ICBC announces strategic investment and partnership agreement

Under the agreements, each of the strategic investors will cooperate with ICBC across a range of business and management areas. Goldman Sachs will assist ICBC to develop further the bank’s corporate governance, risk management and internal controls, as well as to provide expertise to enhance ICBC’s capabilities in treasury, asset management, corporate and investment banking, non-performing loans disposal and product innovation. Allianz Group will cooperate with ICBC to provide leading bancassurance products and services to the Bank’s clients, while American Express and ICBC will continue to develop their existing strategic cooperation in the bank card business. Mr. Jiang Jianqing, Chairman of ICBC, said: “I am delighted that ICBC has formed these stra-tegic alliances with three very special partners. Today’s announcement marks a new beginning for ICBC's corporate governance reform and business development.”
Mr. Henry M. Paulson, Jr., Chairman and Chief Executive Officer of Goldman Sachs, said: “Today’s agreement strengthens our long-standing commitment to ICBC and to China and its financial sector reform. This represents the beginning of what I am sure will be a long and successful relationship between our organizations.”
Mr. Michael Diekmann, Chairman of Allianz Group, said: “China is a strategic market for Allianz and this partnership emphasizes our long-term commitment to the market. This is an excellent investment opportunity that also offers a platform for our strategic expansion in China. Through this agreement, Allianz will become one of ICBC´s most important insurance and investment product providers.” “ICBC has been an excellent card issuing partner for American Express, and we are delighted to deepen our strong, strategic relationship,” said Kenneth I. Chenault, Chairman and Chief Executive Officer of American Express. “This investment is a reflection of our confidence in our partner, ICBC, our strong interest in the Chinese market, and our deep commitment to support this market through quality products and services for Chinese consumers that satisfy their growing needs.”

ICBC is the largest wholesale and retail bank in China by assets and deposits and is a market leader in many business areas including corporate and personal loans, deposits, mortgages, e-banking, custodian services and inter-bank clearing. It provides a wide range of commercial banking services to corporate and individual customers. ICBC has approximately 18,000 outlets and employs 360,000 people across China. It had total assets of RMB6.3 trillion at the end of 2005.

Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of services worldwide to a substantial and diversified client base that includes corporations, financial institutions, governments and high net worth individuals. Founded in 1869, it is one of the oldest and largest investment banking firms. The firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world.

Allianz Group is one of the world's leading insurers and financial services providers. Founded in 1890, Allianz is present in more than 70 countries with over 162,000 employees. Allianz provides its more than 60 million customers worldwide with a comprehensive range of services in the areas of property and casualty insurance, life and health insurance, asset management and banking. At the end of 2004, Allianz had more than one trillion euros in assets under management.

American Express Company is a diversified worldwide travel, financial and network services company, founded in 1850. It is a world leader in charge and credit cards, Travelers Cheques, travel, and business services. Since 1996 American Express has been aggressively pursuing a strategy of opening its merchant network and card product portfolio to third party issuers around the world. By leveraging its global infrastructure and the powerful appeal of the brand, the company aims to gain even broader reach for its network worldwide. American Express has now established close to 100 card-issuing partnership arrangements in nearly 110 countries. American Express and ICBC entered into a card partnership in March 2004, and the ICBC American Express Card was launched in December 2004.

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.

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