Allianz AG and RAS Holding S.p.A. have announced that the Italian deed of merger in connection with the merger of RAS Holding into Allianz was executed today in Milan. The execution of the deed is a further step towards completing the process of integrating the two companies, which began on September 11, 2005, and will result in Allianz transforming into a European Company (Societas Europaea) upon the effectiveness of the merger.

The merger - and thereby the conversion of Allianz into a European Company - will become effective upon its registration with the commercial register in Munich. This is expected to be carried out on October 13, 2006.

Consequently, for stock exchange purposes only, the RAS Holding's shares will be delisted starting from October 16, 2006. Allianz's shares are expected to start trading on the MTA International market segment of the Italian Stock Exchange on the same date. Allianz filed the related listing application yesterday, October 2, 2006.

The merger is the final part of the transaction for the full acquisition of RAS by Allianz, in which course the outstanding shareholders of RAS will receive shares of Allianz SE.

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