THE ALLIANZ SHARE 29 Allianz share key indicators at a glance 2003 2002 2001 Subscribed capital on December 31 ¤ 984,880,000 682,408,000 682,055,680 Number of shares on December 31 384,718,750 266,565,625 266,428,000 Number of shares on December 31 (excluding treasury shares) 367,139,707 243,124,51 724 1,189,535 Average number of shares in the fiscal year 2) 338,201,031 276,854,382 277,763,292 Average number of shares traded per day on Xetra mn 3.9 1.71. 0 Share price on December 31 2) ¤ 100.1 80.8 237.1 High for the year 2) ¤ 101.5 255.6 355.3 Low for the year 2) ¤ 40.5 68.4 183.0 Market capitalization on December 31 1) ¤ bn 36.722.0 6 4.2 Share price performance in the year (excluding dividend) 2) % 23.9 – 65.9 – 33.3 Dividend per share ¤ 1.50 1.50 1.50 Earnings per share 2) ¤ 4.77 – 4.44 5.71 Earnings per share, before depreciation of goodwill 2) ¤ 8.92 – 0.24 8.62 Return on equity % 6.4 – 4.6 4.7 Return on equity, before depreciation of goodwill % 12.1 – 0.3 7.1 1) Excluding treasury shares  2) Adjusted for capital measures (capital increase) Value-oriented management Performance-based remuneration Basic Allianz share information Growing interest in the Annual General Meeting EVA$^{® }$is a registered Trademark of Stern Steward & Co. Our Annual General Meeting for fiscal 2002 was attended by approximately 7,500 shareholders, 1,800 more than in the pre- vious year. At the same time, the voting share capital repre- sented decreased approximately 7 percentage points to about 40 percent. This was mainly due to our growing free float and to shares held by investors outside Germany. To nonetheless reach as many investors as possible, we directly addressed Ger- man asset management companies and advertised attendance by Internet. As in the previous year, online participants were Our “Group Equity Incentive Plan” gives top-level management an additional incentive for increasing the Allianz market capi- talization. It combines two instruments through which man- agement participates in the development of the Allianz share price. On the one hand, the stock appreciation rights (SAR) known from previous years continue to exist. On the other hand, restricted stock units (RSU) were issued for the first time. The number issued to each senior manager depends mainly on the EVA created; in addition, the achievement of individual ob- jectives is taken into account. The combination of stock appre- ciation rights and restricted stock units balances earnings and risk and reduces the leverage effect that comes about especially with a relatively low share price. The new system also meets the demands of shareholder representatives and of corporate governance bodies. These had expressed their objection to hav- ing senior management participate in the development of the company’s value solely by issuing stock options. In 2003, ap- proximately 550 senior managers were entitled to stock-based remuneration. Due to the unsatisfactory share price develop- ment in the past years, the stock appreciation rights for the years Our foremost objective is profitable growth. That is why we use “Economic Value Added” (EVA ® ) as the key indicator for con- trolling our business. For more information on this subject, see pages 24 and 25 of this Annual Report.  1999 to 2002 are far out of the money, so that the participants were not yet able to derive any benefits from them. For detailed information about the Group Equity Incentive Plan, see pages 167 and 168 of this Annual Report. Share type Registered share Denomination Share with no par value Stock exchanges All German stock exchanges, London, Paris, Zurich, New York Security codes WKN 840 400 ISIN DE 000 840 400 5 Common code 001182013 CUSIP 018805 10 1 Reuters ALVG.DE Bloomberg ALV GY