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Shareholdings. The number of shares, share options and performance shares in Carlsberg A/S held by the executive directors at the 

## EXECUTIVE DIRECTORS’ HOLDINGS OF CARLSBERG A/S SHARES 1 

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1  The holdings also include the holdings of the related parties of the executive directors. Neither of the executive directors owns shares or bonds in any of the subsidiaries or associated companies of Carlsberg A/S. 

beginning of the financial year and move- ments to 31 December 2013 are shown in the tables. 

## EXECUTIVE DIRECTORS’ GRANTED SHARE OPTIONS AND PERFORMANCE SHARES 

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