Key agreement (KA) allows two or more users to negotiate a secret session key among them over an open network. Authenticated key agreement (AKA) is a KA protocol enhanced to prevent active attacks. AKA can be achieved using a public key infrastructure (PKI) or identity-based cryptography. However, the former suffers from a heavy certificate management burden while the latter is subject to the socalled key escrow problem. Recently, certificateless cryptography was introduced to mitigate these limitations. In this paper, we first propose a security model for AKA protocols using certificateless cryptography. Following this model, we then propose a simulatable certificateless two-party AKA protocol. Security is proven under the standard computational Diffie-Hellman (CDH) and bilinear Diffie-Hellman (BDH) assumptions. Our protocol is efficient and practical, because it requires only one pairing operation and five multiplications by each party.