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$^{1 }$Adjusted for the stock splits in 1998 and 2000 as appropriate. 

$^{2 }$Weighted average exercise price of the outstanding options in USD calculated at the closing rate. 

$^{3 }$Up to and including the 1999 series the exercise period for a small part of the options is 74 months. 

$^{4 }$Including stock appreciation rights, which do not entitle the holder to buy AEGON shares but provide the same financial benefits. 

$^{5 }$Stock appreciation rights, which do not entitle the holder to buy AEGON shares but provide the same financial benefits; only employees in Canada were granted stock options: 438,200 (2002: 263,100). 

Stock options exercisable as of December 31, 2003, amount to 18,070,310 (2002: 20,395,702 and 2001: 18,445,778) and their weighted average exercise price amounts to EUR 38.66 (2002: EUR 35.24 and 2001: EUR 24.75). 

The market value of the SARs and stock options granted during the year amounts to EUR 20 million at the grant date (2002: EUR 76 million and 2001: EUR 83 million). This value was estimated using the binomial option pricing model, taking into account that the SARs and options granted during 2003 and 2002 vest after two years and the options granted in 2001 cannot be exercised within the first three years. The liabilities related to SARs and options are valued at market value. The change in value of the liabilities is recognized in the income statement under expenses. 

The breakdown of the SARs and stock options granted in 2003 is as follows: Executive Board nil, other senior executives 4,350,500 and other employees 7,096,800 (2002: 150,000, 4,041,000 and 7,364,700 and 2001: 400,000, 3,824,700 and 7,064,100 respectively). For detailed information about the Executive Board’s SARs and options, refer to page 118. 

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The minimum amount of the revaluation account for the consolidated investments as required by law amounts to EUR 1,393 million (2002: EUR 542 million). 

The legal reserve for currency differences on foreign subsidiaries refers to accumulated translation differences amounting to EUR (1,579) million (2002: EUR 166 million) and is included in the other surplus fund. 

