CHIEF EXECUTIVE'S STATEMENT -I 6 7 REPORT OF THE EXECUTIVE BOARD L\ "I believe that the combination of our actions, our commitments and our people will ensure that Heineken will emerge as an even stronger and more competitive company." HEINEKEN N.V. ANNUAL REPORT 2008 HEINEKEN N.V. ANNUAL REPORT 2008 New additions to the portfolio: By any measure, 2008 was a unique year. Large-scale industry consolidation, a global slowdown in category growth, significant increase in input costs and cost pressures and above all, an unprecedented economic crisis unfolding in the second half of the year. Against this backdrop, we delivered strong organic growth in net profit of 11 per cent, revenue growth of more than 27 per cent (7 per cent organic) and 16 per cent increase in Group volume (4 per cent organic). These results are testament to the resilience of our core business, the strength of our portfolio and the considerable efforts of our employees and business partners. I would like to thank them all for their contribution. However, the exceptional economic circumstances required us to reduce the value of goodwill in Russia, our investment in India and in our pub portfolios in the UK. These non-cash exceptional charges, together with low profit contributions of new businesses and the related financing costs resulted in a substantially lower reported net profit. Looking back over the last three years, we have become more resilient, performance driven and competitive. We have achieved an average top-line growth of 16.5 per cent per year and grown the Heineken® volume in the premium segment by 3.4 million hectolitres, an average of 7.3 per cent per year. We are more efficient thanks to the successful delivery of more than €450 million of cost savings between 2006 and 2008 linked to our Fit2Fight programme. And we have a much stronger global footprint. Heineken N.V. Executive Board Right: Jean-Franqois van Boxmeer Chairman of the Executive Board/CEO Left: René Hooft Graafland Member of the Executive Board/CFO

Jaarverslagen en Personeelsbladen Heineken

Jaarverslagen | 2008 | | pagina 14