Disclaimer

The materials on the PROJECT M e-zine are based on available sources verified at the time of release. However Allianz Global Investors AG ("Allianz Global Investors") does not warrant the accuracy, reliability or completeness of any information contained in this publication. Neither Allianz Global Investors nor its employees and deputies will take legal responsibility for any errors or omissions.

The PROJECT M e-zine is intended for general information purposes only. None of the information should be interpreted as a solicitation, offer or recommendation of any kind. Certain of the statements contained herein may be statements of future expectations and involve known and unknown risks and uncertainties that may cause actual results, performance or events to differ materially from those expressed or implied in such statements. The company assumes no obligation to update any forward-looking statement. The company assumes no obligation to update any information contained herein.

Terms of Use

General

The PROJECT M e-zine is an information service provided by Allianz Global Investors and subject to the following Terms of Use.

By accessing the PROJECT M website and using their content, you acknowledge and agree that you have read and understood the following terms of use and agree to be bound by them. Do not use the PROJECT M website if you do not agree with these terms of use. As used below, the terms "we", "us" and "our" refer to Allianz Global Investors.

Opinion and Views

Articles published on the PROJECT M website do not necessarily represent the opinion of Allianz Global Investors.

Use of Content

The PROJECT M e-zine is available for information purposes only. The posting of content and access to the e-zine does represent, either explicitly or implicitly, any provision of services or products by us. Information concerning financial products or services (including insurance, asset management and banking) is only available from the relevant Allianz Group companies.

No Offer

No information of the Allianz Global Investors information services should be interpreted as an offer or a solicitation for an offer or as advice on investment, legal, tax or other matters. Where such advice is required, a professional should be consulted.

No Duty to Update

We endeavor to ensure that all content provided is up-to-date. However, we do not warrant that said information is up-to-date, accurate or complete.

Copyright

All content on the PROJECT M e-zine is protected by copyright. All rights to the pages, site content and arrangement are owned by Allianz Global Investors. Content available for download may be used for non-commercial use only. PROJECT M has to be credited.

No Warranty

All content of the Allianz Global Investors information services, including, but not limited to, graphics, text and hyperlinks or references to other sites, is subject to alteration without prior notice and is provided "as is" and without warranty of any kind, express or implied, including, but not limited to, implied warranties of merchantability, fitness for a particular purpose, non-infringement and freedom from computer viruses or other harmful components. We do not warrant the adequacy, accuracy, reliability or completeness of any information of the PROJECT M e-zine and expressly disclaim any liability for errors or omissions therein.

We do not warrant that the functions of the PROJECT M e-zine will be uninterrupted and/or error-free, that defects will be corrected or that the Allianz Knowledge website or the servers that make them available are free from computer viruses or other harmful components.

Disclaimer

We expressly disclaim any liability, whether in contract, tort, strict liability or otherwise, for any direct, indirect, incidental, consequential, punitive or special damages arising out of or in any way connected with your accessing or using or inability to access or use the PROJECT M e-zine or your reliance on its content, or any failure of performance, interruption, defect, delay in transmission, computer viruses or other harmful components, or line or system failure associated with the e-zine, regardless of our knowledge thereof.

Hyperlinked and Referenced Websites

For your convenience certain hyperlinks or referenced websites in the Allianz Knowledge website may take you to third parties' websites, which generally are recognized by their top level domain name. Their content has not been investigated or analyzed by us, and we do not warrant the adequacy, accuracy, reliability or completeness of any information on hyperlinked or referenced websites and expressly disclaim any liability for any and all of their content. By accessing the PROJECT M website, you also agree to abide by the proprietary guidelines applicable to any website accessed or hyperlinked through the PROJECT M e-zine.

Reservation of Rights

We reserve the right to change, modify, add to, or remove portions of these terms of use at any time.

Jurisdiction, Severability

Any action arising out of these terms or this website *shall be litigated in, and only in, courts located in Munich, Germany, and you agree to submit to the exclusive jurisdiction of those courts and further agree that they are a convenient forum for you. In the event that any provision of these terms is held unenforceable, the validity or enforceability of the remaining provisions will not be affected, and the unenforceable provision will be replaced with an enforceable provision that comes close to the intention underlying the unenforceable provision.