Allianz Dresdner Asset Management’s (ADAM) distinctive business model produces positive trend in results. The firm rebrands as "Allianz Global Investors" 

Allianz Dresdner Asset Management (ADAM), the asset management arm of Allianz Group, reported strong net inflows in H1/2004 of EUR 9 billion (into third party funds only). The operating result grew from EUR 320 million (H1/2003) to EUR 361 million (H1/2004), thanks to stronger revenues and an improved cost income ratio of 67.2% (H1/2003: 69%) due to continuous cost management. ADAM manages EUR 753 billion as of June 2004.

"These figures clearly demonstrate that we have a sound strategy and business model in place", comments CEO Joachim Faber. "We have evolved our distinctive business model and these impressive results show that it works. We rank among the world's most successful investment management groups, in terms of operating earnings growth and net inflows".

For Faber, the key to understanding this distinctive business model is the difference between investing and managing an investment business. "What makes us different is that we empower investment managers to focus on their passion and deliver stronger, more consistent results by supporting them with sophisticated business management", he explained.

He also stressed the importance of diversification, which allows the company to achieve consistent growth in varying market conditions:

• Diversification of product (fixed income and equity)
• Diversification by client segment(institutional and retail clients)
• Diversification by geography (strong footholds in the United States and Germany as well as a growing presence in Europe and Asia)

Joachim Faber also announced the change of the group's name to Allianz Global Investors. The new name serves three purposes: it reinforces the strong connection to Allianz Group as an Integrated Financial Services Provider and demonstrates Allianz's commitment to asset management. It highlights the global scope of our client base and network and underpins the focus on what the firm is all about - investing.

A phased roll-out for the new name will start today. Our investment companies (PIMCO, RCM, Oppenheimer Capital, NFJ, Nicholas-Applegate, AHFP and PEA) will retain their brand names, but add the endorsement: 'A company of Allianz Global Investors." The retail business will move towards one name globally - Allianz Global Investors. The goal is to complete the brand roll-out by the end of the first quarter 2005.

Moving forward, Allianz Global Investors pursues three main targets:

• Top-Quartile investment performance
• Top-Quartile business returns
• Broadening global market penetration.

About Allianz Global Investors:
Allianz Global Investors, a division of Allianz AG, is a management holding company for a network of investment specialists in the most important institutional and retail markets around the world. Through PIMCO, RCM, dit, dbi, Oppenheimer Capital, NFJ, Nicholas-Applegate and several other specialist firms Allianz Global Investors offers its clients a broad variety of investment competencies, covering all equity and fixed income investment styles as well as balanced products and alternative investments. With EUR 753 billion Assets under Management (06/2004), Allianz Global Investors ranks amongst the top five investment management companies worldwide. Through its network of 4200 employees around the globe, including 900 investment professionals, Allianz Global Investors is able to leverage local expertise and market knowledge to its clients all over the world.

These assessments are, as always, subject to the disclaimer provided below.

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) the extent of credit defaults (vii) interest rate levels, (viii) currency exchange rates including the Euro-U.S. Dollar exchange rate, (ix) changing levels of competition, (x) changes in laws and regulations, including monetary convergence and the European Monetary Union, (xi) changes in the policies of central banks and/or foreign governments, (xii) the impact of acquisitions, including related integration issues, (xiii) reorganization measures and (xiv) 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.
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