Compensation for minority shareholders in Dresdner Bank AG

The resolution to exclude minority shareholders is intended to be taken at the Annual General Meeting of Dresdner Bank AG on May 24, 2002. Allianz holds 95.1 percent of the stock capital in Dresdner Bank AG. An additional 2.1 percent will be acquired in the near term through forward purchases concluded last year. The remaining 2.8 percent will be squeezed out. The percentages are calculated using the stock capital of Dresdner Bank as of April 30, 2002 based on the assumption that all warrants outstanding on Dresdner Bank shares and due on April 30, 2002 will be exercised.

The amount of the compensation was determined on the basis of a valuation report prepared by Ernst & Young, audited and confirmed as adequate by Susat & Partner as an expert auditor appointed by the court. Dresdner Bank AG was valued according to the capitalized earnings method.

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 business and 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) interest rate levels, (vii) currency exchange rates including the Euro – U.S. dollar exchange rate, (viii) changing levels of competition, (ix) changes in laws and regulations, including monetary convergence and the European Monetary Union, (x) changes in the policies of central banks and/or foreign governments, (xi) the impact of our acquisition of Dresdner Bank, including related integration issues, and (xii) general competitive factors, in each case on a local, regional, national and / or global basis. The matters discussed in this release may also involve risks and uncertainties described from time to time in Allianz AG’s filings with the U.S. Securities and Exchange Commission. Allianz AG assumes no obligation to update any forward-looking information contained in this release.