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The Allianz Group premiums that were ceded to or assumed from companies of the Munich Re Group are shown in the following table: 

<img src='content_image/108245.jpg'>

## EXTREMUS Versicherungs-AG (EXTREMUS) 

In the aftermath of the terrorist attacks of September 11, 2001, a ter- ror risk insurance company was founded in Germany to address the existing shortage of direct insurance and reinsurance coverage for major risks in the international markets. Allianz Versicherungs-AG holds a 16 % interest in EXTREMUS. On the basis of the ¤ 10 bn state guarantee granted by the Federal Republic of Germany, EXTREMUS is able to provide excess coverage of up to ¤ 13 bn for terror risks en- countered in Germany. Companies of the Allianz Group take insur- ance coverage that is granted at market terms. 

## Loans to Members of the Management Board and the Super- visory Board 

In the normal course of business, and subject to applicable legal re- strictions, members of the Management Board and the Supervisory Board may be granted loans by Dresdner Bank and other Group com- panies, which are subject to usual conditions in the industry. No ad- ditional loans were granted in 2002 and 2003. On December 31, 2003, loans to Management Board members granted in previous years by subsidiaries of Allianz AG and amounting to ¤ 0.086 (2002: ¤ 0.5) mn were still outstanding. 

## Publication and notification of securities’ transactions as re- quired by § 15 a WpHG (Securities Trading Law) (indications according to section 6.6 of the German Corporate Gover- nance Code) 

Transactions in Allianz securities for which publication is required by §15 a WpHG were notified during fiscal 2003 by 2 members of the Supervisory Board of Allianz AG. The members concerned were Mr. Jürgen Dormann who acquired 1,000 shares of the company for a price of ¤ 49.40 per share on March 31, 2003, and Dr. Wulf Bernotat, who sold 600 Eurex calls on shares of the company for a base price of ¤ 65 per unit on July 18, 2003. 

## 42 Contingent liabilities and other commitments 

## Legal Proceedings 

Allianz Group companies are involved in legal, regulatory and arbi- tration proceedings in Germany and a number of foreign jurisdic- tions, including the United States, involving claims by and against them, which arise in the ordinary course of their businesses, includ- ing in connection with their activities as insurance- banking and as- set management companies, employers, investors and taxpayers. It is not feasible to predict or determine the ultimate outcome of the pending or threatened proceedings. Management does not believe that the outcome of these proceedings, including those discussed be- low, will have material adverse effects on the financial position or re- sults of operations of Allianz Group, after consideration of any ap- plicable reserves. 

In May 2001, a consolidated class action complaint seeking class action status, In re Deutsche Telekom Securities Litigation, was brought against Dresdner Bank and other defendants in the United States District Court for the Southern District of New York by pur- ported purchasers of Deutsche Telekom American Depositary Shares (ADS). The securities were issued pursuant to a registration state- ment filed with the Securities and Exchange Commission on May 22, 2000 and pursuant to a prospectus dated June 17, 2000. Dresdner Bank, which was one of the underwriting syndicate’s joint global co- ordinators, is one of the named defendants. The complaint alleges that the offering prospectus contained material misrepresentations and/or omissions relating to Deutsche Telekom. In October 2002, the court granted the plaintiffs’ motion for class certification. The action seeks rescission of the sales and damages in an as yet unspecified amount. Management of Dresdner Bank believes the complaint against Dresdner Bank is without merit . 

In July 2002, the German Federal Cartel Office (Bundeskartel- lamt) commenced an investigation against several property-casualty insurance companies in Germany, in connection with alleged coor- dinated behavior to achieve premium increases for the commercial and industrial property and liability insurance business and submit- ted official complaints to several insurance companies, among them Allianz Versicherungs-AG, on July 19, 2003. Allianz Versicherungs-AG commented in writing on the complaint. Based on current knowledge, a decision of the Federal Cartel Office is not to be expected before the 2nd quarter 2004. 

