Allianz Global Investors’ Expertise in European Equities (selected slides from the pitchbook )

1. Allianz Global Investors’ Expertise in European Equities (selected slidesfrom the pitchbook)

2. 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% • 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 fivein Europe) • In-depth insights into companies and markets • Holistic risk management 1 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.

3. 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 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) Benefiting from the German economic miracle: Fondak (first German equity fund, 1950); Concentra (1956) European integration: Industria (1959) Return to focus on substance:Value styleAllianz Vermögensbildung Deutschland (1970) New sales markets, new growth opportunities:Growth styleAllianz Wachstum Europa (1986) Exploiting opportunities in Europe: Launch of special European country funds (1988) Small / mid caps offer more:Allianz Nebenwerte Deutschland (1996);Allianz European Small Cap Equity (1999) Dynamic growth:Eastern European convergence Allianz Emerging Europe Equity (1997) Establishment of Allianz Global Investors / Adig as Germany's first investment company (1949) Allianz Global Investors – Experts in European equities for over 60 years

4. 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 Novo Nordisk1974 • Knowing companies in detail – often since they first went public: • More than 3,000 contacts and visits to companies in Europe each year • 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 • 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 GrassrootsSMResearch1(more than 300 external field researchers on all continents) Established in 1949 Vodafone1988 SAP1988 L'Oréal1964 Richemont (Cartier)1988 ENI1995 Tod's2000 Inditex (Zara)2001 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. 1GrassrootsSMResearch 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. 4

5. Specialized European Equity Teams with Access to a Global Organization Europe175 investment professionals Global centres of investment competence USA111 investment professionals London Asia107 investment professionals Frankfurt Paris San Francisco Dallas New York San Diego Tokyo Hong Kong Singapore 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: Independent The teams' independence gives them enormous flexibility when making investment decisions 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

6. Closely Interlinked: Fund Management and In-House Research European Equity Management Emerging Europe Growth Small / Mid Cap Value Dividend / Income Market Neutral Conviction Direkt Up to date Transparent Informed Macro-economic and global allocation research Fundamental equity and sector research GrassrootsSM Research Sustainability research Quantitative research In-house communications network ("Chatter"): Direct exchange of information and analysis in real time

7. Recognized Quality and Expertise in Europe Morningstar ratings of selected equity funds1,2 Awards in recognition of our expertise 1 Ratings as at: March 2014. Also awarded 5 stars: Allianz WachstumEuroland (A-EUR). Also awarded 4 stars: Allianz WachstumEuropa (A-EUR), Concentra (A-EUR). 2A ranking, rating or recognition is not an indicator of future developments and is subject to change over time.

8. Invest in Performance Made in Europe with Allianz Global Investors Optimal resources 65 years of competence Recognized expertise • Flexible, independent teams for each strategy • Experienced analysts with sector knowledge on 3 continents • Top-rate risk management • 12 flagship funds rated 4 or 5 stars by Morningstar • Award-winning research • Award-winning service quality • European equities have been a core competence since 1949 • Close ties to European companies for decades + +

9. Disclaimer • Investing involves risk. The value of an investment and the income from it may fall as well as rise and investors may not get back the full amount invested. • The volatility of fund unit prices may be increased or even strongly increased. Past performance is not a reliable indicator of future results. If the currency in which the past performance is displayed differs from the currency of the country in which the investor resides, then the investor should be aware that due to the exchange rate fluctuations the performance shown may be higher or lower if converted into the investor’s local currency. • This is for information only and not to be construed as a solicitation or an invitation to make an offer, to conclude a contract, or to buy or sell any securities. The products or securities described herein may not be available for sale in all jurisdictions or to certain categories of investors. This is for distribution only as permitted by applicable law and in particular not available to residents and/or nationals of the USA. The investment opportunities described herein do not take into account the specific investment objectives, financial situation, knowledge, experience or particular needs of any particular person and are not guaranteed. The views and opinions expressed herein, which are subject to change without notice, are those of the issuer and/or its affiliated 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 willful misconduct. The conditions of any underlying offer or contract that may have been, or will be, made or concluded, shall prevail. • Contact the issuer electronically or via mail at the address indicated below for a free copy of the sales prospectus, the incorporation documents, the latest annual and semi-annual financial reports and the key investor information document in English. Please read these documents - which are solely binding - carefully before investing. • This is a marketing communication. Issued by Allianz Global Investors Europe GmbH (www.allianzgi-regulatory.eu), an investment company with limited liability incorporated under the laws of Germany with its registered office at BockenheimerLandstraße 42–44, D-60323 Frankfurt/Main, authorized by BundesanstaltfürFinanzdienstleistungsaufsicht (www.bafin.de). The duplication, publication, or transmission of the contents, irrespective of the form, is not permitted.