1. Investing in the Long-Term Drivers of Economic and Financial Performance - Infrastructure and Private Markets at AGI

Amid current market volatility, maintaining a long-term perspective is crucial for investors seeking success, especially in Private Markets and Infrastructure, where significant opportunities abound.

That's why we at AllianzGI started investing in private markets almost 30 years ago and are now one of the leading players in various segments of private markets:

• At Allianz Global Investors, we have been investing in infrastructure since 2008. Since then, we've made more than 250 investments across 6 continents and have an experienced team with a proven track record and strong sourcing capabilities.
• AllianzGI has helped shape the market and continues to do so as we expect to see many more investment opportunities in infrastructure. From data centers to solar farms, we have invested in a wide range of projects designed to make today's infrastructure fit for tomorrow.
• With over 50 billion euros in assets under management across our infrastructure platform, we are one of the leading players in the market.
• From debt to equity and from direct to indirect strategies, we can offer the full range of private market solutions, allowing our clients to invest alongside the Allianz Group.¹
• A few powerful examples:
  • Allianz Private Equity Co-Investment (APECO), which offers direct private equity exposure by co-investing in private equity (PE) companies alongside leading fund managers from Allianz's portfolio of primary funds.
  • Allianz Private Debt Secondaries Fund II, which allows investors to benefit from the full breadth and scale of our platform, providing a strong competitive advantage in this highly attractive asset class.
  • Allianz Core Private Markets Fund, which offers investors direct participation in a private markets program that has been built and nurtured over nearly 30 years, delivering market-leading diversification and returns. The innovative structure offers quarterly liquidity, simplified trading through major platforms and none of the typical drawbacks of private market investing.
  • Transforming Infrastructure | Allianz Global Investors or Market Updates

2. Learn more about our Best Styles strategies. A solid option for core equity exposure

AllianzGI's Best Styles is a core equity investment strategy based on the belief that investment styles offer risk premia that can be harvested in a disciplined and systematic way.

• To achieve stable and positive performance, we focus on trend-following stocks, attractively valued stocks and quality stocks, and leverage advanced technologies such as AI.
• The disciplined and consistent Best Styles approach has proven to be an excellent way to navigate different market scenarios thanks to it's dynamic and effectively diversified mix of investment styles in the portfolios.
  Link to Best Styles Cheat Sheet
• For 2025, we plan to maintain a well-diversified portfolio and invest in different areas depending on the economic environment. For more detailed answers on how we have been able to achieve such a stable and positive performance and how we intend to position ourselves for 2025, please watch the following short interview with Dr. Michael Heldmann, CIO Systematic Equity Strategy at AllianzGI - Watch Video: AGI LEssentiel Gestion 4 Allianz Best Styles Europe_ST on Vimeo

3. US Investment Grade: Seek Quality in Times of Uncertainty

• We believe the US investment grade market continues to offer a good entry point for long-term investors. Market fundamentals remain stable, driven by improving earnings, positive rating trends and continued management discipline.
• Risks we are monitoring include slower macro and earnings growth, rising geopolitical tensions, and uncertainty around the timing and prioritization of policy changes from the Trump administration.
• Our solution? Allianz US Investment Grade Credit:
  • The fund invests primarily in investment-grade corporate bonds in the US bond market, with a strong focus on fundamental bottom-up issuer analysis.
  • This focus on quality is one of the reasons why Anil Katarya's team has been able to run one of the most consistent and successful US IG strategies in the market over many years.
  • o Allianz US Investment Grade Credit: Allianz US Investment Grade Credit - IT - USD

4. Allianz India Equity - Why is it so exciting?

• India has historically demonstrated robust economic growth and is forecast to maintain high growth rates over the next five years. With its resilient financial framework, geopolitical stability and resilience to global shocks, the Indian equity market is exciting.
• We should compare India more to the US than to other emerging markets. If you want to know why, read our "10 reasons why Indian equities won't go the way of other emerging markets".
• Our solution? Click here “Allianz India Equity”

¹ IPE Real Assets Ranking 2024

Important information.

Allianz Global Investors and Voya Investment Management entered into a long-term strategic partnership on 25 July 2022, upon which the investment team transferred to Voya Investment Management. This did not materially change the composition of the team, the investment philosophy nor the investment process. Management Company: [Allianz Global Investors GmbH (or the name of other AGI entity)]. Delegated Manager: Voya Investment Management Co. LLC (“Voya IM”).

For professional investors only, strictly private and confidential solely for the intended recipient.

Private Equity investments are highly illiquid and designed for professional investors pursuing a long-term investment strategy only.
This document is not a contractually binding document or an information document required by any legislative provision, and is not sufficient to take an investment decision. This is a marketing communication. Please refer to the legal and regulatory documentation of Allianz Private Equity Co-Investment Fund (the “Fund”) before making any final investment decisions.

Target return assumptions may be based on the investment team’s experience with predecessor funds, market participants and other stakeholders of the industry. Actual returns from an investment in the portfolio over any given time horizon may vary significantly from the target return assumptions. Future performance is subject to taxation which depends on the personal situation of each investor and which may change in the future.

To the extent we express any prognoses or expectations in this document or to make any forward-looking statements, these statements may involve risks. Investments in the Fund entail a high degree of risk and no assurance can be given that the investment objectives will be achieved or that investors will receive a return on their capital. Please refer to Fund legal documentation for a full description of General and Specific Risk Factors.

Actual results and developments may therefore differ materially from the expectations and assumptions made. On our part, there is no obligation to update target return assumptions and forward-looking statements presented herein.

Allianz Capital Partners may terminate arrangements made for marketing, including by way of de-notification. The Summary of Investor Rights is available in English, French, German, Italian and Spanish at https://regulatory.allianzgi.com/en/investors-rights.

Investing involves risk. The value of an investment and the income associated with it can go down as well as up. Investors may not get back the full amount invested. 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 is resident, the investor should be aware that the performance shown may be higher or lower due to exchange rate fluctuations when it enters the local currency of the investor is converted. The views and opinions expressed herein, which are subject to change without notice, are the views and opinions of the issuer and / or affiliates at the time of publication. The data used come from various sources and are believed to be correct and reliable at the time o publication. The terms and conditions of all underlying offers or contracts that have been or will be made or concluded take precedence. This document does not contain any statements about the suitability of the investments described here for the individual circumstances of a recipient.

For investors in Switzerland

For a free copy of the offering memorandum, subscription documents and the latest annual report of the fund contact [the Swiss representative and paying agent BNP Paribas Securities Services, Paris, Zurich branch, Selnaustrasse 16, CH-8002 Zürich5] or the issuer either electronically or by mail at the given address. Please read these documents carefully before investing. This is a marketing communication issued by Allianz Global Investors (Schweiz) AG, a 100% subsidiary of Allianz Global Investors GmbH.

Investing involves risk. The value of an investment and the income from it may fall as well as rise and investors might not get back the full amount invested. Investing in fixed income instruments 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 positions with respect to short-term fixed income instruments) are generally expected to decline. Conversely, during periods of declining interest rates, the values of these instruments are generally expected to rise. Liquidity risk may possibly delay or prevent account withdrawals or redemptions. The volatility of fund unit/share prices may be increased or even strongly increased. Past performance does not predict future returns. 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. This is for information only and not to be construed as a solicitation or an invitation to make an offer, to conclude a contract, or to buy or sell any securities. The products or securities described herein may not be available for sale in all jurisdictions or to certain categories of investors. This is for distribution only as permitted by applicable law and in particular not available to residents and/or nationals of the USA. The investment opportunities described herein do not take into account the specific investment objectives, financial situation, knowledge, experience or specific needs of any particular person and are not guaranteed. The Management Company may decide to terminate the arrangements made for the marketing of its collective investment undertakings in accordance with applicable de-notification regulation. The views and opinions expressed herein, which are subject to change without notice, are those of the issuer companies at the time of publication. The data used is derived from various sources, and assumed to be correct and reliable at the time of publication. The conditions of any underlying offer or contract that may have been, or will be, made or concluded, shall prevail. For a free copy of the sales prospectus, incorporation documents, daily fund prices, Key Information Document, latest annual and semi-annual financial reports, contact [the Swiss funds’ representative and paying agent BNP Paribas Securities Services, Paris, Zurich branch, Selnaustrasse 16, CH-8002 Zürich - for Swiss retail investors only] or the issuer either electronically or by mail at the given address. Please read these documents, which are solely binding, carefully before investing. This is a marketing communication issued by Allianz Global Investors (Schweiz) AG, a 100% subsidiary of Allianz Global Investors GmbH. The Summary of Investor Rights is available in English, French, German, Italian and Spanish at https://regulatory.allianzgi.com/en/investors-rights. The duplication, publication, or transmission of the contents, irrespective of the form, is not permitted; except for the case of explicit permission by Allianz Global Investors GmbH. Private Equity investments are highly illiquid and designed for professional investors pursuing a long-term investment strategy only. This is a marketing communication. Please refer to the information document of the AIF before making any final investment decisions.

05/2025 Admaster #4450764