ALLIANZ GROUP 170 The following table summarizes information about AGF Group stock options outstanding and exercisable as of December 31: Options outstanding Options exercisable Range of  AGF options  Weighted-average  Weighted-average  AGF options  Weighted-average  exercise price outstanding as of  remaining contractual  exercise price exercisable as of  exercise price December 31, 2003 life years December 31, 2003 ¤ ¤ ¤ 20.00–29.99 168,061 0.8 23.32 168,061 23.32 30.00–39.99 892,437 6.5 33.57 43,657 31.92 40.00–49.99 3,923,583 3.3 33.05 1,861,521 45.20 50.00–59.99 934,108 4.8 55.80 934,108 55.80 Total 5,918,189 5.2 44.31 3,007,347 46.92 AGF Group recorded compensation expense of  ¤ 15 mn in 2003 re- lated to these stock option awards. 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: 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 RAS Group stock option plan _  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: 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. 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. Other stock option and shareholding plans Grant date Vesting Options Options Options period granted exercised expired/ years forfeited January 2001 1.5 730,000 – 53,000 January 2002 1.5 793,000 – 45,000 January 2003 2 850,000 – 49,000 Number of  Weighted-average AGF shares exercise price ¤ Balance as of 12/31/2001 730,000 15.35 Granted 793,000 12.93 Exercised – – Forfeited/expired – 23,000 14.82 Balance as of 12/31/2002 1,500,000 14.08 Granted 850,000 11.51 Exercised – – Forfeited/expired – 124,000 13.05 Balance as of 12/31/2003 2,226,000 13.16