Heineken : N.V. 2017 AVA presentatie (uitsluitend Engelse versie)

AGM 2017

HEINEKEN N.V.

Jean-François van Boxmeer

CHAIRMAN OF THE EXECUTIVE BOARD/CEO AMSTERDAM, 20 APRIL 2017

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.

1

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

2 revenue per hl +1.7% and operating margin (beia) +61bps.

Operating Profit (beia): +9.9% Organic Growth

€m +1.2%

-6.4%

+9.9% €m

3,381 3,540

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

3