Commentary & Deal Flow

ALLIANZ SE, rated Aa2/AA (Moody’s/S&P, stable/stable), has mandated BNP Paribas, BofA Securities, Citi, Deutsche Bank and HSBC as Joint Lead Managers to arrange a series of fixed income investor calls on 18 August 2025 (BofA Logistics). A benchmark size offering of US$ 144A / Reg S perpetual non-call 8.7-year Restricted Tier 1 notes will follow, subject to market conditions. The notes are expected to be rated A3 (hyb)/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 group regulatory capital requirements.

FCA/ICMA stabilization applies. No EU 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 has concurrently announced a tender offer for the outstanding US$1.25bn 144A / Reg S 3.500% Perpetual Fixed Rate Resettable Restricted Tier 1 Notes, issued by Allianz SE (ISIN: 144A: US018820AA81 / Reg S: USX10001AA78), pursuant to a Tender Offer Memorandum dated 18 August 2025. The tender offer is subject to a maximum tender acceptance amount of US$ 1bn in aggregate principal amount (or such other higher or lower principal amount as may be determined by Allianz in its sole discretion).

Allianz will host Investor Calls on Monday 18 August from HK 16:30 / GMT 09:30 / ET 04:30 onwards and will be represented by Johan Eriksson (Head of Corporate Finance), Achim Wiechert (Head of Funding & Capital Issuance), Christian Lamprecht (Investor Relations Manager) and Tobias Rupp (Investor Relations Manager)

Call Schedule 18 August 2025

#1 Call 09:30 (GMT) / 04:30 (ET)

#2 Call 11:00 (GMT) / 06:00 (ET)

#3 Call 13:00 (GMT) / 08:00 (ET)

#4 Call 14:30 (GMT) / 09:30 (ET)

#5 Call 16:00 (GMT) / 11:00 (ET)

*** BofA Securities logistics ***

NetRoadshow:

www.netroadshow.com/nrs/home/#!/?show=1cecdc71 (Recommended)

OR

www.netroadshow.com and enter the requested entry code: ALVGR2025 (not case-sensitive)

The USD 144A / Reg S RT1 Offering Circular and the Investor Presentation can be accessed via the link or entry code above.