AllianzGI Stewardship Statement Managing conflicts of interest in relation to stewardship As a fiduciary to our clients, we have a duty at AllianzGI how and whether to engage with issuers or vote proxies to act in our clients’ long-term best interests, and to never to our investment platform which is intentionally put the firm in a position where its own interests conflict insulated from our other business functions to ensure with its duty to its clients, or where its duty to one client that such decisions are based solely on the interests of results in an irreconcilable conflict with its duty to other our clients. clients. AllianzGI has a regulatory duty to manage conflicts of interests fairly, both between itself and its 3. A llianzGI may from time to time have clients that clients and between different clients. Stewardship of our advocate a voting position with respect to a proxy vote clients’ assets requires diligence in monitoring and on a company that we view to be inconsistent with the identifying potential conflicts of interest, whether they long-term best interests of other clients. To this end, are internal or external in nature. AllianzGI has created a clear separation between the proxy voting and the client relationship functions. To ensure proper stewardship in our clients’ best interests, AllianzGI has implemented Global Corporate Governance 4. W e may invest in a company that is also a significant Guidelines (documents: allianzgi.com), policies and distributor of our products. procedures, and employee training designed to prevent perceived or actual conflicts of interest from constituting or Other potential conflicts of interest include: giving rise to a material risk of damage to the interests of – A n investee company that is also a client our clients. Examples of potential conflicts include (but are – A n investee company where a director, officer or not limited to): employee of AllianzGI is also a director of that company 1. A llianzGI is owned by Allianz SE, a global insurance and We have a dedicated governance structure and a set of financial group whose interests and views on particular policies and processes in place for managing conflicts of matters may not always align with those AllianzGI interest in proxy voting and engagement. An overview of considers best for our clients. To address the potential this is provided below. conflicts that could arise based on our relationship with our parent company, AllianzGI has imposed strict Governance controls and information barriers designed to insulate our decision-making process from improper influence AllianzGI is managed and overseen by the Executive and to ensure that we are able to carry out our Committee (ExCo). With respect to all investment matters, investment decisions and stewardship activities in a the responsibility for ensuring our approach is designed to manner consistent with the interests of our clients. meet our obligations to our clients rests with the Investment Executive Committee (IEC), comprised of the firm’s senior 2. T he core business of AllianzGI is investment investment leadership. The Compliance and Risk management - managing money and assets for our Management functions provide further governance clients. Where a clients’ fund holds securities in a sponsor oversight by regularly evaluating our processes and company, a perceived conflict of interest may arise if we reviewing decisions to ensure that we have taken exercised the proxy vote or engaged in topics on behalf appropriate actions. of our client which may impact our own commercial interests or arrangements. This potential conflict will be The structure and business of AllianzGI are further mitigated by ceding the ultimate decision making on described at: https://www.allianzgi.com/en/our-firm. 6