CRZBY Commerzbank Ag (PK)

                           Pre-Stabilisation notice

30th March, 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

                                [€ 00,000,000]

           Dated Subordinated Fixed to Floating Notes due July 2045

                             Stabilisation Notice

Commerzbank AG (contact: Ian Turner; telephone: 44-207-475-1817) hereby
announces that the Stabilising Manager(s) named below may stabilise the offer
of the following securities in accordance with Commission Regulation (EC) No.
2273/2003 implementing the Market Abuse Directive (2003/6/EC).

The security to be stabilised:

Issuer:                             Allianz SE

Guarantor (if any):                 n/a

ISIN                                Tba

Aggregate nominal amount:           € tba

Description:                        Dated Subordinated Fixed to Floating Notes
                                    due July 2045

Offer price:                        Tba

Other offer terms:                  Payment 9 April 2015, Listing Luxembourg
                                    Stock Exchange, Denoms: EUR100k+100k.
                                    Expected Issue Rating: A2/A+

Stabilisation:

Stabilising 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

Stabilisation period commences      30th March, 2015

Stabilisation period expected to    No later than 30 days
end on:

Existence, maximum size and         The Stabilising Manager(s) may over-allot
conditions of use of over-allotment the securities to the extent permitted in
facility.                           accordance with applicable law.

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 at a level higher than that which
might otherwise prevail. However, there is no assurance that the Stabilising
Manager(s) will take any stabilisation action and any stabilisation action, if
begun, may be ended 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