Notification of the closure of the Allianz Brazil Fund (the Fund ), a sub-fund of the Company.

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1 27 January 2016 Allianz Global Investors GmbH, UK Branch 199 Bishopsgate London EC2M 3TY Telephone: Dealers: Fax: Web Site: This document is important and requires your immediate attention. If you are in any doubt you should seek advice from an independent professional adviser. Terms used here in capital letters shall bear the same meaning as capitalised terms used in the latest prospectus of Allianz International Investment Funds (the Company ). A copy of the prospectus is available upon request during normal business hours by contacting us on telephone number or via the website Dear Investor, Notification of the closure of the Allianz Brazil Fund (the Fund ), a sub-fund of the Company. - A Shares (Acc) (ISIN GB00B52L0D85) - C Shares (Acc) (ISIN GB00B5M3FQ25) As the Authorised Corporate Director (the ACD ) of the Company we are writing to you with important information about your holding in the Fund. It is with regret that we inform you that the Fund will be closed. It is important that we explain our reasons for closing the Fund, as well as telling you what will happen now and what options are available to you. Reasons for closing the Fund The Fund s assets under management ( AUM ) have reached a critical size of approximately 7.8 million and as such are no longer commercially viable. The Company s instrument of incorporation permits a sub-fund to be closed when a threshold AUM of 10 million is reached. This threshold has been reached several times over the last few months and although we have outperformed the Brazilian market index, the Brazilian market as a whole has performed poorly throughout the life of the Fund. For these reasons, the ACD believes that continuing to operate the Fund at this level of investment would not be economically viable as the Fund is too small to be managed efficiently. We have considered whether it would be appropriate to merge the Fund by way of a scheme of arrangement with another of our funds. However, due to the operational complexity and the high cost that this would have generated, we did not select this option. Having considered all relevant factors, we are therefore of the opinion that it would be in the best interests of the Fund s Shareholders if the Fund were closed. Allianz Global Investors GmbH, UK Branch (Branch established No ) 199 Bishopsgate London EC2M 3TY United Kingdom Phone +44 (0) info@allianz.com Registered ofþce: Frankfurt/Main Register: HRB 9340 Local court: Frankfurt/Main Chairperson of the Supervisory Board: Dr. Christian Finckh Members of the Board: Elizabeth Corley (CEO), Andreas Utermann, Thorsten Heymann, Dr. Markus Kobler, Daniel Lehmann, George McKay, Michael Peters, Dr. Wolfram Peters, Tobias C. Pross Authorised by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and subject to limited regulation by the Financial Conduct Authority. Details about the extent of our regulation by the Financial Conduct Authority are available from us on request. AGI-04/15

2 What will happen now? You are notified that the Fund will be closed on 27 April 2016 (the Closure Date ). From now until the termination, the Fund will continue to be managed and valued in accordance with the prospectus. Subscriptions and transfers into Shares of the Fund have been suspended from the date of this letter, 27 January Any other dealing instructions (redemptions and switches) will continue to be accepted in accordance with the prospectus until 26 April 2016 (the Deadline Date ): 1) Redemption: You may choose to redeem your investment now or any time before the Deadline Date by informing the ACD in the usual manner. Payment will be made directly to your bank if we hold a mandate for you or alternatively by cheque to your registered address. Please note that you will be charged a dilution levy in accordance with the prospectus. 2) Switches: You may choose to switch your holdings into the clean fee C share class of Allianz BRIC Stars Fund free of subscription or switching charges. If you wish to do so, you must complete the form attached or inform the ACD before the Deadline Date. A pre-paid envelope is enclosed for your convenience. Alternatively, you may choose to switch your holdings into any other clean fee C share classes of our OEIC range of funds free of subscription or switching charges. If you wish to do so, you must inform the ACD before the Deadline Date. In either case, you can find details of our full range of funds on our website to help you make your selection. You must read the appropriate fund documentation and information, including the key investor information documents, available on our website before making your Fund choice. If you require further advice you should contact your usual financial adviser. Please note that you will be charged a dilution levy in accordance with the prospectus. 3) Default: If no instruction is received by the Deadline Date, then your proportion of the liquidation proceeds will be paid out to you as described in the paragraph below. Payment will be made directly to your bank if we hold a mandate for you or alternatively by cheque to your registered address. You may therefore redeem your holding in full or switch some or all of your holding to an alternative fund of our OEIC range of funds at any time prior to the Deadline Date in the usual manner. Please note that you will be charged a dilution levy in accordance with the prospectus. If you do not take any action, you will be entitled to receive your proportion of the liquidation proceeds in accordance with the following section Liquidation of the Fund. Please note that if you hold an ISA which is invested in the Fund then you must read the sections entitled ISA Holders and Taxation before making your decision. Liquidation of the Fund Starting from the Closure Date the ACD will arrange for the disposal of the underlying investments held by the Fund. Upon realisation of the Fund property, the liquidation proceeds, less a provision for any remaining liabilities of the Fund, will be available for distribution to Shareholders who remain in the Fund on the Closure Date, in proportion to their respective holdings in the Fund. If you have not already redeemed your investment or switched into another fund then you will be entitled to receive your proportion of the liquidation proceeds. If any income has accrued in the Fund, a final income allocation will also be made. Once the termination of the Fund has been completed, termination accounts will be prepared and audited and will be circulated to Shareholders in accordance with the FCA rules. If any liquidation proceeds remain, a final allocation will be made to Shareholders. However, it is not anticipated that any such proceeds will remain.

3 ISA Holders If you are an ISA holder, you may choose to transfer your ISA to another manager before the Deadline Date. If so, you will need to contact a new ISA manager. You will need to inform the ACD of your decision by the Deadline Date at the latest. Please contact your proposed new ISA manager and carry out all necessary formalities with them. They will then need to contact us before the Deadline Date to arrange the transfer on your behalf. Your ISA wrapper will remain in place. Please note that if you are an ISA holder and you hold the Fund as the sole investment within your ISA, a decision to remain in the Fund until the Closure Date, or to redeem your holding in full before the Deadline Date, will result in the termination of your ISA. Payment will be made directly to your Bank if we hold a mandate for you or alternatively by cheque to your registered address. However, if you choose to switch your holding to another of our funds or to another ISA manager before the Deadline Date your ISA wrapper will remain in place. Regular savers If you are a regular saver, you can also select one or more of our funds into which to allocate your future savings. Such request shall be accepted free of charge. Please notify the ACD should you wish to switch your monthly payment into one or more of our other funds. You will need to inform the ACD of your decision by the Deadline Date. All regular saver collections for the Fund have been suspended since the most recent collection date of 28 December Should you choose to make regular contributions into one or more of our other funds, we will use your existing direct debit mandate to begin collecting your regular savings at the earliest possible opportunity. We will confirm to you the date on which contributions will recommence. There is no requirement to send us a new direct debit mandate. You can find details of our full range of funds on our website to help you make your selection. If you require further advice you should contact your usual financial adviser. Timing 12/01/2016 Permission of FCA received to close the Fund 27/01/2016 Suspension of subscription in the Fund 26/04/2016 Deadline Date suspension of redemptions and switches in the Fund 27/04/2016 Closure Date 04/05/2016 Earliest payment date for payment of liquidation proceeds for remaining investors 30/06/2016 If any income accrues, date of issue of any tax voucher in respect of any final income allocation as appropriate The costs of closing the Fund The ACD will be paying the full cost of the termination The Annual Management Charge will be charged up to the date of closure. Taxation If you are not currently invested in the Fund via an ISA, the closure of the Fund will be deemed a disposal for tax purposes and may result in a capital gains tax liability depending on your individual circumstances.

4 If you are currently invested in the Fund via an ISA, the status of your ISA may be adversely affected by the closure. Should you choose to redeem your holding before the Deadline Date, or remain in the Fund until closure, then you will lose the ISA tax benefits relating to this investment. Please note that if you have other investments within your ISA those investments will continue to be held within your ISA. We recommend that you seek specialist advice from your financial or tax adviser as to the full tax implications of the Fund s termination. Action to be taken Please review the options above that are applicable to your situation. If you are interested in switching your investment into the Allianz BRIC Stars Fund or into one or more of our other funds, and/or if you are a regular saver and you are interested in selecting one or more of our funds in which to invest your future savings: 1) Please see the fund documentation and information, including the relevant key investor information documents, available on our website at and 2) Complete the enclosed form and return it to us using the pre-paid envelope or otherwise inform the ACD before the Deadline Date. Further information If you require any investment advice, we recommend that you contact your usual financial adviser in the first instance. For any dealing instructions you can contact and for any questions about the closure of the Fund, you can contact us on , between the hours of 9 am to 5 pm (UK time), Monday to Friday, excluding public holidays in England. We apologise to you, as a Shareholder, for having to take this course of action. It is our intention to complete the closure of the Fund as quickly as possible and to ensure that all Shareholders are treated fairly. Yours faithfully Allianz Global Investors GmbH, acting by its UK branch Authorised Corporate Director of Allianz International Investment Funds

5 SWITCHING INSTRUCTION FORM Please return the Form in the pre-paid envelope enclosed before 25 April 2016 Shareholder name(s) Account Number Please be informed that Shareholder name(s) and Account Number are mandatory to enable us to process your instruction. Option 1 I/WE HEREBY INSTRUCT YOU TO SWITCH MY INVESTMENTS INTO THE ALLIANZ BRIC STARS FUND : Fund Name Fund Code % Allianz BRIC Stars Fund C (Accumulation) GB00B0WDH832 Option 2 I/WE HEREBY INSTRUCT YOU TO SWITCH MY INVESTMENTS INTO THE C (CLEAN FEE) SHARE CLASS OF THE BELOW FUND(S) OF ALLIANZ GLOBAL INVESTORS OEIC RANGE¹ : Fund Name % ¹ You can find details of our full range of funds on our website to help you make your selection. You must read the appropriate fund documentation and information, including the key investor information documents, available on our website before making your Fund choice. If you require further advice you should contact your usual financial adviser. Further information If you require any investment advice, we recommend that you contact your usual financial adviser in the first instance. For any questions about the closure of the Fund, you can contact us on , between the hours of 9 am to 5 pm (UK time), Monday to Friday, excluding public holidays in England. I/We confirm that I/we have been offered Key Investor Information Document(s) (KIIDs) and the Supplementary Information Document (SID). These are both available at I/We have read these documents including the Risk Factors and understood the Terms of this product. I/We hereby authorise the switch between funds/classes as instructed on this form. Signed.. Date