16. Investments in associates and joint ventures I porting date Expected volume Pre-tax Expected annual growth rates WACC long-term inflation 2013-2019 Western Europe 10.17% 1.7% (0.14)% Central and Eastern Europe (excluding Russia) 11.74% 2.4% 2.48% Russia 16.28% 7.13% 2.9% The Americas 10.1-11.54% 3.0-7.87% 0.84-2.85% -ica and Middle East14.9-20.04% 3.31-7.97% 3.57-3.96°;, 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). A limited change in key assumptions will not lead to a materially different outcome. Heineken has the following significant investments in associates and joint ventures: Country Ownership 2009 Ownership 2008 Germany Bulgaria Greece Macedonia Congo Singapore Sinqapore 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% 37.5% 68.8% 44.5% 75.0% Joint ventures B:au Holding International GmbH &Co KgaA Zagorka Brewery A. D. Brewinvest S.A. Pi/ara Skopje A.D. B> asseries du Congo S.A. a Pacific Investment Pte. Ltd. Asia Pacific Breweries Ltd. C mpania Cervecerias Unidas S.A. Tempo Beverages Ltd. Heineken Lion Australia Pty. )cco FZCo L tgeo Heineken Namibia B.V. L ited Breweries Limited f llenium Alcobev Private Limited* L IN Drinks (Pty) Ltd. iibeng Brewery Pty Ltd.* .sociates rvecerias Costa Rica S.A. Costa Rica 25.0% 25.0% sserie Nationale d'Haïti S.A. Haiti 23.3% 23.3% FE Efes Karaganda Brewery Kazakhstan 28.0% 28.0% eineken has joint control as the contract and ownership details determine that for certain main operating and financial decisions unanimous pproval is required. As a result these investments are not consolidated. e reporting date of the financial statements of all Heineken entities and joint ventures disclosed are the me as for the Company except for (i) Asia Pacific Breweries Ltd., Heineken Lion Australia Pty. and Asia I cific Investment Pte. Ltd which have a 30 September reporting date (the APB results are included with hree months delay in reporting), (ii) DHN Drinks (Pty) Ltd. which has a 30 June reporting date, and (iii) United E eweries Limited (UBL) and Millenium Alcobev Private Limited (MAPL) which have a 31 March reporting c ate. The results of (ii) and (iii) have been adjusted to include numbers for the full financial year ended December 2009. Annual Report 2009 - Heineken N.V.

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