The authorization to acquire treasury shares for trading purposes according to § 71 (1) no. 7 of the German Stock Corporation Act, adopted by the Annual General Meeting on May 2, 2007, expires on November 1, 2008. This authorization shall therefore be renewed.

The Management Board and the Supervisory Board, therefore, propose that the following resolution be adopted:

a) Domestic or foreign credit institutions, within the meaning of § 71 (1) no. 7 of the German Stock Corporation Act, that are majority-owned by Allianz SE shall be authorized to buy and sell shares of the Company for trading purposes. The total number of shares acquired, together with other treasury shares held by the Company (or that the Company is deemed to hold according to §§ 71a et seq. of the German Stock Corporation Act), shall at no time exceed 10% of the share capital.

b) Based on this resolution, shares shall be acquired only if the consideration paid per share does not exceed by more than 10%, and does not fall short of by more than 10 %, the average of the share prices (closing price in the Xetra-trading system or any comparable succeeding system) of Allianz SE during the three trading days preceding the acquisition of the shares.

c) The trading position in shares acquired for this purpose shall not, at the end of any day, exceed 5% of the share capital of Allianz SE.

d) This authorization shall be effective until November 20, 2009. The currently existing authorization to acquire treasury shares for trading purposes, adopted by the Annual General Meeting on May 2, 2007, and expiring on November 1, 2008, shall be cancelled upon the new authorization becoming effective.