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## Share-based payment 

The Carlsberg Group has set up share-based incentive programmes to attract, retain and motivate the Group’s executive directors and other levels of management personnel and to align their interests with those of the shareholders. No share-based incentive pro- gramme has been set up for Carlsberg A/S’s Supervisory Board. 

The current programmes are the Share op- tion programme, the long-term incentive programme (LTI) and the long-term incen- tive plan (performance shares) introduced in 2013. All programmes are equity-settled programmes. 

The fair value at 31 December 2013 was DKK 363m (2012: DKK 322m), which is DKK 41m higher than at year-end 2012. 

Upon resignation, a proportion of the op- tions may be exercised within one to three months unless special severance terms are agreed. Special terms and conditions apply in the case of retirement, illness, death or changes in Carlsberg A/S’s capital resources. 

The three individual programmes are shown on the next page. 

## GENERAL TERMS AND CONDITIONS FOR THE THREE PROGRAMMES 

<img src='content_image/198454.jpg'>

