A _ To Our Investors At the meeting on 30 September 2021, the Board of Management first reported on the course of business in the financial year 2021 to date and the impact of the COVID-19 pandemic on employees. The meeting focused on the continuation of the presentation on the strategic direction of the Allianz Group and Allianz SE (solo) and on the preparation for Capital Markets Day scheduled for December 2021. In particular, the objectives for the period 2022 – 2024 were discussed in detail. Another focus was the handling of the AllianzGI U.S. Structured Alpha matter, in respect of which the Board of Management gave a detailed progress report on the civil and administrative proceedings and the Supervisory Board had the Board of Management report in detail on the measures it was taking, and the appropriateness of such measures. The Supervisory Board also discussed the IT strategy as well as the self-evaluation of the Supervisory Board required by supervisory law and the development plan drawn up on this basis, as well as the adjustment of its rules of procedure and the objectives for its composition to reflect changed requirements due to the Financial Market Integrity Strengthening Act (FISG). Based on the discussion at the extraordinary meeting on 29 September 2021, the Supervisory Board appointed Dr. Andreas Wimmer to the Board of Management of Allianz SE with effect from 1 October 2021 as the successor for Ms. Jacqueline Hunt, who resigned from office as of 30 September 2021. The Supervisory Board further appointed Ms. Sirma Boshnakova as an additional member of the Board of Management of Allianz SE with effect from 1 January 2022. The Supervisory Board then met without the Board of Management and discussed the succession planning for the Supervisory Board, the strategy presentation given by the Board of Management at the meeting and the AllianzGI Structured Alpha matter. By way of a written resolution on 26 October 2021, for the purposes of clarification, the Supervisory Board assigned the Audit Committee the task of dealing with – and regularly discussing with the Board of Management – the progress of the civil and administrative proceedings concerning the AllianzGI Structured Alpha Funds as well as the measures taken by the Board of Management. It also established a working group of the Audit Committee to advise the Audit Committee and the Supervisory Board on this matter, and engaged an external law firm to advise the Supervisory Board on matters in connection with AllianzGI Structured Alpha. At an extraordinary meeting on 2 December 2021, the Supervisory Board discussed in detail its deliberations on the adjustment of the dividend policy and was told about a potentially imminent reinsurance transaction of the life insurance company in the USA. At the meeting of 16 December 2021, the Board of Management first provided information about the third- quarter results, the further course of business, and the situation of the Allianz Group. Furthermore, the Supervisory Board discussed the planning for the financial year 2022 and the three-year plan for 2022 to 2024, including the strategy for the China business, and also addressed the link between the risk strategy and the business strategy. Also at that meeting, the Supervisory Board discussed in detail the progress of the different proceedings in connection with the AllianzGI Structured Alpha matter. In addition, the Board of Management gave its regular status report on the issue of cyber risk security. The Supervisory Board further addressed the Declaration of Conformity with the German Corporate Governance Code as well as the separate audit of the Remuneration Report, which is to be submitted to the Annual General Meeting for approval for the first time in the financial year 2022. The Supervisory Board also talked to the Board of Management about the possible impact of the current pandemic situation on the preparation and arrangements for the Annual General Meeting in 2022. The Supervisory Board discussed in depth the Board of Management remuneration system and the appropriateness of the Board of Management remuneration. The system of the Supervisory Board remuneration was also reviewed for appropriateness on the basis of an external benchmark analysis. Furthermore, the Supervisory Board set targets for the variable remuneration of the members of the Board of Management for 2022 and debated succession planning for the Board of Management and the allocation of responsibilities within the Board of Management. Finally, the meeting addressed the results of the self-evaluation of the Supervisory Board’s activities (so-called efficiency review), which was conducted in 2021 with the help of an external consultant. The Supervisory Board then met again without the Board of Management and discussed the AllianzGI Structured Alpha matter, the efficiency review and the planning of the Supervisory Board’s work in the financial year 2022 as well as the succession planning for the Board of Management and the Supervisory Board. 6 Annual Report 2021 − Allianz Group