiums in both asset classes.” Armin Kayser (investment experience since 1987) Annualised performance in % 1,2 Facts and figures for the unit class - CT - EUR ISIN / WKN LU / A0NGAG Bloomberg ticker ALSSFCT LX Launch date of the unit class Fund assets EUR m Risk-return indicator 5 Distribution fee in % p.a. 0.25 All-in fee in % p.a. currently 1.50 (max. 1.65) TER in % 1.55 Sharpe ratio 3 years / 5 years 0.95 / 1.46 Volatility (%) 3 years / 5 years 8.97 / 8.30 Max. loss (%) 3 years / 5 years / year 2008 / / Time to recover (months) 3 y/ 5 y / year 2008 15 / 15 / 35 Tracking error (%) 1 year / 3 years / 5 years 1.77 / 2.77 / 2.93 Information ratio 1 year / 3 years / 5 years 1.47 / / 0.00 Calendar-year performance in % 1,2 1 Calculated at the net asset value, excl. front-end load, distributions reinvested. Calculation according to method as defined by BVI, the German Fund Companies Association. Past performance is not a reliable indicator of future results. Any front-end loads reduce the capital employed and the performance. All performance data in respect of Allianz Strategy 75 – CT – EUR prior to the launch date, 01/07/2008, are based on another investment fund, Allianz Strategiefonds Wachstum. This is an investment fund subject to the Investment Code (Kapitalanlagegesetzbuch – KAGB), organised under the laws of Germany and managed by Allianz Global Investors GmbH – Frankfurt, namely Allianz Strategiefonds Wachstum – A – EUR (ISIN DE ), launched on 02/12/2002. This does not imply that Allianz Strategy 75 – CT – EUR will enjoy similar performance in the future. 2 Benchmark: 75% MSCI World Total Return (Net) local + 25% JP Morgan EMU Government Bond Investment Grade Index, Benchmark history: until 31/08/ % MSCI World Total Return (Net) + 25% JP Morgan EMU Government Bond Investment Grade Index, until 14/07/ % MSCI World Total Return (Net) + 25% JP Morgan EMU Bond Index. 3 Morningstar Rating as of: 31/08/2017 Morningstar, Inc. All rights reserved. The information given here: (1) is protected by copyright for Morningstar and/or its content providers; (2) may not be reproduced or distributed; and (3) is not guaranteed to be accurate, complete or up-to-date. Neither Morningstar nor its content providers shall be liable for any losses or damage that result from use of this information. Past performance is not a guarantee for future results. Source: Allianz Global Investors; as of 30/09/2017

Allianz Strategy 15 / 50 / 75 Opportunities and risks Opportunities
Steady interest income on bonds, capital gains opportunities on declining interest rates High return potential of stocks in the long run Currency gains on global equity investments possible Broad diversification across numerous securities Possible extra returns through single security analysis and active management Interest rates vary, bonds suffer price declines on rising interest rates. The fund unit price may be subject to increased volatility. High volatility of stocks, losses possible Currency losses on global equity investments possible Limited participation in the yield potential of single securities Success of single security analysis and active management not guaranteed Source: Allianz Global Investors; data as at Internal

3.2 Allianz Strategiefonds Stabilität / Balance / Wachstum 24

Allianz Strategiefonds Stabilität
Morningstar Rating™ 3 Portfolio Manager since 02/2013 “Our successful mix of international stocks and euro-area bonds has been in place for more than 10 years now. Both active asset allocation and security selection contribute to the strategy’s good absolute and relative performance. The favourable Morningstar ratings are an additional confirmation of our concept.” Cordula Bauss (investment experience since 1995) Annualised performance in % 1,2 Facts and figures for the unit class - A2 - EUR ISIN / WKN DE / Bloomberg ticker ALLSSA2 GR Launch date of the unit class Fund assets EUR m Risk-return indicator 3 Front-end load in % currently 3.00 (max. 3.50) All-in fee in % p.a. currently 1.35 (max. 1.45) TER in % 1.43 Sharpe ratio 3 years / 5 years 0.69 / 1.34 Volatility (%) 3 years / 5 years 3.93 / 3.81 Max. loss (%) 3 years / 5 years / year 2008 -5.00 / / -4.79 Time to recover (months) 3 y/ 5 y / year 2008 -27 / -27 / 9 Tracking error (%) 1 year / 3 years / 5 years 0.44 / 1.01 / 1.17 Information ratio 1 year / 3 years / 5 years -1.36 / / -1.08 Calendar-year performance in % 1,2 1 Calculated at the net asset value, excl. front-end load, distributions reinvested. Calculation according to method as defined by BVI, the German Fund Companies Association. Past performance is not a reliable indicator of future results. Any front-end loads reduce the capital employed and the performance. All performance data in respect of Allianz Strategiefonds Stabilität – A2 – EUR prior to the launch date, 17/09/2014, are based on another unit class of the same investment fund, Allianz Strategiefonds Stabilität. This is an investment fund subject to the Investment Code (Kapitalanlagegesetzbuch – KAGB), organised under the laws of Germany and managed by Allianz Global Investors GmbH – Frankfurt, namely Allianz Strategiefonds Stabilität – A – EUR (ISIN DE ), launched on 24/06/2005. This does not imply that Allianz Strategiefonds Stabilität – A2 – EUR will enjoy similar performance in the future. 2 Benchmark: 85% Barclays Capital Euro-Aggregate 1-10 Years Bond Index + 15% MSCI World Total Return (Net), Benchmark history: until 31/01/ % MSCI World Total Return (Net), 85% JP Morgan EMU Government Bond Investment Grade Index, until 14/07/ % JP MORGAN EMU BOND INDEX RETURN, 15% MSCI THE WORLD INDEX TOTAL RETURN (NET). 3 Morningstar Rating as of: 31/08/2017 Morningstar, Inc. All rights reserved. The information given here: (1) is protected by copyright for Morningstar and/or its content providers; (2) may not be reproduced or distributed; and (3) is not guaranteed to be accurate, complete or up-to- date. Neither Morningstar nor its content providers shall be liable for any losses or damage that result from use of this information. Past performance is not a guarantee for future results. Source: Allianz Global Investors; as of 30/09/2017

Allianz Strategiefonds Balance
Morningstar Rating™ 3 Portfolio Manager since 02/2013 “Our successful mix of international stocks and euro-area bonds has been in place for more than 10 years now. Both active asset allocation and security selection contribute to the strategy’s good absolute and relative performance. The favourable Morningstar ratings are an additional confirmation of our concept.” Cordula Bauss (investment experience since 1995) Annualised performance in % 1,2 Facts and figures for the unit class - A - EUR ISIN / WKN DE / Bloomberg ticker ALLDBAL GR Launch date of the unit class Fund assets EUR m Risk-return indicator 4 Front-end load in % currently 4.00 (max. 5.00) Distribution fee in % p.a. 0.20 All-in fee in % p.a. 1.45 TER in % Sharpe ratio 3 years / 5 years 0.74 / 1.29 Volatility (%) 3 years / 5 years 7.76 / 6.67 Max. loss (%) 3 years / 5 years / year 2008 -8.53 / / Time to recover (months) 3 y/ 5 y / year 2008 15 / 15 / 13 Tracking error (%) 1 year / 3 years / 5 years 1.05 / 2.11 / 1.92 Information ratio 1 year / 3 years / 5 years 0.17 / / -0.34 Calendar-year performance in % 1,2 1 Calculated at the net asset value, excl. front-end load, distributions reinvested. Calculation according to method as defined by BVI, the German Fund Companies Association. Past performance is not a reliable indicator of future results. Any front-end loads reduce the capital employed and the performance. 2 Benchmark: 50% Barclays Capital Euro-Aggregate 1-10 Years Bond Index + 50% MSCI World Total Return (Net), Benchmark history: until 14/07/ % MSCI World Total Return (Net) + 50% JP Morgan EMU Bond Index. 3 Morningstar Rating as of: 31/08/2017 Morningstar, Inc. All rights reserved. The information given here: (1) is protected by copyright for Morningstar and/or its content providers; (2) may not be reproduced or distributed; and (3) is not guaranteed to be accurate, complete or up-to-date. Neither Morningstar nor its content providers shall be liable for any losses or damage that result from use of this information. Past performance is not a guarantee for future results. Source: Allianz Global Investors; as of 30/09/2017

Allianz Strategiefonds Wachstum
Morningstar Rating™ 3 Portfolio Manager since 02/2013 “Our successful mix of international stocks and euro-area bonds has been in place for more than 10 years now. Both active asset allocation and security selection contribute to the strategy’s good absolute and relative performance. The favourable Morningstar ratings are an additional confirmation of our concept.” Cordula Bauss (investment experience since 1995) Annualised performance in % 1,2 Facts and figures for the unit class - A2 - EUR ISIN / WKN DE / Bloomberg ticker ALLDWA2 GR Launch date of the unit class Fund assets EUR 715 m Risk-return indicator 5 Front-end load in % 5.00 All-in fee in % p.a. 1.60 TER in % Sharpe ratio 3 years / 5 years 0.69 / 1.17 Volatility (%) 3 years / 5 years 10.70 / 9.10 Max. loss (%) 3 years / 5 years / year 2008 / / Time to recover (months) 3 y/ 5 y / year 2008 15 / 15 / 36 Tracking error (%) 1 year / 3 years / 5 years 1.55 / 2.99 / 2.68 Information ratio 1 year / 3 years / 5 years 0.39 / / -0.24 Calendar-year performance in % 1,2 1 Calculated at the net asset value, excl. front-end load, distributions reinvested. Calculation according to method as defined by BVI, the German Fund Companies Association. Past performance is not a reliable indicator of future results. Any front-end loads reduce the capital employed and the performance. All performance data in respect of Allianz Strategiefonds Wachstum – A2 – EUR prior to the launch date, 17/09/2014, are based on another unit class of the same investment fund, Allianz Strategiefonds Wachstum. This is an investment fund subject to the Investment Code (Kapitalanlagegesetzbuch – KAGB), organised under the laws of Germany and managed by Allianz Global Investors GmbH – Frankfurt, namely Allianz Strategiefonds Wachstum – A – EUR (ISIN DE ), launched on 02/12/2002. This does not imply that Allianz Strategiefonds Wachstum – A2 – EUR will enjoy similar performance in the future. 2 Benchmark: 25% Barclays Capital Euro-Aggregate 1-10 Years Bond Index + 75% MSCI World Total Return (Net), Benchmark history: until 31/01/ % MSCI World Total Return (Net) + 25% JP Morgan EMU Government Bond Investment Grade Index, until 14/07/ % MSCI World Total Return (Net) + 25% JP Morgan EMU Bond Index. 3 Morningstar Rating as of: 31/08/2017 Morningstar, Inc. All rights reserved. The information given here: (1) is protected by copyright for Morningstar and/or its content providers; (2) may not be reproduced or distributed; and (3) is not guaranteed to be accurate, complete or up-to-date. Neither Morningstar nor its content providers shall be liable for any losses or damage that result from use of this information. Past performance is not a guarantee for future results. Source: Allianz Global Investors; as of 30/09/2017

Allianz Strategiefonds Stabilität, Balance, Wachstum
Opportunities and risks Opportunities Risks Steady interest income on bonds, capital gains opportunities on declining interest rates High return potential of stocks in the long run Currency gains on global equity investments possible Broad diversification across numerous securities Possible extra returns through single security analysis and active management Interest rates vary, bonds suffer price declines on rising interest rates. The fund unit price may be subject to increased volatility. High volatility of stocks, losses possible Currency losses on global equity investments possible Limited participation in the yield potential of single securities Success of single security analysis and active management not guaranteed Source: Allianz Global Investors; data as at Internal

3.3 Allianz Dynamic Multi Asset Strategy 15 / 50 / 75 29

Allianz Dynamic Multi Asset Strategy 15
Morningstar Rating™ 3 Portfolio Manager “Active asset allocation, security selection and a consistent risk management are at the core of our multi asset expertise. We actively exploit trends on the equity and bond markets. Security selection and alternative investments offer additional return opportunities. Risk management is an integral part of our investment process and aims to palpably reduce losses during major market downturns.” Marcus Stahlhacke (investment experience since 1990) Annualised performance in % 1,2 Facts and figures for the unit class - A - EUR ISIN / WKN LU / A117VN Bloomberg ticker ADMA15A LX Launch date of the unit class Fund assets EUR m Risk-return indicator 3 Front-end load in % 3.00 All-in fee in % p.a. currently 1.15 (max. 1.45) TER in % 1.55 Sharpe ratio 3 years / 5 years 0.71 / 1.36 Volatility (%) 3 years / 5 years 4.19 / 4.17 Max. loss (%) 3 years / 5 years / year 2008 -4.76 / / n.a. Time to recover (months) 3 y/ 5 y / year 2008 10 / 10 / n.a. Tracking error (%) 1 year / 3 years / 5 years 0.97 / 1.11 / 1.15 Information ratio 1 year / 3 years / 5 years -0.02 / / -0.51 Calendar-year performance in % 1,2 1 Calculated at the net asset value, excl. front-end load, distributions reinvested. Calculation according to method as defined by BVI, the German Fund Companies Association. Past performance is not a reliable indicator of future results. Any front-end loads reduce the capital employed and the performance. All performance data in respect of Allianz Dynamic Multi Asset Strategy 15 – A – EUR prior to the launch date, 04/12/2014, are based on another share class of the same investment fund, Allianz Dynamic Multi Asset Strategy 15. This fund is an open-ended SICAV organised under the laws of Luxembourg and managed by Allianz Global Investors GmbH – Frankfurt, namely Allianz Dynamic Multi Asset Strategy 15 – I – EUR (ISIN LU ), launched on 27/08/2014. All performance data in respect of Allianz Dynamic Multi Asset Strategy 15 – I – EUR prior to the launch date, 27/08/2014, are based on another investment fund, Allianz Strategy 15. This fund is an open-ended SICAV organised under the laws of Luxembourg and managed by Allianz Global Investors GmbH – Frankfurt, namely Allianz Strategy 15 – CT – EUR (ISIN LU ), launched on 26/01/2009. This does not imply that Allianz Dynamic Multi Asset Strategy 15 – A – EUR will enjoy similar performance in the future. 2 Benchmark: 15% MSCI World Total Return (Net) + 85% Barclays Capital Euro-Aggregate Bond Index, Benchmark history: until 28/02/ % JP Morgan EMU Government Bond Investment Grade Index + 15% MSCI World Total Return (Net). 3 Morningstar Rating as of: 31/08/2017 Morningstar, Inc. All rights reserved. The information given here: (1) is protected by copyright for Morningstar and/or its content providers; (2) may not be reproduced or distributed; and (3) is not guaranteed to be accurate, complete or up-to-date. Neither Morningstar nor its content providers shall be liable for any losses or damage that result from use of this information. Past performance is not a guarantee for future results. Source: Allianz Global Investors; as of 30/09/2017

Morningstar Rating™ 3 Portfolio Manager “Active asset allocation, security selection and a consistent risk management are at the core of our multi asset expertise. We actively exploit trends on the equity and bond markets. Security selection and alternative investments offer additional return opportunities. Risk management is an integral part of our investment process and aims to palpably reduce losses during major market downturns.” Marcus Stahlhacke (investment experience since 1990) Annualised performance in % 1,2 Facts and figures for the unit class - A - EUR ISIN / WKN LU / A1XCBF Bloomberg ticker ALM50AI LX Launch date of the unit class Fund assets EUR m Risk-return indicator 4 Front-end load in % 4.00 All-in fee in % p.a. 1.65 TER in % 1.79 Sharpe ratio 3 years / 5 years 0.62 / 1.23 Volatility (%) 3 years / 5 years 7.52 / 6.79 Max. loss (%) 3 years / 5 years / year 2008 -9.19 / / Time to recover (months) 3 y/ 5 y / year 2008 17 / 17 / 21 Tracking error (%) 1 year / 3 years / 5 years 1.67 / 2.34 / 2.32 Information ratio 1 year / 3 years / 5 years 1.45 / / -0.35 Calendar-year performance in % 1,2 1 Calculated at the net asset value, excl. front-end load, distributions reinvested. Calculation according to method as defined by BVI, the German Fund Companies Association. Past performance is not a reliable indicator of future results. Any front-end loads reduce the capital employed and the performance. All performance data in respect of Allianz Dynamic Multi Asset Strategy 50 – A – EUR prior to the launch date, 19/03/2014, are based on another investment fund, Allianz Strategy 50. This fund is an open-ended SICAV organised under the laws of Luxembourg and managed by Allianz Global Investors GmbH – Frankfurt, namely Allianz Strategy 50 – CT – EUR (ISIN LU ), launched on 01/07/2008. All performance data in respect of Allianz Strategy 50 – CT – EUR prior to the launch date, 01/07/2008, are based on another investment fund, Allianz Strategiefonds Balance. This is an investment fund subject to the Investment Code (Kapitalanlagegesetzbuch – KAGB), organised under the laws of Germany and managed by Allianz Global Investors GmbH – Frankfurt, namely Allianz Strategiefonds Balance – A – EUR (ISIN DE ), launched on 02/12/2002. This does not imply that Allianz Dynamic Multi Asset Strategy 50 – A – EUR will enjoy similar performance in the future. 2 Benchmark: 50% MSCI World Total Return (Net) + 50% Barclays Capital Euro-Aggregate Bond Index, Benchmark history: until 28/02/ % MSCI World Total Return (Net) + 50% JP Morgan EMU Government Bond Investment Grade Index. 3 Morningstar Rating as of: 31/08/2017 Morningstar, Inc. All rights reserved. The information given here: (1) is protected by copyright for Morningstar and/or its content providers; (2) may not be reproduced or distributed; and (3) is not guaranteed to be accurate, complete or up-to-date. Neither Morningstar nor its content providers shall be liable for any losses or damage that result from use of this information. Past performance is not a guarantee for future results. Source: Allianz Global Investors; as of 30/09/2017

Morningstar Rating™ 3 Portfolio Manager “Active asset allocation, security selection and a consistent risk management are at the core of our multi asset expertise. We actively exploit trends on the equity and bond markets. Security selection and alternative investments offer additional return opportunities. Risk management is an integral part of our investment process and aims to palpably reduce losses during major market downturns.” Marcus Stahlhacke (investment experience since 1990) Annualised performance in % 1,2 Facts and figures for the unit class - I - EUR ISIN / WKN LU / A117VS Bloomberg ticker ADM75IE LX Launch date of the unit class Fund assets EUR m Risk-return indicator 5 Minimum Investment Prospectus in Euro 1,000,000 Front-end load in % currently 0.00 (max. 2.00) All-in fee in % p.a. 0.87 TER in % Sharpe ratio 3 years / 5 years 0.83 / 1.33 Volatility (%) 3 years / 5 years 10.90 / 9.60 Max. loss (%) 3 years / 5 years / year 2008 / / Time to recover (months) 3 y/ 5 y / year 2008 14 / 14 / 23 Tracking error (%) 1 year / 3 years / 5 years 2.17 / 3.12 / 3.10 Information ratio 1 year / 3 years / 5 years 1.43 / 0.12 / 0.49 Calendar-year performance in % 1,2 1 Calculated at the net asset value, excl. front-end load, distributions reinvested. Calculation according to method as defined by BVI, the German Fund Companies Association. Past performance is not a reliable indicator of future results. Any front-end loads reduce the capital employed and the performance. All performance data in respect of Allianz Dynamic Multi Asset Strategy 75 – I – EUR prior to the launch date, 27/08/2014, are based on another investment fund, Allianz Strategy 75. This fund is an open-ended SICAV organised under the laws of Luxembourg and managed by Allianz Global Investors GmbH – Frankfurt, namely Allianz Strategy 75 – CT – EUR (ISIN LU ), launched on 01/07/2008. All performance data in respect of Allianz Strategy 75 – CT – EUR prior to the launch date, 01/07/2008, are based on another investment fund, Allianz Strategiefonds Wachstum. This is an investment fund subject to the Investment Code (Kapitalanlagegesetzbuch – KAGB), organised under the laws of Germany and managed by Allianz Global Investors GmbH – Frankfurt, namely Allianz Strategiefonds Wachstum – A – EUR (ISIN DE ), launched on 02/12/2002. This does not imply that Allianz Dynamic Multi Asset Strategy 75 – I – EUR will enjoy similar performance in the future. 2 Benchmark: 75% MSCI World Total Return (Net) + 25% Barclays Capital Euro-Aggregate Bond Index, Benchmark history: until 28/02/ % MSCI World Total Return (Net) + 25% JP Morgan EMU Government Bond Investment Grade Index. 3 Morningstar Rating as of: 31/08/2017 Morningstar, Inc. All rights reserved. The information given here: (1) is protected by copyright for Morningstar and/or its content providers; (2) may not be reproduced or distributed; and (3) is not guaranteed to be accurate, complete or up-to-date. Neither Morningstar nor its content providers shall be liable for any losses or damage that result from use of this information. Past performance is not a guarantee for future results. Source: Allianz Global Investors; as of 30/09/2017

Allianz Dynamic Multi Asset Strategy 15 / 50 / 75
Opportunities and risks Opportunities Risks Above-average yield potential of stocks over the long term Enhanced return potential through addition of emerging markets assets and high-yield bonds Comparably high stability of bonds with good credit quality Risk management using the value-at-risk method Currency gains against investor currency possible The volatility of fund unit prices may be strongly increased Limited yield potential of bonds with good credit quality Increased risk of price fluctuations through addition of stocks, emerging markets assets, and high-yield bonds Risk management does not exclude potential losses Currency losses against investor currency possible Source: Allianz Global Investors; data as at Internal

4 Comparison with Competitors 34

DMAP Successful performance of our fund solutions one- and three year comparison Source: LuminAM Asset Management Advisory; Morningstar Direct; as of A performance of the strategy is not guaranteed and losses remain possible. Past performance is not a reliable indicator of future results.

Successful performance of our fund solutions one year comparison
DMAP Successful performance of our fund solutions one year comparison Source: LuminAM Asset Management Advisory; Morningstar Direct; as of A performance of the strategy is not guaranteed and losses remain possible. Past performance is not a reliable indicator of future results.

Successful performance of our fund solutions three year comparison
DMAP Successful performance of our fund solutions three year comparison Source: LuminAM Asset Management Advisory; Morningstar Direct; as of A performance of the strategy is not guaranteed and losses remain possible. Past performance is not a reliable indicator of future results.

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. Investment in fixed-income securities may entail various risks for investors including, but not limited to, credit status risk, interest-rate risk, liquidity risks and the risk of limited flexibility. Changes in the business environment and market conditions may affect these risks, with a negative impact on the value of the investments. In periods of rising nominal interest rates, the value of fixed-income securities (including short positions on fixed-income securities) is generally expected to fall. Conversely, in periods of falling nominal interest rates, the value of fixed-income securities is generally expected to rise. Liquidity risks may result in account pay-outs or pay-backs being delayed or prevented. 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 ( n.de). The duplication, publication, or transmission of the contents, irrespective of the form, is not permitted. Source: Allianz Global Investors; data as at

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