11 DECEMBER 2017, LONDON

WHAT’S BREWING SEMINAR

INNOVATION: DRIVING TOP LINE

GROWTH

JAN DERCK VAN KARNEBEEK

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.

Jan Derck van Karnebeek

Chief Commercial Officer

President Central & Eastern Europe & Chief Sales Officer

Managing Director Romania

Managing Director Bulgaria

General Manager HEINEKEN Beer Systems NL

Commercial Director HEINEKEN Slovakia

Joined HEINEKEN1991

2001

2006

2009

2013

2015

1999

Agenda3

2 2 2

Innovation: setting the scene

EMERGING CATEGORIES

E-COMMERCE CHANNELS

CONSUMER DRAUGHT EXPERIENCE

DRIVING INNOVATION

SUMMARY

3 4

1

5

6

Blade

The SUB

Beerwulf

B2B

Low and no alcohol

Cider

Craft and variety

Innovation driving top line growth ahead of peers

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.

Innovation rate1

20162014 2015

7.7%

9.2%10.6%

Revenue Organic Growth HEINEKEN vs. Peers

2014 2015 2016 2017 H1

3% 4%

5%6%

Heineken

Innovation revenue

2014 2016

€1.5bn

€2.2bn

Innovation revenue

2015

€1.9bn

Innovation rate reporting ceased at end of 2016 as culture of innovation fully embedded in organization, to be replaced with more disclosure of specific categories (i.e., Cider, LNA)

Focus areas of today expected to continue to drive top line growth

Forecast medium term volume growth

2011 2016

Revenue / hl indexed to group

Average Cider (ex UK)

Low/No Craft & Variety

LNA, C&V and Cider share of HEINEKEN consolidated beer and cider revenue

19%

Source: Canadean forecast 17-20

Beer market LNA Cider(excl. UK) C&V

Beer Average

Cider (ex UK)

Low/No Craft & Variety

0.0%

1.4%

3.5% 3.7%

Changing external environment is providing HEINEKEN with opportunities to win

Bigger competition

Digitalisation of life

The craft revolution Blurring categories

Rise of women

Wellness

REPERTOIRE BEHAVIOUR

Agenda3

2 2 2

Innovation: setting the scene

EMERGING CATEGORIES

E-COMMERCE CHANNELS

CONSUMER DRAUGHT EXPERIENCE

DRIVING INNOVATION

SUMMARY

3 4

1

5

6

Blade

The SUB

Beerwulf

B2B

Low and no alcohol

Cider

Craft and variety

A rich Low & No Alcohol business comprising of 3 sub-categories

Split by subcategory of consolidated volumes in 2016

Split by alcohol level of consolidated volumes in 2016

29%42%

25%

38%

62%

4%

Malts

Radler and beer mixes

Beer

Others No alcohol Low alcohol (<3.5%)

Comprehensive & complementary portfolio from classic beers to innovative new propositions

0.0 beers are on-trend, doubling the accessible market

Healthier choices

100mls21Kcal

100mls48Kcal

100mls42Kcal

100mls42Kcal

Rising of wellness

66%of people are interested in buying

products which make claim for “natural”

Source: Globaldata

The sources of volume are vast

Global CSD Market2,246 MHL

Global Beer Market = 2,025 MHL

CSD consumed in

adult occasions1,110 MHL

Existing LNA Market80 MHL

Beer consumed

where moderation or

health are relevant310 MHL

Source: HEINEKEN analysis

Heineken 0.0 exceeding expectations

0.0 launch in Spain returned category to growth

• Highly successful launch and off trade sell in • Fastest distribution build in the beer category in 7 years • Heineken 0.0 has turned around the declining category trend

since 2009

Heineken® volumes in Europe

2015 2016 2017E

3.5%CAGR

20142013

Heineken® Lager Heineken® Innovation

103.2%CAGR

Heineken®

Source: Nielsen scantrack

Market share LNA vs. LY

HEINEKEN LNA SEGMENT Competitors

Radler already a big success with 2.0% ABV, with further upside from 0.0% ABV

HNV Radler continues to grow steadily

Radler 0.0% is an emerging growth driver for segment with strong double digit growth

2013 2014 2015 2016

+13%

2013 2014 2015 2016

+76%

✓

✓

✓

Launched in 2011, introduced in 48 markets to date

Additional flavors (>40) and broad range of pack types

Significant opportunity with 0.0% Radler, which is still small at 17% Radler volume and in 18 markets

Malt providing natural refreshing nourishment with a long shelf life

Our Malts business is significant

83%

17%

>4.5 mhlsin 2016

1 Based on UN Food and Agriculture Organisation study for 2014-16 2 World Bank, Sub-Saharan Africa Poverty and Equity Data3 Guardian 2011

Significant opportunity for growth particularly in Africa

Estimated that 230m people are undernourished in sub-Saharan Africa (1)

500m people (47% of the population) living on $1.90 a day or less (2)

A women in sub-Saharan Africa will give birth to 5.2 children in her lifetime (3)

We have brands and packaging innovations

Nigeria Other

Agenda3

2 2 2

Innovation: setting the scene

EMERGING CATEGORIES

E-COMMERCE CHANNELS

CONSUMER DRAUGHT EXPERIENCE

DRIVING INNOVATION

SUMMARY

3 4

1

5

6

Blade

The SUB

Beerwulf

B2B

Low and no alcohol

Cider

Craft and variety

Consumer trends play well to Cider’s strength

Rise of women50/50

Naturalness1. Apple 2. Refreshment 3. Over ice

AuthenticMade from apples, craftmanship

Sweeter tasteNo bitterness barrier

Range & varietyLends itself well to different flavours

Making cider in existing breweries bringing instant scale and sweating the assets

Brewery with capabilities forcider and beer production

in 15 countries

Scaling cider rapidly through localisation with the same brand

Local recipes

Local packaging

Local brand name

International Brand!

✓

✓

✓

✓

Strongbow disrupted South Africa’s established cider market

Successful first year built on three points:

• Passion & Belief: buy-in from everyone in the business; failure not an option!

• Go big on Launch: nationwide media, comms, and sampling.

• Category Norms and Variety: Gold and Dry liquid. Red Berry variant for consumers hungry for change.

3mhl market. In one year reached 9% market share!

Cider adds crucial scale to our integrated beer and cider business.

Agenda3

2 2 2

Innovation: setting the scene

EMERGING CATEGORIES

E-COMMERCE CHANNELS

CONSUMER DRAUGHT EXPERIENCE

DRIVING INNOVATION

SUMMARY

3 4

1

5

6

Blade

The SUB

Beerwulf

B2B

Low and no alcohol

Cider

Craft and variety

Craft is an exciting opportunity, both in volume and value

Repertoire continuum

Easy to drink Challenging taste

Big lager brands

Crafty lineextensions

Weiss & sour/ fruity beers

Blondes &(Abbey) ales

HoppierBeers (IPA)

More complex

High volume High margin

3 Complementary strategies to capture craft growth

Extending credible lager brands

Craft brands that can travel

Grow / acquire local craft in selective markets

Extending credible lager brands into accessible craft… large volumes at good prices

• Brand extensions +33% CAGR 2013-16

• 20% of lager volume • 43% higher Rev/Hl vs Brand

Regular

• Zywiec Craft 9% of lager volumes; 76% CAGR 2013-16

• 35% higher Rev/Hl vs ZywiecRegular

• Moretti Regionale 13% of volumes; 71% CAGR 2013-16

• 69% higher Rev/Hl vs Birra Morettiregular

Applying HEINEKEN know-how to capture scale and make the right brands travel

Mort Subite Lagunitas

12

Affligem Heineken®

Number of countries brand is sold in

15

47

192

Growing and/or acquiring local craft in selective markets

Eisenbahn driving Brazilian craft category:

• Launched 2002 with acceleration driven by new pack types, new price positioning and new style launches to keep the craft aura.

• A gateway to craft with a full portfolio of styles and seasonal varieties; Pilsen style represents c.90% of brand volume.

Eisenbahn volume

CAGR =105% > 1mhl in 2017

Agenda3

2 2

Innovation: setting the scene

E-COMMERCE CHANNELS

CONSUMER DRAUGHT EXPERIENCE

DRIVING INNOVATION

SUMMARY

3 4

1

5

6

Blade

The SUB

Beerwulf

B2B

EMERGING CATEGORIES

Low and no alcohol

Cider

Craft and variety

2

The real draught experience: easy, affordable and accessible

A clear "'First come.... take all" opportunity

• Increase draught penetration in low volume rotation outlets

• Easy variety enabler providing an extra brand on top of lager beers

With BLADE, you can order & serve fresh draught beer everywhere

Launched in 11 countries in Europe

Bringing the real draught experience to our homes

Now using E-commerce as the accelerator

✓ Available in 8 European markets by 31st Dec 2017, all from 1 e-commerce team based in Amsterdam

✓ The ultimate beer experience at home

✓ Rolling out in China and the USA

✓ 12 to 15 brands per market: HEINEKEN owned and third party craft.

Agenda3

2 2

Innovation: setting the scene

E-COMMERCE CHANNELS

CONSUMER DRAUGHT EXPERIENCE

DRIVING INNOVATION

SUMMARY

3 4

1

5

6

Blade

The SUB

Beerwulf

B2B

EMERGING CATEGORIES

Low and no alcohol

Cider

Craft and variety

2

Agenda3

2 2 2

Innovation: setting the scene

EMERGING CATEGORIES

E-COMMERCE CHANNELS

CONSUMER DRAUGHT EXPERIENCE

DRIVING INNOVATION

SUMMARY

3 4

1

5

6

Blade

The SUB

Beerwulf

B2B

Low and no alcohol

Cider

Craft and variety

HEINEKEN's growing edge in innovation: Speed at Scale

IMPROVING THE PACE AT WHICH WE ROLL OUR INNOVATIONS GLOBALLY

Shared in one global, digital community

SHAREOne language, one culture, a growth

mindset

Driving proven growth models

RE-APPLYCopy, and call it Innovation

Desperados

Cider

Blade / Heineken® 0.0 1 year to pan-Europe

5 years to over 50 markets

20 years to 20 markets

* Minimal Viable Product - ie market test or first generation product/service

DOEncourage entrepreneurship and

accept failure

Development and executionof small MVPs

Improve offer in the market

LEARNBe curious, measure and adjust

1995

2008

2017

Agenda3

2 2 2

Innovation: setting the scene

EMERGING CATEGORIES

E-COMMERCE CHANNELS

CONSUMER DRAUGHT EXPERIENCE

DRIVING INNOVATION

SUMMARY

3 4

1

5

6

Blade

The SUB

Beerwulf

B2B

Low and no alcohol

Cider

Craft and variety

Key takeawaysJD first attempt

• HEINEKEN is now delivering superior revenue organic growth and Innovation is one of the key drivers.

• Beer category set to benefit from emerging 21st century trends.

• HEINEKEN ideally placed to capture growth from these trends by driving categories, experiences and (e)channels.

• HEINEKEN footprint and experience is enabling the company to implement innovations faster and more extensively than competitors.