The number -as corrected for the expected performance for the various awards- and weighted average share price per share under the LTV of senior management are as follows: Weighted average share price 2011 Number of share rights 2011 Weighted average Number of share Outstanding as at 1 January 30.11 1,575,880 30.35 1,481,269 Granted during the year 36.69 795,162 33.27 571,994 Forfeited during the year 31.73 (119,856) 30.89 (94,817) Vested during the year 44.22 (234,485) 36.03 (253,377) Performance adjustment - (470,187) - (129,189) Outstanding as at 31 December 29.14 1,546,514 30.11 1,575,880 *The 2010 figures are restated to reflect the performance adjustment in number of shares. No vesting occurred under the 2008-2010 LTV of the Executive Board. A total of 234,485 (gross) shares vested under the 2008-2010 LTV of senior management. Additionally, under extraordinary share plans 52,746 shares were granted and 17,864 (gross) shares vested. These extraordinary grants only have a service condition and vest between 1 and 5 years. The expenses relating to these expected additional grants are recognised in profit or loss during the vesting period. Expenses recognised in 2011 are EUR0.4 million (2010: EUR0.5 million). 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 (applicable for the LTV 2009 - 2011 LTV plan), with following inputs: Fair value at grant date 512,359 8,478,659 Expected volatility 22.8% 22.8% 2.1% 2.1% Personnel expenses Note 2011 Share rights granted in 2008 - 3 Share rights granted in 2009 5 5 Share rights granted in 2010 1 7 Share rights granted in 2011 5 - Total expense recognised as personnel expenses 10 11 15 Heineken N.V. Annual Report 2011 123

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2011 | | pagina 125