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*) Adjusted for capital measures (capital increase) Source: Thomson Financial Datastream 

With a market capitalization of 37 billion euros at the end of the year, Allianz remains one of the most highly valued finan- cial services providers in Europe. Our share is listed in all the major indexes: Germany’s DAX, Dow Jones STOXX 50 and MSCI Europe, and it is used in calculating the FTSE Eurotop 100 and the MSCI World Index. The Allianz share is also in- cluded in the Dow Jones Sustainability Index. This index only lists the top 10 percent of companies in a given industry that have obtained the best rankings in a sustainability rating. The ranking is based on economic, ecological and social criteria. More information on this is available at www.allianzgroup. com/ sustainability. 

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1) Market capitalization calculated without treasury shares 2) 

Adjusted for capital measures (capital increase) 

Source: Thomson Financial Datastream 

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Sources: Bloomberg, Thomson Financial Datastream, Morgan Stanley Capital International 

## Successful capital increase 

In April 2003, we increased our capital with subscription rights and issued 117 million new shares for this purpose. Fifteen old Allianz shares entitled their holders to acquire seven new shares at a price of 38 euros each, so that the transaction strengthened our capital with 4.4 billion euros. On this basis, we are better able to bring our competitive advantages into play. The capital increase was well received: close to 100 percent of sharehold- ers accepted the very attractive offer and subscribed new shares. 

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## Earnings per share back to a solid plus 

Earnings per share followed the progress in the operating busi- ness and improved clearly from – 4.44 euros to 4.77 euros. 

