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  • 1. Understand. Act.The Case forEuropean EquitiesEurope Equity Growth StrategiesLipper awards andCitywire ratings forMatthias Born, 2012/3For Fund Distributors andProfessional Investors onlyMatthias BornMay 2013
  • 2. © Copyright Allianz Global Investors Europe GmbH 2013 2Contents02 011. Europe Equity Growth Strategy – Investment Process2. Global Equity Platform at Work – Selected Stock Picks3. Allianz Europe Equity Growth Strategy– Performance and Profile4. Allianz Euroland Equity Growth Strategy – Performance and Profile5. Allianz Europe Equity Growth Select Strategy – A New Addition to theGrowth Strategies6. Appendix06
  • 3. © Copyright Allianz Global Investors Europe GmbH 20131Europe Equity Growth Strategy – Investment Process3
  • 4. © Copyright Allianz Global Investors Europe GmbH 2013 4Source: Allianz Global Investors Europe GmbH, data as of 01.04.2013GrassrootsSMResearchIn HouseCompanyResearchMatthias BornSenior Portfolio Manager12 years‘ experienceFocus: Germany, SwitzerlandThorsten WinkelmannSenior Portfolio Manager16 years‘ experienceFocus: UK, IrelandInvestment Style Team GrowthSell-sideResearchPortfolioManagementTeamsAndreas HildebrandCFAPortfolio Manager6 years‘ experienceFocus: Southern EuropeRobert HofmannCFAPortfolio Manager8 years‘ experienceFocus: ScandinaviaCompanyMeetingsMarcus Morris-EytonPortfolio ManagementAssociate3 years‘ client experienceMartin HermannPortfolio ManagerAssociate3 years‘ experienceFocus: Central andEastern EuropeEurope Equity Growth Team: Idea GenerationInput from all sources of the proprietary global equity platform
  • 5. © Copyright Allianz Global Investors Europe GmbH 2013Europe Equity Growth Strategy: Performance HistoryA growth investment for the whole market cycle5Source: 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 recordof the composite is shown at the end of this presentation. The strategys performance is demonstrated by the representative account Allianz Europe Equity Growth from October 2006 on. Data prior to16.10. 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. Onthis 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.-15-10-505101520253035-15 -5 5 15 25EuropeEquityGrowthStrategyMSCI EuropeRolling 3-year performance since 31.05.2003, monthly dataFund7010013070 100 130poorUpsideCapturegoodgood Downside Capture poorBenchmarkPerformance in upand 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%
  • 6. © Copyright Allianz Global Investors Europe GmbH 2013Europe Equity Growth Strategy: Investment PhilosophyStructural growth investing beyond market cycles6 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)GrowthWe identify stocks with structurallyabove average earnings and cash flowgrowth, that are consistently able todeliver high returns on capital.QualityWe strive to select stocks withcompetitive advantages and highbarriers to entry, that are able tocompound their stellar returns over thelong-term.can
  • 7. © Copyright Allianz Global Investors Europe GmbH 2013The Global Changes are of Structural NatureWith crucial implications for enterprises and stock markets7Strong multiple expansionrelative to the marketLimited multiple expansionrelative to the marketGrowthin earnings and cash flowsStructural Component Cyclical ComponentDriven by one or more of thefollowing drivers:1. Secular growth driver2. Technological leadership3. Superior business modelDriven by the economicgrowth of the countries thecompany is doingbusiness in
  • 8. © Copyright Allianz Global Investors Europe GmbH 2013Competitiveness:Porter’s 5 Forces ModelCompetitiveness is Crucial for Growth and Returns8Source: Competitive Strategy: Techniques for Analyzing Industries and Competitors, by Michael E. Porter, 1980. Design Allianz Global Investors Europe GmbH 2012.
  • 9. © Copyright Allianz Global Investors Europe GmbH 2013Valuation of Growth Stocks9Source: Allianz Global Investors Europe GmbH, 2012Factors with significant influence on valuationCorrelation withvaluationPositive correlationExpected 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 correlationVolatility of earnings growth Volatility of ROIC Capital intensity of the business model 
  • 10. © Copyright Allianz Global Investors Europe GmbH 2013Europe Equity Growth Strategy: Investment ProcessFocused on bottom-up stock selection10Fundamental research – checking the quality, growth prospects and the valuationof a companyIndividual stock weights are based on the conviction level of quality, growth and valuation criteriaQuality Growth ValuationBusinessMarketCompetitive positionManagementBalance sheetEarnings growth andrevisionsEarnings volatilityCash flow growthMultiples versus marketMultiples versus peersMultiples in context ofhistoryMultiples in context ofgrowthCATALYST
  • 11. © Copyright Allianz Global Investors Europe GmbH 2013Europe Equity Growth Delivers Earnings Growth11Source: 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 EarningsRatio. Past performance is not a reliable indicator of future results. The analysis is based on the representative account Allianz Wachstum Europa.Return on Equity2535455565758595510152025302009103020100129201004302010073020101029201101312011042920110729201110312012013120120430201207312012103120130131Return on Equity Earnings Growth Price/Earnings (EY) Debt/Equity (right scale)Debt/Equity (right scale)Earnings GrowthPrice/Earnings
  • 12. © Copyright Allianz Global Investors Europe GmbH 20132Global Equity Platform at Work: Selected Stock Picks12
  • 13. © Copyright Allianz Global Investors Europe GmbH 2013SAP – Entering the Next Phase of its Transformation13Source: 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 necessarilybe comprised in the portfolio by the time this document is disclosed or at any other subsequent date. SAP is the worlds largest application softwarecompany and the worlds third-largest independentsoftware supplier overall. SAP currently moving from being a single producton-premises applications vendor to a nextgeneration multi-platform infrastructure and broadapplications vendor. New product cycles are driving re-rating,particularly HANA. HANA, is the new data management platform, thatallows clients to access and analyse vast quantitiesof data from virtually any data source in real time,e.g. a consumer company using HANA is able tobreak down sales of a particular product, in eachstore, over any time period before a customer haseven left the store. Real time analytics enables the client to assessand forecast the impact on profitability of variousscenarios e.g. discounting one particular item. HANA expected to be key driver of incrementalgrowth, accelerating revenue growth, and realizingcross selling synergies across its vast installedcustomer 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 2012ECFROI25.00%20.00%15.00%10.00%5.00%0.00%2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
  • 14. © Copyright Allianz Global Investors Europe GmbH 2013SAP- Fitting the Structural Growth Process14Source: Goldman Sachs Group Research, April 2013SAP group license revenues by product cycle € m-1,0002,0003,0004,0005,0006,0007,0008,00019881989199019911992199319941995199619971998199920002001200220032004200520062007200820092010201120122013E2014E2015ESAPLicenses,€mnNew products (HANA, Mobile) SAP core (ERP 6, BS) + BI mySAP BS R3 & NDA R2New Products (HANA, Mobile)BusinessSuite + BImySAPR3R2SAP group license revenues by product cycle €mSAP’s market opportunity ($bn)Secular Growth Driver: IT spending undergoing a structural transformation withincreasing data volumes and data consolidation Emerging market growth - growing faster than the groupaverage at 20%, benefitting from increased IT infrastructurespend c.60% of SSRS revenues coming from high growthsegmentsTechnological 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, offsettingpotential risks to mature core businessSuperior Business Model: 35% margin target by 2015 and best in class Industrypositioning Balanced business model provides both defensive andgrowth characteristics (growth of HANA balanced withrecurring revenues in core business)
  • 15. © Copyright Allianz Global Investors Europe GmbH 2013GrassrootsSM Research on SAPResearch on market economics SAP’s In-memory product HANA in Germany GrassrootsSM Research saw significant reasons for investment in SAP’s products andsolutions to continue against a slowing trend in IT-spending overall. “Consultants and IT experts in Germany see SAP’s in-memory product HANA as highlyvaluable, especially for large corporations with large amounts of data and the money to payfor the product. Due to the speed advantage, standard procedures and analytics areimproved, and new processes are now economically and technically possible. In addition, halfbelieve 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 needto have done overnight is now done immediately in real time. The hitch, of course, is that it’sexpensive.” “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. Duringthe 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 SAPproducts.15GrassrootsSM reporters and researchers are well accepted interviewers for managers and scientistsGrassrootsSM Research is a division within the Allianz Global Investors group of companies that commissions investigative research for asset-management professionals. Research data used to generateGrassrootsSM 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 commissionsgenerated 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 becomprised in the portfolio by the time this document is disclosed or at any other subsequent date.
  • 16. © Copyright Allianz Global Investors Europe GmbH 2013Draegerwerk – Medical and Safety EquipmentGrowth with structural spending of healthcare agencies16Source: 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 willnot 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 industrialinvestments 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 highestvalue 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.
  • 17. © Copyright Allianz Global Investors Europe GmbH 2013DraegerwerkFundamentals of sustaining growth17Source: 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 inthe 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 Valueto Earnings before Interest, Depreciation and AmortizationQuality Growth Valuation5.1% 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 2017CFROI 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 2017Organic Sales Growth EBIT, % margin
  • 18. © Copyright Allianz Global Investors Europe GmbH 2013DraegerwerkGrassrootsSM Research GrassrootsSM Research found in August 2012, that in Germany, France and the US hospitalinvestment plans were largely unchanged. Interviewees confirmed Draeger’s strong marketposition 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 highstability 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) inEurope, in the US, General Electric was seen as preferable by 2/3. The studies further discovered Draeger as innovation leader in anesthesia and therefore ableto 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 Primusline 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 isvery innovative and caters to all patient groups. If one buys their top products now, they willbe good for many years to come. With Zeus Infinity Empowered, you get an anesthesiasystem that also provides sophisticated ventilation modes combined with comprehensivemonitoring, and even the Primus line can be upgraded to do this; RFID [radio frequencyidentification] technology is available for both.”18GrassrootsSM Research is a division within the Allianz Global Investors group of companies that commissions investigative research for asset-management professionals. Researchdata used to generate GrassrootsSM Research reports are received from reporters and field force investigators who work as independent, third party research providers, supplyingresearch 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 asexample above will not necessarily be comprised in the portfolio by the time this document is disclosed or at any other subsequent date.
  • 19. © Copyright Allianz Global Investors Europe GmbH 20133Allianz Europe Equity Growth Strategy – Performanceand Profile19
  • 20. © Copyright Allianz Global Investors Europe GmbH 2013Allianz Europe Equity Growth StrategyPerformance gross of fees 31.03.201320Source: 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 GlobalInvestment Performance Standards at the end of this presentation.* BM: S&P Europe LargeMidCap Growth Ret. Net. since 01.08.2008BM: S&P Citigroup PMI Europe Growth Tot. Ret. Net Since 31.05.2003Performance HistoryAllianz Europe Equity Growth AEURPerformance up to31.03.2013Allianz EuropeEquity GrowthA EURBenchmark*MSCI EuropeTRNActiveReturn vsBM*1 Month 2.49 3.00 0.96 -0.513 Months 7.62 7.24 5.27 0.381 Year 22.52 16.48 12.69 6.042 Years ann. 16.95 7.99 3.59 8.963 Years ann. 18.08 7.90 8.64 10.185 Years ann. 13.93 4.01 1.02 9.92Since 31.05.2003 ann. 14.61 7.33 6.84 7.28Closing Prices Gross of Fees, IDSS&P EUROPELARGEMIDCAP GROWTH RETURN NET IN EUR2.57.622.517.018.113.914.63.07.216.58.0 7.94.07.31.05.312.73.68.61.06.80.005.0010.0015.0020.0025.001 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
  • 21. © Copyright Allianz Global Investors Europe GmbH 2013Allianz Europe Equity Growth StrategyPerformance gross of fees 31.03.201321Source: 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 GlobalInvestment Performance Standards at the end of this presentation.* BM: S&P Europe LargeMidCap Growth Ret. Net. since 01.08.2008BM: S&P Citigroup PMI Europe Growth Tot. Ret. Net Since 31.05.2003Performance HistoryAllianz Europe Equity Growth AEURPerformance up to31.03.2013Allianz EuropeEquity GrowthA EURBenchmark*MSCI EuropeTRNActiveReturn vsBM*Year to date 7.62 7.24 5.45 0.38YEAR 2012 28.74 17.53 17.29 11.21YEAR 2011 -1.70 -7.30 -8.08 5.60YEAR 2010 33.35 12.23 11.10 21.12YEAR 2009 52.00 33.28 31.60 18.72YEAR 2008 -39.38 -41.49 -43.65 2.11YEAR 2007 8.70 6.63 2.69 2.07YEAR 2006 18.19 16.01 19.61 2.18YEAR 2005 36.94 26.73 26.09 10.21YEAR 2004 7.67 8.67 12.18 -1.0031.05.-31.12.2003 20.58 15.13 17.75 5.45Closing Prices Gross of Fees, IDSS&P EUROPE LARGEMIDCAP GROWTH RETURN NET IN EUR7.628.7-1.733.452.0-39.48.718.236.97.720.67.217.5-7.312.233.3-41.56.616.026.78.715.15.517.3-8.111.131.6-43.72.719.626.112.217.8-60.00-40.00-20.000.0020.0040.0060.00Year todateYEAR 2012 YEAR 2011 YEAR 2010 YEAR 2009 YEAR 2008 YEAR 2007 YEAR 2006 YEAR 2005 YEAR 2004 31.05.-31.12.2003Allianz Europe Equity Growth A EUR Benchmark* MSCI Europe TRN
  • 22. © Copyright Allianz Global Investors Europe GmbH 2013Allianz Europe Equity Growth StrategyTracking error and contributors22CTE = 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. versusS&P Europe LargeMidCap Growth.Top 10 Contributors to the Tracking Error Port BM CTECarlsberg 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]
  • 23. © Copyright Allianz Global Investors Europe GmbH 20134Allianz Euroland Equity Growth Strategy – Performanceand Profile23
  • 24. © Copyright Allianz Global Investors Europe GmbH 2013Allianz Euroland Equity Growth StrategyPerformance gross of fees 31.03.201324Source: 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 PerformanceStandards at the end of this presentation.* BM: S&P Eurozone LargeMidCap Growth Ret.N. since 01.08.2008BM: 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.2.46.920.515.416.211.815.314.62.25.215.73.03.4-0.57.36.20.02.311.1-0.21.7-2.26.85.9-5.000.005.0010.0015.0020.0025.001 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 StoxxPerformance HistoryAllianz Euroland Equity Growth AEURPerformance up to31.03.2013AllianzEuroland EquityGrowth A EURBenchmark*DJ EuroStoxxActiveReturn vs.BM1 Month 2.36 2.19 -0.02 0.173 Months 6.93 5.18 2.30 1.751 Year 20.47 15.67 11.14 4.802 Years ann. 15.41 2.98 -0.16 12.433 Years ann. 16.22 3.44 1.71 12.785 Years ann. 11.79 -0.50 -2.16 12.2910 Years ann. 15.34 7.32 6.84 8.02Since 30.09.2002 ann. 14.59 6.15 5.88 8.44Closing Prices Gross of Fees, IDSS&P EUROZONE LARGEMIDCAP GROWTH RETURN NET IN EUR
  • 25. © Copyright Allianz Global Investors Europe GmbH 2013Allianz Euroland Equity Growth StrategyPerformance gross of fees 31.03.201325Source: 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 PerformanceStandards at the end of this presentation.* BM: S&P Eurozone LargeMidCap Growth Ret.N. since 01.08.2008BM: 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 HistoryAllianz Euroland Equity Growth AEURPerformance up to31.03.2013AllianzEuroland EquityGrowth A EURBenchmark*DJ EuroStoxxActiveReturn vs.BMYear to date 6.93 5.18 2.30 1.75YEAR 2012 30.13 21.16 19.34 8.97YEAR 2011 -2.76 -14.40 -15.22 11.64YEAR 2010 25.67 2.43 2.69 23.24YEAR 2009 40.65 26.39 27.62 14.26YEAR 2008 -37.68 -42.79 -44.61 5.11YEAR 2007 5.38 12.62 7.28 -7.24YEAR 2006 16.15 18.86 23.02 -2.71YEAR 2005 33.14 25.57 25.84 7.57YEAR 2004 13.83 10.75 12.31 3.08YEAR 2003 33.55 16.20 20.77 17.3530.09.-31.12.2002 13.33 7.11 7.69 6.22Closing Prices Gross of Fees, IDSS&P EUROZONE LARGEMIDCAP GROWTH RETURN NET IN EUR6.930.1-2.825.740.7-37.75.416.233.113.833.613.35.221.2-14.42.426.4-42.812.618.925.610.816.27.12.319.3-15.22.727.6-44.67.323.025.812.320.87.7-50.00-40.00-30.00-20.00-10.000.0010.0020.0030.0040.0050.00Year todateYEAR2012YEAR2011YEAR2010YEAR2009YEAR2008YEAR2007YEAR2006YEAR2005YEAR2004YEAR200330.09.-31.12.2002Allianz Euroland Equity Growth A EUR Benchmark* DJ Euro Stoxx
  • 26. © Copyright Allianz Global Investors Europe GmbH 20135Allianz Europe Equity Growth Select Strategy – A NewAddition to the Growth Strategies26
  • 27. © Copyright Allianz Global Investors Europe GmbH 2013Thorsten Winkelmann“A 30 to 45 stock portfolio firmly places theemphasis on benchmark agnostic, bottomup stock selection which is at the veryheart of our structural growth process.”Allianz Europe Equity Growth SelectA brief statement from the fund managers27Source: 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 AAArated 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 EquityGrowth 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 Europesector 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 andAllianz 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 awardprovides 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 toparticipate in the growth of Europe’sstrongest investment cases, to put a focuson no more than 45 stocks and to includeEuropean mid caps.”
  • 28. © Copyright Allianz Global Investors Europe GmbH 2013What makes Allianz Europe Equity Growth Select unique? A concentrated portfolio focused on selection of the most attractive structural growth ideas fromthe European market. A focus on stocks with a minimum market capitalization of above €5 billion at the time of purchaseensuring 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 amarket capitalization between €5 and €10 billion. To be run in line with the successful existing structural growth process by the Europe EquityGrowth team.
  • 29. © Copyright Allianz Global Investors Europe GmbH 2013Allianz Europe Equity Growth Select – Model CalculationOutperformance potential in up and down marketsSource: 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 reliableindicator 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 marketcapitalization above €5 bn. The positions are calculated on a daily basis, using market closing prices. The model portfolio is rebalanced daily. The benchmark isS&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 downmarketsCapture OutperformanceUpmarket Capture 109.5 9.54%Downmarket Capture 50.8 49.18%Source: Wiltshire, iDS GmbH, March 2013, Model calculation, 4-years period from31.12.2008 to 31.12.2012
  • 30. © Copyright Allianz Global Investors Europe GmbH 20136Appendix30
  • 31. © Copyright Allianz Global Investors Europe GmbH 2013Allianz Europe Equity Growth StrategyPerformance attribution vs S&P Style index – 12 months to 31.03.201331*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 officialperformance 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 therepresentative account Allianz Europe Equity Growth – A Eur versus S&P Europe LargeMidCap GrowthTotal TotalPort Bmk Diff Return Port Bmk Diff Return0.0% 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 TotalPort Bmk Diff Return Port Bmk Diff Return3.7% 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 bpPositive Active ContributorsSabmillerNegative Active ContributorsOverweighted OverweightedTelefonica SaSubtotal34 bpSubtotal26339Compagnie Financiere Ri1565 bp 161Performance WorstTechnipFresenius Medical Care34 bp505 bp54 bpUnderweighted UnderweightedAverage Weight(% of Total)59 bpDiageoNestle SaBureau VeritasHexagon AbReckitt Benckiser GroupSaipemBayer AgPrudentialInditex (Ind.De Diseno40 bp53 bpActiveContributionName(% of Total) ActiveContributionOverweights UnderweightsBg Group34 bp89 bp62 bpRio Tinto53 bp Bayer Ag26 bp Vodafone Group23 bp40 bp Diageo59 bp Bhp Billiton PlcBasf SeInditex (Ind.De DisenoPrudential GlaxosmithklineNameBestActive ContributorsName(% of Total)Unilever PlcPerformanceAverage WeightAverage WeightSanofiRoche Holdings Ag46 bpName224 729 bpCompagnie Financiere Ri 34 bp Bg Group18 bpReckitt Benckiser GroupLegrand Sa-34 bpElekta89 bp-35 bpSap Ag 18 bp Unilever Plc -43 bp-10 bpCarlsberg As 23 bp Nestle Sa62 bp-35 bpPerformance-34 bp-627 bp-953 bp31 bp13 bp-57 bp(% of Total) ActiveContribution-449 bp-17 bp-326 bp21Average Weight140-32 bpSubtotal SubtotalSanofi211 bpActiveContribution-41 bp-36 bp-26 bp-43 bp-127 bp-64 bpSaipem -127 bp-57 bpHexagon Ab-36 bpBiggest BiggestPerformanceActive ContributorsShire
  • 32. © Copyright Allianz Global Investors Europe GmbH 2013Allianz Europe Equity Growth StrategySingle stocks32Source: 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 recommendationor 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 %OverweightCARLSBERG AS 3.59 0.00 3.59SAP AG 5.18 2.10 3.07RECKITT BENCKISER GROUP 3.91 1.30 2.62PRUDENTIAL 3.11 0.58 2.53COMPAGNIE FINANCIERE RI 3.05 0.62 2.43LEGRAND SA 2.70 0.28 2.42INDITEX (IND.DE DISENO 2.85 0.66 2.18HEXAGON AB 2.29 0.16 2.12BUREAU VERITAS 2.02 0.00 2.02ELEKTA 1.96 0.00 1.96Top 10 Holdings %PF Weight %BM Weight %OverweightSAP AG 5.18 2.10 3.07RECKITT BENCKISER GROUP 3.91 1.30 2.62CARLSBERG AS 3.59 0.00 3.59PRUDENTIAL 3.11 0.58 2.53COMPAGNIE FINANCIERE RI 3.05 0.62 2.43BRITISH AMERICAN TOBACC 2.86 2.93 -0.07INDITEX (IND.DE DISENO 2.85 0.66 2.18SABMILLER 2.77 1.02 1.75DANONE 2.73 1.19 1.53LEGRAND SA 2.70 0.28 2.42
  • 33. © Copyright Allianz Global Investors Europe GmbH 2013Allianz Europe Equity Growth StrategySector allocation33Source: 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 norecommendation 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 DeltaIndustrials 22.58 11.11 11.47Information Technology 14.16 4.15 10.00Consumer Discretionary 13.48 11.30 2.18Financials 4.71 5.30 -0.59Consumer Staples 23.85 24.98 -1.13Materials 5.95 8.97 -3.02Utilities 0.00 3.65 -3.65Telecom Services 0.00 3.94 -3.94Energy 2.57 8.14 -5.57Health Care 12.70 18.46 -5.7611.4710.002.18-0.59-1.13-3.02-3.65-3.94-5.57-5.76-10 -5 0 5 10 15IndustrialsInformation TechnologyConsumer DiscretionaryFinancialsConsumer StaplesMaterialsUtilitiesTelecom ServicesEnergyHealth CareRelative Sector AllocationMarket Cap Split %PF Weight %BM WeightSmall Caps MCA < € 5 bn 20.26 3.09MId Caps MCAP € 5 to 10 bn 12.67 10.76Large Caps MCA > € 10 bn 67.07 86.15
  • 34. © Copyright Allianz Global Investors Europe GmbH 2013Allianz Europe Equity Growth StrategyCountry allocation34Source: 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 norecommendation 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 DeltaFrance 22.32 14.56 7.76Denmark 8.38 1.90 6.48Sweden 10.76 5.16 5.60Portugal 0.86 0.31 0.55Belgium 2.20 1.90 0.30Austria 0.69 0.54 0.15Finland 1.59 1.57 0.02Luxembourg 0.00 0.02 -0.02United States 0.00 0.14 -0.14Hungary 0.00 0.14 -0.14Ireland 0.55 0.74 -0.19Greece 0.00 0.22 -0.22Germany 11.62 12.98 -1.35Spain 2.85 4.25 -1.41Netherlands 2.64 4.14 -1.51Italy 1.88 3.52 -1.63Norway 0.00 1.68 -1.68Switzerland 7.21 13.33 -6.12United Kingdom 26.45 32.88 -6.437.766.485.600.550.300.150.02-0.02-0.14-0.14-0.19-0.22-1.35-1.41-1.51-1.63-1.68-6.12-6.43-10 -5 0 5 10FranceDenmarkSwedenPortugalBelgiumAustriaFinlandLuxembourgUnited StatesHungaryIrelandGreeceGermanySpainNetherlandsItalyNorwaySwitzerlandUnited KingdomRelative Country Allocation
  • 35. © Copyright Allianz Global Investors Europe GmbH 2013Allianz Euroland Equity Growth StrategyPerformance attribution vs S&P Style index – 12 months to 31.03.201335*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. Theofficial 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 TotalPort Bmk Diff Return Port Bmk Diff Return5.1% 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 TotalPort Bmk Diff Return Port Bmk Diff Return5.1% 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 bpPositive Active ContributorsHenkel Ag&Co. KgaaNegative Active ContributorsOverweighted OverweightedAmadeus It Hldgs SaSubtotal41 bpSubtotal15427Total1504 bp 96Performance WorstProsegur Compania SegurFugro Nv42 bp588 bp59 bpUnderweighted UnderweightedAverage Weight(% of Total)73 bpAdidas AgUnilever NvDassault SystemesHeineken NvE.On SeSaipemSanofiBureau VeritasTelefonica Sa43 bp53 bpActiveContributionName(% of Total) ActiveContributionOverweights UnderweightsInditex (Ind.De Diseno42 bp93 bp91 bpFuchs Petrolub Ag-52 bp Total91 bp Telefonica Sa-167 bp24 bp Eni53 bp Bayer AgAir Liquide(L)Heineken NvSodexo Siemens AgNameBestActive ContributorsName(% of Total)Bayer AgPerformanceAverage WeightAverage WeightTechnipRoyal Imtech N.V.53 bpName127 742 bpIngenico 25 bp Unilever Nv26 bpLegrand SaBureau Veritas36 bpSaipem-30 bp-30 bpDassault Systemes 59 bp Basf Se 41 bp73 bpInditex (Ind.De Diseno 93 bp Sanofi14 bp-84 bpPerformance-26 bp-505 bp-984 bp-70 bp-19 bp-84 bp(% of Total) ActiveContribution-553 bp-22 bp-478 bp22Average Weight74-24 bpSubtotal SubtotalBanco Bilbao Vizcaya Ar120 bpActiveContribution-55 bp-52 bp-24 bp-70 bp-167 bp7 bpHugo Boss Ag -19 bp42 bpTechnip-8 bpBiggest BiggestPerformanceActive ContributorsSampo Oyj
  • 36. © Copyright Allianz Global Investors Europe GmbH 2013Allianz Euroland Equity Growth StrategySector allocation36Source: 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. Thisis for guidance only and not indicative of future allocation.GICS Sector %PF Weight %BM Weight DeltaInformation Technology 16.27 7.52 8.75Industrials 18.78 12.09 6.69Consumer Discretionary 17.40 14.65 2.75Consumer Staples 22.58 19.96 2.62Materials 8.49 9.37 -0.89Telecom Services 0.00 2.81 -2.81Energy 4.78 8.07 -3.29Health Care 10.13 14.09 -3.96Financials 1.58 6.15 -4.57Utilities 0.00 5.27 -5.278.756.692.752.62-0.89-2.81-3.29-3.96-4.57-5.27-8 -3 2 7 12Information TechnologyIndustrialsConsumer DiscretionaryConsumer StaplesMaterialsTelecom ServicesEnergyHealth CareFinancialsUtilitiesRelative Sector AllocationMarket Cap Split %PF Weight %BM WeightSmall Caps MCA < € 5 bn 17.58 3.37MId Caps MCAP € 5 to 10 bn 14.24 13.19Large Caps MCA > € 10 bn 68.18 83.44
  • 37. © Copyright Allianz Global Investors Europe GmbH 2012BiographyThorsten Winkelmann37Data as of December 2012FactsName Thorsten WinkelmannDesignation/Division Senior Portfolio Manager / Investment Style Co-Leader GrowthAsset Management Unit Allianz Global Investors Europe GmbHYear of joining company/group 2001Number of years with company/group 12Years of experience in securities business/portfolio management16Employment History10/2001 - today 01/2006 - todayAllianz Global Investors Europe GmbH10/2010 - today Portfolio Manager Allianz Continental European Fund10/2009 - today 01/2006 - todaySenior Portfolio Manager / Investment Style Co-Leader Growth, PortfolioManager Allianz Europe Equity Growth, Allianz Wachstum Europa10/2005 - today Portfolio Manager of the Equity Portion of Kapital Plus09/2001 - 12/2005 Portfolio Management Balanced Portfolios1996 - 2001 Deutsche Bank AGBrokerage-DepartmentPart-time EmploymentAcademic Qualification2001 Diplom-Volkswirt (German university degree in economics),Rheinische Friedrich-Wilhelms-Universität Bonn, Germany
  • 38. © Copyright Allianz Global Investors Europe GmbH 2012BiographyMatthias Born38Data as of December 2012FactsName Matthias BornDesignation/Division SeniorPortfolio Manager / Investment Style Co-Leader GrowthAsset Management Unit Allianz Global Investors Europe GmbHYear of joining company/group 2001Number of years with company/group 12Years of experience in securities inbusiness/portfolio management12Employment History07/2001 - today Allianz Global Investors Europe GmbH10/2010 - today Portfolio Manager Allianz Continental European Fund10/2009 - today SeniorPortfolio Manager / Investment Style Co-Leader Growth, PortfolioManager Allianz Euroland Equity Growth, Allianz Wachstum Euroland09/2007 - today Portfolio Manager CONCENTRA (German Equity)2002- 9/2009 Member of the investment style team small capsDep. Portfolio Manager (before lead-manager) Allianz WachstumDeutschlandAcademic Qualification2001 Diplom-Kaufmann, Universität Würzburg, Germany (German degree inBusiness Administration)
  • 39. © Copyright Allianz Global Investors Europe GmbH 2012BiographyRobert Hofmann39Data as of December 2012FactsName Robert HofmannDesignation/Division Portfolio Manager /Europe Equity Growth TeamAsset Management Unit Allianz Global Investors Europe GmbHYear of joining company/group 2005Number of years with company/group 8Years of experience in securitiesbusiness/portfolio management8Employment History01/2005 - today Allianz Global Investors Europe GmbHPortfolio Manager / Europe Equity Growth TeamAcademic Qualification2004 Diplom-Kaufmann (German university degree in business administration),Universität Frankfurt, Germany
  • 40. © Copyright Allianz Global Investors Europe GmbH 2012BiographyAndreas Hildebrand40Data as of December 2012FactsName Andreas HildebrandDesignation/Division Portfolio Manager / Europe Growth TeamAsset Management Unit Allianz Global Investors Europe GmbHYear of joining company/group 2007Number of years with company/group 6Years of experience in securitiesbusiness/portfolio management6Employment History09/2007 - today Allianz Global Investors Europe GmbHPortfolio 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 GmbHAcademic Qualification2007 Master in Economics, Ludwig Maximilians University in Munich, Studies atUniversitée Libre de Bruxelles and Solvay Business School
  • 41. © Copyright Allianz Global Investors Europe GmbH 2012BiographyMartin Hermann41Data as of April 2013FactsName Martin HermannDesignation/Division Portfolio Management Associate / Europe Growth TeamAsset Management Unit Allianz Global Investors Europe GmbHYear of joining company/group 2010Number of years with company/group 3Years of experience in securitiesbusiness/portfolio management3Employment History09/2010 - today Allianz Global Investors Europe GmbHPortfolio Management Associate / Europe Growth Team- since 4/2013 Member of the Investment Style Team Growth- from 4/2012 to 3/2013 Portfolio Management Associate Emerging Markets- from 9/2010 to 3/2012 Global Graduate Program at AGI Europe GmbHAcademic Qualification2011 Passed all three levels of the CFA examination2010 Master’s degree in Corporate Finance and Investment Analysis, University ofVienna
  • 42. © Copyright Allianz Global Investors Europe GmbH 2012BiographyMarcus Morris-Eyton42Data as of January 2013xxxFactsName Marcus Morris-EytonDesignation/Division Portfoliomanagement Associate / Europe Growth TeamAsset Management Unit Allianz Global Investors Europe GmbHYear of joining company/group 2011Number of years with company/group 2Years of experience in securitiesbusiness/portfolio management3Employment History09/2011 - today Allianz Global Investors Europe GmbHPortfoliomanagement Associate / Europe Growth Team- since 1/2013 Member of the Investment Style Team Growth- from 9/2011 to 12/2012 Sales manager, UK Discretionary Sales5/2011-9/2011 Credit Suisse, Equity Research InternshipAcademic Qualification2011 1st Class Honours, English and Philosophy, BA, University of Leeds
  • 43. © Copyright Allianz Global Investors Europe GmbH 2013Period CompositeGrossReturn(%)Benchmark*(%)No ofPortfoliosPeriod EndTotal Assets inMioCompositeDispersion(%)CompositeSt Dev 3Y(%)BenchmarkSt Dev 3Y(%)% of FIRMassetsGLOBALTotal FirmAssetsGLOBAL in MioPeriod CompositeGross Returnp.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 -6.772010 34.16 12.80 6 2,367.48 0.51 2.1 112,275 2 Years 14.81 2.552009 54.14 34.20 7 1,325.79 NA 1.3 98,849 3 Years 26.66 12.172008 -39.94 -41.43 6 768.03 NA 1.3 57,212 4 Years 5.10 -4.652007 9.35 6.63 5 1,364.75 NA 1.5 93,485 5 Years 5.94 -2.492006 18.75 16.01 3 1,284.01 NA 1.4 92,541 6 Years 7.97 0.372005 37.52 26.72 2 1,055.55 NA 1.2 87,782 7 Years 11.77 3.772004 7.40 8.66 3 859.20 NA 1.0 90,430 8 Years 11.21 4.372003 18.66 13.49 3 983.86 NA 1.1 91,771 9 Years 12.02 5.352002 -38.36 -32.90 3 847.89 NA 0.9 98,091 10 Years 5.52 0.70RCM - EQUITY EUROPE GROWTHPast 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 forcalculating 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 whencomparing 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 withthe 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 advisoryorganization, 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 reportingperformance 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 writeto 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 actualdiscretionary 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, whichinvest 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 countryresults 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 anintegral 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 anddo 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 incurredin 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 adifferent approach, where share classes are no longer treated as separate portfolios.Equity Europe GrowthEQUITY EUROPE GROWTH
  • 44. © Copyright Allianz Global Investors Europe GmbH 2013DisclaimerInvesting 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 pastperformance 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 theperformance 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 securitiesdescribed 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 notavailable 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, arethose 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 beenindependently 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 grossnegligence 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-annualfinancial 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 inGermany, with its registered office at Bockenheimer Landstrasse 42-44, 60323 Frankfurt/Main, Germany, authorized by Bundesanstalt für Finanzdienstleistung (www.bafin.de). Theduplication, publication, or transmission of the contents, irrespective of the form, is not permitted.44
  • 45. Understand. Act.Thank you