Allianz Global Corporate & SpecialtyCompany presentation

January 2012

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AllianzAn Introduction

Allianz Group is one of the world’s leading insurers and financial services providers

§ Founded in 1890 in Berlin, Allianz companies now extend to over 70 countries with more than 155,000 employees and 75 million customers§ Insurer financial strength rating of AA (‘Stable’) from S&P and A+ (‘Stable’)

from A.M. Best§ International network of strong brands,

with first-class products in the fields of:

1. property and casualty insurance

2. life and health insurance

3. asset management

For more information visit www.allianz.com.

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Allianz Global Corporate & SpecialtyAn Overview

We are one of the few specialist corporate insurers with a genuine global market presence who can provide “one carrier” insurance solutions across the whole spectrum of corporate and specialty risks.

§ Diversified product portfolio

§ Wide range of complementary services, including specialist non-traditional risk transfer solutions provided by our subsidiary ART

§ Financial strength: €4 billion GWP (2010)

§ Global reach: integrated in the Allianz network of more than 150 countries worldwide

§ Extensive international experience: manages some 1,300 International Insurance Programs

§ More than 3,000 dedicated employees

Allianz Risk Transfer

Risk EngineeringFinancial Lines

LiabilityProperty

EnergyEngineering

MarineAviation

Product Lines

AGCS office locations:Australia · Austria · Belgium · Brazil · Canada ·Denmark · Dubai · Finland · France · Germany · Hong Kong · Ireland · Italy · Japan · Mexico ·New Zealand · Norway · Portugal · Singapore · South Africa · Spain · Sweden · Switzerland ·The Netherlands · United Kingdom · United States

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Allianz Global Corporate & SpecialtyResults 2010 – stability and consistency

25.3%

87.2%

5902486

3806

2009

27.2%

89.5%

4311813

2859

2008

Expense Ratio

Combined Ratio

Operating ProfitNet prem. earned

Gross Premiums

€mns

27%93.7%461290340072010

ü Prudent investment strategy: AGCS assets primarily invested in high quality fixed income investments or cash.

ü AGCS capital base increased to €9.0bn as at Dec 2010 (vs. €8.3bn in Dec 2009).

ü The AGCS global network in Asia has been further developed with new AGCS AG subsidiaries in Japan, Singapore and Hong Kong. In 2010, our Asia Pacific business accounted for around 6% of GWP (up from 3% in 2009).

ü Continued investment in globally integrated systems and processes.

ü AGCS ratings re-confirmed in 2010.

2010 Highlights

2010 Results in summary§ Despite challenging environment, AGCS

continued its track record of sustainable growth in 2010

§ Positive combined ratio supported by AGCS portfolio diversification, despite significant NatCatlosses

A very strong and sustainable performance in continuously challenging conditions.

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Allianz Global Corporate & SpecialtyAt a glance

§ Full range of products and services covering corporate and specialty insurance

§ Provides insurance for more than half of the Fortune Global 500® companies

§ Extensive international experience and worldwide network

§ Market leading capacity – to handle the largest risks

§ Local decision making – delivering fast responses

§ Revenues of €4 billion (gross premium 2010)

§ Single point of access – dedicated client teams and Key Account Managers

§ Diversified risk portfolio and capital efficiency offers stability and long term consistency

§ Consistently strong ratings: AA (‘Very Strong’) from Standard & Poor’s, A+ (‘Superior’) from A.M. Best

Allianz Global Corporate & Specialty has been designed, structured and built to fit the needs of global clients.

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Allianz Global Corporate & SpecialtyEstablished financial security through diversity

Gross written premiums 2010 by business line Gross written premiums 2010 by region

§ Total combined gross premium 2010: €4 billion§ Significant underwriting capacity for large corporate risks worldwide§ A diversified business portfolio – both by segment and geography

Benefits of such diversity include lower capital requirements and smoothed performance – ensuring sustainability and stability for our clients.

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Allianz Global Corporate & SpecialtyTailor-made solutions for complex business needs

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Scope of BusinessAviation

Offering global expertise and specialist cover to our partners worldwide, from individual aviation clients to the largest players in the aviation industry.

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Scope of BusinessMarine

One of the leading global marine insurers offering a wide range of marine products than can be tailored to the needs of each client worldwide.

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Scope of BusinessNon-Marine

We are structured to service the specific needs of the most complex international businesses, across all industries and sectors.

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Allianz Global Corporate & SpecialtyGlobal Projects – a selection

Siemens: the world’s largest gas turbine in Germany

BARD: offshore wind park in Germany

Heineken: risk management solutions after an earthquake in Greece

Inditex: International Insurance Program in 32 countries

Kenn Borek Air Ltd.: aviation insurance in Canada and around the world

Incheon Grand Bridge in South Korea

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AGCS ratingsStrong capitalization confirmed

AGCS remains one of the strongest and highest rated global P&C insurers

n/an/aNo change (negative)AA-Allianz Fire & Marine Insurance (Japan) Ltd.

Negative outlookA+Credit watch –negative implicationsAAAGCS AG, AGCS (France), AGCS

North America*

Status (Dec 19, 2011)FSRStatus (Dec 9, 2011)FSR

A.M. BestStandard & Poor’sAllianz Global Corporate & Specialty (AGCS) company name

*AGCS NA includes Allianz Global Risks US Insurance Company, Allianz Underwriters Insurance Company, AGCS Marine Insurance Company

A.M. Best comments (Dec 19, 2011):

‘In line with their conservative investment strategies, AGCS AG, AGCS France and ART have limited exposure to peripheral eurozone debt.’

‘The ratings also consider AGCS NA’s sound risk-adjusted capitalization, strong business franchise and solid underwriting and operating performance in recent years.’

‘A.M. Best anticipates strong growth in business volume going forward.’

S&P comments (rating report Jul 29, 2011):

‘In our view, AGCS’ stand-alone creditworthiness is underpinned by strong capitalization, strong underwriting results, and management’s demonstrated ability to implement its global strategy.’

‘currently extremely strong capital adequacy and adequate reserving’

‘strong underwriting discipline, a well-diversified portfolio, and sound reinsurance contracts’

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Claims ServicesExperts beyond underwriting

We field a team of claims specialists with many years of hands-on expertise of all types of claims, across all product lines.

§ Claims handling is the 'acid test' of our services, and our clients and brokers should expect nothing less than a first class response from AGCS.§ Our aim is always to deliver a prompt and

consistently fair approach to all our clients and brokers. § We have an established reputation for claims

handling on a worldwide basis for clients with international exposures, with a global network of contacts and local support. § Claims service is a core topic in our broker

account meetings – and we respond quickly to broker feedback.

With Allianz Global Corporate & Specialty, claims handling is always a key focus of our service - never an after-thought.

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Risk Consulting ServicesExpert support and advice

Our multi-disciplined team of Chartered Engineers and Risk Consultants provide technical expertise and risk management solutions across a wide range of commercial and industrial operations.

§ Construction/ Civil Engineering (CAR) Projects§ Machinery Intensive Construction (EAR)

Projects§ Operational Power Plant, Machinery and

Process Equipment§ Health and Safety (Employer’s, Public and

Product Liability)§ Marine, Logistics and Transportation

We believe that only by striving to understand each client’s individual requirements can we help manage and reduce risk.

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Key Account ManagementA core of our service

Excellent client service - delivered - is the defining factor for global account success

§ Key Account Managers provide single point access to Allianz, ensuring a structured approach to account support and service delivery§ Combining technical and product insight

with client service know-how§ Regular client/broker/insurer coordination

and ready access for clients and brokers to local and global decision makers§ Integrated team approach – from claims to

local operations§ Similar profiles and transparent structures

globally ensure reliable service delivery

Your Key Account Manager is your key contact of choice – the foundation of a trusted partnership.

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International Insurance Programs (IIPs)

Allianz Global Corporate & Specialty has an established reputation as leading provider of IIPs – bespoke insurance solutions for clients with international risk exposures.

§ Providing cover for risks in more than one country via a Master Policy, plus locally admitted policies placed with Allianz companies or our partners

§ Difference in Conditions/Difference in Limits (DIC/DIL) cover provided by the Master policy to eliminate gaps in coverage

§ Information about global exposures is coordinated centrally

§ IIPs enable clients to benefit from central coordination and harmonized global cover across all locations - all managed via the Allianz network

In 2010, Allianz Global Corporate & Specialty managed some 1,300 global programs for corporate clients.

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Allianz Global Corporate & SpecialtyQuestions or comments?

For further information please contact your local AGCS representative or:

Hugo KidstonGlobal Head of Communications+44 20 3451 3891hugo.kidston@allianz.com

www.agcs.allianz.com

Heidi PolkeGlobal Communications +49 89 3800 14303heidi.polke@allianz.com