Allianz AZL Vermögensverwaltung GmbH & Co. KG

OFFER DOCUMENT

This Offer Document contains a non-binding English translation of the German-language offer document for the purchase of all no-par value registered shares of Allianz Lebensversicherungs-Aktiengesellschaft by Allianz AZL Vermögensverwaltung GmbH & Co. KG ("Allianz AZL Vermögensverwaltung"); in case of discrepancies the German-language offer document shall prevail.

The German Federal Financial Supervisory Authority authorized the publication of the German- language offer document on February 27, 2007. This Offer Document has not been filed with or reviewed by the United States Securities and Exchange Commission.

Allianz AZL Vermögensverwaltung, an indirect subsidiary of Allianz SE, is offering to purchase all outstanding no-par value registered shares of Allianz Lebensversicherungs-Aktiengesellschaft with a profit participation right as of January 1, 2006 against payment in cash in an amount of EUR 750.00 per share under the terms and conditions set forth in this Offer Document (the "Tender Offer").

The acceptance period for the Tender Offer expires at 12:00 midnight (Central European Daylight Saving Time), 6:00 p.m. New York City time, on March 29, 2007, unless extended.

Allianz AZL Vermögensverwaltung intends to implement the Tender Offer solely in accordance with German law and applicable U.S. federal securities laws. In this context, Allianz AZL Vermögensverwaltung intends to rely on the exemptions provided by Rule 14d-1(c) and Rule 14e-5(b)(10) under the United States Securities Exchange Act of 1934, as amended (for more information about the extension of the Tender Offer into the Unites States of America, cf. Section 1 of the Offer Document). Allianz AZL Vermögensverwaltung does not intend to consummate the Tender Offer as a public offer in accordance with the provisions of any other jurisdiction. As a consequence, no other announcements, registrations, admissions, or approvals of the Offer Document and/or of the Tender Offer were applied for or initiated outside of the Federal Republic of Germany or the United States of America.

The mailing, dissemination, or distribution of this Offer Document or other information materials can be subject not only to the regulatory requirements of the Federal Republic of Germany or those of the United States of America, but also to those of other jurisdictions. Persons who come into possession of the Offer Document outside of the Federal Republic of Germany or the United States of America or who wish to accept the Tender Offer and are subject to applicable capital market or securities laws and regulations other than those of the Federal Republic of Germany or of the United States of America are requested to seek information about and comply with such capital market or securities laws and regulations. Allianz AZL Vermögensverwaltung makes no guarantee, express or implied, that the mailing, dissemination or distribution of this Offer Document or the acceptance of this Tender Offer is in compliance with the laws and regulations of a jurisdiction other than that of the Federal Republic of Germany or of the United States of America.

To the knowledge of Allianz AZL Vermögensverwaltung, the statements made in the Offer Document are accurate as of the date of the publication of the Offer Document and no material details have been omitted. This Offer Document will not be updated. Additional announcements relating to the Tender Offer as well as any further declarations and notifications in connection with the Tender Offer will be published in the manner described under Section 18 of this Offer Document. Allianz AZL Vermögensverwaltung has not authorized any third parties to make statements regarding this Offer Document or the Tender Offer contained herein, and no such statements should be taken into consideration when making a decision regarding the Tender Offer. This Offer Document is an offer to purchase no-par value registered shares of Allianz Lebensversicherungs-Aktiengesellschaft only. It is not, and should not be construed as, an offer to sell or acquire or an invitation or request for the submission of an offer to sell or acquire any other securities. WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 Statutory publication in accordance with Section 14 para. 2 and 3 of the German Securities Acquisition and Takeover Act (Wertpapiererwerbs- und Übernahmegesetz – WpÜG).

Shareholders of Allianz Lebensversicherungs-Aktiengesellschaft (in particular, those resident outside the Federal Republic of Germany) are requested to read the information in Section 1 of the offer document.

Offer Document

Voluntary Public Offer (Cash Offer)

(Voluntary public offer for the acquisition of securities in accordance with Sections 10 et seqq. WpÜG)

by Allianz AZL Vermögensverwaltung GmbH & Co. KG Königinstraße 28 80802 Munich Germany

to the shareholders of

Allianz Lebensversicherungs-Aktiengesellschaft Reinsburgstraße 19 70178 Stuttgart Germany

for the acquisition of their shares in Allianz Lebensversicherungs-Aktiengesellschaft with a profit participation right as of January 1, 2006

in return for

payment of a cash consideration of EUR 750.00 per share

Acceptance period: February 28, 2007, to March 29, 2007, 12:00 midnight (Central European Daylight Saving Time)

Shares of Allianz Lebensversicherungs-Aktiengesellschaft: ISIN DE0008403007 (WKN 840300)

Tendered shares of Allianz Lebensversicherungs-Aktiengesellschaft: ISIN DE000A0MFXY4 (WKN A0MFXY) WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 Table of Contents

1. General information, in particular for shareholders resident outside Germany and the United States of America ...... 1 1.1 Conduct of the Offer in accordance with the provisions of the German Securities Acquisition and Takeover Act and applicable U.S. federal securities laws ...... 1 1.2 Distribution and acceptance of the Offer ...... 1 1.3 Publication of the decision to make the Offer ...... 2 1.4 Publication of the Offer Document ...... 2 1.5 Status of the information contained in this Offer Document ...... 3 1.6 Acquisition of shares outside of the Offer ...... 3 2. Summary of the Offer ...... 4 3. Background of the Offer ...... 5 4. Companies involved ...... 5 4.1 The Bidder, the Target Company and persons acting jointly with them; shareholding structure in the Target Company ...... 5 4.2 Description of Allianz AZL Vermögensverwaltung ...... 6 4.3 Description of Allianz Deutschland ...... 7 4.3.1 Legal foundations ...... 7 4.3.2 Business ...... 7 4.4 Description of Allianz ...... 8 4.4.1 Legal foundations ...... 8 4.4.2 Business of Allianz Group ...... 8 4.4.3 Selected financial information of Allianz Group ...... 9 4.5 Description of Allianz Leben ...... 10 4.5.1 Legal foundations ...... 10 4.5.2 Business ...... 10 5. Bidder’s intentions in respect of Allianz Leben’s future business operations and its own future business operations ...... 12 5.1 Bidder’s intentions in respect of Allianz Leben’s future business operations ...... 12 5.1.1 Registered office and location of Allianz Leben and important business units ...... 12 5.1.2 Use of assets and future obligations of Allianz Leben ...... 12 5.1.3 Members of the Board of Management and Supervisory Board of Allianz Leben ...... 13 5.1.4 Employees, their representative bodies, working conditions ...... 13 5.2 Bidder’s intentions in respect of its own future business operations ...... 13 5.3 Possible Squeeze-out of minority shareholders after the conduction of the Offer / Cancellation of the admission to the stock exchange ...... 13 6. Content of the Offer ...... 14 6.1 Subject matter of the Offer ...... 14 6.2 Consent of Allianz Leben to the acquisition of the shares by the Bidder ...... 14 6.3 Beginning and end of the acceptance period ...... 15 6.4 Information on statutory extensions of the acceptance period ...... 15 7. Explanation of the determination of the amount of consideration (Offer Price) ...... 15 8. Prior, parallel and subsequent acquisitions ...... 16 9. Voluntary improvement of the Offer Price in the event of a Squeeze-out of minority shareholders ...... 17 10. Execution of the Offer ...... 18 10.1 Central Settlement Agent ...... 18 10.2 Declaration of acceptance and transfer of shares ...... 18 10.3 Further declarations upon acceptance of the Offer ...... 19 10.4 Allocation in the event of a theoretically conceivable oversubscription of the Offer . . . 20 10.5 Legal consequences of declaring acceptance ...... 20 10.6 Settlement of the Offer and payment of the Offer Price ...... 21 10.7 Trading in Tendered Allianz Leben Shares ...... 21 10.8 Costs ...... 21 10.9 Reverse entry in the event of non-fulfillment of the Offer Condition ...... 21 10.10 Safekeeping of documents ...... 22

-i- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 11. Statutory withdrawal rights ...... 22 11.1 Withdrawal right in the event of an amendment of the Offer ...... 22 11.2 Withdrawal right in the event of competing offers ...... 22 11.3 Exercising the withdrawal right ...... 22 12. Financing of the Offer ...... 23 12.1 Financing requirements ...... 23 12.2 Financing measures ...... 23 12.3 Financing confirmation ...... 23 13. Expected effects of a successful offer on the net assets, financial position and operating results of the Bidder and Allianz Group ...... 23 13.1 Expected effects on the net assets, financial position and operating results of the Bidder ...... 23 13.2 Expected effects on the net assets, financial position and operating results of Allianz Group ...... 25 13.2.1 Expected effects on the net assets and financial position of Allianz Group .... 26 13.2.2 Expected effects on the operating results of the Allianz Group ...... 27 14. Consequences for Allianz Leben Shareholders who do not accept the Offer ...... 27 15. Information on cash payments or other non-cash benefits to members of the corporate bodies of the Target Company ...... 28 16. Forwarding of the Offer Document to the Board of Management of Allianz Leben ...... 28 17. Requirements and status of official approvals and proceedings ...... 29 18. Publications, notifications and announcements ...... 29 19. Advising bank ...... 29 20. Taxes ...... 29 21. Applicable law and jurisdiction ...... 29 22. Declaration of assumption of responsibility for the Offer Document ...... 30

Annex 1: Subsidiaries of Allianz SE Annex 2: Subsidiaries of Allianz Lebensversicherungs-Aktiengesellschaft Annex 3: Financing confirmation from Commerzbank Aktiengesellschaft

-ii- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 1. General information, in particular for shareholders resident outside Germany and the United States of America

1.1 Conduct of the Offer in accordance with the provisions of the German Securities Acqui- sition and Takeover Act and applicable U.S. federal securities laws

The offer described in this Offer Document (the "Tender Offer"or"Offer") by Allianz AZL Vermögensverwaltung GmbH & Co. KG, Königinstraße 28, 80802 Munich, Germany ("Allianz AZL Vermögensverwaltung" or the "Bidder"), is a voluntary public offer for the acquisition of shares in exchange for payment of a cash consideration in accordance with the German Securities Acquisition and Takeover Act (Wertpapiererwerbs- und Übernahmegesetz, "WpÜG"). The Offer is addressed to the shareholders of Allianz Lebensversicherungs- Aktiengesellschaft, Stuttgart, Germany ("Allianz Leben" or the "Target Company"; sharehol- ders of Allianz Leben the "Allianz Leben Shareholders"; shares of Allianz Leben the "Allianz Leben Shares").

The Offer is being conducted exclusively in accordance with German law, in particular in accordance with the WpÜG and statutory ordinances based on the WpÜG, and in accordance with applicable U.S. federal securities laws. Insofar, the Bidder intends to rely on the exemp- tions provided by Rule 14d-1(c) and Rule 14e-5(b)(10) (the "Tier I Exemption") under the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Tier I Exemption provides exemptions from most of the requirements of Regulation 14E under the Exchange Act, otherwise applicable to the Offer. U.S. Shareholders of Allianz Leben should also note that this Offer is made for the securities of a German company and is therefore subject to disclo- sure requirements of the Federal Republic of Germany that are different from those of the United States of America. Financial information included in this Offer Document was prepared in accordance with international financial reporting standards that may not be comparable to the financial information of U.S. companies. This Offer Document has not been filed with or reviewed by the U.S. Securities and Exchange Commission.

Except for the permission to publish this Offer Document in the German language and in accordance with German law, no other announcements, registrations, permissions or approvals for this Offer Document and/or the Offer have been applied or arranged for or gran- ted by securities regulatory authorities. As a consequence, Allianz Leben Shareholders may not rely on the application of investor protection provisions under foreign laws.

1.2 Distribution and acceptance of the Offer

This Offer may be accepted by all domestic and foreign Allianz Leben Shareholders in accor- dance with the terms of this Offer Document. Allianz Leben Shareholders intending to accept the Offer outside Germany and the United States of America, and persons obtaining this Offer Document outside Germany and the United States of America are requested to observe the following statements.

The Bidder is publishing this Offer Document in accordance with the provisions of the WpÜG as described in Section 1.4 of this Offer Document. The publication of this Offer Document exclusively serves the purpose of complying with the provisions of the WpÜG, and is not for the purpose of issuing or publishing the Offer, nor of publicly advertising the Offer in accor- dance with the laws of any jurisdiction other than that of Germany or the United States of America.

Any publishing, delivering, distributing or disseminating of this Offer Document, a summary or other description of the terms of this Offer Document or other informational documents related to the Offer may be subject to the laws (in particular, restrictions under the laws) of jurisdictions other than that of Germany and the United States of America. Therefore, a publication in

-1- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 accordance with the laws of any jurisdiction other than that of Germany or the United States of America is not intended. The Bidder does not permit third parties to directly or indirectly publish, disseminate or forward the Offer Document, a summary or other description of the terms of the Offer Document or other informational documents related to the Offer, outside Germany or the United States of America if this is not in compliance with the applicable foreign regulations, if it is contingent on the compliance with official procedures or the granting of permission or other requirements, and such conditions are not fulfilled.

Acceptance of this Offer outside Germany and the United States of America may be subject to the laws of jurisdictions other than that of Germany and the United States of America. Persons coming into possession of this Offer Document outside Germany and the United States of America, or who wish to accept this Offer and fall within the scope of capital market regulations of jurisdictions other than that of Germany and the United States of America, are requested to inform themselves about and comply with these capital market regulations.

If, based on legal provisions applicable to the respective custody agreement, a custodian credit institution or custodian financial services institution resident in Germany or a German branch of a custodian credit institution or custodian financial services institution has obligations towards its customers to provide or pass on information in connection with the Offer, the Custodian Bank is required to independently examine the effects of the laws of foreign jurisdictions on such obligations. The Bidder has given no instructions to custodian banks or third parties to deliver the Offer Document, a summary or other description of the terms of the Offer Document or other informational documents related to the Offer to shareholders outside Germany and the United States of America.

Neither the Bidder nor persons acting jointly with the Bidder are in any way responsible for ensuring that the publication, delivery, dissemination or forwarding of this Offer Document and/ or Offer, a summary or other description of the terms of the Offer Document or other informational documents related to the Offer outside Germany and the United States of America complies with the laws of jurisdictions other than that of Germany and the United States of America, or that acceptance of the offer outside Germany and the United States of America complies with the relevant applicable legal provisions. Any responsibility of the Bidder or of persons acting jointly with the Bidder for third parties’ non-compliance with legal provisions of a foreign jurisdiction is expressly excluded.

1.3 Publication of the decision to make the Offer

Allianz Deutschland AG ("Allianz Deutschland"), a wholly-owned subsidiary of Allianz SE ("Allianz", and together with its affiliated companies the "Allianz Group"), has announced on January 18, 2007, to offer to the outside shareholders of Allianz Leben by means of a voluntary public tender offer to acquire the shares held by them of Allianz Leben with a profit participation right as of January 1, 2006, at a price of EUR 750.00 per share.

On February 14, 2007, Allianz Deutschland has decided not to make the offer itself, but to have it made by its subsidiary, Allianz AZL Vermögensverwaltung. Therefore, Allianz AZL Vermögensverwaltung has decided on the same day to submit to the Allianz Leben Sharehol- ders a voluntary public tender offer on the terms and conditions described above and has published its decision to make the Offer in accordance with Section 10 para. 1 sentence 1 and para. 3 WpÜG. The publication of the decision to make the Offer is available on the Internet at http://www. allianz.com. The offer announced by Allianz Deutschland on January 18, 2007, has been prohibited by the German Federal Financial Supervisory Authority (“BaFin”) on February 27, 2007.

1.4 Publication of the Offer Document

This Offer Document is published on February 28, 2007, in accordance with Section 14 para. 3 WpÜG. The German version of the Offer Document and its non-binding English convenience

-2- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 translation are published on the Internet at http://www.allianz.com. In addition, an announce- ment regarding the publication of the German Offer Document will be published in the electro- nic Federal Gazette (elektronischer Bundesanzeiger). Copies of the Offer Document and its English translation are made available to the Allianz Leben Shareholders free and exempt from charges at the offices of financial printers RR Donnelley, Bockenheimer Landstraße 39, 60325 Frankfurt am Main, Germany (to be ordered by e-mail from [email protected], by tele- phone under 0800 900 7600 (free of charge in Germany) and under +1 800 424 9001 (free of charge in the United States of America) as well as by telefax under +49 (0) 69 17088 356) and with the Central Settlement Agent Dresdner Bank Aktiengesellschaft, Jürgen-Ponto-Platz 1, 60301 Frankfurt am Main, Germany (to be ordered by email from [email protected] and by fax under +49 (0) 69 713 25002). An announcement of the publication of the Offer Docu- ment and the availability of its English translation (including the abovementioned email ad- dresses, telephone and fax numbers for ordering the Offer Document) is also made in the United States of America in the U.S. edition of the newspaper The Wall Street Journal. Dresd- ner Bank Aktiengesellschaft will provide the custodian banks with copies of the Offer Docu- ment to be sent to their customers who are Allianz Leben Shareholders resident in Germany or the United States of America.

Only the German Offer Document, being the only binding Offer Document, has been reviewed and approved for publication by the BaFin. The Bidder has not arranged for any other publica- tion of the Offer Document or the Offer.

1.5 Status of the information contained in this Offer Document

Unless expressly noted otherwise, all information, opinions, intentions and forward-looking statements in this Offer Document are based on information and plans currently available to the Bidder and Allianz and on certain assumptions, estimates and projections made by the Bidder and Allianz at the date that this Offer Document is signed, and are subject to change. The forward-looking statements are based on current plans, estimates and forecasts which were prepared to the best knowledge of the Bidder and Allianz, but provide no statement on their future accuracy. Forward-looking statements are subject to risks and uncertainties which for the most part are very difficult to predict and lie either completely outside of or only partially within the sphere of influence of the Bidder and Allianz. The information, opinions, intentions and forward-looking statements contained in this Offer Document may change.

The information about Allianz Leben, Allianz Deutschland and Allianz in this Offer Document is based, in particular, on the annual report of Allianz Leben for the year 2005, the interim report of Allianz Group as of September 30, 2006, the preliminary financial data of Allianz Group for the financial year 2006 published by Allianz on February 22, 2007, and on information provided by the Board of Management of Allianz Leben and on documents provided by Allianz Leben for the purpose of inclusion in the consolidated financial statements of Allianz. The audited annual financial statements and consolidated financial statements of Allianz Leben for the financial year 2006 are expected to be published on March 23, 2007, the audited financial statements and consolidated financial statements of Allianz for the financial year 2006 on March 16, 2007. The aforementioned documents will be available on the Internet at http://www.allianz- leben.com and http://www.allianz.com, respectively, from the time specified.

The Bidder reserves the right not to update this Offer Document except as required by law. Neither the Bidder nor persons acting jointly with the Bidder have authorized any third parties to make statements concerning the Offer or Offer Document. If third parties nevertheless make statements in this regard, these cannot be attributed to the Bidder or persons acting jointly with the Bidder.

1.6 Acquisition of shares outside of the Offer

During and after the acceptance period, the Bidder and the persons acting jointly with the Bidder reserve the right, insofar as legally permitted, to directly or indirectly acquire or have

-3- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 another party acquire Allianz Leben Shares outside the United States outside of the offer procedure at a stock exchange or outside an exchange. The Bidder will publish information about any such acquisitions together with the voting rights to which it is entitled as a conse- quence of such possible acquisitions as part of the announcements required by law which are described in Section 18 of this Offer Document.

2. Summary of the Offer

The following summary contains selected information from this Offer Document. Since the summary does not contain all information relating to the Offer, it is to be read in conjunction with the more detailed information contained in this Offer Document.

Bidder: Allianz AZL Vermögensverwaltung GmbH & Co. KG, Königinstraße 28, 80802 Munich, Germany. Target Company: Allianz Lebensversicherungs-Aktiengesellschaft, Reins- burgstraße 19, 70178 Stuttgart, Germany. Subject of the Offer: Acquisition of up to 941,929 no-par value registered shares (Stückaktien) of Allianz Leben (representing approx. 8.97% of the share capital of the company), each of these shares representing a proportional amount of the company’s share capital of EUR 26.00 and with a profit participation right as of January 1, 2006. Consideration (Offer Price): EUR 750.00 per Allianz Leben Share, by which payment the dividend entitlement for 2006 shall also be settled. Voluntary Price Improvement: In the event of a subsequent squeeze-out of minority shareholders in accordance with Sections 327a et seqq. of the German Stock Corporation Act (Aktiengesetz) and subject to the fulfilment of the conditions in Section 9 of this Offer Document, the Bidder will voluntarily grant an improvement in the Offer Price to Allianz Leben Shareholders who transferred their shares to the Bidder in execution of this Offer. Acceptance Period: February 28, 2007, to March 29, 2007, 12:00 midnight (Central European Daylight Saving Time) Offer Condition: Consent of Allianz Leben to the acquisition of up to 941,929 Allianz Leben Shares by the Bidder according to Section 2 para. 2 of the Articles of Association of the Company and thus to an increase of the (indirect) inte- rest of Allianz Deutschland to up to 100%. Acceptance: Declarations of acceptance must be submitted in writing to the respective Custodian Bank. Acceptance takes effect upon transfer of the Allianz Leben Shares for which acceptance has been declared to ISIN DE000A0MFXY4 (WKN A0MFXY). Costs: Acceptance is free and exempt from charges for Allianz Leben Shareholders, with the exception of possible foreign stock exchange sales volume tax/duties, stamp duties, or similar taxes or fees of foreign custodian financial institutions. Offer Settlement: Settlement will be made without undue (unverzüglich) delay, and is expected to take place no earlier than on the third, but no later than on the fifth banking day follo- wing the end of the – possibly extended – acceptance period.

-4- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 Stock Exchange Trading: The Tendered Allianz Leben Shares are to be admitted to trading on the official market (Amtlicher Markt) of the Stuttgart Stock Exchange under ISIN DE000A0MFXY4 (WKN A0MFXY) from the start of the acceptance period. Trading is expected to be terminated no later than two stock exchange trading days before the end of the – possibly extended – acceptance period. This will not affect the trading of Allianz Leben Shares under ISIN DE0008403007 (WKN 840300) not tendered for sale. ISIN (WKN): Allianz Leben Shares: ISIN DE0008403007 (WKN 840300) Tendered Allianz Leben Shares: ISIN DE000A0MFXY4 (WKN A0MFXY) Publications: Unless otherwise provided by law, all declarations and notifications of the Bidder in connection with this Offer, in particular the notifications in accordance with Section 23 para. 1 WpÜG, will be published on the Internet at http://www.allianz.com and by reprint or announcement of the publication in the electronic Federal Gazette (elektronischer Bundesanzeiger). If legally required, notifications in English will also be placed in the U.S. edition of the newspaper The Wall Street Journal. Notifications in accordance with Section 23 para. 1 WpÜG will not be published in the U.S. edition of the newspaper The Wall Street Journal.

3. Background of the Offer

As Allianz had offered, prior to the conduction of the merger with its Italian subsidiary RIUNIONE ADRIATICA DI SICURTÀ S.p.A. ("RAS") and the related conversion into a Euro- pean company (Societas Europaea – SE), to the outside shareholders of RAS to acquire the shares held by them, and as it now also submits an offer to the outside shareholders of Assu- rances Générales de France S.A. for the acquisition of their shares, with this Offer – as announced on January 18, 2007 and on February 14, 2007 respectively – the outside shareholders of Allianz Leben are also granted the opportunity to part with their shares in return for a cash payment. With this, Allianz acts at the same time on the demands presented repeatedly at the shareholders’ meetings of Allianz Leben for a settlement offer of the majority shareholder due to the small free float.

From the point of view of Allianz and the Bidder, this Offer to the outside shareholders of Allianz Leben aims to reduce the complexity in the shareholding structure. Insofar, there is a connection with the worldwide "3+One Program" of Allianz, which serves the achievement of the strategic objective "profitable growth" and the establishment of efficient and flexible structu- res within Allianz Group.

4. Companies involved

4.1 The Bidder, the Target Company and persons acting jointly with them; shareholding structure in the Target Company

The Bidder, as defined in WpÜG, is Allianz AZL Vermögensverwaltung. Allianz, with its registe- red office in Munich, and Allianz Deutschland, with its registered office also situated in Munich, are to be regarded as persons acting jointly with the Bidder according to Section 2 para. 5 sentence 1 WpÜG. Allianz Deutschland holds an interest of 94.9% of the capital of the Bidder. The remaining 5.1% are being held indirectly by Sal. Oppenheim jr. & Cie KGaA ("Sal. Oppenheim").

-5- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 According to the information available to the Bidder at the time of the signing the Offer Docu- ment, the companies listed in Annex 1 are subsidiaries of Allianz and therefore, according to Section 2 para. 5 sentence 3 WpÜG, are also deemed to be persons acting jointly with the Bidder and among themselves.

At the point in time of the publication of this Offer Document, the Bidder does not hold an inte- rest in Allianz Leben. Through Jota-Vermögensverwaltungsgesellschaft mbH ("Jota") with its registered office in Munich (entered in the commercial register of the Local Court of Munich under HRB 104111, business address: Königinstraße 28, 80802 München), in which Allianz Deutschland holds an interest of 94.9% and Allianz an interest of 5.1%, Allianz Deutschland and Allianz hold 9,558,071 Allianz Leben Shares. This is equivalent to approx. 91.03% of the share capital and the voting rights of the Target Company. Allianz Leben is thus a subsidiary of Allianz Deutschland and Allianz according to Section 2 para. 6 WpÜG and is fully consolidated in the consolidated financial statements of Allianz. Therefore, the voting rights attached to the interest in Allianz Leben directly held by Jota are being attributed to both Allianz Deutschland and Allianz pursuant to Section 30 para. 1 sentence 1 no. 1 WpÜG, respectively.

The present shareholding structure in the Target Company is shown in the following chart:

Allianz

100 %

Sal. Oppenheim Allianz Deutschland 5.1 %

5.1 %* 94.9 % 94.9 %

Allianz AZL Jota Vermögensverwaltung

91.03 %

Allianz Leben

* The limited partnership interest is held indirectly by Sal. Oppenheim.

According to the information available to the Bidder at the time of the signing the Offer Docu- ment, the direct and indirect subsidiaries of Allianz Leben listed in Annex 2 are deemed to be persons acting jointly with Allianz Leben as defined in Section 2 para. 5 WpÜG.

4.2 Description of Allianz AZL Vermögensverwaltung

The Bidder, Allianz AZL Vermögensverwaltung GmbH & Co. KG, is a Kommanditgesellschaft (limited partnership) with its registered office in Munich (business address: Königinstraße 28, 80802 München) and is registered in the commercial register of the Local Court of Munich under HRA 89600. It was established for the purpose of making this Offer and was validly formed on February 12, 2007, by registration in the commercial register. The corporate purpose of the company is the acquisition and management of Allianz Leben Shares. At the time of publication of this Offer Document, the Bidder does not hold any interest in Allianz Leben.

The general partner is SITIA Beteiligungs- und Verwaltungs-GmbH ("SITIA") with its registered office in Cologne (entered in the commercial register of the Local Court of Cologne under HRB 58324; business address: Unter Sachsenhausen 4, 50667 Köln). At the point in time of

-6- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 the formation of Allianz AZL Vermögensverwaltung, SITIA was an indirect wholly-owned subsidiary of Sal. Oppenheim. By a purchase and transfer agreement of February 26, 2007, Sal. Oppenmheim has transferred the sole share in SITIA to Allianz Deutschland. SITIA holds no interest in the assets of the Bidder. The share capital of SITIA amounts to EUR 25,000. Managing directors of SITIA are Wolfgang Jensen and Rolf Sandfort.

At the point in time of the formation of Allianz AZL Vermögensverwaltung, Allianz Deutschland was the sole limited partner of the Bidder with a capital contribution entered in the commercial register in the amount of EUR 20,000. By an amendment of the articles of partnership of February 26, 2007, liable funds were increased to EUR 100,000 and Sal. Oppenmheim has acquired indirectly a limited partnership interest in the Bidder of 5.1%.

4.3 Description of Allianz Deutschland

4.3.1 Legal foundations

Allianz Deutschland, is a German Aktiengesellschaft (stock corporation) with its registered office in Munich (business address: Königinstraße 28, 80802 München), entered in the commercial register of the Local Court of Munich under HRB 158878. It was created in September 2005 by way of a conversion with a change of the legal form of AZ-Argos 19 Vermögensverwaltungsgesellschaft mbH into AZ-Argos 19 AG. Thereupon, the general meeting of shareholders has resolved in November 2005 (with registration in the commercial register on December 6, 2005) to increase the share capital, to change the company name into "Allianz Deutschland AG" and to change the corporate purpose of the company. Since then, the corporate purpose of Allianz Deutschland is directed at managing a group of German companies which operate as insurance companies or in the field of distribution of insurance policies or other financial services (holding company for the German insurance business of Allianz Group). The share capital of Allianz Deutschland presently amounts to EUR 200,500,000 and is divided into 200,500,000 no-par value registered shares with restric- ted transferability (vinkulierte nennwertlose Stückaktien).

Allianz Deutschland is a wholly-owned subsidiary of Allianz. A control and profit and loss trans- fer agreement pursuant to Section 291 para. 1 AktG has been concluded between Allianz Deutschland and Allianz as controlling company. A control and profit and loss transfer agree- ment has also been concluded between Jota, as the controlled company, and Allianz Deutsch- land, as controlling company.

The members of the board of management of Allianz Deutschland are: Dr. Gerhard Rupprecht (Chairman), Hansjörg Cramer, Dr. Karl-Hermann Lowe, Dr. Christof Mascher, Thomas Pleines, Dr. Ulrich Rumm, Ulrich Schumacher and Dr. Maximilian Zimmerer.

The Supervisory Board of Allianz Deutschland consists of six shareholder representatives and six employee representatives. Its members are: Michael Diekmann (Chairman), Dr. Paul Achleitner, Robert Fischer, Karl Grimm (Deputy Chairman), Herbert Hainer, Josef Hochburger, Stefan Krause, Dr. Max Link, Karl Neumeier, Dr. Helmut Perlet, Rose-Maria Sommer and Prof. Dr. Jürgen Strube.

4.3.2 Business

Within Allianz Group, Allianz Deutschland acts as an intermediate holding company combining the German insurance activities of Allianz Group. In the course of the reorientation of the German insurance business of Allianz Group, which started in 2005, the segment companies Allianz Versicherungs-AG, Allianz Private Krankenversicherungs-AG and Allianz Lebensversicherungs-AG were combined under the roof of Allianz Deutschland. Allianz Deutschland has commenced operations at the beginning of 2006.

-7- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 Further, the sales units of these three companies were combined in the newly founded Allianz Beratungs- und Vertriebs-AG, also a subsidiary of Allianz Deutschland. In addition, certain staff functions of the segment companies (e.g. IT, business organization, internal audit, corporate communication, asset management) were transferred to Allianz Deutschland and are since being administered by the latter. This process will be continued in 2007.

The core of the reorganization is the introduction of the new operating model. The main busi- ness processes of the German Allianz insurance companies, which are connected to customer service, inventory management and benefit processing, are combined in Allianz Deutschland. The employees dealing with these tasks are expected to change from the segment companies to Allianz Deutschland in July 2007. The transfer of these tasks is intended to be formally realized on the basis of function hive-down agreements (Funktionsausgliederungsverträge) which have to be submitted to BaFin for effectiveness. The implementation of the new operating model is scheduled to be completed in 2008.

4.4 Description of Allianz

4.4.1 Legal foundations

Allianz is a European Company (Societas Europaea – SE) with its registered office in Munich (business address: Königinstraße 28, 80802 München), entered into the commercial register of the Local Court of Munich under its company name "Allianz SE" under number HRB 164232. It engages in its business activities in Germany, among others, under the trade name "Allianz".

On February 5, 1890, Allianz was established in Berlin as "Allianz Versicherungs- Aktiengesellschaft". In 1985, it was restructured into a holding company and its name was changed to "Allianz Aktiengesellschaft Holding". In 1996, the name of Allianz was changed again to "Allianz Aktiengesellschaft". In the course of the merger of the subsidiary RAS onto Allianz in 2006, Allianz AG was converted into a SE.

The members of the Board of Management of Allianz are Michael Diekmann (Chairman), Dr. Paul Achleitner, Clement B. Booth, Jan R. Carendi, Enrico Tomaso Cucchiani, Dr. Joachim Faber, Dr. Helmut Perlet, Dr. Gerhard Rupprecht, Jean-Philippe Thierry, Dr. Herbert Walter and Dr. Werner Zedelius.

The Supervisory Board of Allianz consists of six shareholder representatives and six employee representatives. Its members are: Dr. Henning Schulte-Noelle (Chairman), Dr. Wulf H. Bernotat, Jean-Jacques Cette, Dr. Gerhard Cromme (Deputy Chairman), Claudia Eggert- Lehmann (Deputy Chairwoman), Geoff Hayward, Dr. Franz B. Humer, Prof. Dr. Renate Köcher, Igor Landau, Jörg Reinbrecht, Margit Schoffer and Rolf Zimmermann.

4.4.2 Business of Allianz Group

Allianz Group is one of the largest financial services providers of the world. Today, it offers insurance, banking and asset management products and services to more than 60 million customers in more than 70 countries through its operating segments Property-Casualty Insur- ance, Life/Health Insurance, Banking and Asset Management. As of December 31, 2006, Allianz Group employed 166,505 employees worldwide, 76,154 thereof in Germany and 90,351 outside Germany.

Allianz Group regards Europe as its home market. Germany, France, Italy, Spain, Switzerland and Great Britain represent its main insurance markets, with Germany being the most impor- tant single market. Allianz Group is operating in almost every European country. Besides Europe, the USA are also one of the main insurance markets of Allianz Group.

-8- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 In its insurance segments, Allianz Group offers a wide selection of products for private and institutional customers, which include many of the world’s largest companies. Depending on the product line and market practice, the policies are marketed through an extensive network of independent insurance agents, part-time agents, brokers, banks or other distribution channels.

In addition to the business segments Property-Casualty and Life/Health Insurance, Allianz Group introduced Financial Services as third core business segment in 1998. In 2001, after the acquisition of Dresdner Bank Aktiengesellschaft, Allianz Group has restructured its Financial Services segment into separate Asset Management and Banking segments.

The Asset Management segment is responsible for the third-party customer business and for a partial segment of the capital investments of the insurance companies of Allianz Group. As of December 31, 2006, third-party assets amounted to EUR 764 billion worldwide, mainly inves- ted in interest bearing products and dividend instruments, money market and sector products and alternative investment forms. Based on total assets under management as of December 31, 2006, Allianz Group is one of the largest asset managers in the world (source: own analyses and estimates).

The Banking segment consists mainly of Dresdner Bank Aktiengesellschaft, one of the largest banking groups in Germany. Dresdner Bank offers a wide selection of banking products and financial services to private, corporate and public-sector customers. While Dresdner Bank has business operations in various regions of the world, the focus of its activities is on Germany.

With effect from January 1, 2006, Allianz Group has established, in addition to its operating segments Property-Casualty Insurance, Life/Health Insurance, Banking and Asset Manage- ment, the Corporate segment which contains, among others, the financing and risk manage- ment activities of Allianz Group.

4.4.3 Selected financial information of Allianz Group

The audited financial statements and consolidated financial statements of Allianz for the financial year 2006 are expected to be published on March 16, 2007, and will be available from that time on the Internet at http://www.allianz.com.

On the basis of the preliminary financial data published by Allianz on February 22, 2007, the business development of Allianz Group in the financial year 2006 can be summarized as follows:

Allianz Group’s total revenues, which remained stable at EUR 101.1 billion, result from the signifi- cant growth of operating revenues in the Banking and Asset Management segments, nearly flat Property-Casualty gross premiums written, combined with a decline in Life/Health statutory premiums. Total internal revenue growth amounted to 0.5% in the financial year 2006.

Operating profits grew by 29.8% to EUR 10.4 billion, with all operating business segments exhibiting double-digit increases. Non-operating items decreased by EUR 111 million to EUR 63 million, with increased restructuring charges being offset by higher realized gains.

The increase in operating profits resulted in a net income growth by 60.3% to EUR 7.0 billion. Despite the considerable increase, compared to 2005, in income before income taxes and minority Interests, income tax expenses, at EUR 2.0 billion, were almost at prior year level. As a result, the effective tax rate declined to 19.5% from 26.3%. Minority interests in earnings were down EUR 97 million to EUR 1.3 billion. This was primarily a result of the buyout of minorities at RAS, which in turn had a positive impact on net income.

-9- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 The shareholders’ equity of Allianz Group increased by 27.8% to EUR 50.5 billion in the financial year 2006, primarily driven by the net income generated. Paid-in capital increased mainly due to the issue of approximately 25.1 million new shares from the capital increase in October 2006 in connection with the merger of RAS into Allianz.

Net income was the key driver of the growth in revenue reserves. Partially offsetting were nega- tive effects from the acquisition cost of the additional Interest in RAS. As this transaction was accounted for as a transaction between equity holders, Allianz Group recorded a decrease in both shareholders’ equity and minority interests. An additional negative effect on shareholders’ equity resulted from higher negative foreign currency translation adjustments; this increase was due primarily to a weaker U.S. Dollar, compared to the Euro. The growth of unrealized gains/ losses (net) was brought about, in particular, by significantly increased unrealized gains from available-for-sale equity investments, largely as a result of the general upward trends in equity capital markets worldwide. In contrast, higher market interest rates and, as a result, downward trends in fixed income indices, had a partially offsetting negative effect.

4.5 Description of Allianz Leben

4.5.1 Legal foundations

The Target Company, Allianz Lebensversicherungs-Aktiengesellschaft, is a German stock corporation with its registered office in Stuttgart (business address: Reinsburgstraße 19, 70178 Stuttgart). It is registered in the commercial register of the Local Court of Stuttgart under HRB 20231.

The share capital of Allianz Leben amounts to EUR 273,000,000 and is divided into 10,500,000 no-par value registered shares (Stückaktien) with a proportionate amount of the company’s share capital per share of EUR 26.00. The Allianz Leben Shares may only be transferred with the approval of the company according to Section 2 para. 2 of the Articles of Association, with the company only refusing the properly requested approval if it considers doing so as necessary for exceptional reasons in the interest of the company. The Board of Management of Allianz Leben is authorized, with the approval of the Supervisory Board, to increase, one or several times, until April 22, 2010, the share capital of the company by up to a total of EUR 50,000,000, through the issuance of no-par value registered shares (Stückaktien) against contribution in cash.

The Allianz Leben Shares are traded on the official market (Amtlicher Markt) of the Stuttgart Stock Exchange; in addition, OTC-trading takes place on the exchanges Berlin-Bremen, Dusseldorf, Frankfurt am Main, Hamburg and Munich.

The members of the Board of Management of Allianz Leben are: Dr. Maximilian Zimmerer (Chairman), Dr. Michael Hessling, Dr. Eckhard Hütter and Ulrich Schumacher.

The Supervisory Board of Allianz Leben consists of ten shareholder representatives and ten employee representatives. Its members are: Dr. Gerhard Rupprecht (Chairman), Dr. Paul Achleitner, Dr. Günter Baumann, Dr. Burckhard Bergmann, Ewald Braden, Ursula Bühmann, Jürgen Eichelmann, Dr. Dietmar Fischer, Robert Fischer, Dr. Rudolf Grill, Heidemarie Haas, Prof. Dr. Michael Heise, Prof. Dr. Dr. Paul Kirchhof, Frank Lehmhagen, Hugo Matz, Michael Moeller, Prof. Dr.-Ing. Wolfgang Reitzle, Dr. Bernd Voss, Siegfried Walter (Deputy Chairman) and Dipl.-Ing. Dr. h.c. Jürgen Weber.

4.5.2 Business

Allianz Leben conducts – directly and indirectly – all types of life insurance business. Its busi- ness also comprises all kinds of capitalization transactions, the management of pension funds and the conduction of other transactions which economically are closely related to the insur-

-10- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 ance business. The core expertise of Allianz Leben is the development and market launch of life insurance products. Thus, Allianz Leben together with its subsidiaries, Deutsche Lebensversicherungs-AG, Allianz Pensionskasse AG and Allianz Pensionsfonds AG, is the centre of competence for the private and corporate pension business within Allianz Group. In addition, Allianz Leben is independently responsible for third-party distribution of life insurance products in Germany, which particularly includes the brokerage business.

In the course of the reorganization of the insurance business of Allianz Group in Germany which started in 2005, the (indirect) interest in Allianz Leben held by Allianz was transferred to Allianz Deutschland. In 2006, in the context of the grouping of the distribution units of the three segment companies, S-Orga, a distribution unit of Allianz Leben, was sold to the newly- founded Allianz Beratungs- und Vertriebs-AG (for the reorganization of the insurance business of Allianz Group cf. also Section 4.3.2 of this Offer Document).

With a total of 11.2 million policies at the end of the financial year 2005, of which 45% were endowment insurances, 27% annuity policies, 23% collective insurances and 5% risk and other insurances, and an investment portfolio of EUR 122 billion in 2005, Allianz Leben is the market leader in the German pension market and one of the largest life insurers worldwide. In the corporate pension business, Allianz Leben also ranks first in Germany.

In 2005, the new premiums amounted to EUR 3.6 billion, a slight decrease by 2.8% compared to the exceptional year 2004 which was dominated by special tax effects. The development was characterized by a significant increase of single premiums to EUR 2.9 billion (+52%) and a decrease, at the same time, of new recurring premiums to EUR 0.7 billion (-61%). In the first six months of 2006, new premiums increased by 40% to EUR 2.3 billion, compared to the first six months of 2005, through the growth of single premiums to EUR 1.9 billion (+36%) and of recurring premiums to EUR 0.4 billion (+60%) .

Besides Deutsche Lebensversicherungs-AG, Allianz Pensionskasse AG and Allianz Pensions- fonds AG, it is almost exclusively special funds and property- and asset management compa- nies registered in Germany which are included in the consolidated financial statements of Allianz Leben. Their business is largely defined through the main business area "life insurance" of the parent company Allianz Leben. The distribution area of Allianz Leben is almost exclusively Germany. Against this background, a geographical as well a business area segmentation would not be meaningful. Therefore, Allianz Leben only reports on the segment life insurance/Germany in its consolidated financial statements and does not disclose segment-related financial information.

In the financial year 2005, Allianz Leben increased gross premiums written by 6.3% to EUR 10.8 billion (first six months 2006: EUR 6.2 billion). In the financial year 2005, earnings before taxes and minority interests increased by 63.0% to a total of EUR 484.7 million. At EUR 347.5 million, net income after taxes and minority interests was 30.6% higher than the prior year figure. Thus, earnings per share increased by EUR 7.75 to EUR 33.09.

-11- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 The table below shows key figures from the income statement of Allianz Group as of December 31, 2005, in comparison to December 31, 2004, according to IFRS:

In EUR thousand 2005 2004 Total Income 17,777,613 16,580,073 Therein Premiums earned (net) 10,205,494 8,936,173 Interest and similar income 5,682,725 5,580,213 Other income from investments 1,255,431 1,041,404

Total Expenses -17,292,915 -16,282,791 Therein Insurance benefits (net) -14,993,170 -13,162,612 Acquisition costs and administrative expenses (net) -1,055,043 -1,349,956

Earnings before taxes and minority interests 484,698 297,282 Taxes -117,841 -19,190

Net Income incl. Minority Interests 366,857 278,092 Minority interests in earnings -19,397 -11,980

Net Income 347,460 266,112

In EUR 2005 2004 Earnings per share 33.09 25.34 Diluted earnings per share 33.09 25.34

The audited financial statements and consolidated financial statements of Allianz Leben for the financial year 2006 are expected to be published on March 23, 2007, and will be available from that time on the Internet at http://www.allianz-leben.com.

5. Bidder’s intentions in respect of Allianz Leben’s future business operations and its own future business operations

5.1 Bidder’s intentions in respect of Allianz Leben’s future business operations

At the end of 2005, Allianz has begun with a reorganization of the insurance business in Germany (cf. details under Section 4.3.2). The present Offer to the Allianz Leben Shareholders is independent from this reorganization of the German insurance business. Therefore, effects of the reorganization on the business of Allianz Leben will generally not be taken into account in the following. The Offer as such has no impact on the business operation of Allianz Leben.

5.1.1 Registered office and location of Allianz Leben and important business units

Both the Bidder and Allianz intend to continue operating Allianz Leben as an independent corporation at its present registered office following the execution of this Offer. At the time of publication of this Offer Document, there are no plans to move or abandon Allianz Leben’s registered office or the location of important Allianz Leben business divisions. Independently from this, any possible measures have to be seen in connection with the reorganization of the insurance business in Germany described above.

5.1.2 Use of assets and future obligations of Allianz Leben

With regard to the asset status and the future obligations of Allianz Leben, no plans are being made by the Bidder and Allianz; therefore, there are no consequences for Allianz Leben resulting from the conduction of this Offer.

-12- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 5.1.3 Members of the Board of Management and Supervisory Board of Allianz Leben

With regard to the composition of the Board of Management and the Supervisory Board of Allianz Leben there are no changes planned resulting from this Offer.

5.1.4 Employees, their representative bodies, working conditions

Co-determination at Allianz Leben will not be altered by the intended acquisition of all Allianz Leben Shares. The German Co-determination Act 1976 (Mitbestimmungsgesetz 1976) and related provisions in the Articles of Association will continue to apply to Allianz Leben’s Super- visory Board, with the consequence that – subject to possible effects which might result from the reorganization of the insurance business in Germany described above – Allianz Leben’s Supervisory Board will continue to comprise ten shareholder representatives and ten employee representatives.

In the course of the reorganization described above, measures are planned which will have effects for Allianz Leben with regard to the number of employees, the employment contracts of the employees, the applicability of shop agreements, the structure of existing employee representative bodies and material employment conditions of the employees. However, there will be no additional changes in this context as a consequence of this Offer.

5.2 Bidder’s intentions in respect of its own future business operations

The Offer to the Allianz Leben Shareholders has no impact on the business operations of the Bidder whose activities are restricted to the acquisition and management of Allianz Leben Shares (as for the financing of the Offer, cf. the statements in Section 12).

5.3 Possible Squeeze-out of minority shareholders after the conduction of the Offer / Cancellation of the admission to the stock exchange

In the event that Allianz Deutschland increases its (indirect) shareholding in Allianz Leben to at least 95% of the company’s share capital, it intends to have the shareholders’ meeting of Allianz Leben adopt a resolution regarding the transfer of the shares of the minority sharehol- ders to Allianz Deutschland as the principal shareholder in exchange for an adequate cash compensation in accordance with Sections 327a et seqq. AktG ("Squeeze-out"). This Squeeze-out may be resolved – provided that the necessary level of shareholding is achie- ved – in the course of 2007.

In the event of a Squeeze-out, the minority shareholders will receive an adequate cash compensation for the transfer of their shares to the principal shareholder. For the determina- tion of the cash compensation, an appraisal report for the determination of Allianz Leben’s enterprise value as of the time the Squeeze-out resolution was adopted by the shareholders’ meeting is prepared in accordance with a valuation method generally accepted by the courts (e.g., the discounted-cash-flow-method). The cash compensation may equal the Offer Price, but it may also be higher or lower (cf. also the price improvement provision in Section 9 of this Offer Document).

The adequacy of the cash compensation is to be examined by an expert auditor who is to be appointed by a court upon application of the majority shareholder. On application, the adequacy of the cash compensation may be reviewed in a special legal proceeding (a so-called Spruchverfahren). The decision in the special legal proceeding is effective for and against all shareholders.

Following the effectiveness of a Squeeze-out (by registration of the transfer resolution in the commercial register), the stock listing for the Allianz Leben Shares on the official market (Amtlicher Markt) of the Stuttgart Stock Exchange would be cancelled and the admission to trading of the Allianz Leben Shares would be revoked (delisting).

-13- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 The admission of the Allianz Leben Shares to trading on the official market (Amtlicher Markt)of the Stuttgart Stock Exchange can also be cancelled independently from the conduction of a Squeeze-out. It has not been decided yet if a respective procedure shall be pursued. However, according to the rulings of the German Federal Court of Justice (Bundesgerichtshof), the management board is authorized to make such a request only if the shareholders’ meeting has approved it and an offer has been previously made to the outside shareholders of Allianz Leben for the acquisition of their shares in return for an adequate cash compensation. With regard to the amount and the procedure (including the review of the adequacy of the cash compensation), the provisions applying to the Squeeze-out which were described above apply accordingly.

6. Content of the Offer

6.1 Subject matter of the Offer

The Bidder hereby offers to all outside shareholders of Allianz Leben to acquire their no-par value registered shares in Allianz Leben in accordance with this Offer Document, each of these shares representing a proportionate amount of the company’s share capital of EUR 26.00 and granting a profit participation right as of January 1, 2006, at a purchase price of

EUR 750.00 per Allianz Leben Share (the "Offer Price").

The Offer is directed at the acquisition of up to 941,929 Allianz Leben Shares which are not already held (indirectly) – through Jota – by Allianz Deutschland or Allianz. This corresponds to approx. 8.97% of the share capital of Allianz Leben.

Since the Offer relates only to a total of up to 941,929 Allianz Leben Shares, it is a so-called partial offer. If more than 941,929 Allianz Leben Shares were to be tendered for acquisition under this Offer (so-called oversubscription), the declarations of acceptance would be taken into account on a pro-rata basis in accordance with Section 19 WpÜG (cf. Section 10.4 of this Offer Document). Oversubscription would only be possible, however, if Jota were to accept the Offer, on the whole or in part, with regards to its Allianz Leben Shares. However, Jota has no intention to do so.

Therefore, despite the fact that this is a partial offer, the Bidder will acquire all Allianz Leben Shares tendered by outside shareholders (i.e. not by a company of Allianz Group), and thus up to 941,929 Allianz Leben Shares.

Since the Bidder only wishes to acquire an interest in the amount of 8.97% of the share capital of Allianz Leben, and Allianz Deutschland and Allianz already indirectly hold more than 90% of the Target Company, the present Offer is not directed at the acquisition of control of Allianz Leben. Consequently, the provisions of the WpÜG governing takeover offers and mandatory offers do not apply (cf. Sections 7 and 9 of this Offer Document for the determination of the Offer Price and a possible voluntary improvement of the Offer Price in the event of a Squeeze- out).

6.2 Consent of Allianz Leben to the acquisition of the shares by the Bidder

The conduction of this Offer and the purchase and transfer agreements resulting from its acceptance are subject to condition precedent of Allianz Leben consenting to the transfer of up to 941,929 Allianz Leben Shares to the Bidder in the course of the execution of this Offer before the expiry of the acceptance period as required pursuant to Section 2 para. 2 of the Articles of Association of the company (the "Offer Condition").

Since Allianz Deutschland – through Jota – already holds an indirect interest of more than 90% in the share capital of Allianz Leben, the Bidder expects that Allianz Leben will consent to the

-14- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 acquisition of up to 941,929 Allianz Leben Shares by the Bidder in accordance with the Articles of Association and, therefore, to an increase of the (indirect) interest held by Allianz Deutsch- land to up to 100%.

The Bidder will publish an announcement according to Section 18 of this Offer Document as soon as the required consent of Allianz Leben has been granted without undue delay (unverzüglich). In the event that – contrary to expectations – the Offer Condition should not be fulfilled before the end of the acceptance period, a respective announcement would also be made without undue delay (unverzüglich). In that case, the Offer would expire without substitu- tion and the agreements concluded subject to a condition precedent by the acceptance of the Offer would become irrevocably invalid; the Offer would thus not be completed (cf. Section 10.9 of this Offer Document).

6.3 Beginning and end of the acceptance period

The period for the acceptance of the Offer starts with the publication of this Offer Document

on February 28, 2007.

and ends

on March 29, 2007, at 12:00 midnight (Central European Daylight Saving Time).

6.4 Information on statutory extensions of the acceptance period

The Bidder may amend the Offer up to one working day before the expiry of the acceptance period by increasing the consideration, alternatively offering another consideration or waiving of the Offer Condition (cf. Section 21 para. 1 WpÜG). In the event of an amendment of the Offer, the acceptance period is extended by two weeks if the amendment is published during the final two weeks before the expiry of the acceptance period. This also applies in cases where the amended offer is in violation of the law (Section 21 para. 5 WpÜG).

If a third party makes a competing offer during the acceptance period of this Offer, the end of the acceptance period of this Offer is determined by the end of the acceptance period of the competing offer, if the acceptance period of this Offer ends before that of the competing offer. This also applies if the competing offer is amended, prohibited, or is in violation of the law (Section 22 para. 2 WpÜG).

If a shareholders’ meeting of Allianz Leben were to be called in connection with the Offer after the Offer Document is published, without prejudice to the provisions of Sections 21 para. 5, 22 para. 2 WpÜG the acceptance period would be the ten-week period starting as of the date the Offer Document is published (Section 16 para. 3 WpÜG). This does not apply in the event that an Allianz Leben Shareholders’ meeting is called, in particular the annual shareholders’ meeting 2007, for reasons unrelated to the Offer.

This Offer is a tender offer and not a takeover bid pursuant to Section 29 WpÜG for the acquisi- tion of control. Therefore – contrary to a takeover bid – there is no further acceptance period of two weeks in which after the end of the regular acceptance period an acceptance of the offer remains possible (for takeover bids cf. Section 16 para. 2 WpÜG).

7. Explanation of the determination of the amount of consideration (Offer Price)

The Bidder has fixed the Offer Price at EUR 750.00 per Allianz Leben Share, by which payment the dividend entitlement for 2006 will also be settled.

Allianz Leben Shareholders are able to sell their shares on the stock market. Therefore, in the view of the Bidder, despite the small free float at Allianz Leben, the stock market prices can be

-15- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 regarded as a comprehensible and appropriate measure for the assessment of the adequacy of the Offer Price. Taking into consideration the stock exchange prices of the Allianz Leben Share in the past, the Offer Price of EUR 750.00 per Allianz Leben Share contains a significant and attractive premium for the accepting shareholders, namely in the amount of:

• approx. 19.7% above the weighted average stock market price of the Allianz Leben Share for the last six months prior to January 18, 2007, which is the date of the first announcement by Allianz Deutschland that a tender offer would be made, in the amount of approx. EUR 626.63 (source: Bloomberg);

• approx. 16.7% above the approx. EUR 642.55 weighted average stock market price for Allianz Leben Shares, published by BaFin on its website (http://www.bafin.de), for the last three months prior to January 18, 2007, the date of the first announcement by Allianz Deutschland that a tender offer would be made, which, as a general rule, would be the legally required minimum price for a takeover offer or a mandatory offer by Allianz Deutschland (cf. Sections 3, 5 WpÜG-Angebotsverordnung);

• approx. 13.1% above the EUR 663.00 closing price for Allianz Leben Shares on the Stuttgart Stock Exchange on January 17, 2007, the date of the first announcement of Allianz Deutschland that an offer would be made (source: Bloomberg).

Besides, the adequacy of the Offer Price is also supported by the minimum price provisions for takeover offers and mandatory offers (cf. Section 31 para. 1 WpÜG and Sections 3 et seqq. WpÜG-Angebotsverordnung), which ascribe to the stock exchange price a decisive role in determining the adequate consideration; however, it needs to be taken into account that the Offer – as was stated above – is neither a takeover offer nor a mandatory offer, but a voluntary public tender offer in accordance with Sections 10 et seqq. WpÜG. The law does not stipulate a minimum price for such offers. Finally, the adequacy of the Offer Price is also supported by the indicative and provisional determination of the capitalized earnings value of Allianz Leben prepared by Ernst & Young AG Wirtschaftsprüfungsgesellschaft Steuerberatungsgesellschaft (cf. the information regarding a possible voluntary improvement of the Offer Price in the event of a Squeeze-out under Section 9 of this Offer Document).

8. Prior, parallel and subsequent acquisitions

Neither the Bidder nor Allianz Deutschland nor Allianz have acquired Allianz Leben Shares, or entered into contracts on the basis of which a transfer of Allianz Leben Shares could be demanded (Section 2 no. 7 WpÜG-Angebotsverordnung) during the six months prior to (i) the first-time announcement of Allianz Deutschland making the Offer on January 18, 2007, (ii) the announcement of the Bidder making the Offer on February 14, 2007 or (iii) prior to the publica- tion of this Offer Document on February 28, 2007. With the exception of Dresdner Bank Aktiengesellschaft and Dresdner Kleinwort Securities Ltd, no subsidiaries of Allianz which are to be persons acting jointly with the Bidder pursuant to Section 2 para. 5 sentence 3 WpÜG have acquired Allianz Leben Shares during these periods. In the course of proprietary trading, Dresdner Bank Aktiengesellschaft and Dresdner Kleinwort Securities Ltd have acquired during these periods before January 18, 2007, a total of 774 Allianz Leben Shares at prices between EUR 597.95 and EUR 670.10 per share and since January 18, 2007, 16,678 Allianz Leben Shares at prices between EUR 775.00 and EUR 790.10 per share. The shares were sold again after a short time in the course of proprietary trading.

During and after the acceptance period, the Bidder and the persons acting jointly with the Bidder reserve the right to directly or indirectly acquire or have another party acquire Allianz Leben Shares at a stock exchange or outside an exchange.

-16- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 9. Voluntary improvement of the Offer Price in the event of a Squeeze-out of minority shareholders

In the event that Allianz Deutschland increases its indirect shareholding in Allianz Leben to at least 95% of the company’s share capital, it intends to have the shareholders’ meeting of Allianz Leben adopt a resolution regarding the transfer of the shares of the minority sharehol- ders to Allianz Deutschland as the majority shareholder in exchange for an adequate cash compensation in accordance with Sections 327a et seqq. AktG (cf. Section 5.3 of this Offer Document). In general, Allianz Leben Shareholders who accept this Offer shall – as provided for in the following provisions – be treated economically equal with shareholders who leave the company as a result of the Squeeze-out.

The valuation methods for determining the adequate cash compensation in the event of a Squeeze-out differ from the method used by Allianz Deutschland and the Bidder to determine the Offer Price. In the event of a Squeeze-out, an appraisal report for the determination of Allianz Leben’s enterprise value as of the time the Squeeze-out resolution was adopted by the shareholders’ meeting is prepared in accordance with a valuation method generally accepted by the courts (e.g., the discounted-cash-flow-method). Therefore, the cash compensation to be granted within the context of a Squeeze-out, the adequacy of which has to be approved by an independent court-appointed auditor, may be higher or lower than the Offer Price.

According to an indicative and provisional determination of the capitalized earnings value (according to IDW Standard: Principles for the Conduction of Enterprise Valuations (IDW S 1)) by Ernst & Young AG Wirtschaftprüfungsgesellschaft Steuerberatungsgesellschaft, the capitalized earnings value of Allianz Leben ranges between EUR 600 and EUR 690 per Allianz Leben Share, not including the dividend for the financial year 2006. Therefore, shareholders leaving the company as a result of the Squeeze-out would also receive, in addition to the cash compensation, the dividend for the financial year 2006. The indicative and provisional determi- nation of the capitalized earnings value was prepared from the perspective of a standardized shareholder who is subject to tax liability in Germany without limitation as of the time of a possible adoption of a resolution regarding a Squeeze-out by a general meeting of sharehol- ders of Allianz Leben in the summer of 2007. The capitalized distributable cash flows were based on the business plans of Allianz Leben Group for the years 2007 to 2009. For the year 2010 and thereafter, sustainable earnings were derived as being achievable on a permanent basis.

Nonetheless, the Bidder commits itself to Allianz Leben Shareholders who accept the current Offer that it will make a cash payment in Euros in the amount of the difference between the cash compensation under Section 327b AktG and the Offer Price for each Allianz Leben Share that the respective Allianz Leben Shareholder has sold and transferred to the Bidder in accor- dance with this Offer, taking into consideration the dividend per Allianz Leben Share for the financial year 2006 as determined by the resolution on the distribution of profits adopted by the annual general meeting in 2007 (hereinafter: "Subsequent Improvement Amount"). Thus, Allianz Leben Shareholders who accept this Offer (and therefore are no longer entitled to a dividend for the financial year 2006) will be put into the same position as those shareholders who leave the company as a result of the Squeeze-out (and have before received the dividend for the financial year 2006 after the annual shareholders’ meeting 2007). Assuming that, in the course of the Squeeze-out, a cash consideration in the amount of EUR 720.00 was paid and that a dividend for 2006 in the amount of EUR 30.00 (gross) per Allianz Leben Share was paid, this would not result in a Subsequent Improvement Amount to be paid to Allianz Leben Share- holders who accept this Offer; assuming that the cash consideration to be paid in the course of the Squeeze-out amounted to EUR 725.00 per share and that again a dividend of EUR 30.00 (gross) per Allianz share was paid, this would result in a Subsequent Improvement Amount of EUR 5.00 per Allianz Leben Share which was transferred to the Bidder in the course of this Offer.

-17- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 The obligation to pay the Subsequent Improvement Amount exists only if a resolution of the shareholders’ meeting of Allianz Leben for the transfer of the shares held by minority shareholders of Allianz Leben to Allianz Deutschland or an affiliated company of Allianz Deutschland as defined in Sections 15 et seqq. AktG as principal shareholder according to Sections 327a et seqq. AktG has become effective by virtue of registration in the commercial register of Allianz Leben by June 30, 2008. The Subsequent Improvement Amount includes possible increases of the cash compensation amount through settlement of any legal challen- ges/actions for annulment (Anfechtungs-/Nichtigkeitsklagen) with respect to the transfer resolution of the shareholders’ meeting of Allianz Leben or reached in legal proceedings (Spruchverfahren) ending in a legally binding ruling or in a settlement, however, with the exception of any additional payments for a waiver of the right to appeal. Ongoing legal procee- dings (Spruchverfahren) concerning the determination of the cash compensation are not taken into consideration with respect to the expiration of the time limit as long as the registration in the commercial register occurs within the time limit.

Interest of 2% per annum above the respective base interest rate will be paid on the Subse- quent Improvement Amount from the announcement of the registration of the transfer resolu- tion in the commercial register until the payment is made (Section 327b para. 2 AktG). When a credit for the Subsequent Improvement Amount has been entered with the respective Custodian Bank, the Bidder has fulfilled its obligation to pay the Subsequent Improvement Amount. The respective Custodian Bank is responsible for crediting the payment to the respec- tive shareholder entitled to receive it.

In the event of a voluntary improvement of the Offer Price, the Bidder will publish the procedu- res for the settlement without undue delay (unverzüglich). The Bidder reserves the right to make the payment of the Subsequent Improvement Amount in accordance with this Section 9 contingent on the respective claimants providing proof to the bank acting as settlement bank for the subsequent improvement that they have sold and transferred that number of Allianz Leben Shares to the Bidder in accordance with this Offer, for which they claim payment of the Subsequent Improvement Amount. Therefore, the shareholders are asked to carefully retain all documents concerning acceptance of the Offer until a possible improvement has been settled.

10. Execution of the Offer

10.1 Central Settlement Agent

The Bidder has authorized Dresdner Bank Aktiengesellschaft, Frankfurt am Main, to act as the central settlement agent (the "Central Settlement Agent") for the technical processing of the Offer.

10.2 Declaration of acceptance and transfer of shares

Allianz Leben Shareholders may accept the Offer only within the acceptance period – which may be extended (cf. Sections 6.3 and 6.4 of this Offer Document) – by submitting a written declaration to their custodian credit institution or custodian financial services institution resident in Germany or a German branch of their custodian credit institution or custodian financial insti- tution (the "Custodian Bank").

The acceptance declaration only becomes effective if the Allianz Leben Shares, for which acceptance has been declared, have been transferred on time to ISIN DE000A0MFXY4 (WKN A0MFXY) at Clearstream Bank AG, Frankfurt am Main. The transfer will be initiated by the Custodian Bank, following receipt of the acceptance declaration, with the respective Custodian Bank being responsible for the transfer. The transfer of the Allianz Leben Shares to ISIN DE000A0MFXY4 (WKN A0MFXY) will be considered to have been completed on time if the

-18- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 transfer takes place, at the latest, by 5:30 p.m. (Central European Daylight Saving Time) on the second banking day in Frankfurt am Main following the end of the – possibly extended – acceptance period. The Allianz Leben Shares designated in the declarations of acceptance by the Allianz Leben Shareholders that have been transferred into ISIN DE000A0MFXY4 (WKN A0MFXY) are hereinafter also referred to as the "Tendered Allianz Leben Shares".

The Allianz Leben Shareholders will receive a form for the acceptance of this Offer from their Custodian Bank. The form may also be downloaded from the Internet at http://www.allianz.com. The acceptance of the Offer is also possible in other written form.

Owners of chartered (physical) and invalidated share certificates of Allianz Leben (cf. the announ- cement in the Federal Gazette of March 24, 2000) should submit these share certificates through their Custodian Bank to the Central Settlement Agent in sufficient time prior to the end of the acceptance period as proof of their status as shareholders so that they may take advantage of this Offer on time, if they so wish. Provided they do not already have a depositary account that may be used for the participation in the Offer, they must first open a collective securities custody account (Depot zur Girosammelverwahrung) at a Custodian Bank, turn in their valid share certifi- cates to the Central Custodian Bank, and have them exchanged for Allianz Leben Shares held in collective custody (ISIN DE0008403007, WKN 840300). The Offer can only be accepted in the manner described above after a respective collective securities custody account credit. The process of turning in and exchanging invalidated physical share certificates for Allianz Shares into shares held in collective securities custody has to be initiated by the shareholder or bearer in a timely manner and needs to be completed in order to keep the aforementioned time limits for the acceptance of the Offer and for the transfer of the shares.

10.3 Further declarations upon acceptance of the Offer

With the declaration of acceptance under Section 10.2 of this Offer Document, the respective Allianz Leben Shareholder accepts the Offer made by the Bidder to enter into a purchase agreement for the Allianz Leben Shares referred to in the declaration of acceptance in accor- dance with the terms and conditions of this Offer Document and thereby further declares that

• he instructs his Custodian Bank to initially retain the Allianz Leben Shares referred to in the declaration of acceptance in his securities account, but to immediately transfer these shares to ISIN DE000A0MFXY4 (WKN A0MFXY) at Clearstream Banking AG and – for the purpose of the technical conduction of the Offer – to initiate their transfer into the so-called pending holdings with their deletion in the share register (with regard to the re-entry in the share register in the event of non-fulfillment of the Offer Condition cf. Section 10.9 of this Offer Document);

• he instructs his Custodian Bank, in turn, to instruct and authorize Clearstream Banking AG to take the Tendered Allianz Leben Shares retained in his securities account under ISIN DE000A0MFXY4 (WKN A0MFXY) off the books at the close of the – possibly extended – acceptance period without undue delay (unverzüglich) (i.e. based on the normal transaction procedures presumably on the third, but no later than the fifth banking day), but only in the event the Offer Condition has been fulfilled, and to make them available to the Central Settlement Agent in its securities account at Clearstream Banking AG for transfer of ownership to the Bidder;

• he accepts the Bidder’s Offer to acquire ownership of the Tendered Allianz Leben Shares contained in this Offer Document, whereby the transfer of ownership will become effective only in the event the Offer Condition has been fulfilled and only at that time, when the Central Settlement Agent is provided with the Tendered Allianz Leben Shares in its securities account at Clearstream Banking AG so as to transfer ownership to the Bidder in exchange for payment of the Offer Price to the respective Allianz Leben Shareholder’s Custodian Bank;

-19- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 • all rights (including all dividend rights) are passed on to the Bidder with the transfer of ownership of the Allianz Leben Shares;

• his Tendered Allianz Leben Shares are in his sole ownership at the time of transfer, are not subject to any restrictions on disposition, and are free and clear of rights and claims of third parties;

• he instructs and authorized his Custodian Bank and the Central Settlement Agent, exempting same from the prohibition against self-dealing under Section 181 of the German Civil Code (Bürgerliches Gesetzbuch), to do all that is necessary and appro- priate to execute this Offer and make and receive declarations, in particular, to effect the transfer of ownership of the Tendered Allianz Leben Shares to the Bidder; and

• he instructs and authorizes his Custodian Bank as well as any possible intermediary custodians to instruct and authorize Clearstream Banking AG to transmit the informa- tion necessary for announcement of the results of this Offer in accordance with Section 23 para. 1 WpÜG directly to the Bidder and the Central Settlement Agent, or through the Custodian Bank on each trading day, in particular the number of Allianz Leben Shares in the securities account at the Clearstream Banking AG that have been transferred to ISIN DE000A0MFXY4 (WKN A0MFXY).

In the interest of smooth and efficient settlement of this Offer, the declarations, instructions, orders and authorizations referred to above are irrevocable. They may be cancelled only in the event of an effective withdrawal from the agreement concluded by accepting this Offer, which is only possible in the cases provided for in the German Securities Acquisition and Takeover Act (cf. Section 11 of this Offer Document), or in the event of a reverse book-entry of the shares due to non-fulfillment of the Offer Condition (cf. Section 10.9 of this Offer Document).

10.4 Allocation in the event of a theoretically conceivable oversubscription of the Offer

The Bidder assumes that there will be no oversubscription of the Offer and, therefore, that all declarations of acceptance of the accepting Allianz Leben Shareholders can be fully honored.

If, against all expectations, Jota, through which Allianz Deutschland and Allianz are holding their interest in Allianz Leben, should tender its Allianz Leben Shares in whole or in part for the acceptance of the Offer and if a total of more than 941,929 Allianz Leben Shares were tender- ed, than the declarations of acceptance would be accounted for on a pro-rata basis, i.e. in the proportion of the highest number of Allianz Leben Shares to be accepted (i.e. 941,929 shares) to the total number of Allianz Leben Shares tendered under this Offer. Any fractional amounts would be rounded down.

10.5 Legal consequences of declaring acceptance

The acceptance of this Offer results in a purchase agreement between each accepting Allianz Leben Shareholder and the Bidder with respect to the Tendered Allianz Leben Shares in accordance with the terms and conditions of this Offer Document. With the acceptance of this Offer, the accepting Allianz Leben Shareholder and the Bidder agree to transfer ownership of the Tendered Allianz Leben Shares in accordance with the terms and conditions of this Offer Document. The purchase agreement as well as the agreement about the transfer of ownership of the Tendered Allianz Leben Shares is subject to the condition precedent of fulfilment of the Offer Condition (cf. Section 6.2 of this Offer Document). With the transfer of ownership of the Tendered Allianz Leben Shares, all rights attributed to them, including any dividend rights, are transferred to the Bidder. Moreover, each Allianz Leben Shareholder accepting the Offer accords the irrevocable declarations, instructions, orders and authorizations listed in Section 10.3 of this Offer Document.

-20- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 10.6 Settlement of the Offer and payment of the Offer Price

The Tendered Allianz Leben Shares will initially remain in the tendering shareholders’ securities accounts. If the tendering shareholder otherwise disposes of the Tendered Allianz Leben Shares, then the buyer of these shares continues to be bound by the tendering shareholder’s declaration of acceptance.

Payment of the Offer Price will be made to the Custodian Banks of the tendering Allianz Leben Shareholders in exchange for transfer of the Tendered Allianz Leben Shares to the securities account of the Central Settlement Agent at Clearstream Banking AG for transfer of ownership to the Bidder. The Offer Price will be transferred to the Custodian Banks without undue delay (unverzüglich), no earlier than on the third banking day after the end of the – possibly extended – acceptance period, but no later than on the fifth banking day thereafter, and only if the Offer Condition is fulfilled. When the credit is entered with the respective Custodian Bank, the Bidder has fulfilled its obligation to pay the Offer Price. The respective Custodian Bank is responsible for crediting the payment to the respective accepting shareholder.

10.7 Trading in Tendered Allianz Leben Shares

The Tendered Allianz Leben Shares are to be admitted to trading on the official market (Amtlicher Markt) of the Stuttgart Stock Exchange under ISIN DE000A0MFXY4 (WKN A0MFXY) from the start of the acceptance period. Trading is expected to be terminated no later than two stock exchange trading days before the end of the – possibly extended – acceptance Period.

Individuals who purchase Tendered Allianz Leben Shares during the acceptance period, either through the stock exchange or outside an exchange, assume all rights and obligations with respect to these Tendered Allianz Leben Shares resulting from the acceptance of this Offer.

It is pointed out that the trading volume and liquidity of the Tendered Allianz Leben Shares could be small due to the number of Allianz Leben Shares targeted by the Offer, and, moreover, may depend on the acceptance quota. This may lead to considerable price fluctua- tions of the Tendered Allianz Leben Shares.

The Allianz Leben Shares not tendered for acceptance of the Offer may be traded on the official market (Amtlicher Markt) of the Stuttgart Stock Exchange under ISIN DE0008403007 (WKN 840300) until further notice. It is pointed out that the trading volume and the liquidity of Allianz Leben Shares not tendered for acceptance may also be small depending on the acceptance quota, which may lead to considerable price fluctuations of the Allianz Leben Shares.

10.8 Costs

Acceptance of the Offer is free and exempt from charges to those Allianz Leben Shareholders tendering their shares through a Custodian Bank in Germany. However, any foreign stock exchange sales volume tax/duties, stamp duties or similar foreign taxes/duties as well as any fees of custodian institutions outside Germany must be borne by the respective Allianz Leben Shareholder accepting the Offer.

10.9 Reverse entry in the event of non-fulfillment of the Offer Condition

If the Offer Condition described under Section 6.2 of this Offer Document is not fulfilled by the end of the acceptance period, the Offer will not be executed. In this case, the Tendered Allianz Leben Shares with ISIN DE000A0MFXY4 (WKN A0MFXY) will be rebooked to the original ISIN DE0008403007 (WKN 840300) without undue delay (unverzüglich), but no later than two stock

-21- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 exchange trading days after the announcement of the non-occurence of the Offer Condition. After the reverse entry has been made, all Allianz Leben Shares may again be traded under the original ISIN DE0008403007 (WKN 840300). The Allianz Leben Shareholders will be, without undue delay (unverzüglich) registered again in the share register of the company with regard to their tendered shares.

The reverse entry is free and exempt from charges for Allianz Leben Shareholders holding their Allianz Leben Shares in a securities account at a Custodian Bank in Germany. However, any foreign stock exchange sales volume tax/duties, stamp duties or similar foreign taxes/ duties as well as any fees of custodian institutions outside Germany must be borne by the respective Allianz Leben Shareholder accepting the Offer.

10.10 Safekeeping of documents

The shareholders who have accepted the Offer and their Custodian Banks are asked to care- fully retain all documents concerning acceptance of the Offer. This applies, in particular, in view of the possibility of an assertion of a voluntary improvement (cf. Section 9 of this Offer Document).

11. Statutory withdrawal rights

The shareholders are entitled to the following statutory withdrawal rights; further contractual withdrawal rights do not exist.

11.1 Withdrawal right in the event of an amendment of the Offer

If the Offer is amended in accordance with Section 21 para. 4 WpÜG, Allianz Leben Sharehol- ders have the right to withdraw from the agreement entered into by accepting the Offer until the end of the – possibly extended – acceptance period, provided they accepted the Offer prior to the publication of the amendment.

11.2 Withdrawal right in the event of competing offers

If a competing offer is made during the acceptance period of the Offer, Allianz Leben Sharehol- ders who have already accepted the Offer may withdraw from the agreement in accordance with Section 22 para. 3 WpÜG until the end of the – possibly extended – acceptance period, if and insofar as they accepted the Offer prior to publication of the offer document for the compe- ting offer.

11.3 Exercising the withdrawal right

The withdrawal must be made by giving written notice to the withdrawing shareholder’s Custodian Bank. The notice of withdrawal must be received by the Custodian Bank no later than by the end of the – possibly extended – acceptance period. The withdrawal becomes effective when the relevant Tendered Allianz Leben Shares for which the withdrawal has been declared have been rebooked by the Custodian Bank to the original number, ISIN DE0008403007 (WKN 840300) at Clearstream Banking AG. If the Custodian Bank has been notified of the withdrawal in writing within the – possibly extended – acceptance period, the reverse entry of the Tendered Allianz Leben Shares back to the original ISIN or WKN is deemed to be timely if it was made no later than by 5:30 p.m. (Central European Daylight Saving Time) on the second banking day (inclusive) after the end of the – possibly extended – acceptance period. The Allianz Leben Shareholders will be registered again, without undue delay (unverzüglich), in the share register of the company with regard to their tendered shares in respect of which the withdrawal has been validly declared.

-22- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 12. Financing of the Offer

12.1 Financing requirements

The tender offer at hand is targeted towards the acquisition of up to 941,929 Allianz Leben Shares.

If the Offer were accepted for all 941,929 Allianz Leben Shares, the Bidder’s maximum payment obligation for the purchase of the Allianz Leben Shares would be EUR 706,446,750. Commissions, fees and charges for the preparation and transaction of the Offer (the "Trans- action Costs") are estimated at an amount of up to EUR 2.5 million. Thus, the maximum payment obligation plus the Transaction Costs amounts to approx. EUR 708,946,750.

12.2 Financing measures

The Bidder has taken all necessary action to ensure that the funds required to fully satisfy the Offer are available to it at the time the consideration claim is due. On due date, the Bidder will satisfy the claims resulting from the acceptance of the Offer with funds which will be provided to the Bidder by its shareholders and/or companies from the Allianz Group (except for Allianz Leben). For this purpose, funds may be utilized which Allianz Group has currently invested in short-term fixed interest-bearing securities. To which extent the financing will be accomplished, at the level of the Bidder, by a contribution of such funds as equity or debt depends on a variety of circumstances at the point in time of the completion of the Offer, including tax aspects and considerations under company law.

12.3 Financing confirmation

Commerzbank Aktiengesellschaft, Frankfurt am Main, a securities services company indepen- dent of the Bidder, has confirmed by attached letter in Annex 3 in accordance with Section 13 para. 1 sentence 2 WpÜG that the Bidder has taken the necessary measures to ensure that the funds required to fully perform the Offer to the Allianz Leben Shareholders for the acquisi- tion of a total of up to 941,929 Allianz Leben Shares will be available at the time the considera- tion claim is due.

13. Expected effects of a successful offer on the net assets, financial position and operating results of the Bidder and Allianz Group

The information in this section reflects the opinions and forward-looking statements of the Bidder and Allianz. It reflects the Bidder’s and Allianz’s present opinions with respect to possible future events and is exclusively based on available information and on a number of assumptions made by the Bidder and Allianz, which may or may not turn out to be accurate. The Bidder does not commit itself to updating forward-looking statements.

Neither the following statements nor its underlying estimates and assumptions were audited or reviewed by a CPA or tax consultant.

Apart from the expected effects of full acceptance of the Offer (i.e. the acquisition of 941,929 Allianz Leben Shares by the Bidder), the following does not take into consideration any other effects on the net assets, financial position and operating results of the Bidder and Allianz Group that may arise in the future.

13.1 Expected effects on the net assets, financial position and operating results of the Bidder

On February 12, 2007, the Bidder was validly established by registration in the commercial register of the Local Court of Munich. The Bidder’s financial year corresponds to the calendar year. Therefore, the Bidder’s first financial year is a partial financial year which will end on

-23- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 December 31, 2007. The Bidder has not carried out any business operations since it has been established. Therefore, at the time of publication of the Offer Document, the Bidder has not generated any revenues or income. The Bidder prepares its annual financial statements in accordance with the provisions of the German Commercial Code (Handelsgesetzbuch).

At the time of publication of this Offer Document, the shareholders’ meeting of the Bidder had resolved upon an increase of liable funds to EUR 100,000. The Bidder will pay the purchase price for the acquisition of up to 941,929 Allianz Leben Shares in the amount of EUR 706,446,750 and the estimated Transaction Costs of up to EUR 2.5 million from funds which will be provided to the Bidder by its shareholders and/or companies from the Allianz Group (except for Allianz Leben). For the following statements, it was assumed for simplification purposes that the Transaction Costs can be fully recognized as incidental acquisition expenses.

It is expected that the acquisition of 941,929 Allianz Leben Shares – compared to the net assets and financial position of the Bidder at the time of publication of this Offer Document – will have the following major balance sheet effects:

Effects from the In EUR mn. (unaudited) Actual share acquisition Pro-forma Assets Cash and cash equivalents 0.1 0 0.1 Investments (investment in Allianz Leben) 0 +708.95 708.95

Total assets 0.1 +708.95 709.05 Liabilities and equity Liabilities 0 +708.95 708.95 Shareholders’ equity 0.1 0 0.1

Total liabilities and equity 0.1 +708.95 709.05

• Investments will presumably increase from EUR 0 by EUR 708.95 million to EUR 708.95.

• It has not been finally decided at the time of the submission of this Offer in which form the funds for the acquisition of the shares will be provided to the Bidder. The financing structure could consist of a financing fully made through debt, a mixture of equity and debt financing or of a financing fully made through equity capital. In the case of a financing fully made through debt, as was assumed for the purposes of the table above, the liabilities would increase from EUR 0 by EUR 708.95 million to EUR 708.95 million (in contrast, a financing fully made through equity capital would lead to an increase of the reserves from EUR 0 by EUR 708.95 million to EUR 708.95 million).

The future operating results of the Bidder are presumably determined by the following factors:

• The Bidder’s earnings are generated exclusively from the dividends of the Allianz Leben Shares. However, it is not possible to predict their amount. Based on the divi- dends distributed for the financial year 2005 in the amount of EUR 30.00 per share of Allianz Leben, this would result in dividend income in the amount of approx. EUR 28 million.

• Expenses will be incurred, in particular, for interest payments for loans to the extent that there will be a financing through debt capital. In the event of a financing fully made through debt capital, the resulting interest expenses would amount to up to EUR 28 million per year.

-24- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 13.2 Expected effects on the net assets, financial position and operating results of Allianz Group

In the following, the pro-forma effects of the Offer on the net assets, financial position and operating results of Allianz Group as of September 30, 2006, are explained: The consolidated interim financial statements as of September 30, 2006, are the most up-to-date financial data of Allianz which were published as final. The audited financial statements and consolidated financial statements of Allianz for the financial year 2006 are expected to be published on March 16, 2007, and will be available from that time on the Internet at http://www.allianz.com (with regard to the preliminary financial data of Allianz Group for the financial year 2006, see the information under Section 4.4.3 of this Offer Document).

The selected consolidated financial data have been taken from the unaudited consolidated interim financial statements of Allianz in accordance with International Financial Reporting Standards (IFRS) as of September 30, 2006. At that time, Allianz indirectly held approx. 91.03% of the Allianz Leben Shares. For this reason, an increase of the indirect interest in Allianz Leben to 100%, as it is assumed in the following, will not lead to a significant change in the net assets, financial position and operating results of Allianz Group.

The unaudited pro-forma data shown below does not necessarily indicate the net assets, financial position and operating results that would have occurred if the transaction had been concluded at the assumed dates or the results that might be achieved in the future, respective- ly. With regard to the estimated Transaction Costs in the amount of up to EUR 2.5 million, it has been assumed for simplification purposes that they can be fully recognized as incidental acquisition expenses.

-25- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 13.2.1 Expected effects on the net assets and financial position of Allianz Group

The following table shows the pro-forma effects on the balance sheet of Allianz Group as of September 30, 2006. For the unaudited pro-forma balance sheet it is assumed that the transaction has taken place as of January 1, 2006.

Effects from the In EUR million (unaudited) Actual share acquisition Pro-forma Assets Therein Cash and cash equivalents 31,632 -702 30,930 Financial assets carried at fair value through income 162,967 0 162,967 Investments 293,676 0 293,676 Loans and advances to banks and customers 415,055 0 415,055 Intangible assets 13,063 0 13,063

Total assets 1,058,948 -702 1,058,246 Liabilities and equity Therein Liabilities to banks and customers 372,134 0 372,134 Reserves for insurances and investment contracts 286,184 0 286,184 Other liabilities 47,792 -7 47,785

Total liabilities 1,006,400 -7 1,006,393 Shareholders’ equity 44,934 -477 44,457 Minority interests 7,614 -218 7,396

Total equity 52,548 -695 51,853 Total liabilities and equity 1,058,948 -702 1,058,246

Therefore, the major effects of the execution of the Offer on the net assets and financial posi- tion of Allianz Group are the following:

• Cash and cash equivalents are reduced by EUR 702 million. This amount results from the purchase price paid in the amount of EUR 709 million (including Transaction Costs), minus the lost interest income from liquid funds in the amount of EUR 21 million and plus the dividend income from the additionally acquired Allianz Leben Shares in the amount of EUR 28 million.

• Due to the increase of the interest in Allianz Leben to 100%, minority interests in the equity of Allianz Group will decrease by EUR 218 million.

• At a purchase price in the amount of EUR 709 (including Transaction Costs) for the acquisition of all outside Allianz Leben Shares, a positive difference of EUR 491 million (goodwill) arises. Since Allianz Group has adopted, effective January 1, 2005, the concept of pure equity transaction for its consolidated financial statements, this posi- tive difference is being recorded in shareholders’ equity and not recognised in net income. Due to converse effects from the income statement, the equity is reduced in total by EUR 477 million.

-26- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 13.2.2 Expected effects on the operating results of the Allianz Group

The following table shows the pro-forma effects on the income statement of Allianz Group as of September 30, 2006. For the undaudited pro-forma income statement it is assumed that the transaction has taken place at the beginning of the accounting period shown below.

Effects from the In EUR million (unaudited) Actual share acquisition Pro-forma Total Income 74,246 -21 74,225 Therein Premiums earned (net) 42,798 0 42,798 Interest and similar income 18,007 -21 17,986

Total Expenses -65,550 0 -65,550 Therein Claims and insurance benefits incurred (net) -31,218 0 -31,218 Acquisition and administrative expenses (net) -17,281 0 -17,281

Income before income taxes and minority interests in 8,696 -21 8,675 earnings Income Taxes -2,053 7 -2,046 Minority interests in earnings -994 25 -969

Periodic Net Income 5,649 11 5,660

Thus, the major effects of the execution of the Offer on the income statement of Allianz Group are the following:

• Interest and similar income is reduced by EUR 21 million caused by the outflow of liquidity due to the payment of the purchase price for the acquisition of all outside Allianz Leben Shares.

• Due to the increase of the interest in Allianz Leben to 100%, minority interests in earnings of Allianz Group will decrease by EUR 25 million.

• As a result of the adjustment of the interest income, the tax expenses have to be adjusted by EUR 7 million, too.

14. Consequences for Allianz Leben Shareholders who do not accept the Offer

Allianz Leben Shareholders not intending to accept this Offer should take into account, in particular, the following:

• Allianz Leben Shares for which this Offer has not been accepted may initially continue to be traded on the official market (Amtlicher Markt) of the Stuttgart Stock Exchange. However, it is to be expected that the supply of and demand for Allianz Leben Shares after the completion of this Offer will be lower than today and, thus, the liquidity of Allianz Leben Shares will decline. Therefore, it is possible that buy and sell orders will not be executed or will not be executed in due time. Moreover, possible further restric- tion of the liquidity of Allianz Leben Shares could lead to significantly stronger price fluctuations than in the past.

• The present price of Allianz Leben Shares presumably reflects the fact that, in the first- time announcement to make this Offer to Allianz Leben Shareholders on January 18, 2007, Allianz Deutschland stated that it would offer a price of EUR 750.00 per share, as well as market speculations relating to a different compensation amount in the

-27- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 event of a subsequent Squeeze-out. It is uncertain whether the price of Allianz Leben Shares will continue to remain at the present level after the end of the acceptance period and how it will change.

• If, after the completion of this Offer, Allianz Deutschland holds (indirectly) Allianz Leben Shares corresponding to at least 95% of the share capital of Allianz Leben, it intends to have a resolution adopted this year for the transfer of the shares held by minority shareholders to Allianz Deutschland as principal shareholder, in return for an adequate cash compensation in accordance with Sections 327a et seqq. AktG (Squeeze-out) (cf. Section 5.3 of this Offer Document). The conduction of the Squeeze-out will result in the termination of the stock exchange listing of the Allianz Leben Shares. However, the Bidder and Allianz Deutschland also cannot rule out that the intended Squeeze-out will not be conducted despite completion of the Offer. In that case, the market price of the Allianz Leben Shares may fall considerably below the Offer Price.

• Allianz Deutschland already holds the necessary qualified majority to implement struc- tural measures other than a Squeeze-out in a shareholders’ meeting of Allianz Leben against the will of the minority shareholders. For example, this could include the approval of measures under the German Transformation Act (e.g., change of the legal form, merger of Allianz Leben) or entering into a control agreement. Measures taken under the German Transformation Act could result in the delisting of the Allianz Leben Shares. If a control agreement were entered into with Allianz Leben as the controlled company, the controlling company would be entitled to give binding instructions to the Board of Management of Allianz Leben with regard to the management of Allianz Leben. The controlling company would be obliged to compensate any annual net loss on the part of Allianz Leben and to offer to buy the shares of the outside shareholders in exchange for cash compensation or to grant them an adequate guaranteed annual dividend.

• In the event of a Squeeze-out or other structural measures, Allianz Deutschland must make a compensation offer to the minority shareholders, depending on the type of measure, pursuant to statutory law or based on rulings from the highest courts. The terms of such compensation offer would be determined on the basis of an appraisal report prepared in accordance with a valuation method generally accepted by the courts (e.g., the discounted-cash-flow-method) for the determination of the enterprise value of Allianz Leben as of the time the Squeeze-out resolution or any other structural measure was adopted by the shareholders’ meeting. Such terms may be more favor- able or less favorable for the minority shareholders than the terms of this Offer. Cf. Section 9 of this Offer Document regarding the voluntary improvement of the Offer Price offered by the Bidder in the event of a Squeeze-out.

15. Information on cash payments or other non-cash benefits to members of the corporate bodies of the Target Company

No member of the Board of Management or Supervisory Board of Allianz Leben was granted or promised any cash payments or other non-cash benefits in connection with this Offer by the Bidder, one of its affiliated companies or persons acting jointly with the Bidder.

16. Forwarding of the Offer Document to the Board of Management of Allianz Leben

The Bidder, without undue delay (unverzüglich), will forward this Offer Document after publica- tion to the Board of Management of Allianz Leben. After receipt of the Offer Document, pursu- ant to Section 27 WpÜG, the Board of Management and the Supervisory Board of Allianz must

-28- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 issue a reasoned opinion on this Offer Document without undue (unverzüglich) delay and publish these opinions pursuant to Sections 27 para. 3, 14 para. 3 WpÜG. If the works council of Allianz Leben issues an opinion on the Offer to the Board of Management, the Board of Management must combine this opinion with its own reasoned opinion pursuant to Section 27 para. 2 WpÜG.

17. Requirements and status of official approvals and proceedings

BaFin has permitted publication of the German language Offer Document on February 27, 2007. The English convenience translation of the Offer Document was not reviewed by BaFin.

Other official approvals or consents are not required for the execution of this Offer; in parti- cular, the acquisition of Allianz Leben Shares by the Bidder does not require merger control clearance and is not subject to duties of disclosure under insurance regulation laws.

18. Publications, notifications and announcements

The Bidder will publish the notifications required by Section 23 para. 1 WpÜG regarding the number of declarations of acceptance received, including the proportion of shares and voting rights, as follows:

• weekly following publication of this Offer Document,

• daily in the last week prior to the end of the – possibly extended – acceptance period and

• without undue delay (unverzüglich) (i.e. presumably within three banking days) after the end of the – possibly extended – acceptance period.

These and all further announcements and notifications of the Bidder in connection with this Offer will be published on the Internet at http://www.allianz.com and through reprint or announ- cement in the electronic Federal Gazette (elektronischer Bundesanzeiger) unless otherwise required by law. If legally required, notifications in English will also be placed in the U.S. edition of the newspaper The Wall Street Journal. Notifications in accordance with Section 23 para. 1 WpÜG will not be published in the U.S. edition of the newspaper The Wall Street Journal.

19. Advising bank

Dresdner Kleinwort has advised the Bidder and Allianz on the preparation and execution of the present Offer. Dresdner Bank Aktiengesellschaft, Frankfurt am Main, as the Central Settlement Agent, coordinates the technical aspects of processing the Offer.

20. Taxes

Allianz Leben Shareholders are advised to obtain the advice of a tax consultant on their indi- vidual tax situation before accepting this Offer.

21. Applicable law and jurisdiction

This Tender Offer and the purchase and transfer agreements entered into on the basis of this Tender Offer are governed exclusively by the laws of the Federal Republic of Germany. To the extent this is permitted by law, the exclusive place of venue in respect of all disputes arising under or in connection with this Offer or with any agreement resulting from the acceptance of this Offer shall be Munich.

-29- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 22. Declaration of assumption of responsibility for the Offer Document

Allianz AZL Vermögensverwaltung GmbH & Co. KG with its registered office in Munich, as the Bidder, assumes responsibility for the content of this Offer Document. It declares that to its knowledge all statements herein are accurate and no material facts have been omitted.

Munich, February 27, 2007

Allianz AZL Vermögensverwaltung GmbH & Co. KG, represented by SITIA Beteiligungs- und Verwaltungs-GmbH

-30- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 Annex 1: Subsidiaries of Allianz SE

Domestic Companies

ACM-Compagnie Mercur Aktiengesellschaft, Bremen ACP Vermögensverwaltung GmbH & Co. KG Nr. 1, München ACP Vermögensverwaltung GmbH & Co. KG Nr. 2, München ACP Vermögensverwaltung GmbH & Co. KG Nr. 3, München ACP Vermögensverwaltung GmbH & Co. KG Nr. 4, München ACP Vermögensverwaltung GmbH & Co. KG Nr. 4a, München ACP Vermögensverwaltung GmbH & Co. KG Nr. 4b, München ACP Vermögensverwaltung GmbH & Co. KG Nr. 4c, München ADEUS Aktienregister-Service-GmbH, Frankfurt am Main Aequitas GmbH Allianz Equity - Alternative Strategies, München AFC Assecuranz- und Finanzvermittlungs-Contor GmbH, Münster AGIS Allianz Dresdner Informationssysteme GmbH, München Alida Grundstücksgesellschaft mbH & Co. KG, Hamburg Alida Grundstücksverwaltungs GmbH, Hamburg All Net GmbH, Stuttgart Allianz Alternative Assets Holding GmbH, München Allianz Autowelt GmbH, München Allianz AZL Vermögensverwaltung GmbH & Co. KG, München Allianz Beratungs- und Vertriebs-AG, München Allianz Beteiligungs Management GmbH, München Allianz Capital Partners GmbH, München Allianz Capital Partners Verwaltungs GmbH, München Allianz CenterManagement GmbH, Stuttgart Allianz Deutschland AG, München Allianz Dresdner Bauspar AG, Bad Vilbel Allianz Dresdner Pension Consult GmbH, Stuttgart Allianz Finanzbeteiligungs GmbH, München Allianz Global Corporate & Specialty AG, München Allianz Global Investors Advisory GmbH, Frankfurt am Main Allianz Global Investors AG, München Allianz Global Investors Asia Pacific GmbH, München Allianz Global Investors Deutschland GmbH, München Allianz Global Investors Europe GmbH, München Allianz Global Investors Europe Holding GmbH, München Allianz Global Investors Kapitalanlagegesellschaft mbH, Frankfurt am Main Allianz Handwerker Services GmbH, München Allianz Immobilien GmbH, Stuttgart Allianz Immobilienfonds 1 GmbH & Co. KG, München Allianz Immobilienfonds GmbH, Stuttgart Allianz Informatik Beteiligungsgesellschaft mbH, München Allianz Leben Private Equity Fonds 1998 GmbH, München Allianz Leben Private Equity Fonds 2001 GmbH, München Allianz Leben Private Equity Fonds Plus GmbH, München Allianz Lebensversicherungs-Aktiengesellschaft, Stuttgart Allianz Objektbeteiligungs- GmbH, Stuttgart Allianz of Asia-Pacific and Africa GmbH, München Allianz Pension Partners GmbH, München Allianz Pensionsfonds AG, Stuttgart Allianz Pensionskasse AG, Stuttgart Allianz Private Equity GmbH, München Allianz Private Equity Partners GmbH, München Allianz Private Equity Partners Verwaltungs GmbH, München Allianz Private Krankenversicherungs-Aktiengesellschaft, München Allianz ProzessFinanz GmbH, München

-1- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 Allianz Rechtsschutz-Service GmbH, München Allianz Renewable Energy Acquisition GmbH, Frankfurt am Main Allianz Renewable Energy Holdings GmbH, München Allianz Renewable Energy Management GmbH, Frankfurt am Main Allianz Taunusanlage GbR, Stuttgart Allianz Venture Partners Beteiligungs-GmbH, München Allianz Versicherungs-Aktiengesellschaft, München Allianz Wohnungseigentum GmbH, Stuttgart Allianz Zentrum für Technik GmbH, München Am Anger Immobilienverwaltungs-GmbH, Frankfurt am Main Am Anger Verwaltungs-GmbH & Co. KG, Frankfurt am Main Atropos Vermögensverwaltungsgesellschaft mbH, München Auros GmbH, München AZ-Aiolos Vermögensverwaltungsgesellschaft OHG, München AZ-Arges Vermögensverwaltungsgesellschaft mbH, München AZ-Argos 10 Vermögensverwaltungsgesellschaft mbH, München AZ-Argos 14 Vermögensverwaltungsgesellschaft mbH, München AZ-Argos 22 Vermögensverwaltungsgesellschaft mbH, München AZ-Argos 29 Vermögensverwaltungsgesellschaft mbH, München AZ-Argos 3 Vermögensverwaltungsgesellschaft mbH, München AZ-Argos 30 Vermögensverwaltungsgesellschaft mbH, München AZ-Argos 34 Vermögensverwaltungsgesellschaft mbH, München AZ-Argos 36 Vermögensverwaltungsgesellschaft mbH, München AZ-Argos 37 Vermögensverwaltungsgesellschaft mbH, München AZ-Argos 38 Vermögensverwaltungsgesellschaft mbH, München AZ-Argos 39 Vermögensverwaltungsgesellschaft mbH, München AZ-Argos 4 Vermögensverwaltungsgesellschaft mbH, München AZ-Argos 40 Vermögensverwaltungsgesellschaft mbH, München AZ-Argos 41 Vermögensverwaltungsgesellschaft mbH, München AZ-Argos 42 Vermögensverwaltungsgesellschaft mbH, München AZ-Argos 43 SE, München AZ-Argos 6 Vermögensverwaltungsgesellschaft mbH, München AZ-Asopos Vermögensverwaltungsgesellschaft OHG, München AZF-Arges2 Vermögensverwaltungsgesellschaft mbH, München AZL AI Nr. 1 GmbH, München AZL PE Nr. 1 GmbH, München AZL PE Nr. 2 GmbH, München AZL-Alico Vermögensverwaltungsgesellschaft mbH, München AZL-DRB Vermögensverwaltungsgesellschaft mbH, München AZ-LIN Vermögensverwaltungsgesellschaft mbH & Co. KG, München AZ-MPS Beteiligungsgesellschaft mbH & Co. KG, München AZS-Arges Vermögensverwaltungsgesellschaft mbH, München AZ-SER Vermögensverwaltungsgesellschaft OHG, München AZ-SGD Private Equity Fonds GmbH, München Bankhaus W. Fortmann & Söhne KG, Oldenburg BARTEC Benke GmbH, Reinbeck BARTEC Benke GmbH, Reinbeck BARTEC Consult GmbH, Bad Mergentheim BARTEC Consult GmbH, Bad Mergentheim Bartec GmbH, Bad Mergentheim Bartec Sicherheitsanlagen GmbH, Menden Bergwitzer Braunkohle AG, Bergwitz BFC Berliner Film Companie Beteiligungsgesellschaft mbH, Berlin BFC Berliner Film Companie CoPro GmbH, Frankfurt am Main BFC Berliner Film Companie Distribution GmbH, Berlin BFC Berliner Film Companie Productions GmbH, Berlin BFC Berliner Film Companie Studio GmbH, Berlin Bürgel Beteiligungs GmbH, Hamburg Bürgel Erfurt Beteiligungsgesellschaft mbH, Erfurt Bürgel Erfurt GmbH & Co. KG, Erfurt

-2- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 Bürgel Internationale Inkassogesellschaft GmbH, Braunschweig Bürgel Wirtschaftsinformationen GmbH & Co. KG, Hamburg Bürgel Wirtschaftsinformationen Hamburg GmbH, Hamburg Bürgel Wirtschaftsinformationen Vertriebsges. mbH & Co. KG, Hamburg Bürgel Wirtschaftsinformationen Verwaltungs-GmbH, Hamburg C. F. Erste Beteiligungsgesellschaft mbH, Frankfurt am Main CERT Zertifizierungsgesellschaft mbH, Ismaning DDS Dresdner Direktservice GmbH, Duisburg DEGI Beteiligungs GmbH, Frankfurt am Main DEGI Deutsche Gesellschaft für Immobilienfonds m.b.H, Frankfurt am Main Deutsche Außenhandels-Gesellschaft mbH, Hamburg Deutsche Lebensversicherungs-AG, Berlin DFV Deutsche Fonds- und Vorsorgeberatungs GmbH, Frankfurt am Main Donator Beteiligungsverwaltung GmbH, München DR Institut für Diagnostik und Rehabilitation GmbH i.L., Frankfurt am Main Dr. Dr. Heissmann GmbH Unternehmensberatung für Versorgung & Vergütung, Wiesbaden Dreiundzwanzigste DRESIB Beteiligungs-Gesellschaft mbH, Frankfurt am Main Dresdner Bank AG, Frankfurt am Main Dresdner Corporate Finance GmbH, Frankfurt am Main Dresdner Finanzberatungsgesellschaft mbH, Bad Vilbel Dresdner Kleinwort Beteiligungs-Gesellschaft mbH, Frankfurt am Main Dresdner Kleinwort Capital Beratungs GmbH, München Dresdner Kleinwort Capital Italia Beteiligungsverwaltung GmbH, Grünwald Dresdner Kleinwort Capital Verwaltungs GmbH, Grünwald Dresdner Kleinwort Research GmbH, Frankfurt am Main Dresdner Lateinamerika Aktiengesellschaft, Hamburg Dresdner Mezzanine GmbH & Co. KG, Frankfurt am Main Dresdner Mezzanine Verwaltungs-GmbH, Frankfurt am Main Dresdner Private Placement GmbH, Frankfurt am Main Dresdner Stiftungstreuhand GmbH, Frankfurt am Main Dresdner Versicherung GmbH, Dresden Dritte SIB Beteiligungs-Aktiengesellschaft, Frankfurt am Main Einunddreißigste DRESIB Beteiligungs-Gesellschaft mbH, Frankfurt am Main EP Euro-Projektentwicklungs GmbH & Co. Friedrichstadt-Passagen KG, Berlin EP Euro-Projektentwicklungs GmbH & Co. Objekt 1 KG, Frankfurt am Main EP Euro-Projektentwicklungs GmbH & Co. Objekt Am Markt Chemnitz KG, Frankfurt am Main EP Euro-Projektentwicklungs GmbH & Co. Objekt Köln-Porz KG, Frankfurt am Main EP Euro-Projektentwicklungs-Verwaltungs GmbH, Frankfurt am Main Erste DRESIB Beteiligungs-Gesellschaft mbH, Frankfurt am Main Euler Hermes Forderungsmanagement GmbH, Hamburg Euler Hermes Kreditversicherungs-AG, Hamburg Euler Hermes Rating GmbH, Hamburg EUROGRAFICA Systemplanungs-GmbH, Augsburg EuroShip Assekuradeurgesellschaft mbH & Co. KG, Bad Friedrichshall Failure & Risk Consulting GmbH, Ismaning Finanztrust AG, Glarus Fondsdepot Bank GmbH, Hof Frey printcom GmbH, Lauf an der Pegnitz Fünfzehnte FraMü Beteiligungs GmbH, Frankfurt am Main Gamma-Vermögensverwaltungsgesellschaft mbH, München GbR Berlin Pariser Platz 5a/6, Berlin GENUJO LOK Beteiligungs GmbH, Frankfurt am Main GENUJO Sechste Beteiligungs GmbH, Frankfurt am Main GENUJO Vierte Beteiligungs GmbH, Frankfurt am Main Georg Spiess GmbH, Gersthofen GIM Grundwert Immobilien Management GmbH, Frankfurt am Main grapho metronic Mess- und Regeltechnik GmbH, München Grundstücksgesellschaft der Vereinten Versicherungen mbH & Co. Besitz- und Betriebs KG, München Grundstücksgesellschaft der Vereinten Versicherungen mbH, München Grundstücks-Gesellschaft mbH, Oldenburg

-3- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 GVP Grundwert Verwaltungs- und Projektentwicklungs GmbH, Frankfurt am Main Hardy Beteiligungs-Gesellschaft mbH, Frankfurt am Main Heissmann Consultants GmbH, Wiesbaden Heissmann Consultants Holding GmbH, Wiesbaden HEISSMANN CONSULTANTS INTERNATIONAL GMBH, Wiesbaden Histel Beteiligungs GmbH, Frankfurt am Main IDS GmbH - Analysis and Reporting Services, München IPC Heissmann Versicherungsservice GmbH, Wiesbaden J. Metzler GmbH Graphische Maschinen, Stuttgart Jota-Vermögensverwaltungsgesellschaft mbH, München KTC Kommunikations- und Trainings-Center Königstein GmbH, Königstein LOFRA Verwaltungs-Gesellschaft mbH, Frankfurt am Main Lufthansa Leasing GmbH & Co. Echo-Oscar KG, Grünwald Lufthansa Leasing GmbH & Co. Echo-Papa KG, Grünwald MAN Roland Druckmaschinen AG, Offenbach MAN Roland Heusenstamm GmbH, Heusenstamm MAN Roland Rotations Vertriebs GmbH Nord, Hamburg MAN Roland Versicherungsvermittlungs GmbH, Offenbach MAN Roland Vertrieb und Service GmbH, Mühlheim am Main MAN Roland Vertriebsgesellschaft Bayern mbH, München Menza Grundstücks-Verwaltungsgesellschaft mbH & Co. KG, Grünwald Menza Grundstücks-Verwaltungsgesellschaft mbH, Stuttgart Merkur Grundstücks-Gesellschaft mbH, Berlin MERLAN Mobilien-Verwaltungsgesellschaft mbH & Co. Projekt Nr. 16 KG, Grünwald META Finanz-Informationssysteme GmbH, München MetallRente Pensionsfonds AG i.G., Stuttgart Mondial Assistance Deutschland GmbH, München Münchener und Magdeburger Agrarversicherung AG, München Münsterländische Bank Thie & Co. KG., Münster Neunte SIB Beteiligungs-Aktiengesellschaft, Frankfurt am Main Neunzehnte FraMü Beteiligungs GmbH, Frankfurt am Main Objekt Burchardplatz GmbH & Co. KG, Stuttgart OLB-Beteiligungsgesellschaft mbH, Oldenburg OLB-Immobiliendienst-GmbH, Oldenburg OLB-Versicherungsdienst GmbH, Oldenburg Oldenburgische Landesbank Aktiengesellschaft, Oldenburg ppi Media GmbH, Hamburg PriZ GmbH Emissionsgesellschaft für Zertifikate, Frankfurt am Main RC Verwaltungs- und Beteiligungsgesellschaft mbH, München rehacare GmbH, München Reuschel & Co. Beteiligungs- und Verwaltungs GmbH, München Reuschel & Co. Finanzservice GmbH, München Reuschel & Co. Kommanditgesellschaft, München Reuschel & Co. Verwaltungs GmbH, München Rhein-Main Metallverarbeitung GmbH, Mainhausen risklab germany GmbH, Frankfurt am Main Roese GmbH- Versicherungsmakler, Hannover Roland Holding GmbH, München RVB Verwaltungs- und Beteiligungs GmbH, München Sechste FraMü Beteiligungsgesellschaft mbH, Frankfurt am Main Siebzehnte DRESIB Beteiligungs-Gesellschaft mbH, Frankfurt am Main SITIA Beteiligungs- und Verwaltungs-GmbH, Köln Space Park Aufbau GmbH, Bremen Space Park Erste Verwaltungs GmbH, Bremen Space Park GmbH & Co. KG, Bremen Süddeutsche Industrie-Beteiligungs-Gesellschaft mbH, Frankfurt am Main Unterstützungseinrichtung des Bankhauses Reuschel & Co. GmbH, München Vereinte Spezial Krankenversicherung AG, München Vereinte Spezial Versicherung AG, München Verlag Arbeit und Alter GmbH, Wiesbaden

-4- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 Wasserstein Perella & Co. Deutschland GmbH, Frankfurt am Main Wilhelm Reuschel GmbH, München Windpark Freyenstein GmbH & Co KG, Husum WKN Windkraft Nord GmbH & Co. Windpark Halenbeck KG, Halenbeck WKN Windkraft Nord GmbH & Co. Windpark Kittlitz KG, Kittlitz Zehnte SIB Beteiligungs-Aktiengesellschaft, Frankfurt am Main Zenon Beteiligungs-GmbH, Frankfurt am Main Zwanzigste FraMü Beteiligungs GmbH, Frankfurt am Main Zwölfte SIB Beteiligungs-Aktiengesellschaft, Frankfurt am Main Foreign Companies 4274563 Canada Inc., Toronto 5557 Greens Farm, LLC, Westport, CT 75 WALL STREET ADVISERS, Delaware A. Diffusion, Paris La Défense A.D.I.C., Colombia A.KRALLIS LTD., Athen AAAM S.A., Paris ACMAR, Casablanca ADAM Capital Managment LLC, Newport Beach ADAM Hellas S.A., Athen ADAM U.S. Holding LLC, Delaware ADAM U.S. Partners GP, Newport Beach Adriática de Seguros C.A., Caracas Advisa Zürich AG, Zürich Advisors IG, LLC, Hollywood, FL Aero-Fonte S.r.l, Catania AFA, Paris AGF 2X, Paris AGF AFRIQUE Holding, Paris AGF AFRIQUE S.A., Paris AGF Allianz Argentina Compania de Seguros Generales S.A., Buenos Aires AGF Allianz South America Ltda., Sao Paulo AGF Asia, Singapur AGF Asset Management S.A., Paris AGF Assurances Financières S.A., Paris AGF Assurfinance, Paris AGF Belgium Insurance S.A., Brüssel AGF Benelux S.A., Luxemburg AGF Benin Health Assurances, Cotonou AGF Boïeldieu, Paris AGF Brasil Seguros S.A., Sao Paulo AGF Burkina Health Assurances, Ouagadougou AGF Cameroun Health Assurances, Douala AGF Centrafrique Health Assurance, Bangui AGF Côte d’Ivoire Health Assurances, Abidjan AGF do Brasil Ltda., Sao Paulo AGF Holding, Paris AGF Holdings (UK) Limited, Guildford AGF Immobilier S.N.C., Paris AGF Informatique G.I.E., Paris la Défense AGF Insurance Limited, Guildford AGF International, Paris AGF Inversiones, S.A., Buenos Aires AGF La Lilloise S.A., Paris AGF Life Luxembourg S.A., Luxemburg AGF Madagascar Health Assurances, Antananarivo AGF MADAGASCAR S.A., Antananarivo AGF Madagascar Vie, Antananarivo AGF Mali Health Assurances, Bamako

-5- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 AGF Pension Trustees, Guildford AGF Private Banking S.A., Paris AGF Private Equity S.A., Paris AGF RAS Holding BV, Amsterdam AGF Richelieu, Paris AGF Saude S.A., Sao Paulo AGF Senegal Vie S.A., Dakar AGF Senegal Health Assurances, Dakar AGF Senegal IARD S.A., Dakar AGF Togo Health Assurances, Lome Agora Courtage, Boulogne AGT, Lome AHFP Capital SARL, Geneva Airstream International Group Limited, London Ajax Insurance Holdings Limited, Guildford Alba Allgemeine Versicherungs-Gesellschaft, Basel Alfa Trade Corporation spol s.r.o., Prag Allianz Australian Claims Services Limited, Sydney Allianz (UK) Limited, Guildford Allianz Alp Sp. z oo, Warschau Allianz America Latina S.C. Ltda., Rio de Janeiro Allianz Asset Management, Zürich Allianz Australia Workers Compensation (Victoria) Limited, Melbourne Allianz Australia Advantage Ltd., Sydney Allianz Australia Employee Share Plan Pty Ltd., Sydney Allianz Australia Insurance Limited, Sydney Allianz Australia Limited, Sydney Allianz Australia Services (No. 2) Pty Ltd, Sydney Allianz Australia Services Pty Limited, Sydney Allianz Australia Workers Compensation (NSW) Limited, Sydney Allianz Australia Workers Compensation (SA) Limited, Adelaide Allianz Aviation Agency, Burbank Allianz Bank Zrt., Budapest Allianz BEST Business Engineering & Technology GmbH, Wien Allianz Bulgaria Holding Company Ltd., Sofia Allianz Bulgaria Insurance and Reinsurance Company Ltd., Sofia Allianz Bulgaria Life Insurance Company Ltd., Sofia Allianz Bulgaria Pension Assurance Company Ltd., Sofia Allianz business services, s.r.o., Bratislava Allianz Cash Pool LLC, Delaware Allianz China Life Insurance Co. Ltd., Shanghai Allianz Compagnia Italiana Finanziamenti S.p.A., Mailand Allianz CompanÍa de Seguros y Reaseguros S.A., Barcelona Allianz Cornhill Engineering Inspection Services Limited, Guildford Allianz Cornhill Equity Investments Ltd., Guildford Allianz Cornhill Holdings plc., Guildford Allianz Cornhill Information Services Private Ltd., Trivandrum Allianz Cornhill Insurance Company Pension Fund Trustees Ltd., Guildford Allianz Cornhill Insurance plc., Guildford Allianz Cornhill Investment Properties Ltd., Guildford Allianz Cornhill Management Services Limited, Guildford Allianz Corporate Ireland Insurance p.l.c., Dublin Allianz Credit Card Management Co., S.A., Athen Allianz Direct New Europe Sp. z o.o., Warschau Allianz Direct, s.r.o., Prag Allianz Dresdner Mutual Funds Management Hellas S.A., Athen Allianz Dresdner Securities Investment Consulting Ltd., Taiwan Allianz EDUKACJA S.A., Bialobrzegi Allianz Egypt Insurance Company S.A.E., Kairo Allianz Egypt Life Company S.A.E., Kairo

-6- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 Allianz Elementar Lebensversicherungs-Aktiengesellschaft, Wien Allianz Elementar Versicherungs-Aktiengesellschaft, Wien Allianz Europe B.V., Amsterdam Allianz Europe Ltd., Amsterdam Allianz Finance B.V., Amsterdam Allianz Finance Corporation, Westport Allianz Finance II B.V., Amsterdam Allianz Finance III B.V., Amsterdam Allianz Fire and Marine Insurance Japan Ltd., Tokio Allianz General Insurance Company S.A., Athen Allianz General Insurance Malaysia Berhad p.l.c., Kuala Lumpur Allianz Gestion Sociedad Gestora de Instituciones de Inversion Colectiva S.A., Madrid Allianz GI Real Estate Australia Ltd., Sydney Allianz Global Corporate & Specialty France, Paris Allianz Global Corporate & Specialty US Corp., Burbank Allianz Global Corporate & Specialty, Marshalltown Allianz Global Investors (Schweiz) AG, Zürich Allianz Global Investors (UK) Ltd, London Allianz Global Investors Australia Ltd., Sydney Allianz Global Investors Distributors LLC, Stamford Allianz Global Investors Fund Management LLC, Delaware Allianz Global Investors Holdings (UK) Ltd., London Allianz Global Investors Hong Kong Ltd., Hong Kong Allianz Global Investors Ireland Ltd., Dublin Allianz Global Investors Japan Co., Ltd., Tokio Allianz Global Investors Korea Limited, Seoul Allianz Global Investors Luxembourg S.A., Luxemburg Allianz Global Investors New York Holdings LLC, New York Allianz Global Investors Nominees (UK) Ltd, London Allianz Global Investors Nominees Services Limited, George Town/Grand Cayman Allianz Global Investors of America L.P., Delaware Allianz Global Investors of America LLC, Newport Beach Allianz Global Investors Services (UK) Ltd, London Allianz Global Investors Singapore, Ltd., Singapur Allianz Global Investors Taiwan (SITE) Ltd., Taipei Allianz Global Investors U.S. Retail LLC, Delaware Allianz Global Investors US Equities LLC, Delaware Allianz Global Investors US Holdings Inc., Wilmington Allianz Hedge Fund P. SARL, Delaware Allianz Hedge Fund Partners (Cayman) LLC, George Town Allianz Hedge Fund Partners Inc., Delaware Allianz Hedge Fund Partners LP, Delaware Allianz Holding eins GmbH, Wien Allianz Holding France SAS, Paris Allianz Hungária Biztosító Zrt., Budapest Allianz Hungária Pénztárüzemeltetési Kft., Budapest Allianz Iberica Services Center, A.I.E., Barcelona Allianz Income Managment Corp., Minneapolis Allianz Infrastructure Holdings Limited, London Allianz Insurance (Hong Kong) Ltd., Hong Kong Allianz Insurance Company Lanka Limited, Saram Allianz Insurance Company of Singapore Pte. Ltd., Singapur Allianz Insurance Limited, Johannesburg Allianz Insurance Management Asia Pacific Pte. Ltd., Singapur Allianz International Ltd., Guildford ALLIANZ INVERSIONES, SOCIEDAD DE VALORES S.A., Madrid Allianz Invest Kapitalanlage GmbH, Wien Allianz Investment Company LLC, Westport Allianz Investmentbank Aktiengesellschaft, Wien Allianz Ireland p.l.c., Dublin Allianz Irish Life Holdings p.l.c., Dublin

-7- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 Allianz Jupiter 1 B.V., Amsterdam Allianz Jupiter 2 B.V., Amsterdam Allianz Jupiter 3 B.V., Amsterdam Allianz kontakt, s.r.o., Prague Allianz Leasing & Services JSC, Sofia Allianz Life Advisors LLC, Minneapolis Allianz Life Financial Services, LLC, Minneapolis Allianz Life Insurance Co. Ltd., Seoul Allianz Life Insurance Company of North America, Minneapolis Allianz Life Insurance Company S.A., Athen Allianz Life Insurance Malaysia Berhad p.l.c., Kuala Lumpur Allianz Life Insurance of New York, New York Allianz Life Moskau, Moskau Allianz Marine (UK) Ltd., Ipswich Allianz México S.A. Compañía de Seguros, Mexico Allianz Nederland Administratie B.V., Utrecht Allianz Nederland Asset Management B.V., Amsterdam Allianz Nederland Groep N.V., Rotterdam Allianz Nederland Levensverzekering N.V., Utrecht Allianz Nederland Schadeverzekering N.V., Rotterdam Allianz New Europe Holding GmbH, Wien Allianz New Zealand Limited, Auckland Allianz Northern Ireland Limited, Belfast Allianz of America Corp., New York Allianz of America, Inc., Wilmington Allianz of South Africa (Proprietary) Ltd., Johannesburg Allianz Pensionskasse Aktiengesellschaft, Wien Allianz penzijní fond, a.s., Praha Allianz PFI (UK) Ltd., London Allianz PFI Holdings (Jersey) Limited, St. Helier Allianz pojistóvna, a.s., Prag Allianz Polska Services Sp. z o.o., Warschau Allianz President Life Insurance Co. Ltd., Taipei Allianz Private Equity Partners, Inc., New York Allianz Private Equity UK Holdings Limited, London Allianz Re Dublin Limited, Dublin Allianz reosiguranje d.d., Zagreb Allianz Risk Audit, Moskau Allianz Risk Consultants B.V., Rotterdam Allianz Risk Consultants Inc., Los Angeles Allianz Risk Transfer (Bermuda) Ltd., Hamilton Allianz Risk Transfer (UK), Limited, London Allianz Risk Transfer AG, Zürich Allianz Risk Transfer AG-AGCS-Business, Zürich Allianz Risk Transfer Inc., New York Allianz Risk Transfer N.V., Amsterdam Allianz S.A., A.S. Agencia de Seguros, Barcelona Allianz Service Co. Ltd. (Japan), Tokyo Allianz Services (UK) Limited, London Allianz Servicios Técnicos, A.I.E., Barcelona Allianz Share Scheme Trustees Limited, Guildford Allianz Société Financiére S.à.r.l., Luxemburg Allianz Specialised Investments Central Europe sro, Prag Allianz Specialised Investments Limited, London ALLIANZ SUBALPINA S.p.A. SOCIETA’ DI ASSICURAZIONI E RIASSICURAZIONI, Turin Allianz Suisse Immobilien AG, Volketswil Allianz Suisse Lebensversicherungs-Gesellschaft, Zürich Allianz Suisse Personal Financial Services AG, Zürich Allianz Suisse Versicherungs-Gesellschaft, Zürich Allianz Technical Service Inc., Wilmington

-8- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 Allianz Tiriac Asigurari SA, Bukarest Allianz Underwriters Insurance Company, Burbank Allianz Worldwide Care Ltd., Dublin Allianz Zagreb d.d., Zagreb Allianz ZB d.o.o. Company for the Management of an Obligatory Pension Fund, Zagreb Allianz ZB d.o.o. company of the management of voluntary pension funds, Zagreb ALLIANZ, Sociedade Gestora de Fundos de Pensões, SA., Lisbonne Allianz-PacLife Partners LLC, Delaware Allianz-Slovenská DSS, a.s., Bratislava Allianz-Slovenská poist’ovna a.s., Bratislava Alpha Vision Capital Mgmt LLC, Newport Beach Alpha Vision LLC, Newport Beach Amaya Compania de Seguros y Reaseguros S.A., Madrid American Automobile Insurance Company, Missouri American Financial Marketing, Inc., Minneapolis Ann Arbor Annuity Exchange, Inc., Ann Arbor Antoniana Veneta Popolare Assicurazioni S.p.A., Trieste Antoniana Veneta Popolare Vita S. p. A., Trieste Arcalis, Paris Ariondaz SAS, Paris Arlon Properties S.A., Luxembourg ARSA B.V., Amsterdam ART Asset Management LLC, New York Aspelle Limited, London ASREX, Paris Assimediass S.r.l., Mailand ASSISTANCE AND SERVICES CORPORATION OF IRELAND "A.S.C.I.", Dublin Assistance, Courtage d’Assurance et de Réassurance S.A., Paris Associated Group Benefits Ltd., Ontario Associated Indemnity Corporation, Novato Assurance Vie et Prévoyance (AVIP) SA, Paris Assurances Fédérales BV, Amsterdam Assurances Générales de France IART S.A., Paris Assurances Générales de France Vie S.A., Paris Assurances Générales de France, Paris Assurances Générales du Laos Ltd., Laos Assurances Générales du Mali (AGM), Bamako Athéna, Paris Atrium SAS, Paris Axioma Insurance (Cyprus) Ltd., Nicosia AZ GI Advertising Agency Inc., Delaware AZ GI Managed Accounts LLC, Delaware AZ GI Pacific Ltd., Hamilton/Bermuda AZ GI U.S. Retail LLC, Delaware AZL AI Nr. 2 SARL, Luxemburg BACAB S.A., Ste. Croix/Schweiz Banque AGF S.A., Paris BARTEC AB, Karlskrona/Schweden BARTEC AS, Oslo BARTEC Barlian Industries Holding AG, Cham/Schweiz BARTEC Belgium N.V., Tessenderlo/Belgien BARTEC d.o.o., Zagorje, Slowenien Bartec Electric (Shanghai) Co., Ltd., Shanghai Bartec Electric (Shanxi) Co., Ltd., Shanghai BARTEC Elektrotechnik GmbH, Wien BARTEC Engineering + Services AG, Cham BARTEC Hungary Kft, Budapest Bartec Korea, Seoul BARTEC Nederland B.V., Ridderkerk/Niederlande BARTEC Nederland Ultrakust Division B.V., Ridderkerk/Niederlande

-9- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 BARTEC Pte Ltd., Singapur BARTEC S.A., Barcelona BARTEC s.a.r.l., Fegersheim Cedex/France BARTEC s.r.l., Rom BARTEC s.r.o., Prag BARTEC Safety PTY. LTD. Johannesburg/Südafrika BARTEC-SST CIS, Moskau BARTEC UK Ltd., Rochdale/Großbritannien BARTEC US Corp., Tulsa/Oklahoma BARTEC Varnost d.o.o., Zagorje, Slowenien BAWAG Allianz Mitarbeitervorsorgekasse AG, Wien BERNESE ASSICURAZIONI Compagnia Italo Svizzera di Assicurazioni S.p.A., Rom BERNESE VITA SPA, Rom Bestconnect Nominees Ltd, London BIC, Sao Paulo Bilan Services S.N.C., Nanterre Bishop Finance Inc., Wilmington/Delaware Borgo San Felice S.r.l., Siena Borrowdale Nominees Ltd, St. Peter Port/Guernsey Botanic Building S.A., Bruxelles British Financial Union Ltd, London British Reserve Insurance Co. Ltd., Guildford Bulgaria Net Co. Ltd., Sofia Bureau d’Expertises Despretz S.A., Brüssel Bürgel Wirtschaftsinformationen AG Zürich, Schweiz Burkina Assurance S.A., Ouagadougou Burkina Assurance Vie S.A., Ouagadougou business lounge GmbH, Wien Calypso S.A., Paris Camat, Paris CAP, Paris Carene, Paris Casas del Toqui S.A., Santiago de Chile Caywood Scholl Capital Management LLC, San Diego CCA, Paris Challenging Financial Careers Insurance Marketing Corp., Huntington Beach Château Larose Trintaudon S.A., Saint Laurent de Médoc Chicago Insurance Company, Illinois CIC Allianz Insurance Ltd., Sydney Claims Consultancy & Investigation Services Limited, Dublin Clark Risk Management BV, Rotterdam Club Marine Limited, Melbourne Codinf Services, Paris Cogar, Paris Colseguros Capitalizacion, Colombia Colseguros Generales S.A., Bogotá D.C. Colseguros Vida S.A., Bogotá D.C. Colserauto, S.A., Bogotá D.C. Commercial Bank Allianz Bulgaria Ltd., Sofia Commodity Trading VII, Inc., Wilmington/Delaware Compagnie d’Assurance de Protection Juridique S.A., Zug Compagnie de Gestion et Prevoyance, Strasbourg Compagnie Financière pour la Réalisation d’Opérations Immobilières "COFIDIM", Lyon Companhia de Seguros Allianz Portugal S.A., Lissabon Compania Colombiana De Inversion Colseguros S.A., Bogotá D.C. Coparc, Paris Cornhill Investment Properties (Reigate) Ltd., Guildford Cornhill Trustee (Guernsey) Ltd., Guernsey Corporate Directors (No. 1) Limited, St. Peter Port/Guernsey Corporate Directors (No. 2) Limited, St. Peter Port/Guernsey

-10- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 Corporate Secretaries (Jersey) Ltd, St. Helier/Jersey Corporate Services (Guernsey) Ltd, St. Peter Port/Guernsey Corsetec, Sao Paulo COTINCO Consultora Técnica, Industrial y Commercial, S.A., Mexico City Crédito Argentino Germánico SA, Buenos Aires Crédito Germánico S.A., Montevideo CreditRas Assicurazioni S.p.A., Mailand CreditRas Vita S.p.A., Mailand Crop Growers Corporation, Delaware DARTA SAVING LIFE ASSURANCE LTD., Dublin DBI Insurance Company Ltd., Guildford DEGI Schweden AB, Stockholm Delaware Valley Financial Services, LLC, Berwyn, PA Delta Technical Services Ltd., London DIC-MAN Roland Co. Ltd. Japan, Tokyo DIMENSIONE S.R.L, Rom DKNA Phoenix LLC, Wilmington/Delaware Doradztwo Gospodarcze Spolka Akcyjna, Warschau Draudimo kompanija NERIS UAB, Vilnius/Litauen Dresdner Advisors LLC, Delaware Dresdner Asset Management Ltd, Singapur Dresdner Bank (Schweiz) AG, Zürich Dresdner Bank Brasil SA Banco Múltiplo, Sao Paulo Dresdner Bank Gestions France S.A., Paris Dresdner Bank Luxembourg S.A., Luxemburg Dresdner Bank Monaco, Monte Carlo Dresdner Bank Polska S.A., Warschau Dresdner Bank Representações Ltda., Sao Paulo Dresdner Bank ZAO, St. Petersburg Dresdner Benson (Canada) Ltd, Toronto Dresdner Finance 1 S.à.r.l., Luxemburg Dresdner Finance BV, Amsterdam Dresdner Finanziaria SpA, Mailand Dresdner Holding B.V., Amsterdam Dresdner Investments (UK) Ltd, London Dresdner Kleinwort - Grantchester, Inc., Wilmington/Delaware Dresdner Kleinwort & Co. Holdings, Inc., Wilmington/Delaware Dresdner Kleinwort (Argentina) SA, Buenos Aires Dresdner Kleinwort (China) Ltd., Hongkong Dresdner Kleinwort (Drc) Limited, London Dresdner Kleinwort (Hong Kong) Limited, Hongkong Dresdner Kleinwort (Japan) Ltd., Hongkong Dresdner Kleinwort (Lbdp) Holdings Limited, London Dresdner Kleinwort (Lbdp) Limited, London Dresdner Kleinwort (Services) Inc., Panama City Dresdner Kleinwort (South East Asia) Ltd., Singapur Dresdner Kleinwort Australia (Securitisation) Pty Ltd, Sydney Dresdner Kleinwort Australia Ltd, Sydney Dresdner Kleinwort Benson North America Inc, Wilmington Dresdner Kleinwort Benson Private Equity Partner LP, New York Dresdner Kleinwort Capital Advisory Services (India) Private Ltd., Mumbai, India Dresdner Kleinwort Capital Investment Company Ltd, London Dresdner Kleinwort Capital Investment Trust Ltd, London Dresdner Kleinwort Capital Jersey Ltd, St. Helier/Jersey Dresdner Kleinwort Capital LLC, New York Dresdner Kleinwort Capital Ventures Management Ltd, London Dresdner Kleinwort do Brasil s/c Ltda, Rio de Janeiro Dresdner Kleinwort EIV Manager, Inc., Wilmington/Delaware Dresdner Kleinwort Equipment Finance Limited, London Dresdner Kleinwort Equipment LLC, Wilmington/Delaware, New York

-11- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 Dresdner Kleinwort Europe Ltd, London Dresdner Kleinwort Finance BV, Amsterdam Dresdner Kleinwort Finance EURL, Paris Dresdner Kleinwort Finance Inc., New York Dresdner Kleinwort Group Holdings, LLC, Wilmington/Delaware Dresdner Kleinwort Group LLC, Wilmington/Delaware Dresdner Kleinwort Group Ltd., London Dresdner Kleinwort Holdings II, Inc., Wilmington / Delaware Dresdner Kleinwort Holdings III, Inc., Wilmington/Delaware Dresdner Kleinwort Holdings LLC, Wilmington/Delaware Dresdner Kleinwort Leasing (Guernsey) Ltd, St. Peter Port/ Guernsey Dresdner Kleinwort Leasing December (1) Limited, London Dresdner Kleinwort Leasing December (10) Limited, London Dresdner Kleinwort Leasing December (11) Limited, London Dresdner Kleinwort Leasing December (12) Limited, London Dresdner Kleinwort Leasing December (13) Limited, London Dresdner Kleinwort Leasing December (14) Limited, London Dresdner Kleinwort Leasing December (2) Limited, London Dresdner Kleinwort Leasing December (3) Limited, London Dresdner Kleinwort Leasing December (4) Limited, London Dresdner Kleinwort Leasing December (6) Limited, London Dresdner Kleinwort Leasing December (7) Limited, Edinburgh Dresdner Kleinwort Leasing December (8) Limited, London Dresdner Kleinwort Leasing December (9) Limited, London Dresdner Kleinwort Leasing Holdings Limited, London Dresdner Kleinwort Leasing Inc., City of Wilmington Dresdner Kleinwort Leasing June (3) Limited, London Dresdner Kleinwort Leasing Limited, London Dresdner Kleinwort Leasing March (2) Limited, London Dresdner Kleinwort Leasing March (3) Limited, London Dresdner Kleinwort Leasing September (1) Limited, London Dresdner Kleinwort Leasing September (3) Limited, London Dresdner Kleinwort Leasing September (4) Limited, London Dresdner Kleinwort Leasing September (5) Limited, London Dresdner Kleinwort Leasing September (6) Limited, London Dresdner Kleinwort Limited, London Dresdner Kleinwort LLC, New York Dresdner Kleinwort Metals Limited, London Dresdner Kleinwort Online Ventures Limited, London Dresdner Kleinwort Overseas Employees Limited, London Dresdner Kleinwort Overseas Holdings plc, London Dresdner Kleinwort Partnership 2001 Ltd, London Dresdner Kleinwort Property Management & Services Limited, London Dresdner Kleinwort Securities (Asia) Holdings Ltd., Hongkong Dresdner Kleinwort Securities (Asia) Limited, Hongkong Dresdner Kleinwort Securities (Australia) Pty Ltd, Sydney Dresdner Kleinwort Securities (India) Private Ltd, Mumbai Dresdner Kleinwort Securities France SA, Paris Dresdner Kleinwort Securities LLC, Wilmington/Delaware Dresdner Kleinwort Securities Ltd, London Dresdner Kleinwort Securities Nominees Limited, London Dresdner Kleinwort Services (Guernsey) Limited, St. Peter Port/Guernsey Dresdner Kleinwort Services LLC, Wilmington/Delaware Dresdner Kleinwort Servicios y Asesorias Ltda., Santiago de Chile Dresdner Kleinwort sp.z.o.o., Warschau Dresdner Kleinwort Trading, Inc., Wilmington/Delaware Dresdner Kleinwort Wasserstein France SAS, Paris Dresdner Kleinwort Wasserstein Securities France SA, Paris Dresdner RCM Global Investors (Jersey) Ltd, St. Helier/Jersey Dresdner U.S. Finance Inc, Wilmington/Delaware, New York

-12- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 Dresdner UK Investments 2 B.V., Amsterdam Dresdner UK Investments N.V., Amsterdam E.U.R.L. D.O.F., Paris E.U.R.L. H.B. Pergola, Paris EF Solutions LLC, New York Elco Leasing Ltd, London ELF Technologies Limited, Dublin ELSECO, TOULOUSE ELVIA Assistance GmbH, Wien ELVIA Assistance Kft. (Ltd.), Budapest ELVIA Assistance s.r.o., Prag ELVIA ASSISTANCE SP. Z O.O., Warschau ELVIA Reiseversicherungs-Gesellschaft AG, Zürich ELVIA Travel Insurance International N.V., Amsterdam Empresa de Inversiones S.A., Lima Energy Insurance Company Ltd., Sofia ETI First Source Limited, London ETI Australia Pty Ltd., Toowong-Australia ETI International Limited, London ETI Property Limited, London ETI Sales Limited, London Etoile Foncière et Immobilière S.A.S.U., Paris Euler & Hermes International Centre Limited, London Euler Agent Limited, London Euler American Credit Indemnity Mexico, Granada Euler do Brasil Seguros Exportacao, Sao Paulo Euler Hermes ACI Holding, New York Euler Hermes ACI Inc., Baltimore Euler Hermes ACI Services LLP, Baltimore Euler Hermes ACMAR Services, Casablanca Euler Hermes Cashflow Solutions Limited, London Euler Hermes Cescob Service s.r.o., Prague Euler Hermes Cescob, uverová pojistovna, a.s., Prague Euler Hermes Collections UK Limited, London EULER HERMES CREDIT INSURANCE AGENCY (S) PTE. LTD., Singapur EULER HERMES CREDIT INSURANCE BELGIUM S.A., Brüssel Euler Hermes Credit Services (JP) Ltd., Tokio Euler Hermes Credit Underwriters Hong Kong Ltd., Hongkong Euler Hermes Crédito Compañía de Seguros y Reaseguros, S.A., Madrid EULER HERMES EMPORIKI SA, Athen EULER HERMES EMPORIKI Services Ltd., Athènes Euler Hermes Guarantee plc., Tonbridge Euler Hermes Holdings UK plc, London Euler Hermes Interborg N.V., Amsterdam Euler Hermes Kreditförsäkring Norden AB, Stockholm Euler Hermes Kreditverzekering N.V., Nederland Euler Hermes Magyar Hitelbiztosító Rt., Budapest Euler Hermes Magyar Követeleskezelö Kft., Budapest Euler Hermes Réinsurance, Zürich Euler Hermes Risk Services UK Limited, London Euler Hermes S.A., Paris Euler Hermes Seguros de Crédito S.A., Granada Euler Hermes Seguros de Crédito S.A., Sao Paulo Euler Hermes Services (HK) Limited, Hong Kong Euler Hermes Services AG, Zürich Euler Hermes Services Baltic UAB, Vilnius Euler Hermes Services Belgium S.A., Bruxelles Euler Hermes Services Estonia OÜ, Tallinn Euler Hermes Services Latvija SIA, Riga Euler Hermes Services S.A.S., Paris

-13- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 Euler Hermes Servicii Financiare, Bukarest Euler Hermes Servicios de Crédito, S.L., Madrid Euler Hermes Servicos Ltda, Sao Paulo Euler Hermes Servis, s.r.o., Bratislava Euler Hermes SFAC Crédit S.A.S., Paris Euler Hermes SFAC Recouvrement S.A.S., Paris Euler Hermes SFAC S.A., Paris Euler Hermes SIAC S.p.A., Rom Euler Hermes Trade Credit, Auckland Euler Hermes Trade Credit, Underwriting Agents, Sydney Euler Hermes UK plc, London Euler Hermes Zarzadzanie Ryzkiem Sp. z o.o., Warschau Euler Hermes, Anna Kozinska - Kancelaria Prawna sp.k., Warschau Euler Incorporation Inc., Baltimore Euler Re, Senningerberg Euler SFAC Asset Management, Paris Euler Tech, Nanterre Euler UK Group Services Limited, London Eurl 20/22 Le Peletier, Paris EURL SARL du Rocher St. Hélène, Paris European Credit Underwriters Limited, London European Properties Inc., London European Venture Partners (General Partner) Ltd, London European Venture Partners (Holdings) Ltd, St. Helier/Jersey European Venture Partners (Israel) Limited, Tel Aviv European Venture Partners LP, London European Venture Partners Ltd, London Eurotax Garantie AG, Freienbach Eurovida S.A. Compañía de Seguros y Reaseguros, Madrid F.C.C. LOGIFIX, Paris FAI Allianz Ltd, Sydney Felix Ltd, George Town/Grand Cayman Fenchurch Fiduciaries Ltd, St. Helier/Jersey Fenchurch Finance Ltd, St. Helier/Jersey Fenchurch International Holdings Ltd, St. Helier/Jersey Fenchurch Nominees (SINGAPORE) pte Limited, Singapur Fenchurch Nominees Ltd, London Fenchurch Nominees Ltd, St. Helier/Jersey Fenchurch Trust Ltd, St. Helier/Jersey Fendrake Ltd, London Fenix Directo Compania de Seguros y Reaseguros S.A., Madrid FFIC of Bermuda, Bermuda Fiduciaria Colseguros, Bogotá D.C. Financiere AGF, Paris Financière Galilée, Paris Fireman’s Fund Agribusiness Inc., Kansas Fireman’s Fund Financial Services, Dallas Fireman’s Fund Indemnity Corporation, New Jersey Fireman’s Fund Insurance Company of Georgia, Georgia Fireman’s Fund Insurance Company of Hawaii, Inc., Hawaii Fireman’s Fund Insurance Company of Louisiana, Louisiana Fireman’s Fund Insurance Company of Missouri, Missouri Fireman’s Fund Insurance Company of Ohio, Ohio Fireman’s Fund Insurance Company, Novato First Building Management Company Ltd., Seoul First Call Direct Limited, Dublin First Rate Direct Limited, Belfast Fitrust, Fiduciaire et Trustee SA, Genf FRAGONARD ASSURANCE, Paris Frank Nominees Ltd, London

-14- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 FS2A S.A., Paris G.I.T. Uniphénix, Paris Gaipare Diffusion, Paris La Défense GamePlan Financial Marketing, LLC, Woodstock GE.SI Gestione Sistemi Informatici S.p.c.A., Mailand Générale Viagère, Strasbourg Generation Vie, Paris GENIALLOYD S.p.A., Mailand Gesellschaft für Vorsorgeberatung, Bern Gestiass S.r.l., Turin GIE Dresdner Bank Gestions France, Paris GIE DrK France, Paris GIE Placements d’Assurances, Paris GIE Victoria Aéronautique, Paris GKB (General Partner) Limited, Guernsey Global Transport & Automotive Insurance Solutions Inc., Sydney Grafton Properties Limited, Dublin Gresham Leasing March (1) Ltd., London Gresham Leasing March (2) Ltd, London Groupe Saint Thomas, Paris, France GTS - GESTION DE TELESECURITE ET DE SERVICES S.A., Chatillon Guernsey Nominees Ltd, St. Peter Port/Guernsey H.V. Gestion, Paris Hamudi S.A., Madrid Hauteville Insurance Company Limited, Guernsey, Channel Islands Havelaar et Van Stolk B.V., Rotterdam Heissmann Consultants (Ireland) Ltd., Dublin Heissmann Consultants B.V., Amsterdam HEISSMANN CONSULTANTS GMBH, Wien Heissmann Consultants SARL, Zug HELVIASS Verzekeringen BV, Rotterdam Herradura Ltd, London Hilary Nominees Ltd, St. Helier/Jersey Home & Legacy (Holdings) Limited, London Home & Legacy Insurance Services Limited, London Home Management Inc., Belize City Hungária Biztosító Számitástechnikai Kft. (Hungária EDV-Betriebsgesellschaft mbH), Budapest Hunter Premium Funding Ltd., Sydney Immovalor Gestion S.A., Paris Informatica Y Servicios Financieros S.A. (Insesa), Madrid Inmobiliaria Driavena, Caracas Insolvency Risk Insurance Services Limited, London Insolvency Risk Management Limited, London Insurance Joint Stock Company "Allianz", Moskau Intermediass S.r.l., Mailand International Film Guarantors Reinsurance Ltd., Bermuda International Film Guarantors, Inc., California International Film Guarantors, LLC, California International Film Guarantors, Ltd., UK, London Interstate Fire & Casualty Company, Illinois Interstate Indemnity Company, Illinois Interstate National Corporation of Texas, General Agency, Inc., Texas INVCO SAS, Paris Inverciones Dresdner Kleinwort Chile Ltda., Santiago de Chile Inveresk Stockholders Ltd, Edinburgh INVESTITORI SGR S.p.a., Milan ITEB B.V., Gouda JeffCo Management Company Inc., Jersey City Jefferson Insurance Company of N.Y., New York KB (C.I.) Nominees Ltd, St. Helier/Jersey

-15- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 KB UK Trustees Ltd., London KBEMF (GP) Ltd, London KBEMF II (Guernsey) Ltd, St. Peter Port KBIM (IT) Nominees Ltd, London KBIM General Nominees Ltd, London KBIM Standby Nominees Ltd, London KB-LPL Holdings Inc, New York KB-LPL Inc, New York KBPB Nominees Limited, London KEVA spol. s.r.o., Bratislava Kiinteistöasakeyhtiö Eteläesplanadi 2, Helsinki Kléber Lamartine S.A.S., Paris Kléber Passy S.A.S., Paris Kleinwort Benson (Channel Islands) Business Services Limited, St. Peter Port/Guernsey Kleinwort Benson (Channel Islands) Corporate Services Limited, St. Helier/Jersey Kleinwort Benson (Channel Islands) Fund Services Limited, St. Peter Port/Guernsey Kleinwort Benson (Channel Islands) Investment Management Limited, St. Helier Kleinwort Benson (Channel Islands) Ltd., St. Helier/Jersey Kleinwort Benson (Channel Islands) Pension Trustees Limited, St. Peter Port/Guernsey Kleinwort Benson (Channel Islands) Trustees Limited, St. Peter Port Kleinwort Benson (Guernsey) Corporate Services Limited, St. Peter Port/Guernsey Kleinwort Benson (Guernsey) Ltd, St. Peter Port/Guernsey Kleinwort Benson (Guernsey) Services Ltd, St. Peter Port/Guernsey Kleinwort Benson (Guernsey) Trustees (1997) Limited, St. Peter Port/Guernsey Kleinwort Benson (Guernsey) Trustees Ltd, St. Peter Port/Guernsey Kleinwort Benson (Hong Kong) Trustees Ltd, Hongkong Kleinwort Benson (Jersey) Asset Managers Ltd, St. Helier/Jersey Kleinwort Benson (Jersey) Fund Services Limited, St. Helier/Jersey Kleinwort Benson (Jersey) Services Ltd, St. Helier/Jersey Kleinwort Benson (Jersey) Trustees (1997) Limited, St. Helier/Jersey Kleinwort Benson (Jersey) Trustees Ltd, St. Helier/Jersey Kleinwort Benson (US) Asset Managers LLC, Wilmington/Delaware Kleinwort Benson (USA) Inc., New York Kleinwort Benson Channel Islands Holdings Ltd., St. Peter Port/Guernsey Kleinwort Benson Cross Financing Inc, New York Kleinwort Benson Farmland Trust (Managers) Ltd, London Kleinwort Benson Financial Services Ltd, London Kleinwort Benson Gilts Ltd, London Kleinwort Benson International Corporation Limited, St. Peter Port Kleinwort Benson International Trustees Ltd, New Brunswick Kleinwort Benson Investment Management Americas Inc, Wilmington/Delaware Kleinwort Benson Private Bank Limited, London Kleinwort Benson Trustees Ltd, London Kleinwort Benson Unit Trusts Ltd, London Kleinwort, Benson (Switzerland) Trustees Ltd., Genf KNIGHTSBRIDGE ALLIANZ LP, Delaware Knowlfa Ltd, St. Helier/Jersey L.A. PARTECIPAZIONI e SERVIZI, Trieste LA FIN SIM S.P.A., Trieste LA RURALE, Charenton-le-Pont LA VITA, Trieste Langbourn Nominees Ltd, London Langdale Nominees Ltd, St. Peter Port/Guernsey Langham Nominees Ltd, St. Peter Port Larose Trintaudon Chile S.A., Santiago L’Assicuratrice Italiana Danni, Mailand L’Assicuratrice Italiana Vita S.p.A., Mailand Les Assurances Fédérales IARD, Strasbourg Les Hautes Villes, Paris Limited Liability Company "Professional Management Services", Moscow

-16- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 LLC "Allianz Asset Management", Moscow LLOYD ADRIATICO REAL ESTATE S.p.A., Trieste Lloyd Adriatico S.p.A., Triest LOGICA SOFTWARE SRL, Reggio Emilia London Verzekeringen N.V., Amsterdam LTCAmerica, Minneapolis LUFRA Beteiligungsholding AG, Zürich M.R. Print Management Ltd., Guildford MAN Roland (Hongkong) Ltd., Hongkong MAN Roland (Korea) Ltd., Seoul MAN Roland (Taiwan) Ltd., Taipeh Hsien MAN Roland Asia Pacific, Kuala Lumpur MAN Roland Belgium N.V., Wemmel MAN Roland Bulgaria-eood, Sofia MAN Roland CEE AG, Wien MAN Roland Ceská Republika spol. S.r.o., Praha MAN Roland Danmark A/S, Vaerloese MAN Roland Finland Oy, Vantaa MAN Roland France SAS, Cedex MAN Roland Great Britain Ltd., Mitcham, Surrey MAN Roland Hrvatska d.o.o., Novaki-SV. Nedjelja MAN Roland Inc., Westmont/Illinois MAN Roland Italia SpA, Segrate-Milan MAN Roland Magyarorszag Kft., Budapest MAN Roland Nederland BV, Amsterdam MAN Roland Polska sp. z.o.o., Nadarzyn MAN Roland Portugal Lda., Cascais MAN Roland Romania S.R.L., Bukarest MAN Roland Sistemas S.L., Madrid MAN Roland Slovenija d.o.o., Ljubljana MAN Roland Sverige AB, Trollhättan MAN Roland Swiss AG, Kirchberg Man Roland Western Europe Group B.V., Amsterdam Marlyna Ltd, London Martin Maurel Vie, Paris Marylebone Commercial Finance, London Mauritius Island, Mascareignes Services Assistance- MSA Ltd., Port Louis McGee Insurance Co. (Bermuda) Ltd., Hamilton Medibroker, s.r.o. Bratislava Medisalud Compania Colombiana de Medicina Prepagada S.A., Bogotá D.C. Melrose Investors 2 Llc, Delaware MERCOSUL ASSISTANCE ARGENTINE, Buenos Aires MERCOSUL, Centro/Brazil MetaPhysics S.A., Zug Midway Insurance Company of Illinois, Illinois Millea Mondial Co Ltd., Tokyo MMI Worksafe (Malaysia) Sdn Bhd, Kuala Lumpur Mondial Assistance (UK) Limited, Croydon Surrey (MAUK) Mondial Assistance AG, Wallisellen Mondial Assistance Australia Holding Pty Ltd., Toowong-Australia MONDIAL ASSISTANCE B.V., Amsterdam Mondial Assistance Beijing Services Co. Ltd., Beijing Mondial Assistance France SAS, Paris MONDIAL ASSISTANCE ITALIA S.P.A., Mailand Mondial Assistance Portugal - Serviços Assistencia Ldt., Paco de Aros Mondial Assistance Réunion S.A., Saint Denise Mondial Assistance S.A.S., Paris Cedex Mondial Assistance Seguros y Reaseguros de Riesgos Diversos, Sociedada anonyma unipers., Madrid Mondial Protection Corretora de Seguros Ltda., Centro

-17- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 MONDIAL SERVICE ITALIA S.R.L., Mailand MONEGER SA, Dakar Monticello Insurance Co., Wilmington Morris (S.P.) Holdings Ltd, London National Surety Corporation, Illinios Nederland Hypotheekservice B.V., Rotterdam NEM Insurance Ireland, Dublin Nemian Life & Pensions S.A., Luxembourg NFJ Investment Group L.P., Dallas NFJ Management Inc., Delaware Nicholas Applegate Capital Management Limited, London Nicholas Applegate Capital Management LLC, Delaware Nicholas Applegate Holdings LLC, Delaware Nicholas Applegate Securities International, San Diego Nicholas Applegate Securities LLC, Delaware Noman LTD., Tortola Norman Nominees Ltd, London North American London Underwriters, Ltd., Bermuda OCICA, Abidjan Omega Thai Investment Holding, Amsterdam OOO BARTEC-SST CIS, Moskau OpCap Advisors LLC, Delaware Opernring-Hof Bau- und Betriebs-Aktiengesellschaft, Wien Oppenheimer Capital LLC, Delaware Oppenheimer Group, Inc., Delaware Orbis Tax Services Ltd, St. Peter Port/Guernsey Organizacion G.o.a. S.A., Lima OSECA, Dakar Pacific Investment Management Company LLC, Delaware Pacific MMI Insurance Ltd., Port Moresby Parc Continental Ltd, London PEA Capital LLC, New York City PEMSE S.A., Madrid Personalized Brokerage Service LLC, Topeka Pet Plan Ltd., Guildford Phénix Iart, Lausanne Phénix Immobilier S.N.C., Paris Phénix Kléber, Paris Phénix Vie, Lausanne Pimco Asia Limited, Hong Kong PIMCO Asia PTE Ltd., Singapur PIMCO Australia Pty Ltd., Sydney Pimco Canada Corp., Nova Scotia Pimco Canada Management Inc., Delaware PIMCO Europe Limited, London PIMCO Global Advisors (Ireland) Limited, Dublin PIMCO Global Advisors (Resources) Limited, Cayman Islands PIMCO Global Advisors LLC, Delaware PIMCO Japan Ltd., Tokio PIMCO Luxembourg SA., Luxemburg POLY ASSISTANCE & SERVICES S.A., Athen PremierLine Direct Limited, Lancaster PREVINDUSTRIA - Fiduciaria Previdenza Imprenditori S.p.A., Mailand Prism Re, Bermuda Privatinvest Bank AG, Salzburg Professional Planners Marketing Group, LLC, North Palm Beach, FL Pronto Lloyd s.r.l., Trieste Property Nominees (Channel Islands) Ltd, St. Helier/Jersey Protexia France S.A., Lyon PT Asuransi Allianz Life Indonesia p.l.c., Jakarta

-18- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 PT Asuransi Allianz Utama Indonesia Ltd., Jakarta PTE Allianz Polska S.A., Warschau Puxian Investments S.à r.l, Luxemburg Quarré Holding, Houten Quarre Nederland BV, Houten Questar Agency of Alabama, Inc., Alabama Questar Agency of Massachusetts, Inc., Massachusetts Questar Agency of Ohio, Inc., Ohio Questar Agency of Texas, Inc., Texas Questar Agency of Wyoming, Inc., Wyoming Questar Agency, Inc., Michigan Questar Asset Management, Ann Arbor Quintet Properties Ltd., Dublin R. B. Nominees Ltd, London RAS ALTERNATIVE INVESTMENTS Società di gestione del risparmio S.p.A., Mailand Ras Alternative Multi-Strategy, Mailand RAS ANTARES, Mailand RAS ASSET MANAGEMENT Società di gestione del risparmio S.p.A., Mailand RAS IMMOBILIARE S.R.L., Mailand Ras International N.V., Amsterdam Ras Private Bank (Suisse) S.A., Lugano Ras Private Equity Partners 1, Mailand Ras Private Equity Partners 2, Mailand RAS SERVICE S.c.p.A., Mailand RAS Tutela Giudiziaria S.p.A., Mailand Rasbank S.p.A., Mailand Rasfin Società di Intermediazione Mobiliare S.p.A., Mailand RB Fiduciaria SpA, Roma RB Vita S.p.A., Mailand RCM (UK) Ltd., London RCM Capital Management LLC, San Francisco RCM Distiributors LLC, Delaware RCM Hong Kong Ltd., Hong Kong RCM US Holdings LLC, San Francisco, USA RCS Managers, La Defense Cedex RE-AA, Abidjan Real Faubourg Haussmann SAS, Paris Real FR Haussmann SAS, Paris Receivable Partners Inc., Wilmington/Delaware Reliance Trading Co. (Liverpool) Limited, Guildford RHEA, Luxembourg-Ville Risikomanagement und Softwareentwicklung GmbH, Wien Risk & Safety Services Limited, Dublin Riskon Aktiengesellschaft geschlossenen Typs, Moskau Riunione Adriatica di Sicurtà S.p.A., Mailand Riverbank Leasing 1 Limited, London Riverbank Leasing 2 Limited, London Riverbank Leasing 3 Limited, London Riverbank Trustees, London Ltd, London Robert Benson Lonsdale & Co (Canada) Ltd, London Roland Print B.V., Amsterdam Rood Nominees Ltd, London Roster Financial LLC, Quincy S.C. ASIT REAL ESTATE S.R.L., Bukarest S.I. Rue de L’Industrie 19 S.A., Sainte-Croix S.I.B.I., Paris S.N.C. Haussmann Viager 1, Paris S.N.C. Haussmann Viager 2, Paris Sa Paindavoine, Paris SAAD 3, George Town/Gran Cayman

-19- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 SAFARRIV IARD S.A., Abidjan SAFARRIV VIE S.A., Abidjan SAGE SARL, Chatillon Saint-Barth Assurances S.A.R.L., Gustavia San Francisco Reinsurance Company, Novato Sarl de l’Etoile, Paris SAS LAENNEC, Paris SAS Madeleine Opéra, Paris SAT S.A., Istanbul SCAPI, Paris Schmalbach-Lubeca PET Centre Technique et de Recherche S.A.S., Bierne Schmalbach-Lubeca Service Center N.V., Brecht, Belgien SCI Atrium W9, Paris SCI Bercy W9, Paris SCI Carmidaloc, Paris SCI De Bonlieu et du Lac, Paris SCI Dicca, Paris SCI Jelavie, Paris SCI PRELLOYD, Paris SI 173-175 Boulevard Haussmann SAS, Paris Siac Services Srl, Rom SIFCOM Assurances, Abidjan SMASA, SOCIEDAD MUNDIAL DE ASISTENCIA, S.A., Madrid SNA Holding (Bermuda) Ltd., Beirut SNA- Ré Societé Nationale D’Assurances et de Reassurances (Bermuda) Ltd., Hamilton SNA Sal, Beirut SNAM S.A.L, Hazmieh SNC AGF Cash, Paris SNC AGF Clearing, Paris SNC Kléber Magdebourg, Paris SNC LAENNEC RIVE GAUCHE, Paris SNC Maxium, Wasquehal SOBAC, Cotonou SOCIETA’ AGRICOLA SAN FELICE S.p.A., Mailand SOCIETE BELGE D’ASSISTANCE INTERNATIONALE S.A., Bruxelles SOCIETE BELGE DE SERVICES TELEPHONIQUES "S.B.S.T." S.A., Bruxelles Société Civile Construction Vente 33 Lafayette, Paris SOCIETE EUROPEENNE DE PROTECT. ET DE SERVICES D’ASSIST. A DOMICILE "S.E.P.S.A.D." S.A., Paris Société Foncière Européenne, Amsterdam Société Foncière Européenne, Paris Société Nationale Foncière S.A.L., Beirut Société Nouvelle D’Assurances du Cameroun S.A., Douala Société Nouvelle D’Assurances vie du Cameroun S.A., Douala Sofiholding S.A., Bruxelles Sonimm, Paris Southwark Bridge Investments Ltd, London SPACECO, Paris SPHF, Paris Spinnaker Capital Partners LLC, GP, Southport Spinnaker Capital Partners, LLC, Southport Standard General Agency, Inc., Texas Stanislas H. Haine N.V., Edegem StocksPLUS Management Inc., Delaware StocksPLUS Sub-Fund B LLC., California StocksPLUS, L.P., Delaware Subarbon Finance Company, London Suffolk Investments Inc, New York SYSCOM Instruments S.A., Sainte-Croix/Schweiz Takecare Management Ltd., Tortola

-20- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 TFI ALLIANZ POLSKA S.A., Warszawa The Ajax Insurance Association Ltd., Guildford The American Insurance Company, Nebraska The Export Credit Clearing House Limited, London The MI Group Limited, Guildford The MI Property Management Company Limited, Guildford The Riverbank Bond Fund, Wilmington The Riverbank Trust, London Three Pillars Business Solutions Limited, Guildford Thurlastone Finance Limited, London Tindall Riley Marine Limited, St Helier Jersey Top Logistikwerkstatt Assistance GmbH, Wien Top MVK Datenmanagement GmbH, Wien Top Versicherungsservice GmbH, Wien Top Versicherungs-Vermittler Service GmbH, Wien Towarzystwo Ubezpieczeniowe Euler Hermes S.A., Warschau Trade Debtor Insurance Services Limited, London TRADE INDEMNITY Collections Ltd., London Trade Indemnity Credit Corporation Limited, London Trade Indemnity Factors Limited, London Trafalgar Insurance Public Limited Company, Guildford Traktir, Paris Travel Care Inc., Richmond TU Allianz Polska S.A., Warschau TU Allianz Zycie Polska S.A., Warschau Union Centrafricaine D’Assurances et de Reassurances S.A., Bangui Universal Leven N.V., Zeist USAllianz Insurance & Securities Agency, Inc., Alabama USAllianz Insurance & Securities Agency, Inc., Colorado USAllianz Insurance & Securities Agency, Inc., Hawaii USAllianz Insurance & Securities Agency, Inc., Kentucky USAllianz Insurance & Securities Agency, Inc., Nevada USAllianz Insurance & Securities Agency, Inc., New Mexico USAllianz Insurance & Securities Agency, Inc., North Carolina USAllianz Insurance & Securities Agency, Inc., Ohio USAllianz Insurance & Securities Agency, Inc., Texas USAllianz Insurance & Securities Agency, Inc., Vermont USAllianz Insurance Agency, Inc., Massachusetts USAllianz Insurance Agency, Inc., New York USAllianz Investor Services, LLC, Minnesota Veer Palthe Voûte (Antilles) NV, Curacao Veer Palthe Voûte NV Gouda Vendome Lease SA, Paris Vernon, Paris VertBois S.à.r.l., Luxemburg Via Pierre 1, Paris Villa La Pagliaia S.r.l., Siena Vintage Insurance Company, California Votra S.A., Lausanne W Finance Assurances, Paris W Finance, Paris W9 Bercy SARL, Paris Wall Street Technology Managers LP, New York Wasserstein Perella & Co. Japan Ltd., Tokio Wasserstein Perella & Co. Pacific, Ltd., Wilmington/Delaware Wasserstein Perella & Co., Limited, London Wasserstein Perella (France) SA, Paris WebTek Software Private Limited, Bangalore Wessex Holdings Inc, New York West Manor Way LLC, Robbinsville

-21- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 West Nominees Limited, St. Helier/Jersey Westbourne Properties Ltd, St. Peter Port/Guernsey WF Administration, Paris Willemsbruggen, Rotterdam Wm. H McGee & Co. (Bermuda) Ltd., Hamilton Wm. H McGee & Co. of Puerto Rico Inc., Hato Rey Wm. H McGee & Co., Inc., New York World Access ASIA (PTE) Ltd., Singapur World Access Canada Inc., Waterloo/Ontario World Access Europe LTD., Croydon Surrey World Access Healthcare Services Inc., Miami World Access Service Corp., Richmond World Access, Inc., Richmond WP Plan Management Partners, Inc., Wilmington/Delaware WP Services Inc., Wilmington/Delaware YAO Investment S.a.r.l., Luxembourg Yarra Finance Limited, London Yolus Ltd, London Yorktown Financial Companies, Inc., Indiana Yorktown Financial Services, Inc., Michigan

-22- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 Annex 2: Subsidiaries of Allianz Lebensversicherungs-Aktiengesellschaft

Domestic Companies

ACP Vermögensverwaltung GmbH & Co. KG Nr. 1, München ACP Vermögensverwaltung GmbH & Co. KG Nr. 2, München ACP Vermögensverwaltung GmbH & Co. KG Nr. 3, München ACP Vermögensverwaltung GmbH & Co. KG Nr. 4, München ACP Vermögensverwaltung GmbH & Co. KG Nr. 4a, München ACP Vermögensverwaltung GmbH & Co. KG Nr. 4b, München Alida Grundstücksgesellschaft mbH & Co. KG, Hamburg Alida Grundstücksverwaltungs GmbH, Hamburg Allianz Capital Partners Verwaltungs GmbH, München Allianz Dresdner Pension Consult GmpH, Stuttgart Allianz Immobilienfonds 1 GmbH & Co. KG, München Allianz Leben Private Equity Fonds 1998 GmbH, München Allianz Leben Private Equity Fonds 2001 GmbH, München Allianz Leben Private Equity Fonds Plus GmbH, München Allianz Objektbeteiligungs- GmbH, Stuttgart Allianz Pensionsfonds AG, Stuttgart Allianz Pensionskasse AG, Stuttgart Allianz Private Equity GmbH, München Allianz Renewable Energy Acquisition GmbH, Frankfurt am Main Allianz Renewable Energy Holdings GmbH, München Allianz Renewable Energy Management GmbH, Frankfurt am Main Allianz Taunusanlage GbR, Stuttgart AZ-Argos 40 Vermögensverwaltungsgesellschaft mbH, München AZL AI Nr. 1 GmbH, München AZL PE Nr. 1 GmbH, München AZL PE Nr. 2 GmbH, München AZL-Alico Vermögensverwaltungsgesellschaft mbH, München AZL-DRB Vermögensverwaltungsgesellschaft mbH, München AZ-LIN Vermögensverwaltungsgesellschaft mbH & Co. KG, München AZ-MPS Beteiligungsgesellschaft mbH & Co. KG, München AZS-Arges Vermögensverwaltungsgesellschaft mbH, München AZ-SER Vermögensverwaltungsgesellschaft OHG, München BARTEC Benke GmbH, Reinbeck BARTEC Consult GmbH, Bad Mergentheim Bartec GmbH, Bad Mergentheim Bartec Sicherheitsanlagen GmbH, Menden Deutsche Lebensversicherungs-AG, Berlin Dr. Dr. Heissmann GmbH Unternehmensberatung für Versorgung & Vergütung, Wiesbaden MAN Roland Druckmaschinen AG, Offenbach Menza Grundstücks-Verwaltungsgesellschaft mbH & Co. KG, Grünwald Menza Grundstücks-Verwaltungsgesellschaft mbH, Stuttgart MetallRente Pensionsfonds AG i.G., Stuttgart Objekt Burchardplatz GmbH & Co. KG, Stuttgart Roland Holding GmbH, München Windpark Freyenstein GmbH & Co KG, Husum WKN Windkraft Nord GmbH & Co. Windpark Halenbeck KG, Halenbeck WKN Windkraft Nord GmbH & Co. Windpark Kittlitz KG, Kittlitz

-1- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 Foreign Companies

75 WALL STREET ADVISERS, Delaware Alfa Trade Corporation spol s.r.o., Prag Allianz Société Financiére S.à.r.l., Luxemburg Atrium SAS, Paris AZL AI Nr. 2 SARL, Luxemburg BACAB S.A., Ste. Croix, Schweiz BARTEC AB, Karlskrona, Schweden BARTEC AS, Oslo BARTEC Barlian Industries Holding AG, Cham, Schweiz BARTEC Belgium N.V., Tessenderlo, Belgien Bartec Benke GmbH, Reinbeck BARTEC Consult GmbH, Bad Mergentheim BARTEC d.o.o., Zagorje, Slowenien Bartec Electric (Shanghai) Co., Ltd., Shanghai Bartec Electric (Shanxi) Co., Ltd., Shanghai BARTEC Elektrotechnik GmbH, Wien BARTEC Engineering + Services AG, Cham BARTEC Hungary Kft., Budapest Bartec Korea, Seoul BARTEC Nederland B.V., Ridderkerk/Niederlande BARTEC Nederland Ultrakust Division B.V., Ridderkerk/Niederlande BARTEC Pte Ltd., Singapur BARTEC S.A., Barcelona BARTEC s.a.r.l., Fegersheim Cedex/Frankreich BARTEC s.r.l., Rom BARTEC s.r.o., Prag Bartec Safety PTY. LTD., Johannesburg BARTEC Sicherheits-Schaltanlagen GmbH, Menden Bartec-SST CIS, Moscow BARTEC UK Ltd., Rochdale, Großbritannien BARTEC US Corp., Tulsa, Oklahoma BARTEC Varnost d.o.o., Zagorje, Slowenien Botanic Building S.A., Brüssel KEVA spol. s.r.o., Bratislava Kiinteistöasakeyhtiö Eteläesplanadi 2, Helsinki MetaPhysics S.A., Zug OOO BARTEC.SST CIS, Moskau Real Faubourg Haussmann SAS, Paris Real FR Haussmann SAS, Paris Roland Print B.V., Amsterdam S.I. Rue de L’Industrie 19 S.A., Sainte-Croix Schmalbach-Lubeca PET Centre Technique et de Recherche S.A.S., Bierne Schmalbach-Lubeca Service Center N.V., Brecht, Belgien SCI Atrium W9, Paris SCI Bercy W9, Paris SI 173-175 Boulevard Haussmann SAS, Paris SYSCOM Instruments S.A., Sainte-Croix VertBois S.à.r.l., Luxemburg W9 Bercy SARL, Paris

-2- WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 Annex 3: Financing confirmation from Commerzbank Aktiengesellschaft

GKC REGION SÜD MÜNCHEN

CONVENIENCE TRANSLATION Postal address:

Allianz AZL Vermögensverwaltung GmbH Office address: & Co. KG Leopoldstr.230 Königinstraße 28 80807 München, Deutschland S.W.I.F.T.-Code: COBADEFF 700

80802 Munich Telephone: 089 3564-0 Deutsche Bundesbank-Giro: Telefax: -1004 (Bank code) 70040041 Internet: www.commerzbank.de

E-Mail: [email protected]

__ Ihre / Your / Votre Ref. Unsere / Our / Notre Ref. Telephon direct dial Date Botzenhart/Scheich 089 3564-1116 February 15, 2007

Financing Confirmation in accordance with § 13 para. 1 sentence 2 WpÜG

Voluntary public tender offer from Allianz AZL Vermögensverwaltung GmbH & Co. KG, Munich, for the acquisition of all no-par value shares of Allianz Lebensversicherungs- Aktiengesellschaft, Stuttgart, not held by it against payment of a purchase price of Euro 750.00 per no-par value share. Confirmation in accordance with §§ 11 para. 2 sent. 3 no. 4,13, para. 1 sent. 2 of the Securities Acquisition and Takeover Act (Wertpapiererwerbs-und Übernahmegesetz, WpÜG)

Ladies and Gentlemen,

Commerzbank Aktiengesellschaft with its registered office in Frankfurt/Main is a securites services enterprise (Wertpapierdienstleistungsunternehmen) independent from Allianz AZL Vermögensverwaltung GmbH & Co. KG within the meaning of § 13 para. 1 sent. 2 WpÜG.

We confirm in accordance with § 13 para.1 sent. 2 WpÜG that Allianz AZL Vermögensverwaltung GmbH & Co. KG with its registered office in Munich has taken all necessary steps to ensure that at the time at which the claim for the cash payment falls due it has at its disposal the means necessary to fully perform the tender offer referred to above.

We agree with publishing this letter in the offer document for the tender offer referred to above in accordance § 11 para. 2 sent. 3 no. 4 WpÜG.

Yours truly,

C O M M E R Z B A N K Aktiengesellschaft GKC Region Süd München

This letter will not be signed.

Commerzbank Aktiengesellschaft . Registered Office: Frankfurt am Main (HRB 32000) USt-IdNr.: DE 114 103 514 Chairman of the Supervisory Board: Martin Kohlhaussen Board of Managing Directors: Klaus-Peter Müller, Chairman Martin Blessing, Wolfgang Hartmann, Achim Kassow, Bernd Knobloch, Michael Reuther, Eric Strutz, Nicholas Teller WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 [THIS PAGE INTENTIONALLY LEFT BLANK] WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 [THIS PAGE INTENTIONALLY LEFT BLANK] WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 [THIS PAGE INTENTIONALLY LEFT BLANK] WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420