DISCLAIMER Cautionary note regarding forward-looking statements This document includes forward-looking state- dustry generally, (iv) the frequency and severity Nodutytoupdate ments, such as prospects or expectations, that of insured loss events, including those resulting Allianz assumes no obligation to update any are based on management's current views and from natural catastrophes, and the development information or forward-looking statement con- assumptions and subject to known and unknown of loss expenses, (v) mortality and morbidity tained herein, save for any information we are risks and uncertainties. Actual results, levels and trends, (vi) persistency levels, (vii) the required to disclose by law. performance figures, or events may differ extent of credit defaults, (viii) interest rate levels, significantly from those expressed or implied in (ix) currency exchange rates, most notably the such forward-looking statements. Deviations EUR/USD exchange rate, (x) changes in laws may arise due to changes in factors including, and regulations, including tax regulations, (xi) but not limited to, the following: (i) the general the impact of acquisitions including and related economic and competitive situation in the integration issues and reorganization measures, Allianz’s core business and core markets, (ii) the and (xii) the general competitive conditions that, performance of financial markets (in particular in each individual case, apply at a local, market volatility, liquidity, and credit events), (iii) regional, national, and/or global level. Many of adverse publicity, regulatory actions or litigation these changes can be exacerbated by terrorist with respect to the Allianz Group, other well- activities. knowncompanies and the financial services in-