ALLIANZ GROUP 28 We maintain the continuity of our dividend policy and propose to our shareholders at the Annual General Meeting to distribute a dividend of 1.50 euros per share for 2003, unchanged from last year. Due to the higher number of Allianz shares, the divi- dend payout will increase 47 percent to 551 million euros. In a voluntary public offer, we invited the holders of Allianz profit participation certificates to exchange their certificates for Allianz shares. This offer was designed to restructure our capi- tal. The exchange was completed in January and ended with a satisfactory acceptance ratio of 86 percent. We issued a total of 6.1 million shares from treasury stock to holders of profit par- ticipation certificates. Additional information on the exchange of profit participation certificates is provided on pages 139 and 140 of this Annual Report. Following this offer, the terms for the certificates still outstanding remain in force. We do not intend to issue a call for their redemption as of December 31, 2006. The higher free float and the capital increase also led to a rise of the number of shareholders, from 510,000 to over 570,000. Trading volumes went up as well. On an average day, approxi- mately 3.9 million Allianz shares are bought and sold through the electronic trading system Xetra. That put the trading vol- ume of our share in second position among the thirty DAX stocks. Since the end of 2000, Allianz shares have also been traded on the New York Stock Exchange in the form of American Depositary Receipts (ADR). Ten ADRs are the equivalent of one Allianz share.  The free float percentage of our share continued to rise in 2003, from 71 percent in the previous year to the current 83 percent. The increase is mainly attributable to Munich Re, which reduced its stake in Allianz from about 20 percent to close to 12 percent. This makes Allianz one of the largest publicly held corporations in Europe. A higher free float percentage raises the liquidity of our share and upgrades its weighting in most major indexes. Up-to-date information on our shareholder structure is available on the Internet at www.allianzgroup.com/investor-relations. Free float now over 83 percent Public offer to holders of profit participation certifi- cates  Shareholder structure on December 31, 2003 Free float: 83 %, Long-term investments: 17 % Private investors Investment companies Other institutional investors Munich Re Treasury shares 17 (13) % 22 (16) % 5 (9) % 12 (20) % 44 (42) % Source: Allianz AG share register Regional distribution of share ownership on December 31, 2003 58 (68) % 32 (25) % 9 (6) % 1 (1) % Germany Asia-Pacific Region, Africa Rest of Europe North and South America Source: Allianz AG share register Total dividend and dividend per share 0 0.3 0.6 0.9 1.2 1.5 1.8 100 0 200 300 400 500 600 1999 1.25 307 2000 1.50 367 2001 1.50 364 2002 1.50 374 2003 1.50 551 Total dividend in  ¤mn Dividend per share in  ¤ Higher dividend payout