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London | 15 February 2012

Disclaimer
This presentation contains forward-looking statements with regard to the financial position and results of
Heinekens 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 Heinekens 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 Heinekens 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.

Full Year Results 2011 Heineken N.V.

Shaping our future


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

Ren Hooft Graafland


Member of the Executive Board/CFO

London | 15 February 2012

2011: A year of significant progress


Solid top-line performance Revenue grew (+3.6%), with revenue/ hl growth of 1.5% Group beer volume +3.6%; growth in all regions Higher marketing drove global market share gains
Accelerated growth of Heineken Strongest volume performance since 2007 More consistent approach to global brand management

Leveraging global scale Launched new 500m TCM2 programme Formation of Global Business Services organisation Investment in commercial capability building
Expanded emerging market footprint Nigeria, Ethiopia and Haiti acquisitions Operational programmes delivering results TCM completed: Cumulative 3-year savings of 614m; Cost synergies in Mexico and Brazil of 94m in 2011 Hunt4Cash2 (2009-2011): Cumulative FOCF of 5.8bn
4

Geographic diversity supporting growth


Strong momentum in Africa and Asia
FY 2011 Organic growth (%)

Western Europe
Group beer volume

Central & Eastern Europe


+6.5

The Americas
+1.0

Africa & Middle East


+6.2

Asia Pacific
+6.2

Total

+0.2

+3.6

Heineken1

+3.5

-1.6

+0.8

+13

+15

+5.4

Revenue

+0.3

+5.0

+3.0

+13

+11

+3.6

EBIT (beia)

+2.6

-7.2

+0.2

+9.3

+39

+1.4

Net profit (beia)

+9.2

Volume in the international premium segment

FEMSA Cerveza: Value growth strategy delivering


Strong revenue and EBIT growth
FEMSA Cerveza Revenue/ EBIT (beia)
2009-2011 CAGR %

Successful integration
Cost synergies of 136m since acquisition Brazil Premium focus supporting strong Heineken brand growth Mexico Building winning portfolios Brand relaunches for Tecate & Carta Blanca Enhanced packaging for Dos Equis Heineken launched in key cities

+23%

+10%

Revenue

EBIT (beia)

Business transformation Enhancing commercial capabilities New route-to-market Implementation of new SAP system

Note: FEMSA Cerveza Revenue and EBIT (beia) based on euro-denominated pro-forma figures

Shaping our future


Strategic business priorities

Grow Heineken brand

1 23 45
7

Consumerinspired, customeroriented, brand-led

Capture the opportunities in emerging markets

Leverage the benefits of HEINEKENs global scale

Drive personal leadership

1 Grow the Heineken brand


Extending leadership in IPS
Heineken outperforms IPS
(Volume Growth, CAGR 2005-2011) +5.3% +4.3% +3.0%
ASIA PACIFIC

IPS: 2010-2020
CAGR 4.1% 193mhl
AFRICA & ME

CAGR

7.1%

7.7%

129mhl

Beer Market

IPS

Heineken

AFRICA & ME

ASIA PACIFIC

Heineken share of IPS


20.2% 20.0% 19.8% 20.2%

AMERICAS

3.1%

20.5%
AMERICAS

19.4%

EUROPE EUROPE

2.6%

2006

2007

2008

2009

2010

2011

2010

2020Est

Source: Plato, November 2011 2011 Plato estimate (IPS: volume sold outside home market)

1 Grow the Heineken brand


Strong global activation programmes

London Olympics official supplier

Global campaigns

Sponsorships

Global digital media

Music

Serenade Activation

Film

2 Consumer-inspired, customer-oriented, brand-led


Expansion of priority global brands
Desperados

1.4mhl +26%

Strongbow Gold

#1 global cider

Launched in 10

Global campaign in

countries in 2011

Italy & Netherlands

Unique proposition Super-premium positioning

Further launches planned in 2012

Amstel

Brand extension

Sol

Mexican heritage

New Amstel Premium Pilsener brand extension

International rollout from 2012

Supported by new brand campaign

Introduced in Greece and Russia in 2011

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Group beer volume in 2011 and organic growth vs. last year

2 Consumer-inspired, customer-oriented, brand-led


Winning local brands
USA: Dos Equis

+15%

France: Pelforth

+7.9%

www.dosequis.com

www.pelforth.fr

Nigeria: Gulder

+11%

Italy: Birra Moretti

+3.8%

www.gulder-nigeria.com

www.birramoretti.com

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Group beer volume organic growth vs. last year

2 Consumer-inspired, customer-oriented, brand-led


Creating value for our customers
Doubling the innovation rate*
6.0% 4.1% 3.0%

Innovative Customer Management

2010

2011

2020 Target

New flavour & packaging innovation

Brand activation at a Carrefour store in Paris

Radler

Alcohol Free

New cider flavour

Fosters Gold

Visible Category Leadership Joint Business Planning Brand building activation at store level Leveraging pan-European footprint

4ltre PET keg

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*Innovation rate calculated as revenues generated from innovations introduced in the past 12 quarters divided by total revenue

3 Capture the opportunities in emerging markets


Growing emerging markets exposure
HEINEKEN Group Beer Volume
Developed Emerging

HEINEKEN EBIT (beia)


Developed Emerging

214mhl

2.7bn

132mhl
44%

65%

50%

1.6bn
36%

56%

35%

64%

50%

2006

2011

2006

2011

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EBIT (beia) includes share of net profit of associates and joint ventures. Calculations exclude Head Office

3 Capture the opportunities in emerging markets


Africa: Significant growth potential
Growth drivers:

Africa & the Middle East

Population growth Rising incomes Political & regulatory reform Growing foreign investment Urbanisation: 52 cities > 1 million people

EBIT (beia): Africa & the Middle East


in m

HEINEKEN OpCo
CAGR: Organic growth 23%

Joint Venture Export Licenses

453 223 309

485

560

570

2006

2007

2008

2009 2010* 2011

* 2010 restated

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3 Capture the opportunities in emerging markets


Asia Pacific: Capitalising on premium beer opportunity
2010-2020 CAGR % Population growth GDP growth Beer market growth Beer per capita growth Region +1.0% +3.3% +3.9% +2.9%
CAGR 7.7%

IPS in Asia Pacific by market: 2010-2020


45mhl
Other China

CAGR: 2010-2020
9.3% 11.8% 10.4% 15.1% 2.2% 7.1%

Vietnam
India Australia Thailand

Beer per capita (2010 litres) 17.0


21mhl

Taiwan

1.9%

South Korea 4.3%


Japan HongKong Cambodia 3.7% 2.2% 2.2%

New Zealand 1.2%

Singapore

3.2%

2010

2020Est

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Source: Plato, November 2011

4 Leverage the benefits of HEINEKENs global scale


Global brand building Global Business Services

Key enabler of new 500m TCM2 cost saving programme (2012-2014) HEINEKEN Global Shared Services (HGSS) in Krakow, Poland HEINEKEN Global Procurement Company (HGP) in the Netherlands

Supply chain optimisation

Global Procurement Company

Global Shared Services

GBS
Enabling Infrastructure

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5 Drive personal leadership


Developing world class talent

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Operating Companies

Diversity

70,000 Employees 635 Senior Leaders


One HEINEKEN

Broad geographic footprint gives rise to diversity in management Dramatic increase in diversity amongst senior management Acquisitions key contributor to net inflow of talent

Capability

Global Commerce University, Finance Academy, Supply Chain knowledge transfer Tailored HEINEKEN development programmes

Culture

Drive a culture of personal accountability and interdependence

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Brewing a Better Future


Key enabler for business priorities

10-year integrated programme launched April 2010


On track to meet 2020 goals Delivered on energy and water targets Increased local raw material sourcing in Africa to 48%

Introduced bold new approach to responsible consumption: Sunrise

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Building strong platforms for future growth

Revenue growing ahead of volume


Top-line growth in all regions Heineken brand continues to outperform Strong earnings growth in an investment year Further capability building investments in 2012 to leverage global scale New TCM2 programme expected to deliver 500 million cost savings from 2012-2014 Increasing capital investment in high growth markets

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Full Year Results 2011 Heineken N.V.

Investing for growth


Ren Hooft Graafland
Member of the Executive Board/CFO

London | 15 February, 2012

FY 2011 key highlights

Strong results in challenging conditions


(restated)

(mhl/m)

2011

2010

Change

Organic change

Group beer volume


Total consolidated volume
Of which:

213.9
194.4 164.5 17,123

192.3
178.1 145.9 16,133

11%
9.1% 13% 6.1%

3.6%
2.1% 3.2% 3.6%

Consolidated beer volume Revenue

EBIT (beia)
Net profit (beia) Net profit Free operating cash flow Net Debt/EBITDA (beia) ratio*

2,697
1,584 1,430

2,623
1,456 1,447

2.8%
8.8% -1.2%

1.4%
9.2%

2,093
2.2x

1,993
2.2x

5.0%

Diluted EPS (beia) in

2.70

2.58

4.7%

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* 2011 includes the Galaxy Pub Estate on a 12 month pro-forma basis; 2010 includes the beer operations of FEMSA on a 12 month pro-forma basis

Strong top line growth in an investment year


Organic EBIT (beia) +1.4%
Revenue EBIT (beia)

in m
16,133
4.7% 2.1% 1.5% 17,123

in m
3.4%
2,623 1.4% -1.9% Organic growth +3.6% 2,697

-2.2%

2010

Cons.

Forex

TC Volume

Rev/hl

2011

2010

Cons.

Forex

Organic

2011

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Marketing investment driving top-line growth


2011 Marketing & Selling (beia) ratio of 12.8%
Marketing & Selling: 2008-2011
m
2,200 2,000 1,800 1,600 1,400 1,200 1,000 10% 14%

Organic growth of 4.1% Consumer-facing spend +9% Marketing & selling (beia) ratio up 40 bp in 2011
Investment and strong activation driving market share gains in key markets including France, UK, Russia, Brazil, Nigeria and South Africa

13.0% 12.6% 12.8%


13%

12.4%
11.7% 11.3%
11%
12%

Marketing & selling (beia) ratio in 2012 to remain broadly in line with 2011

2006 2007 2008 2009 2010 2011


Marketing & Selling expense Marketing & Selling expense (in % of revenues)

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Africa and Asia driving EBIT (beia) growth


EBIT (beia)
49 52 24 1 2,697

Western Europe: Higher pricing and better sales mix Central & Eastern Europe: Higher volume offset by negative channel/ brand mix
Africa and Asia: volume increases Americas: Higher revenue offset by marketing costs Asia: Higher JV contribution and export volumes Head Office: Global capabilities building

-27 -64 38

2,623

+1.4% organic

Office/Elim

Americas

Western

CC/FX

2010

Africa

Europe

Europe

C/East

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Head

2011

Asia

Organic Net Profit growth of 9.2%


Strong below-the-line improvement
Net Profit (beia)
In m

Organic net profit build up:


EBIT (beia) increased 1.4% Net Interest and financial expenses decreased 27% Effective income tax (beia) improved to 26.8% (2010: 27.3%)

1,456

1.5% -1.9%

9.2%

1,584

Cons.

Organic

2010

Forex

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2011

Input costs: expected headwinds in 2012


Input costs/hectolitre to increase by 6%
Input cost/hectolitre change (%)
2011 Input costs/hl + 2.5%, in line with guidance 2012 Input costs/hl to increase by 6% Higher malted barley prices from: Unfavorable weather Northern and Eastern Europe Low first crop yield in Mexico Comparison base

15%

10%

5%

Higher energy costs, impacting glass costs HEINEKEN has already covered the vast majority of its volume needs in 2012

0%

2008

2009

2010

2011 2012F

2012-onwards Managing future price volatility through HGP Improved Price Risk Management capabilities

-5%

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TCM successfully completed


TCM Functional split: 2009-2011
Others 31%

TCM generated cumulative 3-year savings of 614m


Cumulative F2F/TCM savings of 1.1 billion since 2006 TCM in 2011:

Supply Chain 43%

Wholesale 7% Commerce 19%

TCM Regional split: 2009-2011


Americas Asia/ HO 2% 4%

Africa & Middle East 12%

Total savings of 178 million Supply chain contributed 54% of savings: efficiencies in UK; brewery closure in Austria Western Europe region contributed 49% of savings Remaining savings (primarily nonproduct related) accounts for 24% Exceptional costs of 81m

Central & Eastern Europe 34%

Western

Europe 48%

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TCM 2: New global cost efficiency programme


Expected to generate 500m savings

TCM2 3 years: 2012-2014 Across all functions Focus on fixed and variable costs
GBS as a key enabler Leverage global scale Set-up costs of HGSS and HGP approx. 200m (32m already incurred) GBS represents a strong pay-back on investment Savings will be reported at functional/OpCo level

Supply Chain

Wholesale

TCM2

Commerce

Other

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FEMSA Cerveza cost synergy realisation ahead of plan


Annual savings
Mexico
Brazil 100 90 80

Cumulative cost synergies of 136m since April 2010, of which 94 in 2011 150m target expected to be achieved during 2012, ahead of plan
Key areas: Supply chain Purchasing Route-to-market Corporate

94m

70
60 50 40 30

42m

20
10 0

2010

2011

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H4C2: cumulative FOCF of 5.8 billion


Average 3-year cash conversion rate above 130%
Cumulative FOCF of 5.8 billion in 3 years
m

160%
2,100

2009-11 cumulative FOCF of 5.8bn: Effective Net Working Capital management Targeted capex investment
2011 Strong FOCF generation of 2.1bn: Capex (PPE) of 800 million Main working capital ratio of 1.1% Net debt of 8.4bn: Business development activity Completion of ASDI share repurchase Net debt/EBITDA unchanged at 2.2x

148%

140% 126% 122% 120%

1,900

1,700

100%

1,500

80%

2009
FOCF (m)

2010

2011

Cash conversion ratio (%)

2012F Maintain strong focus on cash generation Increased capex investment to 1,250 m Cash conversion ratio < 100%

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Outlook 2012

Continue focus on top line and market share growth Positive growth momentum in emerging economies together with a focus on revenue enhancing initiatives in developed markets Capacity expansion in emerging markets to maintain positive growth momentum

Increased capital expenditure to 1,250m; cash conversion ratio below 100%


Continued investment in commercial and global capability building across the company Marketing and selling (beia) expense as a percentage of revenue to remain broadly stable Launched 500m cost saving programme (TCM2) from 2012 to 2014

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Questions please

London | 15 February 2012

Western Europe

Solid performance in a challenging environment


(restated)

(mhl/m)

FY 2011 FY 2010

Total Organic Change change

EBIT (beia) organic growth driven by positive price and sales mix and cost cutting
88m of cost savings in 2011, representing half of total TCM savings

Group beer volume


Total consolidated volume
Of which:

45.7
65.4 45.4 7.7 7,752

45.7
66.8 45.4 7.4 7,894

0.0%

0.2%

-2.0% -1.2% 0.0% 3.5% -1.8% 0.1% 3.5% 0.3%

Consolidated beer volume Heineken premium volume Revenue

Heineken brand growth across the whole region Desperados launched in 6 countries France and UK delivering strong performances
Acquisition of 918 Galaxy pubs in UK

EBIT (beia) Operating profit (beia) margin

962
12.4%

925
11.7%

4.0%
70 bp

2.6%

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Central & Eastern Europe


(restated)

Increase in revenues led by strong volume gains


Total Organic

(mhl/m)

FY 2011 FY 2010 change change

Volume gains in Russia, Poland, Austria, Belarus and Romania


Russia accounts for 70% of the organic volume increase Excluding Greece, Heineken brand up high-single digits Desperados performing strongly in Germany (+12%) and Poland (+21%)

Group beer volume Total consolidated volume


Of which:

52.7 48.3 45.4

49.4 45.3 42.2

6.5% 6.5% 7.4%

6.5% 6.5% 7.4%

Consolidated beer volume Heineken premium volume Revenue EBIT (beia) Operating profit (beia) margin

2.3
3,229 346 10.2%

2.3 -1.6% -1.6%


3,143 2.7% 5.0%

378 -8.4% -7.2% 11.4% -120 bp

Operating performances in Poland and Russia affected by unfavourable channel and brand mix

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Americas

Solid top-line growth offset by higher marketing spend


(restated)

(mhl/m)

FY 2011 FY 2010

Total Organic Change change

Volume gains in Latin America offset by USA Heineken delivered improved growth momentum in H2 2011
Heineken growth led by strong performance in Brazil Significant organic EBIT growth in Mexico HEINEKEN acquired a majority interest in Brasserie Nationale dHaiti, the leading brewer in Haiti

Group beer volume Total consolidated volume


Of which:

60.2 50.8 50.5 8.2

47.2 39.2 37.9 8.2

28%

1.0%

30% -0.1% 33% 0.8% 0.0% 0.8%

Consolidated beer volume Heineken premium volume

Revenue
EBIT (beia) Operating profit (beia) margin

4,029
655 14.3%

3,296
600

22%
9.2%

3.0%
0.2%

15.9% -160 bp

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Africa & Middle East


Continued growth momentum
(restated)

(mhl/m)

FY 2011 FY 2010

Total Organic Change change

Volume and EBIT growth led by Nigeria Share gains and capacity expansion in South Africa
Social unrest in Egypt adversely impacted performance Heineken brand reached a milestone of 3mhl Acquisitions in Nigeria and Ethiopia New East African regional office established in Kenya

Group beer volume Total consolidated volume


Of which:

28.8

25.7

12%

6.2%

28.6 22.0
3.0 2,223 570 24.0%

25.5 19.1
2.7 1,988 560

12% 16%
13% 12% 1.7%

5.7% 7.3%
13% 13% 9.3%

Consolidated beer volume Heineken premium volume


Revenue EBIT (beia) Operating profit (beia) margin

26.8% -280 bp

36

Asia Pacific

A star performance
(restated)

(mhl/m)

FY 2011 FY 2010

Total Organic change change

Volume growth led by Indochina and export markets


Strong revenue growth driven by higher pricing in most markets

Group beer volume


Total consolidated volume
Of which:

26.5
1.3 1.3 6.2 216

24.3

8.9%

6.2%
9.1% 9.2%

1.3 -2.6% 1.3 -1.5%

Consolidated beer volume Heineken premium volume Revenue

5.4 +15% +15% 206 4.5% 11%

EBIT (beia) Operating profit (beia) margin

176
29.9%

125

42%

39%

22.1% +780 bp

Heineken brand: Vietnam became the second largest market Brand roll-out across key cities in India +28% in China
19m capital gain following divestment of 21% stake in Kingway (China)

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US Dollar Hedging
Position
Year Net Inflow Hedged Part** Hedged Rate***

Impact
Year Net Profit*

2009A 2010A 2011A

850 853 703

850 853 703

1.43 1.35 1.35

2009A

-19

2010A
2011A 2012F* 2013F*

18
2 -5 15

2012F
2013F
*

672
667

601
270

1.37
1.34

Impact on open positions calculated by comparing spot rate with previous years hedging rate ** Hedging as at 8 February 2012 *** Including the costs of hedging

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London | 15 February, 2012