Chief Executive's Statement "We are proud to have delivered positive growth and - in parallel - to have transformed our global footprint". 4 2010 has proved to be a transformational year in our Company's history. We are proud to have delivered positive growth, and - in parallel -to have transformed our global footprint. 5 Report of the Executive Board if Jean-Francis van Boxmeer c Chairman of the Executive Board/CEO Heineken N.V. Executive Board Left: Jean-Francois van Boxmeer Chairman of the Executive Board/CEO Right: René Hooft Graafland Member of the Executive Board/CFO Performance Against the backdrop of an improving but still challenging economic environment, we have delivered a robust double-digit organic net profit growth of 19.7 per cent. The Heineken® brand continued to demonstrate its strength. Growing by 3.4 per cent, it outperformed our broader brand portfolio, the overall beer market and the growth of the international premium segment. It is a clear part of our strategy to continue investing behind the brand and to further strengthen its position as the world's reference premium beer. We again made significant progress with our cash flow generation and cost savings programmes. The Hunt for Cash2 programme helped realise EUR1.993 million of cash and our Total Cost Management (TCM) programme achieved savings of EUR280 million in 2010. It enabled us to achieve our long-term Net debt/EBITDA target ahead of plan. However, trading in many of our European businesses and in the USA, continued to be challenging. Especially markets in the Central and Eastern European region, which were strongly affected by poor economic conditions and higher excise duties. Overall, our organic consolidated volume and our revenue were impacted and declined by 3.1 per cent and 2.2 per cent respectively. Heineken N.V. Annual Report 2010

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