“Heineken reiterates its earlier issued profit forecast for 2002, despite the forming of an additional provision for pension costs of EUR 13 million chargeable to the operating results of the year 2002. On September 12th, Heineken N.V. forecast the net profit to increase with 11% for the full year 2002. The additional provision relates to the pension liabilities in the Netherlands. Also for the four years after 2002, additional provisions of approximately EUR 13 million per annum will be necessary. The exact amount will depend on developments within the capital markets. The additional provisions are the result of the decreased coverage ratio as of December 31, 2002 of obligations of the Heineken pension fund in the Netherlands. Furthermore, the pension premium that Heineken pays to the Dutch pension fund, will increase by EUR 16 million in 2003,” the company reported.

“In addition, the Pension and Insurance Supervisory Authority of the Netherlands (PVK) issued stricter requirements for the minimum coverage of obligations of pension funds in the Netherlands. Heineken will provide additional funding to the Heineken pension fund to meet these requirements. The additional funding will be provided by a subordinated loan of around EUR 150 million at a market-conform interest rate, which will be provided in September 2003. The additional funding will result in a funding ratio of 105%, as required by the PVK.”

14 January, 2003