* Allianz Trade (formerly known as EULER HERMES), a company of Allianz. A performance of the strategy is not guaranteed, and losses remain possible.

Trade finance investments are designed for professional investors only and may be illiquid in nature.

This is a marketing communication. Please refer to the legal and regulatory documentation of Allianz Working Capital Fund a sub-fund of Allianz Trade Finance Funds SA, open-ended SICAV-RAIF (the “Fund”) before making any final investment decisions.

Investments in the Fund entail a high degree of risk and no assurance can be given that the investment objectives will be achieved or that investors will receive a return on their capital. Please refer to Fund legal documentation for a full description of General and Specific Risk Factors.

Allianz Global Investors may terminate arrangements made for marketing, including by way of de-notification. The Summary of Investor Rights is available in English, French, German, Italian and Spanish at https://regulatory.allianzgi.com/en/investors-rights.

Investing involves risks. The value of an investment and the income associated with it can go down as well as up. Investors may not get back the full amount invested. Past performance does not predict future results. If the currency in which the past performance is displayed differs from the currency of the country in which the investor is resident, the investor should be aware that the performance shown may be higher or lower due to exchange rate fluctuations if converted into investor’s local currency.

The views and opinions expressed herein, which are subject to change without notice, are the views and opinions of the issuer and / or affiliates at the time of publication. The data used come from various sources and are believed to be correct and reliable at the time of publication. The terms and conditions of all underlying offers or contracts that have been or will be made or concluded take precedence. This document does not contain any statements about the suitability of the investments described here for the individual circumstances of a recipient.

For investors in the European Economic Area (EEA) & United Kingdom

For a free copy of the Fund legal and regulatory documentation, and/ or further information, contact Allianz Global Investors GmbH, either electronically or by mail at the given address. Please read these documents, which are solely binding, carefully before investing. This is a marketing communication 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). Allianz Global Investors GmbH has established branches in the United Kingdom, France, Italy, Spain, Luxembourg, Sweden, Belgium and the Netherlands. Contact details and information on the local regulation are available here (www.allianzgi.com/Info).

For investors in Switzerland

For a free copy of the offering memorandum, subscription documents and the latest annual report of the fund contact [the Swiss representative and paying agent BNP Paribas Securities Services, Paris, Zurich branch, Selnaustrasse 16, CH-8002 Zürich - only for Swiss HNWI although opted-out as professional investors] or the issuer either electronically or by mail at the given address. Please read these documents carefully before investing. This is a marketing communication issued by Allianz Global Investors (Schweiz) AG, a 100% subsidiary of Allianz Global Investors GmbH.

February 2022 - AdMaster 2028597