Allianz US Equity. December 2015

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Allianz US

Equity

December 2015

Allianz Global Investors was recognised by German magazine Capital as a top fund manager and was awarded the maximum five-star rating. High scores were awarded for product range, above average quality of multi-asset funds, and excellence in service quality. Allianz Global Investors therefore belongs to the top investment management providers. Source: Capital 3/2015. The survey included 59 investment companies with complete product range and 41 boutiques. Data as per 19.02.2015. A ranking, rating or award is not an indicator of future performance and may be subject to change over the course of time.

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2

Why Allianz US Equity?

1 _{Past performance is not a reliable indicator for future results.}

Source: Allianz Global Investors; data as at 31/03/2014



Objective is to seek out undervalued companies that possess

catalysts for change



Typical investments are

low-expectation stocks

with what we

expect to be low downside risk and high upside potential



An actively managed U.S. Core strategy, focusing on bottom-up

stock selection



Utilizes a disciplined and proven investment process: using

screening for initial idea generation, fundamental research

based stock selection, and bottom-up, risk-aware portfolio

construction



Excellent & consistent performance track record over short,

medium and long-term periods

1



Strong & consistent performance profile in both up and down

markets

Disciplined U.S. Core Equity

Total AUM = $ 1.7 billion as of March 31, 2014

Corporate &

Others

($447 m)

26%

Financial

Intermediaries

(Sub-Advised)

($203 m)

12%

AllianzGI

Mutual Funds

($1,091 m)

63%

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3

Content

1 Investment philosophy and

process

2 Current portfolio positioning

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4

1

Investment philosophy and

process

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5

Global Sector Fundamental Research

Grassroots

SM

_Research

1

Global Research Platform

Disciplined US Core Equity Portfolio Management Team

Steven J. Berexa, CFA Senior Fund Co-Manager

Global Head of Research 16 Years at AllianzGI US (26 Years Experience)

Kimberlee W. Millar, CFA Analyst

Telecom, Healthcare, Consumer & Industrials 8 Years at AllianzGI US

(17 Years Experience)

Shibin Xie, CFA Analyst

Tech, Financials, Materials, Energy & Utilities 6 Years at AllianzGI US

(12 Years Experience)

Portfolio management team

1_GrassrootsSM_{Research is a division of Allianz Global Investors that commissions investigative research for asset-management professionals. Research data used to generate Grassroots}SM

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. Source: AllianzGI US; data as of 18/06/2015

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6

Allianz U.S. Equity Fund investment strategy

We believe investor sentiment fluctuates more widely than underlying fundamentals which, in turn,

creates mispriced opportunities

We aim to invest in companies whose present valuations suggest low near-term expectations but

that have the prospect for re-rating based on longer-term positive drivers. These types of

investments simultaneously provide more downside risk protection and upside potential

We believe the disciplined application of this approach will generate consistent excess returns over

time within a prudent risk profile

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7

Investment process

The number of securities referenced above represent the typical number of stocks researched at each stage of the investment process. 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. See additional disclosure at the end of this presentation.

A success of the strategy is not guaranteed and losses remain possible.

Alpha

Potential

Goals:



To consistently outperform the S&P 500 Index over market cycles



Excess Return Expectation: 150 bps–350 bps; Expected Tracking Error: 3%–7%



Target Information Ratio (IR) = 0.5 or better

Idea Generation

Valuation/

Stock Selection

Portfolio Construction/

Risk Control

Monitoring & Review



Define universe as market cap > USD 1.5 billion

(~1200 Stocks)



Apply screening to identify potential new ideas (“Out-of-Favor Stock List”)



Select stocks from the “Out-of-Favor Stock List” for further research

(0~3 Stocks)



Conduct original research leveraging our robust global research platform



Perform equity valuation analysis to produce upside & downside target prices



Focus on under-valuation opportunity vs. underlying fundamentals, and select stocks with attractive upside potential and low downside risk



~40–80 stocks



Diversified across industries



Conduct risk analysis to monitor risk levels & risk composition vs. the benchmark



Drive alpha predominantly via stock selection



Normal Turnover = 40%/year



Continuously monitor valuation, ranks, growth drivers, market, and

consumer data



Review performance attributions and key

decisions to enhance investment process

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8



Screening is designed to produce a broad set of stock ideas for all sectors



All Buy candidates must come through the screen (“Out-of-Favor Stock List”)



Screening is done on a daily basis



Portfolio Management Team selects a few stocks from the “Out-of-Favor Stock List” for further research

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. See additional disclosure at the end of this presentation.

Idea generation

Out-of-Favor

Stock List

(~ 400 Stocks)

Select Stocks for

Further Research

(0 ~3 Stocks)

Stock Screening (~1200 Stocks)

Attractive Growth

Weight:

1

3

1

3 Top

Attractive Valuation

Weight:

2

3

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9

Valuation and stock selection



Conduct original research leveraging our robust global

research platform



Forecast potential peak & trough multiples



Calculate upside & downside target prices



Build conviction to invest in out-of-favor stocks



Select stocks with attractive upside potential and low

downside risk

Fundamental Research & Equity Valuation:

$80

$150

Downside

20%

Upside

50%

Current Price

$100

Price

Range

(10)

10



Build portfolio of approximately 40–80 stocks with expected active risk: 3% to 7%



Long-term average turn-over = 40%/year



Bottom-up stock selection drives sector/industry weightings



Build stock positions mainly based on conviction levels (normally 75 bps to 500 bps at cost)

The number of securities referenced above represent the typical number of stocks researched at each stage of the investment process. During any given stage of the investment process the selection criteria may vary from those shown above. The statements above reflect the typical investment process applied to this strategy. At any given time other criteria may affect the investment process. See additional disclosure at the end of this presentation.

Portfolio construction and risk control

Risk Analysis

1. Review total active risk level and its composition (stock vs. industry vs. common factors)

2. Focus on increasing stock selection risk as percent of total active risk

Buy Discipline

Sell Discipline



Stock passes the screen



Small downside risk vs. attractive upside potential

Optimistic views/expectations by portfolio managers:



Positive earnings revisions and surprises



Identifiable drivers for future priceappreciation



Price over-reaction vs. underlying fundamentals



Trough valuations



Buying stock improves risk profile



Eroding upside potential, and/or increasing downside risk

Negative views/expectations by portfolio managers:



Deterioration of fundamental outlook



Violation of investment drivers & assumptions



Headline risk overtakes fundamentals



Better alternatives



Peak valuations



Selling stock improves risk profile



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11



Analyze stock selection vs. industry/sector effects



Analyze value-added across investment steps



Daily updates & formal weekly portfolio review



Sector research teams



Economic strategy



Company management



Industry conferences



Grassroots

SM

_Research



Input from traders



Street research



Sector research analysts and portfolio managers

Monitoring and review

Attribution

Analysis

Investment

Meetings

Market &

Consumer

Data

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12

2

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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 30/11/2015

Top holdings

Allianz US Equity

GENERAL ELECTRIC CO

4.51 JPMORGAN CHASE & CO

3.28 MERCK & CO. INC.

3.19 AMGEN INC

3.11 COMCAST CORP-CLASS A

3.08 INTEL CORP

3.07 ALPHABET INC-CL A

3.00 MONDELEZ INTERNATIONAL INC-A

2.86 CISCO SYSTEMS INC

2.85 BLACKROCK INC

2.77

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14

Allianz US Equity

Current sector breakdown (%)

Relative allocation

1_{S&P 500 Total Return.}

The current breakdown is not a reliable indicator of future results. The fund unit price may be subject to increased volatility.

Fund weight

(%)

Benchmark¹ weight

(%)

Information Technology

22.41

20.95 Health Care

16.33

14.61 Financials

15.73

16.58 Consumer Discretionary

13.68

13.08 Industrials

12.48

10.12 Consumer Staples

8.06

9.56 Energy

7.46

7.05 Materials

3.84

2.86 Utilities

0.00

2.86 Telecom. Serv ices

0.00

2.33

-2.33

-2.86 0.98 0.41 -1.50 2.36 0.60 -0.85 1.72 1.46 -4 -2 0 2 4

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15 0,0 -1,2 0,2 -0,4 0,1 -0,6 -0,3 -0,2 -0,3 0,6 -0,6 0,2 0,3 0,6 -0,3 -0,4 -0,3 1,0 -1,5 -1,0 -0,5 0,0 0,5 1,0 1,5

S

ty

le

T

ilt™

Style Factors

Value

Growth

Allianz US Equity - A - EUR (vs. S&P 500 Total Return) The fund unit price may be subject to increased volatility. Past performance is not a reliable indicator of future results.

Style skyline

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16

3

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1_{Calculated at the net asset value, excl. front-end load, distributions reinvested. Calculation according to BVI method (German Investment and Asset Management Association). Past}

performance is not a reliable indicator of future results. Any front-end loads (for this fund currently 5.00 %) reduce the capital employed and the performance. The fund unit price may be subject to increased volatility.

TER (Total Expense Ratio): Total cost (except transaction costs) charged to the fund during the last financial year: 1.8 %. Source: Allianz Global Investors; data as at 30/11/2015

Performance calendar years in %

1 Performance suffering in the past 3 years

16.4

27.3

2.4 -0.9

-39.0

43.8

21.1

0.6

5.0

18.9

26.5

18.0

20.9

3.6 -4.9

-33.7

22.5

23.1

5.5

14.2

26.7

29.5

-60 -40 -20 0 20 40 60 YTD 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

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Allianz US Equity - A - EUR

Performance vs. median of the Morningstar peer group in %

1

60 100 140 180 220 260 31.12.09 30.6.10 31.12.10 30.6.11 31.12.11 30.6.12 31.12.12 30.6.13 31.12.13 30.6.14 31.12.14 30.6.15

nFund (base value = 100)n Peer group: US Large-Cap Blend Equity (base value = 100)

Allianz US Equity - A -

EUR

US Large-Cap Blend

Equity

30.11.2010 - 30.11.2011

-3.75

0.03 30.11.2011 - 30.11.2012

15.84

18.20 30.11.2012 - 30.11.2013

16.50

23.08 30.11.2013 - 30.11.2014

25.13

24.79 30.11.2014 - 30.11.2015

18.67

19.10 1 year

18.67

19.10 3 years p.a.

20.04

22.08 5 years p.a.

14.04

16.59 10 years p.a.

7.06

6.58

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19

Allianz US Equity - A - EUR

Performance over 10 years in %

1

18.7% 20.0% 14.0% 7.1% 21.3% 24.4% 19.3% 8.7% 0 5 10 15 20 25

1 year 3 years p.a. 5 years p.a. 10 years p.a. nAllianz US Equity - A - EURn S&P 500 Total Return

Allianz US Equity - A -

EUR

Benchmark (base

value = 100)

30.11.2010 - 30.11.2011

-3.75

4.28 30.11.2011 - 30.11.2012

15.84

20.20 30.11.2012 - 30.11.2013

16.50

24.46 30.11.2013 - 30.11.2014

25.13

27.63 30.11.2014 - 30.11.2015

18.67

21.28

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20

Allianz US Equity - A - EUR

2_{S&P 500 Total Return}

Outperformance and risk / return-chart

1

-20 -10 0 10 20 30 -20 -10 0 10 20 30 P e rf o rm a n c e A llian z U S E q u it y -A -E U R Performance Benchmark2

Outperformance in 70 out of 121 3-year p.a. periods rolled monthly as per 30.11.2015 in %

5 10 15 20 25 30 5 10 15 20 25 30 Pe rfo rm a n c e p .a . Volatility annualized

Risk vs. Return (5 Years) as per 30.11.2015 in %

nAllianz US Equity - A - EUR

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21

Past performance 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 30/11/2015

Risk / return ratios

Allianz US Equity - A - EUR

1 Year

3 Years

5 Years

Sharpe ratio

0.95

1.52

1.03 Volatility (%)

19.76

13.11

13.26 Alpha (%)

-0.45

-4.39

-5.24

Beta

1.18

1.08

1.12 Tracking error (%)

6.53

5.21

5.74 Information ratio

-0.40

-0.84

-0.91

Active share (%)

78.10 Dividend yield (%)

1.78

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22

4

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

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 Grassroots

SM

_Research

Data as of 31.03.2015. 1_GrassrootsSM _{Research is a division of Allianz Global Investors 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.

Global Research Team

The cornerstone of our investment process – generating information advantage

Consumer

Financial

Health Care

Industrial &

Resources

Tech &

Telecom &

Media

ESG &

Engagement

Grassroots

Credit

Total

Asia

2

1

3

0

1

3

15 Europe

4

3

12

5

9

2

8

47 Americas

3

2

5

6

1

3

0

22

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24

GrassrootsSM _{Research is a division of Allianz Global Investors that commissions investigative research for asset-management professionals. Research data used to generate Grassroots}SM

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.

Our proprietary Grassroots

SM

_{Research is tailored to answer specific questions about the key stock drivers}

identified by our Portfolio Managers and Analysts.

Grassroots

SM

_{Research project process}

Portfolio

Manager/Analyst

seeks information

about a company’s

or industry’s

products,

processes or future

plans.

Grassroots

SM

Research Project

Manager designs

an investigation,

identifying

objectives,

questions to be

answered and

sources to be

contacted.

Grassroots

SM

Research Project

Manager compiles

background

information and

works with the

Reporter to

facilitate

understanding of

the request.

Reporter queries

marketplace

sources at all

necessary levels

and relays

preliminary

findings.

Reporter submits

written study that is

edited for

distribution and

discussed by

Grassroots

SM

Research Project

Manager with

Portfolio Managers

and Analysts.

Portfolio Manager

incorporates

Grassroots

SM

findings with

fundamental

research to make

portfolio decision.

Follow-up reports

may be requested.

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25



Methodology:

-

Customised to answer specific questions

about key stock drivers identified by

portfolio managers and analysts



Resources:

-

In-house staff of 10

-

57 reporters

-

300+ Field Force investigators

-

50,000+ industry contacts



Results:

-

350+ company/industry studies

per year

Data as at 31/03/2015. 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 decisions – reality checked

Grassroots

SM

_Research

Mission:

To provide investment

professionals with

timely, unique and

customized business

insights

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26



AllianzGI Disciplined US Core Equity has outperformed the S&P 500 Index in 69% of all rolling 3-year periods, and in 85% of all rolling 5-year periods (measured

monthly). For all 3-year and 5-year time periods, the average outperformances were +210bps and +271bps respectively.

AllianzGI Disciplined US Core Equity Composite vs. S&P 500 Index (Gross of Fees)

As of March 31, 2015

AllianzGI Disciplined US Core Equity strategy:

Performance across rolling 3- and 5 year periods

Source: AllianzGI, 31.03.2015. Composite performance inception date: January 31, 1994. The charts above compare each of the rolling annualised returns, for the period(s), of the composite (gross of fees) and the indicated index, since the first full calendar quarter of composite performance. Data is calculated using quarterly returns. Data gross of fees; calculation at the net asset value (BVI method) based on the assumption that distributions are reinvested and excludes initial charges. Individual costs such as fees, commissions and other charges have not been taken into consideration and would have a negative impact on the performance if they were included. Past performance is not indicative of future performance.

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27

1 _{Calculated at the net asset value, excl. front-end load, distributions reinvested. Calculation according to BVI method (German Investment and Asset Management Association). Past}

2_{S&P 500 Total Return}

Performance in detail since inception in %

1 Allianz US Equity - A - EUR

Annual Performance (%) Tracking error Information ratio Net asset value cum. p.a. cum. p.a. cum. p.a. % Mio. EUR

30.11.2010 - 30.11.2011 -3.75 4.28 -8.03 5.94 -1.35 30.11.2011 - 30.11.2012 15.84 20.20 -4.36 6.82 -0.64 30.11.2012 - 30.11.2013 16.50 24.46 -7.96 3.45 -2.31 30.11.2013 - 30.11.2014 25.13 27.63 -2.50 5.06 -0.49 30.11.2014 - 30.11.2015 18.67 21.28 -2.61 6.53 -0.40 Delta Allianz US Equity - A - EUR Benchmark2

YTD 16.43 - 18.02 - - - - -1 month 2.96 - 4.90 - - - - -3 months 10.05 - 12.53 - - - - -6 months 1.55 - 3.58 - - - - -1 year 18.67 18.67 21.28 21,28 -2.62 -2,62 6.53 -0.40 3 years 72.99 20.04 92.66 24,43 -19.67 -4,39 5.21 -0.84 5 years 92.89 14.04 141.48 19,28 -48.59 -5,24 5.74 -0.91 10 years 97.90 7.06 129.66 8,67 -31.75 -1,61 7.07 -0.23 Since Inc. (04/2002) 71.37 4.02 101.46 5,26 -30.09 -1,24 6.67 -0.17 2014 26.49 29.46 -2.98 5.10 -0.58 50.39 2013 18.88 26.67 -7.78 3.44 -2.26 66.87 2012 5.00 14.22 -9.22 4.92 -1.88 260.43 2011 0.58 5.53 -4.94 7.50 -0.66 398.41 2010 21.12 23.06 -1.93 3.58 -0.54 414.18 2009 43.82 22.52 21.30 10.39 2.05 327.60 2008 -39.01 -33.73 -5.28 11.60 -0.46 286.66 2007 -0.94 -4.85 3.91 5.43 0.72 128.28 2006 2.37 3.58 -1.21 3.91 -0.31 87.49 2005 27.30 20.89 6.40 7.74 0.83 113.20

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Allianz US Equity - A - EUR

Annual performance (%)

1

-3.8% 15.8% 16.5% 25.1% 18.7% 4.3% 20.2% 24.5% 27.6% 21.3% -10 0 10 20 30 30.11.2010 - 30.11.2011 30.11.2011 - 30.11.2012 30.11.2012 - 30.11.2013 30.11.2013 - 30.11.2014 30.11.2014 - 30.11.2015 nAllianz US Equity - A - EURn S&P 500 Total Return

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29

The information above is supplemental to and complements the associated GIPS compliant composite presentation in the Appendix of this book. The account information set forth above is for a representative portfolio, is provided for illustrative purposes only and reflects one account within the composite. Characteristics of the representative portfolio shown here may differ from those of the composite and of the other accounts in the composite. The information provided in this report should not be considered a recommendation of any particular security or strategy. There is no assurance that any security discussed herein will remain in an account's portfolio at the time you receive this document. The securities identified and described do not represent all of the securities purchased or sold for client accounts. You should not assume that an investment in the securities identified was or will be profitable.

Source: Allianz Global Investors, 31.03.2015. This is for guidance only and not indicative of future allocation. This is not a recommendation or solicitation to buy or sell any particular security.

Equity portfolio overview

Benchmark: S&P 500 Index

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30

The information above is supplemental to and complements the associated GIPS compliant composite presentation in the Appendix of this book. The account information set forth above is for a representative portfolio, is provided for illustrative purposes only and reflects one account within the composite. Characteristics of the representative portfolio shown here may differ from those of the composite and of the other accounts in the composite. The information provided in this report should not be considered a recommendation of any particular security or strategy. There is no assurance that any security discussed herein will remain in an account's portfolio at the time you receive this document. The securities identified and described do not represent all of the securities purchased or sold for client accounts. You should not assume that an investment in the securities identified was or will be profitable.

Portfolio Weight by Market Cap Sector

Benchmark: S&P 500 Index

March 31, 2015

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31

The information above is supplemental to and complements the associated GIPS compliant composite presentation in the Appendix of this book. The account information set forth above is for a representative portfolio, is provided for illustrative purposes only and reflects one account within the composite. Characteristics of the representative portfolio shown here may differ from those of the composite and of the other accounts in the composite. The information provided in this report should not be considered a recommendation of any particular security or strategy. There is no assurance that any security discussed herein will remain in an account's portfolio at the time you receive this document.

Portfolio by industry

March 31, 2015

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32

Disciplined U.S. Core Equity Team

Source: Allianz Global Investors; figures as at 31/03/2014

Steve Berexa

Senior Fund Co-Manager / Global Head of Research

is a senior portfolio manager and managing director with Allianz Global Investors, which he joined in 1997. He is the Global Head of Research for the firm and is involved in the management of several portfolios. Previously, Mr. Berexa was US director of research and head of the US tech team. He has 26 years of investment-industry experience. Before joining the firm, Mr. Berexa worked at Prudential in a private placement unit, with responsibilities for the subordinated debt of renewable energy projects as well as credit and LBOs. Before that, he was a tech analyst at Chancellor/LGT Asset Management. Mr. Berexa has a B.S.E.E. and an M.B.A. from Duke University, where he studied electrical engineering and computer science and was awarded an Angier B. Duke scholarship. He is a CFA charterholder.

KIMBERLEE W. MILLAR, CFA VICE PRESIDENT

ANALYST/PORTFOLIO MANAGER, DISCIPLINED EQUITIES GROUP

joined our company in 2005 as an Analyst dedicated to the Disciplined Equities Group. Kimberlee's current primary role is to conduct company research as a generalist for the Group. She also helps improve the overall investment processes, and contributes toward portfolio management efforts of the Group. Prior to joining Allianz Global Investors, Kimberlee worked as an Assistant Economist at the Investment Company Institute (ICI) in Washington, DC. At ICI, she produced mutual fund industry research for investment management firms’ research and marketing departments. Prior to ICI, Kimberlee worked at Heiden Associates Inc., an economic consulting firm in Washington, DC. She received a MA in economics from Queen’s University, Canada and a BA in economics from the University of Calgary, Canada. Kimberlee is a CFA charter holder and a member of the CFA Institute.

SHIBIN XIE, CFA VICE PRESIDENT

ANALYST/PORTFOLIO MANAGER, DISCIPLINED EQUITIES GROUP

joined our company in 2007 as an Analyst dedicated to the Disciplined Equities Group. Shibin's current primary role is to conduct company research as a generalist for the Group. Shibin also performs special research projects aimed at improving equity valuation models and screening strategy. He also contributes toward portfolio management efforts of the Group. Prior to joining Allianz Global Investors, he was a quantitative analyst at Pequot Capital Management in San Francisco. While there, he conducted quantitative research, and worked as an analyst covering the global financial sector for their Global Market Neutral Fund. Prior to Pequot, Shibin was an assistant professor at the Business School in Hong Kong University of Science & Technology. He received a Ph.D. in Business Administration from the University of Iowa, a M.S. in engineering, B.S. in engineering, and B.A. in economics from Tsinghua University in China. Shibin is a CFA charter holder and a member of the CFA Institute.

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1_{If the acquisition of Fund units is subject to a sales charge, up}

to 100% of such sales charge may be collected by the distributor; the exact amount shall be mentioned by the distributor as part of the investment advisory process. This also applies to any payment by the Management Company of an ongoing distribution fee from the all-in fee to the distributor.

2_{The all-in fee includes the expenses previously called}

management, administration and distribution fees.

3_{TER (Total Expense Ratio): Total cost (except transaction}

costs) charged to the fund during the last financial year.

Allianz US Equity - A - EUR

Key information

ISIN / German security no.

IE0031399342 / 982 304

Benchmark

S&P 500 Total Return

Umbrella

Allianz Global Investors Fund V

Management company

Allianz Global Investors Ireland Ltd., Dublin

Investment Manager

Allianz Global Investors U.S. LLC., San

Francisco

Custodian bank

State Street Custodial Services (Ireland)

Limited

Launch date

02.04.2002

Fund manager

Steve Berexa (since 14.10.2013)

Fund currency

EUR

Net assets

390.29 mn.EUR

Share class volume

46.62 mn. EUR

Financial year end

31/12/

Distribution

distributing

Distribution payout on 02.03.2015

0.051 EUR

Distribution frequency

annually

Registered for sale in

DK, FI, AT, GB, CH, NO, NL, IE, FR, DE

Front-end load (%)

1

currently 5.00 (max. 6.00)

All-in fee in % p.a.

2

1.80

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34

Allianz US Equity

1_{If the acquisition of Fund units is subject to a sales charge, up to 100% of such sales charge may be collected by the distributor; the exact amount shall be mentioned by the distributor as}

part of the investment advisory process. This also applies to any payment by the Management Company of an ongoing distribution fee from the all-in fee to the distributor.

2_{The all-in fee includes the expenses previously called management, administration and distribution fees.}

3_{TER (Total Expense Ratio): Total cost (except transaction costs) charged to the fund during the last financial year.}

Overview

Benchm ark

Managem ent com pany Allianz Global Investors Ireland Ltd., Dublin Investm ent Manager Allianz Global Investors U.S. LLC., San Francisco Risk class 6 : profit-oriented

Fund m anager Steve Berexa Financial year end 31/12/ Net assets 390.29 mn. EUR

S&P 500 Total Return (hedged into EUR)

S h a re c la s s A - EUR A (H- EUR) - EUR A T - EUR A T - US D A T (H- EUR) - EUR C2 - US D CT - EUR I - US D IS IN IE0 0 3 13 9 9 3 4 2 IE0 0 B 0 RZ0 5 2 9 IE0 0 B 1CD3 R11 IE0 0 B 1CD5 3 14 IE0 0 B 3 B 2 K P 0 7 IE0 0 0 2 4 9 5 4 6 7 IE0 0 B 1CD3 T3 5 IE0 0 B 0 RZ0 6 3 6

G e rm a n s e c u rit y n o . 9 8 2 3 0 4 A 0 HMV T A 0 L B UF A 0 MMHH A 0 Q 4 F8 9 7 4 4 3 0 A 0 L C1Z A 0 HMV U R e g is t e re d f o r s a le in DK , FI, A T, G B , CH, NO , NL , IE, FR, DE DK , FI, A T, G B , CH, ES , NO , NL , HU, IE, FR, DE DK , FI, A T, G B , CH, ES , NO , NL , HU, IE, FR, DE DK , FI, A T, G B , CH, ES , NO , NL , HU, IE, FR, DE DK , FI, A T, G B , CH, ES , NO , NL , IE, FR, DE DK , FI, A T, G B , CH, ES , NO , NL , IE, FR, DE DK , FI, A T, G B , CH, ES , NO , NL , HU, IE, FR, DE DK , FI, A T, G B , CH, NO , NL , IE, FR, DE

F u n d c u rre n c y EUR EUR EUR US D EUR US D EUR US D

D is t rib u t io n d istrib u tin g d istrib u tin g a c c u mu la tio n a c c u mu la tio n a c c u mu la tio n d istrib u tin g a c c u mu la tio n d istrib u tin g

M in . in v e s t m e n t ( p ro s p e c t u s ) - - - 1,0 0 0 ,0 0 0 US D

L a u n c h d a t e 0 2 .0 4 .2 0 0 2 2 1.0 6 .2 0 0 6 16 .10 .2 0 0 6 2 0 .0 3 .2 0 0 7 2 2 .0 7 .2 0 0 8 10 .0 7 .19 9 5 2 3 .11.2 0 0 6 0 8 .12 .2 0 0 5

S h a re c la s s v o lu m e 4 6 .6 2 mn .EUR 8 .2 6 mn .EUR 6 0 .0 1 mn .EUR 18 .3 4 mn .US D 12 .4 6 mn .EUR 5 6 .2 3 mn .US D 2 .5 9 mn .EUR 3 4 .8 3 mn .US D

F ro n t - e n d lo a d ( % ) 1 c u rre n tly 5 .0 0 (ma x.

6 .0 0 )

c u rre n tly 5 .0 0 (ma x. 6 .0 0 )

- c u rre n tly 2 .0 0 (ma x. 6 .0 0 )

-A ll- in f e e in % p . a . 2 1.8 0 1.8 0 1.8 0 1.8 0 1.8 0 1.8 0 2 .5 5 0 .9 5

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35

Allianz US Equity

1_{If the acquisition of Fund units is subject to a sales charge, up to 100% of such sales charge may be collected by the distributor; the exact amount shall be mentioned by the distributor as}

part of the investment advisory process. This also applies to any payment by the Management Company of an ongoing distribution fee from the all-in fee to the distributor.

2_{The all-in fee includes the expenses previously called management, administration and distribution fees.}

3_{TER (Total Expense Ratio): Total cost (except transaction costs) charged to the fund during the last financial year.}

Overview

Benchm ark

Managem ent com pany Allianz Global Investors Ireland Ltd., Dublin Investm ent Manager Allianz Global Investors U.S. LLC., San Francisco Risk class 6 : profit-oriented

Fund m anager Steve Berexa Financial year end 31/12/ Net assets 390.29 mn. EUR

S&P 500 Total Return (hedged into EUR)

S h a re c la s s IT - US D IT2 - US D WT - EUR WT - US D WT (H- EUR) - EUR IS IN IE0 0 B 1CD5 6 4 5 IE0 0 B 3 N0 JR7 0 IE0 0 B 2 NF9 H5 8 IE0 0 B 1CD5 D15 IE0 0 B 4 L 9 G L 6 4

G e rm a n s e c u rit y n o . A 0 L B UG A 0 Y K P 5 A 0 NA 5 T A 0 NEG S A 0 Y A 9 K R e g is t e re d f o r s a le in DK , FI, A T, G B , CH, ES , NO , NL , IT, IE, FR, DE DK , FI, A T, G B , CH, NO , NL , IE, FR, DE DK , FI, A T, G B , CH, NO , NL , IE, FR, DE DK , FI, A T, G B , CH, NO , NL , IE, FR, DE DK , FI, A T, G B , CH, NO , NL , IE, FR, DE

F u n d c u rre n c y US D US D EUR US D EUR

D is t rib u t io n a c c u mu la tio n a c c u mu la tio n a c c u mu la tio n a c c u mu la tio n a c c u mu la tio n

M in . in v e s t m e n t ( p ro s p e c t u s ) 1,0 0 0 ,0 0 0 US D 1,0 0 0 ,0 0 0 US D 10 ,0 0 0 ,0 0 0 EUR 10 ,0 0 0 ,0 0 0 US D 10 ,0 0 0 ,0 0 0 EUR

L a u n c h d a t e 16 .10 .2 0 0 6 12 .0 2 .2 0 10 2 9 .0 1.2 0 0 8 12 .0 3 .2 0 0 8 2 7 .10 .2 0 0 9

S h a re c la s s v o lu m e 8 3 .3 3 mn .US D 1.0 5 8 .5 8 US D 6 .5 8 mn .EUR 2 5 .9 2 mn .US D 4 9 .17 mn .EUR

F ro n t - e n d lo a d ( % ) 1 - - - - -A ll- in f e e in % p . a . 2 0 .9 5 0 .8 5 0 .6 5 0 .6 5 0 .6 5

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36

Composite disclaimer

(1) The S&P 500 Index returns, which do not reflect the deduction of investment fees, have been provided for comparison purposes and have not been examined by independent accountants.

(2) The three -year annualized standard deviation measures the variability of the composite and the index returns over the preceding 36-month period.

Source: Allianz Global Investors, 31.12.2013. Composite performance inception date: 31/01/1994. Data gross of fees; calculation at the net asset value (BVI method) based on the assumption that distributions are reinvested and excludes initial charges. Individual costs such as fees, commissions and other charges have not been taken into consideration and would have a negative impact on the performance if they were included. 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. Past performance is not indicative of future performance.

Disciplined U.S. Core Composite

Year Composite Gross Return (%) Composite Net Return (%) S&P 500 Index (%) (1) Composite 3-Yr St. Dev. (%) (2) Benchmark 3-Yr St. Dev. (%) (2) Internal Dispersion Number of Portfolios in the Composite at Year End Composite Total Assets at Year End (USD $M) Total Firm Assets (USD $M) 2003 27.1 26.7 28.7 19.6 18.3 0.2 7 986 31,687 2004 13.1 12.7 10.9 16.5 15.1 0.2 5 573 22,758 2005 12.5 12.1 4.9 10.5 9.2 0.3 5 573 19,955 2006 15.7 15.3 15.8 8.3 6.9 0.2 5 684 19,886 2007 11.5 11.2 5.5 8.8 7.8 0.9 8 1,233 19,775 2008 -37.6 -37.7 -37.0 17.0 15.3 0.2 9 1,769 11,887 2009 41.5 41.0 26.5 22.1 19.9 0.6 9 3,146 17,810 2010 14.8 14.4 15.1 24.0 22.2 0.5 17 5,469 22,889 2011 -0.1 -0.4 2.1 20.5 19.0 0.2 21 6,235 22,032 2012 10.3 10.0 16.0 16.4 15.3 0.3 24 5,824 21,035

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37

Composite disclaimer

The Firm: Allianz Global Investors U.S. LLC (AllianzGI US) is an

SEC registered investment adviser that provides investment management and advisory services primarily to separate accounts of institutional clients, and registered and unregistered investment funds. For GIPS purposes, the Firm is defined and held out to the public as the investment management and advisory services provided by AllianzGI US and its SEC registered investment adviser subsidiary NFJ Investment Group LLC; excluding (1) administrative and/or sub adviser oversight services, and (2) separately managed account (wrap) services. Effective April 1, 2013, the scope of AllianzGI US’s investment advisory business now includes assets previously managed by RCM Capital Management LLC (“RCM”) and Caywood-Scholl Capital Management LLC (“Caywood-Scholl”), each of which merged into AllianzGI US on April 1, 2013 (the “Merger”). However, the total Firm assets presented reflect only the assets under management of the Firm prior to the Merger. The Firm's list of composite descriptions, as well as information regarding the Firm's policies for valuing portfolios, calculating performance, and preparing compliant presentations, are available upon request.

Compliance Statement: The Firm claims compliance with the

Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS Standards, including the GIPS Guidance Statement on Performance Record Portability. The Firm intends to claim compliance with GIPS with respect to all assets under management, including all assets previously managed by RCM and Caywood-Scholl, by April 1, 2014. On January 1, 2013, Allianz Global Investors Solutions LLC ("AGIS") merged into AllianzGI US, and therefore the scope of AllianzGI US's investment advisory business now includes the investment advisory services provided by the teams previously associated with AGIS. For the purpose of GIPS, and the verification of the Firm for the period ended December 31, 2012, the Firm does not include the investment advisory services provided by the legacy AGIS teams. AllianzGI US and/or, as applicable, its predecessor firm has been independently verified for the periods from January 1, 1994 through December 31, 2012.

Internal Dispersion: The internal dispersion is an equal-weighted

dispersion measure that explains the deviation of gross annual account returns from the Composite annual account return. Assuming “normal” distribution of returns, plus or minus one standard deviation from the mean return encompasses 68% of all possible outcomes. The internal dispersion may not be meaningful for composites consisting of five or fewer portfolios or for periods of less than one full year.

Past performance is not indicative of future results. Gross returns

do not give effect to investment advisory fees, which would reduce such returns. Investment advisory fees are described further in Form ADV Part 2A Brochure of the investment adviser. Advisory fees deducted periodically from accounts can have an impact on performance. As an example, the effect of investment advisory fees on the total value of a portfolio assuming (1) $1,000,000 investment, (2) portfolio return of 5% per year, and (3) 1.00% annual investment advisory fee would be $10,268.81 in the first year, $56,741.68 over five years, and $129,160.05 over ten years. Actual fees charged may vary by portfolio due to various conditions, including account size. The net-of fee results for individual accounts and for different time periods may vary.

Unless otherwise noted, equity index performance is calculated with gross dividends reinvested and estimated tax withheld, and bond index performance includes all payments to bondholders, if any. Indexes are referred to for comparative purposes only and are not intended to parallel the risk or investment style of the portfolios in the Composite. Indexes do not utilize leverage. Index calculations do not reflect fees, brokerage commissions or other expenses of investing. Investors may not make direct investments into any index. Index data contained herein (and all trademarks related thereto) are owned by the indicated index provider, and may not be redistributed. The information herein has not been approved by the index provider.

Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the Firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Disciplined U.S. Core composite has been examined for each of the shown periods ended December 31, 2003 through December 31, 2012. The verification and performance examination reports are available upon request.

The Composite: Disciplined U.S. Core Composite (the “Composite”), includes all fee-paying, discretionary, Disciplined Core portfolios managed against the S&P 500 Index. The Composite was created in December 1994. The Composite includes all actual fee paying discretionary institutional and mutual fund accounts (including sub-advisory relationships) with comparable investment objectives and risks, managed by AllianzGI US for at least one full month. All earnings are reinvested. From time to time, when observable inputs and prices are not available or appropriate for a security in a portfolio, the Firm will make a fair market value determination for such security based on the best information available under the circumstances.

Portfolio Returns: Returns are calculated on a total return basis,

including all dividends (income & expense) and interest, accrued income, realized and unrealized gains or losses, and are net of all brokerage commissions, execution costs and without provision for federal or state income taxes. Performance results are expressed in U.S. dollars.

Fees: Performance results stated to be “gross” do not reflect the deduction of investment advisory fees. Gross performance results earned on behalf of AllianzGI US’s clients will be reduced by AllianzGI US’s advisory fees. Net performance results, which reflect the deduction of actual investment advisory fees and may include performance fees, are also displayed. Net of fee returns for portfolios for which AllianzGI US acts as a sub-adviser are calculated by deducting the sub-advisory fees paid to AllianzGI US. AllianzGI US investment advisory fees are usually accrued monthly based on the market value of the assets in a portfolio, including cash or its equivalent, held for investment, at the end of each month. AllianzGI US’s standard advisory fees, as reported in Form ADV Part 2A Brochure for the investment style described herein, are 0.65% on the first $20 million, 0.55% on the next $50 million, 0.50% on the next $100 million, 0.45% on the next $250 million.

Index: The S&P 500 Index is a capitalization-weighted index of 500

stocks that attempts to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing major industries. Investors may not make direct investments into any index. All returns presented are calculated using U.S. dollars.

Disciplined U.S. Core

Minimum Separate Account $25 M

0.65% on first $20 M 0.55% on next $50 M 0.50% on next $100 M 0.45% on next $250 M

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38

Allianz US Equity

Opportunities

Risks



High return potential of stocks in the long run



Investments specifically in the US stock market



Currency gains against investor currency possible in

unhedged unit classes



Broad diversification across numerous securities



Possible extra returns through single security analysis and

active management



High volatility of stocks, losses possible. The volatility of fund

unit prices may be strongly increased.



Underperformance of the US stock market possible



Currency losses against investor currency possible in

unhedged unit classes



Limited participation in the yield potential of single securities



Success of single security analysis and active management

not guaranteed

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39

Disclaimer Performance Attribution Analysis

Source: Allianz Global Investors

Fund weight = average weight of an asset class in the portfolio

Intra period effect = Flow effect + Transaction impact

GICS sector active weight

= the portfolio’s GICS sector weight minus the benchmark’s GICS sector weight

GICS sector excess Return = the benchmark GICS sector return minus the benchmark total return

GICS sector average weight = average GICS sector weight of the portfolio over the time period

GICS sector active return

= the portfolio’s GICS sector return minus the benchmark’s GICS sector return

Active contribution = single security active weight

1

_{single security total return minus benchmark total return}

1

_{Attribution based on position-based performance attribution (daily buy-and-hold, closing price valuation, no transaction costs). Performance figures shown on this}

report are approximates. The official performance for funds subject to substantial cash flows or which trade in volatile daily market conditions will vary from these

figures.

All details and information contained in this report have been carefully investigated and checked by IDS GmbH – Analysis and Reporting Services (IDS), however,

IDS does not assume liability for the accuracy and / or completeness of the content. The content of the report must be considered confidential. The design of the

report is subject to copyright. Where performance is mentioned, please note that past performance is not a reliable indicator of future results.

Performance figures shown in the Wilshire Attribution report are approximate.



All calculations are performed daily. All figures displayed are gross of fees and taxes and based on closing prices.



Portfolio figures:



The equity and cash part of the portfolio are captured in the standard Wilshire Attribution reports. In Wilshire Attribution reports incl. derivatives. All

derivatives which are available in the Wilshire database are comprised as well.



Wilshire uses a holding based calculation method to calculate the performance figures related to the portfolio.



Compared to the 3 months analysis the deviations described above are higher in the 12 months analysis.



Benchmark figures:



Wilshire calculates the benchmark performance based on the performance of the individual securities (dividends fully reinvested).



Since we normally use Net Return Indices as benchmarks, there might be considerable deviations from the official benchmark figures.

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40

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.

Allianz US Equity is a sub-fund of Allianz Global Investors Fund V, an open-ended investment trust organised under the laws of Ireland. THE VALUE OF

THE UNITS OF THE FUND MAY BE SUBJECT TO A VERY HIGH LEVEL OF FLUCTUATION. 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 specific 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 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. For a free copy of

the sales prospectus, incorporation documents, daily fund prices, key investor information, latest annual and semi-annual financial reports, contact the

management company Allianz Global Investors Ireland Limited in the fund's country of domicile, Ireland, or the issuer at the address indicated below or

www.allianzgi-regulatory.eu. Please read these documents, which are solely binding, carefully before investing.

This is a marketing communication issued by Allianz Global Investors GmbH, www.allianzgi.com, an investment company with limited liability, incorporated

in Germany, with its registered office at Bockenheimer Landstrasse 42-44, 60323 Frankfurt/M, registered with the local court Frankfurt/M under HRB 9340,

authorised by Bundesanstalt für Finanzdienstleistungsaufsicht (www.bafin.de). The duplication, publication, or transmission of the contents, irrespective of

the form, is not permitted.

Internet: www.allianzgi.com, E-Mail: [email protected] Source: Allianz Global Investors; data as at 30/11/2015

Allianz US Equity

Disclaimer

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