Allianz Invest Eastern European Equity Fund Zoltan Koch

Allianz Invest Eastern European Equity Fund Zoltan Koch 26. 02. 2004 Tözsdeklub Allianz Investmentbank Aktiengesellschaft

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

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

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

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

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

Allianz Investmentbank Aktiengesellschaft 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 7

Allianz Investmentbank Aktiengesellschaft Allianz Invest Eastern European Equity Fund NAV 24. Feb. ´ 04: Benchmark: Strategy: EUR 32, 5 m Nomura CEE Index Stock picking, bottom-up Top Holdings Performance in EUR 1 month 3, 39% YTD 9, 68% 1 year 40, 55% 3 years (p. a. ) 12, 21% 5 years (p. a. ) 13, 54% Lukoil TPSA Vimpelcom OTP Yukos Cesky Tel. 7, 3% 5, 3% 4, 9% 4, 8% 4, 7% 3, 7% 8

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

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

Allianz Investmentbank Aktiengesellschaft Disclaimer 11