HEINEKEN FINANCIAL MARKETS CONFERENCE 2016 HO CHI MINH CITY,

HEINEKEN Asia Pacific Delivering strong growth momentum

Frans Eusman Regional President Asia Pacific

Ho Chi Minh City, Vietnam | May 11-12, 2016 | Heineken NV Agenda HEINEKEN Asia Pacific — delivering strong growth momentum

Asia Pacific: Important region for HEINEKEN Asia Pacific: Attractive and growing markets HEINEKEN’s brand priorities in Asia Pacific HEINEKEN ideally positioned to capture opportunities

1 Integration of Asia Pacific Breweries in 2012 paved the way for strong growth

Connect APB & Stabilise base Build a winning Achieve potential Support mindset HEINEKEN business team synergies shift

Strong business performance

Increasing significance Establishing a diversified Delivering Strong Growth of Asia Pacific to footprint in Asia Pacific HEINEKEN’s business

2 The region is delivering strong top and bottom line growth…

Solid volume growth Sustained revenue growth

m

€ mhl 20.3 2,483 18.7

18.0 2,037 2,088

Revenue, Revenue, Volume, Volume,

2013 2014 2015 2013 2014 2015 Strong profit momentum1

Above average operating profit margin (beia)

n

m

€ )

), 735 beia

beia 28.3% 566 582

2015 ( 2015 16.5%

EBIT ( EBIT Operating profit margi profit Operating 2013 2014 2015 HEINEKEN Asia HEINEKEN N.V.

1 EBIT (beia) includes HEINEKEN‘s share of net profit of joint ventures and associates Pacific 3 Source: HEINEKEN annual report 2013, 2014, 2015 …And increasing importance to HEINEKEN group

The Asia Pacific region’s contribution to HEINEKEN’s operating profit (beia) is growing

ASIA PACIFIC

18% 21% WE 27% Europe 35%

AMEE AME CEE 17% 21% 10%

Americas Americas 24% 27%

Consolidated Operating profit (beia) 2013 Consolidated Operating profit (beia) 2015

4 Source: HEINEKEN annual report 2013, 2015 Agenda HEINEKEN Asia Pacific — delivering strong growth momentum

Asia Pacific: Important region for HEINEKEN Asia Pacific: Attractive and growing markets HEINEKEN’s brand priorities in Asia Pacific HEINEKEN ideally positioned to capture opportunities

5 Strong fundamentals underpin future growth potential

Large young population Growing urbanization Increasing affluence % Population under the age of 35 (2015) % Urban population % of world middle class population 74% 73%73%

24% 36% 60% 58% 54% 55% 22% 40% 36%

54% 28% EU Asia Pacific1 1 EU Asia Pacific 2009 2020 2010 2015 2020 Asia Pacific Europe Rest of the world

Source: Canadean Source: Canadean Source: OECD Development centre, working paper no. 285

1 Asia Pacific average includes only Australia, , South Korea, Japan, Vietnam, , , 6 , Myanmar, , , Indonesia, Philippines, , Taiwan, and Significant headroom to grow per capita consumption

Per Capita Consumption 2015 (litres per annum) 74.3 66.8 EU average 69.9 48.9 45.0 41.4 41.4 40.0 38.6

27.0 23.2 Asia Pacific 20.9 average 29.4 11.3 10.9 5.8 2.0 0.7

Australia New South Japan Vietnam Laos China Cambodia Thailand Taiwan Singapore Myanmar Papua Malaysia India Indonesia Zealand Korea New Guinea

1Asia Pacific average includes only countries listed above. 7 Source: Canadean Combined with a compelling premium segment opportunity

Premium segment growth in Asia Pacific Premium segment share low in large markets, significantly higher than the rest of world offering significant upside for growth EU Premium segment volume CAGR (2011-15) Premium segment share of total beer market (by volume, 2015) 50% average 8.7% 32%

35% 33% 29% Asia Pacific 25% 22% 21% Average 16% 18% 3.5% 14% 13% 10% 9% 8% 5% 3%

0%

Laos

India

China Japan

World Asia Pacific Taiwan

Vietnam

Thailand

Australia

Malaysia

Myanmar

Indonesia

Singapore

Cambodia

South Korea South New Zealand New

Legend Guinea New Papua

HEINEKEN broad market leadership HEINEKEN market presence

Premium segment follows Canadean standard defnition of above 115 price index vs mainstream brand Asia Pacific average includes only countries listed above. 8 Source: Canadean, Company data Agenda HEINEKEN Asia Pacific — delivering strong growth momentum

Asia Pacific: Important region for HEINEKEN Asia Pacific: Attractive and growing markets HEINEKEN’s brand priorities in Asia Pacific HEINEKEN ideally positioned to capture opportunities

9 Win in Premium, led by Heineken® Leverage Heineken® global platforms & make them locally relevant in Asia Pacific

Execute Heineken® global and regional platforms at scale . 7th consecutive global partnership with “James Bond” activated by 19 markets in Asia Pacific . Champions League Trophy Tour in South East Asia: Vietnam, Laos, Myanmar & Indonesia with excellent results . Heineken® Green Room Regional Music platform developed in Asia Pacific

10 Win in Premium, led by Heineken® Accelerate innovation to attract new consumers & open up new occasions

Innovation is a priority for the Heineken® brand globally and in Asia Pacific . Launched the SUB in China - Premiumise “At home” beer occasions and open up a new ecommerce route to market . Heineken® Light launched in Taiwan & New Zealand - Attract new consumers and make Heineken® relevant in new occasions

11 Win in Premium, led by Heineken® Grow Heineken® penetration by maximising brand presence in key markets

Heineken® has a strong brand presence across the Asia Pacific region . Continue to focus on Route to Market, Channel Strategy and ensuring excellent outlet execution . Pack and price strategy by channel will continue to drive growth opportunities for the brand in key markets

12 Tiger: The iconic Asian beer brand

Brewed with pride since Beer with bite 1932

World Award winning with a variety of Acclaimed Beer external awards

Win in Establish tiger as the leading Premium Asian beer in the world

13 Tiger: The entrepreneurial spirit

• Tiger embodies the entrepreneurial spirit that makes Asia cool today • Asia is no longer the factory of the world. Asia is a center of innovation, technology and creativity • Young millennials globally aspire to the dynamism of modern Asia

14 Strong in its heartland and also standing out internationally

Tiger Beer Volume Growth (YoY) Top 10 International beer brands*

24% Rank Brand Growth+ 1 Heineken® 3% 10% 2 Budweiser 3% 3 Corona 5% 4 Carlsberg 3% 5 Tuborg 7% 6 Stella Artois 1% 7 Guinness -3% 8 Amstel 2% 9 Tiger 24% 10 Modelo 19% 2013 2014 2015 *International volume = global volume – home market volume. + Growth = Volume growth, YoY from 2014 to 2015

Source: Canadean, Company data 15 Tiger extends portfolio as complementary to Heineken® Modern Premium Recruiting Young Millennials . Typical Price Index below 140* . Younger consumer group than Heineken® . Affordable premium yet highly aspirational . Value and purpose over price and status . Own brand identity, no longer just a . Authenticity over pretentiousness stepping stone

Unique Brand Positioning Expanding Footprint . Born in Singapore, raised on the . International potential (UK, US, streets of Asia Russia, Australia & New Zealand) . Uncage your Tiger . Opportunity to appeal in craft bars in the West

* Excludes Singapore (home-market) and Malaysia

16 Tiger brand further excites consumers through innovation Reinforcing Asian origin . Tiger Black . Amber brewed with black rice . Tiger Crystal . Classic light lager brewed at -1°C . Tiger White . Asia’s wheat beer — launched in Malaysia . COASTER — the world’s first crowd sourced movie made from beer coasters

17 Agenda HEINEKEN Asia Pacific — delivering strong growth momentum

Asia Pacific: Important region for HEINEKEN Asia Pacific: Attractive and growing markets HEINEKEN’s brand priorities in Asia Pacific HEINEKEN ideally positioned to capture opportunities

18 HEINEKEN has a unique footprint in the region Best placed to access regional growth opportunities

Mongolia #2 HEINEKEN HAS LEADERSHIP IN THE 1 LARGEST NUMBER OF MARKETS Laos #2 Number of #1 and #2 market positions in Asia-Pacific ChinaChina #2 (by volume) #2 in Super Premium Thailand #1 in Super Premium HEINEKEN 15 Taiwan #2

Carlsberg 7 India #1 Vietnam #2

Kirin 5 #2 Cambodia #2 Papua New Guinea #1

Malaysia #1 SABMiller 2 #1

Singapore #1 ABInbev 2 #1

Indonesia #1

Timor-Leste #1 45 Breweries New Zealand #2

HEINEKEN Lion Australia 8,900 Employees #2 in Super Premium Over 50 Brands

Legend 1 Broad market leadership, #1 & #2 positions only Premium and Super Premium segment classification as defined by Canadean HEINEKEN broad market leadership 19 Source: Canadean, Company data HEINEKEN market presence Winning brand portfolio, well positioned to capture premium opportunity Premium is driving profitability HEINEKEN Asia Pacific: Group beer volume and EBIT (beia) by segment (2015) China Vietnam Singapore Indonesia Cambodia India Malaysia

1 39% Premium 62%

61% Mainstream 38%

Volume EBIT (beia)

Mainstream Premium

20 Source: HEINEKEN annual report (2015), Company data Key markets: compare & contrast 3 breweries

21 own breweries 8 contract breweries

CHINA: premium focus INDIA: investing to drive higher profitability for the long-term Market characteristics Market characteristics . Beer PCC is 40L . Beer PCC is slightly below 2L . 2015 beer market size 550mhl . 2015 beer market size 26mhl . Premium segment (6% of market) and . Strict regulations on the production, transportation, super premium segment (3% of the market) distribution, promotion, pricing and sale of alcohol HEINEKEN position and strategy HEINEKEN position and strategy . #1 market position . #2 position in the super premium segment . HEINEKEN’s stake in UBL 43% . Strongholds in coastal areas and in major cities . Leading beer brand with Kingfisher (market share 43%) . Investing in brand building and route to market . Heineken®: rolled-out in key cities strength . Strengthened route to market servicing 32 provincial markets

Source: World Bank population estimates, Canadean, Company data 21 PCC: Per Capita Consumption Key markets: compare & contrast 2 breweries & 1 non alcoholic beverage plant

1 brewery

INDONESIA: market MALAYSIA: Consolidating evolving post regulation strong market position Market characteristics Market characteristics . Beer PCC 0.7L . Beer PCC 5.8L . 2015 beer market size 1.8mhl . 2015 beer market size 1.8mhl . Recent regulation restricting the sales of beer . External environment near term challenging in mini-markets has adversely impacted beer given low consumer confidence, low oil and sales commodity prices . Market and consumer behavior changing to . Positive outlook in the medium to long-term adapt to the new regulations and an improving economic backdrop HEINEKEN’s position and strategy . #1 market position. HEINEKEN position and strategy . HEINEKEN acquired controlling stake in HEINEKEN Malaysia Berhad (October 2015) . #1 market position. Strong legacy, established . Strong and comprehensive portfolio of brands – presence Heineken®, Tiger, Guinness and Anchor are each . Majority stake in Multi Bintang Indonesia leaders in their sub-segments . Strong product portfolio, broadening portfolio with low/no alcohol (Bintang Radler 2%, Bintang Radler 0.0%, Fayrouz and Greensands) . Strong route to market Source: Canadean, Company data 22 PCC: Per Capita Consumption Key markets: compare & contrast

1 brewery 5 breweries

CAMBODIA: Growing market VIETNAM: Attractive market with an with strong fundamentals exciting premiumisation opportunity Market characteristics Market characteristics . Beer PCC 38.6L . Beer PCC 41.4L . 2015 beer market size 6.1mhl . 2015 beer market size 38mhl . Growing economy - the 6th fastest growing . Strong economic fundamentals with rapid economy in the world urbanization driving beer growth . Attractive demographics with young growing population and rising urbanization HEINEKEN’s premium focus . #2 market position operating under two HEINEKEN expanding to drive future growth companies: . #2 market position with Cambodia Brewery . APB Hanoi in the North (100% HEINEKEN Ltd owned) . Vietnam Brewery Ltd (60% HEINEKEN stake) . Strong brand portfolio with strategy to premiumise further . Broad brewery footprint – 5 breweries across the country . Capacity expansion underway . A premium led brand portfolio with Heineken® and Tiger supported by Larue in mainstream

Source: Canadean, Company data 23 PCC: Per Capita Consumption Vietnam: HEINEKEN structure Two operating companies and five breweries

Hanoi 100% 100% Brewery

Da Nang 100% Brewery

Quang Nam 100% Brewery 60%

Hoc Mon 100% 40% Brewery

Tien Giang 100% Brewery

24 SATRA: Saigon Trading Group is a State Owned Enterprise with 70 subsidiaries and JVs headquartered in Ho Chi Minh city. SATRA is under management of Ho Chi Minh City People‘s Committee Summary

. Asia Pacific is an important region for HEINEKEN which has seen impressive growth post the APB transaction. Long history & expertise in the region an advantage . The region benefits from strong fundamentals which will drive future beer market growth . HEINEKEN’s brand portfolio provides an excellent opportunity to capture growth, with brand focus on Heineken® and Tiger providing exposure to the high potential premium segment . Extensive footprint and market leadership positions provide a distinct competitive advantage

25