Heineken Holding NV 2020 Annual Report

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2020HEINEKEN HOLDING N.V.ANNUAL REPORT 2020Established in Amsterdam

2ProfileHeineken Holding N.V., which holds 50.005% of the issued share capital of Heineken N.V.,heads the HEINEKEN group.The object of Heineken Holding N.V. pursuant to its Articles of Association is to manageor supervise the management of the HEINEKEN group and to provide services forHeineken N.V. It seeks to promote the continuity, independence and stability of theHEINEKEN group, thereby enabling Heineken N.V. to grow in a controlled and steady mannerand to pursue its long-term policy in the interest of all stakeholders.Heineken Holding N.V. does not engage in operational activities itself. These have beenassigned within the HEINEKEN group to Heineken N.V. and its subsidiaries and associatedcompanies. Heineken Holding N.V.’s income consists exclusively of dividends received on itsinterest in Heineken N.V.Every Heineken N.V. share held by Heineken Holding N.V. is matched by one share issued atthe level of Heineken Holding N.V. The dividend payable on the two shares is identical.Heineken Holding N.V. shares are listed on Euronext Amsterdam.This Annual Report can be downloaded from www.heinekenholding.com

Heineken Holding N.V. Annual Report 2020ContentsShareholder InformationBoard of Directors3Report of the Board of DirectorsFinancial Statements 2020Other InformationContents2 Profile01 Shareholder Information02 Report of the Board of Directors04 Other Information5 Heineken Holding N.V.10 Report of the Board of Directors74 Other information6 Heineken N.V.10 Policy principles8 Board of Directors of Heineken Holding N.V.10 Activities74 Provisions of the Articles of Associationconcerning appropriation of profit10 Review of 202011 Heineken N.V. performance in 2020 and outlook11 Financial statements and appropriation of result11 Corporate governance statement14 Board of Directors15 The General Meeting of Shareholders16 Further information pursuant to the Article 10Takeover Directive Decree17 Information pursuant to the decree on the disclosureof non-financial information18 Remuneration Report03 Financial Statements 202021 Heineken Holding N.V. Income Statement21 Heineken Holding N.V. Balance Sheet22 Heineken Holding N.V. Shareholders' equity23 Notes to the Heineken Holding N.V. Financial Statements25 Consolidated Income Statement25 Consolidated Statement of Comprehensive Income26 Consolidated Statement of Financial Position27 Consolidated Statement of Cash Flows28 Consolidated Statement of Changes in Equity29 Notes to the Consolidated Financial Statements74 Remuneration of the Board of Directors74 Shares held by the Board of Directors74 Independent auditor's report81 Information

Heineken Holding N.V. Annual Report 2020ContentsShareholder Information01Board of Directors4Report of the Board of DirectorsFinancial Statements 2020Other InformationShareholderInformationHeineken Holding N.V. Annual Report 2020

Heineken Holding N.V. Annual Report 2020ContentsShareholder Information5Board of DirectorsReport of the Board of DirectorsFinancial Statements 2020Other InformationHeineken Holding N.V.Nationality Heineken Holding N.V. shareholdersin %Based on 101.2 million shares in free float(excluding the holding of L’Arche Green N.V.and FEMSA in Heineken Holding N.V.)Heineken Holding N.V. share pricein Euronext casUnited Kingdom/IrelandNetherlandsRest of EuropeRest of the 516.5100.038.128.91.18.83.04.415.7100.0 77.05Share price rangeYear-end priceAverage trade in 2020:129,130 shares per ken Holding N.V. shares are traded on Euronext Amsterdam.Heineken Holding N.V.’s shares are also trading Over-the-Counter(OTC) in the USA as American Depositary Receipts (ADRs). Theratio between Heineken Holding N.V. ADRs and the ordinary Dutch( denominated) shares is 2:1, i.e. two ADRs represent one HeinekenHolding N.V. share. Deutsche Bank Trust Company Americas acts asdepositary bank for Heineken Holding N.V.'s ADR programme.In 2020, the average daily trading volume of Heineken Holding N.V.shares was 129,130 shares.Market capitalisationShares in issue and outstanding as at 31 December 2020:288,030,168 shares of 1.60 nominal value.At a year-end price of 77.05 on 31 December 2020, the marketcapitalisation of Heineken Holding N.V. as at the balance sheet datewas 22.2 billion.31 December 2020Highest closing price 94.3017 January 2020Lowest closing price 64.1012 March 2020Substantial shareholdingsPursuant to the Financial Supervision Act (Wet op het financieeltoezicht) and the Decree on Disclosure of Major Holdings and CapitalInterests in Issuing Institutions (Besluit melding zeggenschap enkapitaalbelang in uitgevende instellingen Wft), the NetherlandsAuthority for the Financial Markets (AFM) has been notified of thefollowing substantial shareholdings (i.e. of 3% or more) regardingHeineken Holding N.V.: 20 April 2018: Mrs C.L. de Carvalho-Heineken (0.03%, helddirectly; 52.60%, held indirectly through L'Arche Green N.V., L’ArcheHolding B.V. and Stichting Administratiekantoor Priores); 30 April 2010: Voting Trust (FEMSA) (14.94%, held indirectlythrough its affiliate CB Equity LLP)*; 25 June 2020: Gardner Russo & Gardner LLC (2.99%, held directly); 24 January 2019: Lindsell Train Limited (5.02%, held directly).* The AFM register for substantial shareholdings is no longer up-to-date. For thepresent situation reference is made to the organisation chart on page 12.Source: CMi2i estimate based on available information December 2020200Year-end priceDividend per share*in 830.890.891.101.301.341.471.601.680.70 (proposed)* Before 2018 this applied to ordinary shares.

Heineken Holding N.V. Annual Report 2020ContentsShareholder Information6Board of DirectorsReport of the Board of DirectorsFinancial Statements 2020Other InformationHeineken N.V.Nationality Heineken N.V. shareholdersin %Based on 238.3 million shares in free float(excluding the holding of Heineken Holding N.V.and FEMSA in Heineken N.V.)Heineken N.V. share pricein Euronext Amsterdam120At a year-end price of 91.22 on 31 December 2020, the marketcapitalisation of Heineken N.V. as at the balance sheet date was 52.5 billion.202011091.2210090802019AmericasUnited Kingdom/IrelandNetherlandsRest of EuropeRest of the 0Source: CMi2i estimate based on available information December 2020The shares of Heineken N.V. are traded on Euronext Amsterdam,where Heineken N.V. is included in the AEX 0Market capitalisationShares outstanding as at 31 December 2020: 575,722,881 shares of 1.60 nominal value (excluding own shares held by Heineken N.V.).Heineken N.V.’s shares are also trading Over-the-Counter (OTC) inthe USA as American Depositary Receipts (ADRs). The ratio betweenHeineken N.V. ADRs and the ordinary Dutch ( denominated) sharesis 2:1, i.e. two ADRs represent one Heineken N.V. share. Deutsche BankTrust Company Americas acts as depositary bank for Heineken N.V.'sADR programme.Share price rangeOptions on Heineken N.V. shares are listed on Euronext Amsterdam.Year-end priceIn 2020, the average daily trading volume of Heineken N.V. shares was730,451 shares.Average trade in 2020:730,451 shares per dayYear-end price 91.2231 December 2020Highest closing price 104.9519 February 2020Lowest closing price 70.783 April 2020Substantial shareholdingsPursuant to the Financial Supervision Act (Wet op het financieeltoezicht) and the Decree on Disclosure of Major Holdings and CapitalInterests in Issuing Institutions (Besluit melding zeggenschap enkapitaalbelang in uitgevende instellingen Wft), the NetherlandsAuthority for the Financial Markets (AFM) has been notified of thefollowing substantial shareholdings (i.e. of 3% or more) regardingHeineken N.V.: 1 November 2006: Mrs C.L. de Carvalho-Heineken (indirectly50.005% through L’Arche Holding S.A.; the direct 50.005%shareholder is Heineken Holding N.V.)*; 19 September 2017: Voting Trust (FEMSA), through its affiliateCB Equity LLP (8.63%) (initial notification: 30 April 2010).*The AFM register for substantial shareholdings is no longer up-to-date. For thepresent situation reference is made to the organisation chart on page 12.

Heineken Holding N.V. Annual Report 2020ContentsShareholder Information7Board of DirectorsReport of the Board of DirectorsFinancial Statements 2020Other InformationFinancial calendar in 2021 for both Heineken Holding N.V.and Heineken N.V.Traded Heineken N.V. NotesIssue dateTotal face valueInterest rate (%)MaturityISIN codeEUR EMTN 20214 April 2013EUR 500 million2.0006 April 2021XS0911691003Announcement of 2020 resultsPublication of Annual ReportTrading update first quarter 2021Annual General Meeting of Shareholders*Quotation ex-final dividend 2020Final dividend 2020 payableAnnouncement of half-year results 2021Quotation ex-interim dividend 2021Interim dividend 2021 payableTrading update third quarter 2021EUR EMTN 202110 September 2015EUR 500 million1.25010 September 2021XS128885293910 February19 February21 April22 April26 April6 May2 August4 August11 August27 October* Shareholders of Heineken Holding N.V. are entitled to attend the meetingsof shareholders in Heineken N.V., to put questions at those meetings and toparticipate in the discussions.Contact Heineken Holding N.V. and Heineken N.V.Further information on Heineken Holding N.V. is availableby telephone 31 20 622 11 52.Information on Heineken Holding N.V. and Heineken N.V.is also available from the Investor Relations department,telephone 31 20 523 95 90, or by e-mail: investors@heineken.com.Further shareholder information is also available on thewebsite www.heinekenholding.com.Bondholder informationIn September 2008, HEINEKEN established a Euro Medium TermNote (EMTN) Programme which was last updated in March 2020.The programme allows Heineken N.V. to issue Notes for a totalamount of up to 20 billion. Approximately 11.2 billion isoutstanding under the programme as at 31 December 2020.In 2020 the following notes were issued under HEINEKEN’s EuroMedium Term Note Programme: In March 2020, CHF100 million of privately placed5-year Notes with a coupon of 0.6375%; In March 2020, 600 million of 5-year Noteswith a coupon of 1.625%; In March 2020, 800 million of 10-year Noteswith a coupon of 2.25%; In May 2020, 650 million of 13-year Noteswith a coupon of 1.25%; In May 2020, 850 million of 20-year Noteswith a coupon of 1.75%.144A/RegS 20223 April 2012USD 750 million3.4001 April 2022US423012AA16144A/RegS 202310 October 2012USD 1,000 million2.7501 April 2023US423012AD54EUR EMTN 202323 October 2015EUR 140 million1.70023 October 2023XS1310154536EUR EMTN 202419 March 2012EUR 500 million3.50019 March 2024XS0758420748EUR EMTN 20247 December 2015EUR 460 million1.5007 December 2024XS1330434389EUR EMTN 202525 March 2020CHF 100 million0.63825 March 2025XS2145099201EUR EMTN 202530 March 2020EUR 600 million1.62530 March 2025XS2147977479EUR EMTN 20252 August 2012EUR 750 million2.8754 August 2025XS0811555183EUR EMTN 202520 October 2015EUR 225 million2.00020 October 2025XS1309072020EUR EMTN 20264 May 2016EUR 1,000 million11.0004 May 2026XS1401174633EUR EMTN 202729 November 2016EUR 500 million1.37529 January 2027XS1527192485EUR EMTN 202717 September 2018EUR 600 million1.25017 March 2027XS1877595444144A/RegS 202829 March 2017USD 1,100 million3.50029 January 2028US423012AF03EUR EMTN 202930 January 2014EUR 200 million3.50030 July 2029XS1024136282EUR EMTN 20293 October 2017EUR 800 million1.5003 October 2029XS1691781865EUR EMTN 203030 March 2020EUR 800 million2.25030 March 2030XS2147977636EUR EMTN 203117 September 2018EUR 750 million21.75017 March 2031XS1877595014EUR EMTN 203212 May 2017EUR 500 million2.02012 May 2032XS1611855237EUR EMTN 203315 April 2013EUR 180 million3.25015 April 2033XS0916345621EUR EMTN 20337 May 2020EUR 650 million1.2507 May 2033XS2168629967EUR EMTN 203319 April 2013EUR 100 million2.56219 April 2033XS0920838371EUR EMTN 20407 May 2020EUR 850 million1.7507 May 2040XS2168630205144A/RegS 204210 October 2012USD 500 million4.0001 October 2042US423012AE38144A/RegS 204729 March 2017USD 650 million4.35029 March 2047US423012AG8512Includes EUR 200 million tap issued on 15 July 2019.Includes EUR 100 million tap issued on 5 June 2019.The EMTN programme and the above Heineken N.V. Notes issued thereunder are listed on the Luxembourg Stock Exchange.Traded Heineken Asia MTNPte. Ltd. NotesSGD MTN 2020SGD MTN 2022Issue dateTotal face valueInterest rate (%)MaturityISIN code3 March 2009SGD21.75 million3.7803 March 2020SG7V349546217 January 2010SGD16.25 million4.0007 January 2022SG7U93952517The above Heineken Asia MTN Pte. Ltd. Notes are listed on the Singapore Exchange.HEINEKEN has a 2.0 billion Euro Commercial Paper (ECP) programme to facilitate its cash management operations and to diversify its fundingsources. There was 700 million ECP in issue per 31 December 2020.

Heineken Holding N.V. Annual Report 2020ContentsShareholder InformationBoard of Directors8Report of the Board of DirectorsFinancial Statements 2020Other InformationBoard of Directors of Heineken Holding N.V.EXECUTIVE DIRECTORSNON-EXECUTIVE DIRECTORSMrs C.L. de Carvalho-Heineken (1954)Mr M. Das (1948)Mrs A.M. Fentener van Vlissingen (1961)Mr M.R. de Carvalho (1944)Mr J.A. Fernández Carbajal (1954)Mrs L.L.H. Brassey (1986)Executive directorDutch nationalityAppointed in 1988; reappointed in 2019*Profession: Company directorNo supervisory board seats (or non-executive boardmemberships) in Large Dutch Entities**Other positions***: Board member of L’Arche Green N.V.,L’Arche Holding B.V. and Stichting AdministratiekantoorPriores (chairman)Executive directorEnglish nationalityAppointed in 2015; reappointed in 2019*Profession: Chairman of Capital Generation Partners(CapGen)Supervisory board seats (or non-executive boardmemberships) in Large Dutch Entities**: Heineken N.V.Other positions***: Board member of L’Arche Green N.V.Non-executive director (chairman)Dutch nationalityAppointed in 1994; reappointed in 2017*Profession: LawyerSupervisory board seats (or non-executive boardmemberships) in Large Dutch Entities**: Heineken N.V.Other positions***: Board member of L’ArcheGreen N.V. (chairman), L’Arche Holding B.V. and StichtingAdministratiekantoor PrioresNon-executive directorMexican nationalityAppointed in 2010; reappointed in 2018*Profession: Chairman of the board of Fomento EconómicoMexicano, S.A.B. de C.V. (FEMSA)Supervisory board seats (or non-executive boardmemberships) in Large Dutch Entities**: Heineken N.V.Other positions***: Board member of Coca-Cola FEMSA,S.A.B. de C.V. (chairman), Tecnológico de Monterrey(chairman) and Industrias Peñoles, S.A.B. de C.V.; Termmember of MIT CorporationMrs C.M. Kwist (1967)Non-executive directorDutch nationalityAppointed in 2011; reappointed in 2019*Profession: Company directorSupervisory board seats (or non-executive boardmemberships) in Large Dutch Entities**: PicnicInternational B.V.Other positions***: Managing director of Greenfee B.V.;Board member of L’Arche Green N.V.Mr A.A.C. de Carvalho (1984)Non-executive directorDutch and English nationalityAppointed in 2013; reappointed in 2017*Profession: Company directorNo supervisory board seats (or non-executive boardmemberships) in Large Dutch Entities**Other positions***: Board member of StichtingAdministratiekantoor PrioresNon-executive directorDutch nationalityAppointed in 2018*Profession: Company directorSupervisory board seats (or non-executive boardmemberships) in Large Dutch Entities**:SHV Holdings N.V. (chairman)Other positions***: Board member of Lhoist; Member ofthe Global Advisory Council of Bank of AmericaNon-executive directorEnglish nationalityAppointed in 2018*Profession: Co-founder of Greenwood PlaceNo supervisory board seats (or non-executive boardmemberships) in Large Dutch Entities**Other positions***: Board member of StichtingAdministratiekantoor PrioresMr J.F.M.L. van Boxmeer (1961)Non-executive directorBelgian nationalityAppointed in 2020*Profession: Chairman of Vodafone Group Plc (nonexecutive director)No supervisory board seats (or non-executive boardmemberships) in Large Dutch Entities**Other positions***: Mondelez International,Henkel AG & Co., National Opera & Ballet (Chairman)* For the maximum period of four years.** Large Dutch Entities are Dutch N.V.s, B.V.s or Foundations(that are required to prepare annual accounts pursuantto Chapter 9 of Book 2 of the Dutch Civil Code or similarlegislation) that meet two of the following criteria (ona consolidated basis) on two consecutive balance sheetdates:(i) The value of the assets (according to the balance sheetwith the explanatory notes and on the basis of acquisitionand manufacturing costs) exceeds 20 million;(ii) The net turnover exceeds 40 million;(iii) The average number of employees is at least 250.*** Under ‘Other positions’, other functions are mentionedthat may be relevant to performance of the duties of theBoard of Directors.

Heineken Holding N.V. Annual Report 2020ContentsShareholder InformationBoard of Directors9Report of the Board of DirectorsFinancial Statements 2020Other Information02 Report ofthe Boardof DirectorsHeineken Holding N.V. Annual Report 2020

Heineken Holding N.V. Annual Report 2020ContentsShareholder Information10Board of DirectorsReport of the Board of DirectorsFinancial Statements 2020Other InformationReport of the Board of DirectorsPOLICY PRINCIPLESGap between Heineken Holding N.V.and Heineken N.V. share pricein Euronext AmsterdamHeineken Holding N.V. (the 'Company') has played an important role inHEINEKEN (Heineken Holding N.V., Heineken N.V., its subsidiaries andinterests in joint ventures and associates) for well over sixty years. TheCompany seeks to promote the continuity, independence and stabilityof HEINEKEN. This creates the conditions which enable Heineken N.V.to pursue its long-term policy in the interest of the shareholders, thestaff and other stakeholders.120110100The Company’s policy has been successful. Thanks in part to its uniqueand stable structure, HEINEKEN now has the widest internationalpresence of all the world’s brewing groups and the Heineken brand isone of the best-known international premium lagers.9080ACTIVITIES70The Board of Directors held seven meetings with the PreparatoryCommittee of the Supervisory Board of Heineken N.V. in 2020.60The impact of the COVID-19 pandemic has been on the agenda ofthe Board of Directors from the beginning of the year: employees’health and safety as high priority, but also support for customers,suppliers and communities. The new CEO and Chairman of theExecutive Board of Heineken N.V., Dolf van den Brink, was presentedto the Board, as well as the new members of the Executive Team.Management development at Heineken N.V. was part of thisdiscussion.50403020The new CEO and Chairman of the Executive Board of Heineken N.V.presented project EverGreen: a long-term view on creating value forshareholders, linking the past to a future proof strategy to deliversuperior and profitable growth in a fast-changing world.Heineken Holding N.V. closeHeineken N.V. close2020201920182017201620152014201320120201110A recurrent element in all the meetings was discussion of the resultsof Heineken N.V.: volumes, revenues and operating profit organicgrowth, cost base, consolidation effects and foreign exchange effectswere reviewed by region. Also the cash flows and bond issues wereon the agenda. The CEO and Chairman of the Executive Board ofHeineken N.V. commented on the impact of the pandemic in variousmarkets and the development of the brand portfolio in the differentregions, paying particular attention in all cases to the developmentof the Heineken brand. New propositions were discussed, such asa hard seltzer brand, e-commerce and technology upgrades. Thedevelopments in the economic situation, including currency volatility,in the different regions of the world were addressed.Other matters discussed during the year included proposals foracquisitions, investments, disposals and other opportunities forHeineken N.V. such as the acquisition of the cider brand Strongbow inAustralia and the Peruvian beer market entrance.On the agenda were also the Heineken N.V. annual plan, costmanagement and dividend policy, funding ratios and the share pricedevelopment.There were informal discussions during the year regarding currentbusiness matters on which the opinion of the Board of Directors hadbeen sought.In addition to the meetings with the Preparatory Committee of theSupervisory Board of Heineken N.V. as described above, the Board ofDirectors also met separately on two occasions to discuss, amongother things, the Report of the Board of Directors and the financialstatements for 2019 and the first half of 2020. At the meeting ofthe Board of Directors at which the Report of the Board of Directorsand the financial statements for 2019 were discussed, the externalauditors, Deloitte Accountants B.V., gave a comprehensive report ontheir activities.Mrs C.L. de Carvalho-Heineken and Mr M.R. de Carvalho, executivedirectors, travelled at the beginning of the year to the United States(Florida), Mexico, Bahama's and Ecuador to visit breweries.REVIEW OF 2020Share priceThe share price of the Heineken Holding N.V. share has decreasedfrom 87.45 at the beginning of the year to 77.05 on 31 December.The gap between the Heineken N.V. and Heineken Holding N.V. shareprices moved between 6.11% and 15.53% through the year, ending at15.53% on 31 December.Price movements are shown in the graph on this page. Moreinformation regarding the shares can be found on page 5 of thisreport.Interest in Heineken N.V.The nominal value of our Company’s interest in Heineken N.V.as at 31 December 2020 was 461 million (31 December 2019: 461 million).

Heineken Holding N.V. Annual Report 2020ContentsShareholder InformationBoard of Directors11Report of the Board of DirectorsThe nominal value of the shares issued by our Company as at thesame date was also 461 million.As at 31 December 2020, our Company’s interest in Heineken N.V.represented 50.005% of the issued capital (being 50.029% of theoutstanding capital) of Heineken N.V.ResultsWith regard to the Company’s balance sheet and income statement,the Board of Directors has the following comments.The Board of Directors has elected to avail itself of the option given bySection 362, subsection 8, Book 2 of the Dutch Civil Code (BurgerlijkWetboek) of using the same accounting policies for the valuation ofassets and liabilities and determination of results in the Companyfinancial statements as those used for the preparation of theconsolidated financial statements of Heineken Holding N.V. Since theinterest in Heineken N.V. is measured using the net asset value method,the equity attributable to the shareholders of Heineken Holding N.V.,amounting to 6,604 million, shown in the consolidated statementof financial position, is equal to the shareholders’ equity shown in theCompany's balance sheet.Our Company’s 50.029% share in Heineken N.V.’s 2020 loss of 204 million is recognised as loss of 102 million in the 2020Company income statement.HEINEKEN N.V. PERFORMANCE IN 2020 AND OUTLOOKPerformanceHeineken N.V. posted a net loss of 204 million in 2020.COVID-19 continues to have a material impact on HEINEKEN'stop-line performance, affecting all geographies and markets asgovernments across the world took measures to mitigate thecontagion including restricted population movement, socialdistancing, outlet closures and temporary lockdowns of productionfacilities.Net revenue (beia) declined 11.9% organically, with a 9.8% decrease intotal consolidated volume and a 2.4% decrease in net revenue (beia)per hectolitre due to country mix effects and non-volume relatedrevenue decline. The underlying price mix on a constant geographicbasis was broadly flat for the full year. Currency translation negativelyimpacted net revenue (beia) by 1,259 million or 5.3%, mainly drivenby the Brazilian Real, the Mexican Peso, the Nigerian Naira, theRussian Rouble and the South African Rand.The second half of the year benefited from a good summer with someeasing of operating constraints including in the European on-trade.Financial Statements 2020Other InformationNet revenue (beia) decreased 7.8%. Total consolidated volumedeclined 6.4% and net revenue (beia) per hectolitre was down 1.5%(2H19: 3.6% up). Underlying price mix was up 1.0% (2H19: 3.2%)driven by Brazil, Mexico, Ethiopia and Nigeria more than offsetting thenegative channel mix in EuropeOutlookOverall the COVID-19 pandemic and governments' measures continueto have a material impact on HEINEKEN's markets and business. 2021started with many restrictions across HEINEKEN's markets, includingon-trade closures and restrictions to travel. In Europe in particular,HEINEKEN estimates that at the end of January 2021, less than30% of on-trade outlets were operating. Product and channel mix isexpected to continue to adversely impact results, especially in Europe.According to the World Health Organisation, the effect of vaccineson the pandemic will depend on several factors including theireffectiveness, speed of their approval, manufacturing and delivery andthe number of people getting vaccinated. As such, HEINEKEN expectsthe pandemic to continue to impact its business in the first half of2021 and market conditions to gradually improve in the second partof the year.Input costs per hectolitre are expected to be volatile due to channeland product mix effects. Based on HEINEKEN's hedged positions for2021, HEINEKEN expects a significant higher negative transactionalcurrency impact on input costs.The EverGreen programme, a strategic review update, will be in fulldeployment. For more details reference is made to the Heineken N.V.press release of 10 February 2021.Overall HEINEKEN expects revenue, operating profit and operatingprofit margin to stay below the level of 2019.HEINEKEN also anticipates: An average effective interest rate (beia) broadly in line with 2020(2020: 3.0%) Capital expenditure related to property, plant and equipment andintangible assets of around 1.8 billion (2020: 1.6 billion). The effective tax rate (beia) to stay above 2019 level due to theeffect of fixed cost components in the tax line.FINANCIAL STATEMENTS AND APPROPRIATION OFRESULTThe Board of Directors will submit the financial statements for 2020to the General Meeting of Shareholders. These financial statements,on pages 20 to 72 of this report, have been audited by DeloitteAccountants B.V., whose report can be found on page 74.Heineken N.V. proposes to distribute a dividend for 2020 of 0.70 pershare of 1.60 nominal value. The Board of Directors has resolved tovote at the Annual General Meeting of Shareholders of Heineken N.V.in favour of Heineken N.V.’s dividend proposal. On that basis, thedividend payable to our Company for 2020 totals 201.6 million incash. If approved, the full dividend will be paid on 6 May 2021, as nointerim dividend was paid during 2020.In accordance with the provisions of Article 10, paragraph 9, of theArticles of Association the dividend of 0.70 per share of 1.60nominal value currently issued will be payable to shareholders asof 6 May 2021. Like the holders of Heineken N.V. shares, holders ofHeineken Holding N.V. shares will therefore receive a total dividendfor 2020 of 0.70 per share of 1.60 nominal value as no interimdividend was paid during 2020.CORPORATE GOVERNANCE STATEMENTIntroductionIn this statement, Heineken Holding N.V. addresses its corporategovernance structure and explains which best practice provisions ofthe Dutch Corporate Governance Code the Company does not apply,and why. This report also includes the information that the Companyis required to disclose pursuant to the Dutch governmental decree onArticle 10 Takeover Directive (Besluit artikel 10 overnamerichtlijn), thegovernmental decree on the disclosure of non-financial information,and article 5:25c, paragraph 2 sub c of the Financial Supervision Act(Wet op het financieel toezicht).Dutch Corporate Governance CodeThe Company is required to comply with, among other regulations,the revised Dutch Corporate Governance Code which has beenamended on 8 December 2016 (the "Code"). Deviations from theCode are explained in accordance with the Code’s "comply or explain"principle. The Code is available at www.mccg.nl.While Heineken Holding N.V. endorses the principles of the Code,the structure of HEINEKEN, and in particular the relationshipbetween Heineken Holding N.V. and Heineken N.V., prevents HeinekenHolding N.V. from applying a number of the Code’s best practiceprovisions, as further explained below.At the Annual General Meeting of Shareholders on 20 April 2005, thedeparture from the Dutch Corporate Governance Code of 9 December2003 was put to the vote and approved. The departure from theDutch Corporate Governance Code as revised in 2008 was discussedat the Annual General Meeting of Shareholders on 22 April 2010.

Heineken Holding N.V. Annual Report 2020ContentsShareholder Information12Board of DirectorsReport of the Board of DirectorsThe departure from the Code as revised in 2016 was discussed at theAnnual General Meeting of Shareholders on 19 April 2018.Structure of HEINEKENOrganisational structureHeineken Holding N.V. has a 50.005% interest in the issued sharecapital of Heineken N.V. Both companies are listed on EuronextAmsterdam.As at 31 December 2020 L’Arche Green N.V., a company owned by theHeineken family and the Hoyer family, holds a 52.599% interest ofthe issued share capital of Heineken Holding N.V. (31 December 2019:52.599% interest of the issued share capital of Heineken Holding N.V.).The Heineken family

03 Financial Statements 2020 21 Heineken Holding N.V. Income Statement 21 Heineken Holding N.V. Balance Sheet 22 Heineken Holding N.V. Shareholders' equity 23 Notes to the Heineken Holding N.V. Financial Statements 25 Consolidated Income St

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Heineken N.V. was assigned solid investment grade credit ratings by Moody's Investor Service and Standard & Poor's in 2012. The ratings from both agencies, Baa1/P-2 and BBB /A-2 respectively, have 'stable' outlooks as per the date of the 2016 Annual Report. On 4 May 2016, HEINEKEN issued 10-year Notes for

wisdom and determination on this day of celebration. We stand on the shoulders of many clouds of witnesses. We bring to you our time, talents and money to continue the work you began with our ancestors. We stand in the middle of greater possibilities. You have carried us through many dangers, toils and snares. Eyes have not seen, nor ear heard, neither have entered the heart of men and women .