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Interim Report Third Quarter 2014

B Condensed Consolidated Interim Financial Statements 49 Consolidated Balance Sheets 50 Consolidated Income Statements 51 Consolidated Statements of Comprehensive Income 52 Consolidated Statements of Changes in Equity 53 Consolidated Statements of Cash Flows 55 Notes Interim Report Third Quarter and First Nine Months of 2014    Allianz Group 75 Reportable segments – Asset Management (continued) Reportable segments – Asset Management (continued) € mn nine months ended 30 September 2014 2013 Net fee and commission income1 4,734 5,403 Net interest income2 (3) 10 Income from financial assets and liabilities carried at fair value through income (net) 5 8 Other income 6 8 Operating revenues 4,742 5,429 Administrative expenses (net), excluding aquisition-related expenses and one-off effect from pension revaluation (2,730) (2,966) Restructuring charges 3 (5) Operating expenses (2,727) (2,971) Operating profit 2,015 2,458 Realized gains/losses (net) 4 1 Acquisition-related expenses 3 (41) One-off effect from pension revaluation (14) – Amortization of intangible assets (8) (19) Non-operating items (15) (59) Income before income taxes 2,000 2,399 Income taxes (738) (861) Net income 1,263 1,538 Net income attributable to: Non-controlling interests 67 71 Shareholders 1,196 1,467 Cost-income ratio3 in % 57.5 54.7 1 Represents fee and commission income less fee and commission expenses. 2 Represents interest and similar income less interest expenses. 3 Represents operating expenses divided by operating revenues.

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