HEINEKEN takes a proactive role in maintaining an open dialogue with shareholders and bondholders, providing accurate
and complete information in a timely and consistent way. We do this through press releases, the Annual Report, presentations,
webcasts, an annual Financial Markets Conference and regular briefings with analysts, fund managers and shareholders.
Heading the HEINEKEN Group, Heineken Holding N.V. is no ordinary holding company. Since its formation in 1952, the
objective of Heineken Holding N.V, pursuant to its Articles of Association has been to manage and/or supervise the HEINEKEN
Group and to provide services for Heineken N.V.The role Heineken Holding N.V. has performed for the HEINEKEN Group
since 1952 has been to safeguard its continuity, independence and stability and create conditions for controlled, steady
growth of the activities of the H EIN EKEN Group's activities. The stability provided by this structure has enabled the H EINEKEN
Group to rise to its present position as the brewer with the widest international presence and one of the world's largest
brewing groups and to remain independent.
Every Heineken N.V. share held by Heineken Holding N.V. is matched by one share issued by Heineken Holding N.V. The net
asset value of one Heineken Holding N.V. share is therefore identical to the net asset value of one Heineken N.V. share.
The dividend payable on the two shares is identical. Historically, however, Heineken Holding N.V. shares have traded at
a lower price due to technical factors that are market-specific. Heineken Holding N.V. holds 50.005 per cent of the Heineken
N.V. issued shares. On 31 December 2011L'Arche Green N.V. held 51.083 per cent of the Heineken Holding N.V. shares.
The Heineken family holds 88.55 per cent of LArche Green N.V. The remaining 11.45 per cent of LArche Green N.V. is held
by the Hoyer family. Mrs. de Carvalho-Heineken also owns a direct 0.03 per cent stake in Heineken Holding N.V.
L'Arche Green N.V.
Heineken Holding N.V.
Board of Directors
Regional Management Group Departments
I Legal Entities
Pursuant to the Financial Markets Supervision Act (Wet op het financieel toezicht) and the Decree on Disclosure of Major
Holdings and Capital Interests in Securities-Issuing Institutions (Besluit melding zeggenschap en kapitaalbelang in uitgevende
instellingen), the Financial Markets Authority has been notified about the following other substantial shareholdings:
Heineken N.V. Annual Report 2011