SECTION 7.3  Share-based payment 7.3.2  Long-term incentive programme ASSUMPTIONS Number Executive  directors Key  management  personnel Other  management  personnel Resigned  employees Total Performance share units outstanding at 31 December 2011 - - - - - Granted - 28,455 174,500 - 202,955 Transferred - -3,860 -5,670 9,530 - Performance share units outstanding at 31 December 2012 - 24,595 168,830 9,530 202,955 Forfeited/expired - - - -6,547 -6,547 Adjusted - 3,278 19,061 -239 22,100 Transferred - -3,614 -11,955 15,569 - Performance share units outstanding at 31 December 2013 - 24,259 175,936 18,313 218,508 2013 2012 Grant date Expiry date Programme Exercise  price Expected  volatility Risk-free  interest rate Expected dividend yield Expected life of units,  years Fair value at  measurement  date Units outstanding Units outstanding 01.01.2012 01.03.2015 LTI 2012-2014 (preliminary) None 284% 0.3% 1.2% 3.2 542.22 - 202,955 01.01.2012 01.03.2015 LTI 2012-2014 (final) None 284% 0.3% 1.2% 3.2 542.22 218,508 - Outstanding performance share units under the long-term incentive programme 218,508 202,955 Transferred PSUs comprise PSUs that have been granted to employees who have either moved between management categories or left the Group during the year. There were no exercisable PSUs in the long-term incentive programme at 31 December 2013.  Consolidated financial statements SECTION 7: STAFF COSTS AND REMUNERATION 122 Carlsberg Group Annual Report 2013