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## SAR 

The long-term incentive program was extended by Stock Appreciation Rights in 2004. On April 25, 2004, 100,000 options at an exercise price of €200.00 were issued. The term of the non-forfeitable option rights is five years as from the date of issue; they may be exercised following a 2-year blocking period at the earliest. An exercise gain arises from the positive difference between the current price of the share given a virtual sale and the exercise price, whereby a minimum exercise gain of 10% and a maximum exercise gain of 50% of the exercise price upon 

## 21. Personnel Expenses 

Personnel expenses are made up as follows: 

settlement is defined which applies during and within the scope of the existing employment contract. Comparable programs have been agreed for the years from 2005 to 2008, whereby the exercise price is determined from the average of closing prices of the rights distribution (on April 25 in each case) during the five preceding days, plus an exercise hurdle of 10%. As of December 31, 2004, 100,000 options which are held by the Board are outstanding. 

<img src='content_image/19848.jpg'>

The annual average number of staff was as follows: 

<img src='content_image/19849.jpg'>

At year-end the company employed a total of 3,910 people (previous year: 3,189). 

