Global Business Lines

Allianz Capital Markets Day Global Business Lines

Munich, July 1, 2010 Agenda Appendix Glosary Euler Herms Allianz GobaCorporate&Specity Allianz Re MondialAstnce Globa Automive Globa businenes Disclaimer Financal endar Investor Rlaiocts Wilfried Verstraete Axel Theis Clemens vonWichs RémiGrener KarstenCrede Clement Booth D C E B A F

Global Business Lines Capital Markets Day Munich, July 1, 2010 Agenda A. Globabusinessines 3 2 1 A caseinpont Selcted gobabusinelines Overiew A 2

© Allianz SE 2010 2) 1) § § § § § § § Globa businessli–overw(1) A. Globabusinessines RoAC Average RAC (2005 -2009) Operating profgrowho30% operating profit 34% ofAllianzGrup 15% ofAllianzGrupevues and guidelnes common standard,prduervies Serve ourcustomglbaywihba locay exuted,profinervew Centraly seerdnmanagedopeion, maxiu ofrsk capital(nerlsohmdel ) andlocalsvenyrquim ts RAC= toalfs andlone prtingiswh e risk-adjutcpilis 2009 3 21.7% 2,4 3,4 2009 ofEUR8.3bn 1 1 4) 3) excluding AGI,R AC isEUR6.7bnandRo13 .6% Excluding Autom otive andGlbBrkInie; Return oisk-adjdcapal= normalized pftaftx/vgesk-juc Allianz operatingprofEUR7.2bn Allianz revenuesEUR97.4bn 34% 15% EUR 14.5bn Globa businesses EUR 2.5bn Globa businesses 1 1 A 3

© Allianz SE 2010 2) 1) Globa businessli–overw(2) A. Globabusinessines Virtual companie s; etimadrvnu:EUR3.b n GlobaBrkeIitvndEUR 1.5bnAutomive Fully consolidated;GlobalBrk InitavendAuomincluded busine Globa lines operations functions External Internal EUR 14.5bn Revnues 28% 11% 25% 25% 1% 1% 9% 1 P/C, L/H P/C, L/H P/C Life Health P/C P/C AM P/C Shared ervices AIM Allianz Re Globa BrokerInitave Automive Globa Life Allianz WorldwideCare Mondial Euler Hmes Allianz GlobaIvestors AGCS 2 2 A 4

© Allianz SE 2010 EUR bn Globa businessli–thetranformaonprce ss A. Globabusinessines revnues Total 12.7 Mid-term aspra on: continuereaserbu tion oAlanzresuts Operating 2005 profit 1.9 operating pofit Allianz Group Share in 23% Share ofOP+11%-p OP +EUR567mn Total revenues+EUR1.8bn Transformation prcess revnues 14.5 Total Operating 2009 profit 2.5 operating pofit Allianz Group Share in 34% A 5

© Allianz SE 2010 § § § § § § § § 3) 2) 1) Allianz GlobaIvestor(AGI) A. Globabusinessines Mid-term aspon : CIR<65% Allianz Group supporting ngpeaprofrow th of Operating profgrowh16%p.2002 -2009, 2002 -2009 3rd partyneinflowsEUR293bndur ing last decade PIMCO withousandingcessver outperforming AuM) investmen perforanc(83%/6hareo Excellent fidnomandpevequy sale ndinfratrucureyrges Globa networkensureilizaonofhared key financalmartslloverhwrld Almost 30peraingenecdnhe with EUR1.2nAuM One oftheworld’sargessmanagers End of2009 Curency adjuste d: 10%p.aAuMgrowthn21 p.aoertingfiwth Total AuMincdig3rdpynd AllianzGroupset,ndf2009 3 1 Operating prof(nEURmn) AuM(in EURbn) 78.5% 2002 2002 495 550 707 157 16% 8% 2 2 1,78 62.2% 1,362 1,026 2009 2009 152 1 Fixed ncome Equities CIR CAGR CAGR A 7

© Allianz SE 2010 Allianz WorldwideCe(AC) A. Globabusinessines § § § § § § § Continues oexpand intoewmarkts in recetyars Despit rapdgrowhadyCRof~96% cost andproeumers in-house medcalprofssonaontin Mitgaon ofmedcalnrsk– some largbuinesswins GPW ~EUR240mni2010dueto AWC expctsogrowabovmarkto by 2014 of ~EUR3bnexpectedgrow6bn Attractive markt:xparahealGPW Allianz OEs(aloweconomife) many arketsvihworldcf One centerofmpenwhianaccss indvduals nemerggarkt expatrias worldanohghn- Specialist nureroffernghealhpodu (in EURmn) Operating profit (in thousands) Customers (in EURmn) Revenues +26% +26% 2001 2001 2001 +12 23 28 -3 2009 2009 2009 150 182 9 UK Germany Other EU Rest ofwrld97 5.1 CAGR A 8 38 23 24

© Allianz SE 2010 § § § A. Globabusinessines 1) § § Globa Life to alesdoubw ithn 3years Mid-term oulok:A llianz expectsGPW product shouldcceedinEropeoo propositn aracve,ndulmy the market share.Nonhelss,vaue European VAbusinessveralyg ined Trends: otherhaniheU.SadA a, and adminstraonvlocAllizOEs risk manageent),budecenralzed ales (product evlopment,hedging,acco nting, Set-up: cnralbak-offifuons Freedom festablihn EU mebrsta,pcifdnhuopeDvon ning LfeAssurance -Italy -Germany(sinc 2008/209) -France establihmen bais in threEuropancounrs,onfreedomo Product: VariableAnnuty()busneod Company: AlliazGlobLfetd.(Irnd) (since 2009) (since 2008) 1 : margin 2009: New business 2.6% Operating prof(nEURmn) GPW (inEURmn) 2008 2008 -2 28 +154 +6 2009 2009 182 4 France Italy Germany 115 63 4 A 9

© Allianz SE 2010 § § § § § § 1) Allianz GlobaBrokeIitve A. Globabusinessines Globa BrokerInita tive: 14%growhn2009 -Instiuonalzg bepracce -Comprehensive wonbklath p avoids -Appointmen fglbaccucrdna s for -Centralized eamAlianSEcodne s globa Globa BrokerInitavechments Willis andJLT Globa brokersconitngofAn,Marh, Allianz brokerdistrbuonuts Globa brokershavebuinesswithall … brokers repreent11%… Allianz revues,ofwhicglobal Broker channelontribues~1/3of Aon Corpatin , Marsh&cLennnCompni , WillisGroupJadineLlyTh mpson above marktcoissonsndnup fitabilty each oftheglbabrkers relationshp nduppongenes with grof4%(CAGR2007-009) 1 (GPW inEURbn) Allianz brokerbusine2009 (GPW inEURbn) Allianz gobabrokers 2008 0.3 2.6 2.9 45% +14% 31.3 55% 2009 0.3 2.9 3.3 L/H P/C L/H P/C A 10

© Allianz SE 2010 § § § § 2) 1) RBC allocation § § § Benefits Allianz IvestmentManagm(AM) A. Globabusinessines Liabiltes proceses Cost eficenae-o-h-arnvm insurace ssts Responibl for>EU400bnAllianz Maximzes rk-adjutednvenreurn of Allianz Globa investmanagenfucon Insurance potf lios (P/C,LH)andrptexc luding Banking RBC =iskbae d capital TAA =actilA set Alocain;MS= nager Slctio; ALM =setiabilyngm nt; SA=traegicsllon; for Group/OEs Risk manageent and cotrollingsupport a globsce Proactive nsmenapabilion Group widelvragofnstmenbe st pracice OE AIM (RC)* ALM 1 acros theenireGroup Finacal Cotrol SAA Operations AIM TAA AMS Implent mandte AGI 5)Insurance bu siness (P/C,LH)only 4)Cash ndc sh poolaetnofcuril nding acoutfrEUR4.6b 3)Excluding realestaowu andrealesthdfo Group investmenaof31.1209(pouyear) to operaingprof(EURbn) Contribu ofnvesmreul result 55% Investment Aset allocion Cash 2% (2%) Real estate 8% (9%) Equities 1% (2%) 4 / other 3 2008 4.0 7.3 Total EUR409bn Debt insrumen 89% (87%) 2 2009 5.1 7.2 5 result 72% Investment A 11

© Allianz SE 2010 1) potenial –supporedbygobaITpfom Shared evicsxplothegonaandobal A. Globabusinessines 3 2 1 internaioal hlpl ine cost,avgdr hiving sytemrplacnt More favblxtnals,m inteanc saving,ordufed multipe dvsonnoaharedera Shared ervicesonlidataudby Scope ofsharedervies § § § § Services § § § Operations § § IT Others HR services manageent Corpate eals Purchasing Greenfield ITpatorm Operational pceses Process standizon focusing onSAP(ACAS) IT productsinaly workplace svi(ASIC) Hardwe, softn § § § § Benefits to harmnizaon Ease ofmanageentdue specialzton Bettr svicthankso volumes Discount dueohger services of prcesss,systmand bundling andconsot Reduction ofshroug ASIC Next seps ACAS Cost avingIT § § § § § § § § EUR10mn Aditonal expecfncysavngof Extension offfered rvices Expansion tadon l Allianzenties Furthe conslidaifrs Consolidati faddnalappcons of Cost avidancefSAPmn Furthe savingof 2007 -2009 Achieved until 2012 EUR7mn EUR221mn in 2010 for 2010-2016 EUR 97mn 1 saving from expected A 12

© Allianz SE 2010 Starting po2005 1) corpoate business AGCS A. Globabusinessines § § § § § Allianz GlobCrpte&Sc alty business Allianz corpratebu siness tobemproved Transparency andm anagement conrolhe decentralized busnessmodel Collectin fsvralbaanhee nd a (combined rato) Critcal resuferhe2005hurrane s Fragmented infrasrucure Decentralizd orporabusnssarrers -AMA: -AGR: -AMA -AGR (llianzlobaRisks) Specialty rerforAvondMe the inernaolcrpoebusss(ICB) In-house rgaiztonfAllirepoblr 1 148.5% –restructing ofmndual 99.9% Objectivs forreruurng into aeffcensruure efficnt busnemodel Achiev onstent portfoli strucure U.S andEurope Build aresilient high proftability Set-up ofan Integrate A 14

© Allianz SE 2010 Challenges § § § § 2) 1) EUR bn AGCS –asuccefltrnormtion(1) A. Globabusinessines Attract andeinhebe st alent and interaly Build confidenewthnvsor,bk average tuns produce sutainblfdbov Reduce historalvilyndcy; regional onztfAllian Build globaptfrmabovetheion Includes ubidy repaymntofEUR8A GCS France(2006-2008) AGR +M,exc luding netofGrmacp business andAGRU.S. GPW 2.4 AGCS 2005 Operating profit -0.3 1) Combined 122% 32% 90% ratio ER LR CR -35%-p OP +EUR0.9bn GPW +EUR1.4bn Transformation prcess Actions /ahevments § § § § § Today, AGCSisamagne t foropalent interaly ndx ly. Strongsevicaed Customer andbkfcinav.N rpise cult with anunderng(magn)culno focusntp-line De-mphasiz growthandeglbjcv s andreplac generated divndpymensof~EUR1bn EUR 1.8bnofcumlativeprngsn ce 2006and business ontoAGCSplatfrm.Pcnow closetmpion. Stared in2006omvelGupcp andspecilty GPW 3.8 5% AGCS 2009 Operating profit 0.6 2 Combined 87% 25% 62% ratio A 15 ER LR

© Allianz SE 2010 Status quobeforeAGCSe-up AGCS –asuccefltrnormtion(2) A. Globabusinessines Local OE AGR unit Local OE AGR unit Allianz AGR AMA New AGCSstrucure Branch 1 Branch Branch 2 Allianz AGCS 1 Branch 2 Carrier 1 Branch 3 A 16

© Allianz SE 2010 Starting po2005 reinsuanc atv Allianz Re:mandatdoopiGroup A. Globabusinessines § § § § Allianz Re § § § § Reinsuranc prhase Challenges System inco cy aroslotions Proces ineffenes Organizatonal neffcenes and externalbusiness Unclear mandatfoGoupinal Lack ofdatasndrdizonandquality protecions Lack oftransprenyexurdreiuran Full benefitoGropdvrscaonnoken Group riskapette Standalone OEpurchasingwiouonderaf Objectivs forreruurng Devlop gbarocsssand mechanis likurtzaon Improve Grouprfithgh harmonizat ofsyems Devlop atrnairro Pursue profitablgrowh reinsurance optmzaon external busine opportunies n A 17

© Allianz SE 2010 § § § § § § Challenges /actions 2) 1) EUR bn Allianz Re–succssfltranormtion A. Globabusinessines GPW relationshp ugc ntral CMO Intesify markage ment adcli Reduce numberofbklations and systemglobally Reduce omplxitybngrangses Increase tiofpablbuness and trsacions Enhance traspcyboux central poifvw,basdGusk ite Coordinate OEsuancplmfo Planned tob 15-20%ofentirpli,cuen tly a21% Chief marktoffcer 4.7 Allianz Re2005 Allianz Re2006 NPE 3.2 Operating profit 0.3 1 Combined 96.1% 29.8% 66.3% ratio 1 function ER LR CR -3.7%-p OP +EUR85mn NPE +EUR0.2bn Transformation prcess Achievments § § § § § § § § Introduci fCMO Impleentaion fgba l brokepanel as lternivodnauce Expande scofGruogms,citz ion establihed Globa rganiztndgsysemfsuc ture Increased OEtioaxppa tions ofAllianzRe lead reinsuancmaktowwihfxna l pacemnts Coordinated Goupesclm,f into of Allianz GermanP/Cquot-sharty Lower GPWmainlydvbducshu der thinal Dedicated sregyfo3 rd patybusiness 1 function GPW 4.1 Allianz Re2009 NPEOperating 3.4 2 profit 0.4 Combined 92.4% 25.9% 66.5% ratio A 18 ER LR

© Allianz SE 2010 Key tak-wys A. Globabusinessines Mid-term aspraon:connue ncrease ontribuoAlanzrets Magnet foropalent Right ncenvesymplace Growth inavesbegoufld Globa inesaccoutforhrdoveralloperangproit Signfcant effenyashvedandurherpolxts From locatgobal A 19

Global Automotive Capital Markets Day Munich, July 1, 2010 § § § Highlights 2) 1) Overiw –Automve B. GlobaAutomive Europe opportunies angoude focused nEurpewithrong dealer businesstillheavy Allianz crmanufturerand Allianz tolmrpeiums model accountingfr~11% developed anuniqbusne and dealercopeationsan leveraged carmnufturer Allianz hsuccessfly at Allinz biggest nglelinofbuss Motor insurancebyfahe Estimate GPW asperndof2009 Allianz utomivebyregon Allianz Group–channemixmotor Allianz P/Cbusinemix Total EUR14bn Total EUR42.5bn Total EUR1.5bn RoW Europe Direct Automive Agents, brokec.84% Non-motor Motor 1,2 1 1 37% 63% 11% 67% 33% 5% B 2

© Allianz SE 2010 § § § Highlights almost 50%fwrdwieces Current fooprinoceaonsapng B. GlobaAutomive Source: GlobalA utomive, GlbaInsight 1) dealers dicty car manufaturersandlo Allianz cooperatswihbo Æ Æ Æ Allianz hsuccessflcoopratins customized bunessdel with omhasdevelopdafuy car manufaturersinehe1940 Allianz hsadcooperatiw Based on2008rvnu(GPW) annualy sbuinessoprtunty repsntig ov29mcald in 27countres with 25majornenalcbands New carsoldby…( Structure ofooperains 31% EUR 1.5bn 2009 29 33 69% …Allianz copertionparners …non-coperation parners mnvehicles) Car deler Car manufctuer 1 B 3

© Allianz SE 2010 1) opportunity forwhcAllianzsquelpooned Car manufcteanddloopeions B. GlobaAutomive Point fsale § § § § tigh relaonscarmufur Unique mastryofhbuneode l through cooperationswh EUR~1.5billonpor tfolio Globa exceninarmanuftueranddea estimaed worldwidecargrohf6%p.a. Huge opportuniyfPOS a growthdrivefAllnz Car manufactureranddealeroopeionsre Allianz uniqueposton The opportunity 1 insurace reatedby a newglobline a newstragy to capurehe Automive opportunity Globa = = B 4

© Allianz SE 2010 B. GlobaAutomive GPW (EURbn) German otorinsuranceark drive foAllianznastgnanGrmm rket Car manufcteanddloopeions growth Source: GlobalAutmiv, al Insight,AizVer.GnnualpoBVA 2000 20 CAGR 0% 2009 20 cooperationsGPW (EURmn) Allianz carmanufatureranddeaer Share oftalAllianzmrbookGe any ~430 2000 12% CAGR +4% ~610 2009 19% Example Grany B 5

© Allianz SE 2010 Worldwide carmket–nes(n) Source: GlobalAutmiv, al Insight Others Germany U.S. China creating ahugeopportnyfoAllianz Worldwide gthfcase6%p. B. GlobaAutomive 61.8 2009 35.9 10.3 11.6 4.0 2010e 66.9 14.5 11.7 37.7 3.0 2011e 72.4 16.0 13.6 39.5 3.3 CAGR +6% 2012e 77.6 41.9 15.3 16.9 3.5 2013e 81.9 44.3 16.2 17.8 3.6 2014e 85.2 46.3 16.7 18.6 3.6 2015e 87.7 19.3 47.8 17.0 3.6 globay drivenby Huge opportuniy § § 9% p.a. U.S andChinat key marts,.g Stronger rowhin 6% p.a. of newcarsal Worldwide groth B 6

© Allianz SE 2010 Allianz utomiveorGPWEURn,2009 manufactres ddealrs Globa exclleninsuranthoga B. GlobaAutomive Total Other Spain Italy Hungary Russia Poland Australia Germany ~20 ~30 ~1,500 30 ~40 ~50 ~100 ~200 ~450 ~610 ~1,500 Signfcant poenal § § large carmkets cooperationsbue ounr s with Devlop carmanufatureranddeaer existng cooperaons Grow furtherincounresh Æ Æ car manufaturers at dealerships growth incoju increased penetraonofaral B 7

© Allianz SE 2010 Brands 34 33 32 31 30 29 28 27 26 25 24 23 22 21 20 19 18 17 16 15 14 13 12 11 10 Overiw –automagensldde B. GlobaAutomive 9 8 7 6 5 4 3 2 1 Harley Dvidson Lada Kia Hyundai Subaru Suzki Honda Toyta Ssang Yo Mitsubhi Proton Ford Land Rover Jaguar Ferrari Lancia Alfa Romeo Fiat Citroen Renault Peugeot Chevrolet Saab Opel Mini BMW Mercdes Bentley Lamborghini Bugatti Seat Skoda Audi Volkswagen Number countiesUblaWhLaMrrnyAssance Scope 16 16 15 17 17 17 17 1 1 2 2 1 2 3 2 1 1 1 1 1 1 1 1 1 2 3 4 3 1 1 4 1 1 1 Agremnt x x x Branding x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x Products x x x x x x x x x x x x x x x x x x x x x ------x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x - - - - B 8

© Allianz SE 2010 Key sucfators Mastery ofbuinessmdlkcapuoppo tunity B. GlobaAutomive 3 2 1 tailored ohecar products flly Offer innovatve value chains car manufaturers’ end-to-end i Integrae “key battls” manufacturers’ and supportca Fuly nderstand Allianz strenghs § § § § § § § R&D units Close inktothe e.g. AlianzCenterforTchnoogy of carsandinsurnce Strong all automotiveprocesses Strong (esp. front-end)toruncopeatins Allianz wth model Allianz wthdstnct value fromAianz car brandsin27countries Today, successfulcooperationwth manufacturers icehe1940s Longstandin relationships technical xpertisathecrossng expertis anduderstnding for carmanuactecooperations proprietary ITsystems car manufacturers’ end-to-nd busins at Allianz, with clearadded with car 25 major of Barriers toenry § § § to replicate,e.g. Strong automotiveDNAhrd necessary, e.g. end-to-end busiessmodel Deep-insight todstctve relationshps cooperationsand establish andmaita Time andeffortrequredt -Longstandig likstoc ar -Proprietary research -Automotive andsurce -Operations adIT manufacturers' R&D units capabiltes expertise B 9

© Allianz SE 2010 5 1) § § § B. GlobaAutomive 1 procuement sourcing and Decentral growth makets straegi o Rolout mature kts Straegis fo Internaional rollout Original equipmntaufcer manufactres’ “kybattls” Fuly understandupportheca Manufacturing 4 § § § (OEMs Stabilize sparpaofi Improve custlyaty Maximze grutilon After-sales 5 1 ) Servic delry 4 3 § § § cycle moving Keep newcar/usedar Stabilize rsidualvaue Avoid scunts Sales 3 Adjacent businesses 1 § § Buying power and typeofrlaionship Depth ofvaluecin Relationshp oparner 1 Customers 2 2 § § leadrship and brand Technial platform) on standr (niche play variety product Efficent Product B 10

© Allianz SE 2010 2) 1) B. GlobaAutomive Allianz end-to-endbusinemodeforcaranuaurerooperao nsiurace 2 OEM Customer Captive Dealer Payment proc ion insurance Original equipmntaufcer 1 value chainsandproateyodeuons Integra end-oicmanufs’ warranty, PPI solutin (e.g full mobility Extensive informaton databse Match of dealer’s system Products fing product ange linked toOEM products lely Modular insuance development Product 2 ) Competiv rce (globa presence) relvant lis Expertise nall benefit relaon Superio ce- commerial used car,flt dating newand scheme accoo- Differntiad Pricng/UW understanding ofll automiveprocses Strong auomive expertis and part ofcapuhase buy insurancea Convenienc to support appoach Joint sale process integrad sl incetvs ad Profit-dven plans OEM action flexib supporto customer lya; Improved Sales (scale) operations Eficent exchange informat complexity f ordeing; educd OEM sparet mentsyse and dealer mange- Integraio wih configurator integrad Insurance Ops/IT globa presnce) (volume, quality Claims expert ment claims nge- Optimzaon f level Superio svc -Repair-shop -Spare ts utilizaion Claims B 11

© Allianz SE 2010 BMW 5/Audi6ercedesE Premiu odels 3) 2) 1) B. GlobaAutomive § § § § 3 ? Strong esulinvs.compers Large setofaychnolgies Strong focusnpinessanddyamic Upscale offring Gap insurance overs thdiffencbwn at hecriswondyu owe nthcar Payment proc ion insurance Auto MrSp–il2010 Offer innovatpoducsfullyiloedhear How canisuraepprt a carpremiustr tegy 1 along thevuechin Holistc approach Insurace research nddevl opment units Technology” andth e closlinkthearmanufaurer of carsandiuran ce atAllinz,.g“Crfor Leveraging Alliaz’tchnlxpers athecrosing Operations/clms: e.g driversaftynuancles Sales: linked tosecuriyfeaures Pricng: e.g xtndedwarrany,PPI Product: § § of sameclssrhigher Concierg-sv andplmentar Own hotlineforalisuancepcs additonal feaures: actuaril basforpreredon best inuracovrage, premiu servcwth… 2 , GAP ILLUSTRAIVE 3 B 12

© Allianz SE 2010 1) Globa Automivestragy B. GlobaAutomive Original equipmntaufcer the cargoingbeynd Products ailoedto strong expeiin the echnialrea motr, basedon Misson: Product Pricng UW automive DNAasr-1uplifhecar Globa Autmiverganznwh insurance oltonhwd‘eangOEMs Be thepreeminglobasegcfed Automive exprse Added valuetoOEsand alignedtres/nts approach levaging True multi-channe al Allianzchnels Distrbuon Global steering improved ecncs manageent and Effectiv lams Claims 1 motive-specf qualty to achievghlel (European) pltfrm efficency andauto- of standarizn, Operations and quality Innovation Profitabilty Growth Objectives B 13

© Allianz SE 2010 2) 1) to seerhecamanufeanddealbuine ss Globa Automivecreaedasglinen20 10 B. GlobaAutomive Allianz OEs Key acountm agemnt Original equipmntaufcer Operations manageent distrbuon functions Product provider Central Market Sales/ Allianz SE business devlopment Product devlopment/ design Business proce Market manageent/ Sales/ditrbuon Globa stering claims pocy (incl. KAM controlling Finace/ 2 Globa Autmive ) (K. Crede) Focus automive ensurf ul integraon “Process xpts”fb oth insurancead Globa keyccuntmanagrs car manuftues’egy Expertise nkymaand product dev.ipeln;UWxse “Automive xpers”fOEMs Globa prfitilyndcde-ffs 1 manufacturers to globacar Counterpart B 14

© Allianz SE 2010 Outlok –medi-eraspons B. GlobaAutomive <98% 4 out 1 out EUR of 5 of 2 2bn Target combinedrabelw98% world's argetcarmanufaurers Cooperationswh 4ouofhe“T op 5” the keygrowhmars(U.S.andCina) Signfcant presenaleao EUR 2billionofGPWnexstngmarkts B 15

© Allianz SE 2010 Key tak-wys B. GlobaAutomive in thsbuem odel Allianz hastronggrowandpro fitably aspraons relationshp andgobanfraruc ture playouforAianz Automive hasgenrybarrer s –experienc, is unquelypotonedcapure the opporunity Allianz asgobmrketeaderinheauovchann mature andeergingarkts Automive sagrowhdrerforllianzin Current fooprinocooperaonsapurng insurance forAlanz Automive sagnfcnhannelEuropeanor almost 50%fwordidecares B 16

Mondial Assistance Capital Markets Day Munich, July 1, 2010 § § § § § § § Highlights Sources: Anual repots;inalandx earch 2)Net incom/r evnus: Mondial3.%,EurpA ssistance 1.6%–MondalA ance ontinuouslywhighrp ofitabiliy hnspeerince2006 1)3-year CAGR2006009 Overiw –assstancmkn2009 C. MondialAssstance Technology, onine , B2C Trends: travel offlin,Europe Challenges: Automiv, Americas/ Pf Specialty Insurae, Health &Lifecar,Consumer Opportunies: buying ofmarketshare Strong priceompeon– 2nd largestpeer >50% moreprofitable the asincemark Mondials gobaeadern 3-year CAGR~7% bound assistancenlubs) EUR 17bnmarket(isurac 1 2 than Revenues (EUmn)andarkt share(%) Market srucure(%) Other Health &Lifecare Travel Automive Mondial 1,673 10% Europ/Genali 1,288 19 7% 32 5 883 AXA 44 5% ~EUR 17bn Total revenues 12,999 Others 78% C 2

© Allianz SE 2010 § § § § § § § § Highlights 2) 1) Overiw –MondalAssstanc(1) C. MondialAssstance as competived ntages edge technologis/ service Globa accountsand cutting Allianz Group Further inegrao organizaton a B2Candoriented Further movefroaB2 250mn edcustoers 250 businessclit, Standard &Poors“AA-” Ratings: AMBe“”, in 2000 insurace andervt Founded i1950,mergerof anytime, anwhre Misson: helpngpee, Market laderinsssce See page6ford etails Excluding Brazil 4) 3) Road sieasst ance Examples: Financrkt(.g surance, bank)touim(.gailinop ve (.gmanufctrs,dels) 2009 revenuesplit(2007-growh.an%) 16 By lineofbusss By region(%) Total EUR1.7bn 37 9 7 7 7 70 47 2 Other (+24) Health (+12) RSA Travel (+3) BRIC (+21) Asia-Pcf (+10) Americas Europe (+3) (%) 4 (+4) 1 (+18) By market By customer/linp(%) 18 14 14 14 17 7 2 3 25 (%) 23 66 B2C online Alianz B2C glob.accts. B2C loc.ats. Other (+30) Alianz (+5) Automive (-3) Tourism Oflne(-12) Tourism Onle(+18) Finance (x.AZ)+7) C 3

© Allianz SE 2010 (in %) Combined rat (EUR mn) Revenues 2) 1) Overiw –MondalAssstanc(2) C. MondialAssstance Expense ratio Los ratio Return oisk-adj usted capial=normzpf t afterx/vgeisk-dju capital Risk-adjuted capal=of ndalone prtigswhk-adjudcapalmx m ofriskcaptl(nehodel)ndvenyqu iremnts 2005 2005 1,236 95.8 1,357 2006 2006 95.2 CAGR 7.9% +0.1%-p 1,508 2007 2007 95.6 38.1 57.5 1,597 94.9 2008 2008 36.2 58.7 1,673 95.9 34.9 61.0 2009 2009 (EUR mn) Risk-adjuted capal (EUR mn) Operating prof RoAC 2 23.3% 2005 2005 209.6 77 225.4 2006 2006 26.8% 90 1 CAGR 12.6% XX CAGR 5.4% 260.2 2007 2007 21.5% 96 321.8 21.2% 2008 2008 107 336.8 17.0% 2009 2009 95 C 4

© Allianz SE 2010 1) Example factors Sucess compsiton product CSA servic togher Assistance abouombngurd C. MondialAssstance Consumer pcialtyassan 1 Travel insuranca d medicalreptron § decison-takng uhry) (risk assement, Underwitng capabilies > 90%ofquotainscbohuredvlments Insurace omponnt § § § § Network managent Provider atabse Customer daabase (phone, mobilitrnec.) Customer conapoint Service omponnt C 5

© Allianz SE 2010 contras) products / for tailored (= components Offerings business Lines of funnel onewproducts Mondialhas wderangeofffn,thtr ng C. MondialAssstance 1) Customer laionhipng ent Automobile Car extendd manageent asitance Telmatic Roadside warranty Accident services CRM 1 Trip canellaton manageent Lost luggage Repatriaon cost abroad insurance Travel Medical Crisis Studen ravels Long termcare demand gt. Rehabilitaon manageent Medical nfo/ Expatriaes Prevention Health Health &Life Concierge sves Daily lifesrvices Home assistance Sport equipmen Teleassistance Employment Lifecare Retiremn asitance asitance asitance insurance Funeral C 6

© Allianz SE 2010 new opportunies… Selcted gobarendsareoffering Health & Property Travel Roadside consumer peialtyssance Globa trendswillfurtherinceaedemando C. MondialAssstance population Aging Green vehicle New motrizaon revolution Travel industry New onership New usage Private scuty Globa risks spending Healthcre and devices Smart hoes enterainment Leisur services Mobility …to increaseumerplty asitance les § § § § § § § § § § § § § § § § Home utiliysrvces Mobile phonisurance Daily fesrvces Medical nfo,nurset ge Prevention (chdseas) Rehabilitaon manageent Dependncy asitance Concierge sves Event ickeanlaon Ancillary evuespltform Online travelcusomizedfrs Collison damagewaver Automive oblapcon manageent Integraed cusomon Extended warranty Electri vhasnce C 7

© Allianz SE 2010 1) levrag businessclient’uombase Innovation: Mondl’sunquee-comrlu ons to C. MondialAssstance offers p.a.) clients (~750million with MA comes inta Potenial cusmer customer … Potenial MondialAssstance 1 through B2 travel gncies airlne pts, E.g over50 …vist B2B client website

…whic offers § § Flexib soutons side menton parne Litle ITreque- any curency Any laguae, MA white labeed 1 product …based onMondial’uque personalizt and product Segmentaion platform transacion Basic multipe channels at mulipeochpons , using Sales ofthirdpyucts E-margin 2003 platforms e-commere distrbuon TI 2.0 2007 platform transacion Optimzed functions new Entirely FUZION 2010 C 8

© Allianz SE 2010 1) around theclokllvewld 10,000 employeesrvicngutrs C. MondialAssstance Overall NPS 15 millioncasehanded 42 millioncashanded Net promscre 1 of 61% Average age35 2/3rd women More than40languages 28 operatingenes C 9

© Allianz SE 2010 Americas (VAT carier) France Europe 1) C. MondialAssstance and asimplfctonogvernance Target sucllowmffienapl nagemnt Just 1Europeani surance arrier MondialAssstance Just 1globahoding company Greece Great Biin Germany France Czech Rp. Belgium Austria Branches: Interaional MondialAssstnce Jeffrson USA Fragonad AssuancesFr Switzerland Spain Portugal Poland Nethrlands Italy MONDIAL ssistanceS..S MondialJapan MondialIndia MA rgentina MA USA MA France MA Portugal MA Switzerland MA Spain MA CzechRpublic MA ustria MA (Paris) 1 Poland MA Thailand MA ustralia MA Brazil MA Canada MA Reunion MA UKGreatBiin MA Belgium MA Germany MA Holand MA Greece MA Italia Ilustraive /ManagmnVew MA China MA Singapore Mondialexco MA Romania MA Chile MA Turkey MA Rusia MA Ireland Servics ompany Insurance ompany C 10

© Allianz SE 2010 Starting poson Allianz andourcustome(NPS>85%) Unfal60 Aktiv–successoryMondl, 1) C. MondialAssstance less svrdtiment) especialy fortmpond/ (decreasing taedlv ... withneedforpcn relativ weah... viewed asttrctnmof Market segmenwhov underwitng scons Hardly annewbusinessdueto non-profitable (hghcmso) 60+ marketsegenviwed Allianz –Modlssstance bundled productin2004 Introducion ofAZ-MA attrctive bundlgppoach Allianz Groupcmpaesby Leveraging stnhofdul needs incaofts: indemty, oeecuser’al servic naddtom offering tegaedsc New bundlprouctdevped, § § § Help foramilybers laundry, gence...) Home help(catring,an Medical homer 1 Impact AND attrctivepodumgns Win-w: hghcustomerafon answered before Product meesneedhawn' 500,000 contrasoldin5yers Revnue-CAG 205009 AZ Versiche- rungs AG -1% 60 Aktiv 18% Unfall C 11

© Allianz SE 2010 Growth drivenby… Six reasontogw,leadinonep C. MondialAssstance 6 5 4 3 2 1 Resulting apir tion: revenuandopeagp ofit CAGR+10%until2015 …efficent operans …enlarged regionaset-up …reliable customers …unique products/rves …trends upporinghebness … ► strong markepin ► ► ► ► ► Globa numberoneonthearkeforassisncerv Creating afulyobabusnessmode Strenghen businessnemergngmak ets Solid custmerreanhp;Allianz s aclientnrengympornt Bundled products,oferahighyttravpres Aging socety,ravlndurreuonwabehaor C 12

Allianz Re Capital Markets Day Munich, July 1, 2010 § § § § § § Highlights 1) Overiw –nsuancmaket D. AllianzRe was belotheng-ermvrage Total insuredssdeNCven ts follwed bymajrU.Sthundersor storm Klau(econoiUSD3.4bn), Largest NaCven2009wind- man-ade) (USD 2bnCatlose,4 Insured lo2009~USD6bn driven bycaptalshorge Demand ofpriarynsuer Capital evsmobck2007 Continung softmarket Based ontprmiuwi s perndof2009 Market shareP/C Munich Re 15.3% Swis Re 9.4% Lloyd's R/I 1 7.0% Hannover Re 5.6% Hathway Berkshire 5.2% Allianz Re 3.3% D 2

© Allianz SE 2010 § § § § § Highlights Overiw –AllianzRe D. AllianzRe 4) 3) 2) 1) Allianz SE AA Rating(S&P)sparof ~700 customerworldwide NatCrisk manageent Group centreofmpeenor of specialxpert experienc nunderwtgadfls Financal strenghndnero coordinator noneorgazon Profit cenerandGoupresur SC =uperatM C =Megaat Excluding Alaz ReDublinLtd. Based ontea rned pmiusandof2009 If notherwisad:gssp mius wrtenapdof2009 3 1 (1) Customers GPW byproduct(ToalEUR4.1bn) GPW byregion(TotalEUR4.1bn) 2 New Europe Westrn Euop8% Germany Lif10% Asia-Pcfic Germany External clients Internal cits Liabilty L/H Motor Propety 12% 55% 10% 15% 16% 35% 4% 21% 79% Marine Engierng Credit &Bond Pers. Accident RoW MENA SC &MC Americas 4 D 3 4% 6% 7% 7% 1% 2% 4% 4%

© Allianz SE 2010 PC LH Expense ratio Loss ratio Combined rat Revenues Overiw –AllianzR(2) D. AllianzRe 3) 2) 1) Return oisk-adj usted capial=normzpf t afterx/vgeisk-dju capital RAC= risk-adju ted capil Includig EUR-16mvest income frVAbusinssbokdHlgnt 1 (EUR mn) 2006 4,661 2006 4,322 29.8 66.3 96.1 339 (in %) 2007 3,774 2007 3,461 95.2 65.0 30.1 313 CAGR -4.4% -3.7%-p 30.1 65.0 2008 2008 3,749 25.9 3,455 62.0 87.9 294 2009 2009 4,063 92.4 3,713 25.9 66.5 350 Risk-adjuted capal Operatingprof RoAC 3 16.6% 2,180 2006 2006 308 (EUR mn) 14.4% 2,539 2007 2007 CAGR +13.1% 267 2 CAGR +8.5% (EUR mn) 19.6% 2,693 2008 2008 491 1 14.5% 3,150 2009 2009 393 D 4

© Allianz SE 2010 § § § 1) Evolution andrefAllianzR D. AllianzRe Late 1970s/arly980s Objectiv: 70%ofE‘snon-Ca/ 100%ofOE’sCATreinuanctbdlliazRe Foundatio fAllazRe with MuncRelosned Mid 80’sonwarte by MunichRe Re. Expertisprovd cooperation whMu Actives badon From reinsurac e departmenoglobaorganiza on § § § establihed 1999: Singaporebanch commened External busine business fromOEs accepting more Allianz Restred 1990s § § § § § Zurich branformed external busine. Consolidatn f 70/10% rule Introducio fheRIO manageent Centralized Goup sytem (“RIO”) Optimzaon fheresuranc retenions agreements, icreaofOE Windng downofextrnalQ/S 2007 onwards–RIO 1 D 5

© Allianz SE 2010 Group reinsuancopeaton–oumss D. AllianzRe 3 2 1 instrument Group steering profit Operating optimzaon Capital under SolvencyIIt o unlckapitfromb nce sheetforheGroup Reinsurac opera tions haveproedbefab le andcanbexpoitedfurher § § § § § § § § § Compleent inernaresurancpor foli withselcvxernabuness Retain resurcmargprdO E cessions Mitgae locaprequremens,unkngapforheGroup Limt rskreanedolcOEbanheets Through tradionalandsrucednra-groupreurae benefit romdverscaonugGrouprkappete Provide competaanageforOEsbyplingrenurss Protec apialbsganxremvents Manage earningsvoltiliyccepab Maximze beneftoheGroup’sEUR4bnernlrenrancpend D 6

© Allianz SE 2010 Rationale forGroupnnabusnessappoach –RIO D. AllianzRe Organizatonal efcncy Cycle managent Coordinaton Capital effceny Information sytem landscape organizaton, globayshredprocess and Reduce omplxityhrougnba l retro, securizaon Manage NtCpeakrisvpooling , reinsurance atv coordinaton adseergfGrup Reinsuranc optmzaonhroughglb strucured inra-goupreurace Capital effcnyhroughradonad informato pl(GRIP) reinsurance atvglobayhrd Enhance transparenyoAlliazgou-wide D 7

© Allianz SE 2010 D. AllianzRe 1) reinsuanc optmzaon The Allianzreinsucytm– § § condits ofleadrenuanmakts Allianz Regnerlfowsthemand Allianz Retrgesokmuf70% Lead reinsuancmakt:liof reinsueofficallyppntdbAllianzR,up critea suhnilpbiliovonwA lianz Group All P/Ctreaiesxcl.aXL Allianz Re 70%+ Holistc renuran ce sytmohebenefiAlan z Group reinsuace max. 30% External market 1 in linewthGroupskappete Pols Catrisk,cueGupenon OE in linewthGroupequments Struces iloanpgam Group iskappette 100% inexcssof reinsuac mket Allianz Re Cat XL External 100% 100% xsx D 8

© Allianz SE 2010 § § Reinsuranc operatonprovdepporandmpeadanagfheO Es D. AllianzRe Group internalbusness–hepowofpooling § § § Benefits oGroupandOEs Capacity /captalsupport: Product evelopment: earnings volatilyfheGup Improves fitenalnd Leverags Goup’buyinpow risk appeteGouplvel Aligns extrapocto If theprimarybus ines proftabl,pooligoca reinsuracbrg long-termbene fit Euler Hermes–supportoverhecycle Stable Catcapacity Variable annutes–Japan,Taw Enviromental abilty Crop insurace–Brzil Combined ratio Expens ratio (EUR mn) Allianz ReP/Crsults Operating ofit Net losraio Net earndpmiums Gros pemiums , Germany, Austrlia 97.4% 30.6% 66.8% 2,346 3,761 2006 178 95.7% 31.1% 64.6% 1,980 3,067 2007 197 87.7% 24.8% 62.9% 2,379 2,920 2008 417 95.7% 25.9% 69.8% 2,507 3,214 2009 212 12,865 94.1% 28.1% 66.0% 1,004 9,212 Total D 9

© Allianz SE 2010 Maximzng thevlueofernasuancp end D. AllianzRe 3) 2) 1) § § § § Key objctivsforrenurapurha ses: Net combindraio Gros cmbinedatio Ceded prmiums Gros pemiums (EUR mn) Allianz GroupP/Cesults Consolidated wripmiubis Unconsolidated writtenpmub Unconsolidated prmiub Ensurig liqudty Reducing rskaptlequrements Limtng earnngsvolility Protecion agansxremvents Benefit rome ainng spendtobemxzed 1 3 2 § RIO hasreducevolumeofxternacessionsce2005byEUR1bn 49,466 5,29 2005 93% 92% 49,096 5,415 2006 92% 87% should bewithnheGroup spend –ifbenetonlyaOEv,p cement Allianz ResupportOEoim xternal 49,611 5,319 2007 93% 89% 48,747 4,972 2008 95% 88% 47,875 4,574 2009 97% 91% D 10

© Allianz SE 2010 § § Evolution fexrnabusnessaAllianzR D. AllianzRe Munich in Asa,remnder 90%+ externalbusiness Singapore branch Formation fAllzRe 1999 § § § portfoli npace Globa extrnabusinss board responibility business uderamSE All assumedreinsurce inwards boktAlliazRe Transfer oAllianzSuie 2007 § § § § LoBse.g agriculture Growth inche/no-relaed markets .gIraelandJapan Growth inon-corelad relationshp ed Non-profitable andnon-sraegc Portfoli optmzaonsared 2008 onwards D 11

© Allianz SE 2010 External business–pofabandcapaffent D. AllianzRe Operating ofit Combined ratio Expens ratio Net losraio Net earndpmiums Gros pemiums (EUR mn) Allianz ReP/Crsults Profit poenal Reputaion New marktenry Market nowledge Diversfcaton Opportuniy oenha nce returnsfromiura operations External busine s iaprovenftconrbuor additonal profpoenal Aply systems,xperiandocdv elopd forintabussspv Leverag Allianzbndnmandting(AA fromS&P) Growth Makes,uppnduci ves (.gAro) Insight ocmpeverndakde velopments Access todivrsfyngandn-crrlaxpoues 89.8% 26.1% 63.7% 2006 514 562 89 92.2% 24.4% 67.8% 2007 315 396 40 88.5% 31.7% 56.9% 2008 444 565 82 77.5% 25.9% 51.7% 2009 153 567 565 87.1% 27.0% 60.0% Total 1,840 2,088 364 D 12

© Allianz SE 2010 External business–clienandmaktrgy D. AllianzRe business lnes relationshp cossndd Stable portfliwihbadased Core § § Latin Amerca Stable porfoli complentiralbusinwh limitedCaxposure Reduce Catxposure Focus nagriltre § § North Ameica Opportunisc appoahCat No intersliabilty and products provide maketleadngxpes Business egmentwhercan Specialty § Western Euope in themarket Maint sablehre § § MENA appetite Revison ofCat opportunies) Care, coss-slling (coperation whNex Focus nL/Hbiess § Eastern uope shrinkng demandfouace) (hig Catexposur,ongcompen No fcusnthemarket market cycle NatCking dvangeof Comodity cverage–pl Opportunisic § § § Asia-Pacfic Focus nagriltre in theohermakts Maint sablehr China, JapanKorea Focus nAtrali, D 13

© Allianz SE 2010 Current proecionlandscape Building blocksfNatCpreconstrgy D. AllianzRe Interal reisurance External reisurance OE retenion Allianz Re § § § § § § § Efficent organzaona l set-up Use ofdiffrentmar kets andproducts Investmen ixpe rts andmodels protecion Central puchasingofGoup Bundling ofreginalexposures Central seeringofGroupreon Central moniorngofexpsure Retenions ofperangn(OEs) based onrikbearngcapates Super Cat Additonal Groupreeon Mega Cat Cat bonds,Swaps D 14 63

© Allianz SE 2010 Group NatClandscape D. AllianzRe 2) 1) 1,000 1,500 2,000 2,500 3,000 500 Occurence x edancprobility Net pr-Cafoinalbusss protecd byGupCaogms,n1.2009foli ta 0 in EURmn OEP Dark: 100y Light: 250y EUR WS 2 loss D FL

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© Allianz SE 2010 Key tak-wys D. AllianzRe Efficent rskmanageand ntre ofcmpeece Attractive profponlomx ernal reinsurance Support compeivepsonandrofablgrowhaOEel Optimzaon ofnernalresuracuporGroupearnngpo wer Allianz RekytocapimanagenwhnGroup Allianz Reisawlltabhednernaonapyer D 16

Allianz Global Corporate & Specialty Capital Markets Day Munich, July 1, 2010 Overiw –Copoat&Speclymket E. AllianzGlobaCorpote&Specty Source: AGCin ternal seach 2) 1) § § § § § § As ofpril2010 Gross pemiuswten in 1H2010 Competiv prcngpresureper ist actives) premius, lowercntruon levs (e.g.,duetournoer-baed Increasing mpaton2010premi um impact onprofabliyoarrers Economi slwdonthed profit n2009 UW discplinekydrverforoperatng landscape Local ompetirsenh with GPW 8 globapeersdominatehemark 1 EUR 39bn AGCS withconsenrongrags ranking andGPWsgnfcantly Despit 2009markdownur,AGCSproved 2008 GPW XL Chartis ACE Zurich AXA Mapfre AGCS Company 8 7 6 5 4 3 2 1 MapfreGlob Risks AX Corp.Solutions AGCS lobal FM Global XL P/CInsurance ZurichGloba Cop. ACE P/Insurance AIG Comercial 1 (EUR mn) A (negative) A+ (negative) A+ (positve) AA-(negative) AA (negative) AA (stable) A (stable) (outlok) S&P 15,264 1,970 2,859 3,205 3,815 5,668 7,881 777 A (stable) A (negative) A+ (stable) A (stable) n/a A+ (negative) A+ (stable) (outlok) AM Best 2009 GPW 8 7 6 5 4 3 2 1 MapfreGlob Risks AX Corp.Solutions XL P/CInsurance FM Global AGCS lobal ZurichGloba Cop. ACE P/Insurance AIG Comercial 1 2 (EUR mn) 12,806 1,945 2,964 3,282 3,806 5,298 7,518 838 E 2

© Allianz SE 2010 § § § § § Highlights Overiw –AGCS 1) E. AllianzGlobaCorpote&Specty positon (>200%) Strong capitalandsoveny Highly qudasetportfolio Conservatie nmenapproach manageent Excellent underwringandsk in almarkets allowing largestnecapty Globa diversfedportfo If notherwisad:lgu asperndof2009 1 (1) GPW byregion GPW byLoB Aset allocionQ12010 [Total EUR8.7bn] [Total EUR3.8bn] [Total EUR3.8bn] Real estate Equities Cash Bonds Rest ofWrld Asia-Pcfic Rest ofEurope France UK Germany North Ameica Financal Lnes Energy Engineer Aviation Liabilty Marine Property 91.4% 0.3% 2.8% 5.5% 10% 18% 15% 24% 29% 11% 16% 18% 21% 28% 1% 3% 4% 3% E 3

© Allianz SE 2010 GPW Combined rat Expense ratio Loss ratio Overiw –AGCS(2) E. AllianzGlobaCorpote&Specty 2) 1) AMIC andFrenc h integraocluded2009 AGR +M,excludingrman orpate businndAGRU.S. (EUR bn) 122.3 2005 2005 32.2 90.1 2.4 1 1 (in %) 2006 2006 92.3 29.7 62.5 2.7 CAGR 12.2% -35.1%p 2007 2007 96.4 28.5 67.9 2.8 2008 2008 90.1 27.8 62.3 2.9 2009 2009 87.2 25.3 61.9 3.8 4) 3) Return oisk-adj usted capial=normzpf t afterx/vgeisk-dju capital RAC= risk-adjutecpl Operating profit Risk-adjuted capal RoAC 4 1,369 2005 -5.8% 2005 -270 1 1 2 11.6% 1,631 2006 (EUR mn) 2006 404 CAGR 6.0% 3 (EUR mn) 17.2% 1,693 2007 CAGR 13.5% 2007 413 20.2% 1,298 2008 434 2008 1,729 23.0% 2009 590 2009 E 4

© Allianz SE 2010 1) integraed leadeofCp&Specybusne ss Transformation frmnd-lonebunessen o agloba E. AllianzGlobaCorpote&Specty Challenges &issues AGR e Set upof & AMA § § § § § § § AGR e AGR eandMstillprofZ Vers.in2002Thfo,tulypablndxcal ds AMA and and perfomance Differnt opaonl rocesss (finacl ndopertl) Lack oftranspaency Lack ofcustmerlions Lack ofglbaUWrues&pinces Differnt skappete Fragmented infasucre Various locbaneheets 2002 1 decentralized, auonomousOEs Virtually cenalzedseengof 2003 business model Decentralizd 2004 2005 Global AGCS integraon of D, UKNorth AGCS –lobastering,ocaMkMangement [GPW ACS] EUR 2.7bn § § § § AGR e/ Merge of America AMA; 2006 2006 Globa ncesheet&riskmgt. Globa underwitnggnment Consiten prcng&skate Central businesscon&eeng branches 2007 A, CH 2007 New region, Italy branches: Globa businemodel Nordic 2008 New 2008 EUR 3.8bn integraon, Dubai, Re- insurance 2009 France licens AMIC/ Brazil 2009 § § § § Knowledge transf&ant Cost synergie Globa prcesss&systms Sophistcaed renuce 2010e Singapore, HKndscusson 2010 Nethrlands, Bgium) Furthe bancs(Spai, integrao fSpacC, AGCS JP,/; furthe bancsin 2010 -2012 2011e >EUR 4bn 2012e 2010 E 5

© Allianz SE 2010 globa patform From hetegeneousyanied E. AllianzGlobaCorpote&Specty § § Æ Æ Æ alone support 4majOEs 200+ aplictionso architeur omplx Inherited AGCST Cost inenve Not scaleable Fragmented § § § § § § Expected ffieny gains>EUR70mby2011 Cost-efficn ra lized functonsandpooedpabilies Replicable operting model Automaion andsndardzfpro cesss Accurate, imlyandgobacons nt manageeniforaon Faster ndmoreponiverco clientsandbrokers AGCS thausehe Primay same syt& Create a performance procese globally objective high- : Market gmt Front ofice Salesforce AGCS TargetOperaingModel U/W Globa cimspress “Cores” Midle ofce Operations “Globa enius” Finance SAP Back office Claims E 6

© Allianz SE 2010 (net in%) Expense ratio § § § § § § and structreinaoffency Our GlobaChangePoamensp cesss E. AllianzGlobaCorpote&Specty Global ChangeProgm(P)ini tiaed n2007 Transforming regonaltrucure… Optimzaon fhears,nowhol e! “Reinventg hwl”eacmarket Local apaityonsrexcllce Limted bespracehng Replicated osruures Localized, non-standardproess/IT 2006 29.7 2007 28.5 2008 27.8 -5.7%p 2009 25.3 …into aglob/funconmodel § § § § § § Optimzng aleensofhevuech ain Busine modelrepoducednallofes Improved stering Expanded bestpraciharng Economies ofscale Common business/operatgmodel 2010e 26.2 2011e 25.3 2012e- 2015e 24.0 E 7

© Allianz SE 2010 dedicated lienmsankyounanagers Clients acrovarioundurereeredby Over halfoteGbForune500companisreurlints our maketandcliensgnts Globa ACSbusinessmodeftbewh E. AllianzGlobaCorpote&Specty Core focusionglobaorporate andspecialtylien SME (>EUR 150mn) MidCorps (>EUR 500mn) Corpates Pharma/ cheilndustry Finacl stuons Automive ndsry Consumer goods Transpotaion IT /software energy, engineeng Specialtes: viaon,mrne , financalnes MidCorp IS&alspecty linesoutideD,F Property andCasualty Mechanial /trgng Construci /nfare Retail ndwhosle Telcomuniatons Energy andutility Aerospace Need forglobabusinessmodel § § § § § § § various entes Most efficnapluagerss and bettermanageNatCRisks Diversfd egonalt-upou Globay consitenprngandUW around theglbe Interaiol sucSon(II) market now-ho,clien/boonct Globa steeringwhcexuon, servic, podutandqulty One facetoheusmrwihglb globa insuracetwkdpoduts Globay opertingcnswhdf E 8

© Allianz SE 2010 § § § § § 2010: completEurpe 2)Facultive r insurance arrer 1)Regulatory ppvalpnding E. AllianzGlobaCorpote&Specty in IteraonalsuancSoons Globa presenc–eadinuwthon ervic § § § Cooperation whAllianzOEs Globa prcesss&tndads Local underwitng Local mrketnow-how Direct makccss AGCS presenc/desk Current inegraonpojects AGCS legalentity Nethrlands (go-live xpectdfor1.7200) acquiston ofrenwlghts Belgium pending, retoacvo1.2010) transfe (gulaoypval Spain (go-live xpectdfor1 .7201) acquiston ofrenwl rights : branchofieaftpotlio : branchofieafter : branchofieafter 209 AMIC 2011: focusonAia § § manageent conrol announced stregheniof Singapore of AGCSalreadyinQ2010 Japan : plannedtobsuiry and Hong Kng 209 Bizet 1/2010 7/2010 5/2010 reinsuanc liense 2nd level Brazil 1 : 2012 -2015:focusRoW § § 12/008 7/2007 7/2007 5/2008 1/2010 South America Eastern uope 1/2010 2 4/2010 E 9

© Allianz SE 2010 Number ofIIS 1) Today, theAllianzGroupisrepreenednmorehan70counres E. AllianzGlobaCorpote&Specty Excellent posionnIrnaonaluanSo tions 1,020 2007 Interaioal suancSluon ; proetyandlibusnssnly AZ SOEs 1,130 2008 1,230 2009 1 AGCS OEs 1,600 2012e GPW “AGCS” - 2007 911 2008 989 ofices andoutrbladIonuSddvunty 1,155 2009 2012e 1,400 by networkparner SOE GPW 2007 69% 23% 8% External paer Allianz AGCS 2008 66% 28% 6% 2009 69% 22% 9% 2012e 1 75% 14% 11% (in %) SOE business2009 Rest Europe F, UK,D North Ameica 10 10 28 7 Rest ofWrld Latin Amerca Asia-Pcfc. 17 28 E 10 1

© Allianz SE 2010 AGCS loba:osratio sutainable profit Diversifed potoli+undewgdscpne= E. AllianzGlobaCorpote&Specty 1) Colr cding:Gee=bewA S Globaltssraic.y;Red=bovAC ss ratioc.y. Total Propety Marine Liability Financal lines Engineer Energy Aviaton LoB AGCS lobal Calendr yea,n et, incl.ULAE 2006 102% 182% 63% 63% 32% 67% 69% 50% 51% 2007 68% 68% 68% 78% 63% 68% 97% 64% 8% 1 Losratio heamap 62% 2008 110% 62% 52% 75% 59% 62% 63% 65% 62% 2009 175% 62% 28% 71% 58% 50% 88% 2% 2010e 68% 68% 70% 66% 72% 63% 65% 67% 72% § § § Exposure ikeptunderrconrol financal rsretedIBNR. Financal linesrutdrvby and generalviton loss eaders.g,inproertymarne Appropriate conskenl specif LoBdevelopment Diversifed portfoleut E 11

© Allianz SE 2010 Large andCATlosses:actuav.xpeed and keptwihnexpecaons Specif lineobuslarge/CATved out E. AllianzGlobaCorpote&Specty 1) 100 150 200 250 300 350 400 450 50 0 (b) for2009:EUR 7.5mnforpety,EUR or altheLBs (a) for2008:EUR 7.5mnforpety,EUR or engyandinee,EUR 1mn foraine,EUR2v iaton; ULAE andIBNRexclud.os s hownicludekNatCssfrmgundupdivdu al osefrmgundpithyxc Actual rgeandCaossmnt 2008 202

§ § Propoperty Large lossesareinh ernt oAGCSbusissmodeladhusref lected inpanngassumptons Diversfed portfoloh elps tokeepargeandCATosseswith n expectatio 15 Energy 25 Enginineerriing 36 MMarainrinee e excxlcl. U. US.S.

AAvviaiatitoionn S shohortrt 45 Tail tail

Tottal 324 Actuarial besemncudng20:80%quaes 2009 109 Prropoperrty

Energy 2 1 10 Enginineeriing (in EURmn)

Marine excl. 9 Marine excl. U.S. US

AAvviaiatitoionn S shohortrt 74 Tail tail 204 Tottal Q1 2010 46 Prropoperrty

Energy 36 Enginineerriing

Marine excl. 9 Marine exUScl. U.S.

AAvviaiatitoionn S shohortrt Tail tail E 12 Tottal 92

© Allianz SE 2010 Management attnionfocusedrdv E. AllianzGlobaCorpote&Specty AGCS KPIandearlywarningsystemforpro-acvanagent (e.g branchintegaon) Projects Expenses Investmen icome (e.g CR,LRLossladrs) Underwitng KPI § § § § Project delivery Cost cnsciuess investmen ragy Conservati UW discpline Focus § § § result-oriend xcon Disciplined andcosquent operationl performance of deviatnsnaclnd Immediate cons monitorng andrep Regular peformnc Management acion E 13

© Allianz SE 2010 1) Historcalnd assumedprichngsfoAGC S globallyacrssLBs Sources: AZEonmiRah &CorpateDvlmn(My11,2010)AGSis ch by LoB(market) Mid-term prcerend market condions2010/11 Positve md-troulk–depchallengng E. AllianzGlobaCorpote&Specty ART Energy Aviaton Marine Financal Les Engineer Liablty Property AGCS loba:Pricehange(%) (in %) Real GDPgrowth Key indcators 2007 3 2007 -3 8 2008 -4 0 2008 5 2009 2 -3 2009 1 2010e -1 1 2 2010e 2011e 6 0 2 2011e 2012e Emergin markts Industrialzed counes 6 1 2012e- 2 2016e 2013e 2 6 E 14

© Allianz SE 2010 continues Consequent xcuiofglobatray E. AllianzGlobaCorpote&Specty & service profitablty Client opportunies and market Growth footprint AGCS Program Change Global § § § § § § § § and back-offiesy tems andglobaprocsses organizaton whhar monized frot-,ddle- Finalze transfomongbal Tailor-made riskolutnfclienand Focus onUWprinples Launching newnnovatproduts Increasing hareoflong-tilne markets andpcifLoBs Focus onopprtuniengrwth and EasternuopeCounies Expansion nAa,Southmerca capabilites Improve nterainalsurcSu ons specif ndutryeors 2010 -2013 provide ofcpoate with ouremploys’ unequalled idustry indvdual neds fulfilling clients’ leading goba risk solutions, expertis and and specilty knowledg.” “To bethe Our goal: E 15

© Allianz SE 2010 Key tak-wys E. AllianzGlobaCorpote&Specty Attractive prospforabl growth Excellent yclmanageent Competiv edgencmmeral lines overcapyers Strong valuepropositonforgobacents Business modelgaranteecoyandfenoordnaon Sucesfl tranormaionnruygobaarrer AGCS isatopglobpyernorporae&cbuness E 16

Euler Hermes Capital Markets Day Munich, July 1, 2010 (Credit nsurace&urey/bondg) Highlights 2009 2) 1) § § § § § § § Overiw –cedtnsuamket F. EulerHemes Source: 209IC ISA If notherwisad:lgu asperndof2009 20% dropinwoltadevuend-13 olume 2009 :+28%after26in8) Overal isngnoenc(EHdex Total insuredexpodeceavs.2008:154% Total insuredexpo:EUR2,788bn Overal netcimso:84.6% Total necims:EUR5.8bn Total direcgsspmus:EUR6.9bn economi nvro ent strongly impacedbhederoang The creditnsuranebunewa Market share Structure Hermes 34.0% Euler 1 25% EUR 6.9bn Atradius 27.7% 75% 2 Coface 19.9% Surety /bonding Credit nsurace CESCE 3.5% 3.3% AIG 2.5% QBE F 2

© Allianz SE 2010 § § § § § § § Highlights 3) 2) 1) Overiw –EulHrmes F. EulerHemes Standard &Poor’s (July 2009) AA-finacl ratg by in ourdatabase 40mn copaniesontred handled in130coutres 200,000 debtcolleions per week 3,500 claimsndefed Presenc iovr50outes 57,0 clientsworldide and guarantes trade receivablsobondng ditnsurance afango of tradeecivabls,rome- solutin frhemanage premier credtnsu,offng Euler Hmesitheword's GEP: grossean ed prmiums Breakdown bycu stomer unver If notherwisad:lgu asperndof2009 (turnover i%) Business li Turnover byregion EUR 2.1bn EUR 2.1bn 1 Total Total (1) Asia-Pcfic Americas countries &Afa12% Mediterranan France Europe Northen Switzerland Germany, Austria, Other sevices Debt colleion guarantees Bondig & Credit ns. 18% 21% 37% 83% 3% 9% 7% 6% 5% (% ofGEP) Distrbuon channel (by sizen%ofGEP Customer breakdown 14 EUR 1.7bn EUR 1.7bn 11 Total Total 46 29 Banks Agents Direct Brokes65% Multinaonal Small <10mn Medium 10-10mn Large >100mn 3 ) 2 25% 3% 7% F 3

© Allianz SE 2010 (in %) Combined rato¹ (EUR mn) Net earnedpremiums Expense ratio Loss ratio 3) 2) 1) Overiw –EulHrms(2) F. EulerHemes Return oisk-adj usted capial=normzpf t afterx/vgeisk-dju capital RAC= toalfs andlone prtingiswh e risk-adjutcpilmxu m ofriskcaptal(nelh ticmodel) andlalsvenyrq uiremnts Excluding servmans 2005 2005 67.0 997 25.7 41.3 1,13 2006 2006 77.6 27.9 49.7 CAGR 2.7% XX +43.2%-p 1,267 2007 2007 76.6 28.7 47.9 104.8 1,360 2008 2008 27.1 77.7 1,11 110.4 2009 2009 28.0 82.4 (EUR mn) Operating prof (EUR mn) Risk-adjuted capal² RoAC³ 1,410 21.4% 2005 2005 420 1,307 23.6% 2006 2006 442 CAGR -58.1% XX CAGR -0.8% 1,655 2007 2007 24.9% 496 1,870 2008 2008 5.5% 145 1,368 2009 2009 -0.7% 13 F 4

© Allianz SE 2010 its cuomernlude: The serviceofngEulHmt § § § § What doesEulerHmdo? F. EulerHemes with PwC German governentiparnershp Export crediguaraneesonbehalfo employee fraud “Fidelity”: nsuranceagast bonds, cutombonds) maintenace bonds,advandpymen Bonding &uarates(performancbond, preventio, dbclamspayent) Credit nsurance(rkaf, EH helpsbuine se lcthriguomand movesaflyintnewark guarantees Bonding & Debt colleion Other sevices Business li–turnover% 6.6 5.1 2,086mn 5.6 EUR 82.8 Credit nsuance F 5

© Allianz SE 2010 1) Euler Hrmsinumbeonen18countes F. EulerHemes The figurslatopvc redit nsuancemaket Hong K India Austria Germany Mexico USA UK Morocco Portugal Italy France GCC 1 (50/50 withCofa ce) Romani Slovakia Hungary Czech Republic Poland Belgium F 6

© Allianz SE 2010 100 120 140 160 180 200 Historcal essonn2008-2009 Change iGDP209: +1.5% emrgingconos,-35%advaned Industrial poducn2009: -3% -2% -1% 1) The GFC F. EulerHemes 0% 1% 2% 3% 4% 5% 80 GFC: lobalfinanciarsis 97 Index 2000:100 98 98 Advance onmies World pduction Emerging countes OECD Non-OECD cutries 99 99 00 00 1 01 01 led toaderingconomenvonent -2.1% 02 02 -6.4% 03 03 (+2% in008) Source: Nationalsoff,IHGobansight 04 04 (+1.6% in2008) 05 05 06 06 07 07 08 08 Source: CPB 09 09 10 110 130 150 170 100 120 140 160 180 Record higafteleady+26%n2008 EH GlobaInsvenciedex2009: -13% World tade2009: 70 90 20 40 60 80 0 97 95 Index 2000:100 in volume/ 98 96 EMU Insolvencyndex USA Insolvecyndex EH GlobaInsvecyndex 97 99 -20% 98 00 99 in value(+2%2008) 01 00 02 01 02 03 03 04 04 +28% 05 05 06 06 07 07 08 08 09 Source: CPB 09 10 F 7 10

© Allianz SE 2010 Aceptane rate 1) Did weseethecriomng? F. EulerHemes 30% 40% 50% 60% 70% 80% 90% The gradscl goes from1(veyoodik)t 0 (bankrupt). The EHgradin is annteralgadinymh t isherulofbuycdw orthiness asssmn,icanb automic rnul. Acceptanc raongd6. eptance r:oalmungdpoliyhlds/u requstdbypolichol. Jan 08 already bginof2008 Drop inacceptancU.S Apr 08 1 Jul 08 Oct 09 Okt 08 Jan 09 already sinctheondhaf2008 Drop inacceptancF Apr 09 Jul 09 Oct 09 Okt 09 Jan 10 Germany France U.S. F 8

© Allianz SE 2010 F. EulerHemes recssion andpotuapal “ 2)Euler Hms worldagency 1)“One EulrHms”itav was lunchedinQ32009 One EulerHrmes 3 1 2 Leadership Simplix Vital Doing whatisloverdue The businesses & masteringowdesny Short-term stabilzon + 1 ” firstobjecvwamh Impleent up-swing recssion Capture of cycle Master TOM restucing WA 2010-212 profitability nizatonal colletion Devlop Restore Orga- 2 & B2 restucing Accelrate presnce growth Protect market capital Legal Arbitage franchise portfolio Protect F 9

© Allianz SE 2010 0.55 0.65 0.75 Globa acceptancrate Globa exposure 300 500 700 900 F. EulerHemes 0.5 0.6 0.7 0.8 Jan 08 1 Jan-08 30.00000 50.00000 70.00000 90.00000 (in EURbn) (in %) adjusting underwng… Euler Hrmsfitamongpe Apr 08 Apr-08 Jul 08 Jul-08 712.9 (highest) Okt 08 Oct-08 Jan 09 Jan-09 Apr 09 Apr-09 54.5% Jul 09 Jul-09 Okt 09 Oct-09 (lowest) 548.3 Jan 10 Jan-10 53.3 Jan. 2010(lowestpo int) between Oct.2008and exposure reducby23% effctiv unilJauary2010: Cris meaurehaveben onwards coverage fromJune2009 until May2009; Drop inglobaaceptanera increas F 10

© Allianz SE 2010 F. EulerHemes Grade Grade 1 Total EHexposure Grade 10 Grade 9 Grade 8 Grade 7 Grade 6 Grade 5 Grade 4 Grade 3 Grade 2 1 … especiallyonhgrkade Exposure (EUR bn) 102.534 667.822 179.537 153.879 123.258 15.933 Decmber 2008 72.474 18.291 1.714 175 26 15.35% 26.88% 23.04% 18.46% 10.85% 0.03% 0.26% 2.39% % 2.74% 100% 0% -106bn EUR Portfoli byrskgrade Exposure (EUR bn) 561.374 173.126 140.730 80.391 Decmber 2009 99.74 47.784 14.17 5.002 439 34 4 14.32% 30.84% 25.07% 17.77% 0.01% 0.08% 0.89% % 8.51% 2.51% 100% 0% EUR -8bn Exposure (EUR bn) 553.263 170,503 138.683 80.333 97.389 46.533 13.541 5.741 March 2010 506 32 3 14.52% 30.82 % 25.07% 17.60% 0.01% 0.09% 1.04% % 8.41% 2.45% 100% 0% F 11

© Allianz SE 2010 Covered amount(EURn) Numberof clais(thoands) 10 20 30 40 50 60 F. EulerHemes 0 1 2 3 4 5 0 1 … whictranslatednodelinems 2008 2008 2009 2009 2010 2010 -63% 2010/209 2010/209 claims ytd amountf -45% toal ytd § § § § § as ofH2009 Strong decreaseinlamoun in 2009ofullyearbasis Covered claimsmount+20% Q1 2010vs36in2009 10 claims>EUR1n Q1 2010even20%blow4009 claims neQ2009 Strong deceleraionnnumbrof Roling averag6weeks(c overd amounts) Coverd amounts Roling averag6weeks(no.ofcms) Number ofclaims F 12

© Allianz SE 2010 Globa overiewfportfliaueuton(nEURmn) F. EulerHemes Δ Δ 2009 2008 2007 In EURk 1 08 vs07 09 vs08 secur globapotfolivaue EH impleentedcommraonans -300 -250 -200 -150 -100 100 150 200 250 -50 50 0 business 255,276 237,332 209,353 New +13% +8% premiums -286,531 -16,942 -150,602 Lost +72% +11% variton 184,977 -45,789 Rate -98% -903 n.m. variton -169,84 Volume 23,131 61,898 -835% -63% varitons Other -49,670 -30,260 +112% +64% 5,775 varitons -10,487 Total 42,948 44,599 -124% -4% F 13

© Allianz SE 2010 move tanoperaionalndtrspanucre “ 2)Euler Hms worldagency 1)“One EulrHms”itav was lunchedinQ32009 F. EulerHemes One EulerHrmes 3 1 2 Leadership Simplix Vital Doing whatisloverdue The businesses & masteringowdesiny Short-term stabilzon + 1 ” secondobjtivwato Impleent up-swing recssion Capture of cycle Master TOM restucing WA 2010-212 profitability nizatonal colletion Devlop Restore Orga- 2 & B2 restucing Accelrate presnce growth Protect market capital Legal Arbitage franchise portfolio Protect F 14

© Allianz SE 2010 Today F. EulerHemes 2 Germany, Austia Mediterranean& Northen Euope Switzerland AsiaPcfic of region Americas Regional steering Heads France Africa organizatonal struce… … includganewentrzed communiatons, Interal audit, Chairman HR Risknformat& compliane, ega Operations& IT Management commercial& Management, Operational distrbuon Board of Finance, steering Market claims & tax § § new customerneeds enties o strucure allowGroup The new“OEulerHerms” regions reportngoCEO operational seerng moved The BoardofManagement from cntrolligto adapt quicklyto with F 15

© Allianz SE 2010 F. EulerHemes 2 Claims Risk underwtng Information Risk Technial area … andtheimplenaofnew Policy admnstraon Finace Target OpinModel Audit IT Legal, taxandcompliance Support funcions Branding &campagn Market &cusom Straegic mkng Economi resach Management Operations manageent Organizaton intellgence Market Colection Commercial underwrtng HR Comercial undwtng Facilites manageent Products manageent Chanel manageent commerial systms Comunicatons CRM, on-lineand Distrbuon & development F 16

© Allianz SE 2010 to capureheupswingfhyle Last bunolea,“OneEuerHrmes 2)Euler Hms worldagency 1)“One EulrHms”itav was lunchedinQ32009 F. EulerHemes 3 1 2 Leadership Simplix Vital Doing whatisloverdue The businesses & masteringowdesiny Short-term stabilzon + Impleent up-swing recssion Capture of cycle Master TOM 1 restucing WA ” objectivwas 2010-212 profitability nizatonal colletion Devlop Restore Orga- 2 & B2 restucing Accelrate presnce growth Protect market capital Legal Arbitage franchise portfolio Protect F 17

© Allianz SE 2010 § § 1.000 1.500 2.000 2.500 3.000 F. EulerHemes 1,000 1,500 2,000 2,500 3,000 500 500 3 15,01 customerwereonaedinJanry2010 customer’ aifndlyty to exndourmarkladershipnf “Renewal ismyjob”unchednQ12010 0 0 “Renwal ismyjo b” Jan A newintave Feb lost in2010 So far5,748custme Mar Number oflstpolicies Apr May remains ofhghpror ity andwillbecomreurrgpro ss Jun “Renewal ismyjob” Jul in 2009 15,502 customerl Aug Sep Oct Nov Dec is launched F 18

© Allianz SE 2010 Operating prof(EURmn) Net earnedpremiums(EURn) 1) Q1 2010result… Improvement canaleadybeseenin F. EulerHemes Q1 2009 Q1 2009 Servic magnsxluded 310 310 7.8 Q1 2010 Q1 2010 51.3 267 267 Underwritng resul(ERmn) Net combinedraio Q1 2009 Q1 2009 114.6 -45.3 Q1 2010 Q1 2010 91.7 22.2 1 (%) F 20

© Allianz SE 2010 … F. EulerHemes Short-erm and willcontinuenheomgyears Mid-term § § Operating prof2010boveEUR100mn Combined rat2010belw00% § § § § Product developmen&nhanent Productivy/flexbility -averge inestmenreurn4% -averge CR84% Based on: ROE of15%ver10years Long-term § § Market share>40%by the Americasnd sia Exploitaon fgrow th opporuniesin Leadership nEuro pean market F 21

© Allianz SE 2010 Key tak-wys F. EulerHemes EH aimstabov e averagereturnsoerhecycle Improveent canlreadybesee n iQ12010 allowing furthermproveensn cost andimearket EH movedtaninegraandc entralisd rucureandeering EH istheonlycrednurerwhabeS&PA-rangdur GFC EH masteredhecriandproedapal the markesiuaonandanagebuncyles EH developedtherighoosonabaferadaponto Euler Herms(H)ithewordaderncredurance F 22

© Allianz SE 2010 Glossary Capital Markets Day Munich, July 1, 2010 Maintenc bod MA LOB KPI KAM IIS IBNR HQ GAP CSA CRM ASIC AMIC AMA AGR Advance paymetbo ACAS Glossary (1) repayment ofwarranye tion money,husprvidgedaliquh contrar. A guarantehdfcsiovdughewrran ty periodwilbeepad.Dfcsoggeh MondialAssstance Line ofbusss Key perfomancindat Key acountmanagent Interaional suancSol Reserv fo Headquartes Insurance thaovdiffen(gap)bweenhayoufhear Customer SpecialyAssance Customer RlaionhpManagnt Allianz SharedIfstucevi Allianz MrieIsuancCompy Allianz Mrie&viaton Allianz GlobalRisks A guarantefohepaymdvancpaensadeccun Allianz CompictonsandServ I ncurred B ut N ot R eported claims

© Allianz SE 2010 XL VA UW UOP ULAE Surety SOE RoAC RAC QS PPI Performance bd OEM NPW NPS MENA Glossary (2) Excess oflo Varible annuity Underwitng Underlying opeatngpof Unallocated lssadjusmnxpen Insurance thaguaeedebobligionfone partyoanohe Servic OpeatonlEny Return oRiskAdjeCapial Risk AdjuteCapial Quota share Payment ProecinIsurance to heconra. period. Itmaylsoggeheepaenfwrrannon,hupvdngiquty A guaranteoscuhupplyfgoodandpemviwrr Orignal EquipmentManufcer Net premiuswtten Net PromerScre Midle EastanNorhAfca

© Allianz SE 2010 Appendix Capital Markets Day Munich, July 1, 2010 Investor Rlaioncts Investor Rlaions Head of Oliver Schmidt Lamprecht Christan HolgerKtz Relations Investor investor.rela@llzcom E-mail: 6 christan.lmpreh@llizom E-mail: ( ( holger.kotz@alliancom E-mail: ( oliver.schmidt@allnzom E-mail: +49 893800-3899 +49 893800-3892 +49 893800-18124 +49 893800-3963 Peter Hardy Stephanie Aldag Lahusen Reinhard IR Events Interet German: English: www.alianz.com/nvestor-reatons www.alianz.com/ir stephanie.ldag@llianzcom E-mail: ( reinhard.lhusen@llinzcom E-mail: ( ( peter.hardy@allinzcom E-mail: +49 893800-17975 +49 893800-17224 +49 893800-181

© Allianz SE 2010 As wecanvrulouthang esof dat,wrcmenhckingI et a and fiscalyersutahd of thedasmeniondabve. subtanialprcem, rr pectivof hmmunadscduls.Trwan notexcludhawhavannoukyfigursqu rly TheGrman Scuitsd g Act("Werpapihandlsz)obuoannou nceimedatlyforwhhav Financal endar November 11,2011 August 9,2011 May 12,011 May 4,2011 March 18,2011 Februay 25,2011 Februay 24,2011 November 10,2010 August 6,2010 3rd quarterresul2011 2nd quarterresul2011 1st quarerrel2011 Annual GeneraMeeting Annual Report2010 Analyst’conferen orhiaar2010 Financal pressonfenorthscyear2010 3rd quarterresul2010 2nd quarterresul2010 www.alianzcom/fnane ndar .

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