f— Outlook 2011 We have set clear ambitions and goals towards 2020 in each of these areas. We believe it is the right thing for us to do and consistent with our long-held values. Sustainability will also be a source of fresh and innovative thinking and will help stimulate the creation of new products and services that will ultimately generate new markets and revenue streams. Thank you I am fully aware that it takes an enormous amount of work, energy, tenacity and sacrifice in order to deliver performance and change on this sort of scale. As with every year, I want to thank the tens of thousands of Heineken colleagues around the world and all our stakeholders for their contribution to our continued success. Jean-Frangois van Boxmeer Chairman of the Executive Board/CEO Amsterdam, 15 February 2011 Heineken expects volume development in Latin America, Africa and Asia to benefit from ongoing robust economic conditions and marketing and investment programmes. Although the Company expects an improving economic environment in Europe and the USA in 2011, the impact of austerity measures and high unemployment is expected to result in continued cautious consumer behaviour in these markets. The international premium segment will continue outgrowing the overall beer market, benefiting the Heineken® brand and supporting improved sales mix. Heineken forecasts a low single-digit increase in input costs and plans to mitigate this impact through increased pricing. In Europe, Heineken will shift its prime focus towards volume and value share growth, with increased investments in marketing and innovation in Heineken® and other key brands, further supported by the international roll-out of higher-margin brands. Whilst this is expected to affect profit development in Europe in the near term, it underlines our commitment to strengthening our leadership position in the region. In addition, continued efforts will be made to improve the performance of companies acquired over the past few years. In the new markets of Mexico and Brazil, improved marketing effectiveness and the realisation of cost synergies will contribute to higher profitability. The TCM programme will deliver further cost savings, although at a lower level than in 2010 following the earlier than planned realisation of savings in 2010. As a result of ongoing efficiency improvements, Heineken expects a further organic decline in the number of employees. For 2011, capital expenditure related to property, plant and equipment is forecast to be approximately EUR850 million. Heineken does not expect material changes to the effective tax rate (beia) in 2011 (2010: 27.3 per cent) and forecasts an average interest rate slightly above 5.5 per cent. Free operating cash flow generation is expected to remain strong, further reducing the level of net debt in 2011. Following two consecutive years of substantially reduced capital expenditure and significantly higher cash flow generation, the cash conversion rate for 2011 will be around 100 per cent.

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