Invitationto the Annual General Meetingof Allianz SEon May 5, 2010

2 Agenda

Contents

Agenda 4

1. PresentationoftheapprovedAnnualFinancialStatementsandtheapprovedConsolidatedFinancialStatementsasatDecember31,2009,andoftheManagementReportsforAllianzSEandfortheGroup,theExplanatoryReportsontheinformationpursuantto§289(4),§315(4)and§289(5)oftheGermanCommercialCode(Handelsgesetzbuch)aswellastheReportoftheSuper­visoryBoardforthefiscalyear2009 4

2. Appropriationofnetearnings 4

3. ApprovaloftheactionsofthemembersoftheManagementBoard 5

4. ApprovaloftheactionsofthemembersoftheSupervisoryBoard 5

5. By­electiontotheSupervisoryBoard 5

6. ApprovaloftheremunerationsystemfortheManagementBoardmembersofAllianzSE 6

7. CreationofanAuthorizedCapital2010/I,cancellationoftheAuthorizedCapital2006/IandcorrespondingamendmenttotheStatutes 6

8. CreationofanAuthorizedCapital2010/IIfortheissuanceofsharestoemployees,cancellationoftheAuthor­izedCapital2006/IIandcorrespondingamendmenttotheStatutes 10

9. Approvalofanewauthorizationtoissuebondscarryingconversionand/oroptionrightsaswellasconvertibleparticipationrights,creationofaConditionalCapital2010,cancellationofthecurrentauthorizationtoissuebondscarryingconversionand/oroptionrights,cancellationoftheConditionalCapital2006andcorrespondingamendmenttotheStatutes 12

10.Authorizationtoacquiretreasurysharesfortradingpurposes 19

11.Authorizationtoacquireandutilizetreasurysharesforotherpurposes 20

12.Authorizationtousederivativesinconnectionwiththeacquisitionoftreasurysharespursuantto§71(1)no.8oftheGermanStockCorporationAct(Aktiengesetz) 25

13.ApprovalofcontrolandprofittransferagreementbetweenAllianzSEandAllianzCommonApplicationsandServicesGmbH 27

14.ApprovalofcontrolandprofittransferagreementbetweenAllianzSEandAZ­Argos45Vermögensverwaltungs­gesellschaftmbH 29

Allianz SE, MunichISIN DE0008404005

DisclaimerThisisatranslationoftheInvitationtoandAgendaoftheAnnualGeneralMeetingofAllianzSE.OnlytheGermanversionofthisdocumentislegallybindingonAllianzSE.Thistranslationisprovidedtoshareholdersforconveniencepurposesonly.NowarrantyismadeastotheaccuracyofthistranslationandAllianzSEassumesnoliabilitywithrespectthereto.

Agenda 3

Additional Information 32

Prerequisites for participating in the Annual General Meeting and exercising voting rights 32

Procedure for voting by proxy 33

Procedure for absentee voting 34

Forms provided by the Company for notice of participation, granting of proxy and absentee voting 35

Information on shareholders’ rights pursuant to Art. 56 sentence 2 and sentence 3, of Regulation (EC) no. 2157/2001 (SE-Regulation – SE-VO), § 50 (2) SE Implementation Act (SE-Ausführungsgesetz – SEAG), §§ 122 (2), 126 (1), 127, 131 (1) German Stock Corporation Act (AktG) 36

Request for amendments to the Agenda pursuant to Art. 56 sentence 2 and sentence 3 of the SE-Regulation, § 50 (2) SEAG, § 122 (2) German Stock Corporation Act 36

Shareholder proposals and election nominations pursuant to §§ 126 (1), 127 German Stock Corporation Act 37

Shareholders’ right to be informed pursuant to § 131 (1) German Stock Corporation Act 38

Additional explanations 39

Web site where information pursuant to § 124 a German Stock Corporation Act can be accessed 39

Limitations set forth in the Statutes on registering shares belonging to others in the share register in one’s own name 39

Live webcast of the Annual General Meeting 40

Publication in the Electronic Federal Gazette (elektronischer Bundesanzeiger) 41

Information on Agenda item 5 (details regarding the candidate for election as shareholder representative to the Supervisory Board) 42

Report on Agenda item 7 (creation of an Authorized Capital 2010/I) 43

Report on Agenda item 8 (creation of an Authorized Capital 2010/II) 47

Report on Agenda item 9 (authorization to issue bonds carrying conversion or option rights and convertible participation rights) 48

Report on Agenda item 11 (authorization to acquire and utilize treasury shares for other purposes) 53

Report on Agenda item 12 (authorization to use derivatives in connection with the acquisition of treasury shares pursuant to § 71 (1) no. 8 German Stock Corporation Act) 58

4 Invitation/Agenda

Invitation to the Annual General Meeting

WeherebyinviteourshareholderstotheAnnual General Meeting of Allianz SE, Munich tobeheldon Wednesday, May 5, 2010 at 10:00 a. m. attheOlympiahalleintheOlympiapark,Coubertinplatz,80809Munich,Germany.

Agenda

1. Presentation of the approved Annual Financial Statements and the approved Consolidated Financial Statements as at December 31, 2009, and of the Manage-ment Reports for Allianz SE and for the Group, the Explanatory Reports on the information pursuant to § 289 (4), § 315 (4) and § 289 (5) of the German Com-mercial Code (Handelsgesetzbuch) as well as the Report of the Supervisory Board for the fiscal year 2009ThedocumentsareavailableforinspectionontheInternetatwww.allianz.com/agm.Copieswillbesenttoshareholdersuponrequest.Moreover,thesedocumentswillbemadeavailableandexplainedattheAnnualGeneralMeeting.Asstipulatedbylaw,noresolutionisplannedforAgendaitem1,astheSupervisoryBoardhasalreadyapprovedtheAnnualFinancialStatementsofAllianzSEandtheConsolidatedFinancialStatementsoftheAllianzGroup.

2. Appropriation of net earningsTheManagementBoardandtheSupervisoryBoardproposethattheavailablenetearnings(Bilanzgewinn)ofAllianzSEofEUR1,860,990,000forthefiscalyear2009beappropriatedasfollows:

DistributionofadividendofEUR4.10perno­parshareentitledtoadividend EUR1,860,990,000

TotheextentthattheCompanyholdstreasurysharesonthedayoftheAnnualGeneralMeetingthatarenotentitledtodividendspursuantto§71boftheGermanStockCorporationAct(Aktiengesetz,AktG)*,theamountattributabletosuchsharesshallbecarriedforwardtonewaccount.

* TheprovisionsoftheGermanStockCorporationActapplytotheCompanypursuanttoArt.9(1)lit.c)ii),Art.10oftheCouncilRegulation(EC)No.2157/2001datedOctober8,2001ontheStatuteforaEuropeancompany(SE)(hereinafterSE­RegulationorSE­VO),insofarasnothingelseisstipulatedinspecialrulesoftheSE­Regulation.

5 Agenda

3. Approval of the actions of the members of the Management Board TheManagementBoardandtheSupervisoryBoardproposethattheactionsinfiscalyear2009ofthemembersoftheManagementBoardofAllianzSEthatheldofficeinthefiscalyear2009beapproved.

4. Approval of the actions of the members of the Supervisory BoardTheManagementBoardandtheSupervisoryBoardproposethattheactionsinfiscalyear2009ofthemembersoftheSupervisoryBoardofAllianzSEthatheldofficeinthefiscalyear2009beapproved.

5. By-election to the Supervisory BoardThroughthedecisionoftheAmtsgerichtMünchen(MunichLocalCourt),Mr.PeterDenisSutherlandhasbeenappointedamemberoftheSupervisoryBoardofAllianzSE,astheshareholderrepresentativetoreplaceDr.FranzB.Humer,whoisnolongeramemberoftheSupervisoryBoard,untiltheendoftheAnnualGeneralMeetingonMay5,2010.

PursuanttoArt.40(2),(3)ofCouncilRegulation(EC)No.2157/2001ofOctober8,2001ontheStatuteforaEuropeancompany(SE)(referredtohereinafterastheSE­RegulationorSE­VO),§17SEImplementationAct(SE­Ausführungsgesetz,SEAG),§21(3)SEParticipationAct(SE­Beteiligungsgesetz,SEBG),PartBoftheAgreementontheParticipationofEmployeesinAllianzSEofSeptember20,2006(inthefollowingcalled:EmployeeParticipationAgreement),§6oftheStatutesofAllianzSE,theSupervisoryBoardismadeupoftwelvememberswhoareappointedbytheAnnualGeneralMeeting.Outofthosetwelvemembers,underPartBFig.2oftheEmployeeParticipationAgreement,§6sentence2oftheCompany’sStatutes,sixmembersaretobeappointedattheproposaloftheemployees.

AsthetermofofficeofMr.PeterDenisSutherland’sappointmentbycourtislimitedtotheendoftheAnnualGeneralMeetingonMay5,2010,ashareholderrepre­sentativeistobeelectedtotheSupervisoryBoardbytheAnnualGeneralMeeting.

6 Agenda

TheSupervisoryBoardproposesthatthefollowingresolutionbeadopted:

Mr.PeterDenisSutherland,residinginLondon,GreatBritain,legalexpert,formerchairman(ofBoardofDirectors)ofBPp.l.c.,London,GreatBritain,chairman(ofBoardofDirectors)ofGoldmanSachsInternationalbasedinLondon,GreatBritain,willbeappointedasamemberoftheSupervisoryBoardofAllianzSEforatermofofficelastinguntiltheendoftheAnnualGeneralMeetingwhichresolvesonthedischargeforfiscal2011,butfornolongerthan3years.

TheAnnualGeneralMeetingisnotboundbythisnomination.

6. Approval of the remuneration system for the Management Board members of Allianz SE§120(4)GermanStockCorporationAct(AktG)intheversionoftheLawontheAppropriatenessofManagementBoardCompensation(GesetzzurAngemessenheitderVorstandsvergütung,VorstAG)whichcameintoforceonAugust5,2009pro­videsforthepossibilitythattheAnnualGeneralMeetingresolvesontheapprovaloftheremunerationsystemfortheManagementBoardmembers.ThecurrentlyvalidremunerationsystemformembersoftheAllianzSEManagementBoardissetoutintheRemunerationReportwhichisaccessibleontheInternetaspartoftheAnnualReportatwww.allianz.com/agm.

TheManagementBoardandtheSupervisoryBoardproposethatthecurrentlyvalidremunerationsystemfortheAllianzSEManagementBoardmembersbeapproved.

7. Creation of an Authorized Capital 2010/I, cancellation of the Authorized Capital 2006/I and corresponding amendment to the StatutesTheAuthorizedCapital2006/IofAllianzSE(§2(3)oftheStatutesofAllianzSE)hasbeenpartiallyutilizedandcurrentlyamountstoEUR406,545,646.08(originallyEUR450,000,000).TheAuthorizedCapital2006/IisstillvaliduptoFebruary7,2011.AnewAuthorizedCapitalamountingtoEUR550,000,000shallthereforebecreated(AuthorizedCapital2010/I).TheAuthorizedCapital2006/IshallbecancelledwhenthenewAuthorizedCapital2010/Ibecomeseffective.

TheManagementBoardandtheSupervisoryBoard,therefore,proposethatthefollowingresolutionbeadopted:

Agenda 7

a) TheManagementBoardshallbeauthorizedtoincreasetheCompany’scapitalstockonceorseveraltimesonorbeforeMay4,2015,upontheapprovaloftheSupervisoryBoard,byissuingnewregisteredno­parvaluesharesagainstcontributionincashand/orinkindbyuptoatotalofEUR550,000,000(Author­izedCapital2010/I).

Ifthecapitalstockisincreasedagainstcontributionsincashtheshareholdersaretobegrantedasubscriptionright.Thesharesshallbetakenoverbycreditinstitutionsalongwiththeobligationthattheyshallbeofferedtoshareholdersforsubscription.TheManagementBoardshallbeauthorized,however,toexcludesuchshareholders’subscriptionrightupontheapprovaloftheSupervisoryBoard

– forfractionalamounts;

– totheextentnecessarytograntsubscriptionrightstonewsharestoholdersofbonds(includingparticipationrights)issuedbyAllianzSEoritsGroupcompaniesthatcarryconversionoroptionrightsoraconversionobligationtotheextentthatsuchholderswouldbeentitledtoafterhavingexercisedtheirconversionoroptionrightsorafteranyconversionobligationhadbeenfulfilled;

– iftheissuepriceofthenewsharesisnotsignificantlybelowthestockmarketpriceandtheaggregatenumberofsharesissuedunderexclusionofsubscrip­tionrightspursuantto§186(3)sentence4oftheGermanStockCorporationAct(AktG)doesnotexceed10%ofthecapitalstock,neitheronthedateonwhichthisauthorizationtakeseffectnoronthedateofexerciseofthisauthorization.Thesaleoftreasurysharesshallbecountedtowardsthislimitationprovidedthatthesaleoccursduringthetermofthisauthorization,subjecttotheexclusionofsubscriptionrightspursuantto§186(3)sentence4oftheGermanStockCorporationAct(AktG).Furthermore,suchsharesshallcounttowardsthislimitationthatwereormustbeissuedtoservicebonds(includingparticipationrights)withconversionoroptionrightsoraconver­sionobligation,providedthatthebondsorparticipationrightswereissuedduringthetermofthisauthorizationsubjecttoexclusionofsubscriptionrightsincorrespondingapplicationof§186(3)sentence4oftheGermanStockCorporationAct(AktG).

8 Agenda

Furthermore,theManagementBoardshallbeauthorized,upontheapprovaloftheSupervisoryBoard,toexcludeshareholders’subscriptionrightsinthecaseofacapitalincreaseagainstcontributionsinkind.

Thesumtotalofsharesissuedagainstcontributionincashand/orinkindinaccordancewiththisauthorization,subjecttotheexclusionofthesubscrip­tionright,shallnotexceedaproportionateamountofthecapitalstockofEUR232,396,800(equivalentto20%ofthecurrentcapitalstock).Suchsharesshallcounttowardsthislimitationthatwereormustbeissued,subjecttotheexclusionofthesubscriptionright,toservicebonds(includingparticipationrights)withconversionoroptionrightsoraconversionobligation,providedthatthebondsorparticipationrightswereissuedinexerciseoftheauthorizationsetoutinAgendaitem9oftheAnnualGeneralMeetingdatedMay5,2010.

TheManagementBoardshallalsobeauthorized,upontheapprovaloftheSuper­visoryBoard,todeterminetheadditionalrightsofthesharesandtheconditionsoftheshareissue.

b) §2(3)oftheStatutesshallbeamendedasfollows:

“2.3TheManagementBoardisauthorizedtoincreasetheCompany’scapitalstockonceorseveraltimesonorbeforeMay4,2015,upontheapprovaloftheSupervisoryBoard,byissuingnewregisteredno­parvaluesharesagainstcontributionincashand/orinkindbyuptoatotalofEUR550,000,000(Author­izedCapital2010/I).

Ifthecapitalstockisincreasedagainstcontributionsincashtheshareholdersaretobegrantedasubscriptionright.Thesharesshallbetakenoverbycreditinstitutionsalongwiththeobligationthattheyshallbeofferedtoshareholdersforsubscription.TheManagementBoardshallbeauthorized,however,toexcludesuchshareholders’subscriptionrightupontheapprovaloftheSupervisoryBoard

– forfractionalamounts;

Agenda 9

– totheextentnecessarytograntsubscriptionrightstonewsharestoholdersofbonds(includingparticipationrights)issuedbyAllianzSEoritsGroupcompaniesthatcarryconversionoroptionrightsoraconversionobligationtotheextentthatsuchholderswouldbeentitledtoafterhavingexercisedtheirconversionoroptionrightsorafteranyconversionobligationhadbeenfulfilled;

– iftheissuepriceofthenewsharesisnotsignificantlybelowthestockmarketpriceandtheaggregatenumberofsharesissuedunderexclusionofsubscrip­tionrightspursuantto§186(3)sentence4oftheGermanStockCorporationAct(AktG)doesnotexceed10%ofthecapitalstock,neitheronthedateonwhichthisauthorizationtakeseffectnoronthedateofexerciseofthisauthorization.Thesaleoftreasurysharesshallbecountedtowardsthislimitationprovidedthatthesaleoccursduringthetermofthisauthorization,subjecttotheexclusionofsubscriptionrightspursuantto§186(3)sentence4oftheGermanStockCorporationAct(AktG).Furthermore,suchsharesshallcounttowardsthislimitationthatwereormustbeissuedtoservicebonds(includingparticipationrights)withconversionoroptionrightsoraconversionobligation,providedthatthebondsorparticipationrightswereissuedduringthetermofthisauthorizationsubjecttoexclusionofsubscriptionrightsincorrespondingapplicationof§186(3)sentence4oftheGermanStockCorpo­rationAct(AktG).

Furthermore,theManagementBoardshallbeauthorized,upontheapprovaloftheSupervisoryBoard,toexcludeshareholders’subscriptionrightsinthecaseofacapitalincreaseagainstcontributionsinkind.

Thesumtotalofsharesissuedagainstcontributionincashand/orinkindinaccordancewiththisauthorization,subjecttotheexclusionofthesubscrip­tionright,shallnotexceedaproportionateamountofthecapitalstockofEUR232,396,800;suchsharesshallcounttowardsthislimitationthatwereormustbeissued,subjecttotheexclusionofthesubscriptionright,toservicebonds(includingparticipationrights)withconversionoroptionrightsoraconversionobligation,providedthatthebondsorparticipationrightswereissuedinexerciseoftheauthorizationsetoutinAgendaitem9oftheAnnualGeneralMeetingdatedMay5,2010.

10 Agenda

TheManagementBoardshallalsobeauthorized,upontheapprovaloftheSuper­visoryBoard,todeterminetheadditionalrightsofthesharesandtheconditionsoftheshareissue.”

c) TheAuthorizedCapital2006/Ipursuantto§2(3)oftheStatutes,adoptedbytheExtraordinaryGeneralMeetingonFebruary8,2006underitems1and3oftheAgenda,stillexistingintheamountofEUR406,545,646.08,shallbecancelleduponeffectivenessofthenewAuthorizedCapital2010/I.

d) TheManagementBoardisinstructedtofiletheresolutiononthecancellationoftheAuthorizedCapital2006/Iwiththecommercialregister(Handelsregister)insuchamannerthatthecancellationwillonlybeenteredintothecommercialregisterifthenewAuthorizedCapital2010/Itobeadoptedpursuanttolit.a)andb)ofthisAgendaitemwillberegisteredatthesametime.TheManage­mentBoardshallbeauthorizedtoapplytohavetheAuthorizedCapital2010/IregisteredinthecommercialregisterindependentlyfromtheotherresolutionsoftheAnnualGeneralMeeting.

8. Creation of an Authorized Capital 2010/II for the issuance of shares to employees, cancellation of the Authorized Capital 2006/II and corresponding amendment to the StatutesTheAuthorizedCapital2006/IIofAllianzSE(§2(4)oftheStatutesofAllianzSE)createdforthepurposeofissuingsharestoemployeeshasbeenpartiallyutilizedandcurrentlyamountstoEUR5,880,296.96(originallyEUR15,000,000).TheAuthorizedCapital2006/IIisstillvaliduntilFebruary7,2011.AnewAuthorizedCapitalfortheissueofsharestoemployeesshallthereforebecreated(AuthorizedCapital2010/II).TheAuthorizedCapital2006/IIshallbecancelledwhenthenewAuthorizedCapital2010/IIbecomeseffective.

TheManagementBoardandtheSupervisoryBoard,therefore,proposethatthefollowingresolutionbeadopted:

a) TheManagementBoardshallbeauthorizedtoincrease,upontheapprovaloftheSupervisoryBoard,thecapitalstockoftheCompanyonceorseveraltimesonorbeforeMay4,2015,byuptoatotalofEUR15,000,000byissuingnewregisteredno­parvaluesharesagainstcontributionsincash(AuthorizedCapital2010/II).TheManagementBoardmay,upontheapprovaloftheSupervisoryBoard,

Agenda 11

excludeshareholders’subscriptionrightsinordertoissuethenewsharestoemployeesofAllianzSEanditsGroupcompanies.TheManagementBoardshallfurtherbeauthorized,upontheapprovaloftheSupervisoryBoard,toexcludefractionalamountsfromtheshareholders’subscriptionright.

TheManagementBoardshallbeauthorized,upontheapprovaloftheSuper­visoryBoard,todeterminetheadditionalrightsofthesharesandtheconditionsoftheirissue.

b) §2(4)oftheStatutesshallbeamendedasfollows:

“2.4TheManagementBoardisauthorizedtoincrease,upontheapprovaloftheSupervisoryBoard,thecapitalstockoftheCompanyonceorseveraltimesonorbeforeMay4,2015,byuptoatotalofEUR15,000,000byissuingnewregisteredno­parvaluesharesagainstcontributionsincash(AuthorizedCapital2010/II).TheManagementBoardmay,upontheapprovaloftheSupervisoryBoard,excludeshareholders’subscriptionrightsinordertoissuethenewsharestoemployeesofAllianzSEanditsGroupcompanies.TheManagementBoardshallfurtherbeauthorized,upontheapprovaloftheSupervisoryBoard,toexcludefractionalamountsfromtheshareholders’subscriptionright.

TheManagementBoardshallbeauthorized,upontheapprovaloftheSuper­visoryBoard,todeterminetheadditionalrightsofthesharesandtheconditionsoftheirissue.”

c) TheAuthorizedCapital2006/IIpursuantto§2(4)oftheStatutes,adoptedbytheExtraordinaryGeneralMeetingonFebruary8,2006underitems1and4oftheAgenda,stillexistingintheamountofEUR5,880,296.96,shallbecancelledupontheeffectivenessofthenewAuthorizedCapital2010/II.

d) TheManagementBoardisinstructedtofiletheresolutiononthecancellationoftheAuthorizedCapital2006/IIwiththecommercialregisterinsuchamannerthatthecancellationwillonlybeenteredintothecommercialregisterifthenewAuthorizedCapital2010/IItobeadoptedpursuanttolit.a)andb)ofthisAgendaitemwillberegisteredatthesametime.TheManagementBoardshallbeauthor­izedtoapplytohavetheAuthorizedCapital2010/IIregisteredinthecommercialregisterindependentlyfromanyotherresolutionsoftheAnnualGeneralMeeting.

12 Agenda

9. Approval of a new authorization to issue bonds carrying conversion and/or option rights as well as convertible participation rights, creation of a Conditional Capital 2010, cancellation of the current authorization to issue bonds carrying conversion and/or option rights, cancellation of the Conditional Capital 2006 and corresponding amendment to the StatutesByresolutionpertainingtoitem5oftheAgendafortheExtraordinaryGeneralMeetingonFebruary8,2006,theManagementBoardwasauthorized,upontheapprovaloftheSupervisoryBoard,toissuebondscarryingconversionoroptionrightsforsharesoftheCompany,ononeormoreoccasions,onorbeforeFebruary7,2011,withanominalvalueofuptoEUR10,000,000,000.Toservicethesebondscarryingconversionoroptionrights,aConditionalCapital2006amountingtoEUR250,000,000wascreated.ThisauthorizationhasnotbeenutilizeduptothedayonwhichtheinvitationtotheAnnualGeneralMeetingonMay5,2010waspublished.Duetotheexpiryofthecurrentauthorization,anewauthorizationshallbecreatedandthecurrentauthorizationshallbecancelled.Accordingly,anewconditionalcapitalshallbecreated(ConditionalCapital2010)andtheConditionalCapital2006shallbecancelledduetothefactthatthecurrentauthorizationhasnotbeenutilized.

TheManagementBoardandtheSupervisoryBoard,therefore,proposethatthefollowingresolutionbeadopted:

a) Authorizationtoissuebondscarryingconversionrights,bondscarryingoptionrightsandconvertibleparticipationrights

aa) Nominalamount,termofauthorization,numberofshares

TheManagementBoardofAllianzSEshallbeauthorized,upontheapprovaloftheSupervisoryBoard,toissuebondscarryingconversionrights,bondscarryingoptionrightsand/orconvertibleparticipationrights(hereafterjointlyreferredtoas“thebonds”)inbearerorregisteredform,onceorseveraltimesonorbeforeMay4,2015,withanominalamountofuptoEUR10,000,000,000withorwithoutdefinitematurity,andtograntthehold­ersofthebondsconversionoroptionrightsforthesharesoftheCompany

Agenda 13

inaproportionateamountofthecapitalstockofuptoEUR250,000,000accordingtothetermsandconditionsofthebonds.Thebondsmayalsobeissuedagainstcontributionsinkind.

InadditiontoissuesinEuros,thebondsmayalsobeissuedinthelegalcur­rencyofanOECDcountry–limitedtotheappropriateequivalentamountinEuros.ThebondsmayalsobeissuedbyGroupcompaniesoftheCompany;insuchcasetheManagementBoardshallbeauthorizedtoissueaguaranteeinrespectofthebondsonbehalfoftheCompanyandtogranttheholdersofsuchbondsconversionoroptionrights,asapplicable,onsharesoftheCompany.

bb) Grantingofsubscriptionrights,exclusionofsubscriptionrights

Shareholdersshallgenerallyhaveasubscriptionrighttoacquirethebonds.Thebondsmayalsobeacquiredbyoneorseveralfinancialinstitutionsprovidedthatsuchinstitutionscommittoofferthemforsubscriptiontotheshareholders.TheManagementBoardshall,however,beauthorized,upontheapprovaloftheSupervisoryBoard,toexcludesubscriptionrightsofshareholders

– forfractionalamounts;

– totheextentnecessarytograntsubscriptionrightstosharesoftheCom­panytoholdersofbondscarryingconversionoroptionrightsormanda­toryconvertiblebondsand/orconvertibleparticipationrightstosuchanextentassuchholderswouldbeentitledtoafterhavingexercisedtheirconversionoroptionrightsorafteranyconversionobligationshavebeenfulfilled;

– ifthebondsareissuedagainstpaymentincashandtheissuepriceisnotsignificantlylowerthanthetheoreticalmarketvalueofthebondsascalculatedusingrecognizedfinance­mathematicalmethods.Thisauthori­zationtoexcludesubscriptionrightsshallonlyapply,however,tobondscarryingrightstoreceivesharescorrespondingtoaproportionateamountofthecapitalstocknotexceeding10%intheaggregate,neitheronthe

14 Agenda

dateonwhichthisauthorizationtakeseffectnoronthedateofexerciseofthisauthorization.Thesaleoftreasurysharesshallbecountedtowardsthislimitationifthesaleoccursduringthetermofthisauthorizationandsubscriptionrightsareexcludedpursuantto§186(3)sentence4oftheGermanStockCorporationAct.Inaddition,sharesissuedduringthetermofthisauthorizationfromAuthorizedCapitalshallbecountedtowardsthislimitprovidedthatsubscriptionrightsareexcludedpursuantto§186(3)sentence4oftheGermanStockCorporationAct;

– ifthebondsareissuedagainstcontributionsinkind,providedthatthevalueofthecontributioninkindisappropriateinrelationtothemarketvalueofthebondsascalculatedpursuanttotheprecedingparagraph.

Thesumtotalofshareswhicharetobeissuedinconnectionwithbonds,whichinaccordancewiththisauthorizationhadbeenissuedsubjecttotheexclusionofthesubscriptionright,shallnotexceedaproportionateamountofthecapitalstockofEUR232,396,800(equivalentto20%ofthecurrentcapitalstock).SuchsharesshallcounttowardsthislimitationwhichwereissuedduringthetermofthisauthorizationfromtheAuthorizedCapital2010/Isubjecttoexclusionofsubscriptionrights.

cc) Conversionright,conversionobligation

Ifbondscarryingconversionrightsareissued,theholderscanconverttheirbondsintoCompanysharesaccordingtothetermsandconditionsofthebonds.Theproportionateshareinthecapitalstockofthesharestobeissueduponconversionshallnotexceedthenominalvalueoftheconvertiblebondortheconvertibleparticipationright.TheexchangeratioshallbecalculatedbydividingthenominalvalueofthebondbythefixedconversionpriceforoneshareoftheCompany.Theexchangeratiomayalsobecalculatedbydividingtheissuepriceofthebond,whichmaybelowerthanitsnominalvalue,bythefixedconversionpriceforoneshareoftheCompany.Theexchangeratiomayberoundedupordowntoawholenumber;inaddition,acashpremiummaybeprovidedfor.Alsoitmaybeprovidedforthatfractionalamountsaretobecombinedand/orsettledincash.Thetermsandconditionsofthebondsmayalsoprovideforavariableexchangeratio.

Agenda 15

Thetermsandconditionsofthebondsmayalsoprovideforaconversionob­ligation.Insuchcase,thetermsandconditionsofthebondsmayentitletheCompanytosettleincash,eitherinpartorinwhole,anydifferencebetweenthenominalvalueoftheconvertiblebondsortheconvertibleparticipationrightandtheresultobtainedfrommultiplyingtheexchangeratioandastockmarketpriceofthesharesatthetimeofthemandatoryexchange(suchpricetobemorecloselydefinedinthetermsandconditionsofthebonds).Thestockmarketprice,inaccordancewiththecalculationdescribedintheprevioussentence,shallamounttoatleast80%oftherelevantstockmarketpricepershareforthelowerconversionpricelimit,pursuanttolit.ee)below.

dd) Optionright

Ifbondscarryingoptionrightsareissued,oneormorewarrantsshallbeat­tachedtoeachbond,entitlingthebearertopurchasesharesoftheCompanypursuanttothetermsandconditionsofthewarrantstobemorecloselydefinedbytheManagementBoard.Theproportionateshareinthecapitalstockofthesharestobeissuedperbondmaynotexceedthenominalvalueofthebondcarryingoptionrights.

ee) Conversion/optionprice

Theconversionoroptionprice,asapplicable,persharemustbeequaltoeitheratleast80%oftheaverageclosingpricesofsharesofAllianzSEintheXetra­tradingsystem(oranycomparablesuccessorsystem)overthetentradingdaysinFrankfurtamMainprecedingthedayonwhichtheManage­mentBoardresolvestoissuethebondsoratleast80%oftheaverageclosingpriceofAllianzSEsharesinXetra­trading(oranycomparablesuccessorsystem)overthedaysonwhichthesubscriptionrightsaretradedontheFrankfurtStockExchange,exceptthelasttwotradingdaysofthesubscriptionrightstradingperiod.

Notwithstanding§9(1)oftheGermanStockCorporationAct,thetermsandconditionsofthebondsmaycontainanti­dilutionclausestoprovideprotectionduringtheconversionoroptionperiodagainsttheCompanyraisingitscapitalstock,issuingadditionalbondscarryingconversionor

16 Agenda

optionrightsorconvertibleparticipationrightsorgrantingorguaranteeingfurtheroptionrightswithoutgrantingtheholdersofconversionoroptionrightsthesubscriptionrightstowhichtheywouldbeentitlediftheyexer­cisedtheirconversionoroptionrightsoriftheconversionobligationwerefulfilled.Thetermsandconditionsmayalsoprovideforavalue­preservingadjustmentoftheconversionoroptionpriceiftheCompanyimplementsothermeasuresthatmightresultinadilutionofthevalueoftheconversionoroptionrights.Theproportionateshareinthecapitalstockofthesharestobeissuedperbondmayinnoinstanceexceedthenominalvalueofthebond.

ff ) Furtherstructuringpossibilities

Theindividualtermsandconditionsofthebondsmayprovidethattreasurysharesbegrantedinthecaseofaconversionorexerciseofoptionrights.Moreover,thetermsandconditionsmayprovidefortheCompanynottogranttoholdersofconversionoroptionrightssharesintheCompany,buttopaytheequivalentamountincash.Thetermsandconditionsofthebondsmayalsoprovideforavariablenumberofsharestobegranteduponexerciseoftheoptionorconversionrightsoruponfulfillmentoftheconversionobligations,asapplicable;orthetermsandconditionsmayprovideforavariableexchangeratio,and/orforanadjustmentoftheoptionorconver­sionpriceduringthetermofthebondswithinarangetobedeterminedbytheManagementBoardtoreflecttheperformanceofthesharepriceorasaresultofanti­dilutionclauses.

gg) Authorizationtostipulatefurthertermsandconditionsofthebonds

TheManagementBoardshallbeauthorizedtodetermine(onitsownor,ifapplicable,inagreementwiththeadministrativebodiesoftheGroupcompaniesissuingthebonds)additionaldetailsrelatedtotheissueofthebondsandthetermsandconditionsofthebonds,particularlywithrespecttointerestrate,issueprice,termanddenomination,conversionoroptionprice,andconversionoroptionperiod.

Agenda 17

b) Conditionalcapitalincrease

ThecapitalstockshallbeconditionallyincreasedbyanamountofuptoEUR250,000,000byissuingupto97,656,250newregisteredno­parvalueshareswithentitlementtoshareinprofitsfromthebeginningofthefinancialyearoftheirissue(ConditionalCapital2010).Theconditionalcapitalincreaseshallen­abletheissueofsharestotheholdersofbondsissuedpursuanttotheauthoriza­tionreferredtoabove,totheextentthatsuchbondshavebeenissuedagainstpaymentincash.

Theissueofthenewsharesshallbemadeonthebasisoftheconversionoroptionpricedeterminedpursuanttotheauthorizationreferredtoabove.Theconditionalcapitalincreaseshallbecarriedoutonlytotheextentthatconver­sionoroptionrightsgrantedunderbondsissuedagainstcashareexercisedorthatconversionobligationsofsuchbondsarefulfilled,andtosuchextentastheconversionoroptionrightsorconversionobligationsarenotservicedthroughtreasuryshares,throughsharesfromauthorizedcapitalorthroughotherformsoffulfillment.

TheManagementBoardshallbeauthorizedtodeterminefurtherdetailsoftheconditionalcapitalincrease.

c) Cancellationofthenon­utilizedauthorizationofFebruary8,2006andcorre­spondingcancellationofConditionalCapital2006

Theauthorizationtoissuebondscarryingconversionand/oroptionrightsresolvedbytheExtraordinaryGeneralMeetingonFebruary8,2006underAgendaitem5shallbecancelled.TheConditionalCapital2006pursuantto§2(6)oftheStatutesshallbecancelledaccordingly.Thesecancellationswillnotbecomeeffectiveuntilthenewauthorizationtoissuebondscarryingconversionand/oroptionrightsaswellasconvertibleparticipationrightspursuanttotheresolutionunderlit.a)aswellasthenewConditionalCapital2010pursuanttotheresolutionunderlit.b)hascomeintoforce.

18 Agenda

d) AmendmenttotheStatutes

aa) §2(6)oftheStatutes(ConditionalCapital2006)shallberepealedduetothecancellationoftheConditionalCapital2006.

bb) In§2(5)oftheStatutesthefollowingruleshallbeinsertedfortheConditionalCapital2010:

“2.5ThecapitalstockisconditionallyincreasedbyuptoEUR250,000,000byissuingupto97,656,250newregisteredno­parvalueshareswithentitle­menttoshareinprofitsfromthebeginningofthefinancialyearoftheirissue(ConditionalCapital2010).TheconditionalcapitalincreaseshallbecarriedoutonlytotheextentthatconversionoroptionrightsareexercisedbyholdersofconversionoroptionrightsattachedtobondswhichAllianzSEoritsGroupcompanieshaveissuedagainstcashpaymentsaccordingtotheresolutionoftheAnnualGeneralMeetingofMay5,2010,orthatconversionobligationsundersuchbondsarefulfilled,andonlyinsofarastheconversionoroptionrightsorconversionobligationsarenotservicedthroughtreasuryshares,throughsharesfromauthorizedcapitalorthroughotherformsoffulfillment.TheManagementBoardisauthorizedtodeterminefurtherdetailsoftheconditionalcapitalincrease.”

e) Registrationwiththecommercialregister,authorizationtoamendStatutes

ToensurethatthecancellationofthecurrentConditionalCapital2006doesnotbecomeeffectivewithoutbeingsubstitutedbythenewConditionalCapital2010pursuanttotheaboveresolution,theManagementBoardshallbeinstructedtoregisterthecancellationoftheConditionalCapital2006withthecommercialregisterinsuchawaythatthecancellationisonlyenteredifthenewConditionalCapital2010isenteredatthesametime.

TheManagementBoardshallbeauthorizedtoregistertheConditionalCapital2010inthecommercialregisterindependentlyfromanyotherresolutionsmadebytheAnnualGeneralMeeting.

Agenda 19

TheSupervisoryBoardshallbeauthorizedtomakeadjustmentstothewordingoftheStatutesinaccordancewiththerespectiveissueofsharestobesubscribedaswellasanyotheramendmentstotheStatutesinconnectiontherewiththatmerelyconcernthewording.ThesameappliesintheeventthattheauthorizationtoissuebondshasnotbeenutilizeduponexpiryofthetermofauthorizationaswellasintheeventthattheConditionalCapital2010hasnotbeenutilizeduponexpiryofthedeadlinesforexercisingconversionandoptionrightsorforfulfillingconversionobligations.

10. Authorization to acquire treasury shares for trading purposesTheauthorizationtoacquiretreasurysharesfortradingpurposespursuantto§71(1)no.7oftheGermanStockCorporationAct,adoptedbytheAnnualGeneralMeetingonApril29,2009,expiresonOctober28,2010.Thisauthorizationshallthereforeberenewed.Theauthorizationistobefora5­yearterminaccordancewiththepossibilityprovidedunderthenewlaw.

TheManagementBoardandtheSupervisoryBoard,therefore,proposethatthefollowingresolutionbeadopted:

a) Domesticorforeigncreditinstitutions,withinthemeaningof§71(1)no.7oftheGermanStockCorporationAct,thataremajority­ownedbyAllianzSE,shallbeauthorizedtobuyandsellsharesoftheCompanyfortradingpurposes.Thetotalnumberofsharesacquired,togetherwithothertreasurysharesheldbytheCompany(orthattheCompanyisdeemedtoholdpursuantto§§71aetseq.oftheGermanStockCorporationAct),shallatnotimeexceed10%ofthecapitalstock.

b) Basedonthisresolution,sharesshallbeacquiredonlyiftheconsiderationpaidpersharedoesnotexceedbymorethan10%,anddoesnotfallshortofbymorethan10%,theaverageoftheshareprices(closingpriceintheXetra­tradingsystemoranycomparablesuccessorsystem)ofAllianzSEduringthethreetradingdaysinFrankfurtamMainprecedingtheacquisitionoftheshares.

20 Agenda

c) Thetradingpositioninsharesacquiredforthispurposeshallnot,attheendofanyday,exceed5%ofthecapitalstockofAllianzSE.

d) ThisauthorizationshallbeeffectiveuntilMay4,2015.Thecurrentlyexistingauthorizationtoacquiretreasurysharesfortradingpurposes,adoptedbytheAnnualGeneralMeetingonApril29,2009,andexpiringonOctober28,2010,shallbecancelleduponthenewauthorizationbecomingeffective.

11. Authorization to acquire and utilize treasury shares for other purposesTheauthorizationtoacquiretreasurysharespursuantto§71(1)no.8GermanStockCorporationAct,adoptedbytheAnnualGeneralMeetingonApril29,2009,expiresonOctober28,2010.Thisauthorizationshallthereforeberenewed.TheproposedresolutionsetsforththepossibilitiesoftheCompanybothwithregardtothemodalitiesoftheacquisitionoftreasurysharesandtheirsubsequentuse.Thetermoftheauthorizationshallbe5yearsinaccordancewiththepossibilityprovidedunderthenewlaw.

TheManagementBoardandtheSupervisoryBoardproposethatthefollowingresolutionbeadopted:

a) AllianzSEshallbeauthorizedtoacquiretreasurysharesinanamountofupto10%ofthecurrentcapitalstockofAllianzSE;thetotalamountoftreasurysharesacquired,togetherwithothertreasurysharesheldbyAllianzSE(orsharesthattheCompanyisdeemedtoholdpursuantto§§71aetseq.GermanStockCorporationAct)mustatnotimeexceed10%ofthecapitalstock.Thisauthoriza­tionshallnotbeusedforthepurposeoftradingintheCompany’sshares.

b) Thisauthorizationmaybeexercisedinpartorinwholeandonceorseveraltimes,topursueoneorseveralpurposesbyAllianzSEorbyothercompaniescontrolledormajority­ownedbyAllianzSEorbythirdpartiesactingfortheaccountofsuchcompaniesorfortheaccountoftheCompany.ThisauthorizationshallbeeffectiveuntilMay4,2015.Theauthorizationtoacquiretreasurysharesforotherpurposes,grantedattheAnnualGeneralMeetingoftheCompanyonApril29,2009,shallbecancelleduponthisnewauthorizationcomingintoeffect.

Agenda 21

c) TheacquisitionmaybecarriedoutatthediscretionoftheManagementBoard(1)throughastockexchange,(2)throughapublictenderoffer,or(3)throughapublicexchangeofferforsharesofastockexchange­listedcompanywithinthemeaningof§3(2)oftheGermanStockCorporationAct.

(1) Ifthesharesarerepurchasedoverastockexchange,thepurchasepricepershare(excludingincidentalcosts)shallnotexceedbymorethan10%,andnotfallshortofbymorethan10%,theopeningauctionpriceonthetradingdayinFrankfurtamMainintheXetra­tradingsystem(oranycomparablesuccessorsystem).

(2) Ifthesharesarerepurchasedthroughapublictenderoffer,thetenderpricepershareorthehighandlowendsofthepricerange(withoutincidentalcosts)shallnotexceedbymorethan10%,andnotfallshortofbymorethan20%,theclosingpriceintheXetra­tradingsystem(oranycomparablesucceedingsystem)onthethirdtradingdayinFrankfurtamMainpriortothepublicannouncementofthetenderoffer.If,afterthepublicationofthepublictenderoffer,materialdeviationsintherelevantmarketpriceoccur,theofferorinvitationtotendersharescanbeadjusted.Insuchacase,thebasisofanyadjustmentwillbethestockexchangepriceonthethirdtradingdayinFrankfurtamMainpriortothepublicannouncementofanadjustment.

Thevolumecanberestricted.Iftheofferisover­subscribed,sharesmustberepurchasedonapro­ratabasistothetenderedshares;tothisextenttherightsofshareholderstotendertheirsharespro­ratatotheirparticipationquotaisexcluded.Preferentialacceptancemaybeprovidedforsmalllotsofupto100tenderedsharespershareholder.Thepublictenderoffermaystipulateadditionalconditions.

(3) IfthesharesareacquiredthroughapublictenderoffertoexchangeAllianzSEsharesforsharesofastockexchange­listedcompanywithinthemeaningof§3(2)GermanStockCorporationAct(“exchangeshares”),theexchangeratiomaybestipulatedormaybedeterminedbywayofanauction.Considerationincashmaysupplementthedeliveryofexchangesharesormaybeusedtosettlefractionalamounts.Irrespectiveofthe

22 Agenda

procedurefortheexchange,theexchangepricepershareortherelevanthighandlowendsoftheexchangepricerangeinformofoneormoreexchangesharesandcalculativefractionalamounts,includinganycashorfractionalamounts(excludingincidentalcosts),shallnotexceedbymorethan10%,andnotfallshortofbymorethan20%,therelevantvaluepershareinAllianzSE.

TherelevantvalueofthesharesofAllianzSEandoftheexchangesharesshallbedeterminedbasedontherelevantclosingpriceintheXetra­tradingsystem(or,ifthesharesarenottradedintheXetra­tradingsystem,thetradingsystemusedintheparticularmarketsegmentthatismostsimilartoXetra)onthethirdtradingdayinFrankfurtamMainpriortothepublicannouncementoftheexchangeoffer.If,afterthepublicannouncementofthepublicexchangeoffer,substantialdeviationsoftherelevantpricesoccur,theoffercanbeadjusted.InsuchacasethebasisofanyadjustmentwillbetherelevantpricesonthethirdtradingdayinFrankfurtamMainpriortothepublicannouncementofanadjustment.

Thevolumecanberestricted.Iftheofferisoversubscribed,theshareswillberepurchasedonapro­ratabasistotherespectivetenderedshares;tothisextenttherightofshareholderstotendertheirsharespro­ratatotheirparticipationquotaisexcluded.Preferentialacceptancemaybeprovidedforsmalllotsofupto100tenderedsharespershareholder.Theexchangeoffermaystipulateadditionalconditions.

d) TheManagementBoardshallbeauthorizedtousesharesoftheCompanyrepur­chasedonthebasisofthisauthorizationforanylawfulpurposes,includinganyofthefollowing:

(1) ThesharescanbesoldinwaysotherthanonastockexchangeorthroughanoffertotheshareholdersiftheyaresoldforcashatapricenotsubstantiallybelowthestockexchangepriceofsharesoftheCompanyatthetimeofthesale.Thisauthorizationis,however,subjecttotherequirementthatthetotalnumberofsharessoldunderexclusionofsubscriptionrightspursuantto§186(3)sentence4GermanStockCorporationActshallnotexceed

Agenda 23

10%ofthecapitalstock,neitheratthetimeofthisauthorizationbecomingeffectivenoratthetimeofitsexercise.Allsharesmustbecountedtowardsthislimitationthatareissuedfromauthorizedcapitalduringthetermofthisauthorizationunderexclusionofsubscriptionrightspursuantto§186(3)sentence4oftheGermanStockCorporationAct.Furthermore,sharesissuedorrequiredtobeissuedtomeetobligationsarisingfrombonds(includingparticipationrights)carryingconversionoroptionrightsorconversionobligationsmustalsobecountedtowardsthislimitation,providedthatthesebondsorparticipationrightswereissuedduringthetermofthisauthoriza­tionunderexclusionofsubscriptionrightsincorrespondingapplicationof§186(3)sentence4oftheGermanStockCorporationAct.

(2) Thesharesmaybesoldforcontributionsinkind,particularlyinconnectionwiththeacquisitionofcompaniesorinterestsincompanies.

(3) ThesharesmaybeutilizedforplacementofCompanysharesonforeignstockexchangesonwhichtheyarenotyetadmittedfortrading.Theinitialofferprice(excludingincidentalcosts)oftheseshareswhenbeingplacedonadditionalstockexchangesmaynotbemorethan5%belowtheclosingpriceintheXetra­tradingsystem(oranycomparablesuccessorsystem)onthelasttradingdayinFrankfurtamMainpriortothelisting.

(4) ThesharesmaybeusedtomeetobligationsunderconversionoroptionrightswhichweregrantedbytheCompanyoranyofitsGroupcompaniesinconnectionwithbondissues(includingparticipationrights),ortomeetobligationsarisingfrombondscarryingconversionobligations(orparticipa­tionrights)issuedbytheCompanyoranyofitsGroupcompanies.

(5) Thesharesmay,uptoamaximumcorrespondingcapitalstockamountofEUR5,000,000,beofferedforpurchase,ortransferredto,employeesofAllianzSEoranyofitsGroupcompanies.

(6) Upto84,920sharesmayalsobeusedtofulfillthedeliveryobligationsinthecontextofthestockoptionplanestablishedin2005bytheformerRIUNIONEADRIATICADISICURTÀS.p.A.withcorporateseatinMilan/Italy(inthe

24 Agenda

following:RAS).ThisstockoptionplanhadbeenadaptedinthecourseofthemergerofRASintoAllianzAG(nowAllianzSE).Thebeneficiaries,uponeffectivenessofthemerger,hadreceivedintotalupto173,241stockoptionsforupto173,241AllianzSEsharesatapriceofEUR93.99perAllianzSEshare,ofwhich84,920optionsarestillexistent.ThestockoptionscanbeexercisedfromFebruary1,2008throughJanuary31,2012.Theexercisehadbeenmadesubjecttotheconditionthatinthefinancialyear2005RASreachedatleast80%ofitsplannedtargetsintermsofbothincreaseofvaluepursuanttotheEVA®­concept(economicvalueadded)aswellastheannualnetincomeunderIAS.Thisconditionwasmet.EntitledtosubscriptionundertheoutstandingoptionsareexecutiveemployeesoftheformerRASwhowerenotmembersoftheboardofdirectorsofRASandwhoarenowemployedbyAllianzS.p.A.,Trieste,Italy,oritsgroupcompaniesortheAllianzGroupcompanyA.C.I.F.AllianzCompagniaItalianaFinanziamentiS.P.A.,Trieste,Italy.

(7) ThesharesmayberedeemedwithoutanadditionalresolutionbytheGeneralMeetingauthorizingsuchredemptionofsharesoritsimplementa­tion.Theredemptionwillresultinacapitaldecrease.Deviatingfromthis,theManagementBoardmaydecidethatthecapitalstockshallremainunchangedbytheredemptionandthatinsteadofthattheredemptionwillincreasetheproportionateshareoftheremainingsharesinthecapitalstockpursuantto§8(3)GermanStockCorporationAct.Inthiscase,theManage­mentBoardshallbeauthorizedtoadjustthenumberofsharesstatedintheStatutes.

e) Theauthorizationsunderlit.d)shallalsoapplytotheuseofsharesoftheCom­panyrepurchasedonthebasisofearlierauthorizationspursuantto§71(1)no.8GermanStockCorporationActandtoanysharesrepurchasedbyGroupcompa­niesorpursuantto§71dsentence5GermanStockCorporationAct.

f) Theauthorizationsunderlit.d)maybeexercisedonceorseveraltimes,inpartorinwhole,individuallyorjointly.Theauthorizationsunderlit.d),(1),(2),(4),(5)and(6)mayalsobeexercisedbycompaniescontrolledormajority­ownedbyAllianzSEorbythirdpartiesactingontheaccountofsuchcompaniesorontheaccountoftheCompany.

Agenda 25

g) Theshareholders’subscriptionrightsonthesetreasurysharesshallbeexcludedinsofarasthesesharesareusedaccordingtotheaboveauthorizationunderlit.d)(1)through(6).Furthermore,theManagementBoardshallbeauthorized,intheeventofanoffertoacquiretreasurysharestoshareholders,tograntholdersofbonds(orparticipationrights)carryingconversionoroptionrightsorconversionobligationsissuedbytheCompanyoritsGroupcompaniessubscriptionrightsonthesesharestotheextenttheywouldbeentitledtheretoafterhavingexercisedtheconversionoroptionrightorafteranyconversionobligationhasbeenfulfilled;tothisextent,shareholders’subscriptionrightsforthesetreasurysharesshallbeexcluded.

12. Authorization to use derivatives in connection with the acquisition of treasury shares pursuant to § 71 (1) no. 8 of the German Stock Corporation Act ( Aktiengesetz)InadditiontotheauthorizationtoberesolvedunderAgendaitem11toacquiretreasurysharespursuantto§71(1)no.8GermanStockCorporationActtheCom­panyshallalsobeauthorizedtoacquiretreasurysharesusingderivatives.

TheManagementBoardandtheSupervisoryBoardproposethatthefollowingresolutionbeadopted:

a) InadditiontotheauthorizationresolvedbytheAnnualGeneralMeetingonMay5,2009underAgendaitem11,theacquisitionoftreasurysharesmaypursu­anttosaidauthorizationalsobecarriedoutby(1)sellingoptions,wherebytheCompanytakesontheobligationtoacquiresharesinAllianzSEuponexercise(“putoptions”),(2)purchasingoptionsthatentitletheCompanytoacquiresharesinAllianzSEuponexercise(“calloptions”),(3)concludingpurchaseagreements,inwhichtherearemorethantwotradingdaysbetweentheconclusionoftheagreementforpurchasingAllianzSEsharesandthefulfillmentthroughthedeliv­eryofAllianzSEshares(“forwardpurchases”)or(4)acombinationofputandcalloptionsandforwardpurchases(allreferredtointhefollowingas“derivatives”).

b) Thetotalofputoptionssold,calloptionspurchasedandforwardpurchasesconcludedunderthisauthorizationmaybeinrelationtoamaximumnumberofshareswhichdonotexceedatotalof5%ofthecurrentcapitalstockoftheCompany.Thetermoftheindividualderivativesisnotpermittedtoexceed

26 Agenda

18months,mustendonMay4,2015,atthelatest,andmustbechoseninsuchawaythattheacquisitionofAllianzsharesupontheexerciseorfulfillmentofthederivativeswilltakeplacenolaterthanMay4,2015.

c) ThetermsandconditionsofthederivativesshallensurethatthesharestobedeliveredtotheCompanyuponexerciseorfulfillmentofthederivativeshavepreviouslybeenacquiredinkeepingwiththelegalprincipleofequaltreatmentviathestockexchangeatthesharepriceintheXetra­tradingsystem(oranycomparablesuccessorsystem)effectiveatthetimetheshareswereacquired.

d) Thepricestipulatedinthederivativefortheacquisitionofoneshare(excludingincidentalcosts)incasetheoptionsareexercisedortheforwardpurchasesarefulfilledshallnotexceedbymorethan10%,andnotfallshortofbymorethan10%,theopeningauctionpriceintheXetra­tradingsystem(oranycomparablesuccessorsystem)onthedaythederivativecontractisconcluded.TheacquisitionpricepaidbytheCompanyforoptionsshallnotmateriallyexceed,andthesellingpricereceivedbytheCompanyforoptionsshallnotmateriallyfallshortof,thetheoreticalmarketvalueoftherelevantoptionsdeterminedaccordingtorecognizedprinciplesoffinancialmathematics,thecalculationofsuchmarketvaluetakingintoaccountinteraliatheagreedexerciseprice.TheforwardrateagreedbytheCompanyforforwardpurchasesshallnotmateriallyexceedthetheoreticalforwardratedeterminedaccordingtorecognizedprinciplesoffinancialmathematics,thecalculationofwhichtakesintoaccountinteraliathecurrentstockexchangepriceandthetermoftheforwardpurchase.

e) Iftreasurysharesareacquiredusingderivativesaccordingtotheaboverules,therightofshareholderstoconcludesuchderivativecontractswiththeCompanyisexcluded,applying§186(3)sentence4GermanStockCorporationActwiththeappropriatechanges.ShareholdersshallhavearighttotendertheirsharesintheCompanyonlyinsofarastheCompanyisobligatedvis­à­vistheshareholdertopurchasesharesunderthederivativetermsandconditions.Anyfurtherrighttotenderisexcluded.

Agenda 27

f) FortheuseoftreasurysharesacquiredusingderivativestherulesresolvedbytheAnnualGeneralMeetingonMay5,2010underAgendaitem11lit.d)tog)shallapplywiththeappropriatechanges.

13. Approval of control and profit transfer agreement between Allianz SE and Allianz Common Applications and Services GmbHTheManagementBoardandtheSupervisoryBoardproposethatthecontrolandprofittransferagreementbetweenAllianzSEandAllianzCommonApplicationsandServicesGmbH(inthefollowing:“ACAS”)withitsregisteredseatinMunich,GermanydatedJuly28,2009beapproved.

Theagreementhasessentiallythefollowingcontent:

• ACASmakesthemanagementofitscompanysubjecttoAllianzSE.AllianzSEshallaccordinglybeentitledtoissueinstructionstothemanagementofACASwithregardtothemanagementofthecompany.AllianzSEwillexerciseitsrighttoissueinstructionstoACASonlybyitsManagementBoard.

• ACASundertakestotransferduringthetermoftheagreementitsentireprofittoAllianzSE.Subjecttocreationorliquidationofreserves,theannualnetincome(Jahresüberschuss)whichisgeneratedwithouttakingintoaccountthetransferofprofits,reducedbyanylosscarryforwardfromtheprecedingyear,mustbetransferred.

• ACASmay,upontheapprovalofAllianzSE,establishappropriatedretainedearnings(Gewinnrücklagen)(§272(3)oftheGermanCommercialCode)fromtheannualnetincome(Jahresüberschuss)onlyifandtotheextentthatthisispermittedbyGermancommerciallawandeconomicallyjustifiedunderreasonablebusinessjudgment.Otherappropriatedretainedearnings(andereGewinnrücklagen)pursuantto§272(3)oftheGermanCommercialCodethatareestablishedduringthetermofthecontrolandprofittransferagreementmustupontherequestofAllianzSEbeliquidatedandoffsetagainstanyannualnetlossortransferredasprofit.Thetransferofamountsfromtheliquidationofotherappropriatedretainedearnings(andereGewinnrücklagen)establishedbeforecommencementoftheagreementisexcluded.

28 Agenda

• AllianzSEisobligedunder§302(1),(3)and(4)oftheGermanStockCorporationActtocompensateanyannualnetlossgeneratedduringthetermoftheagreement,totheextentthatsuchlossisnotcompensatedbytransferringfundsthathadbeenplacedduringthetermoftheagreementintotheotherappropriatedretainedearn­ings(andereGewinnrücklagen)establishedpursuantto§272(3)oftheGermanCommercialCode.

• TheagreementshalltakeeffectwithitsentryintothecommercialregisterofACASandshallapplyretroactivelyfortheperiodstartingJuly1,2009.ThecontrolthroughtherighttoissueinstructionsshallinanycaseonlybeeffectiveasfromtheentryoftheagreementintothecommercialregisterofACAS.

• TheagreementshallbeconcludedforafixedtermuntiltheendofJune30,2014or,ifthefinancialyearofACASischangedtothecalendaryear,untiltheendofDecember31,2014,andshallafterthatrenewwithunchangedtermsandconditionsforonecalendaryearatatime,ifitisnotterminatedbyeitherpartywithatleastsixmonths’advancenoticebeforeitsexpiry.Therighttoterminatetheagreementwithoutnoticeperiodformaterialcauseremainsunaffected.AllianzSEshallinparticularbeentitledtoterminateformaterialcauseiftheshareholdingofAllianzSEinACASisdisposedofinwholeorinpartorifAllianzSEnomoredirectlyholdsthemajorityofthevotesofthesharesinACAS.

Theshareholders’meetingofACAShasalreadyapprovedthecontrolandprofittransferagreement,andsuchapprovalhasbeennotarized.TheSupervisoryBoardofAllianzSEhasapprovedtheagreementonMarch17,2010.

Atthetimetheagreementwasconcludedandtheshareholders’meetingofACASandtheSupervisoryBoardofAllianzSEresolvedontheapproval,AllianzSEwasthesoleshareholderofACAS.Therefore,AllianzSEhastopayneithercompensationnorconsiderationtoanyoutsideshareholders.

Agenda 29

ThefollowingdocumentsareavailableontheInternetatwww.allianz.com/agm:

• thecontrolandprofittransferagreement;

• thejointreportoftheManagementBoardofAllianzSEandthemanagementofACAS;

• theAnnualFinancialStatementsandManagementReportsofAllianzSEforthepastthreefiscalyears;

• FinancialStatementsfortheabbreviatedfinancialyearofAllianzCommonApplicationsandServicesGmbHasatJune30,2009

Uponrequest,eachshareholderwillpromptlyandfreeofchargebesentacopyofthesedocuments.ThedocumentswillalsobedisplayedforinspectionattheAnnualGeneralMeetingofAllianzSE.

14. Approval of control and profit transfer agreement between Allianz SE and AZ-Argos 45 Vermögensverwaltungsgesellschaft mbHTheManagementBoardandtheSupervisoryBoardproposethatthecontrolandprofittransferagreementbetweenAllianzSEandAZ­Argos45Vermögens­verwaltungsgesellschaftmbH(inthefollowing:“AZ­Argos45”)withitsregisteredseatinMunich,GermanydatedDecember17,2009beapproved.

Theagreementhasessentiallythefollowingcontent:

• AZ­Argos45makesthemanagementofitscompanysubjecttoAllianzSE.AllianzSEshallaccordinglybeentitledtoissueinstructionstothemanagementofAZ­Argos45withregardtothemanagementofthecompany.AllianzSEwillexerciseitsrighttoissueinstructionstoAZ­Argos45onlybyitsManagementBoard.

• AZ­Argos45undertakestotransferduringthetermoftheagreementitsentireprofittoAllianzSE.Subjecttocreationorliquidationofreserves,theannualnetincome(Jahresüberschuss)whichisgeneratedwithouttakingintoaccountthetransferofprofits,reducedbyanylosscarryforwardfromtheprecedingyear,mustbetransferred.

30 Agenda

• AZ­Argos45may,upontheapprovalofAllianzSE,establishappropriatedretainedearnings(Gewinnrücklagen)(§272(3)oftheGermanCommercialCode)fromtheannualnetincome(Jahresüberschuss)onlyifandtotheextentthatthisispermittedbyGermancommerciallawandeconomicallyjustifiedunderreasonablebusinessjudgment.Otherappropriatedretainedearnings(andereGewinnrücklagen)pursuantto§272(3)oftheGermanCommercialCodethatareestablishedduringthetermofthecontrolandprofittransferagreementmustupontherequestofAllianzSEbeliquidatedandoffsetagainstanyannualnetlossortransferredasprofit.Thetransferofamountsfromtheliquidationofotherappropriatedretainedearnings(andereGewinnrücklagen)establishedbeforecommencementoftheagreementisexcluded.

• AllianzSEisobligedunder§302(1),(3)and(4)oftheGermanStockCorporationActtocompensateanyannualnetlossgeneratedduringthetermoftheagreement,totheextentthatsuchlossisnotcompensatedbytransferringfundsthathadbeenplacedduringthetermoftheagreementintotheotherappropriatedretainedearn­ings(andereGewinnrücklagen)establishedpursuantto§272(3)oftheGermanCommercialCode.

• TheagreementshalltakeeffectwithitsentryintothecommercialregisterofAZ­Argos45andshallapplyretroactivelyfortheperiodstartingJanuary1,2010.ThecontrolthroughtherighttoissueinstructionsshallinanycaseonlybeeffectiveasfromtheentryoftheagreementintothecommercialregisterofAZ­Argos45.

• TheagreementshallbeconcludedforafixedtermuntiltheendofDecember31,2014andshallafterthatrenewwithunchangedtermsandconditionsforonecalendaryearatatime,ifitisnotterminatedbyeitherpartywithatleastsixmonths’advancenoticebeforeitsexpiry.Therighttoterminatetheagreementwithoutnoticeperiodformaterialcauseremainsunaffected.AllianzSEshallinparticularbeentitledtoterminateformaterialcauseiftheshareholdingofAllianzSEinAZ­Argos45isdisposedofinwholeorinpartorifAllianzSEnomoredirectlyholdsthemajorityofthevotesofthesharesinAZ­Argos45.

Theshareholders’meetingofAZ­Argos45hasalreadyapprovedthecontrolandprofittransferagreement,andsuchapprovalhasbeennotarized.TheSuper­visoryBoardofAllianzSEhasapprovedtheagreementonMarch17,2010.

Agenda 31

Atthetimetheagreementwasconcludedandtheshareholders’meetingofAZ­Argos45andtheSupervisoryBoardofAllianzSEresolvedontheapproval,AllianzSEwasthesoleshareholderofAZ­Argos45.Therefore,AllianzSEhastopayneithercompensationnorconsiderationtoanyoutsideshareholders.

ThefollowingdocumentsareavailableontheInternetatwww.allianz.com/agm:

• thecontrolandprofittransferagreement;

• thejointreportoftheManagementBoardofAllianzSEandthemanagementofAZ­Argos45;

• theAnnualFinancialStatementsandManagementReportsofAllianzSEforthepastthreefiscalyears;

• FinancialStatementsfortheabbreviatedfinancialyearofAZ­Argos45Vermögens­verwaltungsgesellschaftmbHasatDecember31,2007aswellasAnnualFinancialStatementsofAZ­Argos45VermögensverwaltungsgesellschaftmbHforfiscal2008and2009.

Uponrequest,eachshareholderwillpromptlyandfreeofchargebesentacopyofthesedocuments.ThedocumentswillalsobedisplayedforinspectionattheAnnualGeneralMeetingofAllianzSE.

32 Additional Information

Additional Information

Prerequisites for participating in the Annual General Meeting and exercising voting rights

Pursuantto§12(4)oftheStatutesoftheCompany,shareholdersmayparticipateintheAnnualGeneralMeetingandexercisetheirvotingrights–personallyorbyproxy–iftheysendnoticeofparticipationtotheManagementBoardoftheCompanybyWednesday, April 28, 2010atthelatest,eitherto

HauptversammlungAllianzSEc/oADEUSAktienregister­Service­GmbH20722HamburgFax: +4969256270­49E­Mail: hv­service@allianz.com

orviatheInternetpursuanttotheprocedurelaiddownbytheCompanyat

www.allianz.com/agm­service

providedthattheseshareholdersareregisteredintheshareregister(Aktienregister)withtheirrespectiveshares.Forpurposesofdeterminingparticipationandvotingrights,thestatusoftheshareregisterasattheendofApril28,2010,shallbedecisive.

ShareholderswishingtogivenoticeofparticipationviatheInternetrequiretheirshare­holdernumberandonlinepassword.ShareholderswhohavesigneduptoreceivethedocumentsfortheGeneralMeetingsviae­mail,willreceivetheirshareholdernumberintheinvitatione­mailfortheAnnualGeneralMeeting,andwillberequiredtousethepasswordtheychosewhensigningupfore­maildelivery.Allothershareholdersregis­teredintheshareregisterwillreceivetheirshareholdernumberandonlinepasswordtogetherwiththeinvitationletterfortheAnnualGeneralMeetingbyordinarymail.

Afterhavinggivennoticeofparticipation,shareholdersortheirrepresentativeswillbesentanadmissiontickettotheAnnualGeneralMeeting.Shareholdersgivingnoticeofparticipationonlinehavethepossibilityofprintingouttheiradmissionticket

33 Additional Information

themselves.Unlikethenoticeofparticipation,theadmissionticketisnotaprerequisiteforparticipationbutmerelyservestosimplifyadmissioncontroltotheAnnualGeneralMeeting.

Creditinstitutionsthatareregisteredintheshareregistermayonlyexercisevotingrightsforsharestheydonotowniftheyareauthorizedtodosobytheshareholderconcerned.

ApplicationsforregistrationoftransfersintheshareregisterreceivedbytheCompanyaftertheendofApril28,2010anduptotheendoftheAnnualGeneralMeetingonMay5,2010,willonlybeenteredwitheffectaftertheAnnualGeneralMeetingonMay5,2010.

HoldersofAmericanDepositaryShares(ADS)willbeprovidedwithproxydocumentsbyJPMorganChaseBank(depositary).

NoticesofparticipationintheAnnualGeneralMeetingdonotresultinsharesbeingblockedfromtrading,i.e.shareholderscancontinuetodisposeoftheirsharesfreelyaftergivingnoticeofparticipation.

Procedure for voting by proxy

Shareholdersregisteredintheshareregistercanopttohavetheirvotingrightsexer­cisedbyarepresentative,suchasacreditinstitutionorshareholderassociation,attheAnnualGeneralMeeting.Here,too,shareholdersortheirrepresentativesmustensurethattimelynoticeofparticipationisgiven.

Proxies,theirrevocationandevidenceofproxytotheCompanymustbesubmittedintextformorissuedundertheInternetaddresswww.allianz.com/agm­service.Indero­gationoftheaforesaid,ifcreditinstitutions,shareholderassociationsorotherpersonsstatedunder§135(8)GermanStockCorporationActarebeingauthorized,theformoftheproxyisgovernedbytherespectiveoffertoexercisethevotingrights.

Proxies,theirrevocationandevidenceofproxytotheCompanycanbesubmittedtotheCompanyatthefollowingaddress:

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HauptversammlungAllianzSEc/oADEUSAktienregister­Service­GmbH20722HamburgFax: +4969256270­49E­Mail: hv­service@allianz.com

or,pursuanttotheprocedureslaiddownbytheCompany,viatheInternetat

www.allianz.com/agm­service.

Asaspecialservice,wealsoofferourshareholderstheoptiontoauthorizepersonsappointedbytheCompanytovoteontheirbehalfattheAnnualGeneralMeeting.ThesepersonscanbeauthorizedintextformorviatheInternetatwww.allianz.com/agm­service.Theywillvotesolelyonthebasisoftheinstructionsgivenbytheshareholder.IfaseparatevoteistobeheldonanitemoftheAgenda,theinstructiongivenonthisitemwillapplyaccordinglytoallsub­items.PleasenotethattheseappointedrepresentativeswillnotacceptinstructionstorequesttospeakortoraiseobjectionsagainstresolutionsoftheAnnualGeneralMeetingortoaskquestionsortosubmitshareholderproposals.

ThosecreditinstitutionsorshareholderassociationsparticipatingintheonlineservicecanalsobegrantedproxyviatheInternet,pursuanttotheprocedureslaiddownbytheCompany,atwww.allianz.com/agm­service.

Shareholderswho,viatheInternet,wishtograntproxytorepresentativesappointedbytheCompanyortocreditinstitutionsandshareholderassociationsparticipatingintheonlineservicewillrequiretheirshareholdernumberandonlinepassword.

Procedure for absentee voting

ShareholdersregisteredintheshareregistercanexercisetheirvotingrightsattheAnnualGeneralMeetingbywayofanabsenteevote(Briefwahl),withoutattendingtheAnnualGeneralMeeting.

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Pursuantto§12(4)oftheCompany’sStatutes,shareholdersareentitledtoexercisetheirvotingrightsbyabsenteevote–eitherpersonallyorbyproxy–iftheysendnoticeofparticipationtotheManagementBoardoftheCompanybyWednesday, April 28, 2010atthelatest,eithertotheaboveaddressorviatheInternet,pursuanttotheprocedureslaiddownbytheCompany,atwww.allianz.com/agm­service,providedthattheseshareholdersareregisteredintheshareregister(Aktienregister)withtheirrespectiveshares.Forpurposesofexercisingthevotingrightsthroughabsenteevote,thestatusoftheshareregisterasattheendofApril28,2010,shallbedecisive.

AbsenteevotescanbesenttotheCompanyeitherinwritingatthefollowingaddress:

HauptversammlungAllianzSEc/oADEUSAktienregister­Service­GmbH20722Hamburg

or,pursuanttotheprocedurelaiddownbytheCompany,at

www.allianz.com/agm­service.

ShareholderswishingtoexercisetheirvotingrightsattheAnnualGeneralMeetingbyonlineabsenteevoting,pursuanttotheprocedurelaiddownbytheCompany,atwww.allianz.com/agm­servicewillrequiretheirshareholdernumberandonlinepassword.

Authorizedcreditinstitutions,shareholderassociationsorotherpersonsstatedunder§135(8)GermanStockCorporationActmayalsoavailthemselvesoftheoptionofabsenteevoting.

Forms provided by the Company for notice of participation, granting of proxy and absentee voting

FormsprovidedbytheCompanycanbeusedtosubmitnoticesofparticipation,grantproxiesand/orvotebyabsenteevoting.Shareholderswhoareregisteredintheshareregister,buthavenotappliedtoreceivetheirinvitationtotheAnnualGeneralMeetingbye­mail,willreceivetherelevantformbyregularmail.Shareholderswhoareregisteredintheshareregisterandhaveappliedtoreceivetheirinvitationtothe

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AnnualGeneralMeetingbye­mailcanaccesstheonlineservicefortheAnnualGeneralMeetingviathelinkcontainedinthee­mailandsubmitnoticesofparticipation,grantproxiesand/orvotebyabsenteevotingthere.Furthermore,theformsforthenoticeofparticipation,grantingofproxyand/orabsenteevotingarealsoavailableatwww.allianz.com/agm.

Inaddition,proxycanalsobegrantedusingtheformontheadmissionticket.

Information on shareholders’ rights pursuant to Art. 56 sentence 2 and sentence 3, of Regulation (EC) no. 2157/2001 (SE-Regulation – SE-VO), § 50 (2) SE Implementation Act (SE-Ausführungsgesetz – SEAG), §§ 122 (2), 126 (1), 127, 131 (1) German Stock Corporation Act (AktG)

Request for amendments to the Agenda pursuant to Art. 56 sentence 2 and sentence 3 of the SE-Regulation, § 50 (2) SEAG, § 122 (2) German Stock Corporation Act

Shareholderswhoseholdingstogetheraccountforonetwentieth(5%)ofthecapitalstock(thiscorrespondstoEUR58,099,200or22,695,000Allianzshares)oraproratedamountofEUR500,000(corresponding to195,313Allianzshares–roundeduptothenexthighestwholenumberofshares)mayrequestthatitemsbeplacedontheAgendaandannounced.ThisquorumisrequiredpursuanttoArt.56sentence3ofRegulation(EC)No.2157/2001(hereinafter:SE­Regulation,SE­VO)inconjunctionwith§50(2)SEAGforrequestsforamendmentstotheAgendamadebytheshareholdersofaEuro­peancompany(SE).Inthisrespect,thecontentof§50(2)oftheSEImplementationAct(SEAG)correspondstothatsetoutin§122(2)GermanStockCorporationAct.

Eachnewitemmustbeaccompaniedbyastatementofreasonsoraproposedresolu­tion.RequestsmustbeaddressedtotheCompany’sManagementBoardinwritingandbereceivedbytheCompanyatleast30dayspriortotheAnnualGeneralMeeting,i.e.by12midnightonApril4,2010.Pleasesendyourrequesttothefollowingaddress:

AllianzSEInvestorRelationsKoeniginstrasse2880802Munich

37 Additional Information

RequestsforamendmentstotheAgendathatmustbeannouncedandhavenotalreadybeenannouncedonconvocationoftheAnnualGeneralMeetingwillbepublishedintheElectronicFederalGazette(elektronischerBundesanzeiger)withoutdelayafterreceipt.Inaddition,theywillbeannouncedintheInternetatwww.allianz.com/agmandcommunicatedtotheshareholders.

Shareholder proposals and election nominations pursuant to §§ 126 (1), 127 German Stock Corporation Act

AllshareholdersareentitledtomakeproposalsthataredirectedagainstproposalsmadebytheManagementBoardand/ortheSupervisoryBoardonspecificitemsoftheAgenda,andtomakenominationsfortheelectionofaSupervisoryBoardmember(Agendaitem5)(§§126(1),127GermanStockCorporationAct).

TheCompanywillmakeshareholderproposalsaccessible,subjecttotheprovisionssetoutin§126(2)and126(3)GermanStockCorporationAct,andwillmakeshareholdernominationsaccessible,subjecttotheprovisionssetoutin§§127sentence1,126(2)and126(3)GermanStockCorporationAct,undertheprerequisitesoutlinedbelow;shareholderproposalsandelectionnominations,includingtheshareholder’sname,statementofreasonsandthemanagement’scomments,ifany,willbeaccessibleatwww.allianz.com/shareholderproposals.

ShareholderproposalsthataretobemadeaccessiblemustbedirectedagainstaproposalbytheManagementBoardand/ortheSupervisoryBoardandaddressaspecificitemoftheAgenda.ShareholdernominationsthataretobemadeaccessiblemustrelatetotheelectionofaSupervisoryBoardmember(Agendaitem5).

ShareholderproposalsandnominationsthataretobemadeaccessiblemustonlybesenttotheCompanyatthefollowingaddress.Proposalsandnominationssentelse­wherecannotbeconsidered.

AllianzSEInvestorRelationsKoeniginstrasse2880802MunichE­Mail: investor.relations@allianz.comFax: +498938003899

38 Additional Information

Shareholderproposalstobemadeaccessiblemuststatereasons,shareholdernomina­tionsneednotstatereasons.

Shareholderproposalsandnominationstobemadeaccessiblemustbereceivedbyusby12midnightonApril20,2010.

TheCompanyhastherighttooptnottomakeaproposalanditsreasons,oranelectionnomination,accessibleifoneoftheexclusionssetoutin§126(2)GermanStockCorporationActapplies.Theexclusionswithinthemeaningof§126(2)GermanStockCorporationActrelatetoproposalsthatareagainstthelaw,proposalsthatviolatetheStatutesandproposalsthatarelegallyabusive,andalsoapplyaccordinglyforelectionproposals(§127sentence1,§126(2)GermanStockCorporationAct).Furthermore,pursuant§127sentence3GermanStockCorporationAct,nominationsfortheelectionofaSupervisoryBoardmemberwillonlybemadeaccessibleif,pursuantto§124(3)sentence3GermanStockCorporationAct,theycontainthename,theoccupationandtheplaceofresidenceoftheindividualnominatedand,pursuantto§125(1)sentence5GermanStockCorporationAct,containtheadditionalinformationontheindividual’smembershipofothersupervisoryboardstobeformedbylaw.

Shareholders’ right to be informed pursuant to § 131 (1) German Stock Corporation Act

Pursuantto§131(1)GermanStockCorporationAct(GermanStockCorporationAct)attheAnnualGeneralMeetingtheManagementBoardshallinformanyshareholders,onrequest,abouttheCompany’saffairs,insofarasthisisnecessaryfortheproperassess­mentofthesubjectmatteroftheAgenda.TheobligationtoprovideinformationshallextendtoAllianzSE’slegalandbusinessrelationswithitsassociatedenterprises,aswellastothesituationoftheAllianzconsolidatedgroupandtheenterprisesincludedintheconsolidatedfinancialstatements.

TheManagementBoardisentitled,incertaincasessetoutin§131(3)GermanStockCorporationAct,torefusetoprovideinformation.Furthermore,pursuantto§131(2)sentence2GermanStockCorporationActinconjunctionwith§13(3)sentences3and4oftheStatutesofAllianzSE,theChairmanoftheAnnualGeneralMeetingisentitledtoimposeappropriatetimelimitsontheshareholder’srighttoaskquestionsandspeak.

39 Additional Information

Additional explanations

Additionalexplanationsonshareholders’rightspursuanttoArt.56sentence2andsentence3SERegulation,§50(2)SEAG,§§122(2),126(1),127,131(1)GermanStockCorporationActcanbefoundatwww.allianz.com/agm.

Web site where information pursuant to § 124 a German Stock Corporation Act can be accessed

Informationpursuantto§124aGermanStockCorporationActcanbeaccessedatwww.allianz.com/agm.

Limitations set forth in the Statutes on registering shares belonging to others in the share register in one’s own name

Pursuanttothetermsandconditionssetoutabove,entryintheshareregisterisaprerequisiteforparticipationintheAnnualGeneralMeetingandforexercisingvotingrights.

Pursuantto§3aoftheStatutesofAllianzSE,theregistrationintheshareregisterofsharesbelongingtoanotherinone’sownnameispermissibleunderthefollowingprerequisites:

a) withoutlimitationforregistrationofupto0.2%ofthecapitalstockstatedintheStatutesperregisteredperson;

b) forregistrationofmorethan0.2%andupto3%ofthecapitalstockstatedintheStatutesperregisteredperson,registrationoftheportionofthesharesinexcessof0.2%ofthestatutorycapitalstockispermissibleaslongastheCompanyisinformedofthedatapursuantto§67(1)sentence1GermanStockCorporationActforeachofthepersonsonwhosebehalftheregisteredpersonholdsmorethan0.2%ofthestatutorycapitalstock;

c) atmost,registrationisonlypermissibleuptoamaximumof3%ofthestatutorycapitalstockperregisteredperson.

40 Additional Information

Thesespecialprovisionsshallonlyapplytotheextentthatsharesthatdonotbelongtotheregisteredpersonaretoberegisteredinthatperson’sownname.Inaddition,theyonlyapplytoregistrationsthataretobemadeformorethan0.2%ofthecapitalstockperregisteredperson.Thus,atthetimeofconvocationoftheAnnualGeneralMeeting,thisonlyaffectsregistrationsformorethan907,800sharesperregisteredperson.

Disclosurespursuanttolit.b)abovecanbesubmittedtotheCompanyat:

HauptversammlungAllianzSEc/oADEUSAktienregister­Service­GmbH20722 HamburgFax: +4969256270­49E­Mail: hv­service@allianz.com

andmustbereceivedbytheCompanybyApril28,2010.Formsthatcanbeusedfordisclosureswillbesenttotheregisteredpersonsonrequest.

Inordernottoexceedthe3%ceilingpursuanttolit.c)above,requestsforregistertransferscanbeforwardedtotheCompanybywayoftheusualprocedure.Forpurposesofdeterminingparticipationandvotingrights,thestatusoftheshareregisterasattheendofApril28,2010,shallbedecisive.

Live webcast of the Annual General Meeting

ShareholdersofAllianzSEmaywatchtheAnnualGeneralMeetingonMay5,2010be­ginningat10:00a.m.initsentiretyliveontheInternet(www.allianz.com/agm­service).Shareholderscanobtainonlineaccessbyenteringtheirshareholdernumberandonlinepassword.TheopeningoftheAnnualGeneralMeetingbytheChairmanoftheAnnualGeneralMeetingandthespeechoftheChairmanoftheManagementBoardwillalsobeaccessibletoanyotherinterestedpersonliveontheInternet(www.allianz.com/agm)andwillbeavailableasareplayaftertheAnnualGeneralMeeting.Norecordingoftheentirelivewebcastwillbemade.Contrarytotheprocedureforabsenteevoting,share­holdersdonothavetheoptionofparticipatingintheAnnualGeneralMeetingwithoutbeingpresentandwithoutanauthorizedrepresentativepursuantto§118(1)sentence2GermanStockCorporationActandofexercisingallorsomeoftheirrightseitherinfull

41 Additional Information

orinpartbywayofelectroniccommunication;inparticular,thelivewebcastdoesnotenableparticipationintheAnnualGeneralMeetingwithinthemeaningof§118(1)sentence2GermanStockCorporationAct.

Publication in the Electronic Federal Gazette (elektronischer Bundesanzeiger)

TheAnnualGeneralMeetingonMay5,2010hasbeencalledbypublicationonMarch25,2010oftheforegoingAgendaintheElectronicFederalGazette(elektronischerBundesanzeiger).

Munich,March2010TheManagementBoard

42 Reports to the Annual General Meeting

Information on Agenda item 5 (details regarding the candidate for election as shareholder representative to the Supervisory Board)

Peter Denis Sutherland,residentinLondon,GreatBritainLegalexpert,formerChairmanofBPplc.,London,GreatBritainChairman,GoldmanSachsInternational,seatedinLondon,GreatBritain

Personal dataDateofbirth: April25,1946Placeofbirth: Dublin,IrelandMaritalstatus: Married

EducationReadLawatUniversityCollege,DublinandKing’sInns,Dublin

Professional history1968–1981 PracticingmemberoftheIrishBar,BarristeratlawandlaterSeniorCounselof

theIrishBar1981–02/1982 AttorneyGeneralofIrelandand12/1982–19841985–1986 EuropeanCommissionerforCompetition,SocialAffairsandEducation1986–1989 EuropeanCommissionerforCompetitionandRelationswiththeEuropeanParliament1989–1993 Chairman,AlliedIrishBanks1993–1995 DirectorGeneral,GATT,laterWTOSince1995 Chairman,GoldmanSachsInternational,London1997–2009 Chairman,BPplc.,LondonSince2006 SpecialRepresentativeoftheSecretaryGeneraloftheU.N.forMigration

andDevelopmentSince2006 ConsultantfortheAdministrationofthePatrimonyoftheHolySeeSince2008 Chairman,LondonSchoolofEconomics,London

Membership of statutory supervisory boards in Germany• AllianzSE,Munich

Membership of comparable supervisory bodies • GoldmanSachsInternational,London,GreatBritain(Chairman)• GoldmanSachsBank(Europe)Plc,Dublin,Ireland(Chairman)• BWGroupLtd.,Hamilton,Bermuda• EliLillyHoldingsLtd.,Windlesham,GreatBritain• KoçHoldingAŞ,Istanbul,Turkey• INVESTCORPS.A.,Luxembourg,Luxembourg

43 Reports to the Annual General Meeting

Report on Agenda item 7 (creation of an Authorized Capital 2010/I)

§2(3)oftheStatutesofAllianzSEprovidesforanauthorizedcapital(AuthorizedCapital2006/I).TheAuthorizedCapital2006/IwascreatedbytheExtraordinaryGeneralMeetingonFebruary8,2006andamountedtoEUR450,000,000.Afterpartialutilization,itnowamountstoEUR406,545,646.08.TheAuthorizedCapital2006/IisvalidupuntilFebruary7,2011.

TheManagementBoardandSupervisoryBoardthereforeproposetotheAnnualGeneralMeetingthatanewAuthorizedCapital2010/IamountingtoEUR550,000,000becreated.TheAuthorizedCapital2006/IshallbecancelledassoonasthenewAuthorizedCapital2010/Ibecomeseffective.

BytheincreasetoEUR550,000,000,weintendtomakebetteruseofthepossibleframe­workforcreatingauthorizedcapital,thisframeworkhavingbeenexpandedbycapitalincreases.TheproposedframeworkofEUR550,000,000accountsforapproximately47%ofthecurrentcapitalstock.

TheAuthorizedCapital2010/IisproposedbecauseAllianzSEhas,atalltimes,tobeinapositiontoactinaquickandflexiblemannerforthebenefitofitsshareholdersaccord­ingtochangingmarketconditions.TheManagementBoardthereforebelievesthatitisitsdutytoensurethattheCompanyalwayshastherequiredinstrumentstoraisecapital,regardlessofanycurrentandpreciseplansforutilization.Inmostcases,thetighttimeframefordecisionsregardingcapitalneedsdoesnotallowtheCompanytobedependentonthecycleoftheAnnualGeneralMeetings.Theinstrumentofauthorizedcapitalhasthereforebeencreatedbylawtoaddressthisissue.Themostcommonpur­posesforauthorizedcapitalarestrengtheningaCompany’sequitybasisandfinancingacquisitions.

IftheAuthorizedCapital2010/Iisutilizedbywayofcashcapitalincreases,shareholdersgenerallyhavesubscriptionrights.

However,upontheapprovaloftheSupervisoryBoard,itshallbepossibletoexcludeshareholders’subscriptionrightsinthecaseofacapitalincreaseagainstcontributionsincashwhentheissuepriceisnotsubstantiallylowerthanthemarketprice,asprovidedforby§186(3)sentence4oftheGermanStockCorporationAct.Thisauthorization

44 Reports to the Annual General Meeting

enablestheCompanytotakeadvantage,inaquickandflexiblemanner,ofmarketopportunitiesinthevariousareasofitsbusinessactivitiesandtomeetcapitalneedsatveryshortnoticewhennecessary.Byexcludingsubscriptionrights,theCompanyisgiventheabilitytoquicklyrespondandtoplacesharesatapriceclosetothemarketprice,i.e.withoutthediscountsusuallynecessaryinconnectionwiththeissueofsubscriptionrights.Asaresult,theCompanybenefitsfromhigherproceeds.Further­more,newinvestorgroupsmaybeattractedbysuchissues.Whenutilizingthisauthorization,theManagementBoardwillfixthediscountaslowaspossibleinlightofthemarketconditionsexistingatthetimeoftheplacement,andinnoeventinexcessof5%ofthethenprevailingmarketpricewhenutilizingtheAuthorizedCapital2010/I.Furthermore,pursuantto§186(3)sentence4oftheGermanStockCorporationAct,thenumberofsharesissuedwithoutsubscriptionrightsmaynotexceed10%oftheexistingcapitalstock,neitheratthetimeofthisauthorizationbecomingeffective,noratthetimeofitsexercise.

Thesaleoftreasurystockwillbecountedtowardsthislimitationifthesaleoccursduringthetermofthisauthorizationandifsubscriptionrightsareexcludedpursuantto§186(3)sentence4oftheGermanStockCorporationAct.Inaddition,sharesissuedorrequiredtobeissuedwithrespecttobonds(includingparticipationrights)carryingconversionoroptionrightsorconversionobligationswillalsocounttowardsthislimit,ifthebonds(orparticipationrights)areissuedduringthetermofthisauthorizationunderexclusionofsubscriptionrightsincorrespondingapplicationof§186(3)sentence4oftheGermanStockCorporationAct.Theserequirementsensurecompliancewiththelegalprovisionsgoverningtheprotectionofshareholdersagainstdilution.Eachshare­holderhas,inprinciple,theopportunitytoacquireviathestockexchangethesharesnecessarytoavoiddilutiononsubstantiallysimilarterms,giventhattheissuepriceofthenewsharesisclosetothemarketpriceandthesizeoftheplacementwithoutsub­scriptionrightsisrestricted.Thisensuresthattheeconomicandvotingrightsofshare­holdersareadequatelyprotectedwhensharesareissuedfromtheAuthorizedCapital2010/Iunderexclusionofsubscriptionrights,whilegrantingtheCompanyflexibilityforthebenefitofallofitsshareholders.

Furthermore,itshallbepossibletoexcludeshareholders’subscriptionrightstotheextentthisisnecessarytograntsubscriptionrightstonewsharestoholdersofbonds(includingparticipationrights)alreadyissuedortobeissuedinthefuturethatcarryconversionand/oroptionrightsoraconversionobligation,ifthetermsandconditions

45 Reports to the Annual General Meeting

ofthesebonds(orparticipationrights)provideforsuchsubscriptionrights.Suchbonds(orparticipationrights)usuallyprovideforprotectionagainstdilution.If,intheensuingperiod,shareswithsubscriptionrightsareissuedatapricethatislowerthanthecurrentstockexchangepriceoftheshare,thevalueoftheindividualshareswillbedilutedinmathematicalterms.Thismeansthat,assumingalloftheotherconditionsremainthesame,thevalueoftheoption/conversionrightsoftheholdersofbonds(orconvertibleparticipationrights)wouldbereduced.Therefore,inordertopreventthisdisadvantageintermsofvalue,asageneralrulethedilutionprotectionapplies.Thisstipulatesthat,intheeventofsubsequentshareissueswithshareholders’subscriptionrights,theholdersaregrantedadiscountontheoption/conversionprice.Alternatively,thetermsandconditionsofthebonds/convertibleparticipationrightscangenerallyalsogranttheholderssubscriptionrightstonewsharessuchasthosegrantedtotheshareholders.Theholdersarethusplacedinthesamepositionasiftheyhadalreadyexercisedtheiroptionorconversionrightsorifaconversionobligationhadbeenfulfilled.ToenabletheCompanytogranttheholderssuchsubscriptionrights,shareholders’subscriptionrightsmustbeexcluded.Theoptionofgrantingsharestotheholdersofbondsthatcarrycon­versionand/oroptionrightsorconvertibleparticipationrightsasopposedtoadiscountontheoptionorconversionpricemaybeamorecost­efficientoptionfortheCompany.Bygrantingsharesinsteadofreducingtheoption/conversionprices,theCompanycanrealizeahigherissuepriceforthesharestobeissuedinconnectionwiththeexerciseofaconversionoroptionright.

Furthermore,theManagementBoardshallbeauthorized,upontheapprovaloftheSupervisoryBoard,toexcludeshareholders’subscriptionrightswithrespecttofractionalamounts.ThisenablestheCompanytoincreasethecapitalstockinroundnumbers.Thetechnicalhandlingofanissuewillbefacilitatedbysuchauthorization.ThefractionalsharesexcludedfromthesubscriptionrightswillbesoldinawaymostefficientfortheCompany.

Also,anauthorizationtoexcludeshareholders’subscriptionrightsshallbegiveninthecaseofacapitalincreaseagainstcontributionsinkind.ThisauthorizationenablestheManagementBoardtodeliversharesoftheCompany,asappropriateintheindividualcases,inconnectionwiththeacquisitionofcompaniesorinterestsincompanies,orotherassets.Innegotiations,theremaybesituationsinwhichconsiderationistobere­quiredintheformofsharesratherthanincash.ThisoptionwillincreasetheCompany’scompetitivepositionwithrespecttopotentialacquisitiontargetsandincreaseitsflex­

46 Reports to the Annual General Meeting

ibilitytotakeadvantageofopportunitiestoacquirecompanies,interestsincompaniesorotherassetswhilemaintainingitsliquiditylevels.Usingsharesasacquisitioncurrencycanalsobeadvantageouswhenoptimizingthefinancingstructure.TherecommendedauthorizationisnotdisadvantageoustotheCompanyastheissueofsharesagainstcontributionsinkindisonlypermissibleifsuchcontributionsinkindrepresentafairvaluecomparedtothedeliveredshares.

Withintheframeworkoftheexclusionofsubscriptionrightsintheeventofcapitalincreasesagainstcontributionsinkind,theManagementBoardshallfurtherbeauthor­izedtoissuesharesusingtheAuthorizedCapital2010/I,insteadofprovidingcashsettlement,tosatisfy,inpartorinwhole,securitizedornon­securitizedmonetaryclaimsagainsttheCompany.TheCompanyisthusgrantedadditionalflexibilitytosettlesuchcashclaimsbytheissueofsharesevenininstanceswhereithadinitiallyagreedtopayincash(e.g.foranacquisitiontarget).

Moreover,undertheAuthorizedCapital2010/I,itshallbepossible–undertheexclu­sionofshareholders’subscriptionrights–toissuesharesforthesettlementofbondscarryingconversionoroptionrights(orparticipationrights)originallyissuednotagainstcontributionsincashbutagainstcontributionsinkind.Thiscreatesthepossibilitytoalsousebondscarryingconversionandoptionrights(orconvertibleparticipationrights)asacquisitioncurrencyinconnectionwiththeacquisitionofcompanies,interestsincom­panies,orotherassetsandthereforealsoincreasestheCompany’scompetitivepositionwithrespecttoattractiveacquisitiontargets.

Thetotalsharesissuedpursuanttothisauthorization,excludingsubscriptionrights,inreturnforcontributionsincashorcontributionsinkindmaynotexceedaprorataamountofthecapitalstockofEUR232,396,800(correspondsto20%ofthecurrentcapitalstock);sharesthathavebeen/areissuedduringthetermofthisauthorizationtomeetobligationsarisingfrombonds(orparticipationrights)carryingconversionoroptionrightsorfromaconversionobligationshallcounttowardsthislimitation,providedthatthebonds(orparticipationrights)wereissued,excludingsubscriptionrights,inexerciseoftheauthorizationsetoutinAgendaitem9oftheAnnualGeneralMeetingheldonMay5,2010.ThismeansthattheManagementBoardcanonlyexcludesubscriptionrightstotheextentthattheexclusionofsubscriptionrightspursuanttotheAuthorizedCapital2010/IthatistoberesolvedpursuanttoAgendaitem7andtheauthorizationontheissueofbondscarryingconversionand/oroptionrights(including

47 Reports to the Annual General Meeting

convertibleparticipationrights)toberesolvedunderAgendaitem9relates,intotal,tosharesaccountingforamaximumofEUR232,396,800ofthecapitalstock(correspondsto20%ofthecurrentcapitalstock).Thisrestrictionensuresacorrespondingupperlimitontheexclusionofsubscriptionrights,andlimitspossibledilutionfortheshareholdersexcludedfromsubscriptionrights.

TheManagementBoardwillcarefullyanalyzeineachcasewhethertoexcludeshare­holders’subscriptionrightswhenraisingcapitalpursuanttothisauthorization.Thisoptionwillonlybeusedif,followingtheassessmentoftheManagementBoardandtheSupervisoryBoard,itisdeemedtobeinthebestinterestoftheCompany,and,therefore,ofitsshareholders.

TheManagementBoardwillreportontheuseoftheauthorizationateachGeneralMeetingfollowingsuchuse.

Report on Agenda item 8 (creation of an Authorized Capital 2010/II)

§2(4)oftheStatutesofAllianzSEprovidesforanauthorizedcapitalfortheissueofemployeeshares(AuthorizedCapital2006/II).AuthorizedCapital2006/II,amountingtoEUR15,000,000,wascreatedbytheExtraordinaryGeneralMeetingonFebruary8,2006.Afterpartialutilization,itnowamountstoEUR5,880,296.96.AuthorizedCapital2006/IIisvalidupuntilFebruary7,2011.

TheManagementBoardandtheSupervisoryBoardthereforeproposetotheAnnualGeneralMeetingthatanewAuthorizedCapital2010/IIamountingtoEUR15,000,000becreatedagainstcashcontributions.TheAuthorizedCapital2006/IIshallbecancelledassoonasthenewAuthorizedCapital2010/IIbecomeseffective.

TheproposedauthorizationisintendedtoenabletheCompanytooffertreasurysharestotheemployeesofAllianzSEoritsGroupcompaniesatpreferentialconditionswithouthavingtopurchasethosesharesonthestockexchange.

OfferingsharestoemployeesisinthebestinterestoftheCompanyanditsshareholders,becauseitenhancesemployeeidentificationwiththeCompanyandencouragesthemtotakeresponsibilityfortheCompany.UndertheGermanStockCorporationAct,sharesrequiredforthispurposemaybeissuedfromauthorizedcapital.Inorderto

48 Reports to the Annual General Meeting

havesufficientauthorizedcapitalfortheissueofstocktoemployeesoverthenextseveralyears,thisauthorizedcapitalshallamounttoEUR15,000,000.Thescopeofthisauthorizationhasbeendeterminedbytakingintoaccountthenumberofemployeesentitledtoparticipate,theexpectedsubscriptionresults,andthetermoftheauthoriza­tion.Tobeabletooffersharesfromauthorizedcapitaltoemployees,itisnecessarytoexcludeshareholders’subscriptionrights.Atthemoment,itisnotpossibletostatetheissueprice,becauseneitherthedatenortheamountoftherespectiveuseoftheAuthorizedCapitalhasbeenfixed.Sharessoldtoemployeesmaybeofferedwithcustomarydiscounts.Furthermore,theManagementBoardmayexcludefractionalamountsfromshareholders’subscriptionrights,upontheapprovaloftheSuper­visoryBoard,tofacilitatetheimplementationofthiscapitalincrease.Employeesharesthatarenotsubscribedwillbesoldoverthestockexchange.

Report on Agenda item 9 (authorization to issue bonds carrying conversion or option rights and convertible participation rights)

TheManagementBoardiscurrentlyauthorizedbyaresolutionoftheExtraordinaryGeneralMeetingdatedFebruary8,2006regardingitem5oftheAgenda,toissuebyFebruary7,2011,bondscarryingconversionoroptionrightsand/orconversionobliga­tionsforregisteredsharesintheCompany,onceorseveraltimes,uponapprovalbytheSupervisoryBoard.Accordingly,bondscarryingconversionand/oroptionrightscanbeissueduptoanominalvalueofEUR10,000,000,000,withorwithoutadefinedperiod,andbeequippedwithconversionoroptionrightsand/orconversionobligationsforsharesintheCompanyinaproportionateshareofthecapitalstockofuptoEUR250,000,000.Undercertaincircumstances,theManagementBoardshallbeauthor­izedtoexcludesubscriptionrights,upontheapprovaloftheSupervisoryBoard.

Upuntilthepublicationofthisinvitation,theManagementBoardhasmadenouseofthisauthorization.InviewofthefactthatthecurrentauthorizationexpiresonFebruary7,2011,theManagementBoardproposesthattheAnnualGeneralMeetingapproveanewauthorizationandanewconditionalcapitalfortheissueofbondscarryingconversionrights,bondscarryingoptionrightsand/orconvertibleparticipationrights(hereinaftercollectivelyreferredtoas“bonds”).Thecurrentauthorizationtoissuebondscarryingoptionrightsand/orparticipationrightsistobecancelledasithasnotbeenutilized.Accordingly,ConditionalCapital2006,whichwascreatedforthepreviousauthorization,isalsotobecancelled.

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WebelievethatsettingthemaximumissuevolumeallowedbytheauthorizationatEUR10,000,000,000againwouldbeusefulinexploitingthespectrumofcapital­marketinstrumentsthatsecuritizeconversionoroptionrights.Theconditionalcapital,whichservestomeettheobligationsarisingfromtheexerciseofconversionandoptionrights,shallagainbeEUR250,000,000.Thisensuresthatthescopeoftheauthorizationcanbeutilizedinfull.ThenumberofsharesrequiredtosettletheobligationsarisingfromtheexerciseofoptionorconversionrightsofabondwithaspecificissuevolumegenerallydependsonthemarketpriceofAllianzsharesatthetimethebondisissued.Ifsufficientconditionalcapitalisavailable,thescopeofauthorizationforissuingbondscarryingconversionoroptionrightscanbeexploitedinfull.

TheproposedscopeoftheissuevolumeandoftheconditionalcapitalwillenableareturntothelevelresolvedbytheExtraordinaryGeneralMeetingheldon8February2006infinancialterms.

AdequatecapitalresourcesareanimportantprerequisitefortheCompany’sdevelop­ment.Byissuingbondscarryingconversionoroptionrights,theCompanycanmakeuseofattractivefinancingopportunities,dependingonthemarketsituation,toobtainlow­interestcapital.Theissueofconvertibleparticipationrightsallowstheinterestratestobebased,forexample,ontheCompany’scurrentdividend.TheCompanybenefitsfromtheconversionoroptionpremium.Somefinancinginstrumentscanonlybeplacedifoptionorconversionrightscanbegranted.

Shareholderswillgenerallybegivensubscriptionrightswhenbondscarryingconversionoroptionrightsandconvertibleparticipationrightsareissued.

TheManagementBoardshall,however,uponanissueagainstcashcontributions,beauthorizedincorrespondingapplicationof§186(3)sentence4oftheGermanStockCorporationActtoexcludethesesubscriptionrights,uponapprovaloftheSuper­visoryBoard,iftheissuepriceofthebondsisnotsubstantiallylowerthantheirmarketvalue.Thiscanbeasuitablewaytotakeadvantageoffavorablestockmarketcondi­tionsandtoplacebondsquicklyandflexiblyatattractiveconditionsonthemarket.Thestockmarketshavebecomemuchmorevolatile.Achievingthemostbeneficialoutcomepossiblefromanissuethereforedependsincreasinglyontheabilitytorespondtomarketdevelopmentsatshortnotice.Favorabletermsthatcorrespondasmuch

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aspossibletomarketconditionscangenerallyonlybesecurediftheCompanyisnottiedtothemfortoolonganofferperiod.Inthecaseofissueswithsubscriptionrights,aconsiderablediscountisgenerallyrequiredtoguaranteethechanceoftheissuebeingsuccessfulovertheentireofferperiod.Eventhough§186(2)oftheGermanStockCorporationActallowsthesubscriptionpricetobepublished(and,assuch,thetermsandconditionsofbondscarryingconversionoroptionrights)uptothethirddaybeforetheendofthesubscriptionperiod,therestillexists,duetothevolatilityoftheequitymarkets,amarketriskoverseveraldaysleadingtodiscountswhendeterminingthetermsandconditionsofthebondand,hence,resultingintermsthatarenotclosetomarketconditions.Furthermore,whensubscriptionrightsaregranted,analternativeplacementwiththirdpartiesismoredifficultorentailsadditionaleffort,giventheuncertaintysurroundingtheexercise(subscriptionbehavior).Afterall,theCompanycannotreacttochangesinmarketconditionsatshortnoticewhengrantingsubscriptionrights,giventhedurationofthesubscriptionperiod.ThiscouldleadtotheCompanyprocuringcapitalonlessfavorableterms.

Shareholders’interestsareprotectedbythebondsbeingissuedontermsthatarenotsubstantiallylowerthanthemarketvalue.Themarketvaluemustbedeterminedusingrecognizedfinance­mathematicalmethods.Whendeterminingtheprice,theManage­mentBoardwilltakeintoconsiderationtheprevailingconditionsonthecapitalmarketsandkeepthediscountonthemarketvalueaslowaspossible.Thiswouldresultinthecomputedvalueofthesubscriptionrightsbeingclosetozero,thus,ensuringthattheshareholderswillnotsufferanymaterialeconomicdisadvantagesfromtheexclusionofsubscriptionrights.

IftheManagementBoardcarriesoutwhatisknownasabook­buildingprocess,itcanalsosettermsinlinewiththegeneralmarketenvironmentandtherebylargelyavoiddilution.Inbook­building,investorsareinvitedtosubmitbidsonthebasisofprovisionalbondtermsandconditions,specifyingamongotherthingswhattheyconsidertobeafairmarketinterestrateand/orothereconomiccomponents.Whenthebook­buildingperiodends,theinvestors’bidsareevaluatedinordertodeterminethetermsthatstillremainunresolvedatthatpointintime,suchasinterestrate,accordingtosupplyanddemand,therebyensuringthatthetotalvalueofthebondissueisinkeepingwithconditionsprevailinginthemarket.Byconductingabook­buildingprocess,theManagementBoardcanensurethatsharesarenotappreciablydilutedbytheexclusionofsubscriptionrights.

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Moreover,shareholderscanmaintaintheirshareofthecapitalstockoftheCompanythroughpurchasesonvirtuallythesametermsandconditionsviathestockexchange.Thisensuresreasonableprotectionoftheireconomicinterests.Theauthorizationtoexcludesubscriptionrightsasprovidedforin§186(3)sentence4oftheGermanStockCorporationActonlyappliestobondswithrightstosharesthataccountforaproportionateshareofthecapitalstockofnotmorethan10%,neitheratthetimeofthisauthorizationbecomingeffective,noratthetimeofitsexercise.

Thesaleoftreasurystockmustbecountedtowardsthislimitifitoccursduringthetermofthisauthorizationunderexclusionofsubscriptionrightsinaccordancewith§186(3)sentence4oftheGermanStockCorporationAct.Inaddition,sharesissuedfromAuthorizedCapitalunderexclusionofsubscriptionrightsinaccordancewith§186(3)sentence4oftheGermanStockCorporationActduringthetermofthisauthorizationmustbecountedtowardsthislimit.Theseprovisionsservetheinterestsofshareholdersbyminimizingthedilutionoftheirinvestmentasmuchaspossible.

Moreover,theManagementBoardshallbeauthorized,upontheapprovaloftheSuper­visoryBoard,toexcludesubscriptionrightswithrespecttofractionalamounts.Suchfractionalamountscanbetheresultoftheamountoftherelevantissuingvolumeandtheneedtofixapracticableexchangeratio.Insuchcases,excludingsubscriptionrightssimplifiestheexecutionofthecapitalincrease.

Furthermore,theManagementBoardshallbegiventheauthoritytoexclude,upontheapprovaloftheSupervisoryBoard,thesubscriptionrightsoftheshareholdersinordertogranttheholdersofconversionoroptionrightsortheholdersofmandatoryconvertiblebonds(ortheholdersofmandatoryconvertibleparticipationrights)thesamesubscrip­tionrightswhichtheywouldbeentitledtoiftheyweretoexercisetheirconversionoroptionrights,orfollowingfulfillmentofaconversionobligation,asapplicable.Insteadofloweringtheoptionorconversionprice,thisensuresthatholdersofoptionorconver­sionrightsalreadyexistingatthispointintimeortheholdersofmandatoryconvertiblebonds(ortheholdersofmandatoryconvertibleparticipationrights)canbeofferedsubscriptionrightsasdilutionprotection.Providingbondswithsuchadilutionprotec­tionisstandardmarketpractice.

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BondscanalsobeissuedagainstcontributionsinkindifthisisintheinterestoftheCompany.Insuchcases,theManagementBoardshallbeauthorizedtoexcludethesubscriptionrightsoftheshareholderswiththeapprovaloftheSupervisoryBoardprovidedthatthevalueofthecontributioninkindisappropriateinrelationtothetheoreticalmarketvalueofthebondsascalculatedusingrecognizedfinancialmathe­maticalmethods.Thismakesitpossibletousebondsinindividualcasesasacquisitioncurrency,forexamplewhenacquiringcompanies,interestsincompanies,orotherassets.Innegotiations,theremaybesituationsinwhichconsiderationistobeprovidedinaformotherthancash.ThisoptionwillincreasetheCompany’scompetitivepositionwithrespecttopotentialacquisitiontargetsandincreaseitsflexibilitytotakeadvantageofopportunitieswithrespecttotheacquisitionofcompanies,interestsincompanies,orotherassets,whilemaintainingitsliquiditylevels.Thiscanalsobeadvantageouswhenoptimizingthefinancingstructure.TheManagementBoardwillcarefullyexamineeachindividualcasetodecidewhethertomakeuseoftheauthorizationtoissuebonds(orparticipationrights)withconversionoroptionrightsagainstcontributionsinkindunderexclusionofsubscriptionrights.ItwillonlydosoifsuchanactionisintheinterestoftheCompanyand,thus,ofitsshareholders.

Thetotalsharestobeissuedunderbondsthatwereissued,excludingsubscriptionrights,pursuanttothisauthorization,maynotexceedaprorataamountofthecapitalstockofEUR232,396,800(correspondsto20%ofthecurrentcapitalstock).Sharesthatwereissuedduringthetermofthisauthorization,excludingsubscriptionrights,usingAuthorizedCapital2010/Ishallcounttowardsthislimitation.ThismeansthatsubscriptionrightswillbeexcludedpursuanttotheAuthorizedCapital2010/IthatistoberesolvedpursuanttoAgendaitem7andtheauthorizationontheissueofbondstoberesolvedunderAgendaitem9,attheverymostinrespectofsharesaccountingforamaximumofEUR232,396,800ofthecapitalstock(correspondsto20%ofthecurrentcapitalstock)intotal.Thisrestrictionensuresacorrespondingupperlimitontheexclusionofsubscriptionrights,andlimitspossibledilutionfortheshareholdersexcludedfromsubscriptionrights.

TheproposedconditionalcapitalisneededtomeettheobligationsarisingfromtheconversionoroptionrightsissuedwiththebondsortofulfillconversionobligationsonsharesoftheCompany,totheextentthatthebondswereissuedagainstcash.Otherformsoffulfillmentcanalsobeusedfortheconversionoroptionrights/conversionobligationsinstead,forexamplethedeliveryoftreasurysharesorsharesfromauthor­izedcapital.

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Theobligationsarisingfromconversionoroptionrightsfrombondsissuedagainstcontributionsinkindcannot,however,bemetbyusingconditionalcapital.Insuchcases,theCompanymustturneithertotreasurysharesortoanincreaseofcapitalstockagainstcontributionsinkind.Foranincreaseofcapitalstockagainstcontributionsinkind,theAuthorizedCapital2010/I,asproposedforresolutionunderitem7oftheAgenda,willbeavailable.Theclaimsofthebondholdersunderthebondwouldbeincludedasacontributioninkind,wherebythevaluationreviewmustalsoincludeconfirmationthattheclaimisnotimpaired,andthattheunderlyingcontributioninkindwasappropriatetotheissueprice.

TheManagementBoardwillreportontheextenttowhichithasmadeuseoftheauthorizationtoissuebondsattherespectivenextGeneralMeetingfollowingsuchissue.

Report on Agenda item 11 (authorization to acquire and utilize treasury shares for other purposes)

Agendaitem11containstheproposaltoauthorizetheCompanytorepurchaseitsownsharesinanamountofupto10%ofthecurrentcapitalstock.ThismaybedonebytheCompanyitself,byothercompaniescontrolledbytheCompany,orbythirdpartiesactingfortheaccountofsuchcompaniesortheaccountoftheCompany.TheauthorizationistoremainvaliduntilMay4,2015,thusexploitingthelegallypermittedtimeframeof5years.

Pursuantto§71(1)no.8GermanStockCorporationAct,thesharesmayalsoberepurchasedandsoldinwaysotherthanviaastockexchange.Inadditiontobuyingoverastockexchange,theCompanyshallalsobegiventhealternativetoacquiretreasurysharesbymeansofapublictenderoffertotheshareholdersoftheCompany.TheprincipleofequaltreatmentsetforthbytheGermanStockCorporationActmusttherebybeobserved.Inthisinstance,theshareholdersmaydecidehowmanysharestheywishtotenderand,ifapricerangehasbeenfixed,atwhatprice.

TheCompanyshallalsobegiventheoptiontoofferasconsiderationsharesofalistedCompanyasdefinedin§3(2)GermanStockCorporationActinsteadofcash.Pursuanttothisprovision,aCompanyisdeemedtobealistedCompanyifitssharesareadmit­tedtotradingonamarketwhichisregulatedandsupervisedbystate­recognized

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authorities,hasregulartradingandisdirectlyorindirectlyaccessibletothegeneralpublic.Thus,thisallowstheCompanygreaterflexibilitythanifitwererestrictedtocashoffers.Atthesametime,theCompanywouldobtaintheopportunitytodisposeofitsshareholdings.Correspondingly,shareholderscouldexchangeallorpartoftheirsharesinAllianzforsharesinsuchothercompanies.

If,incaseofapublictenderofferorapublicexchangeoffer,thenumberoftenderedsharesexceedsthenumberofsharesthathadbeenintendedforpurchase,thepur­chaseshallnottakeplaceintheratiooftheparticipationbutintheratioofthetenderedshares.Thisservestosimplifytheallocationprocess.Apreferredconsiderationofupto100tenderedsharespershareholdercanbeprovidedfor(minimumallocation).

Thetreasurysharesacquiredmaybeusedforanylawfulpurposes,includingthefollowing:

Theacquiredtreasurysharescanbesoldforcashinwaysotherthanthroughastockexchangewithexclusionofsubscriptionrights.Asaprerequisite,thesesharesmustbesoldagainstacashconsiderationatapricethatis,atthetimeofthesale,notsubstantiallybelowthemarketpriceofsharesoftheCompany.Thisauthorizationmakesuseoftheeasedexclusionofsubscriptionrightsprovidedforby§71(1)no.8GermanStockCorporationActincorrespondingapplicationof§186(3)sentence4GermanStockCorporationAct.Assharesmaybesoldonlyatapricenotsubstantiallybelowtheapplicablemarketprice,shareholdersaredulyprotectedagainstdilution.ThefinalsalespriceoftheCompany’streasuryshareswillbedeterminedshortlybeforethesale.TheManagementBoardwillsetanypotentialdiscountontheshares’marketpriceaslowaspossible,takingintoaccountmarketconditionsprevailingatthetimeofplacement.Thediscountonthemarketpricewillinnoeventexceed5%ofthecurrentstockmarketpriceatthetimeoftheexerciseoftheauthorization.Thisauthorizationis,however,restrictedpursuantto§186(3)sentence4GermanStockCorporationActtotheextentthatthetotalnumberofsharesissuedunderexclusionofsubscriptionrightsmustnotexceed10%ofthecapitalstockoftheCompany,neitheratthetimewhenthisauthorizationtakeseffectnoratthetimewhenitisexercised.Indeterminingthis10%limit,allsharesmustbeincludedthatareissuedfromauthorizedcapitalduringthetermofthisauthorizationunderexclusionofsubscriptionrightspursuantto§186(3)sentence4GermanStockCorporationAct.Furthermore,sharesissuedorrequiredtobe

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issuedtomeetobligationsarisingfrombonds(includingparticipationrights)carryingconversionoroptionrightsorconversionobligationsmustalsobeincludedindetermin­ingthis10%limit,ifthesebonds(orparticipationrights)wereissuedunderexclusionofsubscriptionrightsduringthetermofthisauthorizationincorrespondingapplicationof§186(3)sentence4GermanStockCorporationAct.Thislimitation,andthefactthatthesalespricemustbebasedonthestockmarketprice,adequatelyprotectstheeconomicinterestsandvotingrightsoftheshareholders.TheshareholdershavetheoptiontomaintainthepercentageoftheirinterestintheCompanybasedonsimilartermsandconditionsbybuyingAllianzsharesoverthestockexchange.Thisauthoriza­tionisintheinterestoftheCompanybecauseitaffordsgreaterflexibility.ItenablestheCompany,forexample,toselltreasurysharestoinstitutionalinvestorsortotargetnewinvestorgroups.

Thedisposaloftreasurysharesmayalsobemadeagainstcontributionsinkindunderexclusionofshareholders’subscriptionrights.Asaresult,theManagementBoardwouldbeabletooffertreasurysharesinappropriatecasesasconsiderationfortheacquisitionofaCompany,interestsincompanies,orotherassets.Innegotiations,itmayonoccasionbecomenecessarytoprovidesharesratherthancashasconsideration.Theabilitytooffertreasurysharesasconsiderationisadvantageouswhencompetingforattractiveacquisitiontargets.Ifmarketopportunitiesarise,italsoaffordsthenecessaryscopeforacquiringcompanies,interestsincompaniesorotherassets,whileatthesametimemaintainingliquidity.Itcanalsobeadvantageouswhenoptimizingthefinancingstructure.Whendeterminingthevaluationratios,theManagementBoardwillensurethatshareholderinterestsareadequatelyprotectedbytakingintoaccountthestockmarketpriceoftheAllianzshare.

TheauthorizationalsogivestheCompanytheopportunitytousetreasurysharesforplacementonforeignstockexchangeswhereitisnotyetlisted,thuswideningtheshareholderbaseabroadandenhancingtheattractivenessoftheAllianzshareasaninvestment.

TheExtraordinaryGeneralMeetingonFebruary8,2006,authorizedtheManagementBoardunderAgendaitem5toissuebondscarryingconversionand/oroptionrightsorconversionobligationsagainstcontributionsincashorinkindintheperiodleadinguptoFebruary7,2011.UnderAgendaitem9,theManagementBoardandthe

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SupervisoryBoardrecommendtotheAnnualGeneralMeetingonMay5,2010,thattheManagementBoardonceagainbeauthorizedtoissuebonds(includingparticipa­tionrights)carryingconversionand/oroptionrightsorconversionobligationsagainstcontributionsincashorinkind.Inordertofulfilltheresultantbondholders’rightstoobtainAllianzshares,itmayalsobereasonabletouse,inpartorinwhole,treasuryshares,ratherthanconductacapitalincrease.Therefore,thispossibilityisalsoprovidedforbytheauthorization.

TheacquiredtreasurysharesmayalsobeofferedforsaletotheemployeesoftheCompanyoritsGroupcompanies.Thismaybeaneconomicallyviablealternativetoacapitalincrease.OfferingsharestotheemployeesisintheinterestsoftheCompanyanditsshareholders,becauseitenhancesemployeeidentificationwiththeCompanyandencouragesthemtotakeresponsibilityfortheCompany.Fortreasurysharestobeofferedtoemployees,theshareholders’subscriptionrightswithregardtosuchsharesmustbeexcluded.Indeterminingthepricetobepaidbytheemployees,acustomarydiscountonoffersofsharestoemployeesmaybegranted.Theauthorizationalsoprovidesthepossibilitytooffersharestoemployeeswithoutconsideration;theManage­mentBoardwillmakeuseofthispossibilityonlytoaverylimitedextentinordertoprovidefurtherincentivesandachieveamorewidespreademployeeparticipation.

Treasurysharesmaybealsousedtosatisfyobligationstodeliversharesarisingfromtheexerciseofoptionrightsfromthestockoptionplansetupin2005bytheformerRIUNIONEADRIATICADISICURTÀS.p.A.,Milan/Italy(inthefollowing:RAS).TheformerRASwasmergedintoAllianzAG(nowAllianzSE)pursuanttothemergerplandatedDecember16,2005.Asaresultofthemerger,thestockoptionplanhadbeenadapted.ThebeneficiarieshadbeenputinthesamepositionasiftheyhadoriginallybeengivenoptionrightstopurchasesharesinAllianzSEinsteadofoptionrightstopurchaseRASordinaryshares.Thebeneficiaries,uponeffectivenessofthemerger,hadreceivedinsteadofoptionsforthepurchaseof953,000RASordinarysharesintotalupto173,241stockoptionsforthepurchaseofupto173,241AllianzSEshares,ofwhich84,920optionsarestillexisting.SubscriptionundertheoutstandingoptionsisavailabletoexecutiveemployeesoftheformerRASwhowerenotmembersoftheboardofdirectorsofRASandwhoarenowemployedbyAllianzS.p.A.,Trieste,Italy,oritsgroupcompaniesortheAllianzGroupCompanyA.C.I.F.AllianzCompagniaItalianaFinanziamentiS.P.A.,Trieste,Italy.TheexercisepriceisEUR93.99persharein

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AllianzSE.ThestockoptionscanbeexercisedfromFebruary1,2008throughJanuary31,2012.Theexercisehadbeenmadesubjecttotheconditionthat,inthefiscalyear2005,RASreachedatleast80%ofitsplannedtargetsintermsofbothincreaseofvaluepursuanttotheEVA®­concept(economicvalueadded),aswellastheannualnetincomeunderIAS.Thisconditionhasbeenmet.ThestockoptionschosenbyRASstaywithinthetimeframeofmorethantwoyearsfortheexerciseoftheoptionsspecifiedbytheGermanlawatthetimeofissue,andcontain,inaddition,certainbarrierswithrespecttothebusinessdevelopmentoftheCompany,aswellastheshareprice.TheauthorizationtousetreasurysharesprovidesfortheuseoftreasurysharesinordertofulfilltheobligationtosupplyAllianzsharesunderthestockoptions.

Finally,forthebenefitofholdersofbonds(includingparticipationrights)carryingconversionoroptionrightsorconversionobligations,theauthorizationallowsforthepartialexclusionofshareholders’subscriptionrightsinthecaseofasaleofsharesbyofferingthemtotheshareholders.Thisprovidesthealternativeofprovidingholdersofalreadyexistingconversionoroptionrights,ortheholdersofmandatoryconvertiblebonds,asubscriptionrightinsteadofareductionoftheconversionoroptionpriceinordertoprotectthemagainstdilution.

TheCompanymayredeemtreasurysharesacquiredonthebasisofthisauthoriza­tionandpreviousauthorizationswithoutobtaininganotherresolutionbytheGeneralMeeting.Inprinciple,thisleadstoadecreaseinthecapitalstock.Alternatively,theManagementBoardisauthorizedtocarryouttheredemptionwithoutchangingthecapitalstockpursuantto§237(3)no.3GermanStockCorporationAct.Inthiscase,theproportionateshareinthecapitalstockoftheremainingsharespursuantto§8(3)GermanStockCorporationActisincreased.

Theaforementionedpossibilitiesofutilizingtreasurysharesalsopertaintosharesacquired(pursuantto§71(1)no.8GermanStockCorporationAct)onthebasisofauthorizationsgrantedbypreviousGeneralMeetings.ThisalsoappliestosharespurchasedbyGroupcompaniesorpursuantto§71dsentence5GermanStockCorporationAct.

TheManagementBoardwillreportontheuseoftheauthorizationatthenextGeneralMeeting.

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Report on Agenda item 12 (authorization to use derivatives in connection with the acquisition of treasury shares pursuant to § 71 (1) no. 8 German Stock Corporation Act)

ApartfromthepossibilityofacquiringtreasurysharesasprovidedforunderAgendaitem11,alimiteduseofderivativesshallbepermitted.FortheCompany,itmaybeadvantageoustosellputoptionsorpurchasecalloptionsinsteadofdirectlyacquiringsharesintheCompany.Inaddition,itcanbeadvantageoustopurchasesharesbymeansofforwardpurchases.Indoingso,theManagementBoardintendstouseputandcalloptions,aswellasforwardpurchases(hereinafteralsocollectivelyreferredtoas“derivativecontracts”or“derivatives”)onlyasasupplementtoconventionalsharerepurchases.

Whensellingputoptions,theCompanygrantstheacquireroftheputoptionstherighttosellAllianzsharestotheCompanyatapricelaiddownintheputoption(exerciseprice).Asconsideration,theCompanyreceivesanoptionpremium,whichcorrespondstothevalueofthedisposalrighttakingintoaccounttheexerciseprice,thetermoftheoptionandthevolatilityoftheAllianzshare.Iftheputoptionisexercised,theoptionpremiumpaidbytheacquireroftheputoptionreducestheoverallconsiderationrenderedbytheCompanyfortheacquisitionoftheshare.ItiseconomicallyfavorabletotheoptionholdertoexercisetheputoptioniftheAllianzsharepriceatthetimeofexerciseislowerthantheexerciseprice,becausetheputoptionholdercanthensellthesharesatthehigherexerciseprice.FromtheCompany’spointofview,theadvantageofasharerepurchaseusingputoptionsisthattheexercisepriceisfixedalreadyonthedaytheoptioncontractisconcluded,whiletheliquiditydoesnotflowuntiltheexercisedate.Moreover,duetotheoptionpremiumcollected,theoverallacquisitionpriceofthesharesfortheCompanyislowerthanthesharepriceatthetimetheoptioncontractisconcluded.Iftheoptionholderdoesnotexercisetheoptionbecausethesharepriceattheexercisedateishigherthantheexerciseprice,theCompanywillnotbeabletoacquiretreasurysharesinthisway,butcanstillkeepthecollectedoptionpremium.

Ifacalloptionispurchased,theCompanyacquirestherighttopurchase,againstpaymentofanoptionpremium,apredeterminednumberofsharesatapredeterminedprice(exerciseprice)fromtheselleroftheoption,theoptionwriter.ItiseconomicallyfavorabletotheCompanytoexercisethecalloptioniftheAllianzsharepriceishigher

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thantheexerciseprice,becauseitcanthenpurchasethesharesfromtheoptionwriteratthelowerexerciseprice.Inthisway,theCompanyhedgesagainstrisingshareprices.Furthermore,theCompany’sliquidityisnotaffected,sincethefixedacquisitionpriceforthesharesdoesnotneedtobepaiduntilthecalloptionsareexercised.

Inthecaseofaforwardpurchase,theCompanyagreeswiththeforwardsellertopurchasethesharesonasetfuturedate.Thepurchaseismadeaccordingtoaforwardpricethatisdeterminedwhentheforwardpurchaseisconcluded.Onthedateagreed,theCompanypaystheforwardpricetotheforwardseller,inreturntheforwardsellerdeliverstheshares.

ThetermoftheoptionsandtheforwardpurchasesmustendonMay4,2015,atthelatest,andmustbechoseninsuchwaythattheacquisitionofAllianzsharesupontheexerciseoftheoptionsandthefulfillmentofforwardpurchaseswilltakeplacenolaterthanMay4,2015.Thustheauthorizationisdesignedinprincipletoexploitthelegallypermittedtimeframeof5years,albeitwiththerestrictionthatthetermoftheindividualoptionsandforwardsalesmaynotexceed18months.Thisensuresthatobligationsresultingfromtheindividualoptiontransactionsandforwardpurchasesaresubjecttoanadequatetimelimit.Thetotalvolumeoftreasuryshareacquisitionsviaoptionsandforwardpurchasesislimitedto5%ofthecurrentcapitalstock.

TheacquisitionpricetobepaidbytheCompanyforthesharesistheexercisepricefixedintheparticularputorcalloptionortheforwardpriceagreedfortheforwardpurchase.

ThepriceofanAllianzsharetobepaidwhenputorcalloptionsareexercised(exerciseprice),orthepricetobepaidforanAllianzsharewhenaforwardpurchaseisperformed(forwardprice)maybehigherorlowerthanthemarketpriceofAllianzshareswhentheputoptionissold,thecalloptionacquiredortheforwardpurchaseconcluded.How­ever,theexerciseorforwardprice(excludinganyincidentalcosts)maynotexceedbymorethan10%andnotfallshortofmorethan10%,thepricedeterminedforCompanysharesintheopeningauctionintheXetra­tradingsystem(oranycomparablesuccessorsystem)onthedaytheoptioncontractisconcludedortheforwardpurchasemade.

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TheoptionpremiumagreedonbytheCompanywhensellingtheputoptionsoracquir­ingthecalloptionsmay,inthecaseofputoptions,notbemateriallylowerand,inthecaseofcalloptions,notbemateriallyhigherthanthetheoreticalmarketvalueoftherespectiveoptionsonthedatetheoptioncontractisconcluded.Thetheoreticalmarketvaluemustbedeterminedaccordingtorecognizedprinciplesoffinancialmathematics,withthecalculationofsuchmarketvaluetakingintoaccount,amongotherthings,theagreedexerciseprice.Thediscountonthetheoreticalmarketvaluedeterminedaccord­ingtorecognizedprinciplesoffinancialmathematicsincaseputoptionsaresold,ortheadd­onincasecalloptionsareacquired,will,however,innoeventexceed5%ofthedeterminedtheoreticalmarketvalueoftheoptions.

Similarly,theforwardpriceagreedbytheCompanyforforwardpurchaseswillnotmateriallyexceedthetheoreticalforwardpricedeterminedaccordingtorecognizedprinciplesoffinancialmathematics,thecalculationofwhichmusttakeintoaccount,amongotherthings,thecurrentstockexchangepriceandthetermoftheforwardpurchase.

ThetermsandconditionsofthederivativesshallensurethatthesharestobedeliveredtotheCompanyuponexerciseoftheoptionsorfulfillmentofforwardpurchaseshavepreviouslybeenacquiredinkeepingwiththelegalprincipleofequaltreatmentviathestockexchangeatthesharepriceintheXetra­tradingsystem(oranycomparablesuccessorsystem)effectiveatthetimetheshareswereacquired.

Thedeterminationoftheoptionpremiumandtheexercisepriceorforwardpriceinthemannerdescribedaboveandtheobligationtosettleoptionsandforwardpurchasesonlywithsharesthathavepreviouslybeenacquiredinkeepingwiththelegalprincipleofequaltreatmentviathestockexchange,ruleouteconomicdisadvantagesforshare­holdersasaconsequenceoftheacquisitionoftreasurysharesviaoptionsorforwardpurchases.SincetheCompanyreceivesorpaysafairmarketvalue,theshareholdersnotinvolvedinthederivativetransactionsdonotsufferanylossinvalue.Thisiscomparabletothepositionofshareholdersinthecaseofsharebuybacksviathestockexchange,whereinfactnotallshareholdersareabletosellsharestotheCompany.Boththeregulationsgoverningthestructureoftheoptionsandtheforwardpurchasesandtheregulationsgoverningthesharessuitablefordeliveryensurethatfullaccountisalsotakenoftheprincipleofequaltreatmentofshareholdersinthisformofacquisition.

61 Reports to the Annual General Meeting

ThereforeitisjustifiedthataclaimbyshareholderstoconcludesuchderivativecontractswiththeCompanyisexcluded,correspondinglyapplyingtheprovisionsof§186(3)sentence4GermanStockCorporationAct.Byexcludingsubscriptionrights,theCompany–unlikeinanoffertoallshareholderstopurchaseoptionsorconcludeforwardpurchasecontracts–isinapositiontoconcludederivativecontractsatshortnoticeandisprovidedwiththenecessaryflexibilitytoreactquicklytomarketsituations.

Ifsharesarerepurchasedusingputorcalloptionsorforwardpurchases,shareholdersshallhavearighttooffertheirsharesonlyinsofarastheCompanyisobligatedvis­à­vistherespectiveshareholdertopurchasetherelevantsharesundertheoptionsorforwardpurchases.Otherwise,theuseofputorcalloptionsorforwardpurchasesinrepurchas­ingshareswouldnotbepossible,andthustheCompanywouldnotbeabletogeneratetheassociatedbenefits.HavingcarefullyweigheduptheinterestsoftheshareholdersandtheinterestsoftheCompany,theManagementBoardconsidersthenon­grantingorrestrictionoftheshareholders’rightstooffersharestobejustified,giventheadvantagesresultingfromtheuseofputorcalloptionsorforwardpurchasesfortheCompany.

TheManagementBoardwillreportontheuseoftheauthorizationatthenextGeneralMeeting.

Munich,March2010TheManagementBoard

62 Reports to the Annual General Meeting

Agenda 63

AllianzSEChairmanoftheSupervisoryBoard:Dr.HenningSchulte­NoelleManagementBoard:MichaelDiekmann,Chairman;Dr.PaulAchleitner,OliverBäte,ClementB.Booth,EnricoCucchiani,Dr.JoachimFaber,Dr.ChristofMascher,JayRalph,Dr.GerhardRupprecht,Dr.WernerZedeliusRegisteredOffice:Munich,GermanyRegistrationCourt:MunichHRB164232

www.allianz.com

Allianz SE AKTB

E100

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