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The following table summarizes information about AGF Group stock options outstanding and exercisable as of December 31: 

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AGF Group recorded compensation expense of ¤ 15 mn in 2003 re- lated to these stock option awards. 

## RAS Group stock option plan 

RAS Group, Milan has awarded eligible members of senior manage- ment with stock purchase options on RAS ordinary shares. Under these plans, options have been granted on January 31 of each of the years 2001 through 2003. Each of these award grants is subject to a vesting period of 18 months to 2 years and the options expire after a period of 6.5 to 7 years after the grant date. 

Options may be exercised at any time after the vesting period and before expiration, provided that 

_ at the time of exercise, the RAS share price is at least 20% higher than the average share price in January of the grant year (for the 2001 award grant the hurdle is 10%), and 

_ the performance of the RAS share in the year of grant beats the Milan Insurance Index (MIBINSH Index) in the same year. 

Stock options have been offered as follows: 

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The fair value as of the grant date of options granted 2003 was ¤ 4.68 (2002: 5.47; 2001: 7.92) per option. RAS Group stock option activity during the periods indicated was as follows: 

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The average remaining period until expiration of the 2,226,000 op- tions still outstanding at the end of 2003 was 4.8 years. On Decem- ber 31, 2003, 1,425,000 options were exercisable which had a weighted average exercise price of ¤ 14.08. 

RAS Group recorded compensation expense of ¤ 3 mn in 2003 related to these stock option awards. 

## Other stock option and shareholding plans 

The Group has other local share-based compensation plans, inclu- ding stock option and employee stock purchase plans, none of which, individually or in the aggregate, are material to the consolidated fi- nancial statements. The total expense, in the aggregate, recorded for these plans in 2003 was ¤ 5 mn. 

