Allianz Global Investors
> Confirm

This document has been issued and approved by Allianz Global Investors GmbH, a subsidiary of Allianz Global Investors AG (part of the Allianz Group). Allianz Global Investors GmbH is a limited liability company incorporated under the laws of the Federal Republic of Germany with its registered office at Mainzer Landstrasse 11-13, D-60329 Frankfurt/Main. Allianz Global Investors GmbH is licensed in the Federal Republic of Germany as a provider of financial services(Finanzdienstleistungsinstitut); for the conduct of its business activities, Allianz Global Investors GmbH is subject to the supervision of the German Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin).
Allianz Global Investors GmbH has established branches in Switzerland (Zürich), Italy (Milan), United Kingdom (London), Spain (Madrid) and the Netherlands (Rotterdam). Allianz Global Investors GmbH also has established representative offices in the Kingdom of Bahrain (Bahrain), Portugal (Lisbon) and Sweden (Stockholm). For these branches and representative offices additional local laws and regulation may be applicable.
This document is meant to provide a broad overview for discussion and/or information purposes. Furthermore, this document was not prepared with the intention of providing legal or tax advice. The views and opinions expressed in this document, which are subject to change, are those of Allianz Global Investors GmbH and its affiliated companies at the time of publication. The duplication, publication, or transmission of the contents of this document to unauthorised persons, irrespective of the form, is not permitted.
While some of the data provided herein is derived from various published and unpublished sources, and is assumed to be correct and reliable, it has not been independently verified. Therefore, Allianz Global Investors GmbH does not guarantee the accuracy or completeness of all data/information and will not accept any liability for any direct or consequential losses arising from its use.
The investment opportunities described herein are not guaranteed by Allianz Global Investors GmbH or affiliated companies within the Allianz Group. This document does not constitute an offer or solicitation to buy securities. Statements made to recipients of this document are subject to the provisions of any underlying offer or contract that may have been, or will be, made or concluded. As with all investment products, no guarantee can be given that past performance will be repeated in the future; consequently, there is no assurance that a portfolio will match the returns shown in this document.
This documentation must be seen as confidential.
This document is marketing material according to Art. 19 European Directive 2004/39/EC (MiFiD) and § 31 section 2 German Securities Trading Act (Wertpapierhandelsgesetz).
The content is dedicated to institutional clients only. No further forward to third parties permitted.

> Confirm