CRZBY Commerzbank Ag (PK)

                           Post-stabilisation notice

8th April, 2015

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 1,500,000,000

        2.241% Dated Subordinated Fixed to Floating Notes due July 2045

                             Stabilisation Notice

Commerzbank AG (contact: Ian Turner; telephone: 44-207-475-1817) 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:                     DE000A14J9N8

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

Description:              Dated Subordinated Fixed to Floating Notes due
                          July 2045

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

                          Stabilisation Managers
                          Citigroup Global Markets Limimted
                          Credit Agricole Corporate and Investment Bank
                          Deutsche Bank AG, London Branch
                          HSBC Bank plc

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.