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REG-Commerzbank AG: Pre Stabilisation Allianz EUR 16NC6 Tier 2

Pre-Stabilisation Notice

August 31, 2022

Not for distribution, directly or indirectly, in or into the United States or
any jurisdiction in which such distribution would be unlawful.

Allianz SE

EUR Subordinated Fixed to Floating Rate Notes due 2038

Commerzbank AG (contact: Ian Turner; telephone: +44-207-7475-1817) hereby
announces, as Stabilisation Coordinator, that the Stabilising Managers named
below may stabilise the offer of the following securities in accordance with
Commission Delegated Regulation (EU) 2016/1052 under the Market Abuse
Regulation (EU Regulation 596/2014).

 The security to be stabilised:                                                                                                                                                                
 Issuer:                                                                    Allianz SE                                                                                                         
 Guarantor (if any):                                                        none                                                                                                               
 Aggregate nominal amount:                                                  EUR tbc                                                                                                            
 Description:                                                               Subordinated Fixed to Floating Rate Tier 2 Notes                                                                   
 Offer price:                                                               tbc                                                                                                                
 Other offer terms:                                                         issued under the issuer’s DIP, denoms 100k/100k, listing Lux                                                       
 Stabilisation:                                                                                                                                                                                
 Stabilisation Coordinator: Stabilising Managers:                           Commerzbank AG BofA Securities Credit Agricole Corporate and Investment Bank Deutsche Bank AG HSBC Bank plc        
 Stabilisation period expected to start on:                                 August 31, 2022                                                                                                    
 Stabilisation period expected to end on:                                   no later than 30 days after the proposed issue date of the securities                                              
 Existence, maximum size and conditions of use of over-allotment facility.  The Stabilising Managers may over-allot the securities to the extent permitted in accordance with applicable law.  
 Stabilisation trading venue:                                               Luxembourg SE (regulated market)                                                                                   

In connection with the offer of the above securities, the Stabilising
Manager(s) may over-allot the securities or effect transactions with a view to
supporting the market price of the securities during the stabilisation period
at a level higher than that which might otherwise prevail. However,
stabilisation may not necessarily occur and any stabilisation action, if
begun, may cease at any time Any stabilisation action or over-allotment shall
be conducted in accordance with all applicable laws and rules.

This announcement is for information purposes only and does not constitute an
invitation or offer to underwrite, subscribe for or otherwise acquire or
dispose of any securities of the Issuer in any jurisdiction.

This announcement is not for distribution, directly or indirectly, in or into
the United States or any other jurisdiction in which such distribution would
be unlawful.

END



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