118 FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS OI\ NUE HEINEKEN N.V. ANNUAL REPORT 20; 18 27. Share-based payments - Long-Term Incentive Plan Based on RTSR and internal performance, it is expected that approximately 409,000 shares will vest. The expenses relating to these expected additional grants are recognised in the income statement during the performance period. The number and weighted average share price per share is as follows: Weighted Number of Weighted Number of average share share rights average share share rights price 2008 2008 price 2007 Outstanding as at 1 January 30.10 696,616 26.55 435,871 Granted during the year 44.22 290,246 36.03 313,665 Forfeited during the year - (40,581) (52,920) Vested during the year - (40,744) Outstanding as at 31 December 37.48 905,537 30.10 696,616 The 40,744 (gross) shares vested in 2008 are related to the 2005-2007 LTIP of the Executive Board. J.F.M.L. van Boxmeer received net 9,244 shares and D.R. Hooft Graafland received net 6,544 shares. The remaining shares were provided to a former board member. The shares have a two-year holding period. The fair value of services received in return for share rights granted is based on the fair value of shares granted, measured using the Monte Carlo model, with following inputs: Senior Senior Executive Executive management management In EUR Board 2008 Board 2007 2008 Senior 2007 Fair value at grant date Expected volatility 411,670 18.4% 1.7% 486,879 7,409,515 9,524,037 20.1% 18.4% 20.1% 1.7% Personnel expenses In millions of EUR Note 2008 2007 Share rights granted in 2006 Share rights granted in 2007 Share rights granted in 2008 3 4 4 4 Total expense recognised as personnel expenses 11 7

Jaarverslagen en Personeelsbladen Heineken

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