EARNINGS FORECAST TABLE: Allianz 1Q 2012

The following is a summary of analysts' forecasts for Allianz SE (ALV.XE) first-quarter results, based on a poll of 10 analysts conducted by Dow Jones Newswires (figures in million euros, EPS, dividend and target price in euro, combined ratio and solvency in percent, according to IFRS). Earnings figures are scheduled to be released May 15.

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                                         Operat.    Operat. 
                                Operat.  profit     profit 
                Total   Operat. profit   Life &      Asset 
1st Quarter   revenue   profit   P/C     Health   management 
 
AVERAGE        29,794   2,115   1,126     672        572 
Prev. Year     29,905   1,660     663     702        528 
+/- in %         -0.4     +27     +70    -4.3       +8.3 
 
MEDIAN         29,400   2,165   1,180     663        572 
Maximum        30,782   2,332   1,278     787        650 
Minimum        29,200   1,710     800     600        520 
Amount              3      10      10      10         10 
 
Bryan Garnier      --   1,830     900     600        580 
Cheuvreux      29,400   2,150   1,100     710        590 
Citigroup      29,200   2,122   1,167     654        545 
Commerzbank        --   2,305   1,220     685        650 
DZ Bank        30,782   2,127   1,137     676        551 
ING                --   2,200   1,278     631        556 
J.P. Morgan        --   2,332   1,245     787        580 
Jefferies          --   2,190   1,218     671        563 
Silvia Quandt      --   1,710     800     650        520 
WestLB             --   2,180   1,193     655        582 
 
 
                                             Comb. 
                          Net   Net attrib.  Ratio 
1st Quarter       EBT   income    income      (a) 
 
AVERAGE         1,932   1,373      1,363      95.9 
Prev. Year      1,486     915        857     101.3 
+/- in %          +30     +50        +59      -5.4 
 
MEDIAN          2,044   1,300      1,364      95.7 
Maximum         2,202   1,612      1,552      96.8 
Minimum         1,529   1,190      1,115      94.8 
Amount              7       5          9         9 
 
Bryan Garnier   1,630   1,190      1,115        -- 
Cheuvreux          --      --      1,306      96.7 
Citigroup       2,162      --      1,357      96.8 
Commerzbank        --      --      1,503      95.7 
DZ Bank         2,109   1,477      1,403      96.5 
ING             1,850   1,300         --      95.2 
J.P. Morgan        --      --      1,400      95.5 
Jefferies       2,202   1,612      1,552      95.8 
Silvia Quandt   1,529   1,284      1,266      94.8 
WestLB          2,044      --      1,364      95.7 
 
 
 
            Target price  Rating                  DPS 2012 
 
AVERAGE           103.57  positive 6     AVERAGE      4.79 
Prev. Quarter      98.50  neutral  1     Prev. Year   4.50 
+/- in %            +5.1  negative 0     +/- in %     +6.4 
 
MEDIAN            105.00                 MEDIAN       4.75 
Maximum           109.00                 Maximum      5.10 
Minimum           100.00                 Minimum      4.52 
Amount                 7                 Amount          3 
 
Bryan Garnier     100.00  Buy                           -- 
Cheuvreux         105.00  Outperform                    -- 
Citigroup         101.00  Buy                         4.75 
Commerzbank       100.00  Add                           -- 
DZ Bank           105.00  Buy                         4.52 
ING               105.00  Buy                           -- 
J.P. Morgan       109.00  Neutral                     5.10 
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Year-earlier figures are as reported by the company.

(a) Property-casualty.

DJG/voi