Welcome Welcome Welcome

Welcome Welcome

Welcome Welcome Welcome

Welcome

London | 25 March 2013 | Heineken NV

London | 25 March 2013 | Heineken NV

Jan Derck van Karnebeek President Central & Eastern Europe

A leading brewer in Central & Eastern Europe

What’s Brewing Seminar

3

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.

Agenda

4

HEINEKEN: Central & Eastern Europe

1 A large and diverse beer market

2 CEE: A key region for HEINEKEN

3 Strategic focus on driving profit growth

4 Key markets update

5

Central & Eastern Europe: A large and diverse beer market1…

1 Countries on the map correspond to HEINEKEN CEE region

Source: Plato Logic Statistics, 2012 Nov

0

100

200

300

400

500

600

Total Europe NorthAmerica

HEINEKENCEE markets

LatinAmerica

Total beer consumption 2012 in mhl

Poland

Belarus

Hungary

Croatia

Bulgaria

Slovakia

Romania

Austria

Mac.

Greece

Russia

Serbia

Czech Republic

Germany

6

…with varying levels of per capita consumption

Per capita consumption in HEINEKEN CEE countries (2012)

Source: Plato Logic Statistics, 2012 Nov

146

111 110

101

84 80

74 71 69 67

51 50

32 30

Czech R

epu

blic

Germ

any

Austr

ia

Pola

nd

Ro

man

ia

Cro

atia

Slo

vakia

Bulg

aria

Hu

nga

ry

Ru

ssia

Bela

rus

Serb

ia/M

onte

neg

ro

Gre

ece

Ma

ce

don

ia

Average 82 litres per cap.

7

Rising incomes to enhance consumer spending power and future value growth

GDP per capita CAGR (2012-20) in HEINEKEN CEE countries

Source: Plato Logic Statistics, 2012 Nov

3.6% 3.6% 3.4% 3.4%

3.2% 3.0% 3.0%

2.7% 2.6%

2.4% 2.3%

1.9% 1.9%

1.6%

Ru

ssia

Bela

rus

Bulg

aria

Ro

man

ia

Serb

ia

Slo

vakia

Pola

nd

Czech R

epu

blic

Cro

atia

Ma

ce

don

ia

Hu

nga

ry

Gre

ece

Austr

ia

Germ

any

2012-20 CAGR 2%

8

A well diversified volume and profit pool

Source: Plato – November 2012, UBS Report– August 2012

Note: Macedonia profit pool data not available

32%

31%

12%

6%

5%

3%

HEINEKEN CEE markets beer volume

share FY 2011(297 mhl)

Russia

Germany

Poland

Romania

Czech Republic

Austria

Hungary

Serbia

Bulgaria

Belarus

Slovakia

Greece

Croatia

25%

25% 16%

8%

8%

6%

HEINEKEN CEE markets beer EBIT share

FY 2011 (US$3.6 billion)

Russia

Germany

Poland

Romania

Czech Republic

Austria

Hungary

Serbia

Bulgaria

Belarus

Slovakia

Greece

Croatia

Agenda

9

HEINEKEN: Central & Eastern Europe

1 A large and diverse beer market

2 CEE: A key region for HEINEKEN

3 Strategic focus on driving profit growth

4 Key markets update

10

CEE represents a significant value opportunity for HEINEKEN

1 Pro-forma with APB for 12 months

Source: HEINEKEN FY2012 results

26%

74%

2012: Consolidated Beer Volume split1

HEINEKEN CEE

Other Regions

17%

83%

2012: Revenue split1

HEINEKEN CEE

Other Regions

11%

89%

2012: EBIT (beia) split 1

HEINEKEN CEE

Other Regions

8%

92%

2012: Heineken® Brand Volume

HEINEKEN CEE

Other Regions

11

10

8

4 4

2

1

Heineken Carlsberg SAB MolsonCoors ABInBev Efes

HEINEKEN leading in #1 and #2 positions

Number of markets with #1 and #2 positions in HEINEKEN CEE1region

1 Based on markets in which HEINEKEN has direct brewery operations (excluding export), which include Russia, Belarus, Bulgaria, Romania,

Serbia, Slovakia, Poland, Czech Republic, Croatia, Macedonia, Hungary, Greece, Austria and Germany

Company’s Presence (no. of markets in HEINEKEN CEE region)

14 11 5 7 2 1

12

Leading market positions to shape regional growth strategy

1 In Germany, HEINEKEN operates under 2 business models: JV with BHI and direct distribution of some brands

Source: HEINEKEN, based on Nielsen and Brewers association data (2012)

Joint Venture

Operating Company

Export

#2

#2

#2

#2

#2

#1

#1

#1

#1

#1

#4

#3

#3

> 31

#3

#2

#2

13

HEINEKEN has a balanced exposure to key regional markets

24%

21%

12%

8%

4%

3%

2%

26%

Group Beer Volume split (2012)

Russia

Poland

Romania

Austria

Greece

Slovakia

Croatia

OtherMarkets

EBIT (beia) split (2012)

349m€ EBIT (beia)

55mHL

14

HEINEKEN benefits from an unrivalled brand portfolio

* licensed

Austria Czech

Republic Greece Poland Romania Russia Serbia Slovakia Others

INTERNATIONAL

PREMIUM

Heineken®

Desperados

Heineken®

Zlaty Bazant

Aflligem

Heineken®

Fischer

Sol

Strongbow

Heineken®

Desperados

Paulaner

Heineken®

Amstel

Sol

Desperados

Heineken®

Amstel

Zlaty Bazant

Desperados

Guinness*

Heineken®

Amstel

Heineken®

Zlaty Bazant

Desperados

Paulaner

LOCAL

PREMIUM

Zipfer

Edelweiss

(specialty)

Zywiec

Strong Ciuc

Bochkarev

Dr. Diesel

Zlaty Bazant

Krusovice

(UPPER)

MAINSTREAM

Gosser

Puntigamer

Kaiser

Krusovice

Starobrno

Zlatopramen

Hostan

Amstel

Zorbas Warka

Goldenbrau

Silva

Ohota

PIT

Pils Plus

Starobrno

Corgon

Kulmbacher

Kapuziner

Soproni

Bobrov

(LOWER)

MAINSTREAM

Schwechater

Kaiser Breznak Alfa

Tatra

Specjal

Lezajsk

Bucegi

Neumarkt

Hategana

Harghita

Tri Medvedya

Stepan Razin

Amur-Pivo

Zhigulevskoye

Bereg Baikala

Okskoe

Shikhan

Patra

Volnaya Sibir

Zajecarsko

Kelt

15

HEINEKEN is winning in the market place

1Based on markets in which HEINEKEN has direct brewery operations (i.e. excluding export markets)

Source: HEINEKEN CEE actual volume data, Plato November 2012

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

2008 2009 2010 2011 2012

HE

INE

KE

N’s

CE

E G

roup b

eer

volu

me (

mhl)

Positive market share momentum1

Group Beer Volume (mhl) HEINEKEN CEE market share

Agenda

16

HEINEKEN: Central & Eastern Europe

1 A large and diverse beer market

2 CEE: A key region for HEINEKEN

3 Strategic focus on driving profit growth

4 Key markets update

17

CEE: Long term value creation opportunity

Bubble represents size of the profit pool (₌ €500m)

Western Europe

Central & Eastern Europe

North America

Latin America

Africa

Asia (ex China)

China

0

10

20

30

40

50

60

70

80

90

100

0 5 10 15 20 25

Per

capita c

onsum

ption

2011

EBIT/ hl (€)

Source: Plato – November 2012, UBS report – August 2012, HEINEKEN

Western Europe includes UK, Spain, France, Italy, Netherlands, Belgium, Portugal, Switzerland, Sweden, Finland, Denmark, Ireland, Norway

CEE is comprised of Slovakia, Austria, Czech Republic, Bulgaria, Serbia, Romania, Poland, Croatia, Greece, Germany, Russia, Belarus, Hungary. Macedonia data N.A.

North America includes USA, Canada and Greenland and excludes Mexico (included in Latin America)

18

A strategic focus on revenue per hl growth

Revenue Management Strategic Drivers

Improving Revenue / hl and profitability

Brand and

Portfolio

management

Mix and

Innovation

Global

brands

Outlet Execution,

Modern Trade

Capabilities

19

Heineken® brand offers an exciting growth opportunity

Source: HEINEKEN

0

500

1,000

1,500

2,000

2,500

3,000

2008 2009 2010 2011 2012

Heineken® brand volume (khl)

Rest of CEE Greece

0 5 10 15 20 25

CEE

Africa

Americas

WER

Asia

Heineken® brand volume as % of Group beer volume

Group

Average

Brands

Mix,

Innovation

Global

brands

Execution

20

Heineken®: Powerful activation and execution

Global platforms

& creation of

local relevance

Scaling-up distribution

(Numeric distribution everywhere)

Iconic trade visibility

Affordable Packaging

25cl and 40cl bottle launches Brands

Mix,

Innovation

Global

brands

Execution

21

Heineken® commercial Video

Brands

Mix,

Innovation

Global

brands

Execution

22

Successful roll-out of Desperados

Source: HEINEKEN

Available in 19 countries

across CEE region

Average price index is almost

2 times mainstream brands

Desperados Fuego line

extension recently launched

in Germany

Brands

Mix,

Innovation

Global

brands

Execution

0

100

200

300

400

500

600

2009 2010 2011 2012

khl

Desperados volume in CEE

Poland Rest of CEE

23

Innovation is key to winning with consumers

1 Innovation rate calculated as revenues generated from innovations

introduced in the past 12 quarters divided by total revenue

12.3%

5.3% 6.0%

CEE FY2012 HEINEKENGroup FY2012

2020 Target

Innovation rate1

0

2,000

4,000

6,000

8,000

2010 2011 2012

Innovation volume in CEE

CAGR: +36%

Brands

Mix,

Innovation

Global

brands

Execution

Khl

24

‘Radlers’ are a proven success story

Source: HEINEKEN

Radler: An innovative mix of beer and natural lemon juice

Brands

Mix,

Innovation

Global

brands

Execution

2012 1.400 khl BELARUS

BULGARIA

CZECH

MACEDONIA

POLAND

ROMANIA

RUSSIA

SERBIA

2011 700 khl CROATIA

SLOVAKIA

2009 250 khl AUSTRIA

HUNGARY

25

HEINEKEN has the most complete Radler portfolio

Brands

Mix,

Innovation

Global

brands

Execution

26

Radler commercial COMMERCIAL (Warka and Ciuc)

Brands

Mix,

Innovation

Global

brands

Execution

27

Building winning portfolios in Poland A complete brand offer to match consumer demand

Source: Nielsen, Price Index vs Ttl Beer Price, MAT 2012

International premium

Brands

Mix,

Innovation

Global

brands

Execution

Local premium

Mainstream

Lower Mainstream

180 130

120

100 100 95

85 85

28

Developing leading local brands

Source: HEINEKEN

Brands

Mix,

Innovation

Global

brands

Execution

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

2007 2008 2009 2010 2011 2012

Gösser brand: Market share evolution in Austria

29

Local brand commercial COMMERCIAL (Gosser)

Brands

Mix,

Innovation

Global

brands

Execution

30

It is all about execution!

* HEINEKEN CEE volumes / Each unit represents a 500ml glass of beer

Everyday moments of truth...

Brands

Mix,

Innovation

Global

brands

Execution

…in a largely fragmented market…

We win by deploying key assets…

…and the right people

~30 million beers

consumed daily*

414K routed outlets

156K draught beer installations

5,100 sales people

391K fridges

31

Benchmarking and driving outlet execution

Source: HEINEKEN

Excellent Outlet Execution (EOE)

Brands

Mix,

Innovation

Global

brands

Execution

Ex

ce

llen

t Ou

tlet E

xe

cu

tion

Low sell out drivers Towards sell out drivers Sell out drivers

Stage I

Stage II

Stage III

0 2.5 7.5 10

OpCo OpCo OpCo

OpCo OpCo OpCo

5.0

OpCo OpCo OpCo OpCo OpCo OpCo

32

Execution commercial Commercial (Festival activation)

Brands

Mix,

Innovation

Global

brands

Execution

33

Leading on price across the region

1 Price increase in Belarus, Romania and Russia before excise duty increases

HEINEKEN Russia increased prices 3 times (Nov 2012, Dec 2012 and Feb 2013) in anticipation of the excise duty increase

Source: HEINEKEN

Price increases taken in Q1

20131

Low single digits

Mid single digits

High single

Brands

Mix,

Innovation

Global

brands

Execution

Feb.’13

Jan.’13

Feb.’13

Mar.’13 Jan.’13

Jan.’13

Mar.’13

Jan.’13

Jan.’13 Feb.’13

Jan.’13

Jan.’13

Jan.’13

Jan.’13 Jan.’13

34

Fixed cost growth well below inflation

Key cost-focused programmes:

Complexity reduction

Route to market optimisation

Management and support cost control

Personnel cost management

Review of other fixed costs

4.9%

-6.4%

3.4%

0.6%

4.4%

3.1%

4.7% 4.0%

-7.0%

-5.0%

-3.0%

-1.0%

1.0%

3.0%

5.0%

7.0%

2009 2010 2011 2012

HEINEKEN fixed cost base

growing below inflation

HEINEKEN CEE organic fixed cost growth (%) HEINEKEN CEE blended inflation (%)

35

Driving a high performance culture…

Growing local senior management and talent

Foster a strong performance culture

Investing in local senior

management and talents

Investing in talent and leadership

development programmes for

future leaders

A consistent performance

management process that goes

deep in the organisation

Horizontal and vertical alignment

of business goals

35% 36%

86%

2011 2012 2013

CEE intra-regional promotions as % of CEE MT/ SM vacancies

CEE intra-regional promotions as % of CEE MT/ SM vacancies

MT = management team

SM = senior management

100

1,150

1,800

2012 2013 2014 onwards

# of employees in the HEINEKEN Performance Management process

36

…whilst building engagement

Increasing employee engagement

Culture of learning from each other

Employees feel more engaged

Employees’ perception on Cooperation

and Teamwork increased

Employees’ perception on Personal

Development increased

Using collaborative sites for sharing best

practices

Operating company practices shared at all

regional functional meetings

50

60

70

80

90

2010

2012

Agenda

37

HEINEKEN: Central & Eastern Europe

1 A Large and diverse beer market

2 CEE: A key region for HEINEKEN

3 Strategic focus on driving profit growth

4 Key markets update

38

Austria

*Source: Plato Logic Statistics, 2012 Nov

**UBS Global Beer ; August 2012

*** AC Nielsen, 2012 November

brewery

Vienna

2012

Total market size (mhl)* 9.2

World Ranking** #32

Consumption per capita (L)* 109.5

HEINEKEN market share*** 48.90%

HEINEKEN market position*** #1

Revenue / HL High

39

Austria: Solid value share and profit growth in a mature market

Brau Union Austria success factors:

Focus on beer culture

Strong brands

Continued innovation

Successful implementation

of price increases

Market share broadly stable at 49%

34.8%

38.5%

58.4%

59.0%

35,1%

36,9%

30%

35%

40%

45%

50%

55%

60%

2009 2010 2011 2012

Brau Union Austria: Market share evolution per segment

Economy

Mainstream

Premium

40

Russia

*Source: Plato Logic Statistics, 2012 Nov

**UBS Global Beer ; August 2012

*** AC Nielsen, 2012 November

2012

Total market size (mhl)* 94.9

World Ranking** #4

Consumption per capita (L)* 66.5

HEINEKEN market share*** 13.40%

HEINEKEN market position*** #4

Revenue / HL Low

brewery

Moscow

41

Russia: Positive volume and value growth momentum

HEINEKEN Russia commercial focus:

Portfolio strategy per city

Heineken® and Amstel® premium brands

Innovation

Increasing prices across the portfolio

Source: Nielsen data – Feb 2013

2011 2012

HEINEKEN Russia EBIT (beia) evolution

2x

12,1%

13,4%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2011 2012

Market share evolution

Others HEINEKEN

42

Romania

*Source: Plato Logic Statistics, 2012 Nov

**UBS Global Beer ; August 2012

*** AC Nielsen, 2012 November

2012

Total market size (mhl)* 18.0

World Ranking** #23

Consumption per capita (L)* 84.1

HEINEKEN market share*** 33.80%

HEINEKEN market position*** #1

Revenue / HL Low

Bucharest

brewery

43

Romania: Successful value creation in a highly competitive market

HEINEKEN Romania success factors:

Strategic partnership with distributors

Strong brand portfolio management

Radler and non-alcoholic beers

Excellent outlet execution programme

Tight cost control

Optimal capacity utilisation 29,7%

33,8%

2009 2012

Market share evolution

2009 2012

HEINEKEN Romania EBIT (beia) evolution

2.5x

44

Summary

CEE is, by volume, a very large beer region, with significant profit upside from

rising disposable income

HEINEKEN is a leading regional brewer, with broad access to key markets and an

unrivalled brand range

HEINEKEN is thus positioned to lead the region, with a focus on value creation:

Driving our Global Brands

Rolling out Innovations

Leveraging our broad portfolios

Executing in the market place

Leading on pricing

Controlling costs

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London | 25 March 2013 | Heineken NV