• Invests primarily in Asian high yield USD-denominated credits, including non-rated credits

• Attractive yield opportunities amidst global low interest rates environment

• Active, dynamic approach to risk management

Q4 2017 Issue

Allianz Dynamic Asian High YieldBondRiding on the dynamism of the Asian high yield bond markets

Why invest in Allianz Dynamic Asian High Yield Bond (the “Fund”)?• Despite globally low interest rates, Asian high yield bonds are still providing investors with an

avenue to enjoy attractive yield opportunities.• The Fund aims to invest in bonds issued by dynamic, fast-growing Asian companies identified

through fundamental credit research. At the same time, the Fund is being actively managed against potential macro risks.

Allianz Dynamic Asian High Yield Bond

3. Invest in bonds issued by dynamic, fast-growing Asian companies

• Asian high yield bonds are issued by dynamic, fast-growing companies in Asia. Whilst Asia is not immune from the slowing global growth environment, Asian economies continue to have the highest growth rates in the world.

• Decent economic growth rates combined with an environment of generally ample liquidity (due to quantitative easing in Japan and Europe and accommodative monetary policies in Asia) provides a constructive backdrop for these companies. Source: IMF World Economic Outlook (WEO) Update, as at July 2017. *ASEAN-5

includes Indonesia, Malaysia, Philippines, Thailand and Vietnam. Past performance, or any predication, projection or forecast, is not indicative of future performance.

IMF Projections for World Output: Asia vs Other Regions (%)

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

US Euro Area Japan Latin America

Emerging Europe

MENA Emerging Asia

China India ASEAN-5*

2015 2016 2017F

2.1 1.9 1.3 1.0

3.5 2.6

6.5 6.7 7.2

5.1

2. Asian default rates expected to remain relatively lower compared to other emerging market regions

• Asian high yield default rate remains moderate at about 1.83% .

• We expect to see some rise in defaults in 2017 due to the overall weaker macro environment, however a sharp rise in defaults is not our base case as Asian corporates still have decent access to funding.

Source: BofAML, as at 31 July 2017. Past performance, or any predication, projection or forecast, is not indicative of future performance.

High Yield Default Rates by Region (%), 2007-2017

EM HY LATAM EMEA ASIA US

0

4

8

12

16

20

Jan-14Jan-13Jan-12Jan-11Jan-10Jan-09Jan-08Jan-07 Jan-17Jan-16Jan-15

Source: Bloomberg, Allianz Global Investors, as at 29 September 2017. Asian USD High Yield is represented by the J.P. Morgan Asia Credit Index (JACI) –Non-Investment Grade. The above is for illustrative purposes only and is not a recommendation or advice to buy or sell. Past performance, or any predication, projection or forecast, is not indicative of future returns.

1. Attractive yield opportunities

• While interest rates globally remain low, Asian USD high yield bonds as an asset class, as represented by J.P. Morgan Asia Credit Index (JACI) – Non-Investment Grade, are offering yields of around 6% as at 29 September 2017.

• Yields for this asset class have historically averaged around 5-8% and are generally more attractive when compared to other developed markets.

Asian USD High Yield Bonds: Yield-to-Maturity (%)

0

2

4

6

8

10

12

14

Sep-06 Jun-07 Mar-08 Dec-08 Sep-09 Jun10 Mar-11 Dec-11 Sep-12 Jun-13 Mar-14 Dec-14 Sep-15 Jun-16 Mar-17

Yield to Maturity (%)

Sep-17

Fund Features

Potential monthly payout1

• The Fund aims to provide long-term capital appreciation and income.

Allianz Dynamic Asian High Yield Bond AMg (USD) Dis. –Projected dividend per share for the first half of the Fund’s financial year 2017/2018+

13 Oct 2017 14 Nov 2017 14 Dec 2017(record date)

12 Jan 2018 14 Feb 2018 14 Mar 2018

USD 0.06000per unit

PAID

USD 0.06000per unit

USD 0.06000per unit

USD 0.06000per unit

USD 0.06000per unit

USD 0.06000per unit

Available Share Classes Class AMg(USD) Dis.

Class AMg(SGD) Dis.

Class AMg(H2-AUD) Dis.

Class AMg(H2-EUR) Dis.

Class AMg(H2-GBP) Dis.

Class AMg(H2-RMB) Dis.

Class AMg(H2-SGD) Dis.

Monthly Dividend Per Share USD 0.06000 SGD 0.06000 AUD 0.06833 EUR 0.04333 GBP 0.05167 RMB 0.08083 SGD 0.05583

The projected level of monthly dividend is intended to cover the first half of the financial year of the Allianz Global Investors Fund, from October 2017 to March 2018. Currency hedged share classes (as denoted by the prefix “H2-”) may be subject to shorter term changes, subject to foreign exchange implied interest rate movements.+ Actual review period and projected monthly payout covering period are subject to change without prior notice.

Well-resourced, Asia-based investment team

• Over the past three years, the team has won a string of awards that recognize the performance of the strategies under management. Some of these awards include:

Awarding Organisation Award NameThe Asset Triple A Investor and Fund Management Awards2

Long-only Fixed Income Fund Manager of the Year 2017 – David Tan

Asia Asset Management Best of the Best Awards3 CIO of the Year in Singapore 2016 – David Tan

Benchmark Fund of the Year Singapore4 Manager of the Year – Asia Fixed Income – Outstanding Achiever, 2016 – Mark Tay

Asset Benchmark Research Award5 Top Investment House in Asian Local Currency Bonds, 2016

Asset Benchmark Research Award6 Most Astute Investor in Asian Local Currency Bonds, 2016 and 2017 – Yew Jiayi

Investment involves risks. Past performance of the fund manager(s) is not indicative of future performance. A ranking, a rating or an award provides no indicator for future performance and is not constant over time.

• The Fund can actively use tactical strategies to reduce potential downside risks including allocation to cash, investment grade bonds or using derivatives to hedge.

Fundamental credit selection

Source: Allianz Global Investors. The above is for illustrative purposes only and is not a recommendation or advice to buy or sell. There is no guarantee that these investment strategies and processes will be effective under all market conditions and investors should evaluate their ability to invest for the long term based on their individual risk profile, especially during periods of downturn in the market.

Capture attractive yield opportunities whilst activelymanaging drawdowns

Credit riskhedging

Interest rate riskhedging

Asian USD IG credits(30% max)

CNH Credits(20%)

Asian USD HighYield Credits

(70% min)

Macro analysis of rates and riskenvironment

Top-down tactical hedging decision

US Treasury futures and CDS

High conviction credit portfolioMaximise yield generationRelative value opportunities in AsianInvestment Grade/ CNH bondsBottom-up credit selection

Credit Rating Allocation (%)

B 45.8

BB 29.8

Not Rated 16.5

Others -0.3Liquidity 6.3

Allianz Dynamic Asian High Yield Bond

sg.allianzgi.com

Source: All fund data quoted are Allianz Global Investors/IDS GmbH, as at 30 September 2017, unless stated otherwise.1 Dividend payments are applicable for Class AMg Dis (monthly distribution) and for reference only. Yields are not guaranteed, dividend may be

paid effectively out of capital (Class AMg). This may result in an immediate decrease in the NAV per share and may reduce the capital available for the Fund for future investment and capital growth. Positive distribution yield does not imply positive return. For details, please refer to the Fund's distribution policy disclosed in the offering documents.

2 Source: The Asset. The coverage period for the award is 1 January to 31 December 2016. The award recognizes fund managers who have consistently generated exceptional outperformance for his/her/their clients over the past five years, demonstrating superior asset/manager selection and allocation skills. The board of editors will base their decisions on these equally weighted, sources of intelligence: (1) Submissions following the response templates (2) Client feedback as provided through The Asset’s proprietary online survey and confidential teleconferences/meetings with clients.

3 Asia Asset Management Best of the Best Awards 2016 – Source: Asia Asset Management. The award is based on the achievements of a chief investment officer at the country level for the year of 2016.

4 BENCHMARK Fund of the Year Awards 2016 – Performance is based on achievements by the manager over a three-year and five-year performances period, against the benchmark and their peers.

5 The ranking for the top five investment houses in Asian local currency bonds is based on the number of votes, received from the top-rated analysts, economist and strategists, salespeople and traders, for investors in these institutions. The score is also subject to a weighting methodology which is determined by the rating of the individual casting the vote for the investors. Around 280 different institutions across the region including asset managers, insurance companies, banks and securities firms were evaluated to create the 2016 ranking.

6 For each year, over 500 top-rated individuals including analysts, economists and strategists, salespeople and traders in Asian local currency bonds were invited by the Asset Benchmark Research to nominate the ten most Astute investors, based on their knowledge of the credits and markets, trading skill and acumen in making investment decisions. As such the ranking also includes investors who are not included in absolute return or performance assessments. The nominations collected are subject to two weightings: the first according to the rank in the nomination form and the second determined by the rating of the individual casting the vote. The latter is determined according to the annual survey of investors. Based on the nominations received, the top ten Astute Investors with the highest weighted score are ranked by geographic location.

7 The Fund Size quoted includes all share classes of the Fund.8 The All-in-Fee includes the expenses previously called management and administration fees.9 Total Expense Ratio (TER): Total cost (except transaction costs) charged to the Fund during the last financial year expressed as a ratio of the Fund's

average NAV. For share classes that have been incepted for less than one year as at close of the last financial year (please refer to the Inception Date in the Fund Details table), the TER will be annualised. For share classes incepted after the close of the last financial year, the TER will be reflected as N/A.

Information herein is based on sources we believe to be accurate and reliable as at the date it was made. We reserve the right to revise any information herein at any time without notice. No offer or solicitation to buy or sell securities and no investment advice or recommendation is made herein. In making investment decisions, investors should not rely solely on this material but should seek independent professional advice. However, if you choose not to seek professional advice, you should consider the suitability of the product for yourself. Past performance of the fund manager(s) and the fund is not indicative of future performance. Prices of units in the Fund and the income from them, if any, may fall as well as rise and cannot be guaranteed. Distribution payments of the Fund, where applicable, may at the sole discretion of the Manager, be made out of either income and/or net capital gains or capital of the Fund. As a result, it may reduce the Fund’s net asset value. The dividend yields and payouts are not guaranteed and might change depending on the market conditions or at the Manager’s discretion. Investment involves risks including the possible loss of principal amount invested and risks associated with investment in emerging and less developed markets. The Fund may invest in financial derivative instruments and/or structured products and be subject to various risks (including counterparty, liquidity, credit and market risks etc.). Investing in fixed income instruments (if applicable) may expose investors to various risks, including but not limited to creditworthiness, interest rate, liquidity and restricted flexibility risks. Changes to the economic environment and market conditions may affect these risks, resulting in an adverse effect to the value of the investment. During periods of rising nominal interest rates, the values of fixed income instruments (including short positions with respect to fixed income instruments) are generally expected to decline. Conversely, during periods of declining interest rates, the values are generally expected to rise. Liquidity risk may possibly delay or prevent account withdrawals or redemptions. Past performance, or any prediction, projection or forecast, is not indicative of future performance. Investors should read the Prospectus obtainable from Allianz Global Investors Singapore Limited or any of its appointed distributors for further details including the risk factors, before investing. This material has not been reviewed by the Monetary Authority of Singapore (MAS). MAS authorization/recognition is not a recommendation or endorsement. The issuer of this material is Allianz Global Investors Singapore Limited (12 Marina View, #13-02 Asia Square Tower 2, Singapore 018961, Company Registration No. 199907169Z).

Investment hotline: +65 6438 0828

Fund HighlightsTop 10 Holdings

Fund Details Class AMg(USD) Dis.

Class AMg(SGD) Dis.

Class AMg(H2-AUD) Dis.

Class AMg(H2-EUR) Dis.

Class AMg(H2-GBP) Dis.

Class AMg(H2-RMB) Dis.

Class AMg(H2-SGD) Dis.

Class AT(USD) Acc.

Benchmark JP Morgan Asia Credit Index (JACI) Non-Investment GradeFund Manager Mark TayFund Size7 USD 912.58mInitial Fee Up to 5%All-in-Fee8 1.50% p.a.Total Expense Ratio9 1.55% N/A 1.56% 1.55% 1.55% 1.55% 1.57% N/AUnit NAV USD 10.73 SGD 9.64 AUD 10.64 EUR 10.35 GBP 10.65 CNY 10.79 SGD 10.65 USD 10.51Inception Date 25/09/2015 17/10/2016 25/09/2015 11/11/2015 06/10/2015 06/10/2015 06/10/2015 23/01/2017Dividend Frequency1 Monthly Monthly Monthly Monthly Monthly Monthly Monthly N/AISIN Code LU1282649901 LU1492452609 LU1282650156 LU1311290768 LU1282650313 LU1282650230 LU1282650669 LU1543697327 Bloomberg Ticker ADAAMUS LX ALDAHAM LX ADAAH2A LX ALDAAME LX ALDAAMG LX ALDAAMR LX ALDAAMS LX ALDAHAT LX

Average Coupon 7.01%

Effective Duration 3.17 years

Average Credit Quality BB-

Statistics Summary

Sector %

REP OF SRI LANKA REGS F 6.85% 03.11.25 (LK) GOVERNMENT 3.1

MONGOLIA INTL BOND REGS FIX 8.750% 09.03.24 (MN) GOVERNMENT 2.2

STUDIO CITY FINANCE LTD REGS FIX 8.500% 01.12.20 (HK) CONSUMER, CYCLICAL 2.1

KAISA GROUP HOLDINGS LTD FIX 8.500% 30.06.22 (CN) REAL ESTATE 1.9

AGILE GROUP HOLDINGS LTD PERP FIX TO FLOAT 8.250% 18.07.2198 (CN) REAL ESTATE 1.8

CHINA EVERGRANDE GROUP FIX 8.250% 23.03.22 (CN) REAL ESTATE 1.8

CHINA EVERGRANDE GROUP EMTN FIX 9.500% 29.03.24 (CN) REAL ESTATE 1.7

THETA CAPITAL PTE LTD FIX 6.750% 31.10.26 (ID) REAL ESTATE 1.7

RKP OVERSEAS FI 2016 A . PERP FIX 7.950% 17.08.2198 (HK) REAL ESTATE 1.5

BLUE SKYVIEW CO LTD PERP FIX TO FLOAT 7.125% 26.07.2198 (HK) CONSUMER, CYCLICAL 1.4

Total 19.2

BBB 1.0A 0.9