Introducing Allianz Global Investors Banco Invest Centro de investimento - Lisboa

June 2014

Understand. Act.

Introducing Allianz Global Investors

Content

01

Introduction to Allianz Global Investors

02

Portfolio Recommendations

03 04 05

Allianz Global Investors’ Expertise in European Equities

Allianz Europe Equity Growth Fund

Allianz European Equity Dividend Fund

© Allianz Global Investors 2013

2

Introducing Allianz Global Investors

01 Introduction to Allianz Global Investors

© Allianz Global Investors 2013

3

Introducing Allianz Global Investors

Diversified active investment manager with a strong parent

Active investment strategies: EUR 316 billion total AUM1 and EUR 33,8 billion total AUA

AUM by asset class AUM by region

Equity Multi-Asset Money Market and Other Fixed Income

€65 bn (21%) €8 bn (2%)

 Europe: EUR 224 bn (71%) €119 bn (38%)

€123 bn (39%)

 US: EUR 61 bn (19%)  Asia-Pacific: EUR 31 bn (10%)

AUM by clients  Institutional2: EUR 235 bn (75%)

 Retail: EUR 80 bn (25%)

 The world’s largest insurer3

 120 years managing investments and risk

 Financially stable4

 Over 75 million clients in 70 countries5

Our commitment is to be a reliable partner for our clients in an uncertain world Assets under Advice and Assets under Management as at 31 March 2013. 2 Includes Institutional share classes of mutual funds. 3 "Forbes Global 2000: The World's Biggest Public Companies“, Forbes, April 2012, based on sales and market value. 4 €104 bn in revenue and solvency ratio of 179% in 2011. 5 As at 31 December 2011. 1

4

Our global capabilities

Active investment strategies1

Solutions

Equities

Fixed Income

Alternatives

Multi Asset

Value

High Yield

Options Strategies

US, Europe

Global Tactical Asset Allocation

Asset-Liability-Management

Global, US, Emerging Markets

Core

Convertible

Commodities

US, Europe

Risk Management Overlay

Strategic Asset Allocation, Lifecycle

Global, US, Europe, Asia, Emerging Markets

Growth

Infrastructure

Target Date

US, Europe, Asia

Global, US, Europe, Asia

Systematic

Risk Management Advisory

Credit

Target Risk

Aggregate

Portfolio Risk Analytics Pension Advisory & Administration Defined Contribution Plans

Europe, Asia

Emerging Markets, Managed Volatility, Global Best Styles

Investment Advisory

Systematic Fixed Income Global, Europe

Risk Parity

Liability Driven Investments

Sector and Specialty Technology, Industrials, Sustainable and Responsible Investing, Small Cap

Fiduciary Management Manager Research & Selection Life Asset

Leverage unique global insights Macroeconomic & Global Allocation Research AllianzGI Investment Forum Global Policy Council

Research

Retirement

Sustainability Research

Fundamental Equity and Sector Research Fixed Income Research Quantitative Research

AllianzGI Center for Behavioral Finance

Environmental, Social and Governance Team

We focus on distinct areas to help us deliver sustainable outperformance 5 1

Representative list of investment strategies. Not all strategies are currently available in all markets. Not all Allianz entities operate in all markets.

Consultative local delivery North America

Europe

Asia Pacific

Total

Locations

4

12

7

23

Relationship Managers

101

172

102

375

Investment Professionals

123

286

101

510

Global centres of investment expertise Centers of Solutions expertise Investment / client service offices

London: Global EM Equity Global Equity Infrastructure Debt SRI

New York: Multi Asset Structured Products

San Francisco: Technology US Large/ Mid Cap

Solutions services offices

Frankfurt: European FI European Equity Infrastructure Equity Multi Asset Systematic Equity Pensions

Tokyo: Japan Equity

manager tenure of 10+ years

Munich: Paris:

San Diego:

Dallas:

Income & Growth Multi Asset US Small Cap Systematic Equity

Value Equities

European Equity European FI Multi Asset SRI

Average portfolio

Pensions Risk Management Advisory

Hong Kong: Pan-Asia Equity Singapore: Pan-Asia FI

We are committed to understanding and acting to deliver on clients’ unique needs 6 Note: All numbers as at 31 March 2013. Abbreviations: fixed income (FI), sustainable and responsible investing (SRI), emerging markets (EM).

Allianz Global Investors at a glance

Diversified active investment manager with a strong parent

 €316 billion in AUM  Supported by the world’s largest insurance company1, in business for 120 years

Our commitment is to be a reliable partner for our clients in an uncertain world

Global investment and research capabilities

 510 investment professionals with average tenure of PMs of 10+ years  Centres of investment expertise and a robust research platform

We focus on distinct areas to help us deliver sustainable outperformance

Consultative local delivery

 375 client relationship managers  23 locations in 18 countries

We are committed to understanding and acting to deliver on clients’ unique needs

A culture of risk management

 60+ dedicated, experienced risk specialists  Products, services and insights covering the risk-reward spectrum

Our focus is on protecting and enhancing the value of our clients’ assets

7 Data source: Allianz Global Investors. Data as at 31 March 2013. 1 "Forbes Global 2000: The World's Biggest Public Companies“, Forbes, April 2012, based on sales and market value.

02 Portfolio Recommendations

8

9

03 Allianz Global Investors’ Expertise in European Equities

10

Leading Global Asset Manager under the Umbrella of a Solid Global Corporation

 Identifying solutions for its customers since 1889 − Exploiting financial opportunities − Managing / hedging risks

 Global leader in property, accident, health and life insurance

 Extremely solid with an excellent capital base: − Very good credit ratings1: S&P: AA; Moody’s: Aa3 − Solvency ratio2: 182%

1

2 3

 Identifying solutions for successful investment on the capital markets since 1949  Equities account for some 40% of the AUM  European equities sum up to 38 bn EUR AUM3  Recognized expert in equity analysis (top five in Europe)  In-depth insights into companies and markets  Holistic risk management

S&P's rating of insurers' financial strength: AA, stable outlook, as at: 04/11/2013. Moody’s: Aa3, stable outlook, as at: 07/03/2014. The solvency ratio measures an institution's liable capital relative to its weighted risk assets and off-balance sheet business (contingent liabilities), weighted by the degree of credit risk. As at: 31/12/2013. Source: Allianz Global Investors; European Equity AUM (incl. Systematic Eq und Customized Balanced) as at end of December 2013.

11

Milestones in Europe – Milestones of Our Equity Expertise

1949 Birth of the Federal Republic of Germany

1950s and '60s Birth of the EEC Germany's economy soars

1970s First expansion of the EEC (GB, DK, IE) Oil crises

1980s Southern Europe joins (GR, PT, ES), free movement of goods within the EEA

1990s German reunification, EU grows to include SE, FI and AT The euro is introduced

Establishment of Allianz Global Investors / Adig as Germany's first investment company (1949)

Benefiting from the German economic miracle: Fondak (first German equity fund, 1950); Concentra (1956)

Return to focus on substance: Value style Allianz Vermögensbildung Deutschland (1970)

New sales markets, new growth opportunities: Growth style Allianz Wachstum Europa (1986)

Small / mid caps offer more: Allianz Nebenwerte Deutschland (1996); Allianz European Small Cap Equity (1999)

European integration: Industria (1959)

Exploiting opportunities in Europe: Launch of special European country funds (1988)

Dynamic growth: Eastern European convergence Allianz Emerging Europe Equity (1997)

Since 2000 Expansion to include Eastern Europe Debt crisis in the periphery

Long-term conviction: Conviction Strategy (2000) Regular income with dividends: Allianz European Equity Dividend (2009) Interesting alternative for any market phase: Allianz Discovery Europe Strategy (2010) and Allianz Discovery Germany Strategy (2011)

Allianz Global Investors – Experts in European equities for over 60 years

12

The Key to Our Equity Expertise in Europe – Understanding Companies and Trends Recognized research expertise independently confirmed (top five in Europe) Allianz Global Investors has been analysing European companies for decades  Knowing companies in detail – often since they first went public:

Novo Nordisk 1974

Established in 1949

Vodafone 1988

− More than 3,000 contacts and visits to companies in Europe each year

SAP 1988

− Of which some 1,000 meetings are with small and mid caps that receive little or no attention from external analysts  Identifying key changes in a company's surroundings early on (competitors, laws, technology): − 86 specialized analysts on three continents

L'Oréal 1964

 Assessing the prospects of companies and products in the global market − Internationally networked analysts with specialist sector knowledge − Reality checks by our own in-house GrassrootsSM Research1 (more than 300 external field researchers on all continents)

Richemont (Cartier) 1988

ENI 1995

Inditex (Zara) 2001

Tod's 2000

IPOs of selected companies

Identifying investment trends early on – Structuring portfolios accordingly This does not constitute a recommendation or solicitation to buy or sell any particular security. 1 GrassrootsSM Research is a division within the Allianz Global Investors group of companies that conducts investigative research for asset management professionals. Research data used to generate GrassrootsSM Research reports are received from reporters and field researchers who work as independent, third party research providers, supplying research that is paid for by commissions generated by trades executed on behalf of clients.

13

Specialized European Equity Teams with Access to a Global Organization Europe 175 investment professionals

USA 111 investment professionals San Francisco

Global centres of investment competence

London Paris

Asia 107 investment professionals

Frankfurt

Dallas New York

San Diego

Tokyo

Hong Kong

Singapore

Experienced Fund managers with many years of experience in the industry, globally networked

Specialised Specialist teams for all key strategies

Source Allianz Global Investors: All figures as at 31/12/2013

Independent The teams' independence gives them enormous flexibility when making investment decisions

Networked Regular exchange of information and ideas with local experts

Global Local presence embedded in a large organization under the umbrella of a global corporation:

14

Closely Interlinked: Fund Management and In-House Research European Equity Management

Growth

Small / Mid Cap

Value

Direkt

Macro-economic and global allocation research

Fundamental equity and sector research

Dividend / Income

Up to date

Market Neutral

Transparent

GrassrootsSM Research

Conviction

Emerging Europe

Informed

Sustainability research

Quantitative research

In-house communications network ("Chatter"): Direct exchange of information and analysis in real time 15

Global Research Team

Asia Europe Americas Total

      

Consumer

Financial

2 4 3 9

4 4 2 10

Industrial & Health Care Resources 1 3 3 7

3 12 5 20

Tech & Telecom & Media 4 5 6 15

ESG & Engagement

Grassroots

Credit

Total

1 10 1 12

1 2 3 6

0 8 0 8

16 48 23 87

An average of 15 years industry experience Innovative and proprietary investment tools Analysts manage sector and thematic mandates Each analyst conducts circa 100 meetings per year with corporate management Research identifies the key drivers of each security, which frames and focuses the analytical process Dedicated sustainability research analysts Complemented with GrassrootsSM Research

The cornerstone of our investment process – generating information advantage

Source: Allianz Global Investors; data as at 31/12/2013; figures relate to the locations in San Francisco, London, Frankfurt and Hong Kong

16

GrassrootsSM Research Investment decisions – reality checked 

 Methodology:

Mission: To provide investment professionals with timely, unique and customized business insights

− Customised to answer specific questions about key stock drivers identified by portfolio managers and analysts

 Resources: − In-house staff of 10 − 65 reporters − 300+ Field Force investigators − 50,000+ industry contacts

 Results: − 350+ company/industry studies per year Data as at 31/12/2013. GrassrootsSM Research is a division within the Allianz Global Investors group of companies that commissions investigative research for asset-management professionals. Research data used to generate GrassrootsSM Research reports are received from reporters and field force investigators who work as independent, third-party research providers, supplying research that is paid for by commissions generated by trades executed on behalf of clients.

17

Risk Management as a Permanent Control Function and Provider of Constructive Support to Fund Management At Allianz Global Investors, the risk and fund management functions work hand-in-hand Analysis of risk factors and interactions:

Influence on fund management:

Advantages for

 Markets

 Compliance with investment guidelines

 Portfolios move within the framework defined by the guidelines and the specified style  Generally, full advantage is taken of the risk budget without exceeding it  Transparent performance

 Investment styles  Sectors  Countries  Currencies  Companies

 Making full use of the risk budget  Performance contributions at sector, country and individual stock level

investors:

 Adherence to the style  Behaviour in bull and bear markets

Risk management

controls and supports fund management – for the benefit of investors 18

19

Recognized Quality and Expertise in Europe

Morningstar ratings of selected equity funds1,2 Allianz Europe Equity Growth (A-EUR) Allianz Euroland Equity Growth (A-EUR)

Awards in recognition of our expertise Award for service quality in a company Allianz Global Investors has been awarded the title "Greenwich Quality Leader" in Germany for the third consecutive time

Award for research Allianz German Equity (IT-EUR) Allianz Nebenwerte Deutschland (I-EUR)

Thomson Reuters Extel Survey 2013 – Allianz Global Investors among the top five in Europe

Awards for our funds Allianz Emerging Europe (I-EUR) Allianz Global Investors has won 36 Euro Finanzen Fund Awards for 24 funds spread over all asset classes

Allianz Actions Euro Convictions (C-EUR)

1 2

Allianz European Equity Dividend (IT-EUR)

This year, 11 funds have received a total of 17 awards in various asset classes in Germany: yet again, the best result achieved by any German-based fund company

Allianz Europe Small Cap Equity (I-EUR)

Award for fund management

Allianz Vermögensbildung Europa (A-EUR)

Pan Europe Equity Fund of the Year: Allianz Europe Equity Growth

Ratings as at: April 2014. Also awarded 5 stars: Allianz Wachstum Euroland (A-EUR). Also awarded 4 stars: Allianz Wachstum Europa (A-EUR), Concentra (A-EUR). A ranking, rating or recognition is not an indicator of future developments and is subject to change over time.

20

Renaissance of European Equities

Shiller P/E ratio1 for the MSCI Europe 50 40 30

03

10 Jan 14

Jan 08

Jan 06

Jan 04

Jan 02

Jan 00

Jan 98

Jan 96

Jan 94

Jan 92

Jan 90

Jan 88

Jan 86

Jan 84

0 Jan 82

Favourable conditions for export business Good infrastructure, close ties to Eastern Europe and Latin America

Average

20

Jan 80

02

Positive sentiment – companies are expecting to grow again ESI business climate index at its highest level since July 2011

Jan 12

01

Structural reforms in the euro zone are starting to take effect Europe's ability to compete over the long term has improved

Reasonable valuations – in demand around the world

Jan 10

Arguments in favour of European equities

The Shiller price-earnings ratio eliminates cyclical fluctuations. It reflects the average profits of the past 10 years relative to the current share price. Short-term leaps in profits – that may not be sustainable – become less relevant.

Net purchases of European Equities by US investors2

04

US investors are discovering Europe Global capital is increasingly flowing into European equities

05

Reasonably valued by global comparison Shiller P/E ratio of the MSCI Europe: 15.6 (MSCI World: 20.6)1

1 Source: 2 Source:

Datastream, AllianzGI Economics & Strategy, as at 1 December 2013; US Treasury, Goldman Sachs, rolling 12-month average, as at 30/09/2013.

120 100 80 60 40 20 0 -20 -40 -60 -80 2002

Milliarden Billion USDUSD 2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

21

04 Allianz Europe Equity Growth Fund

22

Allianz Europe Equity Growth

Key messages

Structural growth stock selection is key to outperformance  Equity markets tend to overvalue short-term growth and to undervalue long-term structural growth, which in the long run is stronger than cyclical growth.  We invest in structural growth stocks applying an investment horizon of at least 3 years  Stock picking is crucial, market momentum not considered 1 GrassrootsSM

Strong track record2

Experienced and dedicated team of fund managers

 Experienced responsible lead portfolio manager takes the investment decisions.  Experienced and fully dedicated “Growth” investment style team works out investment cases and timing.  Information advantage enhanced by dual in-house company research: fundamental research and GrassrootsSM Research1

   

Superior performance versus benchmark3 broad market4 majority of its peers5 since inception of the investment strategy6

Research is a division within the Allianz Global Investors group of companies that commissions investigative research for asset-management professionals. Research data used to generate GrassrootsSM Research reports are received from reporters and field force investigators who work as independent, third-party research providers, supplying research that is paid for by commissions generated by trades executed on behalf of clients. 2 Past performance is not a reliable indicator of future results. 3 Standard & Poor’s Europe LargeMidCap Growth Net Total Return Index. 4 MSCI Europe; 5 Micropal Europe Large-Cap Growth Equity universe. 6 31/05/2003 Please see also the risks at the end of the presentation. 23

Which Companies Are We Interested in?

Factors that drive structural growth:

Secular Growth  Global population ageing  Increase in lifestyle diseases Superior Business Model  Product differentiation  No comparability with competitors Technology Leadership  Leading manufacturer of a product  Good position vis-à-vis competitors

24 Source: Allianz Global Investors.

Companies' Ability to Compete, as described by Porter's 5 Forces Model

Potential competitors Threat of market entry by new competitors

Suppliers Bargaining power from suppliers

Rivalry among competitors

Customers Bargaining power from customers

Substitute products Threat from substitute products Source: Allianz Global Investors

25

Our Choice of Growth Stocks

3 factors that determine success

Valuation

Structural Growth

Triggers

The share price does not fully reflect the growth potential.

Structural growth drivers:

 Factors that can positively influence the market's perception of a stock  Company announcements (profits, contract awards, products) as possible triggers

 Secular growth drivers  Technology leadership  Superior business model

26

Investment Philosophy Growth

Structural growth investing beyond market cycles

Growth We identify stocks with structurally above average earnings and cash flow growth, that are consistently able to deliver high returns on capital.

 Pure bottom-up stock picking approach  No active country / sector allocation  All market cap stocks  No derivatives

Quality We strive to select companies with competitive advantages and high barriers to entry, that are able to compound their stellar returns over the long term.

 Longer-term investment horizon  Fully invested  Benchmark agnostic2

The benchmark is taken for comparative performance measurement, but not as a guide to investing. The portfolio composition is largely independent from the benchmark composition regarding sector and country weightings as well as single stock positions.

27

Investment Style Team Growth An Experienced and Successful Focus on Structural Growth 

Source: Allianz Global Investors Europe GmbH, data as of January 2014. GrassrootsSM Research is a division within the Allianz Global Investors group of companies that commissions investigative research for asset-management professionals. Research data used to generate GrassrootsSM Research reports are received from reporters and field force investigators who work as independent, third party research providers, supplying research that is paid for by commissions generated by trades executed on behalf of clients.

Investment Style Growth Team Portfolio Management Teams

Thorsten Winkelmann Senior Portfolio Manager

Matthias Born Senior Portfolio Manager

18 years experience Europe with focus on UK, Ireland, Scandinavia

13 years experience Europe ex UK with focus on Germany, Switzerland, France

Company Meetings

In House Company Research

GrassrootsSM Research

Robert Hofmann, CFA Portfolio Manager

Andreas Hildebrand, CFA Portfolio Manager

Martin Hermann, CFA Portfolio Management Associate

Marcus Morris-Eyton Portfolio Management Associate

9 years experience Focus on Scandinavia, UK + International

7 years experience France, Germany, Southern Europe

4 years experience Benelux, CEE, Austria

3 years client experience Client Focused

Sell-Side Research

28

Bottom-up Stock Selection Investment Process

Structural Growth: Sustainable growth  Secular market growth driver  Superior business model  Technological leadership

Quality: Stable above average returns  Long term competitive position  Balance sheet strength  High barriers to entry

 Management quality

Structural Growth

+ Quality + Valuation

Valuation: Remaining upside potential  Mutiples versus market  Multiples versus peers  Multiples in historical context  Multiples in context of growth

Competitive companies generate high growth on the back of cash-flows and investments. 29

Reckitt Benckiser– Hygiene, Healthcare and Home

Becoming a globally leading Health & Hygiene company (target 72% of sales by 2016 - margin accretive)

 Industry leading profitability (operating margins and return on capital)

 Strong Management and company culture that promotes performance, innovation and cost discipline Business Segment Split (% of total EBIT)

 Strong track record of integrating acquisitions  Health and hygiene to grow fast, driven by needs in

4

Emerging Markets.

21 46

 Marketing clout is a competitve advantage versus pharmaceutical companies in OTC medicine.

11

18

Health, Hygiene & Home in EU+ US HHH in Latam, Asia and Pacific HHH in Russia, CIS, MENA and sub-Sahara Pharmaceutical Sauce and mustard business in US

 The Pharma division gets new generic competition but meets it well prepared. Sales of Suboxone, the drug treating opiod dependency, have completely switched to the superiour film form while generics will be in tablets.

Source: Company data, Allianz Global Investors Europe, proprietary research, March 2013. This is no recommendation or solicitation to buy or sell any particular A stock mentioned as example above will not necessarily be comprised in the portfolio by the time this document is disclosed or at any other subsequent date.

30

Richemont – Branded Jewelry and Luxury Watches

Compagnie Financiere Richemont owns one of the world’s most prestigious portfolio of luxury goods brands such as Cartier, Dunhill, Van Cleef & Arpels, and Montblanc. The product segments include jewelry, watches, writing instruments and leather accessories. Sales by Product Categories

 First-class portfolio of luxury brands with global appeal

60%

50%

49%

 Brand strength provides superior pricing power in both watches and jewelry (average 5% p.a. price increases)

40%

27%

30%

 Pricing power has led to good margins throughout the

20% 10%

9%

4%

5%

Writing

Net-a-Porter

6%

0% Watches

Jewellery

Fashion & Accessories

Sales by Distribution Channel (Percentage, 2009 = 100%)

236

250

100

151 100

100

104

90

135

 Best-in-class production platform, and further expansion of retail operations in Asia provides potential for further margin and volume growth

 Long-term winner in the Consumer Discretionary Sector

202

200 150

Other Leather Goods

economic cycle

151

110

 Superior innovation skills  Trading at a discount to peers despite the high returns

50

on equity

0

2009

2010

Retail

Wholesale

2011

2012

2013

 Balance Sheet quality, strong cash generation, excellent ROIC and EPS growth

Source: Company data, Allianz Global Investors Europe, proprietary research, September 2013. This is no recommendation or solicitation to buy or sell any particular A stock mentioned as example above will not necessarily be comprised in the portfolio by the time this document is disclosed or at any other subsequent date.

31

Europe Equity Growth Strategy

Portfolio characteristics

Alpha sources Investment horizon Target annual turnover rate Target outperformance Target number of stocks Active sector exposure Absolute stock exposure Active country exposure Target tracking error Benchmark

Benchmark agnostic stock selection1 3 years and more 30 % 2-4 % 50-70 +/- 15 % max. 10 % No formal constraints Up to 10 % Standard & Poor's Europe LargeMidCap Growth Total Return

1

The benchmark (S&P Europe LargeMidCap Growth Net T.R.) is taken for comparative performance measurement, but not as a guide to investing. The portfolio composition is largely independent from the benchmark composition regarding sector and country weightings as well as single stock positions. This is for guidance only and not indicative of future attribution. Strategy (vs. benchmark)

32

Allianz Europe Equity Growth – Experienced fund management and award1-winning strategy The fund is managed by Thorsten Winkelmann, one of the most successful managers of European equity funds

„Benchmark-agnostic stock picking that focuses on structural growth, regardless of market cycle."

(Lipper awards were also awarded for other countries)

Feri

A

The A-EUR share class of the fund also has a 5-star rating of Morningstar

Fund units may be subject to significantly increased volatility. TER (Total Expense Ratio): Total costs (excluding transaction costs) charged to share class A-EUR of the Fund during the previous financial year: 1.83% 1 A ranking, a rating or an award provides no indicator for future performance and is not constant over time. Rating status: Morningstar, Feri: 28/02/2013; Euro Finanzen Fund Award 2012: Ranked first over 3 and 5 years for Equity Europe incl. UK: 18/01/2012; Euro Finanzen Fund Award 2013: Ranked first over 3 and 5 years for Equity Europe incl. UK: 23/01/2013; Euro Finanzen Fund Award 2014: Ranked first over 5 years for Equity Europe incl. UK: 30/01/2014; Deutscher Fondspreis 2013: Equity Europe: 30/01/2013; Österreichischer Fondspreis 2013: Equity Europe: 06/03/2013; Feri EuroRating Awards 2013: Sieger-Award for fund universe Switzerland and Top-Award for fund universes Germany and Austria: Feri EuroRating Services, 01/12/2012; Lipper Fund Awards 2012: AT EUR share class: ranked 1st over 3 and 5 years for Equity Europe: 02/03/2012; Lipper Fund Awards 2013: AT EUR share class: ranked 1st over 3 and 5 years for Equity Europe: 28/02/2013; Sauren fund manager rating: March 2012. Agefi Asset Management Awards 2012: IT-EUR share class: ranked 3rd in the European Equity category over 3 years: 23/11/2012; Citywire Fund Manager Ratings: as at November 2013; Feri Rating: as at May 2013 33

Allianz Europe Equity Growth - AT - EUR

Performance over 5 years in %1 260

Allianz Europe Equity Benchmark (base value Growth - AT - EUR = 100)

220

30/04/2009 - 30/04/2010

53.48

33.88

30/04/2010 - 30/04/2011

20.25

12.92

30/04/2011 - 30/04/2012

6.52

-3.87

30/04/2012 - 30/04/2013

18.94

18.39

30/04/2013 - 30/04/2014

8.77

11.92

180

140

100 30/4/09

30/4/10

30/4/11

30/4/12

30/4/13

30/4/14

n Fund (base value = 100) n Benchmark (base value = 100)2,3 1

Calculated at the net asset value, excl. front-end load, distributions reinvested. Calculation according to method as defined by BVI, the German Fund Companies Association. Past performance is not a reliable indicator of future results. All data are based until launch on the performance of Allianz Wachstum Europa, an investment fund set up on 13/1/1997 according to German law and managed analogously by the same fund manager. To enable better comparability, these data are adjusted to the day to account for the difference between the management fees of both investment funds and for any deferred performance-related fees at Allianz Wachstum Europa. Generally speaking, neither actual nor simulated past performance are a reliable indicator of future results. Any front-end loads reduce the capital employed and the performance stated. The fund unit price may be subject to increased volatility. 2 S&P Europe LargeMidCap Growth Net Total Return 3 Benchmark history: until 31/7/08 S&P/ Citigroup PMI Europe Growth T.R., until 1/04/02 MSCI Europe T.R. (Net) TER (Total Expense Ratio): Total cost (except transaction costs) charged to the fund during the last financial year: 1.85 %. Source: Allianz Global Investors; data as at 30/04/2014

34

Allianz Europe Equity Growth - AT - EUR

Performance since 31/05/2003 in %1

Allianz Europe Equity Benchmark (base value Growth - AT - EUR = 100)

25 20.5%

20 14.0%

15 11.9%

10

8.8%

30/04/2009 - 30/04/2010

53.48

33.88

30/04/2010 - 30/04/2011

20.25

12.92

30/04/2011 - 30/04/2012

6.52

-3.87

30/04/2012 - 30/04/2013

18.94

18.39

30/04/2013 - 30/04/2014

8.77

11.92

12.3%

11.3%

10.9% 8.4%

7.8% 6.6%

5 0 1 Year

3 Years p.a.

5 Years p.a.

10 years p.a.

Since 31/05/2003 p.a.

n Allianz Europe Equity Growth AT EUR n S&P Europe LargeMidCap Growth Net Total Return2,3

31/05/2003 is the inception date of the strategy. 1 Calculated at the net asset value, excl. front-end load, distributions reinvested. Calculation according to method as defined by BVI, the German Fund Companies Association. Past performance is not a reliable indicator of future results. All data are based until launch on the performance of Allianz Wachstum Europa, an investment fund set up on 13/1/1997 according to German law and managed analogously by the same fund manager. To enable better comparability, these data are adjusted to the day to account for the difference between the management fees of both investment funds and for any deferred performance-related fees at Allianz Wachstum Europa. Generally speaking, neither actual nor simulated past performance are a reliable indicator of future results. Any front-end loads reduce the capital employed and the performance stated. The fund unit price may be subject to increased volatility. 2 S&P Europe LargeMidCap Growth Net Total Return 3 Benchmark history: until 31/7/08 S&P/ Citigroup PMI Europe Growth T.R., until 1/04/02 MSCI Europe T.R. (Net) TER (Total Expense Ratio): Total cost (except transaction costs) charged to the fund during the last financial year: 1.85 %. Source: Allianz Global Investors; data as at 30/04/2014

35

Allianz Europe Equity Growth

Top holdings

SAP AG RECKITT BENCKISER GROUP PLC CIE FINANCIERE RICHEMON-REG PRUDENTIAL PLC NOVO NORDISK A/S-B SHIRE PLC LEGRAND SA ROCHE HOLDING AG-GENUSSCHEIN BRITISH AMERICAN TOBACCO PLC DIAGEO PLC Total

This is no recommendation or solicitation to buy or sell any particular security. The current breakdown is not a reliable indicator of future results. The fund unit price may be subject to increased volatility. Source: Allianz Global Investors; data as at 30/04/2014

4.71 4.03 3.82 3.63 3.61 3.58 2.93 2.70 2.61 2.52 34.14

36

Allianz Europe Equity Growth

Market capitalization split

100 86.65 80 60.64 60

40 21.54

17.82

20

9.40 3.95 0 10 bn EUR