What’s Brewing Seminar Superior top-line growth · RTD Coffee & Tea Water* Beer Core categories Wine Alcoholic beverages Proximity to beer Non-alcoholic beverage Juices/ Nectars

Amsterdam | November 7, 2019 | Heineken N.V.

What’s Brewing Seminar

Superior top-linegrowthJan Derck van Karnebeek

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DisclaimerThis presentation contains forward-looking statements with regard to the financial position and results of HEINEKEN’s 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 HEINEKEN’s 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 HEINEKEN’s 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 specialisedresearch institutes in combination with management estimates.

2 What’s Brewing Seminar 2019

Jan Derck

Van KarnebeekChief Commercial Officer

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A royal HEINEKEN celebration


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Agenda

What’s Brewing Seminar 2019

• Superior top-line growth

• Growth strategy in focus

• Conclusion

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Agenda

What’s Brewing Seminar 20195 What’s Brewing Seminar 2019

Agenda

Superior top-line growthWe have the right footprint, strategy and

capabilities to keep growing.

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We strive to deliver revenue growth in the top quartile of the staples universe

Strong track record of superior top-line growth

Consumer Staples: Brewers (ABI, CARLB, STZ & TAP); Spirits (DGE, CPR, RCO & RI); Soft drinks (CCH, CCEP & BVIC); Home & personal care (OR, RB, PG, HEN, CL, COTY & KMB); Food (NESN, BN & ULVR); Tobacco (BATS, IMB & SWMA). Note: Organic revenue growth as reported by corporates in each year

4.8 5.0

6.1

2.4

4.4 4.2

2.5

4.2

5.5

1.7

3.9

4.9

3.3

2.7 3.0

2.6

2.1 2.4

4.1

1.2

3.4

2016 2017 2018

HEINEKEN Other brewers Spirits Soft Drinks Food Household Tobacco

Revenue organic growth vs previous years (%)

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Our increased exposure to developing markets supports organic top-line growth

Our revenue growth has accelerated

Source: Internal data

Net revenue Transformational and material bolt-on deals

2008 2010 2012

2017 2019

2008 2013 2018

+0.9%+4.5%

Developed markets

Developing markets

€14.3m

€19.2m

€22.5m

Average organic growth

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2018 Global beervolumes

Developing -mainstream &

economy

Developing -premium

Developed -premium

Developed -mainstream &

economy

2023 Global beervolumes

Developing markets and the premium segment are expected to outgrow the average

HEINEKEN is well placed to capture growth

Source : Global Data; Developed/developing countries segmentation based on World Bank definition of high-income economies for developed countries* Based on 2018 results, with premium defined as products sold at a price index > 115 relative to mainstream.

Major consumer

trends

Global Beer Market outlook

Developing markets+ c.1% CAGR

Developed marketsc. 0% CAGR

Premium+ c.2%-3% CAGR

Total+ c.1% CAGR HEINEKEN

of beer volumes from developing

markets*

2/3

of beer revenue from premium*

>40%

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Agenda

What’s Brewing Seminar 20199 What’s Brewing Seminar 2019

Growth strategy in focusWe pursue five sources of growth and

leverage our core capability to replicate

success at scale and speed.

Superior top-line growth

Agenda

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Enteringnew markets

Footprint skewed

to growth

Premiumisation Adjacentbeverage

categories

Adjacent businessmodels

HEINEKEN’s growth model, simplified

Share Re-applyDo Learn


Mastering global scale and local relevance

KEY CONSUMER TRENDS: DIGITAL LIVES, HEALTH & WELLNESS, BLURRING BOUNDARIES

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Enteringnew markets

Footprint skewed

to growth


categories



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Balanced footprint in the right geographies, weighted to growth markets

We are best positioned to capture future growth

* Operating companiesSource: HEINEKEN, Global Data

Operating Companies

Joint Ventures/ Associates

Licences

Export

HEINEKEN footprint set to outpace the market

average by >100 bps

0.9%

2.1%

Beer Market HEINEKEN footprint*@ stable share

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Enteringnew markets

Footprint skewed

to growth


categories



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2012 2013 2014 2015 2016 2017 2018

Expanding our footprint to gain more exposure to organic growth opportunities

We are effectively accessing new profit pools


Examples of new profit pools and partnerships A proven model for new market entry...

Colombia2019

Equador2019

Jamaica2015

Ivory Coast2016

South Africa2016

Mozambique2017

Ethiopia2014

Myanmar2015 Philippines2016

China2019Kilinto I

greenfield

Kilinto II

Kilinto III

Market share <10%

Market share >30%

Margin <0%

MarginBreakeven

Margin> Group average

... which can be replicated

Ethiopia

Operating companies

Joint ventures and associates

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Enteringnew markets

Footprint skewed

to growth


categories



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0

1

2

3

4

5

6

2009 2017 2021 2030

Pop

ula

tio

n (

bn

)

Premium beer continues to grow...

Source: Global Data

Segmentation trends

Premium volumes as % of total beer market

0%

10%

20%

30%

40%

50%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

0%

5%

10%

15%

20%

25%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Brazil

0%

5%

10%

15%

20%

25%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

South Africa

United Kingdom

Economic headwinds

Global urbanisation set to continue

Global growing middle class, led by India and China

0

1

2

3

4

5

6

7

2005 2010 2015 2020F 2050F

Pop

ula

tio

n (

bn

)

Source : World Bank

Source: World Bank

… also in recessions

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Premium grows everywhere, and fastest in developing markets

Premium upside in our major growth markets

Source : Global Data definition of premium; Developed/developing countries segmentationbased on World Bank definition of high-income economies for developed countries

Developed Developing

c.35%

Premium volumes as % of total beer market

Aggregation of our Top 20 markets

c.16%

Mexico UK

Examples of our major market premium opportunities

South Africa China

+2.4% +2.8%

CAGR 2018-2023

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The most global beer brand flanked by a strong portfolio of international and domestic brands

Top premium beer portfolio, led by Heineken®

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One of the few €5bn revenue consumer brands currently growing at 7%

Heineken® has headroom for further growth


BrazilBuilding premium on strong brand credentials

ChinaUnlocking brand potential through CRB

Sub-Saharan AfricaLeveraging strong appeal to global platforms

Heineken® before CRB points of sale

c. 0.04m

CAGR +8%

CAGR +15%Volume Points of saleVolume

c. 5m

CAGR +27%

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At the same time, in the same markets, with different brands

Unrivalled skill at being both local and global

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Flex the brand to be locally relevant whilst staying true to its core

#IAMstel Tools video

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Versatile international portfolio to successfully compete in a wide range of occasions

Replicating success into the right markets

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Once again through a combination of global and local approaches

Scaling craft in complementary ways

Scaling local authenticityMaking taste travelLagunitas available in 34 markets and locally produced in 3 markets

Extending scale brands

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Enteringnew markets

Footprint skewed

to growth


categories



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Leveraging trends: Health & wellness and blurring categories

Opportunities to source growth, beyond core beer

*Water: enhanced water, packaged water, flavoured water

>HSDgrowth

LSD - MSDgrowth

<Beergrowth

Radler/Mixed Beer

CiderSpirits

Beer 0.0

Malt

Carbonated Soft Drinks

Energy Drinks

Iced/RTD

Coffee & Tea

Water*

Beer

Core categories

Wine

Proximity to beerAlcoholic beverages Non-alcoholic beverage

Juices/Nectars

Sources of volume

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Established cider markets show +9% penetration on top of beer

Cider leverages the same assets for more penetration

Production assets Commercial assets

Brewery with capabilities for cider and beer production in 19 countries

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Continued growth at a healthy price premium compared to CSD sources of volume

Radler: The benefit of making the first move

SOURCE: Global Data; Internal DataCAGR for 2013-2018** Excluding JV and Associate volumes SOURCE: Global Data

Market shares in beer mixes

Beer Mixes

Global CAGR*

+5.1%HEINEKEN

CAGR*

+8.3%

Global beer mixes volume

13mhlHEINEKEN

market share

>25%

in Austria

c.50%in Poland

c.25%

First mover competitive advantage

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Drinks landscape is changing rapidly towards healthier and more natural non-alcohol beverages

The non-alcoholic beer opportunity is now and big

Non-alcoholic beer sources from different categories

Non-alcoholic beer takes us into new occasions and consumers adding up to 8% incremental penetration

Lunch

Drive

Sport

Office

Our non-alcoholic beer is truly zero alcohol, great taste, lower calories and all natural

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66 non-alcoholic line extentions available across over 55 markets

Leading the way on non-alcoholic beer

Replicating success with the right brands across the right markets

Heineken 0.0 availablein 52 markets in less than 3 years

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Effective rollout of a powerful enabler – ZeroZone

Portfolio approach to create a new category

ZeroZone rolled out to 21 markets in only 12 months

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Visibility is key to create and change consumer habits. Powerful enabler – The Blade

Accelerating the opportunity in the on-trade

Source – HUK SPB Proprietary Data, 2018/2019

When IndividuallyStocked

4 serves +350% Sales Uplift

When DualStocked

14 serves

RIGHT

SKU

The Blade is available in 25 markets

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First flagship 0.0 brand at global scale now available in >50 markets serving new LONO occassions

“Now you can” video

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Enteringnew markets

Footprint skewed

to growth


categories



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+15.3%net revenue

5Y CAGR from 2014-2019

>€300mof net revenue*

>2.0mhlBeer volumes*

Innovations delivering on convenience, quality and affordability

Draught Systems: Sizeable, profitable and growing

* Including David system, Draughtkeg, Beertender, Blade and Sub for 2018

On-trade draughtPlug&Play Draught Solutions to bring premium

draught experience to every outlet

Draught@HomeBringing the Magic

of On-Trade in Home

DAVID® BLADE ® Draught Keg BeerTender ® The SUB ®

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We are jumping onto a new growth curve, today

Become the Best Connected BrewerC

om

pet

itiv

e

ad

van

tag

eP

rop

osi

tio

n

Produce a great product

Unique production process at scale

Build omni-present brands

Be in every point of sale

Scale in mental presence

Scale in physical presence

Age of

Connections

Be relevant to consumers

Create value for customers

Scale in connections = data

Scale in learning

Age of

ProductionAge of

Marketing & Sales

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…also in a digital age.

Consumer & customer journeys always at the core...

Be relevant to consumers with right personalized message

at right moment

Consumer journeys

Increase customer commitment by growing their businesses

Customer journeysMoment of Truth

Co

nsu

me

r Cu

stom

er

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… by rapidly scaling a complementary capabilities, transactional platforms and new businesses

Winning at the moment of truth...

Consumer journeys Customer journeys

Individualized Data-Driven Marketing (“IDDM”)

Co

nsu

me

r Cu

stom

er

Data Driven Sales (“DDS”)

Business to Business

Capability programmes

Transactional platforms

Adjacent business models

Co

nsu

me

r Cu

stom

er

Business to Consumer (eg Beerwulf)

Six, Drinkies, Star Pubs & Bars are scalable through EPOS

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Digital enables direct personalised relationships with customers and consumers

Our digital platforms are being deployed faster & wider

Replicating success in the right marketsTransactional platforms

B2C

B2B

Capability programs

Adjacent business models

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Efficient, effective personalized consumer messaging with measurable results

IDDM video


FlexibleCopy

Objects

SKU

Functionality

Endframe

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Agenda

What’s Brewing Seminar 2019What’s Brewing Seminar 2019

ConclusionHEINEKEN is well placed to continue delivering

superior top-line growth today, tomorrow

and the day after tomorrow.

Agenda

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Enteringnew markets

Footprint skewed

to growth


categories


HEINEKEN’s growth model, simplified

Share Re-applyDo Learn


Mastering global scale and local relevance

KEY CONSUMER TRENDS: DIGITAL LIVES, HEALTH & WELLNESS, BLURRING BOUNDARIES

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We Are HEINEKEN.

What’s Brewing Seminar Superior top-line growth · RTD Coffee & Tea Water* Beer Core categories Wine Alcoholic beverages Proximity to beer Non-alcoholic beverage Juices/ Nectars

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