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## Allianz share key indicators at a glance 

<img src='content_image/26925.jpg'>

1) Excluding treasury shares 2) 

Adjusted for capital measures (capital increase) 

## Value-oriented management 

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. 

## Performance-based remuneration 

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 

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. 

## Basic Allianz share information 

<img src='content_image/26937.jpg'>

## Growing interest in the Annual General Meeting 

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 

