Important Information on CEF ARPS 

Statements made that look forward in time involve risks and uncertainties and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual future outcomes may differ from the results anticipated in the forward-looking statements. The following factors, among others, could cause actual results to differ materially from forward-looking statements or historical occurrences: (1) the ability of Allianz Global Investors funds that have issued ARPS to develop and finalize fund-by-fund specific proposals to restructure the leverage of such funds; (2) the ability of such Allianz Global Investors funds to negotiate and obtain from third parties the necessary debt facilities and other commitments and agreements necessary for the Allianz Global Investors funds to refinance all or a portion of their leverage at an appropriate cost and on terms and conditions acceptable to the funds and in a timely manner; (3) the ability of such Allianz Global Investors funds to negotiate and obtain from broker-dealers or other financial institutions the demand features necessary to make the ARPS eligible for purchase by money market funds on terms acceptable to the Allianz Global Investors funds and in a timely manner; (4) the acceptance by the market, and demand for, ARPS with a demand feature in amounts sufficient for the Allianz Global Investors funds to attract sufficient investors for the ARPS to avoid future failed auctions; (5) the need to obtain any necessary regulatory approvals to make the ARPS eligible for purchase by money market funds or for the implementation of such Allianz Global Investors funds’ plan to restructure their leverage; and (6) the ability of such Allianz Global Investors funds to structure and create other forms of leverage for their portfolios.