A. CEO ASSESSMENT AND OUTLOOK … with attractive & predictable dividend policy1 DPS the higher of Minimum DPS (EUR) 2 50% payout ratio 12.5 or 11.9 11.3 10.8 previous year’s DPS +5% 9.6 Flexible payout of excess capital via share buy-backs 2020 2021 2022 2023 2024 1) Dividend policy subject to sustainable SII ratio >150%. This dividend policy represents the current intention of the board of management and the supervisory board and may be revised in the future. Also, the dividend payment in any given year is subject to specific dividend proposals by the board of management and the supervisory board, each of which may elect to deviate from this dividend policy if appropriate under the then prevailing circumstances, as well as to the decision of the annual general meeting 2) Payout ratio based on shareholders’ net income, adjusted for extraordinary and volatile items of EUR -2.2bn (incl. EUR -2.8bn for the provision for the AllianzGI U.S. Structured Alpha matter, 17 EUR 0.35bn for the impact from U.S. Life back-book management and EUR 0.2bn for higher-than-normal realized gains) A 15