Amsterdam, 24 April 2014 - Heineken N.V. (EURONEXT: HEIA; OTCQX: HEINY) today announced its trading update for the first quarter of 2014.
HIGHLIGHTS
Group revenue grew 3.4% organically, with group revenue per hl up 2.4%
Group beer volume grew 1.3% organically, reflecting further improvements across a number of key markets in Africa Middle East, Western Europe and Americas regions
Heineken® volume in the premium segment grew 8%, with improved brand momentum in several markets. This partly reflects a benefit from excise-related destocking in France in the first quarter of 2013.
- The first quarter is seasonally less significant in terms of volume and profit contribution to full year HEINEKEN group results.
CEO STATEMENT
Jean-François van Boxmeer, Chairman of the Executive Board & CEO, commented:

"We are encouraged by a positive start to the year with continued improved top-line growth momentum in Africa Middle East and the Americas, strengthened commercial execution in Europe and the Heineken® brand rebounding across most regions. This is offsetting continued challenging beer market conditions in Russia and softer consumer spending in Vietnam. Whilst economic conditions remain mixed, we will continue to invest in our portfolio of brands, drive further cost savings and fully leverage the benefits of our balanced global footprint."

OPERATIONAL OVERVIEW
Key figures[1] Consolidated Group
(in mhl or € million)
1Q14 Total growth % Organic growth % 1Q14 Total growth % Organic growth %

Revenue
Heineken N.V.[2] 4,038 -2.6 3.4 4,486 -3.1 3.4
Africa Middle East 628 0.8 4.6 739 -0.9
Americas 989 0.3 8.7 1,172 -1.4
Asia Pacific 444 -8.1 0.3 526 -8.4
Central & Eastern Europe 562 -8.0 -2.4 634 -6.8
Western Europe 1,519 -1.8 1.8 1,519 -1.8

Beer volume
Heineken N.V. 38.2 1.1 1.5 42.1 1.0 1.3
Africa Middle East 6.0 9.1 10.3 6.9 7.8 8.7
Americas 11.7 3.5 2.9 12.7 2.4 2.6
Asia Pacific 4.0 0.0 -0.3 5.2 0.0 0.0
Central & Eastern Europe 8.2 -6.8 -5.8 9.0 -5.3 -5.1
Western Europe 8.3 0.0 2.1 8.3 0.0 2.1

[1] Refer to the Definitions section for an explanation of non-IFRS measures and other terms used throughout this report
[2] Net of head office & eliminations

Group revenue increased 3.4%, organically, reflecting a total group volume increase of 1.0% and higher group revenue per hl of 2.4%. Consolidated revenue declined 2.6% to €4,038 million. This includes a negative net consolidation impact of 1.7% (-€69 million) mainly from the divestment of the Hartwall business in Finland in August 2013 and an unfavourable foreign currency translational effect of 4.3% (-€178 million). Organically, consolidated revenue grew 3.4%.

Group beer volume grew by 1.3% organically, with a benefit from excise-related destocking in France in the first quarter of 2013 counterbalanced by the later timing of Easter in 2014. This volume performance reflects a strong rebound in Africa Middle East and improved trading conditions in the Americas and Western Europe regions. This was partly offset by continued beer market weakness in Russia, with volume in Asia Pacific in line with last year.

Heineken®
(in mhl) 1Q14 Organic growth %
Heineken® in premium segment 6.3 8.0
Africa Middle East 0.9 15
Americas 2.0 8.5
Asia Pacific 1.4 -5.7
Central & Eastern Europe 0.4 8.5
Western Europe 1.6 19

Heineken® volume in the international premium segment grew by 8%, partly reflecting comparison against a weak quarter last year following excise-related destocking in France in January 2013. Notwithstanding this, underlying Heineken® brand growth was strong underpinned by effective activation of the global 'Open Your World' campaign. Key markets contributing to brand growth in the quarter include France, Nigeria, Brazil, Spain, Poland, China and South Korea. Heineken® brand performance in the Asia Pacific region reflects lower brand volume in Vietnam, following continued expansion of the total product portfolio and softer economic conditions.

Reported net profit in the quarter was €143 million compared with €227 million in the first quarter of 2013. Net profit (beia) was higher versus last year.

OUTLOOK STATEMENT
(Based on consolidated reporting)
HEINEKEN reaffirms all elements of its full year outlook for 2014 as stated in its full year 2013 earnings release dated 12 February 2014.

REGIONAL REVIEW
Africa Middle East
Consolidated revenue grew 4.6% organically, as solid total volume growth of 7.2% was partly offset by lower revenue per hl. Group beer volume increased 8.7% organically, led by strong growth across most key markets. Volume in Nigeria grew in the low-double digits against a weak comparable prior year quarter, led by solid growth in the affordability and premium segments. Volume in the Democratic Republic of Congo grew strongly, supported by new packaging formats for the Primus brand and increased outlet coverage. Volume growth in Egypt declined in the low-single digits due to ongoing political uncertainty and lower tourism in the country. A challenging economic environment and increased competitive intensity in South Africa contributed to a high-single digit volume decline. In other key markets, the Republic of Congo, Burundi, Algeria and Rwanda all achieved solid volume growth in the quarter.

Americas
Consolidated revenue grew 8.7% organically, following total volume growth of 2.7% and revenue per hectoliter growth of 6.0%, largely driven by increased pricing in Brazil and Mexico. Group beer volume grew by 2.6% organically, led by strong growth in Brazil and higher volume in the Caribbean and CCU joint venture markets. In Mexico, volume was slightly lower affected by the timing of Easter as well as increased competitor price promotion in March. Whilst this led to slight share loss, the benefit of earlier pricing and ongoing cost savings continue to drive profit growth in Mexico. In the U.S., sales to retailers declined 1.2%, outperforming a declining market, and reflecting an impact from the timing of Easter and severe adverse weather early in the quarter. In Brazil, volume grew in the double digits following improved economic conditions, favourable weather and better sales execution.

Asia Pacific
Consolidated revenue grew 0.3% organically. Group beer volume was stable, following strong comparable prior year growth in APB markets and lower consumer spending from softer economic conditions and excise tax increases in some key markets. Volume growth momentum continued in Indonesia, Papua New Guinea, China, South Korea, Mongolia and the Pacific Islands. This was offset by lower volume in Vietnam, New Zealand, Malaysia, Cambodia and Taiwan. Volumes in India were level with the prior year. Volume in Vietnam declined in the low-single digits reflecting currency weakness and economic slowdown. However, our commercial focus on brand development and portfolio expansion contributed to further share gains in Vietnam. Singapore, Taiwan and New Zealand also reported share gains in the quarter. The Tiger brand grew by 6.5% in the region, led by continued strong growth momentum in Vietnam and Cambodia.

Central & Eastern Europe
Consolidated revenue declined by 2.4% organically in the quarter. Higher pricing and positive sales mix from new innovations and increasing premiumisation drove revenue per hl growth of 2.9%. Group beer volume declined by 5.1% organically as lower volume in Russia, Poland, Romania and the Czech Republic was only partly offset by higher volume in Greece, Slovakia, Croatia, Germany and Serbia. In Russia, continued challenging beer market conditions led to volume declining in the mid-teens. Excluding Russia, regional group beer volume would have been in line with the prior year. Volume in Poland declined in the low-single digits affected by the timing of Easter, continued weak consumer sentiment and competitive environment.

Western Europe
Consolidated revenue grew 1.8% organically, reflecting higher total volume of 1.3% and revenue per hectoliter growth of 0.5%. Group beer volume grew 2.1% organically, led by beer volume growth in the Netherlands, France, Spain, Ireland and Belgium. This was only partly offset by lower volume in the UK, Italy and Switzerland. Excluding the impact of excise destocking in France, group beer volume was broadly in line with last year. The benefit of higher marketing investments to drive brand development, innovation and improved outlet execution drove market share gains in the Netherlands, France, Spain, Ireland and Portugal. Volume was lower in the UK largely due to the timing of Easter and unfavourable weather conditions early in the quarter. A positive underlying volume performance in France reflects solid gains in the off-premise channel and continued premium brand growth.

FINANCIAL STRUCTURE
On 30 January 2014, HEINEKEN privately placed 15.5 year Notes for an amount of EUR 200 million with a coupon of 3.50%. On 28 March 2014, HEINEKEN privately placed 5.5 year Notes for an amount of USD 200 million with a floating rate coupon. Both Notes were issued under HEINEKEN's EMTN programme.

DEFINITIONS
Organic growth excludes the effect of foreign currency translational effects, consolidation changes, accounting policy changes, exceptional items and amortisation of acquisition-related intangibles. Beia refers to financials before exceptional items and amortisation of acquisition-related intangibles. Group figures include HEINEKEN's attributable share of joint ventures and associates. The license fee for the Heineken® brand has been increased since 1 January 2014. To facilitate a meaningful financial and margin comparison compared to last year, the regional impact is reported as a consolidation change in 2014.

Besluiten AVA
Heineken N.V. Annual General Meeting of Shareholders adopts all proposals
Amsterdam, 24 April 2014 - Heineken N.V. announced today that its Annual General Meeting of Shareholders (AGM) has adopted all proposals on the agenda of the AGM of Heineken N.V. The most important resolutions are listed below.

Dividend
The AGM approved the dividend proposal for the year 2013 of EUR 0.89 per share. As an interim dividend of EUR 0.36 was paid on 3 September 2013, the final dividend will be EUR 0.53 per share. The final dividend will be made payable on Thursday 8 May 2014. Heineken N.V. shares will be quoted ex-dividend on Monday 28 April 2014.

Long Term variable award plan performance measures
The AGM approved the proposal to replace Organic Gross Profit beia Growth with Organic Revenue Growth. This will take effect from the start of the 2014-2016 Long Term variable award plan.

Appointment External Auditor
The AGM approved the proposal to appoint Deloitte Accountants B.V. as external auditor for a period of three years (financial statements 2015-2017).

Re-appointment of Supervisory Board Members
The AGM re-appointed Messrs. J.A. Fernández Carbajal and J.G. Astaburuaga Sanjinés and Mrs. A.M. Fentener van Vlissingen as members of the Supervisory Board, for the maximum period of four years.

Appointment of Supervisory Board Member
The AGM appointed Mr. J.M. Huët as member of the Supervisory Board for the maximum period of four years.

At the end of the AGM Mr. J.M. de Jong stepped down as member of the Supervisory Board.

The voting results per agenda item of the AGM of Heineken N.V. of 24 April 2014 can be found on the HEINEKEN website: www.theHEINEKENcompany.com/agm as of close of business on 25 April 2014.