The human resources policy of the Allianz Group is based on two organizational principles: delegation of  operating responsibility to the individual company units, and close coordination in core areas. In human  resources, this coordination primarily covers leadership values, development and training of junior managers, succession planning and the transfer of know-how between business units. The customer orientation, commitment and professionalism of its  employees have helped the Allianz Group obtain the rank it holds today. ALLIANZ GROUP 92 On December 31, 2003 we had 173,750 (181,651) employees in over 70 countries. The reduction of staffing levels is primarily attributable to the measures taken in the course of the restruc- turing or reorientation of our activities at Dresdner Bank Group, Fireman’s Fund, in Slovakia, Switzerland, Mexico and South  Korea. Slightly more than half of our employees work outside Germany. A detailed overview is provided by the table and the chart below. Employees by region  in % Germany Europe, excluding Germany North America 47 37 7 6 3 Asia-Pacific Region South America Our exchanges with customers, managers and employees have again and again shown the enormous development potential of the Allianz Group. To capitalize on this opportunity in a better and more expeditious manner in the future, we have developed a set of Leadership Values in collaboration with top-level man- agers from our subsidiaries. They are intended to provide our managers world-wide with behavioral principles and they give our stakeholders a good idea of what they can expect from the management of Allianz Group in the future. In December 2003, the Leadership Values were introduced world-wide, in con- junction with a broad-based survey of our managers’ attitude towards the corporate and leadership culture of their respective companies. The results of this study are used by each Group company as a basis on which they can implement our Leader- ship Values at the local level and harmonize them with business objectives. 2003 2002 Germany 82,245 87,398 France 19,639 21,167 U.S.A. 11,058 11,270 Great Britain 9,801 9,003 Italy 7,467 7,474 Austria 3,246 3,130 Australia 3,187 3,099 Switzerland 3,117 3,739 Hungary 3,056 3,000 Slovakia 3,039 3,890 Spain 2,735 2,680 Brazil 2,304 2,203 South Korea 1,735 2,438 Romania 1,332 1,039 Colombia 1,122 1,403 Ireland 1,075 1,106 Other 17,592 17,612 Total 173,750 181,651 Leadership Values Employees by country