ALLIANZ GROUP 4 We must earn trust, customer by customer, project by project, and day after day.  We know that the preoccupation with sheer size can become the enemy of excellence. Our strategy also includes the ability to say no, in those cases where the balance between risk and earnings is no longer acceptable. We limit and control the overall risk and make full use of all value drivers in our sphere of influence to generate a sustainable profit. We are guided not just by our internal benchmarks; we are also determined to become the best in our industry. In a time of great uncertainty, we want Allianz to be the one brand that stands for trust. That is an ambitious goal, particularly in view of declining guaranteed interest rates and profit partici- pation, and the positioning of Allianz to create more value for you, the owners of this company. And yet, this goal can be reached if we continue to strive relentlessly for efficiency and to motivate our outstanding employees, agents and intermediaries. There is still a lot of work ahead of us, if we wish to make use of all the possibilities. But I believe in the ability of our people to develop business opportunities and execute them, and I feel the strong change in attitude since the outbreak of the crisis. Your company has become “hungrier” and more enterprising. We want to be the leading international financial services provider for insurance, private pensions and asset management; we want to be the company that people really trust. Please stay with us on this path and keep your faith in Allianz. I am confident that our business model will stand the test of time and that our actions will increase the value of your investment in this company. Michael Diekmann Chairman of the Board of Management San un one,