Heineken N.V.

purchases €1 billion in
shares from FEMSA

Harold van den Broek, CFO

EverGreen

Strategic Priorities Growth Algorithm Green Diamond

Growth

① SHAPE THE FUTURE OF

BEER & BEYOND

Profitability
Capital
② DIGITAL
efficiency
③ PRODUCTIVITY
Sustainability &
④ SUSTAINABILITY Responsibility

⑤ PEOPLE

What we focus on How we create value How we measure success

1
Capital allocation priorities

1 Invest for growth Organic growth and business expansion

Net Debt / EBITDA (beia) <2.5x

2 Strict financial discipline
Maintain long-term target

3 Consistent dividend policy Pay-out ratio 30-40% of net profit (beia)

4 Inorganic expansion Value-enhancing acquisitions

5 Other opportunities beyond When above priorities are fulfilled

2
A unique opportunity

Favourable
Large availability market
of shares conditions

Unique
opportunity
Accretive to
our shareholders
Confidence in
our strategy

3
Details of the transaction

Updated Ownership Structure1,2 Commentary

FEMSA L’Arche Green N.V. Public

52.6%
▪ FEMSA sold 6.6% economic interest in
HEINEKEN Holding N.V. and HEINEKEN N.V.
53.7%

12.3% 35.1%
▪ HEINEKEN N.V. acquired:
HEINEKEN Holding N.V. ▪ 7.8 million HEIA shares at a price of
6.3% 40.0% €91.00 per share and
50.1%
▪ 3.9 million HEIO shares at a price of
50.4% €75.00 per share

8.6% 41.3%
HEINEKEN N.V.
5.1% 44.5%

Ownership pre-transaction (%) Ownership post-transaction (%)

1 Economic ownership percentages are based on shares outstanding, adjusted for treasury shares. 4
2 Heineken Holding N.V. holds 288.0 million shares in Heineken N.V. which represents 50.8% voting ownership (taking into account 8.5 million Heineken N.V. shares held in treasury post transaction).
Cross-Holding agreement

Heineken N.V. intends to keep the purchased Heineken N.V. shares in treasury
and the purchased Heineken Holding N.V. shares in non-current assets. Consequently, the
number of
Cross-holding agreement includes a waiver by Heineken N.V. of payment of outstanding
any dividends on the Heineken Holding N.V. shares held by Heineken N.V. as ordinary shares will
well as by Heineken Holding N.V. on an equivalent number of Heineken N.V. be reduced by the
shares held by Heineken Holding N.V.
total number of
Heineken N.V. and
The Heineken N.V. shares for which dividend is waived by Heineken Holding will Heineken Holding
no longer be part of the calculated number of outstanding ordinary shares N.V. shares
off Heineken N.V. (for purposes of per-share metrics such as earnings per
share and dividend per share)
purchased.

5
Financial implications for HEINEKEN

EPS accretion Net Debt / EBITDA Shares held in

(beia) ratio <2.5x treasury (HEIA)
& non-current
assets (HEIO)

+c.2%
Excl financing
Strategic
+c.1% +0.15x flexibility
If fully debt financed

6
Q&A