HEINEKEN Investor Presentation February 2020 | Heineken N.V. | Heineken Holding N.V. Disclaimer This 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 specialised research institutes in combination with management estimates. 1 Approach to long-term value creation Focus on premium segment to drive superior top line growth and market share Revenue & Market Share Growth HEINEKEN Golden Triangle Continuous improvement of Focus on efficient deployment operating profit margin, of capital and working capital driving costs and efficiencies Return on efficiencies RONA2 throughout the business Sales1 1 Return on Sales - Operating profit (beia) divided by revenue; based on consolidated financials 2 2 RONA - Return on Net Assets Global balanced footprint with growth potential Cons. Beer volumes by region 70+ 160+ 300+ 241mhl 54% 85,000+ (2019) Countries Breweries Brands Consolidated Of profit from Direct Employees Beer Volume developing markets 18% AMEE 34% Americas ASP Europe 36% 13% Operating profit (beia) by region (2019) 10% 35% AMEE 29% Americas Operating Companies ASP Joint Ventures/ Associates Europe Export 26% Licences 3 Limited reliance on individual markets HEINEKEN operating profit (BEIA) . Two countries have >10% of profits; Mexico & Vietnam >50 100% . Diversified mix of countries: . Established markets with steady improvements . Developing markets at different stages of growth . Large collection of small markets with growth potential 17 ~80% Markets Share of operating profit 4 Heineken®: the most international beer brand Top 10 global beer brands by market reach Number of markets Brand size (mhl) 0 10 20 30 40 50 60 70 80 Heineken 38 . The beer brand with the widest reach Carlsberg 12 Guinness 9 . Present in over 190 markets Tuborg 17 Budweiser 53 . Meaningful presence in >70 markets Corona 45 Stella Artois 12 Amstel 11 Castle 14 Asahi 23 1-5% 5-10% 10-20% >20% 5 Source: Global data 2018 Strong local operations with local portfolios Mexico Nigeria Russia Poland UK USA Vietnam France Brazil Spain Heineken® Heineken® Heineken® Heineken® Heineken® Heineken® Amstel Light Heineken® Heineken® Desperados Heineken® Birra Moretti Heineken® International Tiger Miller Desperados Strongbow Tiger Desperados Amstel Oro Strongbow Desperados Eisenbahn Gulder Amstel Namyslow Lagunitas Strongbow Affligem Cruzcampo & Domestic Bohemia Strongbow Cider Sol Krusovice Zywiec Dos Equis Amstel Edelweiss Especial Premium Amstel Bulmers Cider Baden Baden Red Stripe Aguila Old Mout Cider Newcastle Coors Warka Upper Dos Equis ’33’ Export Okhota Krolewskie Kronenbourg 1664 Larue Special Amstel Cruzcampo Sol Star Tecate Pelforth Mainstream Amstel Specjal Amstel Devassa Amstel Indio Amstel & Mainstream Lezajsk Tecate Schin Lower Superior Tri Medvedya Life Foster’s Larue ’33’ Export Kaiser Carta Blanca Zhigulievskoe Tatra Cruz del Sur Mainstream Goldberg John Smith’s Bivina Panach Glacial Kloster Bochkarev & Value Bavaria 6 Top 10 countries by volumes HEINEKEN Business Priorities February 2020 | Heineken N.V. | Heineken Holding N.V. Five business priorities to continue driving long term value creation 8 Strong top line growth Developing our international brands Building international and local craft Leading low- and no-alcohol innovations . High-single digit growth . Mid-single digit growth . High-single digit growth . Double digit growth of Amstel and Tiger . Lagunitas in more than 35 markets . Double digit growth of non-alcoholic . The Zero Zone is now being deployed globally Shaping the cider category Innovating in draught . Double digit growth outside the UK, led . Double digit growth in proprietary by South Africa and Russia draught systems . Encouraging results from new cider . The Blade is now available in 32 markets markets, including Vietnam and Mexico 9 Note: comments refer to FY 2019 results Heineken® volume +8.3% . Positive performance across all regions . Double digit growth in over 40 markets including Brazil, Mexico, South Africa, Nigeria, the UK, Romania and Germany . 12 markets sell more than 1 million hectolitres . Successful roll-out of Heineken® 0.0 continues . Official Beer Partner of UEFA EURO 2020TM and extension of UEFA Champions League partnership for 2021-2024 10 Note: comments refer to FY 2019 results Drive End-to-End performance Examples of Make Sell Support End2End initiatives . Continuous improvement on New Product Implementation Revenue (NPI) process led to faster and more efficient brand and ZBC management innovation launches (e.g. Heineken® 0.0 rolled out in 57 markets in less than three years). Deployment of BASE in small and medium size operations in Sell more for more Elliminate bad costs ASP and AMEE to standarize core business processes and build new capabilites at scale to increase the level of service to customers. Customer Consumer 11 Note: comments refer to FY 2019 results Engage and develop our people . Develop great business driven leaders . Grow our talent pipeline at all levels . Build critical capabilities and strengthen functional excellence . Leverage diversity & our culture Female role models in HEINEKEN Supply Chain 12 Brewing a Better World February 2020 | Heineken N.V. | Heineken Holding N.V. Brewing a Better World FY 2019 update . 29% decline in rate of accidents vs 2018, but with 11 fatalities . 3.4 hl per hl of water use on average, 3.1 hl per hl in water scarce areas. Ahead of 2020 targets, so launched water ambition ‘Every Drop’ in March 2019 . 19% of electric and thermal energy in production from renewables (2018: 15%; 2030 target: 70%) . Aiming to reduce plastic use . 44% of agricultural supplies in Africa locally sourced (2018: 39%; 2020 target: 60%) . Over 10% of Heineken® media spend on responsible consumption awareness campaigns in over 60 markets 14 Note: comments refer to FY 2019 results Brewing a Better World 15 Every Drop: protecting water resources 33% decrease in water consumption (hl/hl) compared with 2008 3.1 hl/hl average in water-stressed areas surpassing the 2020 target 15 brewery sites now started water balancing projects, incl. nature-based solutions like reforestation and wetland restoration Water balancing in Mexico through reforestation 97% of wastewater volume treated before Since the end of 2018, we have achieved our water balancing target for the Monterrey Brewery, returning discharge 1.15 million cubic meters of water per year to the local watershed. By 2020, 1,300,000 trees will be Launched Every Drop, the 2030 water ambition planted. supporting watershed health in water-stressed areas 16 Source: Last reported results 17 Source: Last reported results Drop the C: reducing CO2 emissions Exceeded target with 49% decrease in CO2 emissions in production compared to 2008 Increased renewable energy in our breweries to 19%. 2030 ambition = 70% >150,000 Green Fridges: 50% less emissions compared to 2010 13% decrease in emissions from distribution compared to 2010/2011 Developed regional strategies to manage impacts of plastic* packaging * 6% of our total packaging by volume 18 Source: Last reported results Growing with Communities Creating economic and social impact 85,000 employees in more than 70 countries €12 billion total tax contribution 27.6% effective income tax rate Investing in our communities Local sourcing projects support > 140,000 farmer households. Providing access to new crops, improved varieties, agricultural and business skills training Since 2007, the Heineken Africa Foundation committed to over 119 projects with a focus on Mother & Child care and Water, Sanitation and Hygiene (WASH) 19 Source: Last reported results Sourcing sustainably 37% of raw materials sourced sustainably (target: 50% by 2020) Increased local sourcing of agricultural raw materials in Africa to 44%, supporting smallholder farmers. More to do to reach 60% target, investing in malting capacity in SA and Ethiopia. 97% compliance with HEINEKEN’s 4 step Supplier Code Procedure across operating companies, ahead of target We enhanced the supplier screening process to identify high-risk suppliers 20 Source: Last reported results Advocating responsible consumption 63 markets (95%) worldwide dedicated at least 10% of Heineken® media spend to Responsible Drinking campaigns. 35 markets have partnerships in place