P NC 6.6: Book size: 6300; First Pay: 2022-04-30; Redemption: 2028-04-30; Registration: Reg S Only; Comments: US$1.25bn 3.20% cpn perp NC6.6 at 100.011, yld 3.20%. Reset spread: T+216.5bp. Settle: 9/07/21. LEI: 529900K9B0N5BT694847. Distribution: Eur 42%, N.Amer 38%, Asia 19%, ME 1%. AM 73%, Bks/PB 9%, Ins/PF 8%, HF 7%, OI 3%; P NC 10: Book size: 3900; First Pay: 2022-04-30; Redemption: 2031-10-30; Registration: Reg S Only; Comments: EUR1.25bn PNC10.6yr RT1 RegS. Baa1/A. BofA/Citi/CMZ(B&D)/CA-CIB/DB/HSBC. Also USD PNC6.6yr RT1. IPTs at 3% area (ann cpn), launch 1.25bn at 2.6%, bk >3.9bn, peak >4.1bn, FTT on Allianz board approval. Initial/reset rate 5yr MS+257.9. LEI: 529900K9B0N5BT694847. Distribution: Fr 23%, Ger/Aus/Switz 22%, UK/Ire 22%, Sing 9%, Nordics 8%, Benelux 6%, It 3%, Iberia 2%, HK 2%, Other 3%. AM 67%, Ins/PF 11%, OI 10%, Bks/PB 7%, HF 5%;

ALLIANZ SE (ALVGR), exp issue ratings Baa1 (hyb)/A (issuer ratings Aa3/AA (s/s)), US$1.25bn 144A/Reg S PerpNC6.6 Resettable Restricted Tier 1 notes. BofA/Citi (B&D)/Commerz/CACIB/DB/HSBC as joint lead managers. Fixed rate of % per annum, payable annually in arrear on 30 April in each year, commencing on 30 April 2022 (short first interest period) until (and excluding) the First Reset Date. Interest rate resets on the First Reset Date and every Reset Date thereafter to the sum of the applicable Reference Rate and the initial Credit Spread (no step-up). Reference Rate: Annualized 5 year CMT Rate. Initial Credit Spread % (determined at pricing vs. the annualized interpolated 5yr & 7yr US Treasury rates). German Law. UOP: gcp. Pricing 9/1. Settle 9/7. IPTs: 3.625% area. Issuer Sustainability Ratings: ISS ESG: Prime status / S&P Global: 85/100. The Issuer may redeem the Notes (in whole only) on (i) each Business Day falling in a period from and including 10/30/27 to (but excluding) the First Reset Date; (ii) the First Reset Date; (iii) after the First Reset Date, each Business Day falling in a period from and including 10/30 immediately before each Reset Date to (but excluding) such Reset Date; and (iv) each Reset Date, at the prevailing Reference Nominal Amount, together with accrued interest, subject to the Conditions to Redemption. Optional redemption is prohibited unless any write-downs have been fully written up (subject to the 10-year write-up limitation – see “Reference Nominal Amount” below). Optional Interest Cancellation: The Issuer has the right to cancel (in whole or in part) any payment of interest on the Notes on any Interest Payment Date in its sole discretion. Mandatory Interest Cancellation: Interest will be mandatorily cancelled in case of (i) an Insolvency Event having occurred, including if it would occur as a result of such interest payment (ii) prohibition by order of the Competent Supervisory Authority (iii) a Solvency Capital Event having occurred, including if it would occur as a result of such interest payment (subject to an exceptional prudential waiver in certain circumstances), or (iv) insufficient Available Distributable Items. Solvency Capital Event: Non-compliance by the Issuer and/or the Group with the solvency capital requirements applicable to the Issuer and/or the Group (Solo SCR Ratio, the Group SCR Ratio, the Solo MCR Ratio and the Group MCR Ratio). Extraordinary Call Rights: The Issuer may redeem the Notes (in whole only) at the then current nominal amount together with any accrued interest at any time upon the occurrence of a Tax Event, Regulatory Event or Rating Agency Event. Any such redemption is subject to the Conditions to Redemption. The Issuer may waive at any time and in its sole discretion, any of the above call rights for a definite or indefinite period of time. Conditions to Redemption: Any redemption or purchase of the Notes is subject to: (i) no Insolvency Event having occurred, including if it would occur as a result of such redemption or purchase (ii) no Relevant Consolidated Subsidiary Insolvency Event occurring, unless the Competent Supervisory Authority does not object to the redemption or repurchase (iii) no Solvency Capital Event having occurred, including if it would occur as a result of such redemption or purchase (subject to an exceptional prudential waiver in certain circumstances), and (iv) prior approval by the Competent Supervisory Authority. Any redemption or purchase of the Notes prior to 07 September 2026 is additionally subject to replacement with Tier 1 Own-Fund Items of at least the same quality (or, for redemption following a Regulatory Event or Tax Event, the respective solvency capital requirement applicable to the Issuer and/or the Group being exceeded by an Appropriate Margin and the Issuer demonstrating to the Competent Supervisory Authority that such event was not reasonably foreseeable at issuance). Any redemption or purchase of the Notes from (and including) 07 September 2026 to (but excluding) 07 September 2031 is additionally subject to the respective solvency capital requirement applicable to the Issuer and/or the Group being exceeded by an Appropriate Margin, unless the Notes are replaced with Tier 1 Own-Fund Items of at least the same quality. Trigger Event: Deemed to occur in case: (i) the Issuer’s Solo SCR Ratio and/or the Group SCR ratio is equal to or less than 75%; (ii) the Issuer’s Solo MCR Ratio and/or Group MCR Ratio is equal to or less than 100%; or (iii) the Solo SCR Ratio and/or the Group SCR Ratio is less than 100% but more than 75% and has not improved to at least 100% of the relevant solvency capital requirement for a period of at least 3 months (a “Special Trigger Event”) Regulatory Ratio: Means the Solo SCR Ratio, the Group SCR Ratio, the Solo MCR Ratio and the Group MCR Ratio Principal Write-Down: Upon the occurrence of a Trigger Event or a Deterioration Event, the current nominal amount of each Note shall be fully written down byreduction of the current nominal amount to USD 0.01. If a Special Trigger Event has occurred, the current nominal amount of each Note may be written down instead, at the Issuer’s sole discretion, only partially (x) by the amount sufficient to re-establish compliance with the relevant Regulatory Ratio, or (y) on a linear basis in a manner which ensures that the full write-down will occur when the relevant Regulatory Ratio reaches 75%. The Notes may be written down on more than one occasion. Following the occurrence of a Special Trigger Event, the Issuer may, in certain circumstances and subject to obtaining a prudential waiver, elect to refrain from effecting a write-down. Principal Write-Up: The Notes may be written up at the Issuer's sole discretion if (i) each Regulatory Ratio is above 100% (at time of write-up and for the preceding financial year), the write-up would not cause any Regulatory Ratio to decline to/below 100% and there is no imminent risk that any Regulatory Ratio declines to 100% or less within the next 3 months after the write-up (ii) the net income of the Issuer of the immediately preceding financial year (to be determined on the basis of a pro forma calculation) is sufficient for a write-up (iii) loss absorbency is not undermined (iv) such write-up would not hinder recapitalisation, and (v) no Insolvency or Liquidation Proceedings are ongoing. Reference Nominal Amount: If the nominal amount was written down in full or in part and has not been written up to the then prevailing Reference Nominal Amount in full within ten years after the last write-down, then the Reference Nominal Amount of each Note shall be reduced to the current nominal amount of each Note as of the tenth anniversary of the last write-down. A Note that was previously written down can, at any time, only be written up to a maximum nominal amount equal to its then prevailing Reference Nominal Amount. ALLIANZ SE, rated Aa3/AA (Moody’s/S&P, stable/stable), has mandated BofA Securities, Citi, Commerzbank, Credit Agricole CIB, Deutsche Bank and HSBC as Joint Lead Managers to arrange a series of fixed income investor calls on 31 August and in the European morning on 1 September, 2021. A benchmark size offering of US$ 144A / Reg S perpetual non-call 6.6-year Restricted Tier 1 notes will follow, subject to market conditions. The notes are expected to be rated Baa1/A (Moody's/S&P) and will feature a principal loss absorption mechanism in the form of temporary write-down linked to the Issuer’s solo and/or group regulatory capital requirements. In Addition, a benchmark size offering of EUR Reg S perpetual non-call 10.6-year Restricted Tier 1 notes will also follow, subject to market conditions.FCA/ICMA stabilization applies. No PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA, the UK or elsewhere. Manufacturer target market (MiFID II product governance and/or UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). Sales only to non-U.S. persons and QIBs in the U.S. Allianz will host Investor Calls on Tuesday 31 August from CET 12:00 / GMT 11:00 / HK 19:00 onwards and will be represented by Johan Eriksson (Head of Corporate Finance), Achim Wiechert (Head of Funding & Capital Issuance), Oliver Schmidt (Head of Investor Relations) and Reinhard Lahusen (Head of Debt Investor Relations)Call Schedule 31 August – 1 September 2021Team 1 – 31 August 2021Johan Eriksson (Head of Corporate Finance)Oliver Schmidt (Head of Investor Relations)All times GMT11:00-11.4512:00-12:4513:00-13:4515:00-15:4516:00-16:4517:00-17:4519:00-19:4520:00-20:45Team 2 - 31 August 2021Achim Wiechert (Head of Funding & Capital Issuance)Reinhard Lahusen (Head of Debt Investor Relations)All times GMT11:00-11.4512:00-12:4513:00-13:4515:00-15:4516:00-16:4517:00-17:45Team 3 - Call Schedule 1 SeptemberJohan Eriksson (Head of Corporate Finance)Achim Wiechert (Head of Funding & Capital Issuance)Reinhard Lahusen (Head of Debt Investor Relations)All times GMT06:00-06:4006:45-07:25BofA Securities logistics FINAL LINK: www.netroadshow.com/nrs/home/#!/?show=843004ef (Recommended)ORVisit www.netroadshow.com and enter the requested entry code: ARENA2 (not case-sensitive) The EUR Reg S RT1 Offering Circular, the USD 144A / Reg S RT1 Offering Circular and the Investor Presentation can be accessed via the link or entry code above.

General Corporate Purposes