Allianz AG: Changes in the Board of Management

Dr. Bernd Fahrholz (55), previously in charge for the department Allianz Dresdner Banking, has asked the Supervisory Board of Allianz AG to be prematurely released from his duties as a member of the Board of Management of Allianz AG. The Supervisory Board has acceded to this request in its meeting today and has expressed its gratitude and appreciation to him for his commitment in a difficult market environment. Dr. Bernd Fahrholz will also resign from his position as Chairman of the Board of Management of Dresdner Bank AG. It is intended that Dr. Herbert Walter (49) will succeed him. The Supervisory Board of Dresdner Bank AG will deal with the respective resolutory suggestions shortly.

Dr. Herbert Walter has been with Deutsche Bank AG since 1983, most recently as member of the Group Executive Committee of Deutsche Bank and Global Head of Private & Business Clients.

Jan R. Carendi (58) is taking on the responsibility for the department Americas from Michael Diekmann (48) effective May 1, 2003. Michael Diekmann will become Chairman of the Board of Management of Allianz AG
at the end of the Annual General Meeting on April 29, 2003, succeeding Dr. Henning Schulte-Noelle. The responsibility for the department Group Human Resources will remain with Michael Diekmann. Jan R. Carendi was Vice President and member of the Board of Management of Skandia, Stockholm.

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.