Main risks

Under the explicit understanding that this is not an exhaustive list, Heineken’s main risks are described below. It includes mitigation measures and where possible quantifying the potential impact. Risks concerning the Heineken brand and Company reputation, volatility and rise of input costs, availability and cost of capital, and increasing legislation (like alcohol, excise duties and anti-trust) affecting the business, are considered the most significant risks. The main Company risks have been discussed with the full Supervisory Board.