SECTION 7  STAFF COSTS AND REMUNERATION ASSUMPTIONS 2013 2012 Grant date Expiry date Programme Exercise  price Expected  volatility Risk-free interest rate Expected  dividend  yield Expected life  of options,  years Fair value at  measure ment  date Options  outstanding Options  outstanding 01.03.2005 01.03.2013 Grant 2005 232.71 27% 3.1% 1.7% 5.5 74.27 - 31,828 01.03.2006 01.03.2014 Grant 2006 306.89 19% 3.3% 1.3% 5.5 89.37 14,246 39,022 01.03.2007 01.03.2015 Grant 2007 472.11 19% 3.9% 1.0% 5.5 136.67 50,791 52,649 01.03.2008 01.03.2016 Grant 2008 457.82 22% 3.6% 1.1% 5.5 141.72 49,552 51,410 01.09.2008 01.09.2016 Special grant 448.18 27% 4.3% 1.3% 5.5 128.83 40,000 40,000 01.03.2009 01.03.2017 Grant 2009 203.50 52% 3.0% 1.7% 5.5 88.41 60,000 62,500 01.03.2010 01.03.2018 Grant 2010 417.34 30% 3.1% 0.8% 8.0 174.52 30,000 31,200 01.03.2011 01.03.2019 Grant 2011 566.78 25% 2.9% 0.9% 8.0 180.50 60,000 60,000 01.03.2012 01.03.2020 Grant 2012 444.60 34% 0.9% 1.2% 8.0 146.67 131,500 131,500 01.05.2013 01.05.2021 Grant 2013 573.50 27% 1.5% 1.0% 8.0 167.98 91,000 - Outstanding share options under the share option programme 527,089 500,109 The average share price at the exercise date for share options was DKK 579 (2012: DKK 484). At 31 December 2013 the exercise price for outstanding share options was in the range DKK 203.50 to DKK 573.50  (2012: DKK 203.50 to DKK 566.78). The average remaining contractual life was 4.0 years (2012: 4.4 years). Parent Company SECTION 7: STAFF COSTS AND REMUNERATION 155 Carlsberg Group Annual Report 2013