Ad-hoc | 31 May 2001 06:53

Allianz AG english

Ad hoc announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Income and cost synergies as a result of new business models for sales and asset management Allianz and Dresdner Bank expect to provide significant income and cost synergies over the coming years with regard to integration and the associated strategic realignment in the German market. The biggest proportion is projected to come from growth potential generated in the markets for private as well as corporate old-age provision and asset management in Germany. The two companies are jointly addressing the challenges in these growth markets with a new strategy in sales and asset management. Allianz and Dresdner Bank have calculated the following cost and ” most importantly ” income synergies for the proposed transaction between the two companies: 290 million euros for 2002, 385 million euros for 2003, 680 million euros for 2004 and 885 million euros for 2005. Annual synergies of 1.08 billion euros are earmarked from 2006, of which 825 million euros are derived from positive income synergies and additional growth. Around 60 percent of these synergies are anticipated from sales ” around 20 percent from the new division entitled Allianz Dresdner Asset Management (ADAM) and 20 percent from the areas of organization, IT, and other staff and functional areas. All synergy figures are calculated before tax and after restructuring costs. The synergy effects are determined “bottom up”. They are not rough approximations but the result of a systematic planning process taking into account employees responsible for earnings. These assessments are as always subject to the disclaimer provided below. end of ad hoc announcement (c) DGAP 31.05.2001 Issuer’s information/explanatory remarks concerning this ad hoc announcement: Cautionary Note Regarding Forward-Looking Statements Certain of the statements contained herein may be statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, the words “may, will, should, expects, plans, intends, anticipates, believes, estimates, predicts, potential, or continue” and similar expressions identify forward-looking statements. Actual results, performance or events may differ materially from those in such statements due to, without limitation, (i) general economic conditions, including in particular economic conditions in the Allianz group’s core business and core markets, (ii) performance of financial markets, including emerging markets, (iii) the frequency and severity of insured loss events, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) interest rate levels, (vii) currency exchange rates including the Euro – U.S. dollar exchange rate, (viii) changing levels of competition, (ix) changes in laws and regulations, including monetary convergence and the European Monetary Union, (x) changes in the policies of central banks and/or foreign governments and (xi) general competitive factors, in each case on a local, regional, national and / or global basis. The matters discussed in this release may also involve risks and uncertainties described from time to time in Allianz AG’s filings with the U.S. Securities and Exchange Commission. Allianz AG assumes no obligation to update any forward- looking information contained in this release. ——————————————————————————– WKN: 840400; Index: DAX-30; EURO STOXX 50 Listed: Amtlicher Handel in Berlin, Bremen, Düsseldorf, Frankfurt, Hamburg, Hannover, München, Stuttgart; London; New York; Swiss Exchange; Paris; EUREX 310653 Mai 01