eineken® volume grew marginally with strong brand growth in Brazil. Chile. Argentina and Mexico, partially offset by lower brand volume in the USA. Dos Equis continues its solid brand performance in the USA and Mexico with double-digit volume growth in both markets. The reported change in EBIT (beia) includes a EUR70 million contribution from the first-time consolidation of the beer operations of FEMSA. The decrease in operating profit (beia) margin primarily reflects the effect of this first time consolidation. On an organic basis, EBIT (beia) grew marginally with increased revenues largely offset by higher marketing investment. In Mexico, the Company's value growth strategy continued to support strong growth in EBIT (beia) on a pro-forma basis. This was driven by higher pricing and cost synergies, partly offset by increased marketing investment. Group beer volume in Mexico on a pro-forma 12-month basis grew moderately. The implementation of a new route-to-market and brand portfolio strategy is expected to support future profitability. Volume of the Tecate Light and Dos Equis brands grew strongly reflecting increased brand activation. Heineken® was successfully launched in 2011 in line with the Company's value growth strategy. In Brazil, the overall beer market declined slightly reflecting the effect of no increase in minimum wages, above inflation pricing (following a federal tax increase in April) and unfavourable weather. This follows strong promotional activity during the 2010 FIFA World Cup event. Volume in Brazil grew by mid single-digits on a pro-forma 12-month basis, led by growth of the Heineken®, Kaiser and Bavaria brands. EBIT (beia) was positively impacted by volume growth and higher pricing. The US beer market declined 2.2 per cent in 2011. as an uncertain economy continues to impede consumer spending. The Company's depletions (sales to retailers) decreased by 3.1 per cent, reflecting lower volume of the Heineken® and Amstel brands. Encouragingly, volume momentum in the US improved in the fourth quarter, led by Heineken® and accelerated growth of the Dos Equis brand. EBIT (beia) in the USA declined, reflecting lower revenues, increased freight costs and higher marketing spend. Higher volume of CCU, the Company's joint venture business in Chile and Argentina, was led by growth of the Escudo and Heineken® brands in Chile. Profit of CCU grew in 2011 resulting in an increase in the share of net profit recognised by HEINEKEN. On 14 December 2011, HEINEKEN announced it would increase its shareholding in Brasserie Nationale d'Haiti S.A, the leading brewer in Haiti, from 22.5 per cent to 95 per cent. The acquisition was successfully completed in January 2012 and is expected to be earnings accretive and value enhancing from the first year. The Haitian beer market offers attractive future growth prospects. Heineken N.V. Annual Report 2011 31

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