Jean-François Van Boxmeer, CEO

AGM 2018 HEINEKEN N.V.

Jean-François van Boxmeer, CEO

AMSTERDAM, 19 APRIL 2018

1 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 2017 FY Key Highlights

. Organic revenue (beia) +5.0% with revenue (beia) per hectolitre +2.1%

. Consolidated beer volume +3.0% with growth in all regions

. Heineken® volume +4.5% organically

. Operating profit (beia) organic growth +9.3% and operating margin (beia) expansion of +40bps1

. Net profit (beia) of €2,247 million, up 9.3% organically

. Diluted EPS (beia) of €3.94 (2016: €3.68) up 7.0%

. Excluding major unforeseen macro economic and political developments we expect to deliver an operating profit margin expansion of around 25 bps. This includes a residual dilutive effect from the acquisition of Brasil Kirin and excludes the one-time benefit of IFRS 15 implementation

1 Excluding the impact of the acquisitions of Brasil Kirin, Punch and Lagunitas

3 Operating Profit (beia): +9.3% Organic Growth

+9.3% €m +2.2% €m

-5.3%

3,540 3,759

2016FY Operating profit (beia) Consolidation impact Currency translation Organic growth 2017FY Operating profit (beia)

4 Regional Review

2017 FY Organic Growth % AFRICA, MIDDLE EAST HEINEKEN NV AMERICAS ASIA PACIFIC EUROPE & EASTERN EUROPE Consolidated beer 3.0 4.8 3.3 8.9 0.2 volume

Revenue (beia) per hl 2.1 9.0 1.7 -2.5 1.3

Revenue (beia) 5.0 13.5 6.0 6.2 1.4

Operating profit 9.3 33.8 11.7 9.5 7.7 (beia)

5 Heineken® growth +4.5%

. Growth across all regions apart from Asia Pacific

. Strong double digit growth in Brazil, South Africa, Russia, Mexico and Romania

. Great contribution from innovation with Heineken® 0.0 and Heineken® Light/3

. Heineken® 0.0 launched in 16 markets, delivering ahead of expectations

6 Strong top line growth

Developing our international brands Building Craft & Variety Leading Low- and no-alcohol innovations

. Volume up double digit for Tiger, . Lagunitas, Affligem and Mort . Double digit growth in Europe driven by Krušovice and Birra Moretti Subite main drivers of double continued momentum of Radler and digit growth Heineken® 0.0

Capturing the cider opportunity Innovating in draught Experimenting in e-commerce

. Double digit growth outside UK, . The Sub available in 8 European . New initiatives forinitiatives both B2B and B2C especially in South Africa, markets, the USA, and China Poland, Romania and Vietnam . The Blade launched in 11 markets, 7 showing promising results Tecate Video

8 Update on HEINEKEN Brasil

HEINEKEN Brasil is well positioned in premium beer

31% . Acquisition of Brasil Kirin completed on 31 May 2017 . Integration to date encouraging 21% 20% 20% . Operational highlights: 18% 16% . Beer volume from existing operations about flat 13% . Brasil Kirin beer portfolio grew mid-single digit 9% . Devassa and Eisenbahn over one million hl each . Continued outperformance in the premium segment 2010 2011 2012 2013 2014 2015 2016 2017 HEINEKEN Brasil share of premium

Source: Nielsen, *2017 volume for combined HEINEKEN Brasil and Brasil Kirin.

9 Brewing a Better World

Good progress in the majority of our sustainability commitments: Environmental impact:

. We surpassed 2020 target of CO₂ emissions in production and set new targets for 2030 on renewable energy: Drop the C.

. Very close to reach 2020 water targets. Decreased water consumption in water-stressed areas to 3.2 litres of water per litre of beer (2014: 3.8). Currently working on Every Drop; our water vision 2030. Societal impact:

. In 2017, 10% of the total Heineken ® media spend was dedicated to responsible consumption advertising in 45 markets (from 14 in 2016).

. Local sourcing in Africa at 42%, below expected milestone to reach 60% by 2020.

. Safety: accident frequency reduced by 24.6% compared to 2015.

10 When You Drive, Never Drink Video

11 2018 Q1 Highlights

. Consolidated beer volume +4.3% organically, with growth across all Regions except Europe which was impacted by adverse weather.

. Heineken® volume grew +8.1%, outperforming the market.

. Performance in line with expectations, with volume growth benefiting from an earlier timing of Easter and a slow start last year.

. Our full year expectations remain unchanged.

12 Agenda

1 2017 a. Report of the Executive Board for the financial year 2017 b. Implementation of the remuneration policy for the Executive Board c. Adoption of the 2017 financial statements of the Company (voting item)

13 The independent auditor’s report

Report of the executive board Sustainability

• Prepared in accordance with Part 9 • Review of sustainability data Book 2 of the Dutch Civil Code • Consistent with consolidated financial statements • Procedures performed in accordance Scope with the law and the Dutch Standard 720 – “Responsibilities of the accountant on other • Assurance procedures performed on 25 information” components • Audit coverage of 78% of revenue, Company and 88% of total assets and 75% of income before tax consolidated • Use of various specialists financial statements Key audit matters of Heineken N.V.

• Acquisition Accounting – identification and valuation of intangible assets and Materiality valuation of liabilities • Revenue recognition – Accruals for • Materiality for the financial statements promotional allowances and volume as a whole €150m rebates • Based on profit before tax (5,2%) • Intangible assets (including goodwill) and property, plant and equipment impairment test – Management assessment of recoverability • Taxes – Provisions for uncertain tax positions and valuation of deferred tax assets • Internal controls over financial reporting

1 2017 — continued d. Explanation of the dividend policy e. Adoption of the dividend proposal for 2017 (voting item) f. Discharge of the members of the Executive Board (voting item) g. Discharge of the members of the Supervisory Board (voting item)

2 Authorisations a. Authorisation of the Executive Board to acquire own shares (voting item) b. Authorisation of the Executive Board to issue (rights to) shares (voting item) c. Authorisation of the Executive Board to restrict or exclude shareholders’ pre-emptive rights (voting item)

15 Agenda

3 Implementation of the new Dutch Corporate Governance Code of 8 December 2016

4 Amendments to the Articles of Association (voting item)

16 Agenda

5 Composition of the Supervisory Board a. Re-appointment of Mr. J.A. Fernández Carbajal as member (and Vice-Chairman) of the Supervisory Board (voting item)

a. Re-appointment of Mr. J.G. Astaburuaga Sanjinés as member of the Supervisory Board (voting item)

b. Re-appointment of Mr. J.M. Huët as member of the Supervisory Board (voting item)

c. Appointment of Mrs. M. Helmes as member of the Supervisory Board (voting item)

Closing