Allianz Life Insurance Company of North America Allianz 360SM Annuity Today we will discuss the Allianz 360 Annuity and 360 Benefit Rider For financial professional use only – not for public distribution. 36595-14

Allianz Fixed Index Annuities Long-term retirement planning vehicles offering a level of certainty Tax deferral Principal protection Death benefits Allianz fixed index annuities can be a valuable part of a plan for retirement income, offering a level of certainty through many benefits which are: Tax deferral Principal protection from market downturns Death benefits for beneficiaries Flexible annuity income options On the next few slides we’ll get into some high level information on the Allianz 360 Annuity, then we’ll move into more detailed information about the product. Flexible annuity income options Distributions may be subject to a surrender charge. Distributions are subject to ordinary income tax and, if taken prior to age 59 ½, a 10% additional federal tax. Guarantees are backed by the financial strength and claims-paying ability of Allianz Life Insurance Company of North America.. 2 For financial professional use only – not for public distribution. Product and feature availability may vary by state and broker/dealer.

Product features, positioning and suitability Overview Product features, positioning and suitability Allianz 360 Benefit Rider Additional product features We’ll discuss key concepts of the Allianz 360 Annuity. Our conversation will center on product features, positioning and suitability. Then we’ll move into the Allianz 360 Benefit Rider. We’ll conclude with additional product features and disclosure. 3 For financial professional use only – not for public distribution. Product and feature availability may vary by state and broker/dealer.

1 Product features, positioning AND suitability Now, let’s look at product features, positioning and suitability on the Allianz 360 Annuity.

Product profile Issue age 0-80 Purchase payments Minimum initial: $20,000 Additional Premium: Accepted through the first three contract years Withdrawal charge schedule Withdrawal charge schedule: 10 years (10%, 10%, 10%, 8.75%, 7.5%, 6.25%, 5.0%, 3.75%, 2.5%, 1.25%, 0.0%) Free withdrawal privilege Free withdrawal privilege: 10% premium paid, per year, up to the cash surrender value, beginning contract anniversary following the most recent premium payment. All withdrawals are subject to ordinary income tax and, if taken prior to age 59½, may be subject to a 10% federal additional tax. Lump sum of accumulation value: Available after the 10-year surrender charge schedule. Death Benefit The death benefit available as a lump sum is the greatest of the accumulation value, including the credited interest bonus, the cumulative withdrawal amount, the net premium, or the guaranteed minimum value. 360 Benefit Rider The 360 Benefit rider is included with the Allianz 360 Annuity at an additional annual cost of 1.05% (1.00% in MN & DE) of the accumulation value deducted on a monthly basis from the accumulation value and the guaranteed minimum value (in most states). On this slide we’ll go over several important product details. We’ll start with the issue age and premium. Issue ages are: 0-80 Initial minimum premium is: $20,000 Additional premium is accepted through the first three contract years. Now, let’s look at withdrawals. Free withdrawals are 10% of premium paid per year, up to the cash surrender value, beginning on the contract anniversary following the most recent premium payment. Lump sum of accumulation value is available after the 10-year surrender charge period. Annuitization which is available after five contract years. The death benefit available as a lump sum is the greatest of the accumulation value, including the credited interest bonus, the cumulative withdrawal amount, the net premium, or the guaranteed minimum value. The 360 Benefit rider is included with the Allianz 360 Annuity at an additional annual cost of 1.05% (1.00% in MN & DE) of the accumulation value deducted on a monthly basis from the accumulation value. Distributions may be subject to a surrender charge. Distributions are subject to ordinary income tax and, if taken prior to age 59 ½, a 10% additional federal tax. Guarantees are backed by the financial strength and claims-paying ability of Allianz Life Insurance Company of North America.. 5 For financial professional use only – not for public distribution. Product and feature availability may vary by state and broker/dealer.

Index allocations and/or fixed interest CREDITING METHODS AND INDEXES ANNUAL POINT-TO-POINT (CAP) MONTHLY SUM (CAP) MONTHLY AVERAGE (SPREAD) ANNUAL POINT-TO-POINT (SPREAD) S&P 500® X Nasdaq-100® Russell 2000® Barclays US Dynamic Balance Index Blended Index* Fixed Interest *Blended Index Dow Jones Industrial Average (35%) Barclays Capital U.S. Aggregate Bond Index (“Barclays Index”) (35%) EURO STOXX 50® Index (20%) Russell 2000® Index (10%) The Allianz 360 Annuity has four crediting methods, a fixed interest allocation and a variety of indexes from which the client can choose. Read chart Although changes in external market indexes may affect fixed index annuity contract values, Allianz fixed indexed annuity contracts do not directly participate in any stocks, bonds or other investments. Your client will not own any shares of an index fund or any equity or bond investments. No single crediting method consistently delivers the most interest under all market conditions. 6 For financial professional use only – not for public distribution. Product and feature availability may vary by state and broker/dealer.

2 Allianz 360 Benefit Rider Now, let’s look at the Allianz 360 Benefit Rider.

Rider Details ALLIANZ 360 BENEFIT RIDER It offers an interest rate bonus and increasing income withdrawal percentages until lifetime income withdrawals begin. Two lifetime income payment options Predictable payments – option 1 Payments that can increase – option 2 The rider is included for an additional charge. The annual cost is deducted on a monthly basis from the accumulation value and the guaranteed minimum value (in most states). The rider charge will continue for the life of the contract even after lifetime income withdrawals have begun. For the current rider charge, see the Allianz rate watch. The contract owner can cancel the rider at anytime after the fifth year. Once, the rider is canceled, it may not be reinstated. If the rider is canceled, the client will no longer receive interest bonuses from that point forward and will lose the ability to receive the increased payout percentages. Lifetime income withdrawals will also no longer be available if the rider is canceled. Let’s look at the details of the Allianz 360 Benefit Rider. It offers an interest rate bonus and increasing income withdrawal percentages until lifetime income payments begin. This rider has two lifetime income payment options. Predicable payments (option 1) and payments that can increase (option 2). The rider is included for an additional charge. The annual cost is deducted on a monthly basis from the accumulation value and the guaranteed minimum value (in most states). The rider charge will continue for the life of the contract even after lifetime income withdrawals have begun. For the current rider charge see the Allianz rate watch. The contract owner can cancel the rider at anytime after the fifth year. Once, the rider is canceled, it may not be reinstated. If the rider is canceled, the client will no longer receive interest bonuses from that point forward and will lose the ability to receive the increased payout percentages. Lifetime income withdrawals will also no longer be available if the rider is canceled. Distributions are subject to ordinary income tax and, if taken prior to age 59 ½, a 10% additional federal tax. Guarantees are backed by the financial strength and claims-paying ability of Allianz Life Insurance Company of North America.. 8 For financial professional use only – not for public distribution. Product and feature availability may vary by state and broker/dealer.

25% interest bonus every year interest is earned ALLIANZ 360 BENEFIT RIDER 25% interest bonus every year interest is earned Each time the allocations EARN INTEREST we credit a bonus to the accumulation value equal to 25% of the interest earned. First year interest credit 3.75% Second year interest credit 0.00% Third year interest credit 2.50% 0.75% BONUS INTEREST 3.00% ALLOCATION INTEREST (Hypothetical cap of 3.00%) 0.50% BONUS INTEREST 2.00% ALLOCATION INTEREST The Allianz 360 Benefit rider an interest bonus equal to 25% of any interest earned will be credited each year to the accumulation value For example, if your client’s allocations earn 3.00% interest, an additional 0.75% interest credit is added, so a total of 3.75% would be credited to the accumulation value. The interest bonus will continue for both fixed and indexed interest allocations until the client surrenders the contract or income is taken. Note: The 25% interest bonus ceases once lifetime income withdrawals begin. YEAR 1 YEAR 2 YEAR 3 9 This hypothetical example is intended to show how the 25% interest bonus affects the accumulation value. During the first 10 contract years, a surrender charge will apply if the contract is partially or fully surrendered. These charges may result in a loss of indexed interest and fixed interest, interest bonus, and a partial loss of principal (premium). Bonus annuities may include higher surrender charges, longer surrender charge periods, lower caps, higher spreads, or other restrictions not included on non-bonus annuities. Not intended to predict or project future results. For financial professional use only – not for public distribution. Product and feature availability may vary by state and broker/dealer.

Lifetime withdrawal percentage increases while saving for retirement ALLIANZ 360 BENEFIT RIDER Lifetime withdrawal percentage increases while saving for retirement Beginning at age 40 - the contract’s lifetime withdrawal payout percentage base will automatically increase each year your client waits to begin income. The annual payout percentage increase is based on the client’s age when the contract is issued and will remain the same until lifetime income withdrawals begin. It’s important for your clients to have retirement income they can’t outlive. With the Allianz 360, and the Allianz 360 Benefit Rider your client can utilize a unique feature where the lifetime withdrawal percentages increase while saving for retirement. So, beginning at age 40 – the contract’s lifetime withdrawal payout percentage base will automatically increase each year your client waits to begin income. If the contract is jointly owned, the percentage is based on the younger spouse. There is also an annual payout percentage increase which is based on the client’s age when the contract is issued and will remain the same until lifetime income withdrawals begin. Once again if the contract is jointly owned, the annual payout percentage increase is based on the younger spouse at the time the contract is issued. Note: For current percentages, reference the state specific statement of understanding at the time of issue Now, let’s look an example of how this works. Distributions are subject to ordinary income tax and, if taken prior to age 59 ½, a 10% additional federal tax. Guarantees are backed by the financial strength and claims-paying ability of Allianz Life Insurance Company of North America.. 10 For financial professional use only – not for public distribution. Product and feature availability may vary by state and broker/dealer.

Increasing income withdrawal percentage while accumulating ALLIANZ 360 BENEFIT RIDER Increasing income withdrawal percentage while accumulating The percentage of income available for lifetime withdrawals increases every year prior to withdrawals beginning Allianz 360 Option 1 – Predictable income dependability Allianz 360 Option 2 – Increasing income opportunity Payout percentage 6.95% 5.95% 7.30% 6.30% 7.65% 6.65% 8.0% 7.0% 5.9% 4.9% 6.25% 5.25% 6.6% 5.6% Take a look at the payout percentages of the Allianz 360. In this case, a 55-year-old waits for 10 years and the payout percentage increases 35 bps each year. 5.2% 4.2% 5.55% 4.55% 4.5% 3.5% 4.85% 3.85% Age 55 1 2 3 4 5 6 7 8 9 10 Years accumulating 11 For financial professional use only – not for public distribution. Product and feature availability may vary by state and broker/dealer.

Increasing income withdrawal percentage while accumulating ALLIANZ 360 BENEFIT RIDER Increasing income withdrawal percentage while accumulating Lifetime payout percentage increases every year contract is held before income starts, beginning at age 40 Option 1 – Predictable income dependability Age at issue Single payout base Joint payout base Annual payout percentage increase Single payout base after 10-year deferral Joint payout base after 10-year deferral 50 or less 4.00% 3.50% .30% 7.00% 6.50% 55 4.50% .35% 8.00% 7.50% 60 5.00% .40% 9.00% 8.50% 65 5.50% .45% 10.00% 9.50% 70 6.00% .50% 11.00% 10.50% 75 .55% 12.00% 11.50% 80 .60% 13.00% 12.50% Option 2 – Increasing income opportunity Age at issue Single payout base Joint payout base Annual payout percentage increase Single payout base after 10-year deferral Joint payout base after 10-year deferral 50 or less 3.00% 2.50% .30% 6.00% 5.50% 55 3.50% .35% 7.00% 6.50% 60 4.00% .40% 8.00% 7.50% 65 4.50% .45% 9.00% 8.50% 70 5.00% .50% 10.00% 9.50% 75 .55% 11.00% 10.50% 80 .60% 12.00% 11.50% Here’s how it works. Every issue age has a “base” payout percentage. This first table is payout Option 1, predictable payments. The age band 50 or less starts with a 4% base for a single payout and then increases 10 basis points for every year of age. Also, each age has an annual percentage increase associated with it as well. So, for example, a person who is 55 years old at issue has a base payout percentage of 4.50% for a single payout and then the payout percentage increases 35 basis points each year until income withdrawals are started. After 10 years of accumulation in this example, the payout percentage has increased to 8% for our hypothetical 55 year old purchaser who is now 65. And for income withdrawals with the potential to increase, option 2. The base is 3.50% at age 55 for a single payout and it doubles to 7% by age 65, and the income withdrawal percentage can increase from there until income withdrawals begin. For financial professional use only – not for public distribution. Product and feature availability may vary by state and broker/dealer.

Increasing income withdrawal percentages while accumulating ALLIANZ 360 BENEFIT RIDER Increasing income withdrawal percentages while accumulating The little number matters just like the big number Compare 3 hypothetical annuities Hypothetical contract Withdrawal value Percentage available Annual income 1. $200,000 5.5% $11,000 2. $150,000 8.0% $12,000 In this slide, we examine 3 hypothetical annuities with income withdrawal provisions. As you can see, hypothetical contract 1 has the greatest withdrawal value, but the lowest withdrawal percentage of the 3 hypothetical contracts. What this means for your clients is that it’s not the income withdrawal value alone that matters. The income withdrawal percentage is also important. If you have an income withdrawal value of $200,000 and a 5.5% withdrawal percentage, your annual income would be $11,000. But look at the difference a higher percentage makes. A $150,000 withdrawal value and an 8% withdrawal percentage delivers a $12,000 annual income. And a 7% withdrawal percentage delivers $10,500. 3. $150,000 7.0% $10,500 Hypothetical example not intended to predict or project future results. For financial professional use only – not for public distribution. Product and feature availability may vary by state and broker/dealer.

Predictable payments – Income option 1 ALLIANZ 360 BENEFIT RIDER Predictable payments – Income option 1 INCOME OPTION 1 CONTRACT YEAR 11 12 13 14 15 16 17 18 45 50 60 70 80 AGE On this graph the income payments are level and predicable for each age group and contract year. This option allows for a client to know exactly what they will receive every year for the rest of the life. This hypothetical example is intended to show how the income option 1 payments remain level for each age and contract year . Any distributions are subject to ordinary income tax and, if taken prior to age 59½, a 10% federal additional tax. For financial professional use only – not for public distribution. Product and feature availability may vary by state and broker/dealer.

Payments that can increase – Income option 2 ALLIANZ 360 BENEFIT RIDER Payments that can increase – Income option 2 Hypothetical Income Payment Income payment assuming no interest credited INCOME OPTION 2 INCOME PAYMENT Here is a graph showing income payments increasing in years 12, 13, 16, and 17 indicating an interest credit which would in turn increase the income payment. Now, in years 14 and 15 the payments remain level indicating there was no interest credit happened during those years. Remember, the payments always have the potential to increase, but it will never go down due to a negative index result. 11 12 13 14 15 16 17 18 CONTRACT YEAR This hypothetical example is intended to show how the income option 2 payments have the potential to increase each contract year because of the client’s chosen allocation in the base contract. Any distributions are subject to ordinary income tax and, if taken prior to age 59½, a 10% federal additional tax. Not intended to predict or project future results. For financial professional use only – not for public distribution. Product and feature availability may vary by state and broker/dealer.

3 Additional product features On the next few slides we’ll look at some additional product features offered on the Allianz 360 Annuity.

Death Benefit: (prior to annuitization) ADDITIONAL PRODUCT FEATURES Death Benefit: (prior to annuitization) Where beneficiaries will receive the contract’s accumulation value, including credited interest bonus, as a lump sum or as annuity income payments over at least five years. Riders Flexible annuity option rider: Accumulation value to be taken anytime after the first contract year over a period certain of 10 to 30 years. No fee for this rider. Death benefit rider: Provides an income-tax-free lump sum death benefit in addition to your annuity’s death benefit. There is an annual charge for this rider. Flexible withdrawal rider: Allows the client to take a one-time lump-sum payment up to the accumulation value, if they are admitted to an eligible nursing home, assisted living care facility, or hospital for at least 30 of 35 consecutive days. Admittance must occur after the first contract anniversary. The cost for this rider is .008333% of the accumulation value deducted monthly from the contract’s values. Now, let’s look at some important rider features offered on the Allianz 360 Annuity. The flexible annuity option rider allows the accumulation value to be taken anytime after the first contract year over a period certain of 10 to 30 years and there is no fee for this rider. The death benefit rider which provides an income-tax-free lump sum death benefit in addition to your annuity’s death benefit. The flexible withdrawal rider which allows the client to take a one-time lump sum payment up to the accumulation value if they are admitted into an eligible nursing home, assisted living care facility, or hospital for at least 30 of 35 consecutive days. Admittance must occur after the first contract anniversary. The cost for this rider is .008333% of the accumulation value deducted monthly from the contract’s values. The nursing home benefit rider which allows the client to take an accelerated distribution of the accumulation value as annuity payments over at least five years if they are admitted into an eligible nursing home, long term care facility, or hospital for at least 30 of 35 consecutive days. Admittance must occur after the first contract anniversary. There is no fee for this rider. And the death benefit (prior to annuitization) where beneficiaries will receive the contract’s accumulation value, including credited interest bonus, as a lump sum or as annuity income payments over at least five years. Nursing home benefit rider: Allows the client to take an accelerated distribution of the accumulation value as annuity payments over at least five years if admitted after the first contract year into an eligible nursing home, long term care facility, or hospital and then confined for at least 30 of 35 consecutive days. Admittance must occur after the first contract anniversary. There is no fee for this rider. Any distributions are subject to ordinary income tax and, if taken prior to age 59½, a 10% federal additional tax. For financial professional use only – not for public distribution. Product and feature availability may vary by state and broker/dealer.

Disclosures Allianz Life Insurance Company of North America (Allianz) Standard & Poor’s 500® index (S&P 500®) is comprised of 500 stocks representing major U.S. industrial sectors. The Dow Jones Industrial Average is a popular indicator of the stock market based on the average closing prices of 30 active U.S. stocks representative of the overall economy. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“S&P”) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). These trademarks have been licensed for use by S&P Dow Jones Indices LLC. S&P marks are trademarks of S&P and Dow Jones marks are trademarks of Dow Jones. These trademarks have been sublicensed for certain purposes by Allianz Life Insurance Company of North America (“Allianz”). The S&P 500® Index (“the Index”) and Dow Jones Industrial AverageSM (“the DJIA”) are products of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by Allianz. Allianz products are not sponsored, endorsed, sold, or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P, or any of their respective affiliates (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices make no representation or warranty, express or implied, to the owners of the Allianz products or any member of the public regarding the advisability of investments generally or in Allianz products particularly or the ability of the Index and Average to track general market performance. S&P Dow Jones Indices’ only relationship to Allianz with respect to the Index and Average is the licensing of the Index and Average and certain trademarks, service marks, and/or trade names of S&P Dow Jones Indices and/or its third-party licensors. The Index and Average are determined, composed, and calculated by S&P Dow Jones Indices without regard to Allianz or the products. S&P Dow Jones Indices have no obligation to take the needs of Allianz or the owners of the products into consideration in determining, composing, or calculating the Index and Average. S&P Dow Jones Indices are not responsible for and have not participated in the design, development, pricing, and operation of the products, including the calculation of any interest payments or any other values credited to the products. S&P Dow Jones Indices have no obligation or liability in connection with the administration, marketing, or trading of products. There is no assurance that investment products based on the Index and Average will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC and its subsidiaries are not investment advisors. Inclusion of a security or futures contract within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security or futures contract, nor is it considered to be investment advice. Notwithstanding the foregoing, CME Group Inc. and its affiliates may independently issue and/or sponsor financial products unrelated to products currently being issued by Allianz, but which may be similar to and competitive with Allianz products. In addition, CME Group Inc., an indirect minority owner of S&P Dow Jones Indices LLC, and its affiliates may trade financial products which are linked to the performance of the Index and Average. It is possible that this trading activity will affect the value of the products. S&P DOW JONES INDICES DO NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS, AND/OR THE COMPLETENESS OF THE INDEX AND AVERAGE OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIM ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY ALLIANZ, OWNERS OF THE PRODUCTS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX AND AVERAGE OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME, OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBLITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD-PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND ALLIANZ OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.   Disclosures 18 For financial professional use only – not for public distribution. Product and feature availability may vary by state and broker/dealer. 18

Disclosures Allianz Life Insurance Company of North America (Allianz) The Nasdaq-100 Index® includes 100 of the largest domestic and international non-financial securities listed on The Nasdaq Stock Market, based on capitalization. The Nasdaq-100®, Nasdaq-100 Index®, Nasdaq®, and OMX® are registered trade marks of NASDAQ OMX Group, Inc. (which with its affiliates are the Corporations) and are licensed for use by Allianz Life Insurance Company of North America. The product(s) have not been passed on by the Corporations as to their legality or suitability. The product(s) are not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE PRODUCT(S).   Russell 2000® Index is an equity index that measures the performance of the 2,000 smallest companies in the Russell 3000® Index, which is made up of 3,000 of the biggest U.S. stocks. The Russell 2000 is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not affect the performance and characteristics of the true small-cap index. The Russell 2000 is a trademark of Russell Investments and have been licensed for use by Allianz Life Insurance Company of North America. The product is not sponsored, endorsed, sold or promoted by Russell Investments and Russell Investments makes no representation regarding the advisability of investing in the product. The EURO STOXX 50® Index, Europe's leading blue-chip index for the Eurozone, provides a blue-chip representation of supersector leaders in the Eurozone. The Index covers 50 stocks from 12 Eurozone countries: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. The EURO STOXX 50® is the intellectual property (including registered trademarks) of STOXX Limited, Zurich, Switzerland. The Allianz 360 Annuity based on the Index is in no way sponsored, endorsed, sold or promoted by STOXX and shall not have any liability with respect thereto. Disclosures 19 For financial professional use only – not for public distribution. Product and feature availability may vary by state and broker/dealer.

Disclosures Allianz Life Insurance Company of North America (Allianz) The Barclays Capital U.S. Aggregate Bond Index is comprised of U.S. investment-grade, fixed-rate bond market securities, including government agency, corporate, and mortgage-backed securities. The Barclays US Dynamic Balance Index is comprised of the Barclays Capital U.S. Aggregate Bond Index and the S&P 500® Index and shifts weighting daily between them based on realized market volatility. Allianz products are not sponsored, endorsed, sold, or promoted by Barclays Capital. Barclays Capital makes no representation or warranty, express or implied, to the owners of Allianz products or any member of the public regarding the advisability of investing in securities generally or in Allianz products particularly or the ability of the Barclays Capital Indices, including without limitation, the Barclays Capital U.S. Aggregate Bond Index and Barclays US Dynamic Balance Index, to track general bond market performance. Barclays Capital's only relationship to Allianz Life Insurance Company of North America and its affiliates (“Allianz”) is the licensing of the Barclays Capital U.S. Aggregate Bond Index and Barclays US Dynamic Balance Index which is determined, composed, and calculated by Barclays Capital without regard to Allianz or Allianz products. Barclays Capital has no obligation to take the needs of Allianz or the owners of Allianz products into consideration in determining, composing, or calculating the Barclays Capital U.S. Aggregate Bond Index and Barclays US Dynamic Balance Index. Barclays Capital is not responsible for and has not participated in the determination of the timing of, prices of, or quantities of Allianz products to be issued or in the determination or calculation of the equation by which Allianz products are to be converted into cash. Barclays Capital has no obligation or liability in connection with the administration, marketing or trading of Allianz products. BARCLAYS CAPITAL DOES NOT GUARANTEE THE QUALITY, ACCURACY, AND/OR THE COMPLETENESS OF THE BARCLAYS CAPITAL INDICES, OR ANY DATA INCLUDED THEREIN, OR OTHERWISE OBTAINED BY ALLIANZ, OWNERS OF ALLIANZ PRODUCTS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE BARCLAYS CAPITAL INDICES, INCLUDING WITHOUT LIMITATION, THE BARCLAYS CAPITAL U.S. AGGREGATE BOND INDEX AND BARCLAYS US DYNAMIC BALANCE INDEX, IN CONNECTION WITH THE RIGHTS LICENSED HEREUNDER OR FOR ANY OTHER USE. BARCLAYS CAPITAL MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE BARCLAYS CAPITAL INDICES, INCLUDING WITHOUT LIMITATION, THE BARCLAYS CAPITAL U.S. AGGREGATE BOND INDEX AND BARCLAYS US DYNAMIC BALANCE INDEX, OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL BARCLAYS CAPITAL HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. Guarantees are backed by the financial strength and claims-paying ability of Allianz Life Insurance Company of North America.   Not FDIC insured • May lose value • No bank or credit union guarantee Not a deposit • Not insured by any federal government agency or NCUA/NCUSIF Contract C54370, R95316 and state variations are issued by Allianz Life Insurance Company of North America. Products are issued by Allianz Life Insurance Company of North America, 5701 Golden Hills Drive, Minneapolis, MN 55416-1297. 800.950.1962 www.allianzlife.com Disclosures 20 For financial professional use only – not for public distribution. Product and feature availability may vary by state and broker/dealer.