Allianz issues bond

The term of the bond is 20 years. After 10 years (and thereafter every quarter) Allianz has the right to call the bond. The bond will carry a fixed coupon for the first 10 years. If the bond is not called after 10 years, the coupon will switch to a floating benchmark plus a margin. It is anticipated that the issue volume, the final coupon and the issue price will be determined next week following an initial bookbuilding period. A listing on the Luxembourg Stock Exchange and the Amsterdam Stock Exchange is scheduled. The transaction will be managed by Deutsche Bank and Dresdner Kleinwort Wasserstein (joint bookrunners), and ABN AMRO.

With this new bond Allianz will for the first time be issuing a subordinated security. Allianz is thus continuing its strategy of a balanced long term group funding targeting a broadly based investor community. The issue will contribute to the long-term financing of the acquisition of Dresdner Bank.

Certain of the statements contained herein may be statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, the words "may, will, should, expects, plans, intends, anticipates, believes, estimates, predicts, potential, or continue" and similar expressions identify forward-looking statements. Actual results, performance or events may differ materially from those in such statements due to, without limitation, (i) general economic conditions, including in particular economic conditions in the Allianz Group's business and markets, (ii) performance of financial markets, including emerging markets, (iii) the frequency and severity of insured loss events, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) interest rate levels, (vii) currency exchange rates including the Euro – U.S. dollar exchange rate, (viii) changing levels of competition, (ix) changes in laws and regulations, including monetary convergence and the European Monetary Union, (x) changes in the policies of central banks and/or foreign governments, (xi) the impact of our acquisition of Dresdner Bank, including related integration issues, and (xii) general competitive factors, in each case on a local, regional, national and / or global basis. The matters discussed in this release may also involve risks and uncertainties described from time to time in Allianz AG’s filings with the U.S. Securities and Exchange Commission. Allianz AG assumes no obligation to update any forward-looking information contained in this release.