Capital market transactions completed successfully

Not for distribution into the United States, Canada, Australia and Japan.

Allianz has successfully completed its "All-in-one" capital market transactions. Both the index-linked exchangeable BITES and the subordinated bond received strong demand by investors and were oversubscribed many times. The issue size of the subordinated euro bond was increased by 40 percent from 1 billion to 1.4 billion euros.

Details of terms and conditions:

The exchangeable bond BITES (Basket Index Tracking Equity-linked Securities) is linked to the DAX Index and was issued at a DAX-reference level of 4,205.115. During the three-year term of this instrument, the issuer may choose to redeem the bond with shares of Munich Re AG, Siemens AG or BMW AG. Investors will receive an annual outperformance premium of 0.75 percent on the prevailing future DAX level and a repayment premium of 1.75 percent, based on the DAX level at redemption.

The subordinated bond, which will bear a coupon of 4.375 percent for the first 12 years, will be issued at a price of 98.923 percent, yielding 4.493 percent p.a. While this is a perpetual bond, it is callable by Allianz for the first time in 2017.

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This announcement is not an offer of securities for sale in the United States. The offer and sale of securities referred to in this announcement have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the "Securities Act"), and the securities may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. Any public offering of securities to be made in the United States would have to be made by means of a prospectus that would contain detailed information about the issuer of the securities and its management, as well as financial statements. Any persons reading this announcement should inform themselves of and observe any such restrictions. Stabilisation/FSA.

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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 statement.

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