STRONG PIECES

Key financials to play for advantage in consolidation

COMPANY                HOLDING             MARKET VALUE*
                                           BILLIONS

Germany
DEUTSCHE BANK           5.0%               $2.6
IKB DEUTSCHE
INDUSTRIEBANK          19.9                 0.3
AACHENER UND
MUNCHENER               4.6                 0.2
TOTAL VALUE                                $3.1

France
BANQUE PARIBAS          3.0%               $1.3
SOCIeTe GeNeRALE        2.9                 0.7
WORMS & CIE            15.1                 0.3
TOTAL VALUE                                $2.3

Italy
UNICREDITO ITALIANO*    5.0%               $1.2
ROLO BANCA              4.2                 0.4
MEDIOBANCA              2.0                 0.3
TOTAL VALUE                                $1.9

Spain/Portugal
BANCO POPULAR ESPANOL   5.2%               $0.4
BANCO PORTUGES DE
INVESTIMENTO            8.9                 0.2
TOTAL VALUE                                $0.6

DATA: M. M. WARBURG & CO., BUSINESS WEEK


PAWNS FOR SACRIFICE

Industrial companies to sell or trade

COMPANY                HOLDING             MARKET VALUE*
                                           BILLIONS

Chemicals, Health Care
BASF                   10.4%               $3.4
BEIERSDORF             38.4                 2.2
BAYER                   5.0                 1.7
SCHERING               10.1                 0.8
TOTAL VALUE                                $8.1

Energy, Utilities, Electronics
VEBA                   10.0%                2.5
SIEMENS                 2.6                 2.0
RWE                    10.1                 1.9
VIAG                    5.9                 0.8
TOTAL VALUE                                $7.2

Autos, Engineering
DAIMLERCHRYSLER         1.1%               $0.9
LAHMEYER               15.2                 0.6
LINDE                  11.0                 0.7
MANNESMANN              0.8                 1.0
TOTAL VALUE                                $3.2

Retailing
KARSTADT               14.2%               $0.5

*On Sept. 22, 1999

Allianz also owns stakes in some 20 smaller German and foreign companies that 
together are worth about $1 billion.