Heineken Brand

Annual Report 2010

Exploring Heineken

Welcome to our Annual Report 2010. Once you have explored our report, you can find out more about our performance, our brands and our objectives for the future via our corporate website www.HeinekenInternational.com

Contents

Overview 1 Key figures 2 The quick read Report of the Executive Board 4 Chief Executive’s Statement 7 Outlook 2011 8 Executive Committee 10 Operational Review 18 Regional Review 20 Western Europe 22 Central and Eastern Europe 24 Africa and the Middle East 26 Americas 28 Asia Pacific 30 Risk Management and Control Systems 35 Financial Review 40 Corporate Governance Statement Report of the Supervisory Board 50 To the Shareholders 53 Remuneration Report Financial statements 59 Consolidated Income Statement 60 Consolidated Statement of Comprehensive Income 61 Consolidated Statement of Financial Position 62 Consolidated Statement of Cash Flows 64 Consolidated Statement of Changes in Equity 65 Notes to the Consolidated Financial Statements 133 Heineken N.V. Balance Sheet 134 Heineken N.V. Income Statement 135 Notes to the Heineken N.V. Financial Statements Other information 141 Statement of the Executive Board 142 Appropriation of Profit 143 Independent Auditor’s Report 144 Shareholder Information 148 Countries and Brands 156 Historical Summary 158 Glossary 160 Reference Information

Other information online

@ Heinekeninternational.com • Sign up for news alerts via email • Synchronise with our online calendar • Read our frequently asked questions • Keep up to date with our extensive investor section • Read and ask us about our commitment to sustainability. @ annualreport.heineken.com • Download Excel sheets of our key financials • Access our report toolkit, allowing you to make your own personal notes on the report, email a link, build a print basket and give feedback • Quick and easy navigation through the Annual Report along with search functionality • Share information via your social network...