LETTER TO THE SHAREHOLDER 1 Near Cheveh oer , When I took over as chairman of your company on May 1, 2003, the day after our Annual General Meet- ing, your outspoken criticism of our disappointing results was still ringing in my ears. Equally great was the disappointment among those investors with whom my colleagues and I had already met before the General Meeting in order to convince them of the appropriateness of the planned capital increase. I could understand your discontent and I take this message very seriously. My colleagues on the Board of Management and I know that there is no task more important for the management team, our employees and myself than to restore the stability of the company and to bring it back into the league of the most respected international financial services providers. That is why we promised you at that time that we would not shy away from making hard, unpleasant changes. As  Allianz shareholders, you must be able to rely on the company to grow its earnings and revenues so that your investment will generate solid, sustainable profits.