THE ALLIANZ SHARE 27 In April 2003, we increased our capital with subscription rights and issued 117 million new shares for this purpose. Fifteen old Allianz shares entitled their holders to acquire seven new shares at a price of 38 euros each, so that the transaction strengthened our capital with 4.4 billion euros. On this basis, we are better able to bring our competitive advantages into play. The capital increase was well received: close to 100 percent of sharehold- ers accepted the very attractive offer and subscribed new shares.  With a market capitalization of 37 billion euros at the end of the year, Allianz remains one of the most highly valued finan- cial services providers in Europe. Our share is listed in all the major indexes: Germany’s DAX, Dow Jones STOXX 50 and MSCI Europe, and it is used in calculating the FTSE Eurotop 100 and the MSCI World Index. The Allianz share is also in- cluded in the Dow Jones Sustainability Index. This index only lists the top 10 percent of companies in a given industry that have obtained the best rankings in a sustainability rating. The ranking is based on economic, ecological and social criteria. More information on this is available at www.allianzgroup. com/ sustainability. Earnings per share followed the progress in the operating busi- ness and improved clearly from – 4.44 euros to 4.77 euros.  Sources: Bloomberg, Thomson Financial Datastream, Morgan Stanley Capital International *) Adjusted for capital measures (capital increase) Source: Thomson Financial Datastream Weighting of the Allianz share in major indexes  on December 31, 2003  in % Allianz share performance in comparison  Average annual performance in % DAX (fourth largest single share) 8.0 Dow Jones EURO STOXX 50 (13th largest single share) 2.4 Dow Jones EURO STOXX Insurance (largest single share) 19.8 MSCI Europe Index (34th largest single share) 0.7 MSCI Europe Insurance Index (largest single share) 14.2 MSCI World Index (96th largest single share) 0.2 1 year 5 years 10 years Performance 2003 1999 – 2003 1994 – 2003 Allianz (excl. dividends) *) 23.9 – 18.7 – 1.9 Allianz (incl. dividends) *) 26.3 – 18.0 – 1.3 DAX 37.1 – 4.6 5.8 Dow Jones EURO STOXX 50 15.7 – 3.8 6.8 Dow Jones EURO STOXX Insurance 16.5 – 12.5 2.4 Subscription period April 15, 2003 – April 29, 2003 Subscription ratio 15 : 7 Subscription price 38 euros Shares issued 117.2 million Proceeds 4.4 billion euros Trading in subscription rights April 15, 2003 – April 25, 2003 High/low subscription rights 9.40 euros / 7.27 euros Closing price subscription rights 7.40 euros Market capitalization 1) Price 2) in  ¤  bn in  ¤ 10 0 20 30 40 50 60 70 80 90 100 0 50 100 150 200 250 300 350 400 1999 2000 2001 2002 2003 Year-end price Market capitalization 298 82 355 98 237 64 81 22 100 37 Market capitalization and share price Earnings per share back to a solid plus  Successful capital increase  Key figures on the capital increase 1) Market capitalization calculated without treasury shares 2) Adjusted for capital measures (capital increase) Source: Thomson Financial Datastream