Please read this important information before proceeding further. It contains legal and regulatory notices relevant to the information contained on this website.

Please note that all of the Allianz Global Investors investment products referred to on this website are only available to persons normally resident for tax purposes in the United Kingdom of Great Britain and Northern Ireland.

Regulation and Status Disclosure

Allianz Global Investors represents products and services of Allianz Global Investors Europe GmbH, www.allianzglobalinvestors.co.uk. Allianz Global Investors Europe GmbH is a limited liability company incorporated in Germany and registered in England as a branch with branch establishment No 009058 and with its registered office at 199 Bishopsgate, London EC2M 3TY. It is authorised by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and subject to limited regulation by the Financial Conduct Authority (www.fca.org.uk). Details about the extent of our regulation by the Financial Conduct Authority are available from us on request.

Throughout the website Allianz Global Investors Europe GmbH may sometimes be referred to as Allianz Global Investors or AllianzGI.

Please note that the important information set out here does not exclude or restrict any duty or liability to customers of Allianz Global Investors under the Financial Services and Markets Act 2000 or under the Financial Conduct Authority Rules.

You should always bear in mind the following points which are applicable to all Funds:

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. Past performance is not a guide to future performance.

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.

In a building society your money is secure, whereas in a stockmarket-based investment it is exposed to a degree of risk and the value of your investment will fluctuate up and down.

For Fixed Income Funds the running yield gives an indication of the current level of income. The redemption yield gives a more long-term picture, taking into account expected capital repayments as well as income repayments. Both the yield and capital value of the fund can fluctuate and is not guaranteed.

Corporate bonds have a greater risk of default and are therefore less secure than investments in Government Bonds.

Tax assumptions may change if the law changes. The value of tax relief and eligibility to invest in an ISA will depend on individual circumstances.

A person within Allianz Global Investors, its affiliates and their directors may or may not have a position in or with respect to any investments mentioned on this website.

Applications to invest in any product referred to on this site must only be made on the basis of the current documentation relating to the specific investment.

If you are in any doubt about the information contained on this website please call us on 0800 84 84 94 and speak to one of our trained helpline staff or consult a professional financial adviser.

The material contained in this website is directed only at persons or entities in any jurisdiction or country where such access to information contained herein and use thereof is not contrary to local law or regulation. Accordingly, all persons who access this website are required to inform themselves of and to comply with any such restrictions.

Advice

Allianz Global Investors only provides information on our own and other group company products and does not give advice to retail customers based on individual circumstances. Please contact a financial adviser if you need advice.

No Reliance

Although Allianz Global Investors has taken all reasonable care that the information contained within the website is accurate at the time of the publication, no representation or warranty (including liability towards third parties), expressed or implied, is made as to its accuracy, reliability or completeness by Allianz Global Investors or its contractual partners. Information, opinions and estimates and any other contents on this website are provided by Allianz Global Investors for personal use and informational purposes only and are subject to change without notice. Nothing contained on the website constitutes investment, legal, tax or other advice nor is to be relied on in making an investment or other decision. You should obtain relevant and specific professional advice before making any investment decision.

No Warranty

The information and opinions contained on the website are provided without any warranty of any kind, either expressed or implied, to the fullest extent permissible pursuant to applicable law. Allianz Global Investors further assumes no responsibility for, and makes no warranties that, functions contained on the website will be uninterrupted or error-free, that defects will be corrected, or that the website or the servers that make it available will be free of viruses or other harmful components.

Liability Waiver

Under no circumstances, including, but not limited to, negligence, shall Allianz Global Investors be liable for any special or consequential damages that result from the access or use of, or the inability to access or use, the materials at the website.

Cookies

A ‘cookie’ is a piece of information that is saved to your PC by the web server. Confirmation of reading this disclaimer will place a cookie on your PC and it will ease your navigation around the web site by not popping up this disclaimer again during this browser session. This cookie is temporary and will be removed when you close your browser. The cookie is not used for any other reason on this site.

Linked Sites

Some pages on this website contain information maintained by third parties. Although the information is believed to be reliable, Allianz Global Investors does not guarantee the timeliness, accuracy or suitability of such information in any way and anyone who acts on the information does so entirely at their own risk. Allianz Global Investors is not responsible for the content of any links to off-site pages, nor is it responsible for any websites that may contain links to this website. Any such website will not have been reviewed by Allianz Global Investors and Allianz Global Investors shall not be liable for any loss or damage arising from your reliance upon information therein. Following links to any off-site pages or other websites shall be entirely at your own risk.

Copyright

Copyright of this website is owned by Allianz Global Investors Europe GmbH. The copyrights of third parties are reserved. You may download or print a hard copy of individual pages and/or sections of the website, provided that you do not remove any copyright or other proprietary notices. Any downloading or other copying from the website will not transfer title to any software or material to you. You may not reproduce (in whole or part), transmit (by electronic means or otherwise), modify, link or use for any public or commercial purpose the website without the prior permission of Allianz Global Investors.

Nothing on the website shall be construed as granting any license or right to use any image, trademark, service mark or logo. Allianz Global Investors reserves all rights with respect to copyright and trademarks ownership of all material on the website and will enforce such rights to the full extent of applicable law.

Money Laundering

Any transaction involving client money will be covered by statutory and other requirements relating to money laundering including the Proceeds of Crime Act 2002, the Money Laundering Regulations, the Financial Services Authority rules and the Joint Money Laundering Steering Group Guidance Notes, as amended from time to time (jointly “the Money Laundering Requirements”).

© Copyright Allianz Global Investors GmbH 2015

Investing involves risk. The value of an investment and the income from it may fall as well as rise and investors may not get back the full amount invested.

The views and opinions expressed herein, which are subject to change without notice, are those of the issuer and/or its affiliated companies at the time of publication. The data used is derived from various sources, and assumed to be correct and reliable, but it has not been independently verified; its accuracy or completeness is not guaranteed and no liability is assumed for any direct or consequential losses arising from its use, unless caused by gross negligence or wilful misconduct. The conditions of any underlying offer or contract that may have been, or will be, made or concluded, shall prevail.

This is a marketing communication issued by Allianz Global Investors GmbH, www.allianzgi.com, an investment company with limited liability, incorporated in Germany, with its registered office at Bockenheimer Landstrasse 42-44, 60323 Frankfurt/M, Germany, registered with the local court Frankfurt/M under HRB 9340, authorised by Bundesanstalt für Finanzdienstleistungsaufsicht (www.bafin.de). Allianz Global Investors GmbH has established a branch in the United Kingdom, Allianz Global Investors GmbH, UK branch, www.allianzglobalinvestors.co.uk, which is subject to limited regulation by the Financial Conduct Authority (www.fca.org.uk). Details about the extent of our regulation by the Financial Conduct Authority are available from us on request. The duplication, publication, or transmission of the contents, irrespective of the form, is not permitted.