The world’s most international brewer  No 1 in Europe and No 2 in the world by revenue  Operations in over 70 countries globally Brewing great beers, building great brands Committed to surprising and exciting consumers everywhere Long and proud history and heritage

1. Global Corporate Relations | August 2013Global Corporate Relations | March 2014

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Content

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4. The world’s most international brewer
 No 1 in Europe and No 2 in the world by revenue
 Operations in over 70 countries globally
Brewing great beers, building great brands
Committed to surprising and exciting
consumers everywhere
Long and proud history and heritage
HEINEKEN | Proud, Independent, Responsible Global Brewer
4

5. HEINEKEN | Our Values
Enjoyment
we bring enjoyment to life
Respect
for individuals, society and the
planet
Passion
for quality
5

6. HEINEKEN | Brewing Great Beers, Building Great Brands
Heineken®, our flagship brand, is the world’s
leading international premium beer
Desperados, Sol, Affligem and Strongbow Apple
Ciders complement our global brand portfolio
Altogether, we have over 250 international
premium, regional, local and specialty beers and
ciders in our portfolio
Passion for quality and Innovation are at the
heart of how we build great brands and delight
our consumers
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7. HEINEKEN | A Long and Proud History & Heritage
1864
The Heineken Family
enters the beer business
1869
We switch to bottom
fermentation: clearer,
purer, long lasting beer
1886
Dr. H. Elion cultivates
the Heineken A-yeast
=> unique flavour
1889
We are crowned at the
Grand Prix Paris for quality,
focused innovations
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8. HEINEKEN | A Long and Proud History & Heritage
1928
Early stages of unique
advertising and becoming
truly international
1929
HEINEKEN moves
into Asian markets
1933
Heineken® is the first
import beer to the US after
Prohibition is repealed
1954
Alfred Heineken begins
‘Beer Can Travel’ global
marketing strategy
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1968
HEINEKEN acquires
Amstel Brewery

9. 2008
Acquisition of
Scottish & Newcastle
2012
Acquisition of Asia
Pacific Breweries
9
2010
Acquisition of
FEMSA Cerveza
1982
Production transfer from
Amsterdam to Zoeterwoude
in the Netherlands
2003
Acquisition of Brau-
Beteiligungs A.G.
(BBAG) in Austria
HEINEKEN | A Long and Proud History & Heritage

10. HEINEKEN | Truly Global Presence
>165 breweries in
over 70 countries
>85,000 employees
>Group Beer
Volume* in 2013:
195.2 million hl
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* Consolidated beer volume plus
attributable share of beer volume
from joint ventures and associates

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12. HEINEKEN is Unique
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13. 1 Grow the Heineken® brand
2 Be a consumer-inspired, customer-
oriented, brand-led organisation
3 Capture the opportunities in emerging
markets
4 Leverage the benefits of HEINEKEN’s
global scale
5 Drive personal leadership
6 Embed and Integrate Sustainability
Shaping Our Future | Our Global Priorities
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14. Heineken® is our most valuable brand
The world’s leading international premium
beer with 20% category share
Strong global brand equity
Strong global platforms to further grow the
brand
Priority 1 | Grow Heineken® Brand
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15. Priority 2 | Be Consumer-inspired, Customer-oriented, Brand-led
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1 Expansion of global brands
Desperados, Sol, Affligem and
Strongbow Apple Ciders
2 Continue to invest in and win with
local brands
3 Create value for our customers
4 Innovation at the heart of our
business

16. Priority 3 | Capture the Opportunities in Emerging Markets
HEINEKEN has transformed its
emerging market footprint
57% of HEINEKEN’s operating profits and 62% of volumes
come from higher growth markets
Seize significant growth potential in Africa
In Asia Pacific, seize opportunity for premium beer
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% of total Group in 2013
62%
49%
57%
38%
51% 43%
Group beer
volume
Group
operating
profit (beia)1
Group
revenue
Developing Developed
Head office & eliminations excluded from ‘% of Group’ calculation

17. Priority 4 | Leverage the Benefits of HEINEKEN’s Global Scale
The establishment of Global Business
Services is a key enabler
 HEINEKEN Global Shared Services
 HEINEKEN Global Procurement Company
Global brand building
Supply Chain optimisation
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18. Priority 5 | Drive Personal Leadership
>70 operating companies
>85,000 employees
One HEINEKEN culture driven by
 Diversity
 Capability
 Personal accountability
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19. Sustainability is a critical part of how we do business
 10-year integrated sustainability programme launched in 2010
 On track to meet 2020 goals
Highlights of 2012:
 Continued progress water and energy efficiency of our breweries,
offices and warehouses
 93% of our new fridges are green
 Local sourcing projects in 10 countries across Africa, benefiting more
than 100,000 farmers and their families
 Global Industry Commitment to a new series of targeted actions to
reduce alcohol related harm
 Our Supplier Code signed by 528 global and more than 34,000 local
suppliers
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Priority 6 | Embed and Integrate Sustainability
Highlights of 2013 available in April 2014, pending publication of Sustainability report 2013

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21. Ownership Structure and Stock Exchange Listing
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Per 1 February 2014

22. Organisational Structure
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23. Our Executive Board
Jean-François van Boxmeer
 Chairman of the Executive Board and
Chief Executive Officer
René Hooft Graafland
 Member of the Executive Board and Chief
Financial Officer
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Our Leadership Structure and Team

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Content

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27. World-class Brand Portfolio
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Heineken® is our flagship brand and the
world’s leading international premium beer
Desperados, Sol, Affligem and Strongbow
Apple Ciders complement our global brands
portfolio
Altogether, HEINEKEN has over 250
international premium, regional, local and
specialty beers and ciders

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Source:
Canadean and HEINEKEN
2013 reflects latest
Canadean estimates
20%
10% 9%
5%
4%
3% 3%
2% 2%
1%
Heineken® share of IPS (2013)
Heineken® | Clear Leadership in International Premium Segment

29. The world’s most valuable international
premium beer brand
You can find Heineken® in almost every
country in the world
It sets us apart from our competitors
Heineken® | Our Flagship Brand
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30. Heineken® | Passion for Quality
One world, one taste, one unchanged recipe
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31. Heineken® | Open-minded
Available everywhere in the world
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32. Leading premium product platforms
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Heineken® | Igniting Conversations

33. Heineken® | World-class
Premium mindset in everything the brand does
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34. Heineken® | Igniting Conversations
Strong presence in social media
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35. Heineken® | Igniting Conversations
The Man of the World uses his imagination to win and get to the Grand Final.
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36. Heineken® | Igniting Conversations
... and rugby THE game
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37. Heineken® | Igniting Conversations
Always at the heart of social, catching experiences…
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38. Heineken® | Igniting Conversations
… and partner with the ultimate Man of World – James Bond
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39. Heineken® | Igniting Conversations
Making responsible consumption aspirational
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41. Desperados
A daring proposition pushing the beer category
limits
 A unique Tequila Flavoured Beer with super premium
positioning
 More than a beer for more than just a party: a tequila
flavoured party
 A successful and profitable business model
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42. Sol®
The beer of independent Mexico
 The original, easy to drink Mexican beer, born in 1899 in
independent Mexico
 Part of the HEINEKEN portfolio since the FEMSA beer
business acquisition in 2010
 Enjoyed in over 40 countries around the world
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43. Affligem®
Timeless pure indulgence from Belgium
 An award-winning Belgian Abbey beer with a
1000 year history
 Unchanged recipe that is only brewed in Belgium
under the close supervision of the monks of the
Affligem Abbey
 Part of the HEINEKEN portfolio since 2002
 The legacy of craft will be shared with over 20
countries in 2014.
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44. Strongbow Apple Ciders
Reaching consumers that beer can’t
 HEINEKEN is the world’s leading cider producer with leading
cider research and development capabilities
 Strongbow is the world’s leading cider brand
 Available in a great new range of flavours: Gold, Honey and
Red Berries
 Proposition with unisex appeal
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46. Innovation is at the heart of our Company
strategy to deliver top-line growth
We work to continually surprise and excite
our consumers and meet changing consumer
preferences
We reached an Innovation Rate of 5.9% in
2013
Delighting Our Consumers with Innovations
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47. Successful Innovation across HEINEKEN
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HEINEKEN has achieved an Innovation Rate
of 5.9%
This is a combined result of successful
local innovations launched across our
HEINEKEN markets and roll-out of
innovations with global approach
In October 2013, HEINEKEN unveiled The
SUB® - an at-home draught beer system
to be launched in markets from 2014

48. Radler | A major contributor to Innovation Rate
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 A refreshing mix of beer and natural lemonade
 Attracts new drinkers into the beer category
 Strong profitability
 Strengthens brand equity
 Launched in 31 markets across all 5 regions

49. Draught Experiences for On-trade | Heineken Extra Cold
Extra cold beer
 Served between -3oC and +1oC
 “A new beer experience”, beer poured from a
stylish column coated with a layer of ice
 More than 85,000 installations across 107
markets
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50. Draught Experiences for On-trade | David GREEN
The world’s 1st GREEN draught system
 Uses 50 to 70% less energy than regular beer
coolers
 Easy to use for outlet staff
 No cleaning cost, no beer losses
 100% Quality & Profitable
 Mobile and built-in versions
 Guaranteed fresh beer for 30 days
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David GREEN: 55+ markets David XL GREEN: 10+ markets

51. Draught Experiences for On-trade | Orion
Draught beer as fresh as from the brewery
 Branded beer tanks visible in an outlet
 Unique consumer experience and highest freshness
 Convenience for outlet staff
 Grow volume & revenue
 Available in 6 markets
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Content

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54. Sustainability
What does this mean for HEINEKEN?
 Part of our DNA; embedded in our Company values
that guide how we relate to the world
 Historical commitment
 One of our business priorities in our Strategy to Win
 Considering long-term impact of our actions, not
just short-term growth
 A tremendous opportunity to “do good while doing
good business”
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55. Sustainability
Why is it critical to our future?
 With success and leadership comes responsibility
 It safeguards our future ability to continue to produce
beer and cider for our consumers
 Positively impact the role of beer in society
 Working together with all stakeholders we will define the best solutions
 Employees, Consumers, Customers and Retailers, Governments, NGOs,
Shareholders and Investors, Media
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56. The most urgent challenges faced by our industry and our planet
Water scarcity
 Less than 1% of world’s water us both accessible and drinkable. We need water to grow crops
and we need it to brew beer: beer is 95% water.
The effects of climate change
 Co2 emissions contribute to climate change causing temperatures and sea levels to rise.
This has an impact on the availability and cost of raw materials and other resources.
Population pressures on food and resources
 The demand for food crops rises, making responsible agriculture and sourcing more
important than ever. We want to operate in a way that guarantees our supply of
raw materials.
Alcohol related harm
 Most people enjoy our products responsibly, a minority don’t. This is damaging to the
individuals, the people around them and to our industry, society and HEINEKEN’s reputation.
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Protecting
water resources
Reducing CO2
emissions
Sourcing
sustainably
Advocating
responsible
consumption
Our response: A focused agenda

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1Baseline 2008
2020
Specific water
consumption
Reduce by 25% to 3.7 hl/hl1
Water
balancing
Significant water balancing
in water scarce and
distressed areas
1Baseline 2008
Protecting water resources

60. Reducing CO2 emissions
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1Baseline 2008
2Baseline 2011, scope is 24 of our largest operations
2020
In production
Reduce by 40%1
(eq 6.4 kg CO2/hl)
In fridges Reduce by 50%
In distribution
Reduce by 20%2
in Europe and the Americas

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Sourcing sustainably
1With local sourcing we refer to sourcing within the Region Africa
2based on volume
3barley, hops, cider apples, other apples, other fruit, sugar, rice, sorghum, wheat, maize
2020
Local sourcing
in Africa
60% of raw
materials locally sourced1
Sustainable
agriculture
At least 50% of our main raw
materials supplied from
sustainable sources2,3
Supplier Code
Procedure
Ongoing compliance to Supplier
Code Procedure

62. The basis for our ways of working with suppliers:
Implementation of the Supplier Code Procedure
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Advocating Responsible Consumption
1Small export markets and markets with religious restrictions are out of scope
2020
Industry
Commitments
Deliver global industry
commitments
Heineken® Making responsible consumption
aspirational through Heineken®
Partnerships
Maintaining and publicly reporting
on a partnership in each market1

64. Values and Behaviours Embedded in our
Code of Business Conduct
Key policies for employees are embedded in our HeiCode
 Health & Safety
 Employee & Human Rights
 Cool@Work and Alcohol Policy
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65. Benchmarking our Performance
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66. Memberships and Partnerships
Beverage Industry
Environmental Roundtable
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Content

69. All Natural Ingredients
Nature provides us with beer’s 4 basic ingredients:
barley, water, hops and yeast
All these ingredients can be varied
in endless combinations
Some estimate there are > 40,000 different beers
in the world!
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70. Storehouse of Nutrients
No Additives; No Preservatives
No Fat
Vitamins B1, 3 and 11
Minerals
Antioxidants
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71. Relatively Low in Calories
Source: Netherlands Nutrition Centre
Average serving: Beer 250 ml, Wine 150 ml, Smirnoff Ice 250 ml.
≈
≈
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72. Beer Complements Food
The subtle taste of beer can complement
food just as well, or even better than, wine
Beer can be a perfect match for some foods,
like spicy dishes, cheese and chocolate
In pairing beer with food, you can
complement or contrast the flavours and
intensity of the food
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73. Beer May Have Positive Health Effects if Consumed Moderately
Source: Jonathan Powell, MRC Human Nutrition Research, Cambridge, UK
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74. Telling the Positive Story of Beer
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75. Cider – The Art of Pomology
Cider is a long alcohol drink made from fermented juice of
apples or pears
The Bulmers cider business was established in 1887
in Hereford, England
Herefordshire – still to date the heartland of our cider
production - has the perfect soil type and weather conditions
to grow cider apples
Our biggest cider brands are Strongbow Apple Ciders,
Stassen and Bulmers*
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*In Ireland, Bulmers is not part of our portfolio

76. HEINEKEN | Global Leader in Cider
HEINEKEN leads the global cider category with
20% market share
The global cider market was 19.9 million
hectolitres in 2012
Source: Canadean Wisdom Database February 2014
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Content

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79. 2013 | Continued progress against strategic priorities in a challenging year
Group revenue +1.3%; +0.1% organically:
 Group revenue per hectolitre +2.7%
 Improved H2 volume performance in Western Europe and Africa Middle East
Group operating profit (beia) +2.8%; +0.6% organically:
 +20 basis points improvement in operating margins
Market share gains in key markets:
 Mexico, Vietnam, France, Russia and the U.S.
APB maintained strong growth momentum
Strengthening our business through higher investments in marketing and capital expenditure
Innovations delivered €1.1billion of revenues; 5.9% innovation rate
Accelerated TCM2 cost savings of €300 million
Diluted EPS (beia) of €2.75 includes a 10 cent negative impact from revised IAS19 and foreign
currency translational movements
79
Organic growth calculations throughout this presentation assume HEINEKEN’s joint venture share of 41.9% of APB prior to consolidation is maintained through to
15 November 2013. Organic growth of consolidated volume, consolidated revenue and consolidated operating profit (beia) only includes an impact from APB from 16 November to 31
December 2013. Organic growth calculations are adjusted for the previous 3-month delay reported by APB, without a restatement to 2012.

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* Includes acquisitions and excludes disposals on a 12 month pro-forma basis
2013 | Financial Overview
-

81. 2013 consolidated financials organic growth %
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2013 | Regional Review

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Sustained growth of APB
Volume
7%
Operating
profit (beia)
14%
APB:
2013 proforma organic growth
Tiger brand:
Proforma organic volume growth
2009 2010 2011 2012 2013
CAGR +18%
APB acquisition +30% yoy

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Driven by Western Europe and Africa Middle East regions
Improved performance trend in 2013 H2

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Innovation rate1 of 5.9% versus 5.3% in 2012
Innovation contributed €1.1bn of revenues
Radler beers available in 5 regions New variants
Draught beer systems (on and off premise) New cider flavours
1 From 1 January 2013, the innovation rate is calculated as revenues generated from innovations
(introduced in the past 40 quarters for a new category, 20 quarters for a new brand and 12 quarters 8 for all other innovations, excluding packaging renovations) divided by total revenue

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Heineken® twice as large as nearest competitor brand in IPS
Heineken®: Clear leadership in IPS
 Heineken® volume declined 1.8%, including an impact
from destocking in France and the U.S.
 Strong performances in developing markets of
Nigeria, South Africa, Russia, Chile, Brazil & China
 Heineken® volume brand leadership in France
 Surpassed 1mhl of Heineken® volume in China
 ‘Open Your World’ campaign driving brand equity
 The SUB® launched in France and Italy
 New responsible consumption campaign in 2014:
“Dance More, Drink Slow”
20%
10% 9%
5%
4%
3% 3%
2% 2%
1%
Heineken® share of IPS
(2013)
IPS = International Premium Segment; based on Canadean and HEINEKEN data;
2013 reflects latest Canadean estimates

86. 1 Invest in higher marketing spend to strengthen
market positions
2 Drive innovation to support category growth
3 Capitalise on premium segment growth with
Heineken® and other global brands
4 Increase capital expenditure in developing
markets
5 Restructuring and other cost efficiency
initiatives
6 Maintain strong cash flow focus to
optimise financial flexibility
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Prioritised actions for 2014

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HEINEKEN expects
 A gradual recovery in the global economy to underpin improved trading conditions in several key markets
and an improved organic volume performance trend versus 2013.
 Revenue management initiatives to drive higher revenue per hl, albeit at a more modest level compared
with 2013. Overall, this is expected to result in organic revenue growth in 2014.
 A slight increase in marketing & selling (beia) spend as a percentage of revenue to increase in 2014
(2013: 12.6%).
 HEINEKEN is committed to delivering a gradual and sustainable improvement in operating profit (beia)
margin over the medium-term.
 To realise its targeted TCM2 savings of €625 million covering 2012-2014 during the year
 Input cost prices to be stable to slightly lower in 2014 (excluding a foreign currency transactional effect).
 Exchange rate movements will adversely impact revenues and profits in 2014. Assuming spot rates as of
10 February 2014, the calculated negative currency translational impact on consolidated operating profit
(beia) will be €115 million. At net profit (beia), this effect will be around €75million.
 To achieve its long-term target net debt/ EBITDA (beia) ratio of below 2.5 by the end of 2014.
 Capital expenditure related to property, plant and equipment to be approximately €1.5bn (2013: €1.4bn).
Outlook Full Year 2014

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Content

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90. The Brewing Industry Top 10 in 2012
90
Source: Canadean Wisdom Database July 2013
For HEINEKEN, Consolidated beer volume 2012

91. Industry Consolidation
91
Source: Canadean Wisdom Database July 2013

92. World Beer Market Growth
92
Source: Canadean Wisdom Database July 2013

93. Litres per Capita Consumption by Region
93
Source: Canadean Wisdom Database July 2013

94. Consumption Volume Development 2012 versus 2011
94
Source: Canadean Wisdom Database July 2013

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96. 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 behavior 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, 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 specialized research
institutes in combination with management estimates.
96