We have examined the 1985 annual accounts, included in
this annual report, comprising the Balance Sheet as at
December 31, 1985, the Profit and Loss Account for 1985
and the consolidated statements for 1985 of Heineken NV,
Amsterdam, together with the notes.
In our opinion these annual accounts present fairly the
financial position of the company as at December 311985,
and the results of its operations for 1985.
Amsterdam March 20. 1986
KMG Klynveld Kraayenhof Co.
Appropriation of profit
Article 12, paragraph 4, of the Articles of Association lays
'From the Net profit there shall in the first place be
distributed, if possible, six per cent dividend on the issued
part of the share capital. The amount then remaining shall
be at the disposal of the General Meeting of Sharehol
From the Net profit it will be proposed that N.fl. 67.433.000
be appropriated for payment of dividend and that
N.fl. 197.978,000 be added to the General reserve.
Special rights under the Articles of Association
Article 7, paragraph 2, of the Articles of Association
'The appointment of the members of the Executive Board
and of the Supervisory Council shall be made by the
General Meeting of Shareholders from a binding nomina
tion of at least two persons, to be drawn up for each
appointment by the Supervisory Council.'
Article 12 paragraph 1of the Articles of Association lays
down, inter alia:
'With the approval of the Supervisory Council, the Execu
tive Board shall be entitled to determine what part of the
positive balance of the Profit and Loss Account is to be
appropriated to reserves.'