Engagement Report 2018

Active is: Being active stewards for clients’ assets

Value. Shared. Engagement Report 2018

At Global Investors, management, performance and value into engagement meetings to ensure we take our responsibility as drivers, and monitoring our the company receives insights from all investments. We also believe that as critical parts of our investment an active steward for our an active manager we are ideally platform. Our investment views are clients’ assets very seriously. positioned to engage in dialogue with influenced by the outcomes of these investee companies and proactively engagements and are linked to the seek to present a viewpoint, request proxy voting process, forming a “Consistent with our change where necessary, and monitor consistent stewardship approach. the results of our engagement. While investment philosophy our reported engagement meetings The Stewardship Statement and approach, we represent a fraction of the total summarizes our approach to proxy number of meetings with companies voting and company engagement and routinely engage in we hold every year, we believe it is explains how we manage conflicts of dialogue with investee important to differentiate between interest that may arise in relation to our normal research and monitoring stewardship activities among others. companies and seek to meetings we undertake as an active We publish a separate Proxy Voting proactively present a manager, and instances where we Report and our comprehensive proxy actively seek to make an impact. The voting disclosures are available on our viewpoint and seek latter are classified and reported as website. change where engagement meetings, although we expect our overall influence and The most common engagement topics necessary.” stewardship is much broader than in 2018 included strategy, capital Eugenia Unanayants-Jackson reflected in the numbers below. management, corporate governance, Global Head of ESG Research business conduct and culture, risk We recognize that our investee management, and environmental and As an active manager, we believe in companies often seek informed views social risks and impacts of businesses high quality research and a deep and input from investors on a wide we invested in. Our preference is to understanding of the businesses we range of issues that can impact their engage investee companies on a invest in. A significant part of our businesses. We are happy to provide confidential basis, but we are prepared research effort focuses on such input where it helps the boards to escalate our engagement activities understanding risks associated with and management of listed companies in a more public way if a company our investments, including those to navigate the increasingly complex does not respond constructively. related to environmental, social and business environment they operate in. governance factors. Our portfolio Our engagements are focused on In addition to direct company managers, fundamental analysts and issues specific to the company we engagements, we participated in ESG analysts hold thousands of engage with, and idiosyncratic risks collaborative engagement initiatives, meetings with listed issuers every year identified in our research process. For aimed at mitigating investment risks, to inform our investment decisions. this reason we also strive to ensure that improving corporate practices and each engagement meeting is seeking greater disclosure of The majority of our meetings with impactful and productive for all information at an industry or market companies are aimed at enhancing participants by bringing respective level. our knowledge of the business, its’ equity, fixed income and ESG teams

2 Overview Stewardship: engagement activities – 2018 overview

Engagement activity by sector Key Highlights 343 Engagements 4% Companies 5% 247 5% 24% Health 21 Markets 5% Utilities Energy Issues 6% Real Estate 482 Consumer Staples 8% Consumer Discretionary 15% Telecoms In 2018, we conducted 343 Materials engagements (+75% compared to 9% Technology 2017) at 247 companies, covering 482 10% 9% issues and 21 markets globally. The geographic distribution of our engagement activities reflects the Engagement activity per topic main markets we invest in and size of individual holdings in those markets. 5% 4% Our 2018 engagement activities 5% Corporate Governance covered 11 industries with Financials, 7% Environmental Risks/Impacts Industrials and Technology accounting Business Conduct & Culture for almost half of our engagements. Strategy & Business Model 7% 48% Capital Management Risk Management Within our engagement activities we 7% Transparency & Disclosure covered a broad range of topics. Social Risks/Impacts Environmental, Social and Governance 8% Other (ESG) related topics accounted for 10% nearly two thirds of our engagement activities, dominated by corporate governance issues. This reflects Engagement per geography AllianzGI’s belief that strong governance practices at investee companies are critical for investment 5% 4% performance and underpin the ability 5% 24% United Kingdom Germany and willingness of the boards and 8% North America management of companies to address Asia other issues of high relevance to the 9% Rest of the World business and investment case, France including environmental and social 17% Spain Italy risks. 11% Switzerland 17% In this report we share some highlights of our engagement activities in 2018. Among these, our engagements on AllianzGI had 343 total engagement activities with 247 companies across 11 different cyber risk and climate change have industries and 21 markets in which 482 topics were covered. The category “Other” been very topical and likely to remain captures: Audit & accounting, Financial performance and Operational performance. AllianzGI The category “Rest of the World” captures: Netherlands, Russia, Ireland, an area of rising importance. Sweden, Belgium, Denmark, Brazil, Czech Republic and Finland. “Asia” contains: Japan, China, Hong Kong, Singapore and Korea. Source: Allianz Global Investors, 2019. For illustrative purposes only.

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and data privacy culture within the company, as well as disclosures to investors and other stakeholders. The intense dialogue with Chief Risk Officers, Chief Information Officers and Chief IT Security Officers unearthed a number of valuable insights. We came to realize that Cyber risk has become part of doing business and absolute risk exposure is of low relevance. As an example, one financial institution told us they were having about 1000 cyber security events – per second. The key therefore is whether and how the company management acknowledges, accepts and manages this risk appropriately. The rising global debate about data privacy regulation and data protection is going hand in hand with the topic of cyber resilience. As a human factor is usually the entry point for major cyber events, the establishment and implementation of robust policies, processes and continuous monitoring Cyber risk: of controls, as well as regular training for employees and contractors, all from vulnerability to resilience reinforced by the tone from the top leadership, become central to creating a robust cyber security and data privacy culture.

In recent years cyber risk has shifted And what are the right metrics and key As a result of our engagements, data from being perceived as an performance indicators (KPIs) to reflect security and cyber risk considerations unfortunate incident for companies the level of risk? With this new tail risk have become a critical part of our and management, to a critical issue on the horizon and in the absence of internal ESG research either as a social and a major risk for both business company disclosures, AllianzGI risk factor (e.g. when related to and investors. What has changed? undertook active dialogue with customer data protection) or as a The number of data breaches and companies on cyber practices and governance risk to reflect how instances of data loss has risen cyber risks via a thematic engagement structure and processes are geared dramatically since 2017. The scale project. We started with investee towards implementation of robust has increased as well from isolated companies in sectors with the highest cyber security measures and ensuring targeted attacks in a small number of cyber risk exposure, such as business continuity in the case of a sectors and with limited financial technology, financials and telecoms/ major event. A focus is on flagging impact to far-reaching attacks internet. The objective of our issuers with a high risk for cyber affecting all sectors and geographies engagements was to understand security, stemming from both exposure which led to major business approaches, policies and practices and management practices, and disruption and meaningful financial pertaining to cyber risk management identifying best practice examples for and reputational impact. in these sectors, assess cyber resilience achieving strong cyber resilience that and preparedness at the company companies can implement. Due to the sensitivity of the issue, it is level, and emphasise to the boards Increasingly we are embedding cyber very difficult for companies to and management that, as an investor, risk considerations in the investment communicate on cyber risk without we have certain expectations in terms cases, and will continue dialogue with jeopardizing their own cyber security. of governance, leadership focus, cyber companies on this topic.

4 Engagement Report 2018 Climate change: a game changer for global business

Whether investors view the issue of climate change as a threat to carbon- intensive industries or as an opportunity to effect positive change ignoring its effects on portfolios increasingly seems like a short- sighted option. Fortunately, there are many ways investors can incorporate climate risk considerations into their strategies.

Some strategies are focusing on reducing portfolio risk exposure by investing in companies that already have low carbon emissions on a relative or absolute basis; others seek to make a positive contribution to the transition towards a low-carbon economy by supporting and encouraging companies with ambitious plans to reduce their CO2 emissions in line with science based encourage better disclosure of the expect a low climate change risk, targets or those that offer products ’s approach to environmental and whether it be from regulatory changes, and services that can enhance the carbon risk management, and to litigation or even technological ability of other industries to reduce ensure it has effective ESG due disruption. Our investee companies are greenhouse gas emissions. The ability diligence process in place. Our particularly receptive to the suggestion to make real world impact, however, engagement found that the company of using SBTI as a low-cost (potentially requires continuing investment on the is at an early stage in terms of cost-saving) risk mitigation exercise, basis of robust risk/return analysis and integration of environmental factors particularly once they hear that Allianz underlines the importance of thinking into credit analysis and pricing have embarked on the same initiative. about climate change issues not in considerations, but there are good terms of “good” or “bad”, but in terms foundations and a solid structure to Furthermore, offering helpful of the best way to effect real change build a more sophisticated approach in 3 suggestions around corporate through transitioning business models the future. governance creates an and operations of companies or entire opportunity for a deeper sectors towards low-carbon economy. In the US, AllianzGI had 20 dialogue on sustainability issues. When 2 separate engagements with engaging with a US agro-chemical Engagement examples: companies related to climate company, for example, we encouraged change in 2018 – 75% of the company to improve the CEO AllianzGI has engaged with these were with energy, materials and remuneration design to make it more 1 an Asian bank with high financial companies. We encouraged conducive to sustainable value exposure to carbon intensive companies to sign up to the Science- creation. This long-term thinking then industries: transport, Based Targets Initiative (SBTI), as the logically led to a discussion on wider manufacturing, and construction organization works closely with sustainability issues such as climate representing together one third of its corporations to help them design and change. We also encouraged them to loan book. With environmental implement decarbonisation targets join the SBTI for climate risk mitigation regulation expected to become tighter that are in line with the common and to start integrating their and constant scrutiny of non- scientific/political aim of keeping sustainability report into the financial governmental organizations (NGO)., warming to within 2°C. Having accounts (integrated reporting) with AllianzGI wanted to understand the completed the target setting exercise reference to SASB and Integrated financial impacts of these factors, to and sticking to it, companies can Reporting Framework.

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challenges with labour relations at some of their operations. Over a period of two years we held regular discussions to understand their labour management approach, the extent of the risk this poses to the company and the potential social and financial impacts. It was important for us, as an investor, that a long-term sustainable solution to maintaining healthy labour relations across all operations is developed by the company. We were pleased that the company managed to negotiate a number of labour agreements, and has overhauled its approach to human capital management and employee engagement programmes. We concluded that social risks to the company have decreased significantly as a result of the company’s new approach.

Due to ongoing concerns and 4 news articles on the welfare Engaging on material risks of workers in emerging and developed markets, we arising from social factors initiated an engagement program with the tobacco industry to investigate the adequacy of the supply chain audit In addition to data privacy issues, of incidents that posed potential process, the controls in place to stop health & safety, labour relations, investment risk. As a result, the human rights abuses, and the financial product safety, and human capital company publicly communicated its incentives provided throughout the management and culture were key plan for immediate action and long- company. While this engagement is engagement topics in 2018. In the term plan for improvement. Several still in its infancy, we believe research and engagement process, months later, our Grassroots® Research commitment to continuing the AllianzGI interacted not only directly report showed that the company had conversation and ongoing scrutiny of with our investee companies, but also significantly improved quality control, the industry typically shunned by other stakeholders, notably trade new safety measures were being sustainable investors will result in real union representatives, and used executed, and the company was change similar to our company independent online reviews to gauge considered above average among top engagements on other issues. employee sentiment and concerns, as developers in terms of construction site well as our in-house Grassroots® safety. Culture is a critical factor for Research to canvass the views of 5 companies across sectors affected stakeholders. We had intensive from an operational 2 engagement with a major perspective, as it ensures the Engagement examples: European airline with regard strategy is implemented in an effective to labour relations risks, way; and from a productivity We engaged a US consumer contributing to the significant shift in perspective, as employees are more 1 staples company on food the management’s position on empowered to take action and satisfy safety and supply chain risks, relations with trade unions with a customer demand. This can lead to seeking evidence of robust noticeable progress being made higher sales growth, lower recruitment management approach and towards normalization of labour issues costs due to a robust talent pipeline for encouraging greater transparency in at this business and reducing related future leaders and a positive their reporting of such risks to investors. investment risks. reputation to the markets. For We engaged a construction company financials, this is specifically relevant as in China on enhancing health and We engaged with a global the downside risk is higher given the safety management and performance 3 diversified miner as intensified regulatory scrutiny the at the construction sites after a number historically they have had industry is subject to. AllianzGI

6 Engagement Report 2018 constantly monitors this theme and engages with companies to have a better understanding of their culture.

Following a press article on 6 alleged cultural issues at a financial company, our portfolio managers asked the ESG team to find out whether potential behavioural and compliance issues could undermine the investment case. AllianzGI conducted several engagements with the company’s General Counsel, HR Director, Inclusion & Diversity Director and Investor Relations to better understand the culture of the firm at critical departments. As part of our discussions, we asked to review specific human capital related data, including the results of the employee engagement survey by department to spot potential deficiencies. We challenged the results provided to us and identified areas of improvement. After our thorough review, we did not Improving governance find evidence of major behavioural and cultural breaches. This very intense structures and practices approach enhanced our investment case as it gave us more confidence in the practices and processes of the In 2018, we engaged with companies composition of the peer group for company. across all our markets on a variety of long-term incentives plan purposes, corporate governance topics. Our which compromised the integrity of continuing focus is on board performance assessment and composition, quality and governance; remuneration outcomes. As a result of succession planning for directors and our engagement, at the annual senior management; independence general meeting (AGM) in 2018, the and expertise of audit committees; firm disclosed full details on targets structures and quantum of executive and performance without the remuneration; shareholder rights; previously customary time lag. The related party transactions; capital company also adjusted its peer group issuance authorities, and other issues. and agreed to provide transparency Our governance engagements are should qualitative judgement be focused on issues that are considered applied to determine pay outcome on material for the companies we invest in the balanced scorecard. Although and identified as a part of our research there is still room for improvement, the or proxy voting activities. remuneration system is more effective now and should better align the Engagement examples: interests of the management with those of shareholders. We started our engagement 1 with an company at We held 39 engagements the beginning of 2018 with 2 with US companies on the equity analyst raising a corporate governance, all of series of concerns regarding executive which included at least some remuneration, includingdelay in discussion of the structure and design disclosure of performance targets; of executive remuneration. The most discretionary power of the common pushback we heard to our Remuneration Committee, and suggested improvements was along

7 Engagement Report 2018 the lines of “but this is what all our Chairman’s private company peers are doing”. We encouraged our commitments would be reduced in Collaborative investee companies to stop 2019 and that the Senior Independent benchmarking themselves against Director would monitor closely the engagements other suboptimal structures and design Chair’s performance. their management incentives to help meet the objectives of their businesses We also engaged with a AllianzGI undertook a number of and contribute to sustained value 5 large international consumer collaborative engagements in 2018. creation. Peer comparisons and staples company whose We particularly value the benchmarking are useful tools but we Chairman we considered engagements facilitated by the UK will raise our concerns when unable to dedicate sufficient time to Investor Forum, where we initiated companies use these in a way that the business during a particularly and joined a number of structurally limits their ambitions and difficult time in the company’s history. collaborative engagements on performance while increasing Through repeated conversations with issues related to business strategy, remuneration for executives thus management and the board, a market communication, resulting in a “peer trap”. collective engagement with other management of social risks and investment managers, and voting for board oversight. We also supported AllianzGI believes that sound change at AGMs over a period of 18 and participated in the Climate 3 corporate governance can months, we achieved considerable 100+ initiative and supported a enhance the investment case success in promoting constructive number of other investor initiatives, and in particular we have succession planning and eventual notably on labour standards, plastics strong views on directors’ ability to change of the chairmanship, resulting and environmental disclosures. dedicate sufficient time and effort to in a much stronger governance the companies they oversee. position for the company. A consistent theme of engagement in 2018 was therefore the level of over- We encouraged a US boarding of directors in a number of 6 company to replace long- markets, notably UK, US, Germany, tenured (non-independent) France and Italy. We found some of directors on the Audit these conversations challenging as Committee with board members that many directors with a large number of have accounting/audit experience and external positions continue to believe expertise. The company was they are able to add value to all the responsive to our concerns and has boards they sit on. However, we see taken steps to improve the some improvements as well. independence and quality of its Audit Committee and the risk profile of the As an example, a new governance structure overall. 4 Chairman of an online retail company held a number of Over a period of two years, private company 7 AllianzGI engaged a French chairmanships and two further board company due to concerns roles in listed companies. We felt that, over their dual, complex and despite valuable expertise and skills, expensive leadership structure. In 2018 the new Chairman would not be able we welcomed changes at the board to dedicate enough time to the and management level that have led business at a crucial juncture. In our to leaner executive structure and engagement with the board, including better checks and balances at the conversations with the Senior Board level. Independent Director and the new Chairman himself, we sought a reduction in external time commitments and an outline of the plan to balance the Chairman’s schedule. We received assurances from the board that a number of the

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Public policy engagements

AllianzGI has been very active in public allow listing of companies with dual for SFC-authorized funds with an policy area in 2018 with a particular class share structures or so called investment focus on climate/ green/ focus on shareholder rights and green weighted voting rights structures on environmental, social, governance or finance. the main boards of the SGX and HKEX. sustainable development factors.

AllianzGI responded to MSCI In the UK, we supported the The European Commission 1 Consultation on the 3 work undertaken by our trade 5 has sent out a strong signal to Treatment of Unequal Voting association to prevent the market on its commitment Structures in the MSCI Equity breaches of the Pre-emption upon publishing the Action Indices, largely supporting the MSCI Guidelines by companies and reinforce Plan on Sustainable Finance. AllianzGI proposals with a couple of nuanced the message on the acceptable size of is one of the 35 members appointed approaches with regard to the non-pre-emptive issuances. We also to the Technical Expert Group which is proposed exceptions and sunset provided a detailed response to the UK advising on details and provisions. Financial Reporting Council’s implementation of the Action Plan. consultation on the Proposed Revisions For AllianzGI, this is an opportunity to We responded to the to the UK Corporate Governance Code actively share value and engage on a 2 consultations by the and the Initial Consultation on the policy level by helping to shape the Singapore (SGX) and Hong Future Direction of UK Stewardship European sustainable finance agenda Kong Stock Exchanges Code. and its current focus on the low- (HKEX) on the proposed Listing carbon transition and alignment with Framework for Dual Class Share Green finance was another important the 2 degree target. This includes Structures and a new Listing Regime area of engagement: building a European taxonomy on for Companies from Emerging and climate mitigation and adaptation, Innovative Sectors respectively. In Hong Kong, AllianzGI building European green bond AllianzGI is not supportive of structures 4 engaged with Securities and standards, setting standards for low- that allow control over publicly listed Futures Commission (SFC) carbon and ESG benchmarks and companies which is disproportionate following the publication of shaping guidelines for corporates on to the economic interests and cash the Strategic Framework for Green better climate risk and opportunity flow rights of investors. In both cases Finance - an initial proposal on the disclosure. we vigorously opposed the proposal to eligibility and disclosure requirements

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3 1. United States Activision Blizzard Inc American Express Co American Water Works Co Inc Ameriprise Financial Inc Anthem Inc Ao Smith Corp Aqua America Inc Bank Of America Corp Boingo Wireless Inc Bright Horizons Family Solutions Inc Caterpillar Inc Cboe Global Markets Inc Celanese Corp 2. United Kingdom Cno Financial Group Inc Accesso Technology Group plc Comcast Corp Anglo American plc Conocophillips Ashmore Group plc Dollar Tree Inc Asos plc Dte Energy Co Auto Trader Group plc Dxc Technology Co Balfour Beatty plc Eagle Pharmaceuticals Inc/de Bhp Group plc Fireeye Inc Bodycote plc General Dynamics Corp Bovis Homes Group plc Hewlett Packard Enterprise Co BP plc Hilltop Holdings Inc BT Group plc Idex Corp Bunzl plc IBM Corp Centrica plc JPMorgan Chase & Co Equiniti Group plc Kansas City Southern Faroe Petroleum plc LabCorp Firstgroup plc Marathon Oil Corp Genus plc McDonald’s Corp Glencore plc McKesson Corp Hammerson plc 3. Germany 4. France Mohawk Industries Inc Ig Group Holdings plc Adidas AG Accor SA Mylan NV Imperial Brands plc Allianz SE Air Liquide SA Netapp Inc Informa plc Axel Springer SE Akka Technologies SE Novocure Ltd Inmarsat plc BASF SE Arcelormittal Nuance Communications Inc Itv plc Bayer AG BNP Paribas SA O’reilly Automotive Inc J Sainsbury plc Bayerische Motoren Werke AG Carrefour SA Owens Corning John Laing Group plc Bechtle AG Coface SA Pdc Energy Inc Kin And Carta plc Covestro AG Covivio Legal & General Group plc Pioneer Natural Resources Co Deutsche Boerse AG Danone SA Lloyds Banking Group plc Raytheon Co Deutsche Lufthansa AG Gecina SA Servicenow Inc Deutsche Pfandbriefbank AG Imerys SA Reckitt Benckiser Group plc Sm Energy Co Deutsche Telekom AG Ingenico Group SA Rightmove plc Splunk Inc Gea Group AG L’Oreal SA RBS plc Tesla Inc Infineon Technologies AG Natixis SA Royal Dutch Shell plc Valero Energy Corp Lanxess AG Orange SA Royal Mail plc Walgreens Boots Alliance Inc Leg Immobilien AG Renault SA Rpc Group plc Xylem Inc/ny Merck KGaA Schneider Electric SE Segro plc Mtu Aero Engines AG Scor SE Senior plc AG Societe Generale SA Severn Trent plc Norma Group SE Teleperformance Sirius Real Estate Ltd Osram Licht AG Unibail-Rodamco-Westfield Sophos Group plc Prosiebensat.1 Media SE Veolia Environnement SA Spectris plc S&T AG Vinci SA Spirax-Sarco Engineering plc SAP SE Worldline SA/France St James’s Place plc Schaeffler AG Sthree plc Scout24 AG Tate & Lyle plc Siemens AG Tp Icap plc Stabilus SA Tullow Oil plc Stroeer SE & Co KGaA Tyman plc Thyssenkrupp AG Unilever plc Tui AG Urban Logistics Reit plc Volkswagen AG Workspace Group plc Vonovia SE Wpp plc Zalando SE

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3 Engagements in other countries

Belgium Aedifica SA Ontex Group NV Warehouses De Pauw Comm Va

Brazil Itau Unibanco Holding SA

Czech Republic Moneta Money Bank As

Denmark Dsv A/s Simcorp A/s

Finland Amer Sports Oyj

Hong Kong China Everbright Greentech Ltd Hong Kong Exchanges & Clearing Ltd Hongkong Land Holdings Ltd Pccw Ltd

Ireland Dalata Hotel Group plc Ifg Group plc 5. Spain 7. Switzerland 8. Japan Ryanair Holdings plc

Acs Baloise Holding AG Daikin Industries Ltd Korea Amadeus It Group SA Cie Financiere Richemont SA Denso Corp Nasmedia Co Ltd BBVA SA Georg Fischer AG Heiwa Real Estate Co Ltd Samsung Electronics Co Ltd Banco Santander SA Givaudan SA Ihi Corp Enagas SA Kardex AG-Reg Itochu Corp Netherlands Iberdrola SA Lafargeholcim Ltd Keyence Corp Liberbank SA Lonza Group AG Mitsubishi Ufj Financial Group Inc Ing Groep NV Merlin Properties Socimi SA Nestle SA Nidec Corp Koninklijke Dsm NV Telefonica SA Partners Group Holding AG Pola Orbis Holdings Inc Oci NV Unicaja Banco SA Siegfried Holding AG Shimizu Corp Unilever NV Vidrala SA Sunrise Communications Group Shionogi & Co Ltd AG Sompo Holdings Inc Russia AG Teijin Ltd Pjsc 6. Italy UBS Group AG Ube Industries Ltd Gazprom Pao der S.p.A. Polymetal International plc Cerved Group S.p.A. 9. China Sberbank Of Russia Pjsc S.p.A. Finecobank S.p.A. 3sbio Inc Singapore S.p.A. Alibaba Group Holding Ltd Dbs Group Holdings Ltd Leonardo S.p.A. China Everbright International Ltd United Overseas Bank Ltd China Overseas Land & Invest Venture Corp Ltd Prysmian S.p.A. Country Garden Holdings Co Ltd S.p.A. Qingling Motors Co Ltd-H Sweden Unipol Gruppo S.p.A Sinotrans Shipping Ltd Dustin Group AB Hexpol AB Nordea Bank AB Swedbank AB

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Disclosures

Grassroots® Research is a division of Allianz Global Investors that commissions investigative market research for asset-management professionals. Research data used to generate Grassroots® Research reports are received from independent, third-party contractors who supply research that, subject to applicable laws and regulations, may be paid for by commissions generated by trades executed on behalf of clients. We believe these sources of infor- mation to be reliable and are providing the information in good faith, but in no way warrant the accuracy or completeness of the information. We have no obligation to update, modify or amend this document or to otherwise notify you in the event that any matter set forth in this document changes or subse- quently becomes inaccurate. In addition, information may be available that is not reflected at this time. We accept no liability whatsoever for any direct or consequential loss or damage arising from your use of the information contained in this document. We and our affiliates, officers, employees or clients may effect or have effected transactions for our or their own accounts in the securities mentioned here or in any related investments. The information pro- vided in this document is provided for informational purposes only and shall not be considered investment advice. Any reference to a particular company shall not be considered an offer to sell, the solicitation of an offer to buy or a recommendation to buy, sell, or hold any security issued by such company. No part of this material may be i) copied, photocopied, or duplicated in any form, by any means, or ii) redistributed without prior written consent.

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The views and opinions expressed herein, which are subject to change without notice, are those of the issuer or its affiliated companies at the time of pub- lication. Certain data used are derived from various sources believed to be reliable, but the accuracy or completeness of the data is not guaranteed and no liability is assumed for any direct or consequential losses arising from their use. The duplication, publication, extraction or transmission of the contents, irrespective of the form, is not permitted.

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