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Capital measures

Capital measures since 1999:

[ 2003-12-31 ]

120,597,134 no-par value registered shares. Increase in common stock through a capital increase for cash against issuance of 9,716,392 new shares in conjunction with a capital increase against contribution in kind through issuance of 13,716,814 new shares to Talanx AG for shares in HDI Re (Ireland) Ltd.

[ 2002-12-31 ]

97,163,928 no-par value registered shares. Increase in common stock out of company funds as of 17.12.2002. Stock split with a ratio of 3 for 1 as of 15.07.2002

[ 2001-12-31 ]

32,387,976 no-par value registered shares. Issuance of 2,857,761 new registered shares as of 28.11.2001

[ 2000-12-31 ]

29,530,215 no-par value registered shares. Transformation into registered shares as of 16.10.2000

[ 1999-12-31 ]

29,530,215 no-par value shares, consisting of 16,730,215 bearer shares and 12,800,000 registered shares