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Jean-François van Boxmeer

AGM 2017HEINEKEN N.V.

CHAIRMAN OF THE EXECUTIVE BOARD/CEO

AMSTERDAM, 20 APRIL 2017

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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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2016FY Key Highlights

Organic revenue +4.8% with revenue per hectolitre up 2.2%1

Consolidated beer volume +3.0% with growth in Americas, Asia Pacific and Europe

offsetting weaker volume in Africa Middle East & Eastern Europe

Heineken® volume in premium segment +3.7%

Operating profit (beia) +9.9% organically and operating margin +54bps1

Net profit (beia) of €2,098 million, up 8.5% organically

Diluted EPS (beia) of €3.68 (2015: €3.57) up 2.9%

Excluding major unforeseen macro economic and political developments as well as

the impact of the proposed acquisitions in Brazil and in the UK, expect continued

margin expansion in 2017 in line with medium term guidance

1 Excluding an accounting adjustment in the UK in 2016HY with no impact on operating profit, HEINEKEN organic revenue growth would have been +4.4%, organic revenue per hl +1.7% and operating margin (beia) +61bps.

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Operating Profit (beia): +9.9% Organic Growth

3,381 3,540

+1.2%

-6.4%

+9.9%

2015FY Operating profit (beia) Consolidation impact Currency translation Organic growth 2016FY Operating profit (beia)

€m€m

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Regional Review

2016FY Organic Growth %

HEINEKEN NV

AFRICA, MIDDLE EAST &

EASTERN EUROPE

AMERICAS ASIA PACIFIC EUROPE

Consolidated beer volume

3.0 -1.3 3.7 17.9 0.7

Revenue per hl 2.21 5.1 3.3 -3.7 1.41

Revenue 4.81 3.5 6.9 13.1 1.91

Operating profit (beia) 9.9 -21.2 23.5 26.5 7.1

1 Excluding an accounting adjustment in the UK in 2016HY with no impact on operating profit, HEINEKEN organic revenue growth would have been +4.4% and organic revenue per hl +1.7%; Europe organic revenue growth would have been +1.0% and organic revenue per hl +0.5%.

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Heineken® volume in premium segment +3.7%

Heineken® volume growth accelerated in 2H16

Growth across all regions

Double digit growth in Brazil, South Africa, Mexico, the UK, and Romania

Weaker volume in Russia, the US, Thailand and Greece

UEFA Champions League sponsorship extended until 2021

Continued success with Cities, Product Stories and Music campaigns

Formula 1® partnership commenced September 2016 alongside ‘When you drive, never drink’ campaign

Exciting innovation pipeline for 2017

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The InventionVideo

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Innovation Contributed €2.2bn of Revenue

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

2 Consolidated 2016 volume

Innovation Rate of 10.6%

Satisfying the needfor craft & variety

Seizing the low/no alcohol opportunity

Innovating in draught

Leading innovation in CiderInnovation rate1

4.1%5.3% 5.9%

7.7%

10.6%

2011 2012 2013 2014 2015 2016

€0.7bn

€2.2bn

2011 2016

26% CAGR

9.2%

Innovation revenue

12.3mhl24.8mhl2

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Sustainability Highlights 2016

First time integrated annual and sustainability report into one document

CO2 emissions in production decreased by 37% compared with baseline year 2008 and by 5%

in absolute terms despite business volumes having grown by 52% during that time

125,000 new green fridges introduced to help customers reduce emissions with 46% less CO2

emissions per fridge than in 2010

Water consumption in breweries decreased to 3.6 hl/hl (-28% compared with 2008) and 2020

target breweries of 3.3 hl/hl in water-stressed areas has already been reached

EUR 200 million committed to reinforce global ‘When You Drive, Never Drink’ message in the

next five years

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When You Drive, Never DrinkVideo

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Proposed Acquisition of Kirin Brasil S.A. Acquisition announced on 13 February 2017

The total consideration to be paid to Kirin for the shares is EUR 664 million,

corresponding to an estimated enterprise value of EUR 1,025 million for

HEINEKEN

Compelling strategic rationale:

The transaction consolidates HEINEKEN’s position to become second

largest beer company in Brazil and broadens the reach across the country

Strengthens HEINEKEN’s platform to accelerate further premiumisation

Provides significant scale from which to drive future growth

Further increases HEINEKEN’s exposure to growth from developing

markets

In light of the size and requirements of the proposed future combined portfolio,

HEINEKEN confirmed that it intends to leverage Kirin’s existing route to market

with the HEINEKEN portfolio in the future

Transaction expected to close in 2017HY

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Proposed Acquisition of Punch A

15 December 2016 - Vine Acquisitions Limited (Vine) recommended cash offer for

Punch Taverns plc. HEINEKEN UK back to back deal with Vine to acquire Punch

Securitisation A (Punch A) c.1,900 pubs

10 February 2017 - Punch shareholders voted in favour of the Scheme at the Court

Meeting and special resolution proposed at General Meeting passed

Acquisition remains subject to the satisfaction or (where capable of being waived)

waiver of the other Conditions set out in the Scheme Document, including the Court

sanctioning the Scheme at the Court Hearing

Subject to being approved by the relevant regulatory authorities, the Acquisition is

expected to become effective by the end of August 2017

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2017 Q1 Highlights

Consolidated beer volume grew 0.6% organically:

Asia Pacific up 5.4%, continuing to outperform

Europe up 0.5% with good consumer confidence across most of the region

Africa, Middle East & Eastern Europe declined 0.4%, market conditions remain challenging

Americas declined 0.7% with good growth in Mexico offset by weaker volume in Brazil

Heineken ® volume grew 2.5%

Our full year expectations remain unchanged.

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Agenda

1 2016a. Report of the Executive Board for the financial year 2016

b. Implementation of the remuneration policy for the Executive Board

c. Adoption of the 2016 financial statements of the Company (voting item)

© 2017 Deloitte The Netherlands

The independent auditor’s report

- Prepared in accordance with Part 9 Book 2 of the Dutch Civil Code

- Consistent with consolidated financial statements

- Procedures performed in accordance with the law and the Dutch Standard 720 – “Responsibilities of the accountant on other information”

REPORT OF THE EXECUTIVE BOARD

- Materiality for the financial statements as a whole €150m

- Based on profit before tax (6.2%)

MATERIALITY

- Revenue recognition- Intangible assets and property, plant and

equipment impairment test- Taxes- Internal controls over financial reporting

KEY AUDIT MATTERS

- Assurance procedures performed on 25 components

- Audit coverage- Use of various specialists

SCOPE

Company and consolidated financial

statements of Heineken N.V.

SUSTAINABILITY

- Review of sustainability data

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Agenda

1 2016 — continuedd. Explanation of the dividend policy

e. Adoption of the dividend proposal for 2016 (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 Authorisationsa. 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)

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Agenda

3 Long-term variable award plan: replacement of the Organic EBIT beia Growth performance measure by Organic Operating Profit beia Growthperformance measure as of 2017 (voting item)

4 Re-appointment of the External Auditor for a period of three years (voting item)

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Agenda

5 Composition of the Executive BoardRe-appointment of Mr. J.F.M.L. van Boxmeer as member of the Executive Board (voting item)

6 Composition Supervisory Boarda. Re-appointment of Mr. M. Das as member (and delegated member)

of the Supervisory Board (voting item)

b. Re-appointment of Mr. V.C.O.B.J. Navarre as member of the Supervisory Board (voting item)

Closing