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28 July 2010

First actively managed UK-domiciled Brazil OEIC gets FSA approval Fixed Price Offer Period from 30 September to 6 October 2010** Zero Initial Charge to 31 October 2010* Allianz Global Investors announces that the highly anticipated Allianz RCM Brazil Fund has received FSA approval and will launch on 7 October 2010. There will be a fixed price offer period for just eight days starting from 30 September at £1 per share with zero initial charges applying until 29 October. The Fund will be predominantly invested in Brazilian companies but up to 30% may be invested in other Latin American and international companies that generate a significant proportion of their sales and earnings in Brazil. Michael Konstantinov, CIO of Global Emerging Markets for RCM comments: “Brazil is in the enviable position of having so many positive factors in place from both an economic and investment perspective; a strong, fast growing economy, a stable government, a large, young population with increasing affluence, huge commodity resources and a well developed equity market that allows investors to access these opportunities. Brazil is best known for its huge commodity resources – iron ore, oil and agriculture and there will be plenty of great investment opportunities in these areas. However, we will also be focusing the portfolio on companies that are benefiting from increasing domestic affluence. The combination of rising wages and the increasing availability and take up of credit is creating thousands of new consumers which in turn is providing some superb opportunities for local Brazilian companies in sectors such as financial services, health care, retailing and education. In terms of valuations, we believe that now is a good time to be adding Brazil to a diversified portfolio. Earnings growth estimates for 2011 for Brazilian companies are amongst the highest in the world at 26%*, whilst the market is currently trading on a modest P/E of 8.6*, based on 2011 earnings estimates. In my view, now is a good time to invest.” Nick Smith, a Managing Director of Allianz Global Investors Europe comments: “We have been really pleased by the response to the news of our intention to launch the UK’s first ever actively managed Brazil Oeic. Allianz Global Investors has a strong emerging markets team and following the success of the Allianz RCM BRIC Stars Fund, we are confident that this will be one of our flagship funds going forward.” *Source: Bloomberg as at 27.07.2010 - ENDS -

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