CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (in thousands) THIS IS RGA. 2003 ANNUAL REPORT 50 Preferred Common Stock Stock Warrants Balance, January 1, 2001 $ – $511  $ – Comprehensive Income: Net income  Other comprehensive income, net of income tax Currency translation adjustments Unrealized investment gains, net of related offsets and reclassification adjustment Other comprehensive income Comprehensive income Dividends to stockholders Issuance of warrants 66,915  Reissuance of treasury stock Balance, December 31, 2001 – 511 66,915 Comprehensive Income: Net income  Other comprehensive income, net of income tax Currency translation adjustments Unrealized investment gains, net of related offsets and reclassification adjustment Other comprehensive income Comprehensive income Dividends to stockholders Purchase of treasury stock Reissuance of treasury stock Balance, December 31, 2002 – 511 66,915 Comprehensive Income: Net income  Other comprehensive income, net of income tax Currency translation adjustments Unrealized investment gains, net of related offsets and reclassification adjustment Other comprehensive income Comprehensive income Dividends to stockholders Issuance of common stock, net of expenses 120  Reissuance of treasury stock Balance, December 31, 2003 $ – $631  $ 66,915  See accompanying notes to consolidated financial statements.