Allianz AG

Allianz sells 40 percent in Beiersdorf

Allianz AG, Munich, will sell a 40 percent stake in Beiersdorf to an investor
group led by Tchibo Holding AG, Hamburg. Allianz currently holds a total of 43.6
percent in Beiersdorf AG.

It has been agreed that 19.6 percent of the registered share capital of
Beiersdorf AG will be acquired by Tchibo Holding AG, 10.0 percent by HGV
Hamburger Gesellschaft f�r Verm�gens- und Beteiligungsverwaltung, Hamburg, 3.0
percent by Troma Alters- und Hinterbliebenenstiftung, Hamburg. It is intended to
offer a further 7.4 percent stake to Beiersdorf AG, as part of a share buy-back
program.

The price for the stake sold by Allianz AG totals approximately EUR 4.4 billion.
This corresponds to an average price per share of EUR 130. The average
Beiersdorf share price was EUR 107.75 in the last twelve months.

The transaction will be implemented in several stages and is subject to the
consent of the antitrust authorities.

These assessments are, as always, subject to the disclaimer provided below.

Cautionary Note Regarding Forward-Looking Statements

Certain of the statements contained herein may be statements of future
expectations and other forward-looking statements that are based on management's
current views and assumptions and involve known and unknown risks and
uncertainties that could cause actual results, performance or events to differ
materially from those expressed or implied in such statements. In addition to
statements which are forward-looking by reason of context, the words 'may, will,
should, expects, plans, intends, anticipates, believes, estimates, predicts,
potential, or continue' and similar expressions identify forward-looking
statements. Actual results, performance or events may differ materially from
those in such statements due to, without limitation, (i) general economic
conditions, including in particular economic conditions in the Allianz Group's
core business and core markets, (ii) performance of financial markets, including
emerging markets, (iii) the frequency and severity of insured loss events, (iv)
mortality and morbidity levels and trends, (v) persistency levels, (vi) the
extent of credit defaults (vii) interest rate levels, (viii) currency exchange
rates including the Euro-U.S. dollar exchange rate, (ix) changing levels of
competition, (x) changes in laws and regulations, including monetary convergence
and the European Monetary Union, (xi) changes in the policies of central banks
and/or foreign governments, (xii) the impact of acquisitions, including related
integration issues, (xiii) reorganization measures and (xiv) general competitive
factors, in each case on a local, regional, national and/or global basis. Many
of these factors may be more likely to occur, or more pronounced, as a result of
terrorist activities and their consequences. The matters discussed herein may
also involve risks and uncertainties described from time to time in Allianz AG's
filings with the U.S. Securities and Exchange Commission. The company assumes no
obligation to update any forward-looking statement.

No duty to update

The company assumes no obligation to update any information contained herein.