On April 20, 2006, Standard&Poor's Ratings Services revised its outlook on Germany-based Allianz AG and various related entities to positive from stable. At the same time, the 'AA-/A-1+' long-term and short-term counterparty credit ratings and the 'AA-' insurer financial strength ratings on AZAG and various related operating entities were affirmed. In addition, Standard&Poor's raised its long-term counterparty credit rating on Germany-based Dresdner Bank AG to 'A+' from 'A' and affirmed the 'A-1' short-term counterparty rating. The outlook on the bank is stable (see separate Research Update entitled "Germany's Dresdner Bank Ratings Upgraded To 'A+/A-1' On Improved Risk Profile; Outlook Stable," published on April 20, 2006, on RatingsDirect, Standard&Poor's Web-based credit analysis system). The outlook
