COMMERZBANK AG (London Branch) - Post Stabilisation-Allianz SE EUR1.5bn 3.375% PerpNC10

Post-Stabilisation Notice

16th September, 2014

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

                                  Allianz SE

                                €1,500,000,000

         3.375%. Undated Subordinated Resettable Fixed Rate Notes NC10

               Launched off the Issuer's Debt Issuance Programme

                             Stabilisation Notice

Commerzbank AG (contact: Ian Turner; telephone: [phone]) hereby gives
notice that no stabilisation (in accordance with Commission Regulation (EC) No.
2273/2003) was undertaken by the Stabilising Manager(s) in relation to the
offer of the following securities.

Issuer:                   Allianz SE

Guarantor (if any):       n/a

ISIN:                     DE000A13R7Z7

Aggregate nominal amount: €1,500,000,000

Description:              €1.5bn 3.375% Perpetual NC10

Stabilisation Manager     Coordinating Stabilsation Manager:
(s):
                          Commerzbank Aktiengesellschaft

                          Stabilisation Managers

                          Citigroup Global Markets Limited

                          HSBC Bank plc

                          Societe Generale

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.