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Allianz AZL Vermögensverwaltung GmbH & Co. KG OFFER DOCUMENT This Offer Document contains a non-binding English translation of the German-language offer document for the purchase of all no-par value registered shares of Allianz Lebensversicherungs-Aktiengesellschaft by Allianz AZL Vermögensverwaltung GmbH & Co. KG ("Allianz AZL Vermögensverwaltung"); in case of discrepancies the German-language offer document shall prevail. The German Federal Financial Supervisory Authority authorized the publication of the German- language offer document on February 27, 2007. This Offer Document has not been filed with or reviewed by the United States Securities and Exchange Commission. Allianz AZL Vermögensverwaltung, an indirect subsidiary of Allianz SE, is offering to purchase all outstanding no-par value registered shares of Allianz Lebensversicherungs-Aktiengesellschaft with a profit participation right as of January 1, 2006 against payment in cash in an amount of EUR 750.00 per share under the terms and conditions set forth in this Offer Document (the "Tender Offer"). The acceptance period for the Tender Offer expires at 12:00 midnight (Central European Daylight Saving Time), 6:00 p.m. New York City time, on March 29, 2007, unless extended. Allianz AZL Vermögensverwaltung intends to implement the Tender Offer solely in accordance with German law and applicable U.S. federal securities laws. In this context, Allianz AZL Vermögensverwaltung intends to rely on the exemptions provided by Rule 14d-1(c) and Rule 14e-5(b)(10) under the United States Securities Exchange Act of 1934, as amended (for more information about the extension of the Tender Offer into the Unites States of America, cf. Section 1 of the Offer Document). Allianz AZL Vermögensverwaltung does not intend to consummate the Tender Offer as a public offer in accordance with the provisions of any other jurisdiction. As a consequence, no other announcements, registrations, admissions, or approvals of the Offer Document and/or of the Tender Offer were applied for or initiated outside of the Federal Republic of Germany or the United States of America. The mailing, dissemination, or distribution of this Offer Document or other information materials can be subject not only to the regulatory requirements of the Federal Republic of Germany or those of the United States of America, but also to those of other jurisdictions. Persons who come into possession of the Offer Document outside of the Federal Republic of Germany or the United States of America or who wish to accept the Tender Offer and are subject to applicable capital market or securities laws and regulations other than those of the Federal Republic of Germany or of the United States of America are requested to seek information about and comply with such capital market or securities laws and regulations. Allianz AZL Vermögensverwaltung makes no guarantee, express or implied, that the mailing, dissemination or distribution of this Offer Document or the acceptance of this Tender Offer is in compliance with the laws and regulations of a jurisdiction other than that of the Federal Republic of Germany or of the United States of America. To the knowledge of Allianz AZL Vermögensverwaltung, the statements made in the Offer Document are accurate as of the date of the publication of the Offer Document and no material details have been omitted. This Offer Document will not be updated. Additional announcements relating to the Tender Offer as well as any further declarations and notifications in connection with the Tender Offer will be published in the manner described under Section 18 of this Offer Document. Allianz AZL Vermögensverwaltung has not authorized any third parties to make statements regarding this Offer Document or the Tender Offer contained herein, and no such statements should be taken into consideration when making a decision regarding the Tender Offer. This Offer Document is an offer to purchase no-par value registered shares of Allianz Lebensversicherungs-Aktiengesellschaft only. It is not, and should not be construed as, an offer to sell or acquire or an invitation or request for the submission of an offer to sell or acquire any other securities. WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 Statutory publication in accordance with Section 14 para. 2 and 3 of the German Securities Acquisition and Takeover Act (Wertpapiererwerbs- und Übernahmegesetz – WpÜG). Shareholders of Allianz Lebensversicherungs-Aktiengesellschaft (in particular, those resident outside the Federal Republic of Germany) are requested to read the information in Section 1 of the offer document. Offer Document Voluntary Public Offer (Cash Offer) (Voluntary public offer for the acquisition of securities in accordance with Sections 10 et seqq. WpÜG) by Allianz AZL Vermögensverwaltung GmbH & Co. KG Königinstraße 28 80802 Munich Germany to the shareholders of Allianz Lebensversicherungs-Aktiengesellschaft Reinsburgstraße 19 70178 Stuttgart Germany for the acquisition of their shares in Allianz Lebensversicherungs-Aktiengesellschaft with a profit participation right as of January 1, 2006 in return for payment of a cash consideration of EUR 750.00 per share Acceptance period: February 28, 2007, to March 29, 2007, 12:00 midnight (Central European Daylight Saving Time) Shares of Allianz Lebensversicherungs-Aktiengesellschaft: ISIN DE0008403007 (WKN 840300) Tendered shares of Allianz Lebensversicherungs-Aktiengesellschaft: ISIN DE000A0MFXY4 (WKN A0MFXY) WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 WorldReginfo - d8f40ae5-2d1b-4652-beeb-670da5ab4420 Table of Contents 1. General information, in particular for shareholders resident outside Germany and the United States of America .............................................................. 1 1.1 Conduct of the Offer in accordance with the provisions of the German Securities Acquisition and Takeover Act and applicable U.S. federal securities laws .......... 1 1.2 Distribution and acceptance of the Offer ..................................... 1 1.3 Publication of the decision to make the Offer ................................. 2 1.4 Publication of the Offer Document .......................................... 2 1.5 Status of the information contained in this Offer Document ...................... 3 1.6 Acquisition of shares outside of the Offer .................................... 3 2. Summary of the Offer ........................................................... 4 3. Background of the Offer ......................................................... 5 4. Companies involved ............................................................ 5 4.1 The Bidder, the Target Company and persons acting jointly with them; shareholding structure in the Target Company ........................................... 5 4.2 Description of Allianz AZL Vermögensverwaltung .............................. 6 4.3 Description of Allianz Deutschland .......................................... 7 4.3.1 Legal foundations .................................................. 7 4.3.2 Business .......................................................... 7 4.4 Description of Allianz .................................................... 8 4.4.1 Legal foundations .................................................. 8 4.4.2 Business of Allianz Group ............................................ 8 4.4.3 Selected financial information of Allianz Group ........................... 9 4.5 Description of Allianz Leben ............................................... 10 4.5.1 Legal foundations .................................................. 10 4.5.2 Business .......................................................... 10 5. Bidder’s intentions in respect of Allianz Leben’s future business operations and its own future business operations ............................................................ 12 5.1 Bidder’s intentions in respect of Allianz Leben’s future business operations ........ 12 5.1.1 Registered office and location of Allianz Leben and important business units ............................................................. 12 5.1.2 Use of assets and future obligations of Allianz Leben ..................... 12 5.1.3 Members of the Board of Management and Supervisory Board of Allianz Leben ............................................................ 13 5.1.4 Employees, their representative bodies, working conditions ................ 13 5.2 Bidder’s intentions in respect of its own future business operations ............... 13 5.3 Possible Squeeze-out of minority shareholders after the conduction of the Offer / Cancellation of the admission to the stock exchange ..................... 13 6. Content of the Offer ............................................................ 14 6.1 Subject matter of the Offer ................................................ 14 6.2 Consent of Allianz Leben to the acquisition of the shares by the Bidder ............ 14 6.3 Beginning and end of the acceptance period .................................. 15 6.4 Information on statutory extensions of the acceptance period .................... 15 7. Explanation of the determination of the amount of consideration (Offer Price) ............. 15 8. Prior, parallel and subsequent acquisitions ......................................... 16 9. Voluntary improvement of the Offer Price in the event of a Squeeze-out of minority shareholders .................................................................. 17 10. Execution of the Offer .........................................................