On July 10, Allianz has completed the squeeze-out procedure for AGF. With this, the AGF shares are no longer listed on the Paris stock exchange Euronext. The delisting is the final formal step of the squeeze-out procedure that Allianz SE and its subsidiary Allianz Holding France SAS announced on April 27, 2007.

The acquisition of the AGF shares, which Allianz did not already own, is now fully completed. Allianz henceforth holds 100 percent of the shares in AGF. Through this transaction, Allianz simplifies its corporate structure and strengthens its position in Europe, especially in the French market.

This press release may not be distributed or sent into, any jurisdiction where it would be unlawful. The distribution of this communication may be restricted by law in certain other jurisdictions. Accordingly, persons in whose possession it comes are required to inform themselves of and observe any such restrictions. The squeeze-out is not the extension of a tender offer for any securities nor an offer to purchase any securities in any jurisdiction, including the United States.

Certain statements made in this communication are forward-looking statements. Although Allianz’s management believes that the expectations reflected in such forward-looking statements are reasonable, readers are cautioned that these forward-looking statement by their nature involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. Many factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements, including those listed in our Annual Report on Form 20-F filed with the SEC. We undertake no obligation to update forward-looking statements.