Dresdner Bank, a subsidiary of Allianz Group, will open its first branch in the major Indian city of Mumbai (formerly Bombay) in the coming year after being granted a corresponding licence by the Indian Central Bank. "India is a booming market with enormous customer potential. That's why it is essential for us to expand our presence in this region", says Herbert Walter, Chairman of the Board of Managing Directors of Dresdner Bank, commenting on the grant of the licence. Currently, Dresdner Bank's sole presence in India is a representative office in Mumbai.

The opening of the branch in Mumbai is only the first step for Dresdner Bank. In the coming years, the Bank aims to continuously expand its private client business in India. The planned branch will offer customers a comprehensive range of financial services -- from bank accounts to mortgages, and from deposits to consumer loans.

Dresdner Bank's parent company, Allianz, is already represented by insurance companies in India: Bajaj Allianz Life and Bajaj Allianz General Insurance have been among the fastest-growing Allianz companies since 2001. All in all, Allianz has approximately 300,000 representatives in India. "India is already a success story for Allianz. And I am delighted that we will soon be able to serve this key market together with Dresdner Bank," says Werner Zedelius, the member of Allianz SE's Board of Management responsible for growth markets.

Experts see enormous potential in India's financial services market. For example, the economists at Allianz Dresdner Economic Research expect India to double its economic output in the next ten years. The number of middle-class
households -- Dresdner Bank's core target group in India -- has doubled to more than 150 million since 1995. This growth will continue according to India's statistical office. A further boost to demand is expected from the forthcoming liberalisation of the Indian banking market.

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 core businesses and core markets, (ii) performance of financial markets, including emerging markets, (iii) the extent of credit defaults, (iv) interest rate levels, (v) currency exchange rates including the Euro-U.S. dollar exchange rate, (vi) changing levels of competition, (vii) changes in laws and regulations, including monetary convergence and the European Monetary Union, (viii) changes in the policies of central banks and/or foreign governments, (ix) reorganisation measures and (x) general competitive factors, in each case on a local, regional, national and/or global basis.

Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences. The matters discussed herein may also involve risks and uncertainties described from time to time in Allianz AG's filings with the U.S. Securities and Exchange Commission. The company
assumes no obligation to update any forward-looking information contained herein.

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