Outstanding Exercise Original January 1, December 31, price Options/SARs number 1 2003 1 2003 1 in EUR 1 Exercise period 3 1997 9,479,500 344,500 — 17.36 until January 1, 2004 Providian 7,204,384 1,186,402 1,099,710 17.85 2 until August 6, 2008 1998 11,518,000 11,027,500 741,000 29.02 until May 23, 2004 1999 4 8,925,300 8,924,900 8,924,900 46.95 until March 6, 2004 2000 4 10,609,700 10,609,700 10,609,700 34.50 until March 14, 2005 2001 4 11,288,800 11,288,800 11,288,800 34.84 until March 13, 2006 2002 5 11,555,700 11,555,700 11,555,700 26.70 until March 12, 2009 2003 5 11,447,300 11,447,300 6.30 until March 11, 2010 82,028,684 54,937,502 55,667,110 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. 5 SURPLUS FUNDS Paid-in Revaluation Other Total Total surplus account surplus fund 2003 2002 Balance at January 1 7,125 2,598 2,765 12,488 13,305 Net income 2002/2001 excluding preferred dividend 1,517 1,517 2,394 Final dividend and interim dividend (147) (147) (731) Paid-in on preferred shares — 2,053 Repurchased and sold own shares 19 19 0 Valuation equity swap (5) (5) (318) Stock dividend (9) (9) (2) Revaluation group companies: Goodwill (358) (358) (70) Currency exchange rate differences (2) (1,909) (1,911) (1,487) Sale TFC businesses 307 307 — Other revaluations 78 (20) 58 (1,947) Currency exchange rate differences 130 130 (703) Settlement stock option plans — (6) Other movements 12 12 0 BALANCE AT DECEMBER 31 7,116 2,674 2,311 12,101 12,488 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. AEGON GROUP ANNUAL REPORT 2003 139 $^{1 }$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).