Investor Relations Release Postbank will process payment transactions for Deutsche Bank and Dresdner Bank - Deutsche Bank to contribute its subsidiary DB Payments - Dresdner Bank to contribute its subsidiary Dresdner Zahlungsverkehrsservice - Joint synergies Deutsche Bank and Dresdner Bank will have their payments processed by Postbank. Preliminary agreements for this have now been signed by the three companies. The partners see this as an important step in implementing their strategic objectives and as an important signal for the consolidation of the German banking market. For the three banks' clients, nothing will change: The clients' accounts will continue to be kept, as before, with their respective banks. As a result of this agreement, Postbank will become one of the leading payments clearing houses in Germany. A few days ago, Postbank announced it was examining the possibilities of an IPO within the next 18 months. For this reason, Professor Dr. Wulf von Schimmelmann, Chairman of the Board of Management of Deutsche Postbank AG, sees the transaction as "an important component of the planned IPO". It strengthens the bank’s new business field "Transaction Bank". "The capacity of our platform will be used more efficiently. Thus, we can present a win-win situation for everyone involved: Our partners will be able to reduce their costs; we will be able to increase our revenues." Already today, Postbank is one of the big players in clearing payments, handling over 10 million transactions per day. For Deutsche Bank, this is a further logical step in the concentration on its core businesses and represents a high-performance partnership. "Early on we signalized to the market that we wanted to achieve synergies in transaction banking. By contributing DB Payments to the cooperation, we are creating cost advantages for ourselves as well as a long-term strategic partnership", commented Hermann-Josef Lamberti, member of the Board of Managing Directors and COO of Deutsche Bank. "This new partnership in payments processing is a significant element in the vigorous implementation of our program for the future of the 'New Dresdner'", said Dr. Herbert Walter, Chairman of the Board of Managing Directors of Dresdner Bank. "By taking this important step, we can structure our business operations more efficiently and concentrate fully on our clients." -2- Postbank will execute the clearing and settlement of Deutsche Bank's and Dresdner Bank's payment transactions. To do so, Postbank will acquire DB Payments AG from Deutsche Bank as well as Dresdner Zahlungsverkehrsservice GmbH from Dresdner Bank. Further steps will be agreed by the banks before year's end. The partners also plan to develop a joint SAP-based IT platform. Postbank's objective for the near future is to process payment transactions for additional partners as well. Furthermore, Postbank is examining whether its securities processing could be carried out in the future by european transaction bank AG. Contract negotiations are scheduled to be concluded by the end of the year 2003. These planned agreements are, as usual, subject to the approval of the relevant committees and regulatory authorities. Munich, October 1, 2003 These assessments are, as always, subject to the disclaimer provided below. Cautionary Note Regarding Forward-Looking Statements Certain of the statements contained herein may be statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, the words ‘may, will, should, expects, plans, intends, anticipates, believes, estimates, predicts, potential, or continue’ and similar expressions identify forward-looking statements. Actual results, performance or events may differ materially from those in such statements due to, without limitation, (i) general economic conditions, including in particular economic conditions in the Allianz Group's core business and core markets, (ii) performance of financial markets, including emerging markets, (iii) the frequency and severity of insured loss events, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) the extent of credit defaults (vii) interest rate levels, (viii) currency exchange rates including the Euro-U.S. dollar exchange rate, (ix) changing levels of competition, (x) changes in laws and regulations, including monetary convergence and the European Monetary Union, (xi) changes in the policies of central banks and/or foreign governments, (xii) the impact of acquisitions, including related integration issues, (xiii) reorganization measures and (xiv) general competitive factors, in each case on a local, regional, national and/or global basis. Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences. The matters discussed herein may also involve risks and uncertainties described from time to time in Allianz AG’s filings with the U.S. Securities and Exchange Commission. The company assumes no obligation to update any forward-looking statement. No duty to update The company assumes no obligation to update any information contained herein..