Disclaimer
This Annual Report contains forward-looking statements with regard to the financial position and results of HEINEKEN's activities. These
forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed
in the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond HEINEKEN's ability to control
or estimate precisely, such as future market and economic conditions, the behaviour of other market participants, changes in consumer
preferences, the ability to successfully integrate acguired businesses and achieve anticipated synergies, costs of raw materials, interest rate
and foreign exchange fluctuations, changes in tax rates, changes in law, changes in pension costs, the actions of government regulators and
weather conditions. These and other risk factors are detailed in this Annual Report. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this Annual Report. HEINEKEN does not undertake any obligation to update
the forward-looking statements contained in this Annual Report. Market share estimates contained in this Annual Report are based on
outside sources, such as specialised research institutes, in combination with management estimates.
154 Heineken N.V. Annual Report 2014