CAGE — Consumer Analyst Group Europe Conference

Heineken NV / Heineken Holding NV 17 March 2015 Disclaimer

This presentation 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 acquired businesses and achieve anticipated synergies, costs of raw materials, interest rate and foreign exchange fluctuations, change 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 HEINEKEN’s publicly filed annual reports. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. HEINEKEN does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of these materials. Market share estimates contained in this presentation are based on outside sources such as specialised research institutes in combination with management estimates.

2 The leading premium global brewer with sustainable growth platforms

1 2 A BROAD PREMIUM PORTFOLIO, COOL MARKETING, INNOVATION LED BY Heineken® & COMMERCIAL EXECUTION

3 4 DRIVING COST EFFICIENCIES GLOBAL REACH ENABLES BALANCED GROWTH

5 BREW A BETTER WORLD

Generate sustainable medium-term top-line growth, gradual margin expansion and consistently strong free cash flow generation 3 1. Broad premium portfolio led by Heineken® Leveraging on Heineken’s® global brand building capabilities

Heineken® CLEAR LEADERSHIP IN GLOBAL BRANDS PORTFOLIO INTERNATIONAL PREMIUM SEGMENT Priority Brands Portfolio 2 7.8 Indicative price index vs. Mainstream (Mainstream base = 100) 7.6

7.4 Heineken®

7.2

1 7.0 Stella Artois 6.8 Budweiser 6.6 Dos Equis Carlsberg

Brand Brand equity Corona 6.4 Tiger 6.2

6.0 0% 5% 10% 15% 20% 25% Mainstream Heineken® Sol Affligem IPS share

Source: Canadean IPS: International Premium Segment - volume sold outside home market 1 ONEquity 2013: Brand equity score is based on average score on most recent quarter for all markets available on ONEquity: Respondents are asked to rate brands on a 1-10 scale, where 1 means 'poor' and 10 means 'outstanding‘ 4 2 Sol in Brazil, Amstel Premium Pilsner in Russia, Desperados in UK, Affligem in Spain, Strongbow in USA, Heineken® average in mature markets 1. Broad premium portfolio led by Heineken® Established local / regional brands driving scale and premiumisation

D.Rep Mexico Nigeria Russia Poland UK USA Vietnam France Congo Indonesia Heineken® Heineken® Desperados Amstel Light Heineken® Heineken® Heineken® Heineken® INTERNATIONAL Heineken® Amstel Strongbow Desperados Heineken® Desperados Desperados Tiger1 Heineken® Heineken® Strongbow Sol Newcastle1 Affligem PREMIUM Amstel Paulaner Desperados Tiger Dos Equis1 Sol Affligem Affligem Dr. Diesel Kronenburg 1664 Legend1 Bohemia Pelforth Gulder Zlaty Bazant Zywiec Mutzig1 PREMIUM Dos Equis1 Fischer Krusovice Old Mout Cider Fayrouz1 Tecate1 Star Warka Sol Foster’s Primus1 Legend1 Krolewskie Biere Larue Indio Ohota John Smiths Tecate1 Turbo King1 Bintang MAINSTREAM Maltina1 Specjal Anchor1 Superior Strongbow Maltina1 Fayrouz1 Lezajsk Carta Blanca Turbo King1 ’33’ Export Tri Medvedya VALUE Kloster Life Zhigulevskoye Tatra N’Tay Goldberg Okskoe Malta Gold

1 Represents Regional brands Heineken® may include Heineken ® Light 5 Selected brands per country 2. Cool marketing, innovation & commercial execution HEINEKEN: “2015 Creative Marketer Of The Year”

LEADING IN SOCIAL AND DIGITAL MEDIA WORLD CLASS MARKETING

#1 ON FACEBOOK (Number of Fans)

19.4M Heineken®

12.5M Budweiser

8.0M Corona

7.7M Stella Artois

2.1M Carlsberg

6 Facebook fans as at 2 February 2015 Video: Heineken® Brand

7 2. Cool marketing, innovation & commercial execution Innovation: A key competitive advantage

Innovation rate1 New pack types Brand extensions 7.7% 2020 Target: 6% 5.3% 5.9%

4.1% 3.0%

2010 2011 2012 2013 2014 Innovation revenue Radler and alcohol free Improving draught offer propositions €1.5bn 40% CAGR

€0.4bn

2010 2014

From 1 January 2013, the innovation rate is calculated as revenues generated from innovation introduced in the past 40 quarters for a new category, 20 quarters for a new brand and 12 quarters for all other innovations, 8 excluding packaging renovations divided by total revenue 2. Cool marketing, innovation & commercial execution Driving excellence in commercial execution

TARGETED CHANNEL GLOBAL BRANDS STRATEGIES ACTIVATION

BUILDING BUILDING SALES PARTNERSHIPS CAPABILITIES

9 3. Driving cost efficiencies A key component of medium term margin guidance

. Cumulative cost savings (2006 – 2014HY) € 1,720 million

. Committed to driving further cost savings: . Rightsizing the organisation to optimise cost structure . Driving End2End productivity to grow topline and profits . Leveraging global scale through Global Business Service organisation: . Additional efficiencies in HEINEKEN Global Procurement (HGP) . Extending geographic scope and activities of HEINEKEN’s Global Shared Services (HGSS)

10 4. Global reach enabling balanced growth

Group volume1 by region (2014) Developed/Developing as a %

WE AME of total Group (2014) 21% 15%

Americas 29% CEE 63% 50% 61% 23% Asia Pac 12%

Group Operating profit (beia)2 by region (2014) 37% 50% 39% WE AME 25% 21% Group beer Group revenue Group CEE volume operating 9% Americas profit (beia)2 27% Developing Asia Pac Developed 18%

1 Group beer volume is consolidated beer volume plus attributable share of volume from joint ventures and associates 2 Group operating profit (beia) is consolidated operating profit (beia) plus attributable share of operating profit (beia) 11 from joint ventures and associates. Excludes Head Office. Africa Middle East Reaching new consumer groups and making beer an attractive proposition to people in the region

Total Organic . Incremental c.200million people by 2018, CONSOLIDATED 2014FY Change (%) Change (%) with growth in legal drinking population Revenue 2,643 3.5 4.4 in the region Revenue/hl (in €) 84 -3.8 -3.1 Operating profit (beia) 655 7.9 8.8 . Beer and soft drinks the beverages of choice Operating profit (beia) margin 24.8% +100bps in Africa Total volume 31.6 7.6 7.5 of which: . 25.0 7.4 7.3 Strategic priorities Beer volume . Build winning brands – attractive propositions for the emerging consumer

. Capture ‘magic’ price points

. Perfect market execution

. Grow Coca-Cola franchise

. Grow with the continent

12 Video: Primus 50cl Case study : Attractive propositions for the emerging consumer

13 Americas Portfolio strategy driving strong revenue growth and share gains in key markets

Total Organic . Favourable beer market fundamentals with CONSOLIDATED 2014FY Change (%) Change (%) significant income growth in key developing Revenue 4,631 3.0 6.9 markets and premium expansion in mature Revenue/hl (in €) 85 -0.7 3.2 markets Operating profit (beia) 780 8.6 16 Operating profit (beia) margin 16.8% +80bps . Strategic priorities Total volume 54.6 3.8 3.7 . Capture growth in premium segment of which: 53.2 3.9 3.9 by deploying global brands portfolio Beer volume

. Innovations tailored to meet market demands

. Focused capital investment in high growth markets

. Leverage strong parterships for growth

. Drive cost efficiences through leveraging scale and capabilities 14 Video: Dos Equis in USA Case study : Leveraging on changing consumer demographics

15 Asia Pacific Solid growth from premium brands driving main market share gains, continuing to invest in capacity

Total Organic . A diverse region with increasing wealth and rising CONSOLIDATED 2014FY Change (%) Change (%) urbanisation. Revenue 2,088 2.5 5.3 Revenue/hl (in €) 112 -1.4 0.4 . Region expected to contribute over 70% of global beer growth in the next 5 years1 Operating profit (beia) 550 2.5 5.4 Operating profit (beia) margin 26.3% 0bps

. Greenfields in Myanmar in Q1 2015; Shanghai Total volume 18.7 4.0 4.9 of which: and beverage plant in East Timor by 2016 18.3 5.5 5.2 Beer volume . Strategic priorities . Leverage HEINEKEN’s global scale . Accelerate innovation . Invest ahead of the curve to capture future growth . Position Tiger as the iconic Asian beer brand . Capitalise on the strength of the mainstream portfolio

16 1 source: Canadean Video: Uncage – Tiger Case Study: Tiger as iconic Asian beer brand

17 Central & Eastern Europe Continued focus on value strategy, premiumisation, innovation and driving efficiencies

Total Organic . Significant value opportunity despite challenging CONSOLIDATED 2014FY Change (%) Change (%) channel dynamics Revenue 2,868 -7.4 -3.7 Revenue/hl (in €) 65 -2.7 1.4 . Strategic priorities Operating profit (beia) 272 -6.3 -4.5* . Focus on revenue per hectolitre and profitability growth Operating profit (beia) margin 9.5% +10bps ® . Heineken brand offers an exciting premiumisation Total volume 44.4 -4.8 -5.1 of which: opportunity 42.3 -4.4 -4.7 Beer volume . Innovation is key to winning with customers and driving mix improvement

. Focus on driving excellent outlet execution

. Functional productivity a key driver for growth

18 * Excluding Pago sale, consolidated operating profit (beia) organic growth would have been +1,4% Western Europe Strong execution and higher investments driving market share gains

Total Organic . Region benefits from high spending power and CONSOLIDATED 2014FY Change (%) Change (%) rising urbanisation, despite structural challenges Revenue 7,478 0.3 2.2 Revenue/hl (in €) 127 1.9 0.5 . HEINEKEN is the leading brewer in the region Operating profit (beia) 852 -0.1 4.5 and 2x the size of nearest competitor Operating profit (beia) margin 11.4% 0bps . Strategic priorities Total volume 59.0 -1.6 1.7 of which: . 42.5 0.5 2.3 Drive revenue management systematically, Beer volume with a premium skew

. Be commercially assertive

. Extract cost for revenue

. Take responsiblity and fight for the category

. Leverage scale and simplify

19 Video: Desperados Case Study: Premiumisation

20 5. Brew a Better World Supporting the business agenda through CSR

21 Strategy driving margin expansion Historical margin progression provides evidence of delivery

90 bps 60 bps 40 bps 16.2% 15.3% 14.7% 14.3%

2011 2012 2013 2014

22 Summary

Leading premium global brewer with sustainable growth platforms . Broad premium portfolio led by Heineken® . Cool marketing, innovation and commercial execution . Relentlessly driving cost efficiencies . Global reach with strong access to growth markets . Brewing a better world

Recent results further support that our strategy is working, and that HEINEKEN will deliver sustainable medium and top line growth, gradual margin expansion and consistently strong free cash flow generation

23 APPENDIX

CAGE — Consumer Analyst Group Europe Conference

Heineken NV / Heineken Holding NV 17 March 2015 2014 Key Highlights Strong performance reflects effectiveness of our strategy

. Group revenue +3.3% organically with group rev/hl up +1.4%

. Top and bottom line growth across the business

. Heineken® volume +5.1% reporting positive growth in all regions

. Double digit growth for global brands Sol, Desperados and Affligem

. Innovation contributed €1.5bn of revenue and rate accelerated to 7.7%

. Consolidated operating profit (beia) margin up 90bps, well ahead of medium term margin guidance (40bps)

. Diluted EPS (beia) up 11%, proposed DPS up 24% (36% pay-out ratio)

25 2014 – Financial Summary

Total Organic Mhl/€m 2014FY 2013FY Change (%) Change (%) Group revenue 21,191 21,174 0.1 3.3 Group revenue/hl (€) 91 92 -0.9 1.4 Group operating profit (beia) 3,359 3,192 5.2 7.8 Consolidated Revenue 19,257 19,203 0.3 3.0 Consolidated operating profit (beia) 3,129 2,941 6.4 8.7

Consolidated operating profit (beia) margin 16.2% 15.3% +90bps

Net profit (beia) 1,758 1,585 11 14 Net profit 1,516 1,364 11 Diluted EPS (beia) in € 3.05 2.75 11 Free operating cash flow 1,574 1,518 3.7 Net Debt/EBITDA (beia) ratio 2.5x 2.6x

26