Heineken NV / Heineken Holding NV

BARCLAYS GLOBAL CONSUMER STAPLES CONFERENCE, 6 SEPTEMBER 2016

HEINEKEN:Delivering on Strategy

Jean-François van Boxmeer Chairman of the Executive Board / CEO

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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.

Disclaimer

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AgendaHEINEKEN: Delivering on strategy

Strategic transformation at HEINEKENSix business priorities

Strategy delivering results

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Strategic transformation at HEINEKEN 2000-2015

Transformed geographic footprint Diversified business - not dependent on one sole geography

Increased exposure to higher growth markets:

61% of profits delivered by developing markets in 2015 vs 20% in 2010

Evolved strategy for developed markets First stage – cost base restructuring, increasing productivity

Second stage – reinvesting in the top line through innovation

Portfolio approach

Focus on premium portfolio as a competitive advantage, anchored around core Heineken brand

People and culture

More diversified, more international

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AgendaHEINEKEN: Delivering on strategy

Strategic transformation at HEINEKEN

Six business priorities Strategy delivering results

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Six business priorities

Win in premium led by Heineken® brand

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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

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Source: Canadean 2015 and company dataIPA – Indian pale ale

Heineken® the only truly

Global brand in the world

Heineken®

In +170 markets

14% of HEINEKEN volume

20-year CAGR c. 5%

Desperados – tequila flavoured beer

Strongbow – the global leader in cider

Affligem – Belgian abbey beer

Sol – the independent Mexican

Amstel – a premium lager beer with a strong heritage

Tecate – Mexican brand with broad consumer appeal

Other International brands

Tiger – Born in Singapore, the iconic Asian beer brand

Krušovice – a lager beer with strong Czech heritage

Red Stripe – strong Caribbean brand with distinctive

attributes

Lagunitas IPA – exciting IPA brand with international

potential

Win in premium led by Heineken®

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Heineken® Formula 1Video

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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

In 2015 cider crossed 1mhl outside the UK

Portfolio positioned in attractive premium segment and product innovation friendly

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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Innovation contributed €1.1bn of revenue in 1H16

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 Rate of 10.5%

Innovation rate1

Innovation revenue Satisfying the needfor craft & variety

Seizing the low/no alcohol opportunity

Innovating in draught

Leading innovation in cider

4.1%5.3% 5.9%

7.4%8.6%

10.5%

11HY 12HY 13HY 14HY 15HY 16HY

€0.3bn

€1.1bn

11HY 16HY

25% CAGR

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Campaigns strengthened byleading capabilities in social and digital media

Facebook fans as at 31 August 2016

#1 on facebook

21.6MHeineken®

13.7MBudweiser

2.5MCarlsberg

12.3MCorona

7.9MStella 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

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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: Covering 24 OpCos, 25 languages, 26 nationalities

26% reduction in cost per invoice during 2015

Global supply chain – driving efficiencies and improving productivity in our breweries. FY 2015 examples:

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

Strategic transformation at HEINEKEN

Six business priorities

Strategy delivering results

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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 2016

14.3%14.7%

15.3%

16.2%16.5%

2011 2012 2013 2014 2015 2016

90bps

40bps60bps

23bpsc.40bps

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

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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

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

Strong 1H16 results reported on 1 August 2016, with FY16 margin expansion expected to be in line with medium term guidance