We are

HEINEKEN
Company Presentation 2013

| Heineken NV | Heineken Holding NV

HEINEKEN: A leading global brewer
with excellent growth platforms
Second largest brewer in the world by revenue1

A highly diversified emerging market footprint

Heineken®, the world’s leading international premium beer

 Heineken® available in 178 countries

 Highest beer brand equity in the world2

Diverse product portfolio

 More than 250 international, regional, local and specialty

beers and ciders

Leading brewer and largest beverage distributor in Europe

A broad geographic footprint

 Excellent spread of profits and cash flow

1 Inclusive of APB Pro-forma 2012

2 2 Millward Brown: BrandzTM Global Equity Study 2012
HEINEKEN through the years
A proud, independent global brewer

2002 –
1864 1939 2007 2009 2010 2012
Gerard Adriaan HEINEKEN is Expansion in The Heineken Acquisition of Gained full
Heineken acquires listed on the Central and Africa Foundation FEMSA beer control of
his first brewery Dutch Stock Eastern Europe is launched business in Asia Pacific
in Amsterdam, Exchange Mexico and Brazil Breweries
Netherlands

1865 – 1940 –
1938 2001 2008 2009 2011
Import to Africa Expansion in Acquisition Joint ownership of Acquisition of
and USA, expansion Africa, and of Scottish & India’s No. 1 brewer five breweries
in Western Europe Americas Newcastle United Breweries in Nigeria and
and entry into Asia Limited two in Ethiopia
Pacific

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Diverse and balanced geographic footprint
Increasing exposure to developing markets

70+ 250+ 50% Group beer volume1

COUNTRIES BRANDS OF GROUP by region (2012)
OPERATING AME
165 196mhl PROFIT (BEIA) 85,000 WE 13%
BREWERIES GROUP BEER DIRECT 22%
FROM
VOLUME DEVELOPING EMPLOYEES
MARKETS
Americas
29%
CEE
25%

Asia Pac
11%

Group Operating profit (beia)2

by region (2012)

AME
WE 20%
Operating Companies 29%

Joint Venture

Export
CEE
Licences 11% Americas
24%
Asia Pac
16%

1 Group beer volume is consolidated beer volume plus attributable share of volume from joint ventures and associates
2 Group operating profit (beia) is consolidated operating profit (beia) plus attributable share of operating profit (beia) from joint ventures
and associates. Excludes Head Office.
4 2012FY proforma (including APB from 1 January 2012)
Strong track record of growth

Consolidated beer volume in mhl Consolidated Revenue (beia) in €m

CAGR: +8.1% CAGR: +6.4 %

2012 172 2012 18,383

2011 165 2011 17,123

2010 146 2010 16,133

2009 125 2009 14,701
2008 126 2008 14,319

Consolidated operating profit (beia)* in €m Diluted EPS (beia)* in €

CAGR: +9.8% CAGR: +8.7 %
2012 2,666 2012 2.89
2011 2,456 2011 2.70
2010 2,430 2010 2.58

2009 1,967 2009 2.15

2008 1,834 2008 2.07

5 * 2010 and 2012 restated

Vision, mission and values

We are We value We want

A proud, independent, A passion for quality, To win in all markets
global brewer committed enjoyment of life, respect with Heineken®, and with
to surprising and exciting for people and respect a full brand portfolio in
consumers everywhere. for our planet. markets where we choose.

Business priorities
1 2 3 4 5 6

Grow Consumer- Capture the Leverage the Drive Embed and

Heineken® inspired, opportunities benefits of personal integrate
Brand customer- in emerging HEINEKEN’s leadership sustainability
oriented, markets global scale
brand-led

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Heineken® brand: Truly global reach
Heineken®: Celebrating 140 years in 2013

Heineken® outperforms Heineken® share of IPS* in 2012

(Volume Growth, CAGR 2005-2012F) 20%

5.4%
4.7%
10% 10%
3.0% 6%
5% 4% 3% 3%

Beer Market IPS* Heineken®

‘Open Your World’: Strong global activation

Design Engagement Innovation Communication

Source: Plato, July & August 2012

Beer market & IPS estimates for 2011 and 2012
7 *IPS = International Premium Segment (volume sold outside home market)
Other global brands driving value

Margin enhancing global brands

Global Brands Portfolio
Indicative price vs. Mainstream beer
(Index = 100)

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Over 60% of Group beer volume from
developing markets
Profit from developing markets grew 7% organically in 2013HY

2013HY Developing markets: 2013HY:

Group beer volume split % of total Group

Latin
America &
63% 50%
Caribbean 49%
35%

Asia
Pacific Europe
15% Africa 28% 51% 50%
37%
Middle
East
22% Group beer Group Group
volume revenue operating
profit (beia)

Developing Developed

Organic growth calculations assume HEINEKEN’s joint venture share of 41.9% of APB and 50% of APIPL prior to consolidation is maintained
through to 15 November 2013. Organic growth of consolidated volume, consolidated revenue and consolidated operating profit (beia)
9 excludes any impact from APB/APIPL. Organic growth on group volume and group financials includes an impact from APB/APIPL.
Drive personal leadership

Leverage Global Talent Pool

 64 nationalities in senior management
 Women represent 14% of senior
management
 Foster an entrepreneurial and
accountability culture
 New HEINEKEN Leadership model
 140 nominated leaders completed
leadership development programmes
in 2012

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Embed and integrate sustainability
PROTECTING WATER RESOURCES
 Reducing specific water
consumption by 25%
 Aiming for water compensation
in water scarce and distressed
areas
SOURCING SUSTAINABLY
 Deliver 60% of raw materials
in Africa via local sourcing
 Aim for at least 50% of our main
raw materials supplied from
sustainable sources
 Ongoing compliance to supplier
code procedure
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REDUCING CO2 EMISSIONS
 In the brewery by 40%
 From fridges by 50%
 From distribution by 20%
ADVOCATING RESPONSIBLE
CONSUMPTION
 Delivering on industry
commitments
 Making responsible consumption
aspirations through Heineken®
 Every market in scope has and
reports publicly on a measurable
partnership aimed at addressing
alcohol abuse
Africa Middle East
Thirteen #1 and four #2 positions 44 41 9 29mhl 14,900
BREWERIES EXPORT JV’S/ GROUP DIRECT
MARKETS ASSOC. BEER VOLUME EMPLOYEES

Beer market growth drivers:

 Supportive demographics and economic growth Regional beer market dynamics:
 6 of the top 10 fastest growing economies Beer market Per Capita
IPS* CAGR% Population CAGR %
globally are in Africa1 Growth CAGR % (2011-
20)
Consumption
Litres (2011)
(2011-20) (2011-20)

 Emerging, brand-conscious middle class

4% 9 7% 2%

A well balanced portfolio with strong local and

regional brands and growth in international premium Regional financial performance:
Consolidated EBIT Operating profit
Revenue
Heineken®, the leading IPS* brand (CAGR of 17% in beer volume (beia) (beia) margin

past 5 years) 2012FY (mhl/€m) 23.3 2,639 652 23.3%

Organic growth
+10% +15% +17%
Strong market positions in large and growing CAGR 2007-2012

markets across the region

Key beer brands
47% of raw materials locally sourced with a target
to reach 60% by 2020

HEINEKEN Africa Foundation underpins a passion and

commitment to responsible growth in the region

Plato July and November 2012

(1) IMF, world economic outlook database
12 *IPS = International Premium Segment (volume outside home market)
Americas
Attractive growth potential 20 38 4 63mhl 23,400
in a large profit pool BREWERIES EXPORT JV’S/ GROUP DIRECT
MARKETS ASSOC. BEER VOLUME EMPLOYEES

Americas region represents the largest global beer

profit pool Regional beer market dynamics:
Operate under a range of business models Beer market
Growth CAGR % (2011-
Per Capita
Consumption
IPS* CAGR% Population CAGR %
(2011-20) (2011-20)
20) Litres (2011)
Aim is to win in key markets and drive value growth 2% 61 4% 1%

Strongly leverage on global marketing expertise

Regional financial performance:
Focus on premiumisation and innovation Consolidated EBIT Operating profit
Revenue
beer volume (beia) (beia) margin
Mexico is the largest market for HEINEKEN in terms 2012FY (mhl/€m) 53.1 4,523 748 14.7%
of both volume and profitability Organic growth
+1.4% +3.6% +12%
CAGR 2007-2012
Value creation strategy delivering results in Mexico
Key beer brands
Dos Equis, one of the fastest growing import brands
in USA

Heineken® brand in Brazil (CAGR of 59% in past 5

years)

Plato July and November 2012

13 *IPS = International Premium Segment (volume outside home market)
Asia Pacific
Growing, dynamic beer market 25 7 4 29mhl 8,000
with increasing premiumisation BREWERIES EXPORT JV’S/ GROUP DIRECT
MARKETS ASSOC. BEER VOLUME EMPLOYEES

Beer market growth drivers:

Regional beer market dynamics:
 Young and growing population
 Aspirational consumers and a growing middle Beer market
Growth CAGR % (2011-
Per Capita
Consumption
IPS* CAGR% Population CAGR %
(2011-20) (2011-20)
class 20) Litres (2011)

 Strong economic growth 3% 18 7% 1%

A premium-led portfolio comprising Regional financial performance:

strong local mainstream brands
Consolidated EBIT Operating profit
Revenue
beer volume (beia) (beia) margin

Heineken® brand volume of 6.5mhl in 2012, 2012FY (mhl/€m) 3.7 527 267 29.7%
growing at a CAGR of 29% in last 5 years Organic growth
+4.4% +8.5% +25%
CAGR 2007-2012

Unparalleled opportunity in IPS:

 Heineken® and Tiger® brands represent 34% of
Key beer brands
IPS*
 Maximise international potential of the Tiger®
brand
 Capture potential of the developing and profitable
IPS in China and India

Plato July and November 2012

14 *IPS = International Premium Segment (volume outside home market)
Central & Eastern Europe
Sustainable value growth focus 52 18 3 55mhl 17,700
BREWERIES EXPORT JV’S/ GROUP DIRECT
MARKETS ASSOC. BEER VOLUME EMPLOYEES

A large and diverse beer market with high per capita

consumption Regional beer market dynamics:
A diverse product range and balanced portfolio of Beer market
Growth CAGR % (2011-
Per Capita
Consumption
IPS* CAGR% Population CAGR %
(2011-20) (2011-20)
markets 20) Litres (2011)

1% 61 5% 0%
HEINEKEN has ten #1 and #2 positions
Regional financial performance:
Leading in innovation with the most complete
‘Radler’1 portfolio Consolidated
beer volume
Revenue
EBIT
(beia)
Operating profit
(beia) margin

Strategic focus on revenue management and 2012FY (mhl/€m) 47.3 3,280 349 9.9%
Organic growth
long term value creation CAGR 2007-2012
-1.5% +1.5% -2.8%

Strong commercial execution through leveraging on

Key beer brands
sales and brand marketing capabilities

Heineken® brand offers an exciting growth

opportunity

Margin enhancing Desperados brand available in 19

countries (CAGR of 20% past 3 years)

Plato – July and November 2012

1 Radler – mix of beer and natural juice, 2% ABV
15 *IPS = International Premium Segment (volume outside home market)
Western Europe
Strong market positions 26 17 0 45mhl 18,600
and cash generation BREWERIES EXPORT JV’S/ GROUP DIRECT
MARKETS ASSOC. BEER VOLUME EMPLOYEES

A large and resilient beer market, with a significant

profit pool Regional beer market dynamics:
Strong leading positions across the region Beer market
Growth CAGR % (2011-
Per Capita
Consumption
IPS* CAGR% Population CAGR %
(2011-20) (2011-20)
20) Litres (2011)
Region has realised ~50% of HEINEKEN’s cost 0% 56 1% 0%
savings1
Regional financial performance:
Strong free operating cashflow generation
Consolidated EBIT Operating profit
Revenue
Focus on premiumisation, segmentation and beer volume (beia) (beia) margin

innovation 2012FY (mhl/€m) 44.3 7,785 964 12.4%

Organic growth
-3.5% -1.3% +4.3%
Leading in responsible consumption CAGR 2007-2012

Driving value in the on-premise channel through Key beer brands

innovation, strong local and global brand activation

Winning in the off-premise through strong

commercial execution and retailer partnerships

Proven track record in delivering consistent profit

growth

Plato May , July and November 2012

1 Fit2Fight (2006-2008) and TCM1 (2009-2011)
16 *IPS = International Premium Segment (volume outside home market)
HEINEKEN’s shareholder structure

Heineken N.V. shares held by Heineken Holding N.V. equals

the number of shares issued by Heineken Holding N.V.

Holding companies Greenfee B.V.

of Heineken family

88.55% 11.45%

L’Arche Green N.V.

51.083%

Heineken Holding N.V. FEMSA Free float

14.935% 33.982%

50.005%

Heineken N.V. FEMSA Free float

12.532% 37.463%

17 As at December 2012
Sponsored Level 1 ADR Programmes

Heineken N.V. Heineken Holding N.V.

Bloomberg ticker: HEINY Bloomberg ticker: HKHHY
ISIN: US4230123014 ISIN: US4230081014
Cusip: 423012301 Cusip: 423008101
Exchange: OTC Exchange: OTC
Ratio: 2 ADRs: 1 Ordinary Share Ratio: 2 ADRs: 1 Ordinary Share

Depositary bank: Deutsche Bank Trust Company Americas

ADR broker helpline:
+1 212 250 9100 (New York)
+44 207 547 6500 (London)
E-mail: adr@db.com
ADR website: www.adr.db.com
Depositary Bank’s local custodian: Deutsche Bank, Amsterdam

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Contact Information

If you would like further information about HEINEKEN,

please visit our website at:
www.theHEINEKENcompany.com

HEINEKEN Registered Office:

Tweede Weteringplantsoen 21, 1017 ZD Amsterdam
P.O. Box 28, 1000 AA Amsterdam, The Netherlands
T: 31 (0) 20 523 9777

Investor enquiries:
T: +31 (0) 20 523 9590
or by email at: investors@heineken.com

Media enquiries
T: +31 (0) 20 523 9355

Sustainable development:
T: 31 (0) 20 523 9777

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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.

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