Redemption of Profit Participation Certificate

For each Profit Participation Certificate of Euro 5.12 nominal value the holders receive a cash compensation corresponding to 122.9 percent of the volume-weighted average price for Allianz SE shares, as determined on the basis of the quotations on the Munich Stock Exchange during the last three months prior to the termination of the profit participation relationship, but not less than the amount of Euro 72.39 per Profit Participation Certificate. This minimum amount shall be adjusted as described in Section 6 para. 4 of the conditions of the Profit Participation Certificates, in case that certain changes to the share capital of Allianz SE occur until December 31, 2009. The cash compensation shall be due for payment on January 4, 2010.

In addition, holders of the Profit Participation Certificate will receive upon presentation of the distribution coupon no. 32 a distribution payment for the fiscal year 2009 pursuant to Section 2  of the conditions of the Profit Participation Certificates on the first working day after the day of the Annual General Meeting of Shareholders of Allianz SE in  2010 (scheduled for May 5, 2010).

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