meaning of our investments, the concept of socially responsible investment SRI

is particularly relevant. SRI is sustainable development applied to finance.

It is an investment approach, that consists of systematically mainstreaming

factors linked to environmental social and government's ESG criteria, alongside

financial criteria. When we are considering investing in a company, we

carry out a two-pronged analysis: We look at the financial criteria: profitability,

business models, sector and competitiveness - alongside the ESG

criteria

ESG: E = environmental: we analyze the environmental footprint of companies, for

example, initiatives in areas such as energy saving and the reduction of

pollutant emissions. S = Social: we examine working conditions relationships

with clients and suppliers and human resources management. G = Governance: we

investigate the governance structure to assess if it's transparent and

independent. How the corporate officers are appointed and renewed and

if there is respect for shareholders. As an asset management company,

Allianz Global Investors has been a pioneer in SRI. We have been integrating ESG

factors into our investment decision since 2000. We have a team of dedicated

experts who assist our clients in their investment decisions. We can also count

on the support of our parent company Allianz. We're convinced that the

integration of ESG factors is a key factor in sustainable performance and

helps to reduce the risks of an investment. Integrating ESG factors into

our investment approach helps us to identify risks upstream and better

assess them. Identify long-term investment

opportunities, create value for client portfolios. SRI gives meaning to

investing and this comprehensive approach helps to ensure the sustainable

performance of our investments