Allianz global invetors citywire 2

Understand. Act.

Allianz German

Equity

For Fund Distributors and Professional

Investors only

Matthias Born

May 2013

© Copyright Allianz Global Investors Europe GmbH 2013

Contents

1. Allianz German Equity – Investment Process

2. Stock Examples

3. CONCENTRA – Performance and Profile

4. Appendix

2


1

Allianz German Equity – Investment Process

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DAX (Auction) CONCENTRA (closing prices)

10 Years of Successful Growth Oriented Investing

in the German Equity Market

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Germany strategy - 10 years of outperformance managed by Matthias Born

Source: Allianz Global Investors as at April 2013. **Allianz Wachstum Deutschland benchmark: S&P Germany LargeMidCap Growth. CONCENTRA benchmark: DAX 30 (Auction).

Past performance is not a reliable indicator of future results.

Wachstum Deutschland CONCENTRA


CONCENTRA Performance

Performance rolling three years starting each month-

end since 31.12.2007. First value period ending at

31.12.2010.

We assume a holding period of three years as a likely

mid-term period, an investor would plan for this product.

CONCENTRA is a fund with a broadly identical investment

objective as Allianz German Equity and whose assets are

also managed by Allianz Global Investors Europe GmbH.

CONCENTRA is a an open-ended investment trust

organized under the laws of Germany and was launched on

26.03.1956. This does not imply that Allianz German Equity

will enjoy similar performance in the future.

5

Matthias Born has been delivering outperformance since he took over the fund management

responsibility

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DAX (Auction)

Rolling 3-year performance since 31.12.2007 (as at 31.03.2013)

Source: Pico, IDS. 31.03.2013. Matthias Born has been responsible for Concentra since 31.12.2007. Data gross of fees; calculation at the net asset value (BVI method) based on the assumption that

distributions are reinvested and excludes initial charges. Individual costs such as fees, commissions and other charges have not been taken into consideration and would have a negative impact on the

performance if they were included. Past performance is no reliable indicator of future performance.


Allianz German Equity - Investment Philosophy Growth throughout the whole market cycle

6

Companies which grow their earnings and cash flows above average are able to create shareholder

value

CP = Market Capitalization

Pure bottom-up stock-picking approach

German All Cap Universe (max. 20% stocks of small and

mid cap companies)

Always fully invested

Concentrated portfolio (“high conviction”)

Longer-term investment horizon low turnover

Benchmark agnostic

Additionally: derivatives overlay

We believe that share prices are

medium to long-term driven by growth

of earnings and cash flows,

and that markets are often inefficient

in valuing growth businesses.

Structural growth investing aims to

generate consistent outperformance

beyond business cycles.


Allianz German Equity

A clear investment philosophy

Growth It is often supported by a secular growth driver.

This can be based on technological and managerial

leadership or on a structural trend in a specific market. The

momentum of earnings growth is crucial. We try to identify

theses growth prospects at an early state.

Quality can be derived from excellent market positioning

and outstanding business models. It is a function

independent from style. The quality of a company is

measured by the level of the ROE and the stability of

earnings growth over time. We invest in such quality stocks

and try to pick them when market ignores these quality

aspects.

Valuation is dependent on the profitability and growth of a

company. Additionally, the ability of a company to generate

stable returns is important, so the sector, but also the

business model itself is crucial for valuation. We look at

valuation multiples vs. market and peers in the context of

their history and their achievable growth rates and returns.

We try to identify these stocks, where the valuation is not

reflecting the quality of a business or where the market is

wrong in terms of growth and/or return assumptions.

7

Growth

Valuation Quality

© Copyright Allianz Global Investors Europe GmbH 2013 8

Quality and Growth Aspects are Often Linked The virtuous circle of growth and returns

Competitive companies generate high growth on the back of cash flows and investments

Source: Datastream, Goldman Sachs Research estimates October 2012. Design by Allianz Global Investors Europe GmbH 2012. Note: CROCI (Cash Returns on Cash Invested) does not include financial

sector. CAGR = Compound annual growth rate. 2011-14E, by industry positioning quartile. Circle: Allianz Global Investors Europe GmbH 2012. Past performance is not a reliable indicator of future results.

Ability to invest in growth

10.6%

8.3%

7.0%

5.5%

19.1%

12.6%

11.1%10.3%

0%

5%

10%

15%

20%

25%

Q1 Q2 Q3 Q4

Sales CAGR Average CROCI

European industry positioning quartiles (ex financials) of CROCI 2011-2014(expected) and their CAGR


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


Allianz German Equity – Investment Process Focused on stock selection

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

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

of a company

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


Allianz German Equity Return on equity and earnings growth

11

Return on equity and earnings growth at a moderate price

Source: Allianz Global Investors Europe GmbH, IDS GmbH, February 2013. Historical analysis based on CONCENTRA. This is for guidance only and not indicative of future allocation.

FCF Yield (I) (r. Sc.)

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0629

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0731

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0831

2012

0928

2012

1031

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1130

2012

1231

2013

0131

FCF Yield (I) (r. Sc.) Rtn on Equity Earnings Growth P/E (r. Sc.)

© Copyright Allianz Global Investors Europe GmbH 2013 12

Source: Goldman Sachs, as at February 2013

Majority of our holdings generate >40% of export outside Western Europe

Allianz German Equity – Global Exposure of Our Holdings Percentage of export outside Western Europe

> 70%

> 60%

> 50%

> 40%

Bayer (Health Care)

Fresenius (Health Care)

Symrise (Materials)

Richemont (Consumer Discretionary)

Adidas (Consumer Discretionary)

Lanxess (Materials)

MTU (Industrials)

HWA (Consumer Discretionary)

Henkel (Consumer Staples)

Do & Co (Consumer Discretionary)

BASF (Materials)

Hugo Boss (Consumer Discretionary)

Merck (Health Care)

SAP (Information Technology)

Fuchs Petrolub (Materials)

Fresenius (Health Care)

Linde (Materials)

Siemens (Industrials)

BMW (Consumer Discretionary)

Beiersdorf (Consumer Staples)

Software AG (Information Technology)

Lenzing (Materials)

Norma Group (Industrials)

Rational (Industrials)

Deutsche Post (Industrials)

Hannover Rueck (Financials)

SIKA (Materials)

GEA (Industrials)

Bilfinger (Industrials)

Pfeiffer Vacuum (Industrials)

Allianz (Financials)

MAN (Industrials)

Munich Re (Financials)

Draegerwerk (Health Care)

Continental (Consumer

Discretionary)


Stock Examples

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13


Investment Example - Henkel Focus on margins, top-line growth and net working capital

14

Everyday home and personal care products (Persil, Syoss) and adhesives (Loctite)

Success due to high quality and speed to market. The shared services strategy adds value

Henkel is gaining market share, in particular in emerging markets. It is a fierce competitor in Western

Europe

Source: Allianz Global Investors Europe GmbH, proprietary Research, company data, Datastream, December 2012. 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.

8.1%

3.9%

3.8%

7.9%

-0.1%

5.1%

2.8%

3.6%

Emerging Markets

Latin America

North America

Eastern Europe

Western Europe

Laundry and home care

Cosmetics / toiletries

Adhesive technologies

Organic sales growth by region and business sector Q3/2012 vs Q3/2011



Henkel: Everyday Home and Personal Care Products High speed to market and shared services strategy

15

Henkel strategy: stable and above average growth on the back of strong brands

Source: Henkel company data, growth rates: Q3 2012 versus Q3 2011. Sales split Q3 2011. Design: Allianz Global Investors Europe GmbH 2012. 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.

Adhesive Technologies:

Organic sales growth 3.6

Innovation rate > 25%

Laundry and Home Care:


Innovation rate ~ 40%

Cosmetics and Toiletries:


Innovation rate > 40%

ORGANIC SALES GROWTH

Q2/2012 vs Q2/2011: 4.0%

Adhesive Technologies;

50%

Cosmetics / Toiletries; 22%

Laundry & Home Care;

27%

Corporate; 1%

Sales Split by Business Sector


Henkel: Everyday Home and Personal Care Products Resilient growth in all regions

16

Henkel’s growth benefits from a strong position in emerging markets

Source: Henkel company data Q3 2011 and Q2 2012. Design: Allianz Global Investors Europe GmbH 2012. *as of 2008, EBIT margin adjusted for one-time charges/gains and restructuring charges. 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.

Emerging Markets; 43%

Japan /Australia/ New

Zealand; 3%

Western Europe; 36%

North America; 17%

Corporate; 1%

Sales Split by Region Q3 2011


Henkel: Catalyst For Investment – Management Change

17

Henkel: considerable

outperformance since we

bought our first position.

Catalyst: management change

at Henkel.

New management at Henkel: focus on margins and organic growth of core brands

Source: Proprietary research, Wilshire, IDS GmbH, Allianz Global Investors Europe, October 2012. Past performance is no reliable indicator of future performance. 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. All data series are relative series.

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31.05.2009 30/09/2009 29/01/2010 31/05/2010 30/09/2010 31/01/2011 31/05/2011 30/09/2011 31/01/2012 31/05/2012 28/09/2012

Henkel perfomance Portfolio performance

DAX performance Henkel Portfolio Weight % (right axis)

6/2009first Henkel position

Spring 2010addition to Henkel position

10/2012Core holding Henkel: ~ 5%

2/2010Inhouse analyst vote upt to 4


Investment Case For Henkel – Input from GrassrootsSM Research Study: Henkel’s hair retail brands in Germany

“Tough and often price-driven competition, specifically in the hair colour and hair care

segments…”

Slightly more than three-fourths expect market share for Henkel’s retail hair styling products to

increase on average in H1 2012. Growth driver: Taft due to successful TV commercials with

Heidi Klum.

Most expect market share for Henkel’s retail hair color products to be stable or increase in

H1 2012; growth drivers: Brilliance (by far on top), Poly Palette Sensual Colors.

Slightly more than half expect market share for Henkel/Schwarzkopf retail hair care products to be

stable in first half 2012 - growth driver Schauma/Glemo.

Sources interviewed: 30 store managers and beauty category buyers at large drug stores and

supermarkets in Germany

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“When comparing all three different Henkel/Schwarzkopf hair segments

in the market, on average, the hair styling segment has the most

promising market share outlook, followed by hair colour and hair care.”

The GrassrootsSM Research study confirms the competitiveness of Henkel in Germany

Source: 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.


Draegerwerk AG – Medical and Safety Equipment Structural growth driven by innovation in medical and regulation in safety

19

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 U.S 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.

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.


Proprietary Research on Draegerwerk by Dr Patrick Fuchs

“Dräger is mainly active in Medical devices and sells ventilation and

anesthesia systems to hospitals, i.e. in the area of hospital capex. These

systems are necessary for surgeries and in intensive care, so in developed

markets it is a regular item for replacement that can be postponed only short-

term. Initiate GrassrootsSM Research on Hospital Capex

In emerging markets the division benefits from investments in healthcare

infrastructure.

In Anesthesia, Draeger is one of the global duopolists, in Ventilation one of

three major players in an oligopoly.

Draeger is a niche player in medical monitoring with 9% global market share

Draeger is global no. 1 in the competitive safety market with 26% market

share in gas detection and 13% in respiratory protection.

PE 2013 of 9.5x means a 40% discount to hospital capex peers, we believe

just a discount of 20% is justified (lower growth/governance issue).

20

Findings by Dr Patrick Fuchs, Senior Research Analyst - European Healthcare

Since 2008 at AGI Europe

Source: Allianz Global Investors Europe GmbH, proprietary research, April 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.

Draeger; 40%

4%

General Electric;

41%

Mindray; 2%

13%

Draeger; 33%

Getinge; 29%

Covidien; 24%

Others; 14%

Anesthesia and Ventilation Markets

Anesthesia Venitlation


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

investment plans were largely unchanged, interviewees confirmed Dräger’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.”

GrassrootsSM Research on Draegerwerk AG

21

Source: 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.


Draegerwerk – Fundamentals of Sustaining Growth

22

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


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


Investment Example - Fuchs Petrolub – Lubricants and Greases Leading independent player, customer proximity, speed, flexibility

23

A high return company at relatively low valuation metric and upward pressure on cash returns

Fuchs is expecting 4-5% organic sales growth. Strong regional mix

Fuchs Petrolub offers advantages over major oil companies. Fuchs is a full-line supplier. Innovations,

customized products and highly appreciated level of service

Source: Allianz Global Investors Europe GmbH, proprietary research, company data, Datastream, December 2012. 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. CFROI = Cash Flow Return on Investments (debt-adjusted)

22.9%

15.6%

17.6%18.7%

24.3%

20.2%21.6%

25.9%26.7%

0%

50%

100%

150%

200%

250%

300%

350%

0%

5%

10%

15%

20%

25%

30%

2003 2004 2005 2006 2007 2008 2009 2010 2011

CFROI (debt-adj., on PPE&WC), %; left axis

Capex/Deprecation (PPE), %; right axis

387408

424

467

509488

457

567

612

0

100

200

300

400

500

600

700

2003 2004 2005 2006 2007 2008 2009 2010 2011

EU

Rm

Gross Profit Trend: 6% CAGR



Investment case for Fuchs Petrolub – in-house analysis Dr Christian Schlimm covers the stock among chemicals

“This 16% operating return company is trading at around 8x P/CF, operating in attractive growth

markets and looks relatively cheap compared to some European high quality names.”

“An attractive set of businesses, highly cash generative and with a rock solid balance sheet.”

“Competitive position: 9th largest lubricants company worldwide with more than 10,000 different

products. Barriers to enter include technical service and know-how. Limited threat of substitution,

as electric mobility ramp up is behind schedule (20% of sales to auto OEM). Historically, strong

growth and return track record.

“Management are expecting organic sales growth to reach 4-5%/year over the medium-term.

Fuchs succeeds in penetrating niches in ocean gear lubricants (cement industry) and mining

specialties (fire resistant hydraulic fluids for coal mining, metalworking fluids or corrosion

preventatives.”

24

This year, Christian Schlimm upgraded Fuchs Petrolub to a 4-vote. Convincing returns, low

valuation metrics and upward potential for cash flows are reasons.

Dr Christian Schlimm is top-voted financial analyst, awarded rank 2 among chemicals analysts in

Europe

Source: Allianz Global Investors Europe GmbH, proprietary research, October 2012. Thomson-Reuters Extel Survey for the ranking. 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.

Dr Christian Schlimm

Senior Research Analyst -

European Chemicals &

Paper since 2004 at

AllianzGI Europe


3

CONCENTRA – Performance and Profile

25


CONCENTRA Performance closing prices gross of fees as at 31.03.2013

26

Source: Pico, IDS, 31.03.2013. Past performance is no reliable indicator of future performance. All performance data in respect of Allianz German Equity until its launch date (22.10.2012) relates to

another fund with a broadly identical investment objective and whose assets are also managed by Allianz Global Investors Europe GmbH, namely CONCENTRA. The latter, which is a an open-ended

investment trust organized under the laws of Germany was launched on 26.03.1956. This does not imply that Allianz German Equity] will enjoy similar performance in the future. Data gross of fees;

calculation at the net asset value (BVI method) based on the assumption that distributions are reinvested and excludes initial charges. Individual costs such as fees, commissions and other charges have

not been taken into consideration and would have a negative impact on the performance if they were included.

26

2,81

6,07

22,27

13,57

15,87

10,14

15,97

8,56

1,38

2,83

12,91

5,42

8,41

3,84

12,48

6,74

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. Since31.12.1993

ann.

Fund Index

Performance History

Concentra A EUR

Performance up to

31.03.2013Fund Index

Active

Return

1 Month 2,81 1,38 1,43

3 Months 6,07 2,83 3,24

1 Year 22,27 12,91 9,36

2 Years ann. 13,57 5,42 8,15

3 Years ann. 15,87 8,41 7,46

5 Years ann. 10,14 3,84 6,30

10 Years ann. 15,97 12,48 3,49

Since 31.12.1993 ann. 8,56 6,74 1,82

Closing Prices Gross of Fees, IDS

DAX (Auction)


CONCENTRA Performance closing prices gross of fees as at 31.03.2013

27

Source: Pico, IDS, 31.03.2013. Past performance is no reliable indicator of future performance.. All performance data in respect of Allianz German Equity until its launch date (22.10.2012) relates to

another fund with a broadly identical investment objective and whose assets are also managed by Allianz Global Investors Europe GmbH, namely CONCENTRA. The latter, which is a an open-ended

investment trust organized under the laws of Germany was launched on 26.03.1956. This does not imply that Allianz German Equity will enjoy similar performance in the future. Data gross of fees;

calculation at the net asset value (BVI method) based on the assumption that distributions are reinvested and excludes initial charges. Individual costs such as fees, commissions and other charges have

not been taken into consideration and would have a negative impact on the performance if they were included.

27

Performance History

Concentra A EUR

Performance up to

31.03.2013Fund Index

Active

Return

Year to date 6,07 2,83 3,24

YEAR 2012 37,97 29,91 8,06

YEAR 2011 -9,70 -15,18 5,48

YEAR 2010 22,49 16,10 6,39

YEAR 2009 38,03 24,58 13,45

YEAR 2008 -41,30 -40,65 -0,65

YEAR 2007 20,56 21,87 -1,31

Closing Prices Gross of Fees, IDS

DAX (Auction)

6,07

37,97

-9,70

22,49

38,03

-41,30

20,56

2,83

29,91

-15,18

16,10

24,58

-40,65

21,87

-50,00

-40,00

-30,00

-20,00

-10,00

0,00

10,00

20,00

30,00

40,00

50,00

Year to date YEAR 2012 YEAR 2011 YEAR 2010 YEAR 2009 YEAR 2008 YEAR 2007

Fund Index


CONCENTRA Performance attribution 12 months to 31.03.2013

28

*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. Past performance is no reliable indicator of future performance.

Source: Wilshire, IDS GmbH, 31.03.2013. All performance data in respect of Allianz German Equity until its launch date (22.10.2012) relates to another fund with a broadly identical investment objective

and whose assets are also managed by Allianz Global Investors Europe GmbH, namely CONCENTRA. The latter, which is a an open-ended investment trust organized under the laws of Germany was

launched on 26.03.1956. This does not imply that Allianz German Equity will enjoy similar performance in the future.

28

Total Total

Port Bmk Diff Return Port Bmk Diff Return

1,3% 5,0% -3,6% -1,8% 1,1% 1,1% 0,0% -23,1%

0,0% 4,8% -4,7% -0,2% 5,1% 9,8% -4,8% 15,3%

2,4% 0,0% 2,4% 59,9% 2,3% 0,4% 1,9% -9,4%

0,2% 6,1% -5,9% -1,2% 0,0% 0,9% -0,9% 49,2%

4,9% 1,7% 3,1% 38,6% 0,8% 1,0% -0,2% 8,7%

0,0% 2,6% -2,6% -14,0% 0,5% 0,0% 0,5% -17,0%

0,0% 1,0% -1,0% -39,6% 0,1% 1,0% -0,9% 34,5%

2,4% 0,0% 2,4% 37,4% 0,8% 0,0% 0,8% 1,6%

0,0% 4,2% -4,2% -0,8% 2,6% 2,2% 0,4% 30,4%

4,2% 2,2% 2,0% 40,5% 0,5% 0,9% -0,5% 24,7%

15,4% 27,6% -12,2% — 13,9% 17,3% -3,4% —

Total Total

Port Bmk Diff Return Port Bmk Diff Return

4,9% 1,7% 3,1% 38,6% 0,2% 6,1% -5,9% -1,2%

2,4% 0,0% 2,4% 59,9% 5,1% 9,8% -4,8% 15,3%

2,4% 0,0% 2,4% 37,4% 0,0% 4,8% -4,7% -0,2%

4,2% 2,2% 2,0% 40,5% 0,0% 4,2% -4,2% -0,8%

2,3% 0,4% 1,9% -9,4% 1,3% 5,0% -3,6% -1,8%

1,9% 0,0% 1,9% 6,5% 0,6% 3,5% -2,9% 12,8%

1,6% 0,0% 1,6% 20,9% 0,0% 2,6% -2,6% -14,0%

4,8% 3,2% 1,6% 36,4% 0,0% 1,0% -1,0% -39,6%

9,6% 8,0% 1,6% 22,2% 0,0% 0,9% -0,9% 49,2%

1,9% 0,6% 1,3% 34,5% 0,5% 1,4% -0,9% -14,0%

36,0% 16,1% 19,8% — 7,7% 39,2% -31,5% —

Positive Active Contributors Negative Active Contributors

Overweighted Overweighted

Adidas Ag

Subtotal

44 bp

Subtotal

44

32 537 bp

Gea Group Ag

Beiersdorf Ag

50 bp

927 bp

92 bp*Daimler Ag

Henkel Ag&Co. Kgaa

Commerzbank Ag

United Internet Ag

699 bpUnderweighted Underweighted

Deutsche Telekom Ag

1236 bp

Average Weight

(% of Total)

Performance

102 bp

*Heidelbergcement Ag

Lenzing Ag

Worst

Infineon Technologies A

Siemens Ag

*E.On Se

54 bp

187 bp

170 bp

Rwe Ag

*Deutsche Bank Ag

Fuchs Petrolub Ag

73 bp

83 bp

35 bp Commerzbank Ag

*E.On Se

Name Name

(% of Total) Active

Contribution

Overweights Underweights

18 bp Deutsche Lufthansa Ag

44 bp Deutsche Telekom Ag

-32 bp

-10 bp *Volkswagen Ag

Muenchener Rueckversich

United Internet Ag 54 bp

Name

BestActive Contributors (% of Total)Active

Contribution

PerformanceAverage Weight

Lanxess Ag

Average Weight

*K&S Ag

Deutsche Lufthansa Ag

74 bp

Name

12

Adidas Ag

-6 bp

Lanxess Ag

74 bp

Henkel Ag&Co. Kgaa 83 bp *Daimler Ag

*Deutsche Bank Ag

Fuchs Petrolub Ag 102 bp Siemens Ag -40 bp

50 bp

Bilfinger Se 6 bp Rwe Ag

187 bp

Hugo Boss Ag

92 bp

Performance

-17 bp

-141 bp

-325 bp

73 bp

170 bp

(% of Total) Active

Contribution

-251 bp

-12 bp

-183 bp14

Average Weight

8

22

Active

Contribution

-30 bp

-19 bp

-14 bp

-32 bp

-57 bp

-40 bp

-15 bp

-17 bp

571 bp

Continental Ag 38 bp

-30 bpSap Ag

1 bp

Subtotal Subtotal

Deutsche Boerse Ag

336 bp

Active Contributors

Deutsche Post Ag

Biggest BiggestPerformance


CONCENTRA Sector allocation

29

Source: Wilshire, IDS GmbH, 31.03.2013. Sector allocation versus DAX 30 (Auction). This is for guidance only and not indicative of future allocation.

29

GICS Sector %PF Weight %BM Weight Delta

Information Technology 13.29 9.43 3.86

Consumer Staples 6.19 3.00 3.19

Materials 20.03 16.91 3.12

Health Care 17.43 14.45 2.98

Industrials 12.93 13.31 -0.38

Financials 15.28 16.77 -1.49

Consumer Discretionary 14.84 16.59 -1.75

Telecom Services 0.00 3.59 -3.59

Utilities 0.00 5.95 -5.95

Market Cap Split %PF Weight %BM Weight

3bn <= MarketCap 90.03 100.00

1bn <= MarketCap < 3bn 5.02 0.00

MarketCap < 1bn 4.95 0.00

Sector Allocation

Relative Sector Allocation

3.86

3.19

3.12

2.98

-0.38

-1.49

-1.75

-3.59

-5.95

-8 -6 -4 -2 0 2 4 6

Information Technology

Consumer Staples

Materials

Health Care

Industrials

Financials

Consumer Discretionary

Telecom Services

Utilities


CONCENTRA Positions

30

Source: Wilshire, IDS, 31.03.2013. Versus DAX 30 (Auction). Sector allocation versus DAX 30 (Auction). 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. This is no recommendation or solicitation to buy or sell any particular security.

30

Top 10 Holdings %PF Weight %BM Weight %Overweight

BAYER AG 10,20 9,85 0,35

SAP AG 10,01 8,46 1,55

ALLIANZ SE 9,31 7,11 2,20

BASF SE 9,23 9,29 -0,06

HENKEL AG&CO. KGAA 5,09 1,94 3,15

LINDE AG 5,06 3,98 1,08

MUENCHENER RUECKVERSICH 4,88 3,44 1,44

SIEMENS AG 3,94 9,88 -5,94

DEUTSCHE POST AG 3,89 2,40 1,49

CONTINENTAL AG 3,32 1,38 1,93

Top 10 Overweights %PF Weight %BM Weight %Overweight

HENKEL AG&CO. KGAA 5,09 1,94 3,15

UNITED INTERNET AG 2,87 0,00 2,87

FUCHS PETROLUB AG 2,81 0,00 2,81

ALLIANZ SE 9,31 7,11 2,20

HUGO BOSS AG 2,07 0,00 2,07

CONTINENTAL AG 3,32 1,38 1,93

SAP AG 10,01 8,46 1,55

DEUTSCHE POST AG 3,89 2,40 1,49

MUENCHENER RUECKVERSICH 4,88 3,44 1,44

DRAEGERWERK AG & CO KGA(*M*) 1,35 0,00 1,35


CONCENTRA Tracking error and contributors to TE

31

Source: IDS, Wilshire, 28.02.2013. Concentra versus DAX 30 (Auction Sector allocation versus DAX 30 (Auction). 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. This is no recommendation or solicitation to buy or sell any particular security.

Top 10 Contributors to the Tracking Error Port BM CTE

Daimler Ag 0,00% 6,20% 29,07%

(CTE = contribution to TE) Deutsche Bank Ag 0,00% 4,18% 24,88%

Siemens Ag 3,93% 9,88% 17,18%

E.On Se 0,00% 3,84% 15,39%

Volkswagen Ag 0,00% 3,30% 13,96%

Deutsche Telekom Ag 0,00% 3,59% 8,80%

Rwe Ag 0,00% 2,11% 7,25%

Heidelbergcement Ag 0,00% 1,17% 4,37%

Commerzbank Ag 0,00% 0,74% 4,35%

Thyssenkrupp Ag 0,00% 0,90% 3,74%

Tracking Error ex ante* (in bps annualized) 345 [346]


Appendix

4

32


Biography Matthias Born

33

Facts

Name Matthias Born

Designation/Division SeniorPortfolio 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 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

Academic Qualification

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

Business Administration)

© Copyright Allianz Global Investors Europe GmbH 2013 34 34

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.

Concentra is an open-ended investment trust organized under the laws of Germany. The volatility of the fund unit prices may be 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.

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any securities. The products or securities described herein may not be available for sale in all jurisdictions or to certain categories of investors.

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investment opportunities described herein do not take into account the specific investment objectives, financial situation, knowledge,

experience or specific needs of any particular person and are not guaranteed. The views and opinions expressed herein, which are subject to

change without notice, are those of the issuer and/or its affiliated companies at the time of publication. The data used is derived from various

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The conditions of any underlying offer or contract that may have been, or will be, made or concluded, shall prevail.

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