Low impact through CDO and CLO investments for Allianz Group

Allianz Group’s investments in CDOs and CLOs amount to 1.4 billion euros of which 1.3 billion are related to Dresdner Bank and 0.1 billion to the insurance business. This corresponds to less than 0.2% of our total assets. Of these investments approximately 50% are related to US-subprime. The overall rating profile of these investments is 76% AAA, 11% AA, 6% A, 4% BBB and 3% BB. We have impaired these investments by almost 70 million euros.

Dresdner Bank holds positions of notional 5.8 billion euros in super-senior CDO tranches, which are more secure than AAA rated CDOs. From these positions no charges are to be expected.

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 SE’s filings with the U.S. Securities and Exchange Commission. The company assumes no obligation to update any forward-looking information contained herein.

No duty to update
The company assumes no obligation to update any information contained herein.