Allianz announces first details regarding its rights offering

With the approval of the supervisory board the board of management of Allianz AG has set the subscription period and the subscription ratio for the planned rights offering. For each 15 existing Allianz shares, the shareholders will be issued with rights to subscribe to 7 new Allianz shares with dividend entitlement for the fiscal year 2003. The subscription price for the new shares will be fixed and published in due course. At the same time, the holders of profit participation rights will be issued with rights to subscribe for new profit participation certificates at a ratio of 15:7. The subscription price will be calculated respectively to the share price. The subscription period for new Allianz shares and profit participation certificates is expected to start on April 15, 2003 and will presumably end on April 29, 2003.

No Distribution into the United States, Canada, Australia and Japan

This statement is not being issued in the United States of America (USA), Canada, Australia and Japan and should not be distributed to persons in or from these countries or publications with a general circulation in these countries.

No Offer

This statement does not constitute an offer or invitation to subscribe for or purchase any securities in any jurisdiction.
The securities of Allianz Aktiengesellschaft as described herein will not be publicly offered or sold in the United States of America, Canada, Australia and Japan and have not been and will not be registered under the United States Securities Act of 1933. Consequently they may not be offered, sold or delivered, directly or indirectly, within the United States absent registration under or an applicable exemption from the registration requirements of the United States securities laws.

Cautionary Note Regarding Forward-Looking Statements

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 core business and core 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) the extent of credit defaults (vii) interest rate levels, (viii) currency exchange rates including the Euro-U.S. dollar exchange rate, (ix) changing levels of competition, (x) changes in laws and regulations, including monetary convergence and the European Monetary Union, (xi) changes in the policies of central banks and/or foreign governments, (xii) the impact of acquisitions, including related integration issues, (xiii) reorganization measures and (xiv) general competitive factors, in each case on a local, regional, national and/or global basis. Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences. The matters discussed herein may also involve risks and uncertainties described from time to time in Allianz AG’s filings with the U.S. Securities and Exchange Commission. The company assumes no obligation to update any forward-looking information.

No duty to update

The company assumes no obligation to update any information contained herein.