Allianz Global Investors Global Head of Sustainable and Impact Investing 3 Boulevard des Italiens 75002 Paris France www.allianzgi.com/sustainability Investing involves risk. The value of an investment and the income from it will fluctuate and investors may not get back the principal invested. Environmental, Social and Governance (ESG) strategies consider factors beyond traditional financial information to select securities or eliminate exposure which could result in relative investment performance deviating from other strategies or broad market benchmarks. Equities have tended to be volatile, and do not offer a fixed rate of return. Investing in the bond market is subject to risks, including market, interest rate, issuer, credit, inflation risk, and liquidity risk. The value of most bonds and bond strategies are impacted by changes in interest rates. Bond prices will normally decline as interest rates rise. The impact may be greater with longer-duration bonds. Credit risk reflects the issuer’s ability to make timely payments of interest or principal – the lower the rating, the higher the risk of default. "Incorporating alternative investments into a portfolio entails substantial risks and is not suitable for all investors. Investors must be aware that an investment in infrastructure is highly speculative and it is possible to lose your entire investment. Investments in Infrastructure are subject to adverse economic & regulatory risks affecting infrastructure companies. Infrastructure issuers may be subject to regulation by various governmental authorities and may also be affected by governmental regulation of rates charged to customers, operational or other mishaps, tariffs, and changes in tax laws, regulatory policies, and accounting standards. The market for infrastructure investments is highly illiquid, which could prevent the an investor from purchasing or selling these investments at an advantageous time resulting in a loss to the investor. Investing in a limited number of issuers or sectors may increase risk and volatility. Past performance is not indicative of future performance. This is a marketing communication. It is for informational purposes only. This document does not constitute investment advice or a recommendation to buy, sell or hold any security and shall not be deemed an offer to sell or a solicitation of an offer to buy any security. The views and opinions expressed herein, which are subject to change without notice, are those of the issuer or its affiliated companies at the time of publication. 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