heineken company

GLOBAL CORPORATE RELATIONS | APRIL 2015

THE WORLD’S MOST INTERNATIONAL BREWER • NO 1 IN EUROPE • NO 3 IN THE WORLD • PRESENT IN >70 COUNTRIES GLOBALLY

HEINEKEN | PROUD, INDEPENDENT, RESPONSIBLE GLOBAL BREWER

SURPRISING AND EXCITING CONSUMERS EVERYWHERE

LONG AND PROUD HISTORY AND HERITAGE

THE HEINEKEN COMPANY BRANDS & INNOVATION BREWING A BETTER WORLD OUR PRODUCTS: BEER & CIDER RECENT PERFORMANCE

DESPERADOS, SOL, AFFLIGEM AND CIDERS COMPLEMENT OUR GLOBAL BRAND PORTFOLIO

PASSION FOR QUALITY AND INNOVATION

OVER 250 BEER AND CIDER BRANDS

OUR FLAGSHIP BRAND, HEINEKEN®, IS THE WORLD’S LEADING INTERNATIONAL PREMIUM BEER

HEINEKEN | BREWING GREAT BEERS, BUILDING GREAT BRANDS


UNIQUE HISTORY & FAMILY

INVOLVEMENT

HEINEKEN® BRAND

MARKETING BIAS

TRULY GLOBAL FOOTPRINT

PROVEN SUPPLY CHAIN SKILLS

PASSIONATE PEOPLE

HEINEKENIS UNIQUE


HEINEKEN | OUR VALUES

RESPECT FOR PEOPLE & PLANET

ENJOYMENT OF LIFE

PASSION FOR QUALITY

BRANDS THAT PEOPLE LOVE


WE SWITCH TO BOTTOM

FERMENTATION:CLEARER, PURER, LONG LASTING

BEER

DR.H ELION CULTIVATES THE

HEINEKEN A-YEAST => UNIQUE FLAVOUR

WE ARE CROWNED AT

THE GRAND PRIX PARIS FOR QUALITY, FOCUSED

INNOVATIONS

THE HEINEKEN FAMILY ENTERS THE

BEER BUSINESS

HEINEKEN | A LONG AND PROUD HISTORY & HERITAGE

1864 1869 1886 1889



EARLY STAGES OF UNIQUE

ADVERTISING AND BECOMING TRULY INTERNATIONAL

HEINEKEN MOVES INTO ASIAN MARKETS

HEINEKEN® IS THE FIRST IMPORT BEER TO THE US

AFTER PROHIBITION IS LIFTED

ALFRED HEINEKEN

BEGINS ‘BEER CAN TRAVEL’

GLOBAL MARKETING STRATEGY

HEINEKEN ACQUIRES AMSTEL

BREWERY

1929 19541928 1933 1968



PRODUCTION TRANSFER FROM AMSTERDAM TO

ZOETERWOUDE IN THE NETHERLANDS

ACQUISITION OF BRAUBETEILIGUNAS

A.G. (BBAG) IN AUSTRIA

ACQUISITION OF SCOTTISH & NEWCASTLE

ACQUISITION OF FEMSA CERVEZA

ACQUISITION OF ASIA PACIFIC BREWERIES

1988 2003 2008 2010 2012


81,000 EMPLOYEES

>160 BREWERIES INOVER 70 COUNTRIES

GROUP BEER VOLUME*IN 2014: 198.8 MILLION HL

HEINEKEN | TRULY GLOBAL PRESENCE

* Consolidated beer volume plus attributable share of beer volume from joint ventures and associates

HEINEKEN OPCO JOINT VENTURES EXPORT LICENSES


OUR BUSINESS PRIORITIES

GROW THE HEINEKEN® BRAND

CONSUMER-INSPIRED, CUSTOMER-ORIENTED, BRAND-LED

CAPTURE THE OPPORTUNITIES IN EMERGING MARKETS

LEVERAGE THE BENEFITS OF HEINEKEN’S GLOBAL SCALE

DRIVE PERSONAL LEADERSHIP

EMBED AND INTEGRATE SUSTAINABILITY


STRONG GLOBAL BRAND EQUITY

UNDISPUTED LEADER IN THE INTERNATIONAL PREMIUM SEGMENT WITH 19% CATEGORY SHARE

HEINEKEN® IS OUR MOST VALUABLE BRAND &A KEY STRATEGIC ASSET

GROW THE HEINEKEN® BRAND

STRONG GLOBAL PLATFORMS TO FURTHER GROW THE BRAND


WE ARE COMMITTED TO BEING PART OF THE CONVERSATION WITH CONSUMERS &

PREFERRED PARTNER FOR OUR CUSTOMERS

CONSUMER-INSPIRED, CUSTOMER-ORIENTED, BRAND-LED

EXPANSION OF OUR GLOBAL BRANDS DESPERADOS, SOL, AFFLIGEM AND CIDERS

INVEST IN AND WIN WITH REGIONAL & LOCAL BRANDS

INNOVATION AT THE HEART OF OUR BUSINESS


STRONG ORGANIC GROWTH FROM EMERGING MARKETS

EMERGING MARKET FOOTPRINT TRANSFORMED THROUGH A CLEAR ACQUISITION STRATEGY

CAPTURE THE OPPORTUNITIES IN EMERGING MARKETS

50% OF GROUP REVENUES, 61% OF GROUP OPERATING PROFIT & 63% OF GROUP BEER VOLUMESCOME FROM DEVELOPING MARKETS


LEVERAGE THE BENEFITS OF HEINEKEN’S GLOBAL SCALE

HEINEKEN IS INVESTING IN NEW INITIATIVES TO BETTER LEVERAGE OUR GLOBAL SCALE

HEINEKEN GLOBAL SHARED SERVICES DELIVERS EFFICIENCIES

HEINEKEN GLOBAL PROCUREMENT DRIVES COST SAVINGS & MANAGES INPUT PRICE VOLATILITY

GLOBAL BRAND BUILDING

SUPPLY CHAIN OPTIMISATION


HEINEKEN BEHAVIOURSDRIVE OUR SUCCESS

>70 OPERATING COMPANIES

>81,000 EMPLOYEES

DRIVE PERSONAL LEADERSHIP


EMBED AND INTEGRATE SUSTAINABILITY

BREW A BETTER WORLD IS ABOUT CREATING REAL SUSTAINABLE VALUE FOR ALL OUR STAKEHOLDERS

SUSTAINABILITY IS A BUSINESS IMPERATIVE TO ACHIEVE OUR BUSINESS OBJECTIVES

WE FOCUS ON: • WATER• ENERGY • SOURCING • RESPONSIBLE CONSUMPTION • HEALTH & SAFETY • COMMUNITIES


OWNERSHIP STRUCTURE AND STOCK EXCHANGE LISTING

FEMSA PUBLIC

PUBLIC

HEINEKEN HOLDING N.V.

HEINEKEN N.V.

SUPERVISORY BOARD

EXECUTIVE BOARD

GLOBAL FUNCTIONSREGIONAL MANAGEMENT

OPERATING COMPANIESLEGAL ENTITIES PUBLIC SHAREHOLDERS MANAGEMENT

Per June 2014

37.463%

33.356%

L’ARCHE GREEN N.V.

51.709%

12.532%

50.005%

BOARD OF DIRECTORS

14.935%


ORGANISATIONAL STRUCTURE

EXECUTIVE BOARD

EXECUTIVE COMMITTEE(FROM 1 JULY EXECUTIVE TEAM)

OPCOS / JOINT VENTURES

REGIONS FUNCTIONS


OUR EXECUTIVE BOARD

LAURENCE DEBROUX

JEAN-FRANÇOIS VAN BOXMEER

CHIEF EXECUTIVE OFFICER & CHAIRMAN OF THE EXECUTIVE BOARD

CHIEF FINANCIAL OFFICER & MEMBER OF THE EXECUTIVE BOARD


OUR EXECUTIVE COMMITTEE

Chairman / Chief Executive Officer

JEAN-FRANÇOIS VAN BOXMEEREXECUTIVE BOARD


President Central & Eastern Europe & Chief Marketing & Sales Officer

JAN DERCK VAN KARNEBEEK

President Western Europe & President Americas

STEFAN ORLOWSKI

President Africa & Middle East

SIEP HIEMSTRA

President Asia Pacific & CEO APB

ROLAND PIRMEZ

Chief Business Services Officer

FRANS EUSMAN

Chief Supply Chain Officer

MARC GROSS

Chief Corporate Relations Officer

SEAN O’NEILL

Chief Strategy Officer

CHRIS BARROW

Chief Human Resources Officer

CHRIS VAN STEENBERGEN

Member / Chief Financial Officer

LAURENCE DEBROUX

HEINEKEN® IS THE WORLD’S LEADING INTERNATIONAL PREMIUM BEER

WORLD-CLASS BRAND PORTFOLIO

DESPERADOS, SOL, AFFLIGEM AND CIDERSCOMPLEMENT OUR GLOBAL BRANDS PORTFOLIO

OVER 250 BEER AND CIDER BRANDSACROSS THE WORLD

REGIONAL AND LOCAL JEWELS


AVAILABLE IN ALMOST EVERY COUNTRY IN THE WORLD

ONE WORLD, ONE TASTE, ONE UNCHANGED RECIPE

UNDISPUTED LEADER IN THE INTERNATIONAL PREMIUM SEGMENT (IPS)

HEINEKEN® | OUR FLAGSHIP BRAND

A KEY STRATEGIC ASSET THAT SETS US APART FROM OUR COMPETITORS


PRODUCT PLATFORMS

HEINEKEN® | PURE PREMIUM


DESIGN

CREATIVITY

INNOVATIONS

WORLD CLASS EVENTS

HEINEKEN® | IGNITING CONVERSATIONS

DIGITAL & SOCIAL MEDIA PRESENCE

MAKING RESPONSIBLE CONSUMPTION ASPIRATIONAL


DESPERADOS IS THE BRAND, BUT ALSO THE PEOPLE WHO MAKE AND LIVE BY THEIR OWN RULES, TURNING BORING AND PREDICTABLE INTO SOMETHING EPIC

A UNIQUE TEQUILA FLAVOURED BEER WITH SUPER PREMIUM POSITIONING

DESPERADOS | PUSHING THE BEER CATEGORY LIMITS

SERVED IN AN ICONIC, PREMIUM, TRANSPARENT GLASS BOTTLE


BORN IN 1899 IN INDEPENDENT MEXICO

SOL | ESPIRITU LIBRE

SOL CHAMPIONS LOCAL HEROES – GUYS ALL OVER THE WORLD DOING THEIR OWN THING

ENJOYED IN 56 COUNTRIES AROUND THE WORLD


SOL SEARCH HELPS CONSUMERS FIND ORIGINAL AND AUTHENTIC BARS, CAFES AND RESTAURANTS

UNIQUE DOUBLE FERMENTED RECIPE THAT IS ONLY BREWED IN BELGIUM UNDER THE CLOSE SUPERVISION OF THE MONKS OF THE AFFLIGEM ABBEY

CERTIFIED AND AWARD-WINNING BELGIAN ABBEY BEER WITH A 1000 YEAR HISTORY

AFFLIGEM | 1000 YEARS OF FINE BEERS

RANGE OF 8 BEAUTIFUL AFFLIGEM BEERS


HEINEKEN IS THE WORLD’S LEADING CIDER PRODUCER WITH LEADING CIDER RESEARCH

AND DEVELOPMENT CAPABILITIES

CIDERS | REACHING CONSUMERS THAT BEER CAN’T

ATTRACTIVE GLOBAL CIDER BRAND PORTFOLIO:

BULMERSSTRONGBOW APPLE CIDERS

OLD MOUTBLIND PIG

CIDERIE STASSEN

SUPERIOR REFRESHMENT

VARIOUS PROPOSITIONS WITH UNISEX APPEAL


REGIONAL & LOCAL JEWELS

LOCAL CHAMPIONSTECATE

STARBINTANG

REGIONAL POWER BRANDSTIGERDOS EQUIS


INSPIRING & INNOVATIVE GLOBAL MARKETING

THE CANNES LIONS INTERNATIONAL FESTIVAL OF CREATIVITY AWARDED HEINEKEN WITH THE 2015 CREATIVE MARKETER OF THE YEAR

WOWING THE WORLD WITH OUR BRANDS

EMBRACING & ENCOURAGING CREATIVITY IN BRAND COMMUNICATIONS


INNOVATION IS AT THE HEART OF OUR COMPANY STRATEGY

DELIGHTING OUR CONSUMERS WITH INNOVATIONS

WE WORK TO CONTINUALLY SURPRISE AND EXCITE OUR CONSUMERS AND MEET

CHANGING CONSUMER PREFERENCES

INNOVATION RATE OF 7.7% CONTRIBUTING € 1.5 BILLION OF REVENUES IN 2014

GLOBAL & LOCAL INNOVATIONS


RADLER | DOUBLE REFRESHMENT

A REFRESHING MIX OF BEER AND NATURAL

LEMONADE

NEW DRINKING OCCASIONS & CONSUMERS

LAUNCHED FOR LOCAL BRANDS IN 41 MARKETS ACROSS ALL 5 REGIONS

2 VARIANTS:2% LOW-ALCOHOL &

0% ALCOHOL-FREE


UNIQUE BLEND OF NATURAL MALTS

GREAT TASTING AND VISIBLY DIFFERENT ALCOHOL FREE BEER

MAXX 0.0% | FULL FLAVOUR, NO ALCOHOL

FRESH AND WELL-BALANCED BEER

FULL ENJOYMENT: THE 0.0% WORLD HAS NO LIMITS


PILOTED IN 5 CEE MARKETS, FURTHER LAUNCHES TO FOLLOW

THE SUB DELIVERS PROFESSIONAL QUALITY DRAUGHT BEER AT HOME

THE SUB | ICONIC HOME DRAUGHT APPLIANCE

FUTURISTIC SUBMARINE APPEARANCE CAN CHILL TO 2°

IT TAKES NEW, 2-LITRE KEGS, TORPS, CONVENIENTLY DESIGNED TO STORE IN THE FRIDGE

DESIGNED IN COLLABORATION WITH MARC NEWSON AND ENGINEERED BY KRUPS


DESIGNED FOR MEDIUM-SIZED PREMIUM ON-TRADE OUTLETS

BREWLOCK WILL REVOLUTIONISE DRAUGHT BEER WITH A NEW ONE-WAY KEG TECHNOLOGY

BREWLOCK | GAME CHANGER FOR DRAUGHT IN ON-TRADE

LAUNCHED IN THE USA & FOR THE CRUISE LINES


OUTSTANDING CONSUMER EXPERIENCE: PRESERVES THE NATURAL TASTE AND AROMAS OF OUR BEERS & DELIVERS THEM INTACT FROM THE BREWERY

PROTECTING WATER RESOURCES

REDUCING CO2 EMISSIONS

SOURCING SUSTAINABILITYPROMOTING HEALTH AND SAFETY

GROWING WITH COMMUNITIES

ADVOCATING RESPONSIBLE CONSUMPTION

SUSTAINABILITY | BUSINESS IMPERATIVE

OUR INDUSTRY & THE CHALLENGES WE FACE ARE CHANGING


SUSTAINABILITY HAS A POSITIVE IMPACT

IN A NUMBER OF AREAS, SUCH AS:

• OUR LICENSE TO OPERATE E.G. COMMERCIAL FREEDOM

• BUILDING TRUST E.G. IN THE COMMUNITIS WE OPERATE IN

• RISK MANAGEMENT E.G. FOCUS ON WATER-SCARCE

AREAS & RAW MATERIAL QUALITY

• (ECO)EFFICIENCY E.G. ENERGY SAVING IN BREWERIES

SUPPORTS OUR BRANDS AND INNOVATION STRATEGY &

BUILDS BRIDGES TOWARDS OUR CUSTOMERS

BREWING A BETTER WORLD

GENUINE COMMERCIAL OPPORTUNITY FOR OUR BRANDS

AND IN THE INNOVATIONS FUNNEL

THE ALCOHOL AGENDA REMAINS

OUR NUMBER ONE BUSINESS RISK

GREATER ATTENTION TO THE HERE AND NOW, FULLY EMBEDDED IN THE BUSINESS

6 FOCUS AREAS:

• PROTECTING WATER RESOURCES

• REDUCING CO2 EMISSIONS

• SOURCING SUSTAINABLY

• ADVOCATING RESPONSIBLE CONSUMPTION

• GROWING WITH COMMUNITIES

• PROMOTING HEALTH & SAFETY


SUSTAINABILITY | STRATEGY

Protecting water resources Reducing CO2 emissions

Sourcing sustainably Advocating responsible consumption

Promoting health and safety Growing with communities

Our strategy

Our focus


COVERING OUR VALUE CHAIN ‘FROM BARLEY TO BAR’


PROTECTING WATER RESOURCESOUR COMMITMENTS

2015 2020

Specific water consumption Reduce our specific water

consumption in the breweries

to 3.9 hl/hl

Reduce our specific water consumption in

the breweries by approx. 30%1 to 3.5

hl/hl, and in water scarce areas to 3.3

hl/hl

Water balancing in water scarce

and distressed areas

100% of our production units in

water scarce and distressed

areas will have a source water

protection plan

We aim for significant water

compensation/ balancing by our

production units in water scarce and

distressed areas

1Baseline 2008


2015 2020

Reduce specific CO2 emissions in

production

Reduce our CO2 emissions in

production by 27%1

(eq 7.6 kg CO2-eq/hl)

Reduce our CO2 emissions

in production by 40%1

(eq 6.4 kg CO2-eq/hl)


fridges

Reduce the CO2 emissions of our

fridges by 42%2

Reduce the CO2 emissions of

our fridges by 50%2


distribution


distribution by 10%3 in Europe

and the Americas


distribution by 20%3 in Europe

and the Americas

1 Baseline 20082 Baseline 20103 Baseline 2011, scope is 24 of our largest operations

REDUCING CO2 EMISSIONSOUR COMMITMENTS


SOURCING SUSTAINABLYOUR COMMITMENTS

2015 2020

Stimulate local economic development

through sourcing locally

Deliver 50% of raw materials in

Africa via local sourcing1 (based

upon tonnage)

Deliver 60% of raw materials in Africa

via local sourcing1 (based upon

tonnage)

Drive the roll-out of sustainability

standards in agriculture by sourcing

our raw material sustainably

Aim for sustainable sourcing of

raw materials2: for crop year

2015: 20% (barley,) 40% (hops),

60% bittersweet apples for cider)

Aim for at least 50% of our main raw

materials supplied from sustainable

sources23

Ensure full compliance with our

supplier code procedure

4-step Supplier Code Procedure

rolled out to all Operating

Companies

Ongoing compliance to Supplier Code

Procedure

1 With local sourcing we refer to sourcing within the Region Africa2 Based on volume3 Barley, hops, cider apples, other apples, other fruit, sugar, rice, sorghum, wheat, maize


ADVOCATING RESPONSIBLE CONSUMPTIONOUR COMMITMENTS

2015 2020

Industry

Commitments

Precise goals for 2015 to be decided in conjunction with industry

via ICAP and GAPG organisations.

Deliver global industry commitments on:

1. Reducing under-age drinking

2. Strengthening and expanding marketing codes

of practice to limit the exposure to young

people

3. Providing more consumer information

and responsible product innovation

4. Reducing drinking and driving

5. Enlisting the support of retailers to reduce

harmful drinking

Partnerships Every market in scope2 has a partnership to address alcohol related

harm. All partnerships meet HEINEKEN’s 7-point partnership criteria

Every market in scope2 has and reports publicly on a

measurable partnership aimed at addressing alcohol

abuse

Heineken® We commit to invest a minimum of 10% of our media share of

voice for Heineken® in supporting our dedicated responsible

consumption campaign in at least 50% of our market volume1

Making responsible consumption aspirational

through Heineken®

1 Market scope covering in total at least 50% of Heineken® global volume2 Small export markets and markets with religious restrictions are out of scope


PROMOTING HEALTH AND SAFETY

Indicator Kpi 2015

Production Accident frequency (AF) 10% reduction

Outside production Percentage of sites reporting at lease onenear miss per quarter

90% of OpCos at 75%

of sites

All OpCos/All functions E-learning training 90% of OpCos with

90% employees trained

Sales Road safety training

with Alert Driving

2000 sales managers trained


GROWING WITH COMMUNITIESWE WANT TO ENSURE THAT OUR SUCCESS AS A BUSINESS HELPS

THE COMMUNITIES AND SOCIETIES IN WHICH WE OPERATE TO PROSPER

Direct contributions Shared-value projects Heineken Africa Foundation

Donating cash, time, in-kind donations and

management costs. We seek long-term

community investments through

partnerships that are aligned with our

business and sustainability agenda, such as

addressing alcohol misuse and local water

challenges. This includes employee

volunteering.

Our local sourcing projects in

Africa and Haiti are prime

examples of ‘inclusive growth’

and how we create shared value.

These projects benefit HEINEKEN

as a business, and at the same

time create jobs locally, help to

strengthen the agricultural

sector and improve the lives of

rural households over time.

Established with an endowment

from HEINEKEN of €20 million,

the Foundation can invest up to

€1 million per year in community

healthcare and water projects in

Sub-Saharan Africa.


YEAST

BARLEY WATER

HOP

ALL NATURAL INGREDIENTS


THE MAGIC OF BREWING

DRYINGSTEEPING

GERMINATINGROASTING

MILLING LAUTERING BOILING WHIRLPOOLINGCOOLING

FERMENTINGLAGERINGFILTERING

HEATING

COMPRESSINGPURIFYING

HOP PELLETS YEAST

BEERBITTER WORT

SWEET WORTMASHGRISTMALTBARLEY

BREW WATER

WATER HOPS


VITAMINS B1, 3 AND 11

MINERALS

STOREHOUSE OF NUTRIENTS

NO FAT

ANTIOXIDANTS

NO ADDITIVES; NO PRESERVATIVES


RELATIVELY LOW IN CALORIES

100 grams Kcal

Whiskey 245

Red Wine 82

White Wine 70

Alcoholic mix drinks 65

Milk 63

Beer 42

Orange juice 39

Soft drinks 39

CALORIC VALUE OF VARIOUS BEVERAGES

Source: Netherlands Nutrition CentreAverage serving: Beer 250 ml, Wine 150 ml, Alcoholic mixed drinks 250 ml


CIDERREACHES CONSUMERS THAT BEER CAN’T

AUTHENTIC & REFRESHING ALCOHOLIC DRINK MADE FROM APPLES OR PEARS

WIDE RANGE OF FLAVOURS

HEINEKEN LEADS THE GLOBAL CIDER CATEGORY WITH 20% MARKET SHARE

CRISP, SWEETER TASTE

TRIPLE REFRESHMENT: NATURAL ACIDITY, LIGHT SPARKLING, SERVED OVER ICE

LIKED BY MEN & WOMEN


APPLE HARVESTING

MILLING & PRESSING

STORAGE & FERMENTATION

BLENDING & FILTRATION

FILLING & PACKAGING

CIDERPRODUCTION PROCESS


PERFORMANCE

2014: 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 DESPERADOS, AFFLIGEM AND SOL*

INNOVATION CONTRIBUTED €1.5BN OF REVENUE, INNOVATION 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)

*1 Sol premium (volume outside home market)


FINANCIAL OVERVIEW

Mhl/€m 2014 2013 Total Change (%) Organic 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


HEALTHY GROWTH ACROSS THE BUSINESS

2014 Organic growth %

AFRICA MIDDLE

EASTAMERICAS

ASIA PACIFIC

CENTRA &EASTERNEUROPE

WESTERN EUROPE

HEINEKEN NV

Consolidated revenue 4.4 6.9 5.3 -3.7 2.2 3.0

Revenue per HL -3.1 3.2 0.4 1.4 0.5 1.2

Consolidated operating profit (beia)

8.8 16 5.4 -4.5 4.5 8.7

Group Beer volume 6.7 3.7 5.0 -4.2 2.3 2.0


BALANCED MARKET FOOTPRINT DRIVING TOP LINE AND PROFITS

1 Head office & eliminations excluded from ‘% of Group’ calculation

2014 FY:ORGANIC GROWTH %

DEVELOPED/DEVELOPINGMARKET SPLIT

2.4%1.5%

5.6%

1.1%

10%

1.7%

Group beer volume

Group revenue Group operating profit (beia)1

Group beer volume

Group revenue

Group operating profit (beia)1

63%

37%

50%

50%

61%

39%

Developing Developed Developing Developed


HEINEKEN® BRAND GROWING ACROSS ALL REGIONS

DOUBLE DIGIT GROWTH IN BRAZIL, CHINA, FRANCE, THE UK AND MEXICO

ENCOURAGING PROGRESS IN THE US WITH POSITIVE HEINEKEN® VOLUME IN Q4

SUCCESSFUL ‘THE CITY’ CAMPAIGN, EXCITING PIPELINE FOR 2015 BRAND ACTIVATION AND MARKETING

HEINEKEN® CONSISTENTLY OUTPERFORMING PREMIUM

Source: Canadean – March 2014. FY2014 estimates on beer market and IPS * IPS = International Premium Segment (volume outside home market)

HEINEKEN® PREMIUMVOLUMES 2014FY

1.8%

4.0%

5.1%

Beer market IPS* Heineken®


IMPROVING DRAUGHT OFFER

NEW PACK TYPES

BRAND EXTENSIONS

RADLER AND ALCOHOL FREE PROPOSITIONS

INNOVATION DELIVERED €1.5BN REVENUE, RATE OF 7.7%COMPETITIVE ADVANTAGE AND SUSTAINABLE CONTRIBUTOR TO PROFITABILITY

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, excluding packaging renovations divided by total revenue

INNOVATIONREVENUE

2010 2014

€0.4bn

€1.5bn40%

CAGR


CONTINUED FOCUS ON DRIVING COST EFFICIENCIES

TCM2 COMPLETED IN H1 2014 AHEAD OF TARGET AND SCHEDULE

DRIVING FURTHER COST SAVINGS:• RIGHTSIZING THE ORGANISATION TO OPTIMISE COST STRUCTURE• DRIVE END2END PRODUCTIVITY TO GROW TOPLINEAND PROFITS• LEVERAGING GLOBAL SCALE THROUGH GBS:

• ADDITIONAL EFFICIENCIES IN HEINEKEN GLOBAL PROCUREMENT (HGP)• EXTENDING GEOGRAPHIC SCOPE AND ACTIVITIES OF HEINEKEN GLOBAL

SHARED SERVICES (HGSS)

FURTHER COST SAVINGS ARE A KEY COMPONENT OF HEINEKEN’S MEDIUM TERM MARGIN GUIDANCE


2014 MARGIN EXPANSION WELL AHEAD OF MEDIUM TERM TARGET

MEDIUM TERM GUIDANCE OF YEAR ON YEAR IMPROVEMENT OF APPROXIMATELY 40 BPS

IMPROVING OPERATING PROFITABILITY AND MARGINSCONSOLIDATED OPERATING PROFIT MARGIN CONTINUES TO IMPROVE

2011

14.3%

16.2%

14.7%

15.3%

2012 2013 2014

40 bps

60 bps

90 bps


2015 CONSOLIDATED OPERATING PROFIT (BEIA) MARGIN IMPROVEMENT WILL BE SOMEWHAT BELOW THE 40BPS MEDIUM TERM LEVEL DUE TO 25BPS DILUTION FROM THE DISPOSAL OF EMPAQUE. THIS WILL BE PARTIALLY BUT NOT FULLY OFFSET

2015 FULL YEAR OUTLOOK1

COMMITTED TO DELIVERING ON STRATEGIC PRIORITIES –FURTHER REVENUE AND PROFIT GROWTH IN 2015

1Based on consolidated reporting

CONTINUED CHALLENGING EXTERNAL ENVIRONMENT

POSITIVE ORGANIC REVENUE GROWTH:• POSITIVE VOLUME DEVELOPMENT MORE MODERATE THAN 2014 AND WEIGHTED TO H2• REVENUE PER HECTOLITRE TO INCREASE DRIVEN BY REVENUE MANAGEMENT

SLIGHT INCREASE IN MARKETING AND SELLING SPEND (BEIA) AS PERCENTAGE OF REVENUE

INPUT COST PRICES TO BE SLIGHTLY LOWER (EXCLUDING A FOREIGN CURRENCY TRANSACTIONAL EFFECT)

CONTINUE TO TARGET A YEAR-ON-YEAR IMPROVEMENT IN CONSOLIDATED OPERATING PROFIT (BEIA) MARGIN OF AROUND 40BPS IN THE MEDIUM TERM


AFRICA MIDDLE EASTStrong results achieved amid volatile trading environment

Solid volume growth across most markets, in particular Nigeria, Ethiopia, Cameroon, Burundi, DRC and Egypt

Organic consolidated revenue/hl declined by 3.1%, due to high license volumes, unfavourablecountry and product mix

Continued capital investment in new capacity across key markets

Heineken® growth of 7.8% driven by South Africa, Nigeria, Cameroon and Algeria

100bps improvement on consolidated operating profit (beia) margin mainly from cost efficiencies

Revenue 2,643 3.5 4.4 3,085 2.7

Revenue/hl (in €) 84 -3.8 -3.1 82 -3.7

Operating profit (beia) 655 7.9 8.8 700 5.2

Operating profit (beia) margin 24.8% +100bps 22.7% +60bps

Total volume 31.6 7.6 7.5 37.6 6.6 6.6

of which:Beer volume

25.0 7.4 7.3 29.3 6.8 6.7

Total Change (%)

Organic Change (%)2014FY 2014FY

Total Change (%)

Organic Change (%)

GroupConsolidated

Mhl/€m


AMERICASStrong top and bottom line growth

Solid growth in Brazil,

Mexico, Panama and export

markets resulted in 3.7%

volume growth

Heineken® grew by 4.0%

led by Brazil, Mexico and

export markets

Mexico saw strong profit growth

with 200bps of margin expansion

due to strong topline supported by

ongoing cost efficiencies

Operating profit (beia) increased

organically by 16% primarily due to

double digit growth in Mexico and

positive performance in Brazil

Continued strong

growth of Dos Equis

and Tecate brands in

U.S and Mexico

Revenue 4,631 3.0 6.9 5,401 1.6

Revenue/hl (in €) 85 -0.7 3.2 87 -1.8

Operating profit (beia) 780 8.6 16 887 6.1


Total volume 54.6 3.8 3.7 62.3 3.5 3.7


53.2 3.9 3.9 57.0 3.7 3.7

Total Change (%)


Total Change (%)

Organic Change (%)

GroupConsolidated

Mhl/€m


ASIA PACIFICH2 driving growth

Volume growth accelerated in

the second half, with improved

trading conditions witnessed

across key markets

Production capacity expanded

in Vietnam and China, and

new greenfield underway in

Myanmar and East Timor

Market share gains

across key markets:

Vietnam, Taiwan,

Indonesia

Strong double digit

growth of Tiger brand

driven by successful

commercial activation

Consolidated operating profit (beia) up

5.4% organically, with gains from Vietnam,

China, Singapore, Cambodia and export

markets

Revenue 2,088 2.5 5.3 2,455 3.2

Revenue/hl (in €) 112 -1.4 0.4 100 -1.4

Operating profit (beia) 550 2.5 5.4 598 3.0

Operating profit (beia) margin 26.3% 0bps 24.4% 0bps

Total volume 18.7 4.0 4.9 24.5 4.7 4.8


18.3 5.5 5.2 24.0 5.8 5.0

Total Change (%)


Total Change (%)

Organic Change (%)

GroupConsolidated

Mhl/€m


CENTRAL & EASTERN EUROPEDelivering margin improvement in a challenging trading environment

Volume impacted by low consumer

confidence, adverse channel mix and

ongoing competitive intensity and

unfavourable weather

Adverse foreign currency

movements, mainly the

Russian Rouble, impact on

reported revenues of -3.7%

Revenue per hectolitre reflects

strategic focus on driving value

growth through premiumisation

and innovation

Despite a challenging trading

environment, ongoing cost

efficiencies resulted in 10bps of

operating profit (beia) margin growth

Revenue 2,868 -7.4 -3.7 3,223 -6.7

Revenue/hl (in €) 65 -2.7 1.4 66 -2.5

Operating profit (beia) 272 -6.3 -4.5 302 -5.8


Total volume 44.4 -4.8 -5.1 49.2 -4.3 -4.4


42.3 -4.4 -4.7 46.0 -4.0 -4.2

Total Change (%)


Total Change (%)

Organic Change (%)

GroupConsolidated

Mhl/€m


WESTERN EUROPEStrong Execution & Higher Investments Driving Market Share Gains

Organic volume growth driven by broad-based market

share gains from focused commercial assertiveness,

increased brand investment and a clear consistent

strategy “Not An Inch Back” across the region

Organic revenue growth

supported by improving

volume and revenue per

hectolitre

Strong focus on

innovation and

premiumisation

Operating profit

(beia) grew 4.5% lead

by France, Spain, and

the Netherlands

Revenue 7,478 0.3 2.2

Revenue/hl (in €) 127 1.9 0.5

Operating profit (beia) 852 -0.1 4.5

Operating profit (beia) margin 11.4% 0bps

Total volume 59.0 -1.6 1.7


42.5 0.5 2.3

Total Change (%)

Organic Change (%)2014FY

Consolidated

Mhl/€m

The divestment of Oy

Hartwall Ab in Finland on

23 August 2013 is reported

as a consolidation impact


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 behavior 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, 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 specialized research institutes in combination with management estimates.

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