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 Tradition1
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 Strategies2
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* P 
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 Classes80
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 Steps1 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

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