allianz global investors citywire 1

Understand. Act.

The Case for

European Equities

Europe Equity Growth Strategies

Lipper awards and

Citywire ratings for

Matthias Born, 2012/3

For Fund Distributors and

Professional Investors only

Matthias Born

May 2013

© Copyright Allianz Global Investors Europe GmbH 2013 2

Contents

02 01

1. Europe Equity Growth Strategy – Investment Process

2. Global Equity Platform at Work – Selected Stock Picks

3. Allianz Europe Equity Growth Strategy– Performance and Profile

4. Allianz Euroland Equity Growth Strategy – Performance and Profile

5. Allianz Europe Equity Growth Select Strategy – A New Addition to the

Growth Strategies

6. Appendix

06

© Copyright Allianz Global Investors Europe GmbH 2013

1

Europe Equity Growth Strategy – Investment Process

3

© Copyright Allianz Global Investors Europe GmbH 2013 4

Source: Allianz Global Investors Europe GmbH, data as of 01.04.2013

GrassrootsSM

Research

In House

Company

Research

Matthias Born Senior Portfolio Manager

12 years‘ experience

Focus: Germany, Switzerland

Thorsten Winkelmann Senior Portfolio Manager


Focus: UK, Ireland

Investment Style Team Growth

Sell-side

Research

Portfolio

Management

Teams

Andreas Hildebrand CFA

Portfolio Manager


Focus: Southern Europe

Robert Hofmann CFA

Portfolio Manager


Focus: Scandinavia

Company

Meetings

Marcus Morris-Eyton Portfolio Management

Associate

3 years‘ client experience

Martin Hermann Portfolio Manager

Associate


Focus: Central and

Eastern Europe

Europe Equity Growth Team: Idea Generation Input from all sources of the proprietary global equity platform


Europe Equity Growth Strategy: Performance History A growth investment for the whole market cycle

5

Source: Pico, IDS GmbH, Closing price gross of fees, figures as per 31.03.2013. All figures in Euro. Past performance is no reliable indicator of future results. Performance rolling 3 years annualised,

calculation starting with 31.05.2003, first data point: 31.05.2006. Data as of 28.02.2013.(1) This presentation aims to demonstrate the qualities and track record of the strategy Europe Equity Growth,

reflected in several share classes and segregate accounts. For the purpose of the presentation, we illustrate the characteristics of the strategy via a representative account. The performance track record

of the composite is shown at the end of this presentation. The strategy's performance is demonstrated by the representative account Allianz Europe Equity Growth from October 2006 on. Data prior to

16.10. 2006 are based on Allianz Wachstum Europa. Past performance is no reliable indicator of future performance. Benchmark: Standard & Poor´s Europe LargeMidCap Growth Net Total Return. On

this slide, we show the MSCI Europe as a proxy for the broad European equity market. This information is supplemental to the report in compliance with the Global Investment Performance Standards.

-15

-10

-5

0

5

10

15

20

25

30

35

-15 -5 5 15 25

Eu

rop

e E

qu

ity G

row

thS

trate

gy

MSCI Europe

Rolling 3-year performance since 31.05.2003, monthly data

Fund

70

100

130

70 100 130

po

or

Up

sid

e C

ap

ture

g

oo

d

good Downside Capture poor

Benchmark

Performance in up

and down markets (60 month period:

as at 31.03.2013)

Annualised performance since 31.05.2003 (as at 31.03.2013)

Allianz Europe Equity Growth 14.61%

Benchmark 7.33%

MSCI Europe 6.84%


Europe Equity Growth Strategy: Investment Philosophy Structural growth investing beyond market cycles

6

Pure bottom-up stock-picking approach

No active country/sector allocation

Always fully invested

No derivatives

Benchmark agnostic

Total number of holdings c. 60

Long-term investing (3-5 years)

Growth

We identify stocks with structurally

above average earnings and cash flow

growth, that are consistently able to

deliver high returns on capital.

Quality

We strive to select stocks with

competitive advantages and high

barriers to entry, that are able to

compound their stellar returns over the

long-term.

can


The Global Changes are of Structural Nature With crucial implications for enterprises and stock markets

7

Strong multiple expansion

relative to the market

Limited multiple expansion

relative to the market

Growth

in earnings and cash flows

Structural Component Cyclical Component

Driven by one or more of the

following drivers:

1. Secular growth driver

2. Technological leadership

3. Superior business model

Driven by the economic

growth of the countries the

company is doing

business in


Competitiveness:

Porter’s 5 Forces Model

Competitiveness is Crucial for Growth and Returns

8

Source: Competitive Strategy: Techniques for Analyzing Industries and Competitors, by Michael E. Porter, 1980. Design Allianz Global Investors Europe GmbH 2012.


Valuation of Growth Stocks

9

Source: Allianz Global Investors Europe GmbH, 2012

Factors with significant influence on valuationCorrelation with

valuation

Positive correlation

Expected earnings growth

Stability of earnings growth

balance sheet quality (net cash, low debt)

Height of ROIC (Return on Invested Capital)

Organic earnings growth (vs. inorganic earnings growth)

Negative correlation

Volatility of earnings growth

Volatility of ROIC

Capital intensity of the business model


Europe Equity Growth Strategy: Investment Process Focused on bottom-up stock selection

10

Fundamental research – checking the quality, growth prospects and the valuation

of a company

Individual stock weights are based on the conviction level of quality, growth and valuation criteria

Quality Growth Valuation

Business

Market

Competitive position

Management

Balance sheet

Earnings growth and

revisions

Earnings volatility

Cash flow growth

Multiples versus market

Multiples versus peers

Multiples in context of

history

Multiples in context of

growth

CA

TA

LY

ST


Europe Equity Growth Delivers Earnings Growth

11

Source: IBES/Style Research, Allianz Global Investors Europe GmbH, March 2013. Average Earnings Growth rate trailing 3y, Based on IBES 1y forecast (next annual rep.period), P/E= Price Earnings

Ratio. Past performance is not a reliable indicator of future results. The analysis is based on the representative account Allianz Wachstum Europa.

Return on Equity

25

35

45

55

65

75

85

95

5

10

15

20

25

30

20

091

030

20

100

129

20

100

430

20

100

730

20

101

029

20

110

131

20

110

429

20

110

729

20

111

031

20

120

131

20

120

430

20

120

731

20

121

031

20

130

131

Return on Equity Earnings Growth Price/Earnings (EY) Debt/Equity (right scale)

Debt/Equity (right scale)

Earnings Growth

Price/Earnings


2

Global Equity Platform at Work: Selected Stock Picks

12


SAP – Entering the Next Phase of its Transformation

13

Source: Allianz Global Investors Europe GmbH, proprietary research, company data, Datastream, October 2012. This is no recommendation or solicitation to buy or sell any particular security. 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.

SAP is the world's largest application software

company and the world's third-largest independent

software supplier overall.

SAP currently moving from being a single product

on-premises applications vendor to a next

generation multi-platform infrastructure and broad

applications vendor.

New product cycles are driving re-rating,

particularly HANA.

HANA, is the new data management platform, that

allows clients to access and analyse vast quantities

of data from virtually any data source in real time,

e.g. a consumer company using HANA is able to

break down sales of a particular product, in each

store, over any time period before a customer has

even left the store.

Real time analytics enables the client to assess

and forecast the impact on profitability of various

scenarios e.g. discounting one particular item.

HANA expected to be key driver of incremental

growth, accelerating revenue growth, and realizing

cross selling synergies across its vast installed

customer base.

13.6%15.4% 15.8% 15.5% 15.7%

19.3% 19.2%20.8%

17.1%

19.7%

21.9% 21.4%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012E

CFROI

25.00%

20.00%

15.00%

10.00%

5.00%

0.00%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012


SAP- Fitting the Structural Growth Process

14

Source: Goldman Sachs Group Research, April 2013

SAP group license revenues by product cycle € m

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

19

88

19

89

19

90

19

91

19

92

19

93

19

94

19

95

19

96

19

97

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

E

20

14

E

20

15

E

SA

P L

ice

ns

es

, €

mn

New products (HANA, Mobile) SAP core (ERP 6, BS) + BI mySAP BS R3 & NDA R2

New Products (HANA, Mobile)

Business Suite + BI

mySAP

R3

R2

SAP group license revenues by product cycle €m

SAP’s market opportunity ($bn)

Secular Growth Driver:

IT spending undergoing a structural transformation with

increasing data volumes and data consolidation

Emerging market growth - growing faster than the group

average at 20%, benefitting from increased IT infrastructure

spend

c.60% of SSRS revenues coming from high growth

segments

Technological Leadership:

Successful new product portfolio (HANA, Cloud, Mobile)

enables SAP to offer a next generation platform

HANA: will be the key driver of incremental growth, offsetting

potential risks to mature core business

Superior Business Model:

35% margin target by 2015 and best in class Industry

positioning

Balanced business model provides both defensive and

growth characteristics (growth of HANA balanced with

recurring revenues in core business)


GrassrootsSM Research on SAP Research on market economics SAP’s In-memory product HANA in Germany

GrassrootsSM Research saw significant reasons for investment in SAP’s products and

solutions to continue against a slowing trend in IT-spending overall.

“Consultants and IT experts in Germany see SAP’s in-memory product HANA as highly

valuable, especially for large corporations with large amounts of data and the money to pay

for the product. Due to the speed advantage, standard procedures and analytics are

improved, and new processes are now economically and technically possible. In addition, half

believe that in-memory technology will replace traditional data warehousing in the long-term.”

“HANA is great in how it accelerates evaluation of large amounts of data. What people need

to have done overnight is now done immediately in real time. The hitch, of course, is that it’s

expensive.”

“It keeps the promise: It’s all noticeably faster. You can effectively steer your business better,

like keeping track of stock and optimizing logistics for our 40-plus factories worldwide. During

the proof of concept, we had 270 million data blocks we could access in a matter of seconds.”

Interviewees: 15 IT consultants/experts in Germany with specialized knowledge of SAP

products.

15

GrassrootsSM reporters and researchers are well accepted interviewers for managers and scientists

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.

This is no recommendation or solicitation to buy or sell any particular security. 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.


Draegerwerk – Medical and Safety Equipment Growth with structural spending of healthcare agencies

16

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.

No. 2 position in anesthesia (40% global market share)

No. 1 position in ventilation (33% market share)

Growth region is Asia, ~60% of sales are coming from Europe

Capex spending of hospitals is main growth driver and less cyclical than industrial

investments

Draeger‘s products are high quality and best standard globally

In Safety, “Draegermen” is a US synonym for mine rescue staff and “Dräger-Tubes”

a synonym for portable gas detectors.

Future: Complete solution provider alongside clients value chain including IT-

integration; providing concepts and consulting offering rental and financing solutions;

Draeger therefore invests heavily in software architecture attributing the highest

value added to software.

Two divisions: Medical (65% of sales, 72% of EBITDA) and Safety. Medical offers anesthesia and ventilation.

Safety is focused on personal protection, gas detection and integrated hazard management.


Draegerwerk Fundamentals of sustaining growth

17

Source: Proprietary research, company data, Datastream. 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. ROIC = Return on Invested Capital, P/E = Price/Earnings, EPS = Earnings per Share, EV/EBITDA = Enterprise Value

to Earnings before Interest, Depreciation and Amortization

Quality Growth Valuation

5.1% 5.3%

6.6% 6.6%

8.0% 8.1% 7.9% 7.8% 7.9%8.2%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

0%

5%

10%

15%

20%

25%

30%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

CFROI Net Working Capital, % Sales

-1%

14%

4%

5%

3%4% 4% 4% 4%

-2%

0%

2%

4%

6%

8%

10%

12%

14%

16%

2009 2010 2011 2012 2013 2014 2015 2016 2017

Organic Sales Growth EBIT, % margin


Draegerwerk

GrassrootsSM Research

GrassrootsSM Research found in August 2012, that in Germany, France and the US hospital

investment plans were largely unchanged. Interviewees confirmed Draeger’s strong market

position in Europe in anesthesia and its good position in ventilation worldwide.

Also in August, a study in Italy, Spain, Germany, France and the UK revealed an overall high

stability of hospital capex, with only Spain signaling a slight decrease of 10% on average -

business as usual.

GrassrootsSM Research found a clear preference for Draeger (3/5th of interviewees) in

Europe, in the US, General Electric was seen as preferable by 2/3.

The studies further discovered Draeger as innovation leader in anesthesia and therefore able

to set prices, a similar position was found in ventilation

Sources in Germany:

“Draeger systems are the gold standard in anesthesia. Over many years now, the Primus

line has been the best in class, topped only by Draeger’s most recent Zeus.”

“Draeger recently introduced software updates but no major breakthroughs. The company is

very innovative and caters to all patient groups. If one buys their top products now, they will

be good for many years to come. With Zeus Infinity Empowered, you get an anesthesia

system that also provides sophisticated ventilation modes combined with comprehensive

monitoring, and even the Primus line can be upgraded to do this; RFID [radio frequency

identification] technology is available for both.”

18

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. 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.


3

Allianz Europe Equity Growth Strategy – Performance

and Profile

19


Allianz Europe Equity Growth Strategy Performance gross of fees 31.03.2013

20

Source: Pico, IDS GmbH, 31.03.2013. Past performance is no reliable indicator of future performance. This information is supplemental to the report in compliance with the Global

Investment Performance Standards at the end of this presentation.

* BM: S&P Europe LargeMidCap Growth Ret. Net. since 01.08.2008

BM: S&P Citigroup PMI Europe Growth Tot. Ret. Net Since 31.05.2003

Performance History

Allianz Europe Equity Growth A EUR

Performance up to

31.03.2013

Allianz Europe

Equity Growth

A EUR

Benchmark*MSCI Europe

TRN

Active

Return vs

BM*

1 Month 2.49 3.00 0.96 -0.51

3 Months 7.62 7.24 5.27 0.38

1 Year 22.52 16.48 12.69 6.04

2 Years ann. 16.95 7.99 3.59 8.96

3 Years ann. 18.08 7.90 8.64 10.18

5 Years ann. 13.93 4.01 1.02 9.92

Since 31.05.2003 ann. 14.61 7.33 6.84 7.28

Closing Prices Gross of Fees, IDS

S&P EUROPE LARGEMIDCAP GROWTH RETURN NET IN EUR

2.5

7.6

22.5

17.0

18.1

13.914.6

3.0

7.2

16.5

8.0 7.9

4.0

7.3

1.0

5.3

12.7

3.6

8.6

1.0

6.8

0.00

5.00

10.00

15.00

20.00

25.00

1 Month 3 Months 1 Year 2 Years ann. 3 Years ann. 5 Years ann. Since 31.05.2003ann.

Allianz Europe Equity Growth A EUR Benchmark* MSCI Europe TRN


Allianz Europe Equity Growth Strategy Performance gross of fees 31.03.2013

21

Source: Pico, IDS GmbH, 31.03.2013. Past performance is no reliable indicator of future performance. This information is supplemental to the report in compliance with the Global

Investment Performance Standards at the end of this presentation.

* BM: S&P Europe LargeMidCap Growth Ret. Net. since 01.08.2008

BM: S&P Citigroup PMI Europe Growth Tot. Ret. Net Since 31.05.2003

Performance History

Allianz Europe Equity Growth A EUR

Performance up to

31.03.2013

Allianz Europe

Equity Growth

A EUR

Benchmark*MSCI Europe

TRN

Active

Return vs

BM*

Year to date 7.62 7.24 5.45 0.38

YEAR 2012 28.74 17.53 17.29 11.21

YEAR 2011 -1.70 -7.30 -8.08 5.60

YEAR 2010 33.35 12.23 11.10 21.12

YEAR 2009 52.00 33.28 31.60 18.72

YEAR 2008 -39.38 -41.49 -43.65 2.11

YEAR 2007 8.70 6.63 2.69 2.07

YEAR 2006 18.19 16.01 19.61 2.18

YEAR 2005 36.94 26.73 26.09 10.21

YEAR 2004 7.67 8.67 12.18 -1.00

31.05.-31.12.2003 20.58 15.13 17.75 5.45


S&P EUROPE LARGEMIDCAP GROWTH RETURN NET IN EUR

7.6

28.7

-1.7

33.4

52.0

-39.4

8.7

18.2

36.9

7.7

20.6

7.2

17.5

-7.3

12.2

33.3

-41.5

6.6

16.0

26.7

8.7

15.1

5.5

17.3

-8.1

11.1

31.6

-43.7

2.7

19.6

26.1

12.2

17.8

-60.00

-40.00

-20.00

0.00

20.00

40.00

60.00

Year todate

YEAR 2012 YEAR 2011 YEAR 2010 YEAR 2009 YEAR 2008 YEAR 2007 YEAR 2006 YEAR 2005 YEAR 2004 31.05.-31.12.2003

Allianz Europe Equity Growth A EUR Benchmark* MSCI Europe TRN


Allianz Europe Equity Growth Strategy Tracking error and contributors

22

CTE = Contribution to Tracking Error. Source: IDS GmbH, Wilshire, 31.03.2013. The strategy is shown via the representative account Allianz Europe Equity Growth – A Eur. versus

S&P Europe LargeMidCap Growth.

Top 10 Contributors to the Tracking Error Port BM CTE

Carlsberg As 3.55% 0.00% 11.65%

(CTE = contribution to TE) Hexagon Ab 2.26% 0.16% 10.72%

Compagnie Financiere Ri 3.02% 0.62% 8.34%

Prudential 3.08% 0.58% 6.67%

Legrand Sa 2.68% 0.28% 6.08%

Sandvik Ab 1.66% 0.41% 5.50%

Elekta 1.95% 0.00% 5.05%

Dsv 1.59% 0.00% 4.82%

Saipem 1.61% 0.22% 4.80%

Outotec Oyj 1.09% 0.07% 4.76%

Tracking Error ex ante* (in bps annualized) 334 [334]


4

Allianz Euroland Equity Growth Strategy – Performance

and Profile

23


Allianz Euroland Equity Growth Strategy Performance gross of fees 31.03.2013

24

Source: Pico, IDS GmbH, 31.03.2013. Past performance is no reliable indicator of future performance. This information is supplemental to the report in compliance with the Global Investment Performance

Standards at the end of this presentation.

* BM: S&P Eurozone LargeMidCap Growth Ret.N. since 01.08.2008

BM: S&P PMI Eurozone Growth Tot. Ret. Since 30.09.2002

** Rep. Account is Allianz Euroland Equity Growth (A.EUR). Prior to 16.10.2006,

the representative account is Allianz Wachstum Euroland – A Eur.

2.4

6.9

20.5

15.416.2

11.8

15.314.6

2.2

5.2

15.7

3.03.4

-0.5

7.3

6.2

0.0

2.3

11.1

-0.2

1.7

-2.2

6.8

5.9

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

1 Month 3 Months 1 Year 2 Years ann. 3 Years ann. 5 Years ann. 10 Years ann. Since30.09.2002 ann.

Allianz Euroland Equity Growth A EUR Benchmark* DJ Euro Stoxx

Performance History

Allianz Euroland Equity Growth A EUR

Performance up to

31.03.2013

Allianz

Euroland Equity

Growth A EUR

Benchmark*DJ Euro

Stoxx

Active

Return vs.

BM

1 Month 2.36 2.19 -0.02 0.17

3 Months 6.93 5.18 2.30 1.75

1 Year 20.47 15.67 11.14 4.80

2 Years ann. 15.41 2.98 -0.16 12.43

3 Years ann. 16.22 3.44 1.71 12.78

5 Years ann. 11.79 -0.50 -2.16 12.29

10 Years ann. 15.34 7.32 6.84 8.02

Since 30.09.2002 ann. 14.59 6.15 5.88 8.44


S&P EUROZONE LARGEMIDCAP GROWTH RETURN NET IN EUR


Allianz Euroland Equity Growth Strategy Performance gross of fees 31.03.2013

25

Source: Pico, IDS GmbH, 31.03.2013.Past performance is no reliable indicator of future performance. This information is supplemental to the report in compliance with the Global Investment Performance

Standards at the end of this presentation.

* BM: S&P Eurozone LargeMidCap Growth Ret.N. since 01.08.2008

BM: S&P PMI Eurozone Growth Tot. Ret. Since 30.09.2002

** Rep. Account is Allianz Euroland Equity Growth (A.EUR). Prior to 16.10.2006,

the rep. Account is Allianz Wachstum Euroland.

Performance History

Allianz Euroland Equity Growth A EUR

Performance up to

31.03.2013

Allianz

Euroland Equity

Growth A EUR

Benchmark*DJ Euro

Stoxx

Active

Return vs.

BM

Year to date 6.93 5.18 2.30 1.75

YEAR 2012 30.13 21.16 19.34 8.97

YEAR 2011 -2.76 -14.40 -15.22 11.64

YEAR 2010 25.67 2.43 2.69 23.24

YEAR 2009 40.65 26.39 27.62 14.26

YEAR 2008 -37.68 -42.79 -44.61 5.11

YEAR 2007 5.38 12.62 7.28 -7.24

YEAR 2006 16.15 18.86 23.02 -2.71

YEAR 2005 33.14 25.57 25.84 7.57

YEAR 2004 13.83 10.75 12.31 3.08

YEAR 2003 33.55 16.20 20.77 17.35

30.09.-31.12.2002 13.33 7.11 7.69 6.22


S&P EUROZONE LARGEMIDCAP GROWTH RETURN NET IN EUR

6.9

30.1

-2.8

25.7

40.7

-37.7

5.4

16.2

33.1

13.8

33.6

13.3

5.2

21.2

-14.4

2.4

26.4

-42.8

12.6

18.9

25.6

10.8

16.2

7.1

2.3

19.3

-15.2

2.7

27.6

-44.6

7.3

23.025.8

12.3

20.8

7.7

-50.00

-40.00

-30.00

-20.00

-10.00

0.00

10.00

20.00

30.00

40.00

50.00

Year todate

YEAR2012

YEAR2011

YEAR2010

YEAR2009

YEAR2008

YEAR2007

YEAR2006

YEAR2005

YEAR2004

YEAR2003

30.09.-31.12.2002

Allianz Euroland Equity Growth A EUR Benchmark* DJ Euro Stoxx


5

Allianz Europe Equity Growth Select Strategy – A New

Addition to the Growth Strategies

26


Thorsten Winkelmann

“A 30 to 45 stock portfolio firmly places the

emphasis on benchmark agnostic, bottom

up stock selection which is at the very

heart of our structural growth process.”

Allianz Europe Equity Growth Select A brief statement from the fund managers

27

Source: Allianz Global Investors Europe GmbH, March 2013. Thorsten Winkelmann is AAA Euro Stars rated to 31.08.12. He is AAA rated in Austria, France, Germany, Hong Kong, Italy, Luxembourg,

Netherlands, Poland, Portugal, Spain, Sweden, Switzerland, Taiwan and the UK; and AA rated in Belgium and Ireland to 31.03.13 by Citywire. Matthias Born is AA Euro Stars rated to 31.08.12. He is AAA

rated in France, Ireland, Italy, Luxembourg, Netherlands, Poland, Portugal, Spain, Sweden and Switzerland; and AA rated in Austria, Germany and the UK to 31.03.13 by Citywire. Allianz Europe Equity

Growth AT EUR was awarded Pan Europe Equity Fund of the Year 2012 by InvestmentEurope. Allianz Europe Equity Growth was awarded 1st place for 3 and 5 year performance in the Equity Europe

sector and Allianz Euroland Equity Growth fund was awarded 1st place for 3 and 5 year performance in the Equity Eurozone sector by Lipper in 2012 and 2013. Allianz Europe Equity Growth A EUR and

Allianz Euroland Equity Growth A EUR were ranked 1st and 2nd place respectively over 3 and 5 years in the Equity Europe incl. UK sector by Finanzen Euro in 2013. A ranking, a rating or an award

provides no indicator for future performance and is not constant over time. Past performance is not a reliable indicator of future results.

Matthias Born

“The idea of the Select fund is to

participate in the growth of Europe’s

strongest investment cases, to put a focus

on no more than 45 stocks and to include

European mid caps.”


What makes Allianz Europe Equity Growth Select unique?

A concentrated portfolio focused on selection of the most attractive structural growth ideas from

the European market.

A focus on stocks with a minimum market capitalization of above €5 billion at the time of purchase

ensuring that the highest conviction ideas are correspondingly weighted.

A strong risk/reward profile, with the potential to outperform in both rising and falling markets.

Continued exposure to European mid caps, with significant exposure to growth stocks with a

market capitalization between €5 and €10 billion.

To be run in line with the successful existing structural growth process by the Europe Equity

Growth team.


Allianz Europe Equity Growth Select – Model Calculation Outperformance potential in up and down markets

Source: IDS GmbH, a company of Allianz SE, Wilshire and Pico, March 2013. The figures of the fund and the benchmark are generated through model calculations. Past performance is no reliable

indicator of future results.

The performance history is calculated with a model portfolio created as a carve-out of Allianz Europe Equity Growth A-Eur, taking all positions with a market

capitalization above €5 bn. The positions are calculated on a daily basis, using market closing prices. The model portfolio is rebalanced daily. The benchmark is

S&P Europe LargeCap growth. The calculation goes back to the launch of the benchmark. The performance therefore must be understood as theoretical.

Performance of the model in up- and downmarkets

Capture Outperformance

Upmarket Capture 109.5 9.54%

Downmarket Capture 50.8 49.18%

Source: Wiltshire, iDS GmbH, March 2013, Model calculation, 4-years period from

31.12.2008 to 31.12.2012


6

Appendix

30


Allianz Europe Equity Growth Strategy Performance attribution vs S&P Style index – 12 months to 31.03.2013

31

*Note: Attribution based on position-based performance attribution (daily buy-and-hold, closing price, 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.Source: Wilshire, IDS GmbH, 31.03.2013. The strategy is shown via the

representative account Allianz Europe Equity Growth – A Eur versus S&P Europe LargeMidCap Growth

Total Total

Port Bmk Diff Return Port Bmk Diff Return

0.0% 1.8% -1.8% -22.1% 2.1% 0.3% 1.8% -36.7%

2.8% 0.5% 2.4% 45.2% 0.0% 1.7% -1.7% 57.3%

2.9% 0.7% 2.2% 47.2% 0.0% 2.8% -2.8% 33.5%

1.8% 0.0% 1.8% 49.8% 2.0% 3.4% -1.4% 44.0%

2.0% 0.1% 1.9% 48.0% 0.0% 1.6% -1.6% 42.6%

0.0% 1.6% -1.6% -8.5% 0.0% 5.3% -5.3% 23.8%

3.2% 1.0% 2.2% 36.4% 0.0% 1.8% -1.8% 39.9%

2.6% 0.9% 1.6% 39.2% 1.5% 0.3% 1.2% -7.6%

2.8% 0.6% 2.2% 31.4% 1.7% 0.4% 1.3% -1.6%

0.0% 1.1% -1.1% -7.6% 1.4% 0.3% 1.0% 0.4%

18.2% 8.3% 9.9% — 8.8% 18.0% -9.2% —

Total Total


3.7% 0.0% 3.7% 23.8% 0.0% 5.3% -5.3% 23.8%

4.5% 2.0% 2.5% 22.2% 0.0% 2.8% -2.8% 33.5%

2.8% 0.5% 2.4% 45.2% 0.0% 2.5% -2.5% 15.0%

2.5% 0.2% 2.3% 28.0% 0.0% 2.4% -2.4% 13.9%

2.2% 0.0% 2.2% 27.0% 0.0% 2.0% -2.0% 8.4%

3.2% 1.0% 2.2% 36.4% 0.0% 1.8% -1.8% 39.9%

2.8% 0.6% 2.2% 31.4% 0.0% 1.8% -1.8% -22.1%

2.9% 0.7% 2.2% 47.2% 0.0% 1.7% -1.7% 3.2%

2.0% 0.1% 1.9% 48.0% 0.0% 1.7% -1.7% 57.3%

2.1% 0.3% 1.8% -36.7% 0.0% 1.6% -1.6% 42.6%

28.8% 5.4% 23.5% — — 23.8% -23.8% —

836 bp

Positive Active Contributors

Sabmiller

Negative Active Contributors

Overweighted Overweighted

Telefonica Sa

Subtotal

34 bp

Subtotal

263

39

Compagnie Financiere Ri

1565 bp 161

Performance Worst

Technip

Fresenius Medical Care

34 bp

505 bp

54 bp

Underweighted Underweighted

Average Weight

(% of Total)

59 bp

Diageo

Nestle Sa

Bureau Veritas

Hexagon Ab

Reckitt Benckiser Group

Saipem

Bayer AgPrudential

Inditex (Ind.De Diseno

40 bp

53 bp

Active

Contribution

Name

(% of Total) Active

Contribution

Overweights Underweights

Bg Group

34 bp

89 bp

62 bp

Rio Tinto

53 bp Bayer Ag

26 bp Vodafone Group

23 bp

40 bp Diageo

59 bp Bhp Billiton Plc

Basf Se


Prudential Glaxosmithkline

Name

BestActive Contributors

Name

(% of Total)

Unilever Plc

PerformanceAverage Weight

Average Weight

Sanofi

Roche Holdings Ag

46 bp

Name

224 729 bp

Compagnie Financiere Ri 34 bp Bg Group

18 bp

Reckitt Benckiser Group

Legrand Sa

-34 bp

Elekta

89 bp

-35 bp

Sap Ag 18 bp Unilever Plc -43 bp

-10 bp

Carlsberg As 23 bp Nestle Sa

62 bp

-35 bp

Performance

-34 bp

-627 bp

-953 bp

31 bp

13 bp

-57 bp

(% of Total) Active

Contribution

-449 bp

-17 bp

-326 bp21

Average Weight

140

-32 bp

Subtotal Subtotal

Sanofi

211 bp

Active

Contribution

-41 bp

-36 bp

-26 bp

-43 bp

-127 bp

-64 bp

Saipem -127 bp

-57 bpHexagon Ab

-36 bp

Biggest BiggestPerformance

Active Contributors

Shire


Allianz Europe Equity Growth Strategy Single stocks

32

Source: IDS GmbH, Wilshire, 31.03.2013. The strategy is shown via the representative account Allianz Europe Equity Growth – A Eur versus S&P Europe LargeMidCap Growth. *This is no recommendation

or solicitation to buy or sell any particular security. This is for guidance only and not indicative of future allocation.

Top 10 Overweights %PF Weight %BM Weight %Overweight

CARLSBERG AS 3.59 0.00 3.59

SAP AG 5.18 2.10 3.07

RECKITT BENCKISER GROUP 3.91 1.30 2.62

PRUDENTIAL 3.11 0.58 2.53

COMPAGNIE FINANCIERE RI 3.05 0.62 2.43

LEGRAND SA 2.70 0.28 2.42

INDITEX (IND.DE DISENO 2.85 0.66 2.18

HEXAGON AB 2.29 0.16 2.12

BUREAU VERITAS 2.02 0.00 2.02

ELEKTA 1.96 0.00 1.96

Top 10 Holdings %PF Weight %BM Weight %Overweight

SAP AG 5.18 2.10 3.07

RECKITT BENCKISER GROUP 3.91 1.30 2.62

CARLSBERG AS 3.59 0.00 3.59

PRUDENTIAL 3.11 0.58 2.53

COMPAGNIE FINANCIERE RI 3.05 0.62 2.43

BRITISH AMERICAN TOBACC 2.86 2.93 -0.07

INDITEX (IND.DE DISENO 2.85 0.66 2.18

SABMILLER 2.77 1.02 1.75

DANONE 2.73 1.19 1.53

LEGRAND SA 2.70 0.28 2.42


Allianz Europe Equity Growth Strategy Sector allocation

33

Source: IDS GmbH, Wilshire, 31.03.2013. The strategy is shown via the representative account Allianz Europe Equity Growth – A Eur versus S&P Europe LargeMidCap Growth.*This is no

recommendation or solicitation to buy or sell any particular security. This is for guidance only and not indicative of future allocation.

GICS Sector %PF Weight %BM Weight Delta

Industrials 22.58 11.11 11.47

Information Technology 14.16 4.15 10.00

Consumer Discretionary 13.48 11.30 2.18

Financials 4.71 5.30 -0.59

Consumer Staples 23.85 24.98 -1.13

Materials 5.95 8.97 -3.02

Utilities 0.00 3.65 -3.65

Telecom Services 0.00 3.94 -3.94

Energy 2.57 8.14 -5.57

Health Care 12.70 18.46 -5.76

11.47

10.00

2.18

-0.59

-1.13

-3.02

-3.65

-3.94

-5.57

-5.76

-10 -5 0 5 10 15

Industrials

Information Technology

Consumer Discretionary

Financials

Consumer Staples

Materials

Utilities

Telecom Services

Energy

Health Care

Relative Sector Allocation

Market Cap Split %PF Weight %BM Weight

Small Caps MCA < € 5 bn 20.26 3.09

MId Caps MCAP € 5 to 10 bn 12.67 10.76

Large Caps MCA > € 10 bn 67.07 86.15


Allianz Europe Equity Growth Strategy

Country allocation

34

Source: IDS GmbH, Wilshire, 31.03.2013. The strategy is shown via the representative account Allianz Europe Equity Growth – A Eur versus S&P Europe LargeMidCap Growth.*This is no

recommendation or solicitation to buy or sell any particular security. This is for guidance only and not indicative of future allocation.

Country of MSCI %PF Weight %BM Weight Delta

France 22.32 14.56 7.76

Denmark 8.38 1.90 6.48

Sweden 10.76 5.16 5.60

Portugal 0.86 0.31 0.55

Belgium 2.20 1.90 0.30

Austria 0.69 0.54 0.15

Finland 1.59 1.57 0.02

Luxembourg 0.00 0.02 -0.02

United States 0.00 0.14 -0.14

Hungary 0.00 0.14 -0.14

Ireland 0.55 0.74 -0.19

Greece 0.00 0.22 -0.22

Germany 11.62 12.98 -1.35

Spain 2.85 4.25 -1.41

Netherlands 2.64 4.14 -1.51

Italy 1.88 3.52 -1.63

Norway 0.00 1.68 -1.68

Switzerland 7.21 13.33 -6.12

United Kingdom 26.45 32.88 -6.43

7.76

6.48

5.60

0.55

0.30

0.15

0.02

-0.02

-0.14

-0.14

-0.19

-0.22

-1.35

-1.41

-1.51

-1.63

-1.68

-6.12

-6.43

-10 -5 0 5 10

France

Denmark

Sweden

Portugal

Belgium

Austria

Finland

Luxembourg

United States

Hungary

Ireland

Greece

Germany

Spain

Netherlands

Italy

Norway

Switzerland

United Kingdom

Relative Country Allocation


Allianz Euroland Equity Growth Strategy Performance attribution vs S&P Style index – 12 months to 31.03.2013

35

*Note: 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. The strategy is shown via Allianz Euroland Growth – A Eur.

Source: Wilshire, IDS GmbH, 31.03.2013.

Total Total


5.1% 1.5% 3.6% 47.2% 3.2% 0.7% 2.5% -36.7%

3.1% 0.0% 3.1% 49.8% 0.0% 3.7% -3.7% 42.6%

0.0% 2.6% -2.6% -7.6% 1.6% 3.8% -2.2% 57.3%

4.0% 0.4% 3.6% 32.0% 0.5% 0.0% 0.5% -55.5%

3.0% 0.8% 2.2% 43.9% 2.7% 0.7% 2.0% -7.6%

1.4% 0.0% 1.4% 59.9% 1.3% 3.6% -2.2% 29.7%

0.0% 1.5% -1.5% -19.4% 0.0% 1.1% -1.1% 40.5%

2.8% 1.4% 1.4% 38.6% 1.2% 0.0% 1.2% 0.3%

0.0% 1.8% -1.8% 3.8% 0.0% 0.8% -0.8% 46.9%

2.0% 0.4% 1.6% 52.6% 0.8% 0.1% 0.6% -16.5%

21.5% 10.5% 11.0% — 11.4% 14.5% -3.1% —

Total Total


5.1% 1.5% 3.6% 47.2% 0.0% 3.7% -3.7% 42.6%

4.0% 0.4% 3.6% 32.0% 1.7% 4.5% -2.8% 23.7%

3.7% 0.5% 3.2% 21.0% 0.8% 3.5% -2.7% 2.6%

3.1% 0.0% 3.1% 49.8% 0.0% 2.6% -2.6% -7.6%

3.2% 0.7% 2.5% -36.7% 0.0% 2.6% -2.6% 7.0%

2.8% 0.5% 2.3% 28.0% 0.0% 2.3% -2.3% 6.1%

2.2% 0.0% 2.2% 29.0% 1.3% 3.6% -2.2% 29.7%

3.0% 0.8% 2.2% 43.9% 1.6% 3.8% -2.2% 57.3%

2.7% 0.7% 2.0% -7.6% 0.0% 1.8% -1.8% 3.8%

1.6% 0.0% 1.6% 6.5% 0.0% 1.6% -1.6% 21.8%

31.5% 5.2% 26.3% — 5.4% 30.0% -24.5% —

762 bp

Positive Active Contributors

Henkel Ag&Co. Kgaa

Negative Active Contributors

Overweighted Overweighted

Amadeus It Hldgs Sa

Subtotal

41 bp

Subtotal

154

27

Total

1504 bp 96

Performance Worst

Prosegur Compania Segur

Fugro Nv

42 bp

588 bp

59 bp

Underweighted Underweighted

Average Weight

(% of Total)

73 bp

Adidas Ag

Unilever Nv

Dassault Systemes

Heineken Nv

E.On Se

Saipem

SanofiBureau Veritas

Telefonica Sa

43 bp

53 bp

Active

Contribution

Name

(% of Total) Active

Contribution

Overweights Underweights


42 bp

93 bp

91 bp

Fuchs Petrolub Ag

-52 bp Total

91 bp Telefonica Sa

-167 bp

24 bp Eni

53 bp Bayer Ag

Air Liquide(L'')

Heineken Nv

Sodexo Siemens Ag

Name

BestActive Contributors

Name

(% of Total)

Bayer Ag

PerformanceAverage Weight

Average Weight

Technip

Royal Imtech N.V.

53 bp

Name

127 742 bp

Ingenico 25 bp Unilever Nv

26 bp

Legrand Sa

Bureau Veritas

36 bp

Saipem

-30 bp

-30 bp

Dassault Systemes 59 bp Basf Se 41 bp

73 bp

Inditex (Ind.De Diseno 93 bp Sanofi

14 bp

-84 bp

Performance

-26 bp

-505 bp

-984 bp

-70 bp

-19 bp

-84 bp

(% of Total) Active

Contribution

-553 bp

-22 bp

-478 bp22

Average Weight

74

-24 bp

Subtotal Subtotal

Banco Bilbao Vizcaya Ar

120 bp

Active

Contribution

-55 bp

-52 bp

-24 bp

-70 bp

-167 bp

7 bp

Hugo Boss Ag -19 bp

42 bpTechnip

-8 bp

Biggest BiggestPerformance

Active Contributors

Sampo Oyj


Allianz Euroland Equity Growth Strategy

Sector allocation

36

Source: IDS GmbH, Wilshire, 31.03.2013. Allianz Euroland Equity Growth versus S&P Eurozone LargeMidCap Growth. *This is no recommendation or solicitation to buy or sell any particular security. This

is for guidance only and not indicative of future allocation.

GICS Sector %PF Weight %BM Weight Delta

Information Technology 16.27 7.52 8.75

Industrials 18.78 12.09 6.69

Consumer Discretionary 17.40 14.65 2.75

Consumer Staples 22.58 19.96 2.62

Materials 8.49 9.37 -0.89

Telecom Services 0.00 2.81 -2.81

Energy 4.78 8.07 -3.29

Health Care 10.13 14.09 -3.96

Financials 1.58 6.15 -4.57

Utilities 0.00 5.27 -5.27

8.75

6.69

2.75

2.62

-0.89

-2.81

-3.29

-3.96

-4.57

-5.27

-8 -3 2 7 12

Information Technology

Industrials

Consumer Discretionary

Consumer Staples

Materials

Telecom Services

Energy

Health Care

Financials

Utilities

Relative Sector Allocation

Market Cap Split %PF Weight %BM Weight

Small Caps MCA < € 5 bn 17.58 3.37

MId Caps MCAP € 5 to 10 bn 14.24 13.19

Large Caps MCA > € 10 bn 68.18 83.44


Biography Thorsten Winkelmann

37

Data as of December 2012

Facts

Name Thorsten Winkelmann

Designation/Division Senior Portfolio Manager / Investment Style Co-Leader Growth

Asset Management Unit Allianz Global Investors Europe GmbH

Year of joining company/group 2001

Number of years with company/group 12

Years of experience in securities business/

portfolio management

16

Employment History

10/2001 - today 01/2006 - todayAllianz Global Investors Europe GmbH

10/2010 - today Portfolio Manager Allianz Continental European Fund

10/2009 - today 01/2006 - todaySenior Portfolio Manager / Investment Style Co-Leader Growth, Portfolio

Manager Allianz Europe Equity Growth, Allianz Wachstum Europa

10/2005 - today Portfolio Manager of the Equity Portion of Kapital Plus

09/2001 - 12/2005 Portfolio Management Balanced Portfolios

1996 - 2001 Deutsche Bank AG

Brokerage-Department

Part-time Employment

Academic Qualification

2001 Diplom-Volkswirt (German university degree in economics),

Rheinische Friedrich-Wilhelms-Universität Bonn, Germany


Biography Matthias Born

38


Facts

Name Matthias Born

Designation/Division SeniorPortfolio Manager / Investment Style Co-Leader Growth




Years of experience in securities in

business/portfolio management

12

Employment History

07/2001 - today Allianz Global Investors Europe GmbH

10/2010 - today Portfolio Manager Allianz Continental European Fund

10/2009 - today SeniorPortfolio Manager / Investment Style Co-Leader Growth, Portfolio

Manager Allianz Euroland Equity Growth, Allianz Wachstum Euroland

09/2007 - today Portfolio Manager CONCENTRA (German Equity)

2002- 9/2009 Member of the investment style team small caps

Dep. Portfolio Manager (before lead-manager) Allianz Wachstum

Deutschland


2001 Diplom-Kaufmann, Universität Würzburg, Germany (German degree in

Business Administration)


Biography Robert Hofmann

39


Facts

Name Robert Hofmann

Designation/Division Portfolio Manager /Europe Equity Growth Team




Years of experience in securities


8

Employment History


Portfolio Manager / Europe Equity Growth Team


2004 Diplom-Kaufmann (German university degree in business administration),

Universität Frankfurt, Germany


Biography Andreas Hildebrand

40


Facts

Name Andreas Hildebrand

Designation/Division Portfolio Manager / Europe Growth Team






6

Employment History


Portfolio Manager / Europe Growth Team

- since 4/2011 Member of the Investment Style Team Growth

- from 4/2009 to 3/2011 Research Associate European Healthcare

- from 4/2007 to 3/2009 Global Graduate Program at AGI Europe GmbH


2007 Master in Economics, Ludwig Maximilians University in Munich, Studies at

Universitée Libre de Bruxelles and Solvay Business School


Biography Martin Hermann

41

Data as of April 2013

Facts

Name Martin Hermann

Designation/Division Portfolio Management Associate / Europe Growth Team






3

Employment History


Portfolio Management Associate / Europe Growth Team


- from 4/2012 to 3/2013 Portfolio Management Associate Emerging Markets

- from 9/2010 to 3/2012 Global Graduate Program at AGI Europe GmbH


2011 Passed all three levels of the CFA examination

2010 Master’s degree in Corporate Finance and Investment Analysis, University of

Vienna


Biography Marcus Morris-Eyton

42

Data as of January 2013

xxx

Facts

Name Marcus Morris-Eyton

Designation/Division Portfoliomanagement Associate / Europe Growth Team






3

Employment History


Portfoliomanagement Associate / Europe Growth Team


- from 9/2011 to 12/2012 Sales manager, UK Discretionary Sales

5/2011-9/2011 Credit Suisse, Equity Research Internship


2011 1st Class Honours, English and Philosophy, BA, University of Leeds


Period Composite

Gross

Return(%)

Benchmark*

(%)

No of

Portfolios

Period End

Total Assets in

Mio

Composite

Dispersion

(%)

Composite

St Dev 3Y

(%)

Benchmark

St Dev 3Y

(%)

% of FIRM

assets

GLOBAL

Total Firm

Assets

GLOBAL in Mio

Period Composite

Gross Return

p.a. (%)

Benchmark*

p.a. (%)

2011 -1.75 -6.77 8 3,511.63 0.23 14.89 15.45 3.3 106,496 1 Year -1.75 -6.77

2010 34.16 12.80 6 2,367.48 0.51 2.1 112,275 2 Years 14.81 2.55

2009 54.14 34.20 7 1,325.79 NA 1.3 98,849 3 Years 26.66 12.17

2008 -39.94 -41.43 6 768.03 NA 1.3 57,212 4 Years 5.10 -4.65

2007 9.35 6.63 5 1,364.75 NA 1.5 93,485 5 Years 5.94 -2.49

2006 18.75 16.01 3 1,284.01 NA 1.4 92,541 6 Years 7.97 0.37

2005 37.52 26.72 2 1,055.55 NA 1.2 87,782 7 Years 11.77 3.77

2004 7.40 8.66 3 859.20 NA 1.0 90,430 8 Years 11.21 4.37

2003 18.66 13.49 3 983.86 NA 1.1 91,771 9 Years 12.02 5.35

2002 -38.36 -32.90 3 847.89 NA 0.9 98,091 10 Years 5.52 0.70

RCM - EQUITY EUROPE GROWTH

Past performance is not a reliable indicator of future performance. You should not make any assumptions about the future performance based on this information. Investment results will vary depending on market conditions,

exchange rate fluctuations, the composition of the portfolio of securities, trading expenses, etc. Investment results will vary among individual portfolios within the composite. There may be a difference in the exchange rate used for

calculating benchmark returns and those used for valuation of the portfolios. The effect of these differences is deemed to be immaterial. These factors and possible differences in calculation methods should be considered when

comparing composite results with those published by other investment information providers, investment advisers, investment vehicles and unmanaged indices. Results should also be considered relative to the risks associated with

the investment objectives of the portfolios within the composite.

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.

RCM has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®). For purposes of compliance with GIPS the “firm” is defined as RCM ("RCM"), a global investment advisory

organization, consisting of separate affiliated firms, which operates under the brand name RCM. The affiliated firms that comprise the Firm include, among others, RCM Europe (“RCM Europe”). RCM Europe presents the RCM -

EQUITY EUROPE GROWTH strategy in Europe. For the years ended 2007 to 2010 RCM has been verified by an independent verifier. Additional information regarding the firm’s policies and procedures for calculating and reporting

performance results is available upon request. To obtain a list and description of all of RCM’s composites, or for a complete list of the firms that comprise RCM and their periods of verification, please call +49 69 263 - 12000 or write

to RCM, Allianz Global Investors Kapitalanlagegesellschaft mbH, Mainzer Landstraße 11-13 , 60329 Frankfurt am Main. Total Firm assets for the period ending 31 December 2008 were revised in November 2009 to reflect the actual

discretionary and non-discretionary assets managed by the Firm.

The RCM - EQUITY EUROPE GROWTH composite was set up in January 1999, with an inception date of March 1 1997, and contains all accounts managed by RCM Europe according to the RCM Global Investment Process, which

invest in a broad range of European equities, following a growth investment style. The basis for investment decisions is the RCM fundamental macro economic and equity primary research. The Allocation of sector and country

results from the stock selection process. The stock selection process is research-driven where the results of equity primary research are reflected in a performance-oriented voting of stocks and target prices. Risk control plays an

integral part in the investment process. Leverage and Hedging are not strategies for managing securities within this composite.

* The composite Benchmark is S&P EUROPE LARGEMIDCAP GROWTH RETURN GROSS IN EUR. In contrast to the benchmark, the portfolios, forming this composite, do contain cash. The portfolios within this composite may and

do invest in non-benchmark securities. Further information is available upon request. The benchmark was changed in January 2002 to reflect the underlying investment style.

Performance results and valuations are presented in EUR.

In contrast to the benchmark, composite returns are net of non-reclaimable withholding taxes on dividends, interest and capital gains. Beginning July 1, 2009 the repayable portion of the withholding tax is reported as a deferred asset.

The resulting effect is considered to be immaterial. The returns are stated gross of management / advisory and custodial fees. Actual returns will be reduced by management / advisory fees and other expenses that may be incurred

in the management of an account. Depending on the investment size, the standard fee scale for institutional clients starts at 70 bps, and is subject to a minimum fee.

The dispersion of annual returns is measured by the standard deviation across equal-weighted account returns represented within the composite for the full year.

Standard deviation is not considered statistically meaningful when there are fewer than five accounts in the composite during the period. The number of portfolios and the dispersion figures were revised in March 2012 applying a

different approach, where share classes are no longer treated as separate portfolios.

Equity Europe Growth

EQUITY EUROPE GROWTH


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.allianzglobalinvestors.eu), an investment company with limited liability incorporated in

Germany, with its registered office at Bockenheimer Landstrasse 42-44, 60323 Frankfurt/Main, Germany, authorized by Bundesanstalt für Finanzdienstleistung (www.bafin.de). The

duplication, publication, or transmission of the contents, irrespective of the form, is not permitted.

44

Understand. Act.

Thank you

allianz global investors citywire 1

Business

eurbenchmark dj eurostoxxactivereturn

field force investigators

allianz wachstum euroland

joining company group 2001number

party research providers

awarded 1st place

global investment performancestandards

substantial cash flows