Obligation AllianZ 3.5% ( USX10001AA78 ) en USD

AllianZ

96.9 % ▼

Allemagne

USX10001AA78 ( en USD )

3.5% par an ( paiement annuel )

Perpétuelle

Prospectus brochure de l'obligation Allianz USX10001AA78 en USD 3.5%, échéance Perpétuelle

X10001AA7

A ( Qualité moyenne supérieure )

30/04/2026 ( Dans 303 jours )

Allianz est un groupe d'assurance et de services financiers allemand, l'un des plus grands au monde, actif dans l'assurance dommages, la réassurance, l'assurance vie et la gestion d'actifs.

L'Obligation émise par AllianZ ( Allemagne ) , en USD, avec le code ISIN USX10001AA78, paye un coupon de 3.5% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le Perpétuelle
L'Obligation émise par AllianZ ( Allemagne ) , en USD, avec le code ISIN USX10001AA78, a été notée A ( Qualité moyenne supérieure ) par l'agence de notation Standard & Poor's ( S&P ).

OFFERING CIRCULAR
$1,250,000,000

ALLIANZ SE
(incorporated as a European Company, or Societas Europaea (SE), in Munich, Germany)

3.500% Perpetual Fixed Rate Resettable Restricted Tier 1 Notes

The $1,250,000,000 aggregate nominal amount of 3.500% perpetual fixed rate resettable restricted Tier 1 notes
(the "Notes") offered hereby will be issued by Allianz SE (the "Issuer").
The Notes are perpetual notes and have no fixed maturity or redemption date. Holders of Notes have no right to
require the Issuer to redeem or purchase the Notes at any time. The Issuer shall be entitled to redeem the Notes only in
accordance with the provisions specified in "Terms and Conditions of the Notes -- § 4 (Redemption; Write-downs;
Write-ups)". The Issuer shall have the right (subject, in particular, to the prior approval of the Competent Supervisory
Authority) to redeem the Notes, in whole but not in part, on November 17, 2025 and on any Optional Redemption Date
thereafter as further specified in "Terms and Conditions of the Notes -- § 4 (Redemption; Write-downs; Write-ups)". In
addition, the Issuer may (subject, in particular, to the prior approval of the Competent Supervisory Authority) redeem the
Notes at any time on the occurrence of a Tax Event, a Regulatory Event or a Rating Agency Event, as set out in "Terms and
Conditions of the Notes -- § 4 (Redemption; Write-downs; Write-ups)".
Subject to the right or obligation of the Issuer to cancel any payment of interest in respect of the Notes in
accordance with "Terms and Conditions of the Notes -- § 3 (Interest)," interest will accrue on the current nominal amount
of the Notes (i) from (and including) the Interest Commencement Date to (but excluding) April 30, 2026 (the "First Reset
Date"), at a fixed rate of 3.500% per annum payable annually in arrear on April 30 in each year, commencing on April 30,
2021 and (ii) from (and including) the First Reset Date to (but excluding) the next Reset Date and thereafter from (and
including) each Reset Date to (but excluding) the next Reset Date, at the relevant Reference Interest Rate plus the initial
annualized margin payable annually in arrear on April 30 in each year, as further specified in "Terms and Conditions of the
Notes -- § 3 (Interest)".
The Issuer may elect at any time to cancel (in whole or in part) any interest payment otherwise scheduled
to be paid on an Interest Payment Date and shall cancel an interest payment upon the occurrence of certain
mandatory interest cancellation events as set out in "Terms and Conditions of the Notes -- § 3 (Interest)" with
respect to that interest payment. The cancellation of any interest payment shall not constitute a default or event of
default for any purpose on the part of the Issuer and Holders shall not have any right to such cancelled interest,
whether in an insolvency or dissolution of the Issuer or otherwise. Any interest payment (or part thereof) that is
cancelled in accordance with the Terms and Conditions of the Notes shall not become due and payable in any
circumstances.
Upon the occurrence of a Trigger Event or a Deterioration Event (as defined herein), the Issuer shall,
without the need for the consent of the Holders, write down the Notes by reducing the Initial Nominal Amount (as
defined herein) or, in case a write-down has occurred previously, by reducing the then current nominal amount of
the Notes. A write-down of the Notes shall not constitute a default or an event of default in respect of the Notes or a
breach of the Issuer's obligations or duties or a failure to perform by the Issuer in any manner whatsoever, and
shall not entitle Holders to petition for the insolvency or dissolution of the Issuer or to take any other action.
Following any reduction of the Initial Nominal Amount, the Issuer may, at its discretion, increase the current
nominal amount of the Notes on any date and in any amount that it determines in its discretion (either to the Initial
Nominal Amount or to any lower amount) provided that several conditions are met, as set out in "Terms and
Conditions of the Notes -- § 4 (Redemption; Write-downs; Write-ups)". Write-ups in respect of the Notes are limited
under certain circumstances described in "Terms and Conditions of the Notes -- § 4 (Redemption; Write-downs;
Write-ups) -- 9(d)", and as a consequence, write-downs can be in full and permanent.
The Notes do not contain events of default.
The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the
"U.S.

Securities Act"), or the securities laws of any state of the United States or any other jurisdiction. Accordingly,
the Notes are being offered and sold only to qualified institutional buyers ("QIBs") in accordance with Rule 144A
under the U.S. Securities Act ("Rule 144A") and to certain persons outside the United States that are not, and are
not acting for the account or benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act
("Regulation S")) in offshore transactions in accordance with Regulation S. Prospective purchasers that are QIBs

are hereby notified that the seller of the Notes may be relying on the exemption from the registration requirements
under the U.S. Securities Act provided by Rule 144A. The Notes are not transferable except in accordance with the
restrictions described under "Notice to Investors".
Investing in the Notes involves risks. See "Risk Factors" beginning on page 36 of this offering circular (the
"Offering Circular") for a discussion of certain risks that you should consider before buying the Notes.
The Issuer has applied for the Notes to be listed on the official list of the Luxembourg Stock Exchange and
admitted to trading on the Euro MTF Market operated by the Luxembourg Stock Exchange, which is a multilateral trading
facility for the purposes of Directive 2014/65/EU, as amended, ("MiFID II"), and, therefore, not an EU-regulated market.
This Offering Circular does not constitute a prospectus for the purposes of Regulation (EU) 2017/1129 (the
"Prospectus Regulation") and, in accordance with the Prospectus Regulation, no prospectus is required in connection with
the listing of the Notes.
_______________
Offering Price: 100.015%
The offering price set forth above does not include accrued interest, if any. Interest on the Notes will accrue from
November 17, 2020.
The Notes will be evidenced by two or more global certificates in registered form deposited with a custodian for,
and registered in the name of a nominee of, The Depository Trust Company ("DTC"). The initial distribution of the Notes
will be cleared through DTC only, which will occur on or about November 17, 2020. Beneficial interests in the Notes will
be shown on, and transfers thereof will be effected only through, records maintained by DTC and its direct and indirect
participants, including Euroclear Bank S.A./N.V. ("Euroclear") and Clearstream Banking S.A., Luxembourg
("Clearstream").
_______________

Joint Lead Managers
Citigroup
BNP PARIBAS
BofA Securities
Deutsche Bank Securities
HSBC

Co-Lead Managers

COMMERZBANK
Credit Agricole CIB
nabSecurities, LLC
UniCredit Capital Markets

The date of this Offering Circular is November 10, 2020.

TABLE OF CONTENTS
Page
NOTICE TO INVESTORS .................................................................................................................... 6
CERTAIN DEFINED TERMS ............................................................................................................ 10
WHERE YOU CAN FIND MORE INFORMATION ......................................................................... 11
MARKET, RANKING AND OTHER THIRD-PARTY DATA.......................................................... 12
INCORPORATION BY REFERENCE ............................................................................................... 13
ENFORCEABILITY OF CIVIL LIABILITIES................................................................................... 17
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS ............................. 18
SUMMARY ......................................................................................................................................... 20
RISK FACTORS .................................................................................................................................. 36
USE OF PROCEEDS ........................................................................................................................... 59
CAPITALIZATION AND FINANCIAL INDEBTEDNESS OF ALLIANZ GROUP ........................ 60
DESCRIPTION OF ALLIANZ SE AND ALLIANZ GROUP ............................................................ 61
INTEREST PAYMENTS AND DISTRIBUTABLE ITEMS OF THE ISSUER ................................. 93
TERMS AND CONDITIONS OF THE NOTES ................................................................................. 96
BOOK-ENTRY--CLEARANCE SYSTEMS ................................................................................... 117
TAXATION ....................................................................................................................................... 121
ERISA CONSIDERATIONS ............................................................................................................. 130
PLAN OF DISTRIBUTION ............................................................................................................... 132
SELLING RESTRICTIONS .............................................................................................................. 134
VALIDITY OF SECURITIES ........................................................................................................... 139
INDEPENDENT AUDITORS ........................................................................................................... 140
GENERAL INFORMATION............................................................................................................. 141

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NOTICE TO INVESTORS
None of the Issuer or Citigroup Global Markets Inc., BNP Paribas Securities Corp., BofA Securities, Inc.,
Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., Commerz Markets LLC, Credit Agricole Securities
(USA) Inc., nabSecurities, LLC and UniCredit Capital Markets LLC (collectively, the "Initial Purchasers") has
authorized anyone to provide you with any information or represent anything about the Issuer or the Initial
Purchasers, the Issuer's financial results or this offering that is not contained in this Offering Circular. The Issuer
and the Initial Purchasers take no responsibility for, and can provide no assurance as to the reliability of, any other
information that others may give you. None of the Issuer or the Initial Purchasers is making an offering of the Notes
in any jurisdiction where this offering is not permitted. You should not assume in any circumstances that the
information contained in this Offering Circular is accurate as at any date other than the date hereof or that any
information supplied in connection with the Notes is accurate as of any time other than the date indicated in the
document containing the same.
Neither this Offering Circular nor any other information supplied in connection with the Notes should be considered as
a recommendation by the Issuer or any of the Initial Purchasers that any recipient of this Offering Circular should purchase
any Notes. In making an investment decision, prospective investors must rely on their own examination of the Issuer and
the terms of this offering, including the merits and risks involved.
In addition, none of the Issuer or the Initial Purchasers or any of our or their respective representatives is making any
representation to you regarding the legality of an investment in the Notes, and you should not construe anything in this
Offering Circular as legal, business or tax advice. You should consult your own advisors as to legal, tax, business, financial
and related aspects of an investment in the Notes. You must comply with all laws applicable in any jurisdiction in which
you buy, offer or sell the Notes or possess or distribute this Offering Circular, and you must obtain all applicable consents
and approvals; none of the Issuer or the Initial Purchasers shall have any responsibility for any of the foregoing legal
requirements.
The Initial Purchasers make no representation or warranty, express or implied, as to the accuracy or completeness of
the information contained in this Offering Circular. Nothing contained in this Offering Circular is, or shall be relied upon
as, a promise or representation by the Initial Purchasers as to the past or future.
The information set out in relation to sections of this Offering Circular describing clearing arrangements, including the
section entitled "Book-Entry--Clearance Systems," is subject to any change in or reinterpretation of the rules, regulations
and procedures of DTC, Euroclear or Clearstream currently in effect. While the Issuer accepts responsibility for accurately
summarizing the information concerning DTC, Euroclear and Clearstream, it accepts no further responsibility in respect of
such information. In addition, this Offering Circular contains summaries believed to be accurate with respect to certain
documents, but reference is made to the actual documents for complete information. All such summaries are qualified in
their entirety by such reference. Copies of documents referred to herein will be made available to prospective investors
upon request to us or the Initial Purchasers.
By receiving this Offering Circular, you acknowledge that you have had an opportunity to request from the Issuer for
review, and that you have received, all additional information you deem necessary to verify the accuracy and completeness
of the information contained in this Offering Circular. You also acknowledge that you have not relied on the Initial
Purchasers in connection with your investigation of the accuracy of this information or your decision whether to invest in
the Notes.
The Issuer reserves the right to withdraw this offering at any time. The Issuer is making this offering subject to the
terms described in this Offering Circular and the purchase agreement relating to the Notes entered into between the Issuer
and the Initial Purchasers (the "Purchase Agreement"). The Issuer and the Initial Purchasers reserve the right to reject all or
a part of any offer to purchase the Notes, for any reason. The Issuer and the Initial Purchasers also reserve the right to sell
less than all of the Notes offered by this Offering Circular or to sell to any purchaser less than the amount of Notes it has
offered to purchase.
The Notes are subject to restrictions on transferability and resale and may not be transferred or resold, except as
permitted under the U.S. Securities Act and the applicable state securities laws, pursuant to registration or exemption
therefrom. As a prospective investor, you should be aware that you may be required to bear the financial risks of an
investment in the Notes for an indefinite period of time. Please refer to the sections in this Offering Circular entitled "Plan
of Distribution".
The distribution of this Offering Circular and the offering and sale of the Notes in certain jurisdictions may be
restricted by law. Please see notices to investors in this section starting on page 7 and "Selling Restrictions" starting on page
136.
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The Notes will be issued in the form of global notes. Please see "Book-Entry--Clearance Systems".
THE SECURITIES MAY NOT BE OFFERED TO THE PUBLIC WITHIN ANY JURISDICTION. BY
ACCEPTING DELIVERY OF THIS OFFERING CIRCULAR, YOU AGREE NOT TO OFFER, SELL, RESELL,
TRANSFER OR DELIVER, DIRECTLY OR INDIRECTLY, ANY SECURITIES TO THE PUBLIC.
NOTICE TO US INVESTORS
Each purchaser of the Notes will be deemed to have made the representations, warranties and acknowledgements that
are described in this Offering Circular under "Plan of Distribution".
The Notes offered hereby have not been and will not be registered under the U.S. Securities Act or with any securities
regulatory authority of any state or other jurisdiction in the United States and may not be offered or sold in the United
States, except to "qualified institutional buyers," or QIBs, within the meaning of Rule 144A in reliance on an exemption
from the registration requirements of the U.S. Securities Act provided by Rule 144A. Prospective purchasers are hereby
notified that the sellers of the Notes may be relying on the exemption from the registration requirements of Section 5 of the
U.S. Securities Act provided by Rule 144A. The Notes may be offered and sold to persons outside the United States that are
not, and are not acting for the account or benefit of, "U.S. persons" (as defined in Regulation S) in reliance on Rule 903 or
Rule 904 of Regulation S. For a description of certain further restrictions on resale or transfer of the Notes, please see "Plan
of Distribution".
The Notes described in this Offering Circular have not been registered with, recommended by or approved by the U.S.
Securities and Exchange Commission (the "SEC"), any state securities commission in the United States or any other
securities commission or regulatory authority, nor has the SEC, any state securities commission in the United States or any
such securities commission or authority passed upon the accuracy or adequacy of this Offering Circular. Any
representation to the contrary is a criminal offence in the United States and may be a criminal offence in other countries.
NOTICE TO EEA AND UK INVESTORS
This Offering Circular has been prepared on the basis that any offer of the Notes in any member state of the European
Economic Area (the "EEA") or the United Kingdom (the "UK") will be made pursuant to an exemption under Regulation
(EU) 2017/1129 (the "Prospectus Regulation") from the requirement to publish a prospectus for offers of the securities
referred to herein. Accordingly any person making or intending to make an offer in a member state or the UK of Notes
which are the subject of the offering contemplated in this Offering Circular may only do so in circumstances in which no
obligation arises for the Issuer or any of the Initial Purchasers to publish a prospectus pursuant to Article 3 of the Prospectus
Regulation, in each case, in relation to such offer. Neither the Issuer nor the Initial Purchasers have authorised, nor do they
authorise, the making of any offer of Notes in circumstances in which an obligation arises for the Issuer or any of the Initial
Purchasers to publish a prospectus for such offer.
MiFID II Product Governance/Professional Investors and ECPs Only Target Market: Solely for the purposes of
each manufacturer's product approval process, the target market assessment in respect of the Notes has led to the
conclusion that: (i) the target market for the Notes is eligible counterparties and professional clients only, each as defined in
MiFID II; and (ii) all channels for distribution of the Notes to eligible counterparties and professional clients are
appropriate. Any person subsequently offering, selling or recommending the Notes (a "distributor") should take into
consideration the manufacturers' target market assessment; however, a distributor subject to MiFID II is responsible for
undertaking its own target market assessment in respect of the Notes (by either adopting or refining the manufacturers'
target market assessment) and determining appropriate distribution channels.
Prohibition on marketing and sales of Notes to retail investors: The Notes are complex financial instruments and
are not a suitable or appropriate investment for all investors. In some jurisdictions, regulatory authorities have adopted or
published laws, regulations or guidance with respect to the offer or sale of securities with features similar to the Notes to
retail investors. In particular, in June 2015, the FCA published the Product Intervention (Contingent Convertible
Instruments and Mutual Society Shares) Instrument 2015 (the "PI Instrument"). In addition, (i) on January 1, 2018, the
provisions of Regulation (EU) No. 1286/2014 on key information documents for packaged and retail and insurance-based
investment products ("PRIIPs") became directly applicable in all EEA member states (including the UK) and (ii) MiFID II
was required to be implemented in EEA member states (including the UK) by January 3, 2018. Together the PI Instrument,
PRIIPs and MiFID II are referred to as the "Regulations".
The Regulations set out various obligations in relation to (i) the manufacture and distribution of financial instruments
and (ii) the offering, sale and distribution of packaged retail and insurance-based investment products and certain
contingent write-down or convertible securities, such as the Notes. Potential investors in the Notes should inform
themselves of, and comply with, any applicable laws, regulations or regulatory guidance with respect to any resale of the
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Notes (or any beneficial interests therein) including the Regulations. Each Initial Purchaser is required to comply with
some or all of the Regulations.
By purchasing, or making or accepting an offer to purchase, any Notes (or a beneficial interest in such Notes) from the
Issuer and/or each Initial Purchaser, each prospective investor represents, warrants, agrees with, and undertakes to, the
Issuer and each Initial Purchaser that:
1.
it is not a retail client in the EEA or the UK (as defined in MiFID II);
2.
whether or not it is subject to the Regulations, it will not:
(i)
sell or offer the Notes (or any beneficial interests therein) to retail clients in the EEA or the UK
(as defined in MiFID II) or
(ii)
communicate (including the distribution of this Offering Circular, in preliminary or final form)
or approve any invitation or inducement to participate in, acquire or underwrite the Notes (or
any beneficial interests therein) where that invitation or inducement is addressed to or
disseminated in such a way that it is likely to be received by a retail client in the EEA or the UK
(in each case within the meaning of MiFID II), and
in selling or offering the Notes or making or approving communications relating to the Notes, each
prospective investor may not rely on the limited exceptions set out in the PI Instrument; and
3.
it will at all times comply with all applicable laws, regulations and regulatory guidance (whether inside
or outside the EEA or the UK) relating to the promotion, offering, distribution and/or sale of the Notes
(or any beneficial interests therein), including (without limitation) MiFID II and any other applicable
laws, regulations and regulatory guidance relating to determining the appropriateness and/or suitability
of an investment in the Notes (or any beneficial interests therein) by investors in any relevant
jurisdiction.
Each prospective investor further acknowledges that:
1.
the identified target market for the Notes (for the purposes of the product governance obligations in
MiFID II) is eligible counterparties and professional clients (each as defined in MiFID II); and
2.
no key information document ("KID") under PRIIPs has been prepared and therefore offering or selling
the Notes or otherwise making them available to any retail investor in the EEA or the UK may be
unlawful under PRIIPs.
Where acting as agent on behalf of a disclosed or undisclosed client when purchasing, or making or accepting an offer to
purchase, any Notes (or any beneficial interest therein) from the Issuer and/or any of the Initial Purchasers, the foregoing
representations, warranties, agreements and undertakings will be given by and be binding on both the agent and its
underlying client(s).
PRIIPs Regulation/Prohibition of Sales to EEA and UK Retail Investors: The Notes described in this Offering
Circular are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise
made available to any retail investor in the EEA or in the UK. For these purposes, a retail investor means a person who is
one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of MiFID II; or (ii) a customer within the meaning
of Directive 2016/97/EU (as amended, the "Insurance Distribution Directive"), where that customer would not qualify as a
professional client as defined in point (10) of Article 4(1) of MiFID II. Consequently no key information document
required by Regulation (EU) No 1286/2014 (as amended, the "PRIIPs Regulation") for offering or selling the Notes or
otherwise making them available to retail investors in the EEA or in the UK has been prepared and therefore offering or
selling the Notes or otherwise making them available to any retail investor in the EEA or in the UK may be unlawful under
the PRIIPs Regulation.
Responsibility Statement: The Issuer accepts responsibility for the information contained in and incorporated by
reference into this Offering Circular. The Issuer hereby declares that, to the best of its knowledge, the information
contained in this Offering Circular is in accordance with the facts and that this Offering Circular makes no omission likely
to affect its import.
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NOTICE TO UK INVESTORS
This Offering Circular has not been approved by an authorised person in the United Kingdom. This Offering Circular
is for distribution only to persons who: (i) have professional experience in matters relating to investments falling within
Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the
"Financial Promotion Order"); (ii) are persons falling within Article 49(2)(a) to (d) (high-net-worth companies,
unincorporated associations, etc.) of the Financial Promotion Order; (iii) are outside the United Kingdom; or (iv) are
persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the
Financial Services and Markets Act 2000) in connection with the issue or sale of any securities may otherwise lawfully be
communicated or caused to be communicated (all such persons together being referred to as "relevant persons"). This
Offering Circular is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant
persons. Any investment or investment activity to which this Offering Circular relates is available only to relevant persons
and will be engaged in only with relevant persons.

IN CONNECTION WITH THE OFFERING OF THE NOTES, CITIGROUP GLOBAL MARKETS INC.
(OR PERSONS ACTING ON ITS BEHALF) MAY OVERALLOT 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
CITIGROUP GLOBAL MARKETS INC. (OR PERSONS ACTING ON ITS BEHALF) WILL UNDERTAKE
STABILIZATION ACTION. ANY STABILIZATION ACTION MAY BEGIN ON OR AFTER THE DATE ON
WHICH ADEQUATE PUBLIC DISCLOSURE OF THE TERMS OF THE OFFER OF THE NOTES IS MADE
AND, IF BEGUN, MAY BE ENDED AT ANY TIME, BUT IT MUST END NO LATER THAN 30 DAYS AFTER
THE DATE ON WHICH THE ISSUER RECEIVED THE PROCEEDS OF THE NOTES, OR NO LATER THAN
60 DAYS AFTER THE DATE OF THE ALLOTMENT OF THE SECURITIES, WHICHEVER IS EARLIER.
ANY STABILIZING ACTION OR OVER-ALLOTMENT OF THE NOTES MUST BE CONDUCTED BY
CITIGROUP GLOBAL MARKETS INC. (OR PERSONS ACTING ON ITS BEHALF) IN ACCORDANCE
WITH ALL APPLICABLE LAWS AND RULES.
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CERTAIN DEFINED TERMS
In this Offering Circular, references to the "Issuer" or "Allianz" refer to Allianz SE. References to "we," "us" and
"our" refer to Allianz SE or, if the context so requires, to Allianz SE and its consolidated subsidiaries. References to the
"Allianz Group" or the "Group" refer to Allianz SE and its consolidated subsidiaries, except that, for the purpose of the
Terms and Conditions of the Notes, the term "Group" shall have the meaning ascribed to such term in such Terms and
Conditions of the Notes.
References to "EUR," "euro" and "" are to the single currency introduced at the third stage of the European Economic
and Monetary Union pursuant to the Treaty establishing the European Community as amended by the Treaty of the
European Union. All references to "USD," "US$" and "$" are to the lawful currency of the United States of America.
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WHERE YOU CAN FIND MORE INFORMATION
To permit compliance with Rule 144A in connection with any resales or other transfers of Notes that are "restricted
securities" within the meaning of Rule 144(a)(3) under the U.S. Securities Act, during any period during which the Issuer is
neither a reporting company under Sections 13 or 15(d) of the US Securities Exchange Act of 1934, as amended (the
"Exchange Act") nor exempt from reporting pursuant to Rule 12g3-2(b) under the Exchange Act, the Issuer will make
available on request to each holder in connection with any resale thereof and to any prospective purchaser of such Notes
from such holder, in each case upon request, the information specified in and meeting the requirements of Rule 144(d)(4)
under the U.S. Securities Act.
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MARKET, RANKING AND OTHER THIRD-PARTY DATA
With respect to any information included herein and specified to be sourced from a third party (i) the Issuer confirms
that any such information has been accurately reproduced and as far as the Issuer is aware and is able to ascertain from
information available to it from such third party, no facts have been omitted the omission of which would render the
reproduced information inaccurate or misleading and (ii) neither the Issuer nor any Initial Purchaser has independently
verified any such information and neither the Issuer nor any Initial Purchaser accepts any responsibility for the accuracy
thereof.
The market position of the Allianz Group's Property-Casualty business as described in this Offering Circular is based
on revenues for the year ended December 31, 2019 compared to a selected peer group of comparable international insurers
with similar product offerings, which comprises AIG, AXA, Chubb, Generali, PingAn, and Zurich. With respect to the
Allianz Group, revenues comprise gross premiums written and fee and commission income. With respect to each peer
company, revenues represent the applicable top-line revenue figure disclosed by such peer company.
The market position of the Allianz Group's Life/Health business as described in this Offering Circular is based on
gross premiums written from sales of life and health insurance policies plus gross receipts from sales of unit-linked and
other investment-oriented products for the year ended December 31, 2019, compared to comparable key performance
indicator measurements for Life/Health gross premiums written plus gross receipts as disclosed by a selected peer group of
comparable international insurers with similar product offerings, which comprises AIG, AXA, Chubb, Generali, PingAn,
Prudential and Zurich.
The market position of the Allianz Group's assets under management as described in this Offering Circular is based on
assets under management as of December 31, 2019, compared to disclosed assets under management of a selected peer
group of comparable asset managers comprising Aberdeen, Ameriprise, Amundi, AXA, Blackrock, DWS, Franklin,
Invesco, Janus Henderson, Legg Mason, Natixis, Schroders, T. Rowe and UBS.

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