Under the short-term variable pay (STV) for the Executive Board,
the Executive Board members are entitled to receive a cash bonus
subject to the fulfilment of predetermined performance conditions.
The Executive Board members are obliged to invest at least 25 per
cent of their STV payout in Heineken N.V. shares (investment
shares) to be delivered by the Company; the maximum they can
invest in Heineken N.V. shares is 50 per cent of their STV payout
(at their discretion)