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. Shareholdings. The number of shares, share  options and performance shares in Carlsberg  A/S held by the executive directors at the  beginning of the financial year and move- ments to 31 December 2013 are shown in the tables.  Number DKK million 1 Jan. 2013 Additions Sold  31 Dec.  2013 Market  value  Jørgen Buhl Rasmussen B shares 8,486 1,775 - 10,261  6.16  Jørn P. Jensen A shares 400 - - -  0.25  Jørn P. Jensen B shares 3,116 12,388 -8,750 6,754 4.05 Executive directors, total 12,002 14,163 -8,750 17,015 10.46 EXECUTIVE DIRECTORS’ HOLDINGS OF CARLSBERG A/S SHARES SHARE OPTIONS Number DKK million Grant year Exercise year 1 Jan. 2013 Granted Exercised 31 Dec. 2013 For exercise 31  Dec. Fair value 31 Dec. Jørgen Buhl Rasmussen 2007 2010-2015 12,388 - - 12,388 12,388 2 2008 2011-2016 44,776 - - 44,776 44,776 7 2009 2012-2017 30,000 - - 30,000 30,000 11 2010 2013-2018 15,000 - - 15,000 15,000 3 2011 2014-2019 30,000 - - 30,000 - 4 2012 2015-2020 69,500 - - 69,500 - 15 2013 2016-2021 49,000 - 49,000 - 8 Total 201,664 49,000 - 250,664 102,164 50 Jørn P. Jensen 2005 2008-2013 12,388 - -12,388 - - - 2006 2009-2014 12,388 - - 12,388 12,388 4 2007 2010-2015 12,388 - - 12,388 12,388 2 2008 2011-2016 44,776 - - 44,776 44,776 7 2009 2012-2017 30,000 - - 30,000 30,000 11 2010 2013-2018 15,000 - - 15,000 15,000 3 2011 2014-2019 30,000 - - 30,000 - 4 2012 2015-2020 62,000 - - 62,000 - 13 2013 2016-2021 42,000 42,000 - 7 Total 218,940 42,000 -12,388 248,552 114,552 51 Executive directors, total 420,604 91,000 -12,388 499,216 216,716 101 PERFORMANCE SHARES Jørgen Buhl Rasmussen 2013-2015 2016 - 29,694 - 29,694 - 9 Total - 29,694 - 29,694 - 9 Jørn P. Jensen 2013-2015 2016 - 15,441 - 15,441 - 5 Total - 15,441 - 15,441 - 5 Executive directors, total - 45,135 - 45,135 - 14 EXECUTIVE DIRECTORS’ GRANTED SHARE OPTIONS AND PERFORMANCE SHARES Management review REMUNERATION REPORT 47 Carlsberg Group Annual Report 2013