105 HEINEKEN N.V. ANNUAL REPORT 2008 Expected volume Post-tax Expected annual growth rates WACC long-term inflation 2012-2018 Western Europe 7.6% 2.1% -0.1% Central and Eastern Europe (excluding Russia) 9.6% 2.9% 1.0% Russia 14.1% 5.6% 3.5% The Americas 8.2% -13.1% 1.7% - 7.3% 1.2% -3.0% Africa and Middle East 8.9%-14.7% 3.1%-7.4% -0.4%-4.4% The values assigned to the key assumptions represent management's assessment of future trends in the beer industry and are based on both external sources and internal sources (historical data). Tie impairment of €275 million in Russia is mainly caused by an increase of the WACC and the reduced expected long-term growth rate due to the economic crisis. In addition, it is expected that it will take longer for the Russian market to recover. 1 Investments in associates and joint ventures Hsineken has the following significant investments in associates and joint ventures: Country Ownership 2008 Ownership 2007 J( nt ventures E Holding International GmbH Co KgaA Z gorka Brewery A.D. E awinvest S.A. F ara Skopje A.D. B asseries du Congo S.A. ia Pacific Investment Pte. Ltd. ia Pacific Breweries Ltd. C mpania Cervecerias Unidas S.A. 1 npo Beverages Ltd. I ineken Lion Australia Pty. S occo FZCo I ;geo Heineken Namibia B.V. I ited Breweries Limited f lenium Alcobev Private Limited 1 N Drinks (Pty) Ltd. Jibeng Brewery Pty Ltd. Germany Bulgaria Greece FYR Macedonia Congo Singapore Singapore Chile Israel Australia Dubai Namibia India India South Africa South Africa 49.9% 49.0% 50.0% 27.6% 50.0% 50.0% 41.9% 33.1% 40.0% 50.0% 50.0% 50.0% 37.5% 68.8% 44.5% 75.0% 49.9% 49.0% 50.0% 27.6% 50.0% 50.0% 41.9% 33.1% 40.0% 50.0% 50.0% 50.0% sociates rvecerias Costa Rica S.A. Costa Rica 25.0% 25.0% 1 isserie Nationale d'Haïti S.A. Haïti 23.3% 23.3% FE Efes Karaganda Brewery Kazakhstan 28.0% F porting date e reporting date of the financial statements of all Heineken entities and joint ventures disclosed are the s me as for the Company, except for: Asia Pacific Breweries Ltd., Heineken Lion Australia Pty. and Asia Pacific I /estment Pte. Ltd, which have a 30 September reporting date, DHN Drinks (Pty) Ltd., which has a 30 June r porting date and United Breweries Limited and Millenium Alcobev Private Limited which have a 31 March r porting date.

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