Pre-Stabilisation notice                            

    5th 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                                   

             EUR Dated Subordinated Fixed to Floating Rate Notes due 2047.         

           Issued off the Debt Issuance Programme with a separate prospectus       

    Commerzbank AG (contact: Ian Turner; telephone: (44-207475-1817) hereby
    announces, as Stabilisation Coordinator, that the Stabilising Manager(s) 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):                n/a                                        
                                                                                  
    Aggregate nominal amount:          EUR Benchmark                              
                                                                                  
    Description:                       EUR Dated Subordinated Fixed/FRN due 2047  
                                                                                  
    ISIN:                                                                         
                                                                                  
    Offer price:                       [n/a]                                      
                                                                                  
    Other offer terms:                 Denoms: EUR100k+100k, Listing Luxembourg.  
                                       Payment date -- January 2017               
                                                                                  
    Stabilisation:                                                                
                                                                                  
    Stabilising Manager(s):            Commerzbank Aktiengesellschaft (CSM)       
                                                                                  
                                       Stabilsation Managers:                     
                                       Credit Agricole Corporate and Investment   
                                       Bank                                       
                                       Deutsche Bank AG, London Branch            
                                       Merrill Lynch International                
                                                                                  
    Stabilisation period expected to   05 January 2017                            
    start on:                                                                     
                                                                                  
    Stabilisation period expected to   04 February 2017 (30 days after the        
    end on:                            proposed issue date of the securities)     
                                                                                  
    Existence, maximum size and        The Stabilising Manager(s) may over-allot  
    conditions of use of               the securities to the extent permitted in  
    over-allotment facility.           accordance with applicable law.            
                                                                                  
    Stabilisation trading venue:       Luxembourg Stock Exchange                  

    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 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