103 During 2010, Heineken announced several share buy-back programmes relating to the ASDI. The most recent share buy-back programmes of EUR150 million was announced on 17 November 2010. Heineken has mandated a bank to repurchase Heineken N.V. shares in the open market starting 18 November 2010 up to and including 16 June 2011. Up to 31 December 2010, EUR54 million of this EUR150 million was paid by Heineken for 1,501,690 shares. The remaining outstanding share purchase mandate liability of EUR96 million has been presented as a current liability (see note 31) in accordance with IAS 32.23. Share capital Ordinary shares 2010 On issue as at 1 January 784 Issued 138 On issue as at 31 December 922 784 As at 31 December 2010 the issued share capital comprised 576,002,613 ordinary shares (2009:489,974,594). The ordinary shares have a par value of EUR1.60. All issued shares are fully paid. The Company's authorised capital amounts to EUR2.5 billion, comprising of 1,562,500,000 shares. The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company, in respect of the Company's shares that are held by Heineken (see next page), rights are suspended. Translation reserve The translation reserve comprises foreign currency differences arising from the translation of the financial statements of foreign operations of the Group (excluding amounts attributable to non-controlling interests) as well as value changes of the hedging instruments in the net investment hedges. Heineken considers this a legal reserve. edging reserve This reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments where he hedged transaction has not yet occurred. Heineken considers this a legal reserve. air value reserve ais reserve comprises the cumulative net change in the fair value of available-for-sale investments until the investment is derecognised impaired. Heineken considers this a legal reserve. ther legal reserves nese reserves relate to the share of profit of joint ventures and associates over the distribution of which Heineken does not have antrol. The movement in these reserves reflects retained earnings of joint ventures and associates minus dividends received, i case of a legal or other restriction which causes that retained earnings of subsidiaries cannot be freely distributed, a legal reserve recognised for the restricted part. aserve for own shares he reserve for the Company's own shares comprises the cost of the Company's shares held by Heineken. As at 31 December 2010, eineken held 1,630,258 of the Company's shares (2009:1,251,201), of which 524,705 are ASDI and 1,105,553 are LTIP shares. he coupon paid on the ASDI in 2010 amounts to EUR7 million. leineken N.V. Annual Report 2010

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