HEINEKEN FINANCIALMARKETS CONFERENCE 2016HO CHI MINH CITY, VIETNAM

Ho Chi Minh City, Vietnam | May 11-12, 2016 | Heineken NV

HEINEKEN: Delivering on strategy Jean-François van Boxmeer Chairman of the Executive Board / CEO

1

AgendaHEINEKEN: Delivering on strategy

Update on evolution at HEINEKENSix business priorities

Strategy delivering results

2

Update on evolution at HEINEKEN Key indicators demonstrating further progress

Commitment to external financial target Medium term margin expansion guidance of around 40bps annually

Enhanced organisational skill set with external talent New Chief Human Resources Officer (May 2014)

New Executive Board Member / Chief Financial Officer (March 2015)

New Chief Corporate Relations Officer (May 2016)

Reorganisation announced in March 2015 – more agile, faster decision making and more cost efficient

Continued evolution of footprint with smaller M&A transactions

3 * After completion of the mandatory takeover bids in January 2016

M&A - bolt on transactions to add value

HEINEKEN SOUTH AFRICA

Company Strategic deals improving footprintCurrent

shareholding percentage

Completion date

Lagunitas Brewing Company, US

Partnership with Lagunitas, strong US position in the fastgrowing IPA craft segment. Opportunity to expand through HEINEKEN’s global platform into international markets.

50% 15 October 2015

Desnoes & Geddes,Jamaica

Red-Stripe, leading Jamaican brand resonating well with consumers in the UK, US and Canada and with further international potential given heritage and distinctive attributes.

95.8%* (73.3% in October 2015)

7 October 2015

HEINEKEN Malaysia Berhad

Acquired controlling stake in HEINEKEN Malaysia Berhad. Leading position in Malaysia and exciting market with strong opportunity for future growth.

51% (indirectly) 7 October 2015

Pivovarna Lasko d.d,Slovenia

Leading brewery in Slovenia with strong domestic market position and domestic brands, and with an established platform for export markets. Location in heartland of Central and Eastern European markets also a benefit.

97.5%* (53.4% in October 2015)

15 October 2015

HEINEKEN South Africa

Restructuring in South Africa following dissolution of JV with Diageo to form a pure beer focused business with Namibia Breweries providing a new platform for growth in the South African beer market.

75% 1 December 2015

HEINEKEN MALAYSIA BERHAD

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AgendaHEINEKEN: Delivering on strategy

Update on evolution at HEINEKEN

Six business priorities Strategy delivering results

5

Six business priorities

Win in premium led by Heineken® brand

4

Shape the Cider category

5

Lead by cool marketing and innovation

6

Brewing a Better World

1

Drive End2End productivity

2

Be commercially assertive

3

6

Win in premium led by Heineken®

Source: Canadean 2015 and company dataIPA – Indian pale ale

Heineken® the leading international brand

Heineken®

In +170 markets

The only truly

international premium

brand

14% of HEINEKEN volume

20-year CAGR c. 5%

Desperados – tequila flavoured

beer

Affligem – Belgian abbey beer

Sol – the independent Mexican

Amstel – a premium lager beer

with a strong heritage

Strongbow – the global leader

in Cider

International premium brands

Premiumpowerbrands

Birra Moretti Le Regionali

Local brands:premium extensions

Zywiec Variants

Global roll out

Capturing new consumersTiger – Born in Singapore. 6th largest

brand by volume (7.2mhl 2015). Sold in

over 50 markets

Dos Equis – Mexican brand, #2

brand by volume in US portfolio.

5 year CAGR of 17% (Americas region)

Lagunitas IPA – exciting IPA brand

with international potential

Red Stripe – strong Caribbean

brand with distinctive attributes

Krušovice – a lager beer with strong

Czech heritage

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Complemented by successful brand portfolios

1 Represents regional brandsHeineken® may include Heineken® LightSelected brands per country

Established local and regional brands to drive scale and premiumisation

Mexico Nigeria Russia Poland UK USA Vietnam France Brazil Indonesia

INTERNATIONAL& DOMESTIC PREMIUM

Heineken®

StrongbowBohemiaAffligem

Heineken®

StarGulder

Heineken®

DesperadosAmstel

Zlaty BazantKrusovice1

Heineken®

DesperadosPaulanerZywiec

Heineken®

DesperadosAmstel

SolTiger1

AffligemKronenburg 1664

Bulmers CiderOld Mout Cider

Heineken®

Amstel LightStrongbowLagunitas1

Dos Equis1

Red Stripe1

Newcastle

Heineken®

Tiger1

AffligemDesperados Strongbow

Heineken®

Desperados Affligem

SolPelforthFischer

Edelweiss

Heineken®

SolDesperados

XinguHeineken®

UPPER MAINSTREAM & MAINSTREAM

Coors1

Dos Equis1

SolIndio

Tecate1

’33’ ExportLife

GoldbergOhota

WarkaKrolewskie

SpecjalLezajsk

Foster’sJohn SmithsStrongbow

Tecate1

Biere LarueBivina

BGIBintang

LOWER MAINSTREAM & VALUE

SuperiorCarta Blanca

KlosterMore

Tri MedvedyaZhigulevskoye

OkskoeTatra

’33’ ExportPanach

KaiserBavaria

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Shape the Cider category

* % of consumers drinking alcohol, that do not drink lager Source: Canadean, company data

Category expected to growth 2x level of beer 2015-2020 with 4% CAGR

Opportunity to leverage skill set as global market leader in Cider, and strong position in the UK, the largest Cider market

Available in 71 countries

Portfolio positioned in attractive premium segment and product innovation friendly

In 2015 Cider crossed 1mhl outside the UK

Production in the UK, Belgium, Singapore, Nigeria, Slovakia and Bulgaria

Re-engineered production cost structure: Cider production integrated into existing brewery network and beer route to market

Full Cider brand portfolio

51%*26%*

Capturing new Consumersthrough Cider

Drive the Cider category andmaximise the cider opportunity

Award winning focus on quality

MOST AWARDED CIDER

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Lead by Cool marketing

Source: HEINEKEN annual reports

Consumer-inspired, customer-oriented and brand-led

Brand buildinginvestments

11.7% 11.3%

12.4%12.8%

12.2%12.6% 12.7%

13.4%

0.0

0.5

1.0

1.5

2.0

2.5

3.0

2008 2009 2010 2011 2012 2013 2014 2015

Marketing & Selling (M&S) Spend (€ billion)

M&S spend M&S as % of consolidated revenue

Award-winning global campaigns

Sporting events, music & film festivals

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...and Innovation

1 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

Seizing the low/no alcohol opportunity

Improving draught

Leading innovation in Cider

Innovation rate1

4.1%5.3%

5.9%

7.7%

2011 2012 2013 2014 2015

€0.7bn

€1.9bn

2011 2015

28% CAGR

9.2%

Innovation revenue Satisfying the needfor craft & variety

11

Campaigns strengthened byleading capabilities in social and digital media

Facebook fans as at 4 May 2016

#1 on facebook

20.8MHeineken®

13.4MBudweiser

2.4MCarlsberg

11.5MCorona

7.8MStella Artois

(NUMBER OF FANS)

Digital transformation Engaging storytelling content and connecting global campaigns

Digital media investment more than

doubled between 2012 and 2015

Significant increase in investment

with key partners (Facebook, Google,

Twitter etc.)

Expect to double media spend on

digital by 2020

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Be commercially assertive: EOETo win in the point of sale on a daily basis

1. Leadership

2. Alignment

3. 100% data

4. Focus & Simplicity

5. Sell Out

6. Step by Step

7. Empowerment

8. Accountability

23,000-strong Sales Force

aligned under one program

Rolled out globally across all markets

Covering Traditional, On, Modern

and Wholesale trade channels

Empowering the Sales

Representatives to focus on

Excellent Outlet Execution

Providing one global way of working

Increasing performance through KPI

measurement and reporting

Based on 8 Execution Principles

Sales Force Technology

13

Drive End2End productivity

Source: HEINEKEN annual report 2015

Leveraging global scale to deliver increased efficiencies

New financial shared service centres: Mexico, China, Singapore and Brazil

Global procurement delivering efficiencies: 63 countries supported

2,700 procurement led cost reduction projects

Delivering transactional finance activities: Covers 24 OpCos, 25 languages, 26 nationalities

26% reduction in cost per invoice

Global supply chain – driving efficiencies and improving productivity in our breweries

Water usage reduced in 66% of our breweries

Energy consumption reduced in 59% of our breweries

Increased productivity in 69% of our breweries

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Brewing a Better World

Protecting Water Resources2020 Target

Specific water

consumption

Reduce to 3.5 hl/hl for group

average and to 3.3 hl/hl for breweries in water scarce areas

Water

balancing

Effective water stewardship

programmes with UNIDO

Waste water

treatment

Solutions for all plants

Sourcing Sustainably

2020 Target

Local sourcing

in Africa

60% of raw

materials locally sourced

Sustainable

agriculture

50% of main raw materials

supplied from sustainable sources

Supplier Code

Procedure

Ongoing compliance to Supplier

Code Procedure

Advocate Responsible Consumption2020 Target

Industry

commitments

Deliver global industry

commitments

Heineken® 10% of Heineken® media spend

dedicated to responsible consumption

Partnerships Maintain and publicly report on

local partnerships addressing alcohol abuse

Health & Safety

2020 Target

Life saving rules – action plans fully implemented

Inclusive Growth

2020 Target

Investing in our communities through direct

contributions, shared value projects and foundation initiatives

Reducing CO2

Emissions2020 Target

In production Reduce by 40% (eq. 6.4 kg CO2/hl)

In fridges Reduce by 50%

In distribution Reduce by 20% in Europe and the

Americas

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AgendaHEINEKEN: Delivering on strategy

Update on evolution at HEINEKEN

Six business priorities

Strategy delivering results

16

Delivering margin expansion

Source: Company data

Commitment to medium term margin guidance

In 2015 margin expansion

negatively impacted by 23bps

from the disposal of EMPAQUE

Year on year margin expansion

improvement of around 40 bps

reiterated for both 2016 & 2017

14.3%14.7%

15.3%

16.2%16.5%

2011 2012 2013 2014 2015 2016 2017

90bps

40bps60bps

23bpsc.40bps

c.40bps

Delivered in a balanced way through effective revenue management, continued focus on innovation, and investment in brands, combined with cost effectiveness

17

Deliberately stepping up investment for future growth

1 Capital expenditure related to property, plant and equipment

Increasing investments in developing markets

Investing in capex ahead of the curve focusing on

high growth markets

Over 2/3 of capex directed to developing markets

Capex guidance for 2016 is for this to be slightly

above €2 billion (2015: €1.6 billion) and includes:

New brewery in Mexico (5mhl)

New brewery in Brazil (3.5mhl)

Capacity extension Ethiopia (1.5mhl)

Continue to divest where we view businesses as

non-core (EMPAQUE, Polish distribution business)

7.7%

4.6%4.0%

4.7%

6.4%

7.1%

8.0%7.8%

0

500

1,000

1,500

2,000

2008 2009 2010 2011 2012 2013 2014 2015 2016F

Capex1 as % of revenue (€ million)

Capex (€m) Capex (% of revenues)

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HEINEKEN strategy to create value

1 Return on Sales - Operating profit (beia) divided by revenue; based on consolidated financials2 RONA - Return on Net Assets

Revenue & Market Share Growth

Focus on premium segment to drive top line growth and market share

Return on Sales

Commitment to medium term margin guidance

Focus on driving costs and efficiencies throughout the business

RONA

Focus on efficient deployment of capital eg. working capital

efficiencies, right capex, etc.

HEINEKEN Golden Triangle

Revenue & Market Share

Growth

Return onSales1 RONA2

Developing and Developed Markets may differ in weighting on these priorities as countries and markets evolve.

Decision making at HEINEKEN and operating company level incorporates all three elements.

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Summary

Recent years have shown further positive evolution at HEINEKEN

The company has six clear business priorities to focus on and drive future growth

HEINEKEN strategy is working and delivering positive results

In 2016 there is a deliberate step up in capital investment for future growth

Long term value creation is at the heart of our strategy and management of the company.

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HEINEKEN FINANCIALMARKETS CONFERENCE 2016HO CHI MINH CITY, VIETNAM

DAY 1DELIVERING STRONG GROWTH MOMENTUM Frans Eusman, President Asia Pacific

WINNING IN VIETNAM!Leo Evers, Managing Director, Vietnam Brewery Ltd

PASSION FOR COMMERCIAL EXCELLENCELaurent Theodore, Commercial Director, Vietnam Brewery Ltd &

Nguyen Phuong Hoang, Marketing Manager, Vietnam Brewery Ltd

Off-trade market visits

On-trade market visits (evening)

DAY 2DIGITAL MARKETING IN VIETNAM André Koo, Marketing Manager Heineken®, Vietnam Brewery Ltd

TRANSFORMING SUPPLY CHAIN & SUSTAINABILITYPaul Bleijs, Supply Chain Director, Vietnam Brewery Ltd

CLOSING REMARKSLaurence Debroux, Member of the Executive Board/CFO

Brewery tour