Amsterdam, 19 April 2017 - Heineken N.V. (EURONEXT: HEIA; OTCQX: HEINY) today announces its trading update for the first quarter of 2017.

KEY HIGHLIGHTS

Consolidated beer volume +0.6% organically, with growth in Asia Pacific and Europe offsetting slightly lower volume in Americas and Africa, Middle East & Eastern Europe
Heineken® volume +2.5%
The first quarter is seasonally less significant in terms of both volume and profit to full year HEINEKEN results.

CEO STATEMENT

Jean-François van Boxmeer, Chairman of the Executive Board & CEO, commented:

"Performance in the first quarter was in line with expectations, delivering volume growth against strong comparatives last year. Asia Pacific continued to outperform and volume in Europe was solid. In Africa, Middle East & Eastern Europe market conditions remain challenging, adversely impacting volume. In Americas, whilst Mexican volume was good this was more than offset by weaker volume in Brazil. Our full year expectations remain unchanged."

FIRST QUARTER VOLUME BREAKDOWN
Consolidated beer volume1
(in mhl or %) 1Q17 Total growth % Organic growth % 1Q16
Heineken N.V. 44.0 1.0 0.6 43.5

Africa, Middle East & Eastern Europe 9.0 -0.4 -0.4 9.0
Americas 13.5 -0.5 -0.7 13.5
Asia Pacific 6.2 8.3 5.4 5.8
Europe 15.3 0.5 0.5 15.2

Heineken®2 (in mhl or %)
1Q17 Organic growth %
Heineken® 7.8 2.5
Africa, Middle East & Eastern Europe 1.0 2.7
Americas 2.5 7.8
Asia Pacific 1.6 -7.9
Europe 2.7 4.3

Heineken® volume2 grew organically by 2.5% in the first quarter. Key markets contributing to this growth included South Africa, Brazil, the US and Italy, which more than offset weaker volume in Vietnam due to the earlier Tet timing (Vietnamese New Year).

1 Refer to the Definitions section for an explanation of organic growth.
2 Heineken volume is now total Heineken® volume including the Netherlands.


REGIONAL REVIEW

Africa, Middle East & Eastern Europe
Organic consolidated beer volume declined by 0.4%.
In Nigeria volume declined mid single digit with underlying trading conditions still difficult, and consumers continue to trade down. Although there are some signs of improved liquidity it remains difficult to secure hard currency.
In Russia the temporary delisting with a modern trade customer and deliberate destocking led to volume down high single digit. Heineken® was up double digit.
In South Africa and Ethiopia volume was up double digit. In Ivory Coast performance since the opening of the new brewery has been promising.

Americas
Organic consolidated beer volume declined by 0.7%, with good growth in Mexico more than offset by declines in Brazil, and to a lesser extent in the US and Panama.
In Mexico volume was up mid single digit with Tecate, Tecate Light and Heineken® all having performed strongly.
In Brazil volume declined double digit reflecting continued macroeconomic weakness and competition in the mainstream and economy segment. The premium brand portfolio outperformed with continued double digit Heineken® growth. Amstel also delivered strong growth.
In the US volume declined low single digit, with growth in Heineken® offset by lower Tecate and Dos Equis volume.
Asia Pacific

Organic consolidated beer volume was up 5.4%.
In Vietnam earlier timing of the Tet new year resulted as expected in a slower start to the year, and low single digit volume growth. The Tiger brand continues to drive growth.
In Cambodia volume was up double digit benefiting from the additional capacity added last year.
Europe

Organic consolidated beer volume growth of 0.5% reflected continued improved consumer confidence across most of the region, slightly offset by a tougher winter in some markets of Central & Eastern Europe and later timing of Easter.
In France, Spain, Netherlands, Italy, and Austria volume development was positive.
In the UK volume was down low single digit due to a partial de-listing by a large customer. Premium volumes continued to grow double digit.
Volumes declined mid single digit in Poland following reduced promotional activity.
REPORTED NET PROFIT

Reported net profit in the quarter was €293 million (2016:€265 million).

TRANSLATIONAL CURRENCY UPDATE

Using spot rates as at 13 April 2017 for the remainder of this year, the calculated negative currency translational impact would be approximately €30 million at consolidated operating profit (beia), and no impact at net profit (beia). Foreign exchange markets remain very volatile.

ACQUISITION OF BRASIL KIRIN HOLDING S.A. UPDATE

On 13 February 2017 HEINEKEN announced that it had entered into an agreement with Kirin Holdings Company Limited ("Kirin") to acquire Brasil Kirin Holding S.A. The release also stated that HEINEKEN was in the process of reviewing its future route to market for its Brazilian operation. HEINEKEN Brasil products are currently distributed by the Coca Cola bottlers in Brazil. In light of the size and requirements of the proposed future combined portfolio, HEINEKEN now confirms that it intends to leverage Kirin's existing route to market with the Heineken portfolio in the future. Completion of the acquisition is subject to customary regulatory approval and is expected in the first half of 2017.

NEW FINANCING
On 23 February 2017, HEINEKEN privately placed SGD 150 million of 5 year floating Notes under its Euro Medium Term Note Programme. On 21 March 2017, HEINEKEN announced it had issued USD 1.1 billion of long 10 year 144A/RegS US Notes with a coupon of 3.50%, and USD 650 million of 30 year 144A/RegS US Notes with a coupon of 4.35%.

On 20 March 2017, HEINEKEN extended and amended its EUR 2.5 billion revolving credit facility maturing in May 2021. The facility has been increased to EUR 3.5 billion and is now set to mature in May 2022. The facility is committed by a group of 19 banks and has two further one-year extension options.

DEFINITIONS
Organic growth excludes the effect of foreign currency translational effects, consolidation changes, accounting policy changes, exceptional items and amortisation of acquisition-related intangibles.