Volume in millions of hectolitres

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Full-year results 2004 Presentation for
the Annual General Meeting of Shareholders 20
April 2005
Building the future today
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Highlights of 2004

• Good underlying financial performance
• Organic growth in net profit (BEIA) of 8.1,
  ahead of our September 2004 forecast
• Cost savings contributed to profitability
• Integration of Brau Union is on track and has
  delivered the expected synergies
• New acquisitions and partnerships extend base for
  future growth
• Strict cash flow management

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Key figures 2004 / hl million
Change
2004
2003
113
Group beer sales volume
13.8
99
19.2
18.5
Heineken premium brand
4.1
1,329
1,327
Operating profit BEIA
0.2
319
334
- 1.9
791
806
Net profit BEIA
Organic growth in operating profit (BEIA)
5.0
Organic growth in net profit (BEIA) 8.1
Excluding exceptional items ( 2003-74) and
amortisation of goodwill (in 2004 81, 2003 31)
Excluding exceptional items (in 2004 -173,
2003 23) and amortisation of goodwill (in 2004
81, 2003 31)
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Operating profit BEIA million
93
- 158
67
First-time consolidations 7
Exchange effects - 12
Organic growth5
1,327
1,329
67 Organic growth 5
2003
2004
2002

• Before amortisation of goodwill (2004 81 2003
  31) and exceptional items (2003 -74)

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US dollar exchange rate and Heineken NV share
price
Heineken NV share price vs. US dollar
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Profit outlook 2005

• Heineken expects further organic growth in net
  profit.
• Taking into account the increased investments in
  marketing and innovation, no more than mid-single
  digit growth is envisaged.
• Heinekens long-term profit forecast is positive.
• Adverse currency effects, particularly of the
  US, are expected to outweigh the predicted
  organic profit growth and the contribution to the
  results by new acquisitions, resulting in a
  decrease in net profit (BEIA).

The full text of the profit outlook can be found
in the 2004 Annual Report
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Building the future today

• Investing in the Heineken brand
• Meeting the challenges of changing consumer
  dynamics in Western Europe
• Cost structure. Additional programmes in the
  areas of production and distribution in Western
  Europe should reduce our cost base by at least
  50 million by 2007
• Growth through acquisitions

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Expanding the businessAcquisitions
partnerships in 2004
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New management structure
Executive Board
Implement Innovation
Chairman and CEO JEAN-FRANÇOIS VAN BOXMEER
Member and COO MARC BOLLAND
Member and CFO RENÉ HOOFT GRAAFLAND
President Western Europe ( Amsterdam ) Didier
Debrosse
Group Human Resources Director Frans van der Minne
Group C A Director Frans Eusman (acting)
Group Finance Director David Hazelwood
Group Corporate Relations Director Sean ONeill
President C E Europe ( Vienna ) Nico Nusmeier
Group Supply Chain Director Marc Gross
Group Business Dev. Director Marc Koster
President Africa/Middle East ( Amsterdam ) Tom de
Man
Group IT Director Vacancy
Group Commercial Director Peter van Campen
(acting)
President Americas ( New York ) Massimo von
Wunster
Group Legal Affairs Director Steven van Maasakker
Executive Committee
Company Secretary Manager Group Internal
Audit Manager Corporate Internal
Services Security Manager Proseco

President Asia/Pacific ( Singapore ) Siep Hiemstra
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Heineken summary

• Good underlying financial performance
• Increased investment in Heineken brand and
  innovation
• Meeting the challenges of changing consumer
  dynamics in Western Europe
• Cost savings, synergy benefits and rigorous cash
  flow focus to contribute to profitability
• New acquisitions and partnerships to extend
  platform for future profit growth

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Important notice
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 successfully to integrate acquired
businesses and achieve anticipated synergies,
costs of raw materials, interest-rate and
exchange-rate fluctuations, changes in tax rates,
changes in legislation, 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.
February 2005