71 HEINEKEN N.V. ANNUAL REPORT 2008 2007 In millions of EUR Note 2008 Restated* Investing activities Proceeds from sale of property, plant equipment and intangible assets 93 70 Purchase of property, plant equipment 14 (1,102) (1,004) Purchase of intangible assets 15 (158) (17) Loans issued to customers and other investments (163) (133) Repayment on loans to customers 220 218 Cash flow used in operational investing activities (1,110) (866) Free operating cashflow 550 663 Acquisition of subsidiaries and minority interests, net of cash acquired 6 (3,580) (241) Acquisition of associates, joint ventures and other investments (202) (58) Disposal of subsidiaries and minority interests, r t of cash disposed of 6 68 12 C sposal of associates, joint ventures and other investments 80 28 Cash flow used for acquisitions and disposals (3,634) (259) Cash flow from/(used in) investing activities (4,744) (1,125) F aancing activities F oceeds from loans and borrowings 24 6,361 67 F payment of loans and borrowings (2,532) (252) f vidends paid (485) (417) 1 irchase own shares 22 (11) (15) her (24) (14) sh flow from/fused in) financing activities 3,309 (631) t Cash Flow 225 (227) ish and cash equivalents as at 1 January 309 541 f feet of movements in exchange rates 70 (5) sh and cash equivalents as at 31 December 604 309 Refer to change in accounting policies as described in note 3(b).

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