HEINEKEN Investor Presentation November 2019 | 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 234mhl 56% (2018) 70+ 160+ 300+ Consolidated Of profit from 85,000+ Countries Breweries Brands Beer Volume developing markets Direct Employees 18% AMEE 34% Americas ASP Europe 36% 12% Operating profit (beia) by region (2018) 10% 36% AMEE Americas Operating Companies 30% ASP Joint Ventures/ Associates Europe Export 24% Licences 3 Limited reliance on individual markets HEINEKEN operating profit (BEIA) . Only two countries >10% of profits; Mexico & Vietnam >50 100% . Diversified mix of countries: . Established markets with steady improvements ~80% . Developing markets at different stages of growth 11 . Large collection of small markets with growth potential ~50% 4 ~25% 2 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 0 10 20 30 40 50 60 70 80 (mhl) Heineken 38 Carlsberg 12 . The beer brand with the widest reach Guinness 10 . 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® Desperados Heineken® Heineken® Heineken® Desperados Heineken® Heineken® Amstel Amstel Light Tiger Heineken® Heineken® Desperados Affligem Heineken® Desperados International Desperados Sol Strongbow Affligem Strongbow Star Amstel Sol Eisenbahn Amstel Oro Paulaner Tiger Lagunitas Desperados & Domestic Bohemia Gulder Zlaty Bazant Pelforth Sol Cruzcampo Zywiec Affligem Dos Equis Strongbow Premium Affligem Krusovice Fischer Baden Baden Especial Kronenburg 1664 Red Stripe Amstel Edelweiss Radler Bulmers Cider Newcastle Old Mout Cider Coors Warka Upper Dos Equis ’33’ Export Foster’s Biere Larue Krolewskie Amstel Cruzcampo Sol Life Ohota John Smiths Tecate Bivina Mainstream Specjal Devassa Amstel Indio Goldberg Strongbow BGI & Mainstream Lezajsk Tecate Schin Tri Medvedya Lower Superior Kaiser Zhigulievskoe ’33’ Export Carta Blanca More Tatra Glacial Cruz del Sur Mainstream Bochkarev Panach Kloster Bavaria & Value Okskoye No Grau 6 Top 10 countries by volumes HEINEKEN Business Priorities November 2019 | Heineken N.V. | Heineken Holding N.V. Four business priorities to continue driving long term value creation Deliver top line growth Drive Engage and Four business end2end develop our performance people priorities Brew a better world 8 Strong top-line growth Developing our international brands Building Craft & Variety Leading Low- and no-alcohol innovations . High-single digit growth . Low-single digit growth . High-single digit growth . Double digit growth of Tiger and Amstel . Affligem grew double digit . Zero Zone deployed in 20 markets across . Lagunitas now in more than 25 markets Europe and Russia Shaping the cider category Innovating in draught Rolling-out e-commerce platforms . Low-single digit growth . The Blade, a counter-top draught system for . Digital B2B platforms operational in 12 markets . Double digit growth outside the UK small outlets, is now available in 22 markets . Digital B2C platforms deployed in 16 markets led by South Africa, Russia, Vietnam with a range of 26 brands and Spain 9 Note: comments refer to HY 2019 results Heineken® volume +6.9% . Positive performance in all regions, double digit in Africa, Middle East & Eastern Europe and Americas . Double digit growth in Brazil, Mexico, South Africa, Russia, Nigeria, UK, Portugal, Germany and Romania . Heineken® 0.0, now available in 51 markets, continues to gain traction 10 Note: comments refer to HY 2019 results Drive End-to-End performance Examples of Make Sell Support End2End initiatives . Continuous improvement on New Product Revenue ZBC management Implementation (NPI) process led to faster and more efficient brand and innovation launches (e.g. Heineken® 0.0 rolled out in 51 markets in less than three years) Sell more for more Elliminate bad costs . Commercial Spend Productivity (CSP) to invest more efficiently and effectively Customer Consumer . Deployment of BASE in small and medium size operations in ASP and AMEE to build new capabilites at scale and increase the level of service to customers. 11 Note: comments refer to HY 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 13 Brewing a Better World HY 2019 update . Steady progress towards our targets . Launched ‘Every Drop’ water vision for 2030 . Completed projects at the Itu brewery in Brazil and the Schladming brewery in Austria for a total of 12 biomass facilities operational . New projects to increase local sourcing in Burundi, the Democratic Republic of Congo (DRC), Rwanda and Sierra Leone . Working with suppliers to expand malting capacity to process local barley in Ethiopia and South Africa 14 Brewing a Better World 15 Every Drop: protecting water resources 32% decrease in water consumption (hl/hl) compared with 2008 3.2 hl/hl average in water-stressed areas surpassing the 2020 target 13 production units successfully implemented water balancing 96% of wastewater volume treated before discharge Restoration of wetland lagoons Water balancing in Spain continues with the restoration of four lagoons and surrounding Launched Every Drop, the 2030 water ecosystems in the Donana wetlands, the largest biodiversity area of Europe and an important resting place for migrating birds and other animals. According to a study by the University of ambition supporting watershed health in Granada, the project will return more than 1 million m3 water to the environment. water-stressed areas 16 Source: Last reported results 17 Drop the C: reducing CO2 emissions 47% reduction of relative CO2 emissions in production compared to 2008 190,000 Green Fridges: 50% less emissions compared to 2010 13% decrease in emissions from distribution compared to 2010/2011 New 2030 committment to increase renewable energy (electrical & thermal) from 14% to 70% without the use of unbundled certificates 2030 targets in development for distribution, cooling and packaging. 18 Source: Last reported results Growing with Communities Creating economic and social impact 85,000 employees in more than 70 countries €11.7 billion total tax contribution 26.4% effective income tax rate Investing in our communities Local sourcing projects provided support to more than 150,000 farmer households Since 2007, the Heineken Africa Foundation committed to over 110 projects with a focus on Mother & Child care and Water, Sanitation and Hygiene (WASH) 19 Source: Last reported results Sourcing sustainably 34% of Group raw materials sourced sustainably (target: 50% by 2020) 37% of the agricultural raw materials used in Africa and the Middle East were sourced locally 95% compliance with HEINEKEN’s 4 step Supplier Code Procedure among all operating companies Updated Supplier Code launched 20 Source: Last reported results Advocating responsible consumption 69 markets worldwide dedicated at least 10% of Heineken® media spend to Responsible Drinking campaigns. 46 markets established partnerships to address alcohol-related harm 5.5% of total global volume contributed by low- and no-alcohol options Ingredients