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The following table contains essential information on the current Group equity incentive plans (SAR and RSU) of active board mem- bers: 

## Group Equity Incentives – volumes in the consolidated financial statements 

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$^{1) }$Includes changes due to the expiration or exercise of rights and to personnel changes such as departures from or appointments to the Board of Management 

$^{2) }$Adjusted for the capital increase of April 15, 2003 

The value of the rights granted in the reporting year was ¤ 9.5 mn at the date of grant. Of this total, ¤4.7 mn correspond to the value of the stock appreciation rights (SAR) granted and ¤4.8 mn to the value of the restricted stock units (RSU) granted. 

No payouts on SAR granted in previous years were made. 

Outstanding Group equity incentives are valued on a quarterly basis and posted on the Allianz Group website. 

## Pensions and similar benefits 

The Group paid ¤1.1 (2002: 8.7) mn to increase pension reserves and reserves for similar benefits for active members of the Board of Management. As of December 31, 2003, the pension reserves and re- serves for similar benefits for the then active members of the Board of Management amounted to ¤21.4 (2002: 27.9) mn. 

## Former members of the Board of Management 

In 2003, pensions and other benefit payments for former members of the Board of Management amounted to ¤8.2 (2002: 13) mn. ¤4.2 (2002: 7) mn were set aside in 2003 for compensating the claims of former members of the Board of Management. Reserves for current and future pension benefits of former members of the Board of Man- agement and their beneficiaries amount to ¤39.8 (2002: 29.0) mn. 

