Allianz Life Insurance Company of North America Allianz

Allianz Life Insurance Company of North America Allianz Master. Dex. XX®® Annuity Course Code: Fixed _Master. Dex X Product Training R_2011. 05 Revision Date: 10/25/2012 Revision Date: 11/5/2013 For financial professional use only – not for use with the public. BB – MD X

Overview 1. Product features, positioning and suitability 2. Crediting methods and indexes 3. Simple Income III Rider 4. Receiving maximum contract value 5. Additional product features 2 For financial professional use only – not for public distribution. Product and feature availability may vary by state and broker/dealer.

Allianz Master. Dex X® Annuity Focus on the “X” factor Guarantees are backed by the financial strength and claims-paying ability of Allianz Life Insurance Company of North America.

1 Product features, positioning AND suitability

PRODUCT FEATURES, POSITIONING AND SUITABILITY Consider these questions before you recommend a product: What is the client’s current financial situation? What is their main financial objective or concern? How could an Allianz annuity fit the client’s current (and future) needs? What are the strengths and weaknesses of the product relative to the client’s current and future needs? If the client is considering replacing an existing annuity product with an Allianz product, how will the client benefit from the purchase of the new product over the existing product and what might they be giving up? 5 For financial professional use only – not for public distribution. Product and feature availability may vary by state and broker/dealer.

Product features PRODUCT FEATURES, POSITIONING AND SUITABILITY Issue age and premium Issue ages: 0 -80 Initial minimum premium: $20, 000 Additional premium: Accepted through the first three contract years Withdrawals Free withdrawals: 10% of premium paid per year, up to cash surrender value, beginning contract anniversary following the most recent premium payment. Lump sum of accumulation value: Available after the 10 -year surrender charge period which includes the full premium bonus. Guaranteed minimum value For the current guaranteed minimum value please refer to the statement of understanding of the signature state, where the Allianz Master. Dex X® Annuity is purchased. 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. 6 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 Premium bonus on all premium received in the first 3 years Start of year 1 2 3 4 5 6 7 8 9 10 11 Vested bonus 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Bonus annuities may include higher surrender charges, longer surrender charge periods, lower interest rates, lower caps, higher spreads, or other restrictions that are not included in similar annuities that don't offer a bonus. None of the bonus is vested during the first contract year. The bonus becomes vested at 10% per year on each of the first 10 contract anniversaries. If you surrender your contract before the 11 th contract year, you will lose the unvested bonus. During the first 10 contract years, we will apply a surrender charge and unvested bonus reduction if you partially or fully surrender your contract. The same would apply if you begin annuitization prior to the sixth contract year (or fewer than 10 years). These charges may result in a loss of bonus, indexed interest and fixed interest, and a partial loss of principal (your premium). Product and feature availability may vary by state. 7 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 10 -year decreasing surrender charge period Start of year 1 2 3 4 5 6 7 8 9 10 11 Surrender charge percentage 10% 10% 8. 75% 7. 5% 6. 25% 5. 0% 3. 75% 2. 5% 1. 25% 0. 0% YEAR 11 OPTIONS: Continue to defer the contract Take the full accumulation value as a lump sum ¡ ¡ The surrender charge percentage starts at 10% and decreases by 1. 25% on each anniversary starting in the 4 th contract year. On the first day of contract year 11, it will decrease to zero. Distributions may be subject to ordinary income tax and If taken prior to age 59 ½ , a 10% additional federal tax. 8 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 PRODUCT POSITIONING AND SUITABILITY What type of client may be interested? Someone who ¡ ¡ Has a timeline of at least 10 years prior to retirement Key features at a glance Lump sum Flexible income Annuitized income 5 years or less Is looking for principal protection Wants potential for tax-deferred accumulation 6 -9 years Is interested in various income options with potential for increases ¡ Wants a guaranteed death benefit ¡ Could benefit from a premium bonus 10 years or more = Feature availability = Product fit Bonus annuities may include higher surrender charges, longer surrender charge periods, lower interest rates, lower caps, higher spreads, or other restrictions that are not included in similar annuities that don't offer a bonus. None of the bonus is vested during the first contract year. The bonus becomes vested at 10% per year on each of the first 10 contract anniversaries. If you surrender your contract before the 11 th contract year, you will lose the unvested bonus. During the first 10 contract years, we will apply a surrender charge and unvested bonus reduction if you partially or fully surrender your contract. The same would apply if you begin annuitization prior to the sixth contract year (or fewer than 10 years). These charges may result in a loss of bonus, indexed interest and fixed interest, and a partial loss of principal (your premium). Product and feature availability may vary by state. 9 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 When does the client anticipate accessing the money in the annuity? Key features at a glance The accumulation sale ¡ Lump sum later (10 years or more) Lump sum Flexible income Annuitized income 5 years or less Financial objectives: ¡ ¡ Looking to accumulate wealth with at least a 10 -year time horizon Guarantees and opportunity for indexed interest to help increase the accumulation value before accessing the full value lump sum 6 -9 years 10 years or more = Feature availability = Product fit 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. . 10 For financial professional use only – not for public distribution. Product and feature availability may vary by state and broker/dealer.

Reasons for product recommendation: Accumulation potential ¡ ¡ Guarantee of protection from market losses Premium bonus to help jump-start the accumulation value Increasing value with interest credited from their allocation choices The power of the annual reset feature Flexibility ¡ ¡ Free withdrawals each contract year Full accumulation value including the premium bonus as a lump sum after 10 years of deferral Bonus annuities may include higher surrender charges, longer surrender charge periods, lower interest rates, lower caps, higher spreads, or other restrictions that are not included in similar annuities that don't offer a bonus. None of the bonus is vested during the first contract year. The bonus becomes vested at 10% per year on each of the first 10 contract anniversaries. If you surrender your contract before the 11 th contract year, you will lose the unvested bonus. During the first 10 contract years, we will apply a surrender charge and unvested bonus reduction if you partially or fully surrender your contract. The same would apply if you begin annuitization prior to the sixth contract year (or fewer than 10 years). These charges may result in a loss of bonus, indexed interest and fixed interest, and a partial loss of principal (your premium). Product and feature availability may vary by state. 11 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

2 Crediting methods & indexes

CREDITING METHODS & INDEXES Crediting methods and indexes Annual Point-to-Point Monthly Sum S & P 500® X X NASDAQ -100® X X EURO STOXX 50® X X Blended index* X Monthly Average with a Spread Select Index Option (Annual-to-Point)1 Select Index Option (Monthly Sum)1 X X X *Blended Index ¡ Dow Jones Industrial Average (35%) ¡ Barclays Capital U. S. Aggregate Bond Index (35%) ¡ EURO STOXX 50® Index (20%), and ¡ Russell 2000® Index (10%) No single crediting method consistently delivers the highest interest rate under all market conditions. 1 The Select Index Allocation Option has a 1% annual charge. Allocating to the Select Index Option does not guarantee a higher indexed interest rate. 13 For financial professional use only – not for public distribution. Product and feature availability may vary by state and broker/dealer.

CREDITING METHODS & INDEXES Index performance is used to calculate the indexed interest rate credited to the client’s FIA. The performance of an index depends on the performance of the financial instruments it tracks While it is impossible to predict future performance, clear definitions of indexes help clients make informed choices Always emphasize to clients that when they purchase a fixed index annuity, they are not investing in the index 14 For financial professional use only – not for public distribution. Product and feature availability may vary by state and broker/dealer.

CREDITING METHODS & INDEXES ® Allianz Master. Dex X Annuity Indexes S & P 500® A group of 500 stocks representing major U. S. industrial sectors. Nasdaq-100® A group of 100 stocks representing 100 of the largest domestic and international nonfinancial companies listed on the NASDAQ Stock Market based on capitalization. EURO STOXX 50® A group of 50 stocks representing large, blue-chip European companies operating within Eurozone nations. (“Blue-chip” stocks are issued by well established companies with historically stable earnings. ) Although an external index may affect the interest credited, the contract does not directly participate in any equity or fixed income investments. Clients are not buying shares in an index. The index value does not include the dividends paid on the equity investments underlying any equity index. These dividends are not reflected in the interest credited to the contract. 15 For financial professional use only – not for public distribution. Product and feature availability may vary by state and broker/dealer.

CREDITING METHODS & INDEXES ® Allianz Master. Dex X Annuity Indexes Blended Index is comprised of: ¡ Dow Jones Industrial Average A popular indicator of the stock market based on the average closing prices of 30 active U. S. stocks representative of the overall economy. ¡ Barclays Capital U. S. Aggregate Bond Index Is comprised of the Government/Credit Index, the Mortgage-Backed Securities Index, and Asset-Back Securities Index. ¡ 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. ¡ EURO STOXX 50® Index Although an external index may affect the interest credited, the contract does not directly participate in any equity or fixed income investments. Clients are not buying shares in an index. The index value does not include the dividends paid on the equity investments underlying any equity index. These dividends and interest are not reflected in the interest credited to the contract. 16 For financial professional use only – not for public distribution. Product and feature availability may vary by state and broker/dealer.

CREDITING METHODS & INDEXES Annual Point-to-Point Example Annual Point-to-Point with an Annual Cap 1045 1035 Ending index value 1030 1015 1000 In this example the client had a 3. 4% annual 1000 985 index change, Starting index but because there is an annual value cap of 2. 5%, they would get a 2. 5% credit to 970 their contract value. Hypothetical index performance 955 Annual point to point 18 De c em be r r be em r be No v Oc to r te m be st Se p gu Au ly Ju ne Ju ay M ril Ap ar ch M ar y ru Fe b Ja nu ar y This hypothetical example is intended to show the potential effects of index fluctuations on your contract values in a fixed index annuity. Not intended to predict or project future interest crediting. This hypothetical example is intended to show the various crediting methods could affect your contract values For financial professional use only – not for public distribution. Product and feature availability may vary by state and broker/dealer. on fixed index annuities. Not intended to predict or project future interest crediting .

CREDITING METHODS & INDEXES % change in index values Monthly Sum Example In this example we would add all of the Capped Monthly Change values together and your client would get 3. 0% index interest credit for the year using the Monthly Sum crediting method. Hypothetical Monthly index values This hypothetical example is intended to show the potential effects of index fluctuations on your contract values in a fixed index annuity. Not intended to predict or project future interest crediting. This hypothetical example is intended to show the various crediting methods could affect your contract values 18 Foron fixed index annuities. Not intended to predict or project future interest crediting financial professional use only – not for public distribution. Product and feature availability may vary by state and broker/dealer. .

Monthly Average Example 19 End of Month Index value December January February March April May June July August September October November December Average Index Value Initial Index Value Percentage of change Spread Annuity Value increases by 1000 1010 1080 995 1025 1030 1045 1065 980 975 1040 960 1075 1023. 3 1000 2. 3% 4. 50% 0. 0% For financial professional use only – not for public distribution. Product and feature availability may vary by state and broker/dealer. CREDITING METHODS & INDEXES In this example, we find the percent change in the average index value and the initial index value and see that it is 2. 3%. Our spread is then subtracted from that giving us a negative number. Because a client has the guarantee to not have a negative index return in a FIA, the annuity value would increase by 0. 0%. This hypothetical example is intended to show the potential effects of index fluctuations on your contract values in a fixed index annuity. Not intended to predict or project future interest crediting.

3 Simple income III rider

SIMPLE INCOME III RIDER How does your client anticipate accessing the annuity? The income sale ¡ Income soon (6 -9 years) Profile ¡ Key features at a glance Lump sum Flexible income Annuitized income Clients age 50 or older 5 years or less Financial objectives ¡ ¡ ¡ Seeking to begin lifetime income withdrawals within the first 10 -years, preferably during years 6 -9 In need of guarantees to help increase the income value before they begin taking income Looking for income choices if income needs change 6 -9 years 10 years or more = Feature availability = Product fit 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. . 21 For financial professional use only – not for public distribution. Product and feature availability may vary by state and broker/dealer.

SIMPLE INCOME III RIDER Exclusive to the Allianz Master. Dex X ¡ ¡ ¡ Flexibility with lifetime income Three payment options to suit your clients needs Simple bonus to your simple withdrawal value Optional for an annual charge of the simple withdrawal value Payments guaranteed for the rest of the clients life – no matter how long they live. Any distributions are subject to ordinary income tax and, if taken prior to age 59½, a 10% additional federal tax. . 22 For financial professional use only – not for public distribution. Product and feature availability may vary by state and broker/dealer.

SIMPLE INCOME III RIDER Rider Details Simple withdrawal value is established at contract issue, and set equal to the clients’ initial premium plus any premium bonus that may have been credited under the base contract We credit the simple bonus to the simple withdrawal value at the end of each contract year This simple bonus is equal to the adjusted premium multiplied by the simple bonus percentage. The simple bonus is guaranteed through age 90 or until the client begins taking lifetime income withdrawals, whichever comes first. Bonus annuities may include higher surrender charges, longer surrender charge periods, lower interest rates, lower caps, higher spreads, or other restrictions that are not included in similar annuities that don't offer a bonus. None of the bonus is vested during the first contract year. The bonus becomes vested at 10% per year on each of the first 10 contract anniversaries. If you surrender your contract before the 11 th contract year, you will lose the unvested bonus. During the first 10 contract years, we will apply a surrender charge and unvested bonus reduction if you partially or fully surrender your contract. The same would apply if you begin annuitization prior to the sixth contract year (or fewer than 10 years). These charges may result in a loss of bonus, indexed interest and fixed interest, and a partial loss of principal (your premium). Product and feature availability may vary by state. 23 For financial professional use only – not for public distribution. Product and feature availability may vary by state and broker/dealer.

SIMPLE INCOME III RIDER Flexibility to choose from three different payment options Income option 1 ¡ Predictable payments ¡ Payments for the life of one person ¡ Payments for the joint lives of two spouses Income Option 2 ¡ Potential to increase each year Income Option 3 ¡ Inflation-adjusted solution that can help the client keep up with the negative effects of inflation Any distributions are subject to ordinary income tax and, if taken prior to age 59½, a 10% federal tax penalty. 24 For financial professional use only – not for public distribution. Product and feature availability may vary by state and broker/dealer.

SIMPLE INCOME III RIDER Predictable payments – Income option 1 INCOME OPTION 1 80 AGE 70 60 50 45 11 12 13 14 15 16 17 18 CONTRACT YEAR This hypothetical example is intended to show 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. 25 For financial professional use only – not for public distribution. Product and feature availability may vary by state and broker/dealer.

SIMPLE INCOME III RIDER Payments that can increase – Income option 2 Hypothetical Income Payment Guaranteed Income Payment INCOME OPTION 2 INCOME PAYMENT $10000 $8000 $6000 $4000 $2000 11 12 13 14 15 16 17 18 CONTRACT YEAR This hypothetical example is intended to show 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. 26 For financial professional use only – not for public distribution. Product and feature availability may vary by state and broker/dealer.

SIMPLE INCOME III RIDER Inflation Protection payments - Income option 3 ¡ ¡ ¡ Income can increase during the first 20 years after income payments begin Annual maximum withdrawal amount will be recalculated to reflect any changes in the Consumer Price Index (CPI-U) up to an annual maximum of 10% Guaranteed minimum payout percentage of 2% Any distributions are subject to ordinary income tax and, if taken prior to age 59½, a 10% federal additional tax. 27 For financial professional use only – not for public distribution. Product and feature availability may vary by state and broker/dealer.

SIMPLE INCOME III RIDER Inflation protection payments – Income option 3 Hypothetical Income Payment Guaranteed Income Payment INCOME OPTION 3 INCOME PAYMENT $10000 $8000 $6000 $4000 $2000 11 12 13 14 15 16 17 18 CONTRACT YEAR This hypothetical example is intended to show the income option 3 payments have the potential to increase each contract year if any changes are reflected in the Consumer Price Index (CPI-U). Any distributions are subject to ordinary income tax and, if taken prior to age 59½, a 10% federal additional tax. 28 For financial professional use only – not for public distribution. Product and feature availability may vary by state and broker/dealer.

SIMPLE INCOME III RIDER Cumulative Withdrawal Amount – Take less and keep the rest Lifetime income withdrawals taken Cumulative withdrawal amount $14, 000 $16, 500 $2, 500 $5, 000 $14, 000 $16, 500 $2, 500 $7, 500 $14, 000 $16, 500 $2, 500 $16, 500 $0 $10, 000 This hypothetical example is provided to show the protected income value can be accessed. It assumes the client has a protected income value of $330, 000 and is age 65 at the time payments begin. The client has a 5. 0% withdrawal percentage which results in an annual maximum protected income value payment of $16, 500. Guarantees are backed by the financial strength and claims-paying ability of Allianz Life Insurance Company of North America. Distributions are subject to ordinary income tax and, if prior to age 59½, a 10% federal additional tax. 29 For financial professional use only – not for public distribution. Product and feature availability may vary by state and broker/dealer.

4 Maximizing contract value

Contract values are maximized by holding for at least 10 years Then the client can: ¡ ¡ Remain in deferral Take the full accumulation value as a lump sum payment Annuitize ¡ In the 6 th contract year the client can start receiving annuity payments based off the full accumulation value for at least 10 years Simple Income III Rider ¡ Utilize the option I, II, or III income withdrawal payments Any distributions are subject to ordinary income tax and, if taken prior to age 59½, a 10% federal additional tax. 31 For financial professional use only – not for public distribution. Product and feature availability may vary by state and broker/dealer. MAXIMIZING CONTRACT VALUE

5 Additional product features

Riders ADDITIONAL PRODUCT FEATURES Flexible annuity option rider: Accumulation value to be taken (less any premium bonus and interest earned on that bonus) anytime after the first contract year over a period certain of 10 to 30 years. No cost 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. Nursing home benefit rider: Allows the client to take an accelerated distribution of the accumulation value as annuity payments over 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 charge for this rider. Death Benefit: (prior to annuitization) Beneficiaries will receive the greater of the accumulation value (including both vested and unvested bonus) or the guaranteed minimum value. In either case the client can elect to receive a lump sum payment or annuity payments over the course of 5 years (or longer). Any distributions are subject to ordinary income tax and, if taken prior to age 59½, a 10% federal additional tax. 33 For financial professional use only – not for public distribution. Product and feature availability may vary by state and broker/dealer.

ADDITIONAL PRODUCT FEATURES Unemployment Benefit One-time free withdrawal of up to an additional 10% of premium if owner becomes unemployed. Available at no extra cost REQUIREMENTS TO QUALIFY: ¡ ¡ Must be under the age of 65 on the date of request Owner must have filed for unemployment after the first contract year Request for this benefit is made at least 30 days after first unemployment benefit payment received Must have received an unemployment benefit payment in the last 30 days (still unemployed) 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. 34 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) 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 and its affiliates. S&P® and S&P 500® are trademarks of S&P and Dow Jones®, Dow Jones Industrial Average. SM, DJIA and The Dow 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 and Dow Jones Industrial Average (DJIA) are products of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by Allianz products are not sponsored, endorsed, sold, or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P, or their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, S&P, or their respective affiliates make any representation regarding the advisability of investing in such product. 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). 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. “Dow Jones” and “Dow Jones Industrial Average. SM” are service marks of Dow Jones & Company, Inc. and have been licensed for certain purposes by Allianz Life Insurance Company of North America. Allianz products based on the Dow Jones Industrial Average. SM, re not sponsored, endorsed, sold, or promoted by Dow Jones, and Dow Jones makes no representation regarding the advisability of purchasing such product(s). 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® is the intellectual property (including registered trademarks) of STOXX Limited, Zurich, Switzerland. The Allianz Master. Dex X based on the Index is in no way sponsored, endorsed, sold or promoted by STOXX and shall not have any liability with respect thereto. 35 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 Allianz Master. Dex X®Annuity is not sponsored, endorsed, sold or promoted by Barclays Capital makes no representation or warranty, express or implied, to the owners of the Allianz Master. Dex X®Annuity or any member of the public regarding the advisability of investing in securities generally or in the Allianz Master. Dex X®Annuity particularly or the ability of the Barclays Capital Indices, including without limitation, the Barclays Capital U. S. Aggregate Bond Index, to track general bond market performance. Barclays Capital's only relationship to Allianz Life Insurance Company and its affiliates (“Allianz”) is the licensing of the Barclays Capital U. S. Aggregate Bond Index which is determined, composed and calculated by Barclays Capital without regard to Allianz or the Allianz Master. Dex X®Annuity Barclays Capital has no obligation to take the needs of Allianz or the owners of the Allianz Master. Dex X®Annuity into consideration in determining, composing or calculating the Barclays Capital U. S. Aggregate Bond Index. Barclays Capital is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Allianz Master. Dex X®Annuity to be issued or in the determination or calculation of the equation by which the Allianz Master. Dex X®Annuity is to be converted into cash. Barclays Capital has no obligation or liability in connection with the administration, marketing or trading of the Allianz Master. Dex X®Annuity. 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 THE ALLIANZ MASTERDEX X® ANNUITY, 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, 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, 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 52575, R 91077 -01 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 36 For financial professional use only – not for public distribution. Product and feature availability may vary by state and broker/dealer.

OUR MISSION: Allianz Life Insurance Company of North America is the trusted authority in insured retirement solutions for consumers working with a financial professional. 37

Thank you. Please call the FASTeam at 800. 950. 7372 with questions.