Report of the Supervisory Board I Remuneration Report continued The table below provides an overview of the investment shares that were awarded as part of STV payments but that are blocked awaiting 1:1 matching by the Company, provided the conditions thereto are met: Value of investment shares awarded at of payout No. of shares the grant date in End of lock-up Value of shares as Van Boxmeer 2011 50% t.b.d.1 882,000 31-12-2016 n.a. 2010 50% 16.1252 653,125 31-12-2015 €576,791 Hooft Graafland 2011 50% t.b.d.1 390,000 31-12-2016 n.a. 2010 50% 8,2742 335,157 31-12-2015 €295,961 1 The number of shares awarded in relation to the STV-payout over 2011 and beyond is determined by dividing the value of the investment shares at grant date by the closing share price of the date of publication of the annual results over that same year. For 2011 this date shall be 15 February 2012. 2The number of shares awarded in relation to the STV-payout over 2010 was determined by dividing the value of the investment shares at grant date by the closing share price of 21 April 2011 the date on which the AGM approved the remuneration policy 2011 Realisation 2009-2011 long-term variable award After 2011 the conditional performance shares awarded in 2009 are subject to vesting. Vesting of these performance shares, the last shares that were awarded before adoption of the new remuneration policy per 2010, is determined by Total Shareholder Return (TSR) over a three-year performance period relative to a performance peer group. The performance peer group consists of European branded consumer goods companies with which HEINEKEN competes in capital markets and includes the following companies: Anheuser-Busch InBev (B) Carlsberg (DK) Danone (F) Diageo (UK) Elenkel (G) LVMH (F) Nestlé (CH) L'Oréal (F) SABMiller (UK) Unilever (NL) Before the adoption of the 2010 Remuneration Policy, the target annual LTV opportunity for the CEO was 100 percent of base salary and for the CFO 75 per cent of base salary. If HEINEKEN's TSR is higher than that of the median of the performance peer group, the performance shares vest according to the following schedule: HEINEKEN's T5R rank in the performance peer groupof performance shares vesting 1 150% 2 125% 3 100% 4 75% 5 50% 6 - Median Position 25% 7-11 0% For the period 1 January 2009 - 31 December 2011, FIEINEKEN ranked seventh in its performance peer group. Asa result, the performance shares awarded in 2009 do not vest in 2012 and no vested shares are allocated to the members of the Executive Board. The Supervisory Board conducted a scenario analysis with respect to possible outcomes of the LTV awards made in 2011 and previous awards made. 64 Heineken N.V. Annual Report 2011

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