Financial statements I Notes to the consolidated financial statements continued 22. Capital and reserves continued As at 31 December 2011 the issued share capital comprised 576,002,613 ordinary shares (2010:576,002,613). 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 EIEINEKEN (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. Inflation in Belarus has been at relatively high levels in recent years. In the third guarter of 2011 cumulative three year inflation exceeded 100 per cent. This, combined with other indicators, results in HEINEKEN deeming Belarus as a hyperinflationary economy under IAS 29, Financial Reporting in Hyperinflationary Economies. IAS 29 is applied to the historical cost financial statements of our Belarusian operations from the beginning of 2011 The restated financial statements of our Belarusian operations are translated to euro at the closing rate at the end of the reporting period. Differences arising on translation to euro are recognised in the translation reserve. The Consumer Price Index end of 2011 was 2249 (2009:100; 2010:107.8) and increased in 2011 by 108.7. The impact on eguity is a net amount of EUR14 million, PP&E remeasurement of EUR18 million with offset in deferred tax liabilities for EUR4 million. The impact on the income statement for 2011 is not material. Hedging reserve This reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments where the hedged transaction has not yet occurred. HEINEKEN considers this a legal reserve. Fair value reserve This reserve comprises the cumulative net change in the fair value of available-for-sale investments until the investment is derecognised or impaired. HEINEKEN considers this a legal reserve. Other legal reserves These reserves relate to the share of profit of joint ventures and associates over the distribution of which H EINEKEN does not have control. The movement in these reserves reflects retained earnings of joint ventures and associates minus dividends received. In case of a legal or other restriction which causes that retained earnings of subsidiaries cannot be freely distributed, a legal reserve is recognised for the restricted part. Reserve for own shares The reserve for the Company's own shares comprises the cost of the Company's shares held by HEINEKEN. As at 31 December 2011HEINEKEN held 1,265,140 of the Company's shares (2010:1,630,258), all of which are LTV shares in 2011. The coupon paid on the ASDI in 2011 amounts to EUR15 million (2010: EUR7 million). LTV During the period of 1 lanuary through 31 December 2011 HEINEKEN acguired 330.000 shares for LTV delivery with an average guoted market price of EUR40.91 for a total of EUR14 million. Share purchase mandate There are no outstanding share purchase mandates per 31 December 2011 (2010: EUR96 million). The current liability presented in accordance with IAS 32.23 per 31 December 2010 of EUR96 million was reversed in full. 112 Heineken N.V. Annual Report 2011

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