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Fixed Income at Allianz Global Investors: over 60 Years of Experience

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Presentation on theme: "Fixed Income at Allianz Global Investors: over 60 Years of Experience"— Presentation transcript:

1 Fixed Income at Allianz Global Investors: over 60 Years of Experience
Capitalizing on Fixed Income Opportunities Around the World Performance through Smart Risk Taking Q2 2017 Allianz Global Investors

2 1 2 3 Agenda A Deep-rooted Fixed Income Tradition
AllianzGI Fixed Income Strategies Appendix

3 Allianz Global Investors Philosophy
Understand. Act. The deep understanding of each client’s needs enables us to be a reliable partner in an uncertain world. The deep understanding of global financial markets enables us to act to fulfil the demands of our clients.

4 An Identity Shaped by our Allianz Culture
125 years managing risk Protecting client assets Managing investments in a risk-averse framework Providing innovative solutions for clients Leading Global Insurance company Strong rating1: AA Solvency ratio2: 219% Among Global Top 5 in Asset Management4 Over 60 years of fixed income experience One of the leading fixed income managers in Europe with EUR 498 Bn total firm AuM3 Fixed income represents around 51 % of company assets under management4 Common DNA Performing by understanding, taking and managing actively risk in a smart way 1 Insurer financial strength rating from S&P: AA | as of 19/02/2016. 2 Solvency according to the E.U. Financial Conglomerates Directive. Off-balance sheet reserves are accepted by the authorities as eligible capital only upon request. Data as of 30/06/2017. 3 Source: Allianz Global Investors, as at 30/06/2017. 4 Source: Allianz Global Investors, as at 30/06/2017. Fixed income only including Fixed Income sleeves of Multi Asset portfolios, Short Duration Solutions and Fixed Income part of Income & Growth Strategy. 4 P&I/Towers Watson World 500: World’s largest money managers. Pensions & Investments, November 2, 2015. 4

5 Deep Commitment to Proprietary Research
Collaboration of portfolio managers, analysts and traders - facilitated via Chatter, our social enterprise network The Global Policy Committee (GPC) Combination of the expertise of 35 senior investment and research leaders to formulate the Allianz Global Investors ‘House View’. Advanced Analytics One global investment platform linked by shared research and trading Global & Regional Credit Analysis Sharing insights globally creates an information advantage, helping to generate outperformance for our clients GrassrootsSM Research is a division of Allianz Global Investors that commissions investigative market 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 contractors, as well as external research panel providers—all of whom supply research that may be paid for by commissions generated by trades executed on behalf of clients. Source: Allianz Global Investors, as of 30/09/2017.

6 A Deep-rooted Fixed Income Tradition
1 A Deep-rooted Fixed Income Tradition

7 Our Fixed Income Identity
ALLIANZ REGIONAL PRESENCE GLOBAL SOLUTIONS RISK MANAGEMENT PROVEN EXPERTISE TAILOR-MADE SOLUTIONS Source: Allianz Global Investors.

8 Fixed Income Structure within our Global Investment Platform
Andreas Utermann Global CIO AllianzGI Franck Dixmier Global Head of Fixed Income Karl Happe CIO Insurance Related Strategies Doug Forsyth CIO US Income & Growth Strategies Global Focus Regional Focus Asia Europe & UK Europe Advanced Fixed Income Maxence Mormède CIO Advanced Fixed Income Global Fixed Income Malie Conway CIO Global Fixed Income Asia Pacific Fixed Income David Tan CIO Fixed Income Asia Pacific Conviction Fixed Income Mauro Vitorrangeli CIO Conviction Fixed Income Corporate Credit Vincent Marioni CIO Credit Europe Source: Allianz Global Investors, as of 30/09/2017.

9 Allianz Global Investors Fixed Income Capabilities
Early Years 1949: Establishment of Allianz Global Investors/ADIG as Germany’s first investment company. 1950: AllianzGI establishes its first Fixed Income team in Paris. 1966: AllianzGI launches the first ever Fixed Income fund in Germany. Developing New Expertise 1999: Introduction of Advanced Fixed Income 2011: Launch of the first ever fund allowing European retail investors to invest in the Chinese Renminbi. Global Expansion 2014: Building of Emerging Market Team : Acquisition of global fixed income manager “Rogge Global Partners Ltd” founded in 1984, to broaden fixed income global solutions. 1949 - 1970 1980 - 1990 2000 - 2010 Today Long Tradition of Selective Innovation Allianz Global Investors (AllianzGI) refers to the predecessor companies at that time. The corporate names differ. Source: Allianz Global Investors.

10 Our Fixed Income Identity
We are an active Asset Manager offering distinct approaches to serve our clients We focus on our experience to provide tailor-made global and regional solutions Risk management is part of our DNA Fixed income represents 51% of Allianz Global Investors’ AUM EUR 498 bn1 1 Source: Allianz Global Investors, data as of 30/06/2017. Fixed Income AuM of EUR 256 bn include Fixed Income sleeves of Multi Asset portfolios, Short Duration Solutions and Fixed Income part of Income & Growth Strategy.

11 Conviction, European Credit,
Global Understanding Combined with Local Knowledge Client Service Centered on Partnership and Collaboration Office locations Europe Advanced Fixed Income, Conviction, European Credit, Global Sovereign, Global Fixed Income US Advanced Fixed Income, Global Fixed Income, Income and Growth, US Credit Asia Asian Fixed Income, Global Fixed Income Europe Brussels Frankfurt London Milan Paris Rotterdam Zurich North America New York San Diego 31 Asia Pacific Hong Kong Singapore 124 16 A Global fixed income expertise platform of 171 investment professionals* acting as portfolio managers and/or research analysts based in the US, Europe and Asia offering a broad spectrum of fixed income capabilities. * Allianz Global Investors as of June 2017.

12 Allianz Global Investors Fixed Income Proven Expertise
91%** of funds outperformed their benchmarks on a 5 years basis 97%** of funds outperformed their benchmarks on a 3 years basis 1st* in Macro Research in Managing Portfolio Risk 1st* 1st* in Credit Research 1st Quartile* in Investment Performance 1st Quartile* Clarity and Consistency of the Investment Process 1st Quartile* Ability to Achieve Superior Future Performance *Sources: Greenwich Associates 2017, CEII-2017: client group „European Institutional Investors“; data as of June 2017; Greenwich compared the leading insitutional Asset Manager in EuropeAllianzGI. **IDS: Quarterly Performance Review June ³ ex Income and Growth. A performance of the strategy is not guaranteed and losses remain possible.

13 Distinctive Fixed Income Research Capabilities The Backbone of Sustainable Performance
Global Credit Analysis Research coverage is global and across the capital structure. Emphasis on global secular trends, sustainability of business model, improving credit metrics and corporate governance. Advanced Analytics A proprietary structured framework for identifying and exploiting inefficiencies and asymmetries in major global market segments. Regional Credit Analysis Dedicated credit opinion based on deep fundamental credit analysis of individual issuers. ESG Research Analysis of ESG issues across the entire investment value chain (Upstream, Investing, Downstream). 1 ESG: Environmental, Social and Corporate Governance; SRI: Socially Responsible Investments.

14 The Role of Performance & Portfolio Risk Promote Strong, Sustainable Performance
ACT Share our analytics and meet with PMs on an ongoing basis, challenging them to stay active and outperform consistently. Generate actionable insights for CIOs through our quarterly performance reviews. Enhance our tools and analytics continuously in order to support new investment ideas or strategies. Provide transparency on company-wide investment performance to the Global and Regional Executive Committees. UNDERSTAND the risk-return payoff structure of our investment strategies due to our proprietary analytics and comprehensive portfolio reviews.

15 AllianzGI Fixed Income Strategies
2 AllianzGI Fixed Income Strategies

16 Distinctive Approach and Full Coverage Our Fixed Income Strategies in a Nutshell
Spectrum of Strategies Covered Overall Fixed Income Capabilities Our Fixed Income Strategies Advanced Fixed Income Global Fixed Income Asia Pacific Fixed Income Conviction Fixed Income Corporate Credit Income & Growth Insurance Related Capabilities Global Global Aggregate P Sovereign/SSA* Covered/Securitized Investment Grade Corporates High Yield Corporates Emerging Markets Regional – US/Europe/Asia Europe/US Asia Europe US Aggregate Convertibles Dedicated Strategies Absolute Return (benchmark agnostic) Relative Return (benchmark-oriented) Inflation-Linked Liability-Driven Investment Short Duration Solutions Private Debt Real Estate SRI** Green Bond * SSA: Supranationals, Sub-Sovereign, Agencies. ** SRI (Socially Responsible Investment). Allianz Global Investors was ranked the 3rd place in category “Leading Asset Management firm for SRI/ESG” in the latest Sustainability survey from WeConveneExtel and the UK Sustainable Investment and Finance Association (UKSIF). This ranking, over 136 asset management companies, reflects the votes of 970 professionals, mainly European. 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 June 30, 2017.

17 Advanced Fixed Income Profile Card
Maxence Mormède, CFA CIO Advanced Fixed Income Advanced Fixed Income Assets under Management as of : EUR 42 billion Philosophy Most asset managers try to maximize performance. Advanced Fixed Income optimizes the risk-adjusted performance for each mandate. Strategy Advanced Fixed Income Strategy is smart, active, and disciplined. It uses a structured and analytical framework to profit from opportunities in all major global Fixed Income market segments. This is our solution to help investors extract the most value out of each unit of risk. Process The Advanced Fixed Income investment process is a relatively traditional 4 step process: research, active positioning, portfolio construction according to individual investor requirements and trading. The primary source of research is Allianz Global Investors’ Advanced Analytics. Team 18 portfolio managers located in Frankfurt and New York Split by Client Base and Strategy Source: AllianzGI as of 30/06/2017. * Data as of 30/06/2017.

18 Global Fixed Income Profile Card
Malie Conway CIO Global Fixed Income Assets in Global Fixed Income Strategies Assets under Management as of : EUR 33 billion Philosophy A global opportunity set dominates a domestic bias Strong or improving debt dynamics are the driver of long-term returns Strategy Global Fixed Income employs a relative value conviction approach based on fundamental research, taking active views on interest rates, currencies and credit sectors globally. Process Our investment process begins with a top-down assessment of macroeconomics, to determine our asset allocation views across four key alpha streams: Developed Markets | Emerging Markets | Investment Grade Credit | High Yield Each specialist team then populates portfolios based on bottom-up research in order to identify fundamentally healthy entities, or issuers with improving debt metrics “sinner-turned-saints”, that exhibit attractive relative value. Team 19 portfolio managers and 19 research analysts located in London, New York, Hong Kong and Singapore. Split by Client Base and Strategy Source: AllianzGI as of 30/06/2017.

19 Emerging Markets Fixed Income
Emerging Market Debt Greg Saichin CIO Global Emerging Markets Debt Philosophy We are value-oriented investors seeking to maximize risk-adjusted returns by taking advantage of market inefficiencies, aware of benchmarks but not constrained by them. Strategies We manage a broad range of strategies investing across the EM sub-asset classes: hard currency sovereigns/quasi- sovereigns, local currency rates/FX, and corporate asset classes. Strategies range segregated accounts to fully flexible strategies. Process Top down analysis of macro factors coupled with bottom up fundamental analysis of hard currency, local markets and corporate/financial credits. Team 15 fully dedicated investment professionals located in London, Hong Kong, and the US with additional shared resources in Frankfurt and Singapore. Split by Client base and Strategy Source: AllianzGI as of 30/06/2017.

20 Asian Fixed Income Profile Card
David Tan CIO Fixed Income, Asia Pacific Asian Fixed Income Assets under Management as of : EUR 3.3 billion (USD 3.8 billion) USD million Philosophy We are a fundamentally-driven manager who believes in taking calculated active risks to achieve the investment goals of our clients. Strategy We run actively managed strategies that focus not only on generating alpha but also on minimizing downside risks. Where mandates allow, we use a variety of approaches which incorporate our core strategy with tactical overlays. Process Highly-integrated team-based approach. Top-down macro fundamentals drive the portfolio construction in terms of allocation of the risk budget. The credit analysts conduct bottom-up fundamental research to identify credit opportunities focusing on medium to long-term valuations. The portfolio managers utilise the credit input to select securities, but with a short to medium-term valuation perspective. Team 8 dedicated portfolio managers and 4 credit analysts located in Singapore, Hong Kong and Taiwan. Split by Client Base and Strategy Source: AllianzGI as of 30/06/2017.

21 Conviction Fixed Income Profile Card
Mauro Vittorangeli, CFA CIO Conviction Fixed Income Conviction Fixed Income Philosophy Investment in bonds are based on a careful analysis of the macroeconomic picture, developments in monetary policy and the shape of the rates curve and credit spreads. Strategy Our strategy is based on an ongoing comparison between implied market expectations and the most likely event according to fundamental analysis, which leads to investment opportunities either on a directional or on a relative basis. Process It is a 3 steps investment process which aims to identify, through the Key Macro Trend analysis, the turning points in market cycles. Our portfolio construction entails a high level of diversification and its added value relies on its methodology and organization. Team 16 portfolio managers located in Paris and London. Split by Client base and Strategy Source: AllianzGI as of 30/06/2017.

22 Corporate Credit Profile Card
Vincent Marioni CIO Credit Europe Corporate Credit Philosophy We believe that credit markets are driven by two dynamics: creditworthiness of each issuer and underlying trend of the market, oscillating between bull, bear and transition phases Strategy We seek to generate outperformance across all major phases of the credit cycle by carrying out fundamental research and diversifying the sources of added value from bond selection to capturing market trends. Process The Corporate Credit investment process is based on bottom-up bond selection. We identify suitable investments through fundamental, valuation and technical factors analysis Team 9 portfolio managers and 21 analysts located in Paris, Frankfurt, Milan, Zurich and Rotterdam Split by Client Base and Strategy * Vincent Marioni took over Alexandre Caminade as CIO Credit Europe effective September 1st, Source: AllianzGI as of 30/06/2017.

23 Income & Growth Profile Card
Doug Forsyth CIO Income & Growth Assets in Income & Growth Strategies Assets under Management as of : EUR 33.6 billion (USD 39.5 billion) Philosophy Invest in companies that demonstrate improving fundamentals Strategy Provide downside protection and upside participation Deliver income, diversification benefits and total return potential Process Employ a forward-looking, fundamental, bottom-up approach Identify and minimize credit risk, avoid defaults and target upgrade candidates Team 19 members located in San Diego Split by Client Base and Strategy Source: AllianzGI as of 30/06/2017.

24 2. Fixed Income Strategies
2.1 Global Fixed Income Strategies 2.1.1 Advanced Fixed Income 2.1 2.1.2 Global Fixed Income 2.2 Regional Fixed Income Strategies 2.2.1 Asian Fixed Income 2.2.2 Conviction Fixed Income 2.2.3 Corporate Credit 2.3 Dedicated Strategies 2.3.1 Income & Growth 2.3.2 Insurance Related Capabilities

25 Global Fixed Income Strategies
2.1 Global Fixed Income Strategies

26 Global Fixed Income Strategies Advanced Fixed Income
2.1.1 Global Fixed Income Strategies Advanced Fixed Income

27 Advanced Fixed Income Investment Philosophy
Advanced Fixed Income seeks to optimize the risk-return profile of an investment. Advanced Fixed Income seeks to generate an informational advantage through non-conventional thinking and advanced analytical methods. Through highly diversified positioning we aim for stable performance and high resilience in times of market stress. A performance of the strategy is not guaranteed and losses remain possible.

28 The Advanced Fixed Income Team (Frankfurt, New York) A Diverse Skill-Set: Our Experts are Portfolio Managers and Research Analysts Location: Frankfurt, New York FF NY Industry experience in years / years within AllianzGI All members of the Advanced Fixed Income Team have a risk management and or multi asset background. * SCF: Securitized, Covered & Financials. Source: Allianz Global Investors, as of

29 Investor’s specific guidelines and risk/return profile
The Advanced Fixed Income Investment Process Global Coverage for Tailored Optimized Risk-Adjusted Portfolios Active Positioning Investor’s specific guidelines and risk/return profile Investor’s optimized portfolio Trading Desk Advanced Analytics Structured research framework Blend of Top-Down/Bottom-Up Global coverage Unconstrained positioning Accounts for all risk dimensions Monthly and ad-hoc review Incorporates investor’s guidelines Execution via dedicated Trading Desks Optimized risk-adjusted returns During any given stage of the investment process the selection criteria may vary from those shown above. The diagrams and statements above reflect the typical investment process applied to this strategy. At any given time other criteria may affect the investment process

30 Advanced Analytics Internal Credit Scores Quantified for all Global Fixed Income Asset Classes
80 Countries 107 SSA issuers¹ 36 Insurance companies 253 Banking institutions 236 Cover pools 1,000 Approx. securitized transactions (ABS/MBS) 420 Approx. investment-grade non-financial corporate issuers 35 High-Yield issuers More than 97% of world‘s GDP is covered by the Advanced Fixed Income sovereign risk analysis (The map represents the countries covered) AFI offers a truly global coverage across all fixed income asset classes and market segments. 1Supranationals, Sub-Sovereign & Agencies. Source AllianzGI Advanced Fixed Income Team, as of 30/06/2017.

31 Advanced Fixed Income Building on broad capabilities to manage global fixed income portfolios
Assets under Management1 Consistent growth over time Our investors Total AuM in bn (Euros) Amount of Mandates/ Funds Advanced Fixed Income 42.42 213 Central Banks & Public Sector Strategy AuM in per cent Amount of Mandates/ Funds Advanced Fixed Income 78 173 Enhanced Fixed Income 6 8 Buy & Watch 1 11 Global Alpha 15 21 Banking Institutions Corporate Treasuries Type Institutional mandates 39 91 Mutual funds 20 15 Target Maturity funds 4 Multi Asset sleeves 41 102 Pension Funds Insurance Companies Region Global 22 28 European Currency Union 74 173 Pan-European 4 12 Fund of Fund Managers Base Currency USD 11 EUR 88 Other 1 Advanced Fixed Income offers individual solutions to a broad spectrum of Institutional Investors. ¹ Source AllianzGI, IDS GmbH; all data as of Approx. USD 5.5 bn is managed in USD denominated mandates, mutual funds or share classes of mutual funds. Based on USD/EUR rate of Performance of the strategy is not guaranteed and losses remain possible.

32 Advanced Fixed Income Full Flexibility in the Choice of Universe, Region and Strategy Global coverage for tailored optimized risk-adjusted portfolios Universe Region Strategy Aggregate Global Benchmark Oriented Strategies Advanced Fixed Income (AFI) (Higher Tracking Error) Sovereign US Enhanced Fixed Income (EFI) (Lower Tracking Error) Covered/Securitized Euro Benchmark Agnostic Strategies Global Alpha (Defined as Overnight LIBOR + xx bps) IG Corporates Emerging Markets Buy & Watch (Our version of Buy & Hold) Source: Allianz Global Investors, as at

33 A decade of strong performance.
Enhanced Fixed Income Composite A Decade of Constant Performance Relative Performance (as of December 31, 2011) A decade of strong performance. Source: IDS GmbH Analysis and Reporting Services, a wholly owned subsidiary of Allianz SE; all data as of December 31, Composite 0412 AllianzGI – Enhanced Fixed Income; Inception January Benchmark: JP Morgan EMU Index. The fixed income platform of Allianz Global Investors Kapitalanlagegesellschaft GmbH had management responsibilities for the specific composite until the end of The performance provided above is in EUR and spans a time period where a predecessor firm did not claim to be GIPS compliant. The JP Morgan EMU Index benchmark differs from the benchmarks listed on each GIPS compliant presentation. Starting January 2012, all AllianzGI Advanced Fixed Income composites are GIPS compliant. The performance shown above is gross and does not reflect the deduction of investment advisory fees. Past performance is not indicative of future results.

34 Added value to our investors
Positive Performance in all AFI Composites across all Covered Asset Classes Global Alpha* Positive performance in all AFI composites across all covered asset classes. Source: IDS GmbH Analysis and Reporting Services, a wholly owned subsidiary of Allianz SE; all data as of Composites AllianzGI 0200, 0203, 0204, 0205 – inception Jan. 2012, Composite AllianzGI – inception Oct. 2012, Composite AllianzGI inception Jun. 2007, and Composite AllianzGI 0426 – inception Jan *Composite AllianzGI 0205 was renamed from Absolute Return to Global Alpha as of Allianz Global Investors GmbH (until Allianz Global Investors Kapitalanlagegesellschaft mbH) claims compliance with GIPS. Past performance is not a reliable indicator of future results. Performance is shown in gross-of-fees in EUR for all composites except for Enhanced Short Term USD where performance is shown in gross-of-fees in USD. Relative performance and characteristics are supplemental information and supplement each respective GIPS compliant composite presentation in the Appendix. See composite presentations for full description of the benchmarks. See additional disclosure at the end of this presentation.

35 2.1.2 Global Fixed Income

36 An experienced portfolio management team of global specialists
Malie Conway Chief Investment Officer, 31 years Global Fixed Income Portfolio Management Global Sovereign Global Credit Applied Analytics Product Specialists Developed Markets Emerging Markets Investment Grade High Yield David Gillard Head of Applied Analytics 23 years Yin Tse Loh, FIA Portfolio Manager, LDI 10 years Oliver Sloper Assistant Portfolio Manager 5 years John Makowske Product Specialist 33 years (NY) Andrew Curran Senior Product Specialist, EMD 27 years Raj Jadav 20 years (NY) Dianna Enlund Senior Product Specialist 19 years (Sing.) Matthew Chaldecott, CFA 10 years Luke Copley, CFA 6 years Priyanna Shah Product Specialist Associate 3 years Julian Le Beron, CFA Head of Developed Markets 20 years Brian Tomlinson Developed Markets 27 years Detlev Schlichter 26 years Sam Hogg, CFA 6 years Greg Saichin Head of Emerging Markets 29 years Oleksiy Soroka, CFA Emerging Market Credit 20 years Naveen Kunam Local Currency Sovereigns 15 years Shahzad Hasan Hard Currency Sovereigns 13 years Eoghan McDonagh 12 years Katarzyna Borek Emerging Markets 10 years Daniel Ha Emerging Market Corporates 10 years (HK) Jonathan Yip, CFA Head of Investment Grade Credit 20 years Daniel Delaney, CFA Investment Grade Credit 15 years (NY) David Newman Head of Global High Yield 29 years Mikkel Velin* Global High Yield 12 years Frits Lieuw-Kie-Song 30 years (NY) Mark Wade 23 years Brian Abdelhadi 15 years Portfolio Construction Lydia Wagenmann Head of Portfolio Construction 22 years Jay Mistry Portfolio Analyst 4 years Steven Grieve 1 year Dedicated Global Sovereign Research 4 Investment Professionals Dedicated Global Credit Research 15 Investment Professionals Extended AllianzGI Resources: Independent Portfolio Risk Management Team Trading 41 Traders, 24 hour service Fixed Income Resource 113 Fund Managers/Analysts Global Sovereign Research & Strategy Equity Research Over 80 Analysts with 2,100 stocks covered Organisation by team function is illustrated; reporting lines may be different. NY = New York, HK = Hong Kong, Sing = Singapore. Data as of July 2017 *On Sabbatical. Brian Abdelhadi, Mark Wade and Frits Lieuw-Kie-Song providing High Yield Portfolio Management support.

37 Portfolio management supported by dedicated research resources
Dedicated Global Sovereign Research Dedicated Global Credit Research Global Sovereign Research & Strategy Financials & Structured Finance Research Industrials & Utilities Research Ranjiv Mann Head of Global Sovereign Research & Strategy 23 years David Butler Head of Financials Research 24 years Mark Wade Head of Industrials & Utilities Research 23 years Keith Gyles Emerging Markets Economist 12 years Anisha Arora 7 years Virgil Esguerra Emerging Markets Strategist 10 years (Sing.) Vlad Andryuschenko Global EM Credit Analyst 23 years Global Credit Research Partners Global Credit Analyst 19 years Carlos Suarez Duarte 15 years Orlee Freind 7 years (NY) Frits Lieuw-Kie-Song Global Credit Analyst 30 years (NY) Kris Grimm 25 years (NY) Lori Bilker 20 years (NY) David Pinto Global EM Credit Analyst 19 years (NY) Brian Abdelhadi 15 years Mary Nnachi Global Credit Analyst 14 years Scott Greenstein 10 years (NY) Alejandro Velasco Global EM Credit Analyst 9 years (NY) Sam Ross 8 years Organisation by team function is illustrated; reporting lines may be different. NY = New York, HK = Hong Kong, Sing = Singapore. Data as of July 2017.

38 Emerging Markets Debt: Portfolio Management Team 17 years average market experience across multiple market cycles Greg Saichin (29/4) CIO Global Emerging Markets Debt Andrew Curran (27/2) Sr. Product Specialist Portfolio managers and analysts PM / Traders Oleksiy Soroka, CFA Senior Portfolio Manager (20/4) Vlad Andryushchenko Sr. Credit Analyst EM Financials (23/3) Shahzad Hasan Portfolio Manager Hard Currency Sovereigns (13/3) Eoghan McDonagh Portfolio Manager and Trader (12/3) CEEMEA/London Hervé Dejonghe (14/3) Investment Grade SRI David Pinto Portfolio Manager and Credit Analyst (19/2) Naveen Kunam Portfolio Manager Local Currency Sovereigns (15/3) Alejandro Velasco Credit Analyst (9/2) Gary McAnly Head of US Fixed Income Trading (23/11) LATAM / NY Daniel Ha Portfolio Manager Corporate (10/3) Yoke Sei Tan Head of Asian Credit Research (26/5) Lucinda Zhou Credit Analyst (11/4) Juyong Low Credit Analyst (9/1) Kent Rossiter Head of Asian Pacific Trading (25/9) ASIA/HK/SGP Economic Research Ranjiv Mann Head of Economic Research (Rogge) (22/16) Keith Gyles Emerging Markets Economist (Rogge) (11/3) Anisha Arora Emerging Markets Economist (Rogge) (6/1) Stefan Scheurer Senior Strategist – Asian Economist (12/9) Organisation by team function is illustrated; reporting lines may be different. Data as of September 2017.

39 Global Fixed Income Investment Philosophy
A global opportunity set dominates a domestic bias Active management can add significant value Strong or improving debt dynamics are the driver of long-term returns “We believe that entities whose financial health is improving relative to others should provide the highest total returns.” A performance of the strategy is not guaranteed and losses remain possible.

40 Investment approach Continuous risk management Alpha streams
Developed Markets Emerging Markets Investment Grade Credit High Yield Relative value analysis Portfolio structure Implementation Alpha streams Risk budget assigned Asset allocation meeting Global growth Inflation outlook Interest rate outlook Event risk Every six weeks Investment committee Positioning reviews Thesis testing Dynamic risk management Twice weekly Security selection Continuous risk management Source: Allianz Global Investors. During any given stage of the investment process, the selection criteria may vary from those shown above. The diagrams and statement above reflect the typical investment process applied to this strategy. At any given time, other criteria may affect the investment process.

41 A spectrum of global fixed income strategies
Traditional Alternative Government Global Sovereign Debt Developed Markets Emerging Markets Aggregated Global Aggregate Bonds Opportunistic Credit Global Investment Grade Credit High Alpha Global High Yield Global Real Estate Debt Buy & Maintain Global Corporates Enhanced Plus Selective High Yield Global Multi Asset Credit Cash Liability-Driven Investment Treasury Management (Short Duration Bonds) Source: Allianz Global Investors.

42 AllianzGI Emerging Markets Debt Strategies
Constrained…………………….Unconstrained Institutional Target Maturity Core Plus Flexible Return Goal Customised Solutions Return Driven Approach Benchmark Approach Absolute Return Approach Focus EUR and USD HC Bonds with maturity of < 5yrs Core 70% – 100% Non Core 0% - 30% Flexible Approach Separate accounts Allianz Emerging Market Target Maturity Allianz Emerging Market Bond Allianz Emerging Market Local Currency Bond Allianz Emerging Market Bond Short Duration Defensive Allianz Emerging Markets Flexible Bond Funds Source: Allianz Global Investors.

43 Global Fixed Income Strategy - Excess Returns
A Proven Ability to Deliver Active Returns in all Asset Classes over Market Cycles Benchmark aware Benchmark agnostic 1 Please note that Jan 98-Sep 00: Carveout; Oct 00-Dec 03: Dedicated EM Model Portfolio and Jan 04-present: Composite of live accounts 2 Please note: Jan 99-Jun 02 & Mar 03-Mar 09: Carveout data and Jul 02-Feb 03 & Apr 09-present: Live data 3 These track records are presented in GBP terms. All others are presented in USD terms. Source: Allianz Global Investors

44 Regional Fixed Income Strategies
2.2 Regional Fixed Income Strategies

45 Regional Fixed Income Strategies Asia Pacific Fixed Income
2.2.1 Regional Fixed Income Strategies Asia Pacific Fixed Income

46 Asia Pacific Fixed Income Investment Philosophy
Macro Input Disciplined fundamental research is core to our investment approach Integration with our global resources for top-down macro views Allocation Decision Proprietary in-house portfolio optimization tool to guide the country allocation process Portfolio Construction High conviction approach to portfolio construction Credit selection is based on fundamental research with a strong valuation focus Risk management Integral part of the investment process and viewed as a joint effort of various functions Viewed from both an ex-ante and ex-post basis “We are a fundamentally-driven manager who believes in taking calculated active risks to achieve the investment goals of our clients.” A performance of the strategy is not guaranteed and losses remain possible.

47 AllianzGI Asia Pacific Fixed Income Team
David Tan CIO, Fixed Income, Asia Pacific 24 years experience Regional Asia-Pacific Bonds (Singapore) China/ Hong Kong Bonds (Hong Kong) Taiwan Bonds (Taipei) Product Specialist (Singapore) Mark Tay Head of Fixed Income, Singapore 21 yrs experience Yoke Sei Tan Head of Credit Research, Asia Pacific 26 yrs experience Helen Lam Head of Hong Kong Fixed Income 22 yrs experience Grace Lin Head of Taiwan Fixed Income 19 yrs experience Dianna Enlund Senior Product Specialist 19 yrs experience Garreth Ong Portfolio Manager 14 yrs experience Lucinda Zhou Credit Analyst 11 yrs experience Morgan Lau Portfolio Manager 15 yrs experience Sam Liu Portfolio Manager 9 yrs experience Felyna Lee Product Specialist Associate 7 yrs experience Jiayi Yew Portfolio Manager 6 yrs experience Juyong Low Credit Analyst 9 yrs experience Kelvin Chow Senior Portfolio Analyst 10 yrs experience Emerging Market Debt (Hong Kong ) Wendy Lee Portfolio Analyst 5 yrs experience Daniel Ha Portfolio Manager, Global Emerging Market Debt 10 yrs experience Xu Zhong Yu Credit Analyst 4 yrs experience Source: Allianz Global Investors, as of July 2017.

48 Asia Pacific Fixed Income Investment Process
Top-Down Analysis Portfolio Construction Portfolio Monitoring & Review Global Inputs (Global Policy Council – “GPC”) Country allocation Currency allocation Duration Yield curve Credit allocation Sector allocation Ex-post review of portfolio performance and risk using independently generated reports from IDS Monthly portfolio performance and risk review with the asset class CIO Portfolio calibration Risk measurement Macroeconomics Conviction Portfolio Active strategies Client requirements Valuations Market Views Technicals Credit selection Relative value Market views translated into active strategies Integration of active strategies, portfolio constraints and bottom-up selection Validation of views & positioning Risk Management Source: Allianz Global Investors. The information provided above is used to demonstrate our investment approach. It is not a recommendation or advice to buy or sell. There is no guarantee that these investment strategies and processes will be effective under all market conditions and investors should evaluate their ability to invest for a long-term based on their individual risk profile especially during periods of downturn in the market. During any given stage of the investment process, the selection criteria may vary from those shown above. The diagrams and statement above reflect the typical investment process applied to this strategy. At any given time, other criteria may affect the investment process.

49 Asia Pacific Fixed Income Asset Under Management
Assets under Management Consistent Growth Over Time Our Investors Total AuM in mn (USD) Asian Fixed Income 3,783 Asia Pacific Fixed Income Team Total AuM Pension Funds US$ millions Family Office Strategy AuM in mn (USD) % of total AuM Regional Asian Bonds Core 291 7.7% Regional Asian Bonds Enhanced 923 24.4% Asian Bonds Unconstrained 356 9.4% Asian Credit 1,089 28.8% Single Country Bonds - RMB / HKD Fixed Income 368 9.7% - Taiwan Fixed Income 402 10.6% Money Market 353 9.3% Retail Clients Insurance Companies Other Institutional Investors Source: Allianz Global Investors, as of 30 June 2017.

50 Regional Fixed Income Strategies Conviction Fixed Income
2.2.2 Regional Fixed Income Strategies Conviction Fixed Income

51 Conviction Fixed Income Investment Philosophy
An ongoing comparison between implied market expectations and the most likely event according to fundamental analysis leads to regular investment opportunities either on a directional or on a relative basis. Portfolio construction entails a high level of diversification, and the added value of our investment process rely on its methodology and organization. A fundamental approach coupled with active management can deliver sustainable performance. “We believe investments in bonds should be based on a careful analysis of the macroeconomic picture, developments in monetary policy and the shape of the rates curve and credit spreads. ” A performance of the strategy is not guaranteed and losses remain possible.

52 Conviction Fixed Income Portfolio Management Team
16 portfolio managers averaging 21 years of experience Mauro Vittorangeli, CFA (27/24) CIO Conviction Fixed Income Key Macro Trend Analysis Portfolio Management Thierry Million, SFAF (28/23) Head of Institutional Euro Aggregate Strategies Franck Mugat (17/17) Covered Bonds Vincent Tarantino (29/17) Head of Money Market Mike Riddell (16/2) UK Bonds Ophelie Gilbert, CFA (18/18) Head of Inflation/LDI1 Marie Mougnaud (17/17) Inflation/LDI1 Yassine Oussana (14/13) Money Market Kacper Brzeniak (7/1) UK Bonds Monica Zani, CFA (23/23) Yield Curve Francois Lepera (29/28) Sovereigns, Supranationals, Agencies (SSA) Guillaume Zilliox (10/8) Money Market Corynne Roux-Buisson (20/2) Credit Roberto Antonielli, CFA (20/20) Country allocation, Volatility Ali Ozenici (13/11) Money Market Dedicated Product Specialists Massimiliano Maxia (19/15) Jan Simon King (11/2) Numbers in brackets reflect years of industry experience/years at Allianz Global Investors and associated companies. Data as of June 2017. 1 Liability-Driven Investment

53 Conviction Fixed Income Investment Process Staying ahead of the curve: focus on our expectations vs. market consensus 1 2 3 Key Macro Trend Analysis Active Management Portfolio construction Global Macro Top Down Approach High degree of conviction strategies Core strategies : Duration Country allocation Credit allocation Strategic Tactical Identify turning points in the markets Yield curve positioning - Nathloses Zusammenspiel von Top-down / Bottom-up-Ansatz - Angemessener Risiko-Ertrags-Beitrag durch Portfoliobausteine aus taktischen und strategischer Sicht - Einsatz von Absicherungsstrategien (systematisch und individuelle Risiken) Inflation Covered bonds Assessment of Risk Appetite Satellite strategies Risk management follows all phases of the process Source: Allianz Global Investors. The information provided above is used to demonstrate our investment approach. It is not a recommendation or advice to buy or sell. There is no guarantee that these investment strategies and processes will be effective under all market conditions and investors should evaluate their ability to invest for a long-term based on their individual risk profile especially during periods of downturn in the market. During any given stage of the investment process, the selection criteria may vary from those shown above. The diagrams and statement above reflect the typical investment process applied to this strategy. At any given time, other criteria may affect the investment process. 53

54 Conviction Fixed Income Assets under Management Conviction Fixed Income is a fundamental top down macro driven investment process Assets under Management AuM growth Our Investors Retail Clients Total AuM in bn (Euros) Number of Mandates/ Funds Conviction Fixed Income 21,8 44 Fund of Fund Managers Strategy AuM in Mn (Euros) Number of Mandates/ Funds Flexible 665 1 Euro Aggregate 3 441 9 Broad Gilt 1 481 Euro Diversified 845 2 Global Bonds - Hedged 95 Global Bonds - Non-Hedged 107 Inflation 1 189 4 Insurance 112 LDI 3 436 8 Money Market 1 642 5 Short Duration 402 3 Short-Term Money Market 2 144 Ultra Short Duration 5 825 Insurance Companies Other Institutional Investors Family Office Pension Funds Source AllianzGI, IDS GmbH; all data as of 30/06/2017.

55 Conviction Fixed Income Strategies
LDI 1 Euro Rate & Global Inflation Global Sovereign 2 Euro Mid-Long Duration Absolute Return Euro Rates Short Duration Money Markets Duration band - 4Y 10Y+ 1 LDI : Liability-Driven Investment. 2Allianz Global Bond and global funds previously managed in France (Allianz Obligations Internationales) and Italy (Allianz Reddito Globale).

56 Conviction Fixed Income Main Composites
Source: IDS GmbH Analysis and Reporting Services, a wholly owned subsidiary of Allianz SE; all data as at June 30, Performance figures shown above are presented in EUR currency. The performance shown above is gross and does not reflect the deduction of investment advisory fees. Past performance is not indicative of future results. The data above is supplemental information and supplements each respective GIPS compliant composite presentation in the Appendix. See composite presentations for full description of the benchmarks. See additional disclosure at the end of this presentation.

57 Regional Fixed Income Strategies Corporate Credit
2.2.3 Regional Fixed Income Strategies Corporate Credit

58 Corporate Credit Investment Philosophy
We believe that credit markets are driven by two dynamics: creditworthiness of each issuer and underlying trend Selecting the right issuer We believe that the main risk factors in credit markets are unexpected loss of capital and deteriorating credit metrics. Hence, identifying these risk factors through thorough credit analysis and forecasting the evolution of companies’ credit metrics is essential. Adjusting credit exposure The credit market oscillates between bull, bear and transition phases, creating windows of opportunities, which are exploited through our tactical overlay. 33 Investment Professionals A large experienced and integrated team, consisting of 9 Portfolio Managers, 21 Credit Analysts and 3 Product Specialists. A performance of the strategy is not guaranteed and losses remain possible. Source: Allianz Global Investors, as of

59 Head of Investment Grade Research Head of High Yield Research
An integrated and experienced credit team of analysts and portfolio managers Portfolio managers V. Marioni (19/3) CIO Credit Europe V. Marioni (19/3) High Yield G. Docq, CFA (10/2) HY / Liquid Alternatives H. Dejonghe (17/6)2 Investment Grade L. Talavera (16/9)1 Investment Grade F. Piechowski (11/3)1 Investment Grade J. Bras, CFA (12/12)1 SRI T. Gruet, CFA, CAIA (20/12)1 Convertibles J. Gasser (3/3) Convertibles TBA High Yield Credit analysts D. Manoux (27/6) Head of Credit Research C. Brugère (25/2) Head of Investment Grade Research B. de la Roncière (18/5) Corporates H. Guergouri (14/10) Financials S.Wittmann (10/1) Corporates IG S. Outin, CFA (9/4)2 HY Financials TBA Corporates IG D. Manoux (27/6) Head of High Yield Research A-X. Fougerat (18/6) Corporates S. Iem, CFA (10/6) Corporates L. Desbrosses, CFA (9/4) Corporates E. Daull (11/4) Private Debt A. Tixier (6/1) Private Debt Additional PMs contributing to IG Credit Research Product Specialists O. Videau (21/19) J. Bronssard (18/4) E. Clément (9/6) P. Wrobel (21/6) T. Knigge (18/16) C. Jung (9/5) L. Ancona (23/23) R. Boeckel (17/3) S. Lounis (6/6) C. Roux Buisson (20/3) R. Vesters (28/5) A. Hallak (1/1) Source : Allianz Global Investors, as of August Numbers in brackets reflect years of industry experience/years at Allianz Global Investors and affiliates. 1 Portfolio Managers contributing to Investment Grade Credit Research 2 Analyst contributing to Portfolio Management

60 Overview of the Investment Process
We focus on security selection through bottom-up approach and adjust the credit exposure tactically Rating Concentration limits Valuation Technicals Attractive Fair Value Expensive Good Average Poor Tactical view Credit exposure & Sector allocation Overweight Marketweight Underweight Market scenario Stress test Risk Management Bottom-up: Security Selection Top-down: Tactical Overlay Portfolio Fundamental Analysis Positive Stable Negative Source : Allianz Global Investors. During any given stage of the investment process, the selection criteria may vary from those shown above. The diagrams and statement above reflect the typical investment process applied to this strategy. At any given time, other criteria may affect the investment process.

61 Corporate Credit Strategies
Investment Grade High Yield Euro Investment Grade Euro Credit SRI Green Bond Euro High Yield Defensive1 Euro High Yield European Convertible Bonds Target Maturity / Target return Private Debt Credit Opportunities Credit rating AAA AA A BBB BB B CCC C 1 Focus on non financials. A performance of the strategy is not guaranteed and losses remain possible. Source: Allianz Global Investors. Source: Allianz Global Investors.

62 Corporate Credit Assets under Management
Accessing the opportunities in corporate credit markets Assets under Management Growth Over Time Our Investors Total AuM in bn (Euros) Amount of Mandates/Funds Corporate Credit 7,9 39 Distributors and retail clients Strategy AuM in bn (Euros) Amount of Mandates/Funds High Yield 2,3 12 Investment Grade 2,6 7 Convertible Bonds 1,1 4 Mix IG/HY 1,5 13 Private Debt 0,5 2 Alternative Liquid Credit 0,02 1 Banking Institutions Corporate Treasuries Pension Funds Insurance Companies Fund of Fund Managers Source: AllianzGI, IDS GmbH; all data as of 30/06/2017.

63 Corporate Credit Main Composites
Source: Allianz Global Investors, IDS GmbH Analysis and Reporting Services, a wholly owned subsidiary of Allianz SE; all data as of 30/06/2017. Performance figures shown above are presented in EUR currency. The performance shown above is gross and does not reflect the deduction of investment advisory fees. Past performance is not indicative of future results. The data above is supplemental information and supplements each respective GIPS compliant composite presentation in the Appendix. See composite presentations for full description of the benchmarks. See additional disclosure at the end of this presentation.

64 Corporate Credit Main Composites over the last 5 years
Source: Allianz Global Investors, IDS GmbH Analysis and Reporting Services, a wholly owned subsidiary of Allianz SE; all data as of 30/06/2017. Performance figures shown above are presented in EUR currency. The performance shown above is gross and does not reflect the deduction of investment advisory fees. Past performance is not indicative of future results. The data above is supplemental information and supplements each respective GIPS compliant composite presentation in the Appendix. See composite presentations for full description of the benchmarks. See additional disclosure at the end of this presentation.

65 Dedicated Fixed Income Strategies
2.3 Dedicated Fixed Income Strategies

66 Dedicated Fixed Income Strategies Income & Growth
2.3.1 Dedicated Fixed Income Strategies Income & Growth

67 Income & Growth Investment Philosophy
We follow a disciplined, fundamental, bottom-up research process to build a portfolio of issuers that demonstrate improving fundamentals. We strive to minimize credit risk through our: - Ability to maximize information through our global research platform - Upgrade Alert Model Our portfolio includes public company issuers exhibiting the highest visibility of future expected operating performance. “We invest in companies poised to benefit from positive fundamental change.” A performance of the strategy is not guaranteed and losses remain possible.

68 Income & Growth An Experienced Investment Management Team (San Diego)
Our highly credentialed investment team has extensive industry experience and utilizes the Firm’s global research platform Investment Team Douglas G. Forsyth, CFA (22/25) Portfolio Management/Research/Trading William (Brit) L. Stickney (18/28) Portfolio Management/Research/Trading Justin M. Kass, CFA (17/20) Portfolio Management/Research/Trading Michael E. Yee (22/24) Portfolio Management/Research/Trading David J. Oberto (10/15) Research/Trading David A. Foster, CFA (10/21) Research/Trading Joanna H. Willars (11/17) Research/Trading Ethan J. Turner, CFA (5/12) Research/Trading Nicole Larrabee Rodrigues (16/21) Matthew E. John (11/14) Research/Trading Christopher L. Jackson (3/3) Research/Trading Corey J. Kilcourse, CIMA (12/12) Product Specialist Jayme M. DiRienzo (5/9) Product Specialist Associate James Dudnick, CFA (12/17) Portfolio Management/Research/Trading Steven Gish, CFA (12/21) Portfolio Management/Research/Trading Robin Wittenberg (18/23) Research/Trading Adam Peterson (10/21) Research/Trading Michael W. Memory, CIPM (17/17) Senior Product Specialist Karen Chen, CFA (1/21) Senior Product Specialist Numbers in parentheses reflect years of tenure at AllianzGI US and affiliates/years of industry experience and are updated twice a year, first quarter and third quarter.

69 Income & Growth Assets under management
Income and Growth Team strategies: $39.5 billion Retail Open End Funds 6.3 B Income and Growth 3.2 B Convertible 1.1 B Short Duration High Income 1.7 B High Yield 0.3 B Closed End Funds Institutional Separate Accounts 3.6 B 1.4 B 1.6 B 0.6 B Bank Loans 1.8 B Offshore Lux-based Funds 23.7 B 17.7 B 4.9 B 1.2 B Maturity Constrained Funds 0.4 B Cayman-based Funds HK Trust-based Funds 0.2 B As of June 30, 2017 Stated assets under management may include both discretionary and non-discretionary assets, and may therefore exceed composite assets. Past performance is not indicative of future results.

70 Performance (gross, as of 06/30/2017)
Income & Growth Platform Composite performance Investment Strategy Inception Date Performance (gross, as of 06/30/2017) Benchmark 1 Year 3 Year 5 Year 10 Year Since Inception US Convertibles January 1987 16.0 4.4 10.9 8.2 12.4 BofA ML All US Convertibles 16.8 4.9 11.3 6.5 8.7 US High Yield April 1994 13.2 2.6 5.5 7.4 BofA ML US High Yield Master II Index 12.8 4.5 6.9 7.5 7.6 Income and Growth March 2007 15.1 5.4 9.7 7.7 8.0 no benchmark - US CLO January 2007 9.3 4.0 4.6 4.7 CS Leveraged Loan Index 3.5 4.8 4.2 4.3 May 96 - Jun 07 Nov 09 - Jun 17 US Short Duration High Income May 1996 5.2 5.7 5.8 BofA ML 1-3 Year US Treasury Index -0.1 0.7 0.6 2.5 0.9 Source: Allianz Global Investors. The performance shown above is gross and does not reflect the deduction of investment advisory fees. Past performance is not indicative of future results. The performance shown above is gross and does not reflect the deduction of investment advisory fees. Past performance is not indicative of future results. The data above is supplemental information and supplements each respective GIPS compliant composite presentation in the Appendix. See composite presentations for full description of the benchmarks. See additional disclosure at the end of this presentation.

71 Dedicated Fixed Income Strategies Insurance Related Capabilities
2.3.2 Dedicated Fixed Income Strategies Insurance Related Capabilities

72 Market Performance vs. Benchmark Regulatory Environment / Solvency II
We Understand: Our Insurance Clients Face Complex and Potentially Conflicting Targets 1 2 Market Performance vs. Benchmark Regulatory Environment / Solvency II Insurance Asset Management Client Specific Constraints P&L and Balance Sheet Management 3 4 Our ambition is to best address our client objectives leveraging on the combination of both our Insurance and Asset Management know-how Source: Allianz Global Investors, as at

73 AllianzGI Insurance Related Strategies Global Investment platform complying with complex client requirements Andreas Utermann Global CIO / CEO Karl Happe CIO Insurance Related Strategies Franck Dixmier Global Head of Fixed Income CIO Fixed Income Europe Paris Insurance Team Fabienne Salomone Milan Insurance Team Claudio Pagin Zurich Insurance Team Mario Gähwiler Brussels Insurance Team Stéphanie Dupuis Frankfurt Insurance FI Team Jürgen Adam Frankfurt Insurance Equity Team Christoph Berger Fixed Income Portfolio Management Equity Portfolio Management Insurance Rates* (14 PM’s) Insurance Credit (8 PM’s) Insurance Dedicated Equity (9 PM’s) Matthieu de Clermont Head of Insurance Rates P 19 3 Olivier Videau Head of Insurance Credit P 20 18 Christoph Berger Head of Insurance Equity F 18 8 Fabienne Salomone P 25 18 Anne-Claire Lacharme 10 9 Amina Ben Abdelkarim Michel Yin Claudio Pagin M 36 19 Gabriele Roffi 23 Mario Gähwiler Z 31 7 Martina Honegger 24 2 Stéphanie Dupuis B 21 16 Jef Lodewyckx 3 Robbert Sandbergen 14 Jürgen Adam F 20 4 Thomas Kitabdjian 1 Julie Bronssard P 17 6 Emilien Clément 8 Loredana Ancona M 23 18 Christoph Jung Z 10 4 Alice Hallak 1 Rolf Vesters B 24 Ralf Böckel F 3 Thomas Grillenberger F 17 11 Jutta Rosenbaum 21 10 Kimberly Tan 9 4 Aleksej Wunrau 16 6 Michael Elsenberger 8 5 Violaine Clapies P 2 Thierry Bourgeois 20 Giacomo Viani M 22 18 JA Durchschnitt 17 Jahre Berufserfahrung Locations: Paris, Milan, Zurich, Brussels, Frankfurt P M Z B F Industry experience in years / years within AllianzGI Extended AllianzGI Resources: Credit Research 14 Credit Analysts (Investment Grade / High-Yield) Equity Research Over 80 Analysts with 2,100 stocks covered Fixed Income Resources 69 Fund Managers/ Analysts, including Insurance PMs Global Economics & Strategy Team 5 economists Advanced Analytics Internal Credit Scores for Fixed Income Asset Classes Trading Desk Europe 24 Traders in Frankfurt / Paris Organisation by team function is illustrated; reporting lines may be different. * Governments, SSA (Supranationals, Sub-Sovereigns, Agencies), Government Related Issuers, Covered Bonds. 73

74 We Act: AllianzGI Insurance Related Strategies Investment Process The Full Value Chain In Five Steps
1 2 3 4 Market analysis and Research Active Positioning Process Portfolio Construction according to individual Investor Requirements Trading AllianzGI European Executive Council Conviction research based on macro analysis Duration Industrials Tactical and Strategic View combined with a bottom up approach Customized Target Function Yield curve Utilities Benchmark / Universe analysis Risk Decomposition Country Allocation Financials Balance Sheet / P&L parameters Implementation with the expertise of the European dealing platform Strategic Allocation Fundamental Research Dedicated research opinion based on deep fundamental analysis and financial models Index Linked High Yield Regulation / Solvency Portfolio positioning Securitized Debt Emerging Markets Portfolio Optimization Performance / Risk Tactical Allocation Supra & Agencies Equity Security Selection IRS Resources embedded in the FI platform Theme orientation Integration of active strategies & risk requirements Portfolio 5 Risk Management * Universe, Benchmark & Risk constraints are determined by the ALM Manager / Client. During any given stage of the investment process, the selection criteria may vary from those shown above. The diagrams and statement above reflect the typical investment process applied to this strategy. At any given time, other criteria may affect the investment process.

75 AllianzGI Insurance Related Strategies:
AllianzGI offers one of the largest portfolio management teams for insurance companies in Europe AllianzGI Insurance Related Strategies: 55 Portfolio managers / analysts at 7 locations and EUR 140 bn in insurance assets in Europe / US Public Debt / Equity Teams at 5 locations in Europe JA Eines der größten Teams Wir sind lokal global! Private Debt Teams in Munich and New York Our added value for AllianzGI clients Local supply through specialised insurance teams An all-encompassing value-creation chain by meeting complex client requirements Tailored solutions that reflect regulatory requirements 1 2 3 Source: AllianzGI Sales & Controlling, February 2017.

76 3 Appendix

77 Fixed Income Product Specialists
3.1 Fixed Income Product Specialists

78 Global Fixed Income Product Specialist Team
Team Team Assistant Stefanie Funtan Andreas Utermann Global CIO AllianzGI Karl Happe CIO Insurance Related Strategies Franck Dixmier Global Head of Fixed Income Doug Forsyth CIO US Income & Growth Strategies B. Anton-Groenemeyer Global Head of Fixed Income Product Specialists ** Global Focus Advanced Fixed Income Jiyeon Eppler-Kim* Andreas Löhr* Olga Sedova (PSA)* n.n. (PS US)* Global Fixed Income Andrew Curran* Matthew Chaldecott Luke Copley Rajen Jadav (PS US) John Makowske n.n. (PSA) Regional Focus Asia Pacific Fixed Income Dianna Enlund Felyna Lee (PSA) Conviction Fixed Income Massimiliano Maxia§ Jan King§ Corporate Credit Pierre Wrobel Thomas Knigge Samy Lounis Income & Growth Michael Memory Corey Kilcourse Jayme DiRienzo (PSA) Regional Focus Asia Europe & UK Europe USA** Core Teams * Core team defines in close cooperation with repective CIO the representaion of the Strategy. ** coordination European coverage. § additional coverage of Insurance Related Strategies. Source: Allianz Global Investors, as of

79 3.2 GIPS Composite Notes

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98 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. Investing in fixed income instruments may expose investors to various risks, including but not limited to creditworthiness, interest rate, liquidity and restricted flexibility risks. Changes to the economic environment and market conditions may affect these risks, resulting in an adverse effect to the value of the investment. During periods of rising nominal interest rates, the values of fixed income instruments (including short positions with respect to fixed income instruments) are generally expected to decline. Conversely, during periods of declining interest rates, the values of these instruments are generally expected to rise. Liquidity risk may possibly delay or prevent account withdrawals or redemptions. 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. 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. 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 ( The duplication, publication, or transmission of the contents, irrespective of the form, is not permitted. Source: Allianz Global Investors, as at

99 Fixed Income at Allianz Global Investors: Over 60 Years of Experience
Performance through Smart Risk Taking Q2 2017 Allianz Global Investors


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