The terms and conditions of the share rights granted are as follows:
Grant date/employees entitled
Based on
Number share price
Vesting
conditions
Contractual
life of rights
Share rights granted to
Executive Board on 1 January 2005
43,724 24.53
Continued service
and RTSR performance
3 years
Share rights granted to
Executive Board on 1 January 2006
40,049 26.78
Continued service
and RTSR performance
3 years
Share rights granted to senior
75% internal performance
management on 1 January 2006
352,098 26.78
Continued service,
conditions and 25%
RTSR performance
3 years
435,871
The number and weighted average share price per share is as follows:
Weighted
average
share
price 2006
Weighted
Number average
of share share
rights 2006 price 2005
Number
of share
rights 2005
Outstanding at 1 January
24.53
43,724
Granted during the year
26.78
392,147 24.53
43,724
0 tstanding at 31 December
26.55
435,871 24.53
43,724
Tl e fair value of services received in return for share rights granted is based on the fair value of shares
gi anted, measured using the Monte Carlo model, with following inputs:
In UR
Executive
Board
2006
Executive Senior
Board management
2006
Senior
management
2005
F; r value at grant date
424,519
8,814,436
E pected volatility
22.4%
26.3% 22.4%
E pected dividends
1.5%
1.5%
P rsonnel expenses
In nillions of EUR
2006
S are rights granted in 2005 -
S are rights granted in 2006
4
T al expense recognised as personnel expenses
4
H ineken's Relative Total Shareholder Return (RTSR) as at 31 December 2006 is a number 2 position.
Heineken N.V. A
Annual Report 2006 lUJ