This information is intended solely to report on investment strategies and opportunities identified by Allianz Global Investors. Statements concerning financial market trends are based on current market conditions, which will fluctuate. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities.

Allianz Global Investors Managed Accounts manages the NFJ International Value accounts using a model portfolio developed by the sub-advisor NFJ as a guide. While Allianz Global Investors Managed Accounts generally intends to follow NFJ's recommendations, as the investment manager it has the discretion to accept or reject any investment recommendation and to deviate from the model portfolio. For certain sponsor firm accounts, Allianz Global Investors Managed Accounts provides the sub-advisor's model to an investment adviser affiliate of the sponsor for discretionary implementation.

Individual results may vary as a result of market conditions, trading costs, and other factors which may be unique to each account. Past performance is no guarantee of future results. Individual account holdings will vary depending on the size of an account, cash flows and account restrictions. Portfolio holdings are subject to change daily without notice. At any time an individual account managed in this strategy may or may not include securities held by another portfolio. Consequently, any particular account may have portfolio characteristics and performance that differ from another individual account in this strategy.

Investing in securities entails risk. Investing in non-U.S. securities may entail risk due to foreign economic and political developments; this risk may be enhanced when investing in emerging markets. When investing in value securities, the market may not necessarily have the same value assessment as the manager, and, therefore, the performance of the securities may decline. P/E is a ratio of security price to earnings per share. Typically, an undervalued security is characterized by a low P/E ratio, while an overvalued security is characterized by a high P/E ratio. Diversification does not ensure against loss.

The information presented in this material has been developed internally and/or obtained from sources which Allianz Global Investors Managed Accounts believes to be reliable; however we do not guarantee the accuracy, adequacy or completeness of such information nor do we guarantee the appropriateness of any strategy referred to for any particular investor. The managed account strategies described here are offered by Allianz Global Investors Managed Accounts and are available exclusively through financial professionals. Participation is restricted to accounts with a minimum asset level and may not be suitable for all investors.