Americas (continued) The USA Canada Latin America and Caribbean Report of the Executive Board Regional Review Consolidated beer volume: 7.1 million hectolitres Market share: 3.8% The beer market declined slightly. Due to downtrading, the economy segment grew 4 per cent whilst the import segment declined 9.8 per cent. Organically, EBIT of Heineken USA improved substantially. The key drivers were the price increase across the Dutch portfolio implemented at the end of 2008, lower marketing rates and the positive effect of the TCM initiatives which generated significant savings in marketing, logistics and general expenses. Reported EBIT was reduced by EUR 17 million due to the weaker dollar. Beer volume of Heineken USA was 10.7 per cent lower due to the decline in the import segment and price competition. Volumes of the Dutch portfolio were 10.4 per cent lower, whilst the Mexican portfolio grew 1.0 per cent. Heineken® declined 10 per cent. Tecate Light and Dos Equis performed strongly, growing 14 per cent and 20 per cent respectively. Volume of Newcastle Brown Ale, imported from Heineken UK, increased by 1.7 per cent. Depletions - sales by distributors to retailers - of the Dutch portfolio in 2009 were in line with sales, whilst depletions of the Mexican portfolio were higher, at 2.4 per cent. Consolidated beer volume: 0.5 million hectolitres Market share: 2.1% The market was affected by the difficult economic environment and volume of imported Heineken declined by high single digits, but witnessed an improvement in the fourth quarter. Consolidated beer volume: 1.8 million hectolitres Heineken operates in the region through: Controlled operations: Panama, Bahamas, St. Lucia, Martinique and Suriname CCU, a joint venture with leading position in Chile and number two in Argentina A minority stake in F1FC0 in Costa Rica Exports to a number of markets of which Puerto Rico is the most significant. Beer consumption in Chile decreased. CCU's volume was broadly stable organically. Volume of the Heineken brand increased 8.3 per cent. Despite a challenging trading environment, volume in the Caribbean markets and in Latin America grew slightly. The Heineken brand grew in Brazil (+52 per cent) and Panama (+4.5 per cent). EBIT grew double digits as a result of lower overhead costs, and better profitability of the operations in the Bahamas and Costa Rica. 38 Annual Report 2009 - Heineken N.V.

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