105 Heineken N.V. Annual Report 2004 Financial Statements 2004 Participating Interests Proportionally consolidated participating interests The companies listed below are proportionally consolidated because control of these companies is exercised jointly and directly by virtue of an agreement with the other shareholders. interest BrauHolding International AG Munich (Germany) 49.9 Zagorka Brewery A.D. Stara Zagora (Bulgaria) 49.0 Pivara Skopje A.D. Skopje (Macedonia) 27.6 Brasseries du Congo S.A. Brazzaville (Congo) 50.0 Asia Pacific Breweries (Singapore) Pte. Ltd. Singapore 42.1 Shanghai Asia Pacific Brewery Co. Ltd. Shanghai (China) 44.7 Hainan Asia Pacific Brewery Ltd. Haikou (China) 46.1 South Pacific Brewery Ltd. Port Moresby (Papua New Guinea) 31.9 Vietnam Brewery Ltd. Ho Chi Minh City (Vietnam) 25.3 Cambodia Brewery Ltd. Phnom Penh (Cambodia) 33.7 DB Breweries Ltd. Auckland (New Zealand) 42.1 Compania Cervecerias Unidas S.A. Santiago (Chile) 30.8 Non-consolidated participating interests carried at net asset value Cervecerias Costa Rica S.A. San José (Costa Rica) 25.0 Guinness Anchor Berhad Petalingjaya (Malaysia) 10.7 Thai Asia Pacific Brewery Co. Ltd. Bangkok (Thailand) 14.8 Other non-consolidated participating interests carried at cost Namibia Breweries Ltd. Windhoek (Namibia) 14.5 Cervejarias Kaiser Brasil S.A. Sao Paulo (Brazil) 20.0 1 Expansion of interest in 2004 2 In accordance with the provisions of Section 17 of the Republic of Ireland Companies (Amendment) Act 1986, Heineken N.V. has given irrevocable guarantees for the financial year from 1 January 2004 to 31 December 2004 in respect of the liabilities, as referred to in Section 5(c) of that Act, of the subsidiary companies Heineken Ireland Limited and Heineken Ireland Sales Limited.

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