This document is being provided for the exclusive use of BOHAN JIANG at [FIRM]. Not for redistribution.

HEIA NA Equity
HEINEKEN NV (Beverages)
Heineken N.V. produces and distributes beverages internationally. The Company produces beers, spirits, wines, and soft drinks under various brand names. [FIGI
BBG000BW4R84]

Earnings & Estimates Market Data

104.00
Next Announcement Date 10/23/19
P/E EUR 29.96 98.20
Est P/E 12/19 22.52 92.40
T12M EPS 3.31
86.60
Est EPS 4.41
80.80
75.00
9/ 10 11 12 1/ 2/ 3/ 4/ 5/ 6/ 7/ 8/ 9/
30 /3 /2 /2 28 27 29 28 28 27 27 26 25
/2 0/ 9/ 9/ /2 /2 /2 /2 /2 /2 /2 /2 /2
01 20 20 20 01 01 01 01 01 01 01 01 01
8 18 18 18 9 9 9 9 9 9 9 9 9

Corporate Info
Px/Chg 1D (EUR) 99.20/-.1%
52 Wk H (07/26/19) 104.00
PO Box 28 www.theheinekencompany.com
52 Wk L (01/18/19) 74.28
Amsterdam 1000 AA T: 31-20-523-92-39
YTD Change/% 22.00/28.5%
NL Employees 85,000 (06/30/19)
Mkt Cap EUR 57,139.5M
Chairman-Mgmt Board/CEO Jean-Francois van Boxmeer
Shrs Out/Float 576.0M/188.2M
CFO/Member-Mgmt Board Laurence Debroux
Chief Supply Chain Officer Marc Gross

Revenue Earnings Per Share

25B 5

20B 4

15B 3

10B 2

5B 1

2015 2016 2017 2018 2019 2020 2015 2016 2017 2018 2019 2020
FY 20.51B 20.79B 21.91B 22.47B 23.87B 24.92B FY 3.57 3.68 3.94 4.25 4.41 4.76
S1 9.90B 10.09B 10.48B 10.78B 11.44B -- S1 1.59 1.71 1.82 1.89 1.84 --
S2 10.62B 10.70B 11.41B 11.69B 12.54B -- S2 1.84 1.97 1.71 2.11 2.56 --

Ratios
Fiscal Year End * Last Quarter End ~ Current/T12M
12/2018 06/19 Q2 EUR
Issue Data Per Share Data Cash Flow Analysis
~ Last Px EUR/99.20 ~ EPS 3.34 ~ CF/NI 2.3
~ P/E 30.0 ~ EPS T12M 3.31 ~ Dvd P/O 47.9%
~ Dvd Ind Yld 1.7% ~ DPS 1.60 ~ Cash Gen/Cash Reqd 1.5
~ P/B 3.76 ~ Bk Val Per Sh 26.41 ~ Csh Dvd Cov 2.1
~ P/S 2.4 ~ Rev/Bas Sh 39.41 ~ CFO/Sales 19.5%
~ P/CF 14.1 ~ T12M CPS 7.05 ~ Eff IR 3.2%
~ Mkt Cap 57,139.5M ~ Curr Shares Out 576.0M

Growth Potential Profitability Structure

~ EPS - 1 Yr Gr -1.5% ~ OPM 14.0% ~ Curr Ratio 0.9
~ Cap 1Y Gr 2.1% ~ Prtx Mrgn 12.7% ~ Quick Ratio 0.5
~ BPS 1Y Gr 7.8% ~ ROA 4.3% ~ Debt/Assets 35.7%
~ Retntn Rt 52.1% ~ ROE 13.1% ~ Debt/Com Eq 104.4%
~ Rev - 1 Yr Gr 4.0% ~ ROC 7.7% ~ A/R Trnovr N.A.
~ Empl 1Y Gr 7.0% ~ Ast TO 0.5 ~ EBIT/Tot Int Exp 6.4
~ Ast 1Y Gr 2.2% ~ Finl Lev 3.0
~ Eff Tx Rate 26.5%

This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice,
and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.

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HEIA NA Equity
Geographic Segmentation Holdings Summary
2018 Rev 3Yr Gr Inst Holdings | OWN »
Europe 10.35B 2.85% # of Inst. Owners 633
The Americas 6.78B 9.58% Shares Owned 155.51M
Africa and Middle East, E. Europe 3.05B -2.18% Shares Out/Float 27%/56.2%
Asia Pacific 2.92B 5.58% # of Buyers/Sellers 181/174
Shares Sold 61.00M

Product Segmentation
2018 Rev 3Yr Gr
Breweries 22.47B 3.09% Insider Holdings | OWN »
% Held by Insiders 0.06%
Net change last 6M -14.04%

Top Holders | HDS »

Issue Information | RELS » HEINEKEN HOLDING NV 50.00%
CB EQUITY LLP 8.63%
Sec Type Common Stock FOMENTO ECONOMICO MEXICANO 8.63%
Pri Exch EN Amsterdam SUN LIFE FINANCIAL INC 1.90%
PAR EUR 1.6 VANGUARD GROUP INC 1.23%
Pri MIC XAMS MORGAN STANLEY 1.14%
Incorp NETHERLANDS BLACKROCK 1.07%
FIGI BBG000BW4R84
ISIN NL0000009165
SEDOL1 7792559 NL
Common 018773481
WPK # A0CA0G
Equity Weights
Sicovam 505585
Dutch # 00916 STXE 600 (EUR) Pr N.A.
ESTX (EUR) Pr N.A.
AEX-Index N.A.
BLOOMBERG EUROPEAN 500 0.594%
STXE 600 Food&Bevrg EUR N.A.
MSCI EURO 0.787%
MSCI PAN-EURO 0.409%
BBG WORLD INDEX 0.098%
ESTX Food&Bevrg (EUR) Pr N.A.
STXE Lrg 200 (EUR) Pr N.A.

Dividend | DVD »
EUR
Ind Gross Yield 1.66%
5Y Net Growth 13.14%

This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice,
and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.

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 This document is being provided for the exclusive use of BOHAN JIANG at [FIRM]. Not for redistribution.

HEIA NA Equity
Bloomberg Intelligence: Beverages, Global
Critical Themes: Alcoholic Beverage Company Pension Funding Industry Indicators: US Non-Alcohol CPI
in Hand
Plunging Interest Rates Challenge Alcoholic-Beverage 164
Companies
155
Analyst Coverage Duncan Fox & Kenneth Shea
Sep 9, 2019 146

A 50-bp cut in discount rates would add $3.6 billion to pension 137
funding if applied to the European-quoted beverage companies
128 19 19 19 19 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20
and Molson Coors, yet that's unlikely to alter company 96 97 98 99 00 01 02 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20
strategies as pension deficits are under control. The companies
generated more than $22 billion of free cash flow and paid $12
billion in dividends in 2018. Source: Bureau of Labor Statistics, Currency: , Unit: N/A, Periodicity: Annually
Critical Themes: U.S. Beverage Group Faces Interest Rate
Pension Risks
Tumbling Interest Rates a New Challenge for U.S. Industry Indicators: US Alcohol CPI
Beverage Group
145
Analyst Coverage Kenneth Shea & Gopal Srinivasan
Aug 13, 2019 136

Plunging intermediate-term U.S. interest rates might pressure 127

leading U.S. beverage companies, in our view, if the rates 118
stay low and tepid stock returns force the likes of Coca-
109
Cola and PepsiCo to add to pension-plan funding. Such
additional investment could outweigh any potential benefit from 100 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20
00 01 02 03 04 05 06 06 07 08 09 10 11 12 13 14 15 16 17 18 19
refinancing debt.

Source: Bureau of Labor Statistics, Currency: , Unit: N/A, Periodicity: Annually

Industry Indicators: Eurozone Alcohol CPI

104

98

92

86

80

74 19 19 19 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20
97 98 99 00 01 02 03 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

Source: Eurostat, Currency: , Unit: N/A, Periodicity: Annually

Industry Revenue (CCB) Operating Statistics of Industry Comparables (RV)

Company FY Revenue Total Revenue Comps
Metric Company Comps Low Comps High
HEINEKEN NV 22.5B 100.00% Median
ANHEUSER-BUSCH I 46.2B 100.00% Sales Growth Yoy (%) 3.99 -5.85 5.17 15.4
PEPSICO INC 38.8B 70.91% EBITDA Margin (%) 21.5 9.79 20.2 30.4
COCA-COLA CO/THE 30B 100.00% ROIC 6.76 4.36 18.8 84.7
NESTLE SA-REG 25.1B 31.75%
HEINEKEN HLDG 22.5B 100.00% Equity Valuation of Industry Comparables (RV)
Comps
Metric Company Comps Low Comps High
Company Revenue Breakdown (CCB) Median
Industry Percentage Est P/E Current Yr 22.5 13 23.7 58.7
Beverages 100.00% EV/EBITDA FY1 12.7 6.34 15.4 29.8

This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice,
and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.

Bloomberg ® 09/29/2019 20:00:20 3