1. Allianz Investmentbank Aktiengesellschaft Tözsdeklub Allianz Invest Eastern European Equity Fund Zoltan Koch 26.02.2004

2. Allianz Investmentbank Aktiengesellschaft Seite 2 Structure of Allianz Group in Austria Allianz Elementar (Property) Allianz Elementar (Life) Allianz AG Munich Allianz Investmentbank AG

3. Allianz Investmentbank Aktiengesellschaft Seite 3  largest Austrian bank-independent funds-provider  5th largest asset management company in Austria  more than 80 mutual funds  more than EUR 5 billion assets under management in mutual funds  cooperation with a number of banks and institutional clients (administration and advisory) Executive Summary Key Figures Allianz Investmentbank AG Group

4. Allianz Investmentbank Aktiengesellschaft Seite 4 Executive Summary Key Figures Allianz Dresdner Asset Management  Cooperation, Backing and Know-how of the globally leading insurance company ALLIANZ  AA- (Standard and Poor´s) rating of Allianz Holding AG  more than 650 bn € assets under management  cooperation with PIMCO (70% ownership)  investment activities all over the world

5. Allianz Investmentbank Aktiengesellschaft Seite 5 Global Network and Know-how Transfer RAS Allianz Investmentbank Allianz AG AGF Allianz of America Elvia AAM Hong Kong Allianz RAS Allianz Hungária Allianz Dresdner Asset Management Cornhill MMI Australia RAS Seguros PIMCO

6. Allianz Investmentbank Aktiengesellschaft Seite 6 Allianz Invest KAG Mutual Funds for our Customers* *Registered for sale only in Austria

7. Allianz Investmentbank Aktiengesellschaft Seite 7 Allianz Invest Eastern European Equity Fund* Inception Date: 2/20/98 Investment Objective: The Fund´s objective is income and growth. It invests in listed companies in CEE and Russia..... and the story behind EU enlargement - first wave 2004, second 2007 (?) Low valuation/ higher growth - Economic catch up with W-EU Russia - political stability, reforms and high oil price Lower volatility than Western Europe and better performance *Registered for sale only in Austria

8. Allianz Investmentbank Aktiengesellschaft Seite 8 Allianz Invest Eastern European Equity Fund NAV 24. Feb. ´04: EUR 32,5m Benchmark: Nomura CEE Index Strategy: Stock picking, bottom-up Performance in EUR 1 month 3,39% YTD 9,68% 1 year40,55% 3 years (p.a.)12,21% 5 years (p.a.)13,54% Top Holdings Lukoil 7,3% TPSA5,3% Vimpelcom4,9% OTP4,8% Yukos4,7% Cesky Tel.3,7%

9. Allianz Investmentbank Aktiengesellschaft Seite 9 Al Osteuropa sector and country allocation 30.Jan 2004

10. Allianz Investmentbank Aktiengesellschaft Seite 10 Outperformance in 5 years 30.Jan 2004

11. Allianz Investmentbank Aktiengesellschaft Seite 11 Disclaimer