Heineken Holding N.V. Trading Update - First Quarter 2012 - Seite 2

HAPBC joint venture.

Reported net profit of Heineken N.V. was EUR 175 million compared with EUR 151
million in the first quarter of 2011. This includes a EUR 20 million revaluation
gain following an increase in HEINEKEN´s shareholding in Brasserie Nationale
d´Haiti S.A. in January 2012 that was treated as an exceptional item.

Change in consolidation scope in the first quarter of 2012

* The main consolidation scope changes having an impact on financial results
in the first quarter of 2012 include:
* The acquisition of the beer operations of the Sona group in Nigeria,
consolidated from 12 January 2011;
* The acquisition of the Harar and Bedele breweries in Ethiopia, consolidated
from 4 August 2011;
* The acquisition of the Galaxy Pub Estate in the United Kingdom, consolidated
from 2 December 2011; and
* The acquisition of additional shares in the joint venture company Pivara
Skopje in Macedonia, was completed and consolidated from 16 December 2011.

On 17 January 2012, HEINEKEN completed the acquisition of a  controlling stake
(from 22.5% to 95%) in Brasserie Nationale  d´Haiti S.A., in Haiti. This will be
consolidated from the second  quarter of 2012.
Full year outlook

HEINEKEN reaffirms its 2012 outlook as stated in the full year 2011 earnings
release dated 15 February 2012.

Financial structure

For the first time in HEINEKEN´s 148 year history, HEINEKEN was assigned public
credit ratings on 7 March 2012. HEINEKEN received solid investment grade credit
ratings by Moody´s Investor Service (Baa1) and Standard & Poors (BBB+), both
with stable outlooks. These ratings reflect HEINEKEN´s robust capital structure
and strong cash flow generation. The ratings were assigned to HEINEKEN´s
European Medium Term Note (EMTN) Programme, which was updated on 7 March 2012.

On 19 March 2012, HEINEKEN placed EUR 1.35 billion of Notes under its EMTN
Programme comprising of EUR 850 million of 7-year Notes with a coupon of 2.5%
and EUR 500 million of 12-year Notes with a coupon of 3.5%. On 3 April 2012,
HEINEKEN placed US$750 million of 10-year 144A/RegS US Notes with a coupon rate
of 3.4%, further improving the currency and maturity profile of HEINEKEN´s long-
term debt. The proceeds of the offerings will be used for general corporate
purposes.

Investor calendar Heineken Holding N.V.

Annual General Meeting of Shareholders (AGM) 19 April 2012

Quotation ex-final dividend date 2011 23 April 2012

Final dividend 2011 payable 2 May 2012

"What´s Brewing" Webinar 23 May 2012

Half-year 2012 results announcement 22 August 2012