Probable development of the Group

In our preview of the period until 2012, we expect to see an increase in gross premium to around EUR 25 billion as well as a net return on premium of around 7% for the Talanx Group on a consolidated basis. The return on equity after tax and minority interests should be at least 10.8%. This is equivalent to 750 basis points above the risk-free interest rate, which we have defined as the 5-year average on 10-year German government bonds. We have set ourselves the goal of a return on equity of 12.5% as a strategic target. We are standing by our objective of going public with a minority interest in Talanx AG, albeit without yet specifying the precise timing of such a move. We shall therefore continue to make systematic preparations in order to be absolutely ready to act at the decisive moment.