Obbligazione AllianZ 0% ( DE000A19S4T0 ) in EUR

AllianZ

100 EUR ▼

Paesi Bassi

DE000A19S4T0 ( in EUR )

07/12/2020 - Obbligazione è scaduto

Prospetto opuscolo dell'obbligazione Allianz DE000A19S4T0 in EUR 0%, scaduta

100 000 EUR

500 000 000 EUR

Allianz è un gruppo assicurativo e di gestione degli investimenti tedesco, tra i maggiori al mondo, operante in oltre 70 paesi.

The Obbligazione issued by AllianZ ( Netherlands ) , in EUR, with the ISIN code DE000A19S4T0, pays a coupon of 0% per year.
The coupons are paid 1 time per year and the Obbligazione maturity is 07/12/2020

Base Prospectus dated 27 April 2017

This document constitutes three base prospectuses for the purposes of Art. 5(4) of Directive 2003/71/EC of the European
Parliament and of the Council of 4 November 2003, as amended (the "Prospectus Directive"): (i) the base prospectus
relating to issues of non-equity securities ("Non-Equity Securities") within the meaning of Art. 22 No. 6(4) of Commission
Regulation (EC) No. 809/2004 of 29 April 2004, as amended (the "Prospectus Regulation") under the Programme (as
defined below) by Allianz SE, (ii) the base prospectus relating to issues of Non-Equity Securities under the Programme by
Allianz Finance II B.V. and (iii) the base prospectus relating to issues of Non-Equity Securities under the Programme by
Allianz Finance III B.V.

ALLIANZ SE
(incorporated as a European Company (Societas Europaea SE) in Munich, Germany)
ALLIANZ FINANCE II B.V.
(incorporated with limited liability in Amsterdam, The Netherlands)
ALLIANZ FINANCE III B.V.
(incorporated with limited liability in Amsterdam, The Netherlands)
25,000,000,000 Debt Issuance Programme
guaranteed by
ALLIANZ SE
Under this Base Prospectus, Allianz SE, Allianz Finance II B.V. and Allianz Finance III B.V. (the "Issuers" and each an
"Issuer"), subject to compliance with all relevant laws, regulations and directives, may from time to time issue
unsubordinated bearer notes in a minimum denomination of 1,000 per Note (together the "Notes"). The aggregate
principal amount of Notes issued under the Debt Issuance Programme described in this Base Prospectus (the
"Programme") outstanding will not at any time exceed 25,000,000,000 (or the equivalent in other currencies). Notes
issued by Allianz Finance II B.V. or issued by Allianz Finance III B.V. will be guaranteed by Allianz SE (in such capacity
the "Guarantor"). The principal amount of the Notes, the issue currency, the interest payable in respect of the Notes, the
issue prices and maturities of the Notes and all other terms and conditions which are applicable to a particular Series and, if
applicable, Tranche of Notes (each term as defined below, see "General description of the Programme") will be set out in
the document containing the final terms (each "Final Terms") within the meaning of Art. 26(5) of the Prospectus
Regulation.
The Commission de Surveillance du Secteur Financier (the "CSSF") of the Grand Duchy of Luxembourg in its capacity as
competent authority (the "Competent Authority") under the Prospectus Directive has approved this Base Prospectus as a
base prospectus within the meaning of Art. 5(4) of the Prospectus Directive pursuant to article 7 of the Luxembourg act
relating to prospectuses for securities (loi relative aux prospectus pour valeurs mobilières) dated 10 July 2005, as amended,
which implements the Prospectus Directive into Luxembourg law (the "Luxembourg Prospectus Law"). By approving this
Base Prospectus, CSSF gives no undertaking as to the economic and financial soundness of the operation or the quality or
solvency of the Issuers and the Guarantor (if any).
Application has also been made to the Luxembourg Stock Exchange for Notes issued under the Programme for the period of
twelve months from the date of the publication of this Base Prospectus to be listed on the official list of the Luxembourg
Stock Exchange (the "Official List") and to be admitted to trading on the Luxembourg Stock Exchange's regulated market
"Bourse de Luxembourg", appearing on the list of regulated markets issued by the European Commission, and may be made
on any other regulated market in a Member State (a "Regulated Market") of the European Economic Area ("EEA"). The
Luxembourg Stock Exchange's regulated market is a Regulated Market for the purposes of the Markets in Financial
Instruments Directive 2004/39/EC. However, Notes may be listed on any other stock exchange or may be unlisted as
specified in the relevant Final Terms.
The Notes may be offered to the public in the Grand Duchy of Luxembourg ("Luxembourg"). The Issuer may request the
CSSF in its capacity as Competent Authority under Luxembourg Prospectus Law to provide competent authorities in host
Member States within the European Economic Area with a certificate of approval attesting that the Base Prospectus has
been drawn up in accordance with the Luxembourg Prospectus Law ("Notification").
Each Tranche of Notes will be represented on issue either by a temporary global note (each a "Temporary Global Note")
or a permanent global note (each a "Permanent Global Note") only (the Temporary Global Note and the Permanent Global
Note, each a "Global Note"). Interests in a Temporary Global Note will be exchangeable, in whole or in part, for interest in
a Permanent Global Note on or after the date 40 days after the later of the commencement of the offering and the relevant
issue date (the "Exchange Date"), upon certification as to non-U.S. beneficial ownership. The Notes are intended to be held
in a manner which would allow Eurosystem eligibility. Therefore, the Global Notes will be deposited on the issue date
either (i) in classical global note form with Clearstream Banking AG, Frankfurt am Main ("Clearstream, Frankfurt") or
(ii) in new global note form with a common safekeeper for Euroclear Bank SA/NV ("Euroclear") and Clearstream
Banking, société anonyme ("Clearstream, Luxembourg") and/or any other agreed clearing system. It does not necessarily
mean that the Notes will be recognised as eligible collateral for Eurosystem monetary policy and intra-day credit operations
by the Eurosystem either upon issue or at any or all times during their life. Such recognition will depend upon satisfaction

of the Eurosystem eligibility criteria applicable from time to time.
This Base Prospectus will be published in electronic form on the website of the Luxembourg Stock Exchange
(www.bourse.lu). This Base Prospectus is valid for a period of twelve months after its approval.
Arranger
Commerzbank
2

This Base Prospectus comprises three base prospectuses for the purposes of giving information with regard to
the Issuers, the Guarantor, the Guarantor and its subsidiaries taken as a whole (the "Group" or "Allianz
Group") and the Notes which, according to the particular nature of the Issuers, the Guarantor and the Notes, is
necessary to enable investors to make an informed assessment of the assets and liabilities, financial position,
profit and losses and prospects of the Issuers and the Guarantor.
Allianz Finance II B.V. in respect of itself only, Allianz Finance III B.V. in respect of itself only and Allianz SE
in their capacity as issuers (the "Issuers" and each an "Issuer") and Allianz SE in its capacity as Guarantor (the
"Guarantor") accept responsibility for the information contained in this Base Prospectus. To the best of the
knowledge of the Issuers and the Guarantor, having taken all reasonable care to ensure that such is the case, the
information contained in this Base Prospectus is in accordance with the facts and does not omit anything likely
to affect its import.
This Base Prospectus is to be read in conjunction with those pages of the documents which are incorporated
herein by reference (see "Documents Incorporated by Reference" below).
No person has been authorised to give any information or to make any representation other than those contained
in this Base Prospectus in connection with the issue or sale of the Notes and, if given or made, such information
or representation must not be relied upon as having been authorised by the Issuers, the Guarantor or the
Arranger or any Dealer (as defined in "Overview of the Programme"). Neither the delivery of this Base
Prospectus nor any sale made in connection herewith shall, under any circumstances, create any implication that
there has been no change in the affairs of each of the Issuers or the Guarantor since the date hereof or the date
upon which this Base Prospectus has been most recently supplemented or that there has been no adverse change
in the financial position of each of the Issuers since the date hereof or the date upon which this Base Prospectus
has been most recently supplemented or that any other information supplied in connection with the Programme
is correct as of any time subsequent to the date on which it is supplied or, if different, the date indicated in the
document containing the same.
The distribution of this Base Prospectus and the offering or sale of the Notes in certain jurisdictions may be
restricted by law. Persons into whose possession this Base Prospectus comes are required by the Issuers, the
Guarantor and the Arranger to inform themselves about and to observe any such restriction. Neither the Notes
nor any guarantee in respect of the Notes have been or will be registered under the U.S. Securities Act of 1933,
as amended (the "Securities Act") or with any securities regulatory authority of any state or other jurisdiction of
the United States. The Notes will be issued in bearer form and are subject to certain U.S. tax law requirements.
Subject to certain exceptions, Notes may not be offered, sold or delivered within the United States or to, or for
the account or benefit of, any U.S. person. The term "U.S. person" has the meaning ascribed to it in Regulation
S under the Securities Act ("Regulation S") and the U.S. Internal Revenue Code of 1986, as amended (the
"Code") and regulations thereunder. The Notes are being offered and sold outside the United States to non-U.S.
persons pursuant to Regulation S and may not be legally or beneficially owned at any time by any U.S. person.
For a description of certain restrictions on offers and sales of Notes and on distribution of this Base Prospectus,
see "Subscription and Sale".
This Base Prospectus does not constitute an offer of, or an invitation by or on behalf of the Issuers, the
Guarantor or any Dealer to subscribe for, or purchase, any Notes.
The Arranger and the Dealers have not separately verified the information contained in this Base Prospectus.
Neither the Arranger nor any of the Dealers makes any representation, expressly or implied, or accepts any
responsibility, with respect to the accuracy or completeness of any information contained in this Base
Prospectus. Neither this Base Prospectus nor any other financial statements are intended to provide the basis of
any credit or other evaluation and should not be considered as a recommendation by any of the Issuers, the
Guarantor, the Arranger or the Dealers that any recipient of this Base Prospectus or any other financial
statements should purchase the Notes. Each potential purchaser of Notes should determine for itself the
relevance of the information contained in this Base Prospectus and its purchase of Notes should be based upon
such investigation as it deems necessary. None of the Arranger or the Dealers undertakes to review the financial
condition or affairs of each of the Issuers or the Guarantor during the life of the arrangements contemplated by
this Base Prospectus nor to advise any investor or potential investor in the Notes of any information coming to
the attention of any of the Dealers or the Arranger.
This Base Prospectus may only be used for the purpose for which it has been published.
Prospective investors should have regard to the factors described under the section headed "Risk Factors" in this
Base Prospectus. This Base Prospectus identifies in general terms certain information that a prospective investor
should consider prior to making an investment in the Notes. However, a prospective investor should conduct its
3

own thorough analysis (including its own accounting, legal and tax analysis) prior to deciding whether to invest
in any Notes issued under the Programme as any evaluation of the suitability for an investor of an investment in
Notes issued under the Programme depends upon a prospective investor's particular financial and other
circumstances, as well as on specific terms of the relevant Notes and, if it does not have experience in financial,
business and investment matters sufficient to permit it to make such a determination, it should consult its
financial adviser prior to deciding to make an investment on the suitability of any Notes.
In connection with the issue of any Tranche (as defined below), the Dealer or Dealers (if any) named as the
stabilising manager(s) (the "Stabilising Manager(s)") (or a person acting on behalf of any Stabilising
Manager(s)) in the applicable Final Terms may over-allot Notes or effect transactions with a view to supporting
the market price of the Notes at a level higher than that which might otherwise prevail. However, there is no
assurance that the Stabilising Manager(s) (or a person acting on behalf of a Stabilising Manager) will undertake
stabilisation action. Any stabilisation action may begin on or after the date on which adequate public disclosure
of the terms of the offer of the relevant Tranche is made and, if begun, may be ended at any time, but it must end
no later than the earlier of 30 calendar days after the issue date of the relevant Tranche and 60 calendar days
after the date of the allotment of the relevant Tranche. Any stabilisation action or over-allotment must be
conducted by the relevant Stabilising Manager(s) (or a person acting on behalf of any Stabilising Manager(s)) in
accordance with all applicable laws and rules.
In this Base Prospectus, unless otherwise specified or the context otherwise requires, references to "CHF" are to
the currency of Switzerland, references to "EUR", "euro" and "" are to the currency introduced at the third
stage of European economic and monetary union pursuant to the Treaty establishing the European Community
as amended by the Treaty on European Union, references to "Sterling" and "£" are to the currency of the United
Kingdom and references to "US$", "USD" and "U.S. dollars" are to the currency of the United States.
4

TABLE OF CONTENTS

Page
SUMMARY .................................................................................................................................................... 6
RISK FACTORS ........................................................................................................................................... 20
GENERAL DESCRIPTION OF THE PROGRAMME ................................................................................ 36
ISSUE PROCEDURES ................................................................................................................................. 38
TERMS AND CONDITIONS OF THE NOTES .......................................................................................... 40
GUARANTEE WITH RESPECT TO ALLIANZ FINANCE II B.V. ......................................................... 107
GUARANTEE WITH RESPECT TO ALLIANZ FINANCE III B.V. ........................................................ 110
USE OF PROCEEDS .................................................................................................................................. 113
DESCRIPTION OF ALLIANZ FINANCE II B.V. ..................................................................................... 114
DESCRIPTION OF ALLIANZ FINANCE III B.V. .................................................................................... 117
DESCRIPTION OF ALLIANZ SE AND ALLIANZ GROUP ................................................................... 120
TAXATION ................................................................................................................................................. 149
SUBSCRIPTION AND SALE .................................................................................................................... 155
FORM OF FINAL TERMS......................................................................................................................... 160
GENERAL INFORMATION ...................................................................................................................... 177
DOCUMENTS INCORPORATED BY REFERENCE ............................................................................... 180

5

SUMMARY
Summaries are made up of disclosure requirements known as "Elements". These Elements are numbered in
Sections A E (A.1 E.7).
This summary (the "Summary") contains all the Elements required to be included in a summary for this type of
Notes and Issuers. Because some Elements are not required to be addressed, there may be gaps in the numbering
sequence of the Elements.
Even though an Element may be required to be inserted in the Summary because of the type of Notes and the
relevant Issuer, it is possible that no relevant information can be given regarding the Element. In this case, a
short description of the Element is included in the Summary with the mention of "not applicable".
[The Summary contains options, characterised by square brackets (other than the respective translations of
specific legal terms), and placeholders regarding the Notes to be issued under the Programme. The summary of
the individual issue of Notes will include the options relevant to this issue of Notes as determined by the
applicable Final Terms and will contain the information, which had been left blank, as completed by the
applicable Final Terms.]1
Element
Section A Introduction and warnings
A.1
Warning that:

this Summary should be read as an introduction to the Base Prospectus;

any decision to invest in the Notes should be based on consideration of the Base Prospectus as
a whole by the investor;

where a claim relating to the information contained in the Base Prospectus is brought before a
court, the plaintiff investor might, under the national legislation of the Member States, have to
bear the costs of translating the Base Prospectus, before the legal proceedings are initiated; and

civil liability attaches only to the Issuers which have tabled the Summary including any
translation thereof, but only if the Summary is misleading, inaccurate or inconsistent when
read together with the other parts of the Base Prospectus or it does not provide, when read
together with the other parts of the Base Prospectus, key information in order to aid investors
when considering whether to invest in the Notes.
A.2
Consent to the use of the Base Prospectus:
[Each of [] [and/or each of [] as financial intermediary] subsequently reselling or finally placing the
Notes in [] is entitled to use the Base Prospectus for the subsequent resale or final placement of the Notes
during the offer period for the subsequent resale or final placement of the Notes from [] to [], provided
however, that the Base Prospectus is still valid in accordance with Article 11 of the Luxembourg act
relating to prospectuses for securities (Loi relative aux prospectus pour valeurs mobilières) which
implements Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 (as
amended).
The Base Prospectus may only be delivered to potential investors together with all supplements published
before such delivery. Any supplement to the Base Prospectus is available for viewing in electronic form
on the website of the Luxembourg Stock Exchange (www.bourse.lu). When using the Base Prospectus,
each Dealer and/or relevant further financial intermediary must make certain that it complies with all
applicable laws and regulations in force in the respective jurisdictions.
In the event of an offer being made by a Dealer and/or a further financial intermediary, the Dealer
and/or the further financial intermediary shall provide information to investors on the terms and
conditions of the Notes at the time of that offer.
Any new information with respect to financial intermediaries unknown at the time of the approval of the
Base Prospectus or the filing of the Final Terms will be published on the internet page
www.allianz.com.][Not applicable. No consent has been given.]

Element
Section B [Issuer] [Guarantor]
B.1
Legal and commercial name
Allianz SE ("Allianz" and, together with its consolidated
subsidiaries, "Allianz Group").
B.2
Domicile / Legal form / Legislation /
Allianz SE is a European Company (Societas Europaea
Country of incorporation
"SE") incorporated and operating under the laws of Germany
and registered under its legal name "Allianz SE" in the
commercial register at the local court (Amtsgericht) in

1 To be deleted in an issue-specific summary.
6

Munich and conducts its business in Germany, amongst
others, under the commercial name "Allianz". The registered
seat (Sitz) and business address of Allianz SE is at
Königinstraße 28, 80802 Munich, Germany.
B.4b
Known trends affecting the Issuer and the Following a slight acceleration in the final quarter of 2016,
industries in which it operates
the world economy currently finds itself in fairly good shape
and has made a positive start into the year 2017. In the
industrialized countries, growth prospects are quite favorable
overall.
B.5
Description of the group and the Issuer's
Allianz Group is present in over 70 countries and offers a
position within the group
comprehensive range of insurance and asset management
products and services to 86.3 million insured customers.
Allianz Group's business activities are first organized by
product and type of service based on how these are
strategically managed: insurance activities, asset management
activities and corporate and other activities. Allianz Group's
Banking business is reported under the corporate and other
activities, which also includes central holding functions.
Allianz SE, the parent company, is headquartered in Munich,
Germany. Its shares are listed for trading on the Frankfurt
Stock Exchange and other German stock exchanges.
B.9
Profit forecast or estimate
Not applicable. No profit forecast or estimate are made.
B.10
Nature of any qualifications in the audit
Not applicable. The audit report does not include any
report on historical financial information
qualifications.
B.12
Selected historical key financial information
Twelve months ended 31 December
2016
2015

(amounts in million)
(amounts in million)
Income Statement(1)

Total revenues(2) ................................................................
122,416
125,190
Operating profit(2) ................................................................
10,833
10,735
Net income ................................................................
7,250
6,987
Balance Sheet(1)

Total assets ................................................................
883,809
848,942
Shareholders' equity ................................
67,341
63,144
Non-controlling interests ................................
3,052
2,955
Total equity ................................................................
70,392
66,099
Total liabilities ................................................................
813,417
782,843

(1)
All figures as shown in or derived from the audited Allianz Group's Annual Report of 2016

(2)
The Allianz Group uses, inter alia, Total Revenues, Operating Profit, Return on Equity, Combined
Ratio and Cost Income Ratio as key financial indicators.

(3)
Excluding non-controlling interests. Excluding unrealized gains/losses net of shadow accounting.

Trend information
There has been no material adverse change in the prospects of Allianz SE since 31 December 2016. No
developments are currently foreseen that are reasonably likely to have a material effect on Allianz SE's
prospects.

Significant change in the financial and trading position
Save as disclosed under "Recent Developments", there have been no significant changes with regard to the
financial or the trading position of Allianz SE since 31 December 2016.
B.13
Recent developments
In January 2017, Allianz Finance II B.V. called for
redemption a 1.4 billion 4.375 % subordinated bond.
The bond has been redeemed on 17 February 2017 in
accordance with the terms and conditions of the bond.
Furthermore, Allianz SE issued in January 2017 a
7

subordinated bond in the amount of 1.0 billion with a
scheduled maturity in July 2047, but with ordinary call
rights of Allianz beginning in July 2027. The coupon of
3.099 % is fixed until July 2027.
Also in January 2017, Allianz SE issued a subordinated
bond in the amount of USD 0.6 billion with a scheduled
maturity in January 2049, but with ordinary call rights of
Allianz beginning in January 2029. The coupon of 5.1 %
is fixed until January 2029.
On 16 February 2017, Allianz SE has decided to launch a
share buy-back program with a volume of up to 3 billion
and to simplify capital management to make it more
flexible. The buy-back program started on 17 February
2017 and is envisaged to last no longer than 12 months.
Allianz SE will cancel all repurchased shares.
B.14.
Statement of dependency upon other entities
Not applicable. Allianz SE is not dependent upon other
within the group
entities within Allianz Group. See Element B.5 above.
B.15
Principal activities
The Allianz Group is a global financial service provider
and offers a comprehensive range of insurance and asset
management products and services. Allianz Group's
product portfolio includes property-casualty insurance,
life & health insurance and asset management and Allianz
Group is carrying out any other activities incidental to the
activity in said areas or conducive to promoting the same.
B.16
Major shareholders
BlackRock, Inc., Wilmington, USA, notified Allianz SE
that on 16 February 2017, the share of voting rights
directly or indirectly held by BlackRock amounted to
6.04% of the voting rights.
B.17
Credit ratings of Allianz or its debt securities
Standard & Poor's Credit Market Services Europe Limited
("Standard & Poor's")1,5 has assigned the insurer
financial strength rating6 AA (outlook stable), Moody's
Investors Service Ltd. ("Moody's")2,5 has assigned an Aa3
insurer financial strength rating6 (outlook stable) and A.M.
Best Europe-Rating Service Limited ("A.M. Best")3,4 has
assigned an A+ insurer financial strength rating6 (outlook
stable) to Allianz.
Regarding the counterparty credit Standard & Poor's has
assigned an AA rating6 (outlook stable) and A.M. Best has
assigned an aa- rating5 (outlook positive) to Allianz.
Standard & Poor's rated the senior unsecured debt of
Allianz with AA (outlook stable), Moody's with Aa3
(outlook stable) and A.M. Best with aa- (outlook
positive).

1 Standard & Poor's is established in the European Community and is registered under Regulation (EC) No. 1060/2009 of the European Parliament and of the
Council of 16 September 2009 on credit rating agencies, as amended (the "CRA Regulation").
2 Moody's is established in the European Community and is registered under the CRA Regulation.
3 A.M. Best is established in the European Community and is registered under the CRA Regulation.
4 The European Securities and Markets Authority publishes on its website (http://www.esma.europa.eu/page/List-registered-and-certified-CRAs) a list of
credit rating agencies registered in accordance with the CRA Regulation. That list is updated within five working days following the adoption of a decision
under Article 16, 17 or 20 CRA Regulation. The European Commission shall publish that updated list in the Official Journal of the European Union within
30 days following such update.
5 A credit rating assesses the creditworthiness of an entity and informs an investor therefore about the probability of the entity being able to redeem invested
capital. It is not a recommendation to buy, sell or hold securities and may be revised or withdrawn by the rating agency at any time.
8

[Element
Section B Issuer
B.1
Legal and commercial Name
Allianz Finance II B.V.
B.2
Domicile / Legal form / Legislation / Country
Allianz Finance II B.V. is a private limited liability
of incorporation
company incorporated and operating under the laws of
the Netherlands. The corporate seat of Allianz Finance II
B.V. is in Amsterdam and its office address is
Keizersgracht 484, NL-1017 EH Amsterdam, The
Netherlands. Allianz Finance II B.V. is entered in the
Commercial Register of Amsterdam.
B.4b
Known trends affecting the Issuer and the
Allianz Finance II B.V. acts to grant financings to
Industries in which it operates
companies and business enterprises of Allianz Group, to
seek and raise financings including, without limitation,
the issuance of bonds and certificates of indebtedness and
to enter into any derivative transaction in connection with
any of the aforementioned financings. Hence, it is
typically unaffected by trends which may otherwise have
an influence on Allianz Group. However, the extent to
which future financing needs arise depends on the
development of the operating business and investment
projects of Allianz SE.
B.5
Description of the group and the Issuer's
Allianz Finance II B.V. is a wholly owned subsidiary of
position within the group
Allianz SE and has no subsidiaries of its own. Allianz SE
is a joint stock corporation incorporated and organised
under the laws of Germany and the parent company of
Allianz Group.
B.9
Profit forecast or estimate
Not applicable. No profit forecast or estimate are made.
B.10
Nature of any qualifications in the audit
Not applicable. The audit report does not include any
report on historical financial information
qualifications.
B.12
Selected historical key financial information

As of 31 December

2016
2015

(amounts in thousand)
(amounts in thousand)

Non-current assets............................
9,872,733
9,918,993
Current assets...................................
1,739,062
1,824,933

11,611,795
11,743,926
Shareholders' Equity.........................
18,758
15,556
Non-current liabilities.......................
9,872,741
9,908,005
Current liabilities..............................
1,720,296
1,820,365

11,611,795
11,743,926

Trend information
There has been no material adverse change in the prospects of Allianz Finance II B.V. since
31 December 2016. No developments are currently foreseen that are reasonably likely to have a material
effect on Allianz Finance II B.V.'s prospects.

Significant change in the financial and trading position
Save as disclosed under "Recent Developments", there has been no significant change with regard to the
financial or trading position of Allianz Finance II B.V. since 31 December 2016.
B.13
Recent developments
The Company called for redemption in whole of the EUR 1.4
billion 4.375% guaranteed undated subordinated fixed to floating
rate callable bond of 2005 effective 17 February 2017 in
accordance with the terms and conditions of the bonds. The
corresponding loan to a group company will also behas been
redeemed on 17 February 2017..
B.14
Statement of dependency upon other
Allianz Finance II B.V. is a wholly owned subsidiary of Allianz
entities within the group
SE and has no subsidiaries of its own. See Element B.5 above.
B.15
Principal activities
The principal activity of Allianz Finance II B.V. is to issue bonds
on behalf of and under a guarantee by its parent company,
9

Allianz SE. Cash collected through a bond issue is loaned in full
to Allianz SE or, if agreed so, to another entity within the Allianz
Group.
B.16
Major shareholders
Allianz Finance II B.V. is a wholly owned subsidiary of Allianz
SE.
B.17
Credit ratings of the Issuer or its debt
Not applicable. No credit ratings are assigned to Allianz Finance
securities
II B.V.
B.18
Nature and scope of the Guarantee
Notes issued by Allianz Finance II B.V. under the Base
Prospectus will have the benefit of a guarantee (the "Guarantee")
for the payment of principal and interest on the Notes given by
Allianz SE (the "Guarantor"). The Guarantee constitutes an
irrevocable, unsecured and unsubordinated obligation of the
Guarantor ranking pari passu with all other unsecured and
unsubordinated obligations of the Guarantor. The terms of the
Guarantee also contain a negative pledge of the Guarantor. The
Guarantee is governed by German law. The Guarantee
constitutes a contract for the benefit of the holders of the Notes
(the "Noteholders") from time to time as third party beneficiaries
pursuant to § 328 paragraph 1 German Civil Code (Bürgerliches
Gesetzbuch BGB).
B.19
Summary information about the
Please see Allianz SE Element B.1 to B.17]
Guarantor

[Element
Section B Issuer
B.1
Legal and commercial Name
Allianz Finance III B.V.
B.2
Domicile / Legal form / Legislation /
Allianz Finance III B.V. is a private limited liability company
Country of incorporation
incorporated and operating under the laws of the Netherlands.
The corporate seat of Allianz Finance III B.V. is in Amsterdam
and its office address is Keizersgracht 484, NL-1017 EH
Amsterdam, The Netherlands. Allianz Finance III B.V. is entered
in the Commercial Register of Amsterdam.
B.4b
Known trends affecting the Issuer and Allianz Finance III B.V. acts to grant financings to companies
the Industries in which it operates
and business enterprises of Allianz Group, to seek and raise
financings including, without limitation, the issuance of bonds
and certificates of indebtedness and to enter into any derivative
transaction in connection with any of the aforementioned
financings. Hence, it is typically unaffected by trends which may
otherwise have an influence on Allianz Group. However, the
extent to which future financing needs arise depends on the
development of the operating business and investment projects of
Allianz SE.
B.5
Description of the group and the
Allianz Finance III B.V. is a wholly owned subsidiary of Allianz
Issuer's position within the group
SE and has no subsidiaries of its own. Allianz SE is a joint stock
corporation incorporated and organised under the laws of
Germany and the parent company of Allianz Group.
B.9
Profit forecast or estimate
Not applicable. No profit forecast or estimate are made.
B.10
Nature of any qualifications in the
Not applicable. The audit report does not include any
audit report on historical financial
qualifications.
information
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