Allianz Investmentbank Aktiengesellschaft

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Allianz Invest Eastern European Equity Fund

Zoltan Koch 26.02.2004

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Allianz Investmentbank Aktiengesellschaft

Structure of Allianz Group in Austria

Allianz Elementar(Property)

Allianz Elementar

(Life)

Allianz AGMunich

Allianz Investmentbank AG

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Allianz Investmentbank Aktiengesellschaft

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

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Allianz Investmentbank Aktiengesellschaft

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

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Allianz Investmentbank Aktiengesellschaft

Global Network and Know-how Transfer

RAS

Allianz Investmentbank

Allianz AG AGF Allianz of America

ElviaAAM

Hong KongAllianz

RAS

Allianz Hungária

Allianz Dresdner Asset ManagementCornhill

MMI Australia

RAS Seguros

PIMCO

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Allianz Investmentbank Aktiengesellschaft

Allianz Invest KAGMutual Funds for our Customers*

AI D EF EN SIV

A l KO N SER VA T IV

A I K LASS ISC H

AI D YN AM ISC H

AI P R O G R ESSIV

F u nd -o f-F un ds

AI C AS H

AI R EN T EN F O N D S

AI A KT IEN F O N D S

ALL IAN Z P IM C OM O R T G A G E

AI V O R S O R G EF O N D S

R etail F un dsLow R isk

A I O S T E U R O P AR EN T EN F O N D S

AI O S T E U R O PAF O N D S

AI N EW G E N E R AT IO N

ALL IAN Z P IM C OC O R PO R AT E

F u nd s fo r in stitution alcu sto m ers

(H ig her Risk)

AI V O R S O R G EF O N D S

AI K O N S ER V AT IV

A I K LASS ISC H

F u nd s for co rp o ra tecu sto m ers

*Registered for sale only in Austria

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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

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Allianz Investmentbank Aktiengesellschaft

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 year 40,55%

3 years (p.a.) 12,21%

5 years (p.a.) 13,54%

Top Holdings

Lukoil 7,3%

TPSA 5,3%

Vimpelcom 4,9%

OTP 4,8%

Yukos 4,7%

Cesky Tel. 3,7%

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Allianz Investmentbank Aktiengesellschaft

Al Osteuropa sector and country allocation30.Jan 2004

Czech R.16%

Hungary19%

Poland23%

Russia29%

Romania0%Croatia

4%

Estonia4%

Cash3%

Turkey2%

Food4%

Conglom.1%

Cash3%

Utility5% Construction

1%

Pharma8% Oil

23%

Basic mat.6%

Telecom21%

Technology1%

Financials27%

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Allianz Investmentbank Aktiengesellschaft

Outperformance in 5 years30.Jan 2004

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Allianz Investmentbank Aktiengesellschaft

Disclaimer

This report has been prepared for information purposes by Allianz Investmentbank AG for distribution byAllianz Group companies to professional and business customers and does not constitute an offer orsolicitation to buy or sell investment funds. The information contained herein has been obtained fromreliable sources but we make no claims to its completeness or accuracy. The information in this reportreflects our current views which may be subject to change without notice. Allianz Group Companies andtheir respective representatives and employees may from time to time deal in, hold or act as market-makersor advisors, brokers or commercial and/or investment bankers of issuers of securities, or derivatives thereof,mentioned in this report and may also be represented on the board of such issues. The investmentsdiscussed in this report may be unsuitable for investors depending on their specific investment objectives orfinancial position. Investors should obtain individual advice of the bankers/brokers or other advisors aboutthe investments concerned prior to making them. No Allianz Group Company or any of its representativesor employees accepts any liability whatsoever for any direct or consequential loss arising from any use ofthis report or its contents.