ALLIANZ GROUP 104 Statement of Changes in Shareholders’ Equity Paid-in Revenue Translation Unrealized Shareholders’ capital reserves differences gains and  equity losses ¤ mn ¤ mn ¤ mn ¤ mn ¤ mn As of 12/31/2000 7,994 13,145 1,005 13,448 35,592 Translation differences –129 38 – 91 Changes in the group of consolidated companies – 554 – 554 Capital paid in 6,775 6,775 Treasury stock – 5,801 – 5,801 Unrealized investment gains and losses – 5,210 – 5,210 Net income for the year 1,585 1,585 Shareholders’ dividend – 367 – 367 Miscellaneous – 316 – 316 As of 12/31/2001 14,769 7,692 876 8,276 31,613 Translation differences –1,218 –29 –1,247 Changes in the group of consolidated companies 364 364 Capital paid in 16 16 Treasury stock – 157 – 157 Unrealized investment gains and losses –7,198 –7,198 Net income for the year – 1,229 – 1,229 Shareholders’ dividend – 364 – 364 Miscellaneous – 125 – 125 As of 12/31/2002 14,785 6,181 – 342 1,049 21,673 Translation differences –1,574 –125 – 1,699 Changes in the group of consolidated companies – 1,117 876 – 241 Capital paid in 4,562 4,562 Treasury stock 1,413 1,413 Unrealized investment gains and losses 2,454 2,454 Net income for the year 1,616 1,616 Shareholders’ dividend – 374 – 374 Miscellaneous – 812 – 812 As of 12/31/2003 19,347 6,907 – 1,916 4,254 28,592 The column “translation differences” shows the currency translation differences accrued since January 1, 1997 (conversion to IFRS ac- counting), which are recorded in shareholders’ equity and not rec- ognized in net income.