AllianzGI Exclusion Policy

Investment funds issued and managed by Allianz Global Investors (AllianzGI) that fall under the AllianzGI Exclusion Policy will prevent from investments in undesirable business activities. Undesirable business activities specifically include certain controversial weapons and certain issuers involved in coal. The concrete exclusion criteria for such business activities are set out below.

Exclusions Criteria

Controversial Weapons

Issuers involved in the following controversial weapons are excluded:

• Anti-personnel mines,
• Cluster munitions,
• Biological weapons,
• Chemical weapons,
• Nuclear weapons outside of the Non-proliferation Treaty (NPT), and
• Depleted Uranium weapons.

Coal

Issuers meeting the following criteria are excluded:

• Companies that derive more than 30% of their revenue from thermal coal extraction,
• Companies where more than 30% of their electricity production is based on coal.

Exemptions will be considered for issuers which (1) breach these thresholds by 5%-points or less or (2) which breach the 30% threshold for electricity production by more than 5%- points and electricity production creates less than 10% of total revenues of the issuer, and which have a credible decarbonization business strategy, and for which a viable engagement case is made and enacted. Such exemptions are subject to approval by Allianz Global Investors’ Sustainable Investing Working Group and must be re-evaluated on at least an annual basis.

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This material is issued by Allianz Global Investors GmbH, www.allianzgi.com, an investment company with limited liability, incorporated in Germany, with its registered office at Bockenheimer Landstrasse 42-44, 60323 Frankfurt/M, registered with the local court Frankfurt/M under HRB 9340, authorised by Bundesanstalt für Finanzdienstleistungsaufsicht (www.bafin.de). The duplication, publication, or transmission of the contents, irrespective of the form, is not permitted.

Allianz Global Investors, October 2021