Post-Stabilisation Notice                           

    13th January, 2017

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

                                      Allianz SE                                   

                    EUR1,000,000,000 3.099% Notes  due 06 July 2047                

         Issued off the Debt Issuance Programme including separate prospectus      

                               Post-Stabilisation Notice                           

    Commerzbank (contact: Ian Turner; telephone: 44-207-475-1817) hereby gives
    notice that no stabilisation (within the meaning of Article 3.2 (d) of the
    Market Abuse Regulation (EU Regulation 596/2014))) was undertaken by the
    Stabilising Manager(s) named below in relation to the offer of the following
    securities.

    Issuer:                    Allianz SE                                 
                                                                          
    Guarantor (if any):        n/a                                        
                                                                          
    ISIN:                      DE000A2DAHN6                               
                                                                          
    Aggregate nominal amount:  EUR 1,000,000,000                          
                                                                          
    Description:               3.099% Fixed to Floating Notes  due 06 July
                               2047                                       
                                                                          
    Stabilisation Manager (s): Commerzbank Aktiengesellschaft (CSM)       
                                                                          
                               Stabilsation Managers:                     
                               Credit Agricole Corporate and Investment   
                               Bank                                       
                               Deutsche Bank AG, London Branch            
                               Merrill Lynch International                

    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.