Amsterdam, 6 November 2009

North Africa & Middle East

Opportunity in diversity, with premiumisation as common factor Jean Paul van Hollebeke
Managing Director Middle East, North and Central Africa

Agenda
Opportunity in diversity, with premiumisation as common factor Heinekens operates through a variety of successful business models in a kaleidoscope of markets and cultures across the region North Africa & Middle East: Characteristics and growth outlook Beer and beverages market Malt based non-alcoholic beverages Heineken in the region, value creation through a variety of business models Egypt Al Ahram Lebanon - Alamza Algeria - Tango Tunisia - Sonobra

Heinekens different business models

Present across virtually all markets in the region
Fully consolidated ( ) Algeria Egypt Lebanon Tunisia JVs, associates and participations ( ) United Arab Emirates Israel Jordan Morocco Export ( ) Iraq Malta Turkey Syria

The North Africa & Middle East region

A highly promising growth region Main characteristics Improving political and economic environment Strong population growth Growing GDP per capita, driven by Higher commodity prices Growing tourism (e.g. Egypt, Tunisia) Large infrastructure projects (foreign workers) Emerging middle class, driving premiumisation Brand conscious consumer Diversity of cultures, sharing an entrepreneurial nature Personal relations are key in business Challenges: bureaucracy and inflation

The beer and beverages market

An emerging beer region with sound long-term fundamentals Main characteristics Small but profitable beer markets Limited number of large players Beer market growth driven by increasing population Brand conscious consumers Premium segment emerging Local consumption plus large numbers of tourists and foreign construction workers Opportunities Value strategy via branding and premiumisation Volume growth Non-alcoholic beer (NABs), full beverages approach Challenges No or limited possibilities for above-the-line advertising Hiring the best people
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A premium strategy paying off

Premium strategy drives strong revenue per hectoliter
Value strategy via branding and premiumisation Brand conscious consumers Premium segment emerging Strong growth Heineken via local operations and export

Group beer volume 2.8 mhl - cagr 2004-08 14%

EUR 97/hl Excl CSD/juices EUR 105/hl

EUR 141/hl EUR 92/hl incl. wine/spirits

Growing malt based non-alcoholic segment

Adjacent to beer, offering additional growth and scale Category is set to grow by 50% in 2007-11 period (source: Euromonitor) Ramadan prohibits sales of beer for 30 days each year Sizeable operations in Tunisia, Egypt and Israel 4 regional products: I. Amstel Zero - linked to beer II. Buckler/Birell - International and linked to beer III. Existing brands in countries with flavored variants (e.g. Laziza in Lebanon) IV. Fayrouz

The success of Heineken in the region

Growing share in a growing profit pool Different business models for different markets Building strong brand portfolios Developing the premium segment, growing Heineken Use full beverages portfolio strategy Regular price increase Hiring the right people Pool of well-educated managers Motivated employees who understand the region

Commercial

Egypt in a nutshell

Population GDP per Capita Total beer market Beer Cons. Per Capita

74.6 m EUR 3,724 1.1 mhl 1.6 l

2008 beverages market 26mhl

2005-2020F beer consumption (mhl)

cagr 2.9%

cagr 3.0%

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Al Ahram Beverages Company

A model built on brands, distribution and a full beverages portfolio

Beer

Wines

Spirits

Soft Drinks

Export

Malt Production

1.1mhl

62khl

42khl

655khl

208khl

16,000 Tons

2008: Total volume 2.1mhl, revenue EUR 158mln

Significant progress in 2006-08 period EBIT doubled Headcount was halved Number of SKUs reduced Number of wholesalers reduced by a third Route-To-Market improved Reducing distribution costs and increasing Weighted distribution

# of SKUs

Headcount

120

>2,400

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Integrated supply chain drives sales

From barley fields via our Drinkies retail chain to the consumer

Malt plant

NABs Birell Fayrouz Amstel Zero

Sales and distribution warehouses (#10) Alcoholic NABs Combined

Direct distribution

Off Premise (# 956) Incl. Al Ahram Retail Drinkies (# 39)

59% 50%

50%

65%

On Premise (# 3,350)

Beer Heineken Stella Sakara Meister

Indirect distribution (27 distributors)

41%

35%

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Al Ahram is the Egyptian beer market

Growing beer market - 2005-08 cagr 5.5% In 2008 market +8% Luxor acquired in 2009 Limited distribution of alcohol due to strict regulation in local market Large diversity in on-trade: micro outlet to five star hotel Alcohol advertising only in tourist areas Two segments: Local market 53% vs. tourist market 47%

International premium

Mainstream Nr. 1 beer of Egypt

Mainstream Strong in touristic areas

Premium local High alcohol beer

Non alcoholic beer Market leader plain malt

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Al Ahrams beer positioning

Value share across product range growing faster than volume
Consumer is brand-oriented Premium segment growing Heineken and Sakara Draught fastest growers due to tourism Sakara Draught doubled in 2006-08 Heineken +60% in 2006-08
Value share H1-09 Al Ahram

Brand mix 2008 (volume)

Volume share H1-09 Al Ahram

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Al Ahram
A strong company with a strong brand portfolio

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Egyptian wine market

Al Ahram bringing back the wine heritage of Egypt
Two players: Al Ahram 77% and Eibco 23% Wine market grew 30% in 2006-08 2009 ytd market growth 1% affected by fewer tourists Premium segment growing Local market 14%, tourist market 86% Imported wines in 5* hotels only (300% import duties)
Premium Brands Target: Local market Mid Range Brands Target : local market

Drivers for future growth Al Ahram Consumption growth (local, tourism) Premiumisation driven by Substantial improvement in quality since 2006-2007 Route-to-market (full beverages approach, Drinkies stores)

Mainstream Brands Target: tourist

Kegs and bag in box Target : tourist market

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Egyptian spirits market

Spirits market mainly driven by vodka and brandy

Spirits market growing 14% in 2006-09E Premium segment growing 37% 2008 market mix: mainstream spirits 69%, premium spirits 9%, RTDs 22% Local market 50% of total volume Important informal market Important duty free channel
ID vodka Premium brands ID RTD Premium brands

Drivers for future growth Al Ahram Consumption growth (local, tourism) Premiumisation Route-to-market (full beverages approach, Drinkies stores)

Cocktail company Premium brands

Bolonachi El sherka Mainstream brands

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Egyptian soft drink market

Fast growing soft drink market, although low value

Flavoured malt based beverage National distribution 500,000 hl

Produced under license Regional distribution 200,000 hl

Coca Cola and Pepsi fighting for market dominance, high media spend, low prices Flat prices despite years of high inflation (last increase in Nov. 2008) 335,000 outlets 80% of CSD volume sold in outlets of less than 40m Pack type shifts towards PET and cans Low value Drivers for future growth Al Ahram Consumption growth (local, tourism) Innovations Al Ahrams route-to-market

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Summary Egypt
A model built on brands, distribution and a full beverages portfolio
Drivers for future growth Al Ahram Consumption growth (local, tourism) Full portfolio approach Premiumisation and brand building Expanding retail network Drinkies Route-to-market Innovations

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Lebanon in a nutshell
Population GDP per Capita Total beer market Beer Cons. Per Capita Overall beverage market 3.8 m EUR 7,655 0.2 mhl 7.3 l

Beer Water

Softdrinks Coffee & Tea

Juices Others

2005-2020F beer consumption (mhl)

cagr 2.2%

cagr 2.2%

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Brasserie Almaza
A model based on premiumisation
2008 market (0.3mhl)

Capacity brewery 0.3mhl FTEs 250 80% market share Heineken (IPS) - 11% market share Almaza (mainstream) - 60% market share Rex (economy) 7% market share NABs Laziza 70% market share Successful turnaround in period 2006-08 Professional management Well-trained sales force EBIT almost tripled in 2006-09F

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Brasserie Almaza
A model based on premiumisation
All focus on value growth Sophisticated market Brand-conscious consumer Emerging middle class, driving premiumisation IPS cagr of 7% in 2007-12E Heineken (IPS) - 11% market share >90% share of IPS segment
Heineken total market share

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Commercial

Algeria in a nutshell

Population GDP per Capita Total beer market Beer Cons. Per Capita

34.7 m EUR 4,758 1.2 mhl 3.8 l

2005-2020F consumption (mhl)

cagr 1.6%

cagr 2.6%

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Tango sarl
A successful switch from import to local production
Export since 1998 (first exclusive contract) Acquired in January 2008 Modern brewery in Rouiba (Capacity 750,000 hl), 350 FTE Value growth driven by Volume growth (total consumption) Premiumisation Market share gains Price increases Beverages market Market 19.9 mhl of which beer 1.2 mhl No direct distribution, only independent wholesalers Beer market On-trade 36%, off-trade 64% Bottles 50%, cans 47%, kegs 3%
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Price positioning
Algerian beer market: substantial premiums for international beer

Market share

Heineken, Carlsberg, 1664, EFES Stella Artois

High Premium

>140%

19 % 217,000hl 7% 78,000hl 9% 108,000hl 42 % 489,000hl 23 % 268,000hl

Premium

125 %

Amstel, Becks

Low Premium

115 %

Tango, Samba, Beaufort, Fiesta, Golden Allbra, Primus

Mainstream

100 %

Low priced

85%

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Heineken dominates premium segment

Import business transformed into successful local production
Heineken highly successful in 2007-09E

>30% +87%

Grew Heineken on import basis Acquired brewery in 2008 Local production Heineken started in 2008 Brand equity remained strong Price positioning at 146%

Market share in Algeria (in 96) *in IPS (2008 (57%)

Actions in 2009: 100% availability in all outlets of all skus In October, 33cl CPL* introduced In November, 25cl CPL introduced Future value growth driven by: Volume growth Further growth premium segment Market share gains Price increases
*CPL = one way bottle with Clear Plastic Label
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A diverse region highly appreciating brands

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Tunisia in a nutshell
Population GDP per Capita Total beer market Beer Cons. Per Capita 10.5 m EUR 5,448 1.3 mhl 12.2 l

Overall beverage market (excl. water)

Beer

Softdrinks

2005-2020F beer consumption (mhl)

cagr 2.9%

cagr 4.4%

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Marketing: UEFA activation / Green Lounge

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Marketing: painting outlets

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Tunisian beverages market

Premium beer segment underdeveloped allowing ample room for value growth Beer Until 2008 SFBT (49% Castel) with 100% market share Premium 10%, mainstream 90% On-trade 70%, off-trade (modern retail) 30% Bottles 55%, cans 35%, kegs 10% Premium segment underdeveloped, but sound fundamentals Tourism 7mln in 2008, an important growth driver All familiar with Heineken Soft Drinks One dominant player (SFBT); SNBG-SONEM as challenger, while (already) leader in juices
Mhl CSD Water Juices 4 6.5 0.5 SFBT 90% * 70% 5% SNBG-SONEM 10% 10% 50%

* Includes Coca-Cola licence 32

Sonobra & SNBG-SONEM

Green field brewery paving the way for a full beverages company
Past Dec. 2006 Apr. 2008 Oct. 2008 Apr. 2009 Impossible to import beer Heineken 70% awareness despite not being sold Sonobra, joint venture for construction of a brewery (180khl) Sonobra acquires SNBG-SONEM soft drinks group Opening Sonobra brewery, launch Golden Brau brand Launch Heineken brand (locally brewed)

Heineken growth ambition in Tunisia Building a full-beverages company Leveraging SNBGs market power to grow beer volume Distribution and sales network Market expertise Developing into strong challenger based on strong leadership in Premium segment with Heineken Juices segment
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Closing remarks
Opportunity in diversity, with premiumisation as common factor
Sound fundamentals Strong population growth and growing GDP per capita Emerging brand conscious middle class Small but growing profitable beer markets Non-alcoholic beer and malt-based beverage segments Heineken in North Africa & the Middle East Strong footprint; export, new and existing breweries Value strategy via branding and premiumisation Heineken and local brands Marketing tailored to fit different markets and cultures Well-positioned to benefit from growth and premiumisation trends Full-beverage portfolios and distribution structure drive volume and share NABs offer additional value, volume and scale Well-trained and highly-experienced people

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Amsterdam, 6 November 2009

Thank you

Disclaimer
This presentation contains forward-looking statements with regard to the financial position and results of Heinekens 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 Heinekens 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, pension costs, the actions of government regulators and weather conditions. These and other risk factors are detailed in Heinekens 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 specialized research institutes in combination with management estimates.

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Algeria - regional beer volume

Big regional differences: From high consumption to dry areas

Region(wilaya) TIZIOUZOU ALGER BEJAIA ORAN Annaba Skikda TIARET Sidi Bel Abbes ElTarf GUELMA Mostaganem Constantine Mascara Boumerdes Tipaza RELIZANE Setif TEBESSA OumElBouaghi Biskra AinTemouchent Batna SoukArhas BLIDA Bouira Tlemcen Source: Heineken

Total Volume 245.311 202.930 179.528 91.080 54.597 40.035 24.883 23.066 21.522 18.536 17.143 15.823 13.209 13.139 11.625 10.348 9.876 8.001 6.232 4.319 4.181 3.593 2.185 1.059 999 959

Volume per Wilaya

< 5,000hl

< 15,000hl

< 25,000hl

< 100,000hl

> 100,000hl

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Algeria Volume / regional spread brewers

Volume per brewer

Totalhl Castel SARLTANGO Autre Algad Albrau Br.Reghaia PSA GrandTotal 459,000 373,000 60,000 54,000 33,000 26,000 4,000 1,009,000 Total% 46% 37% 6% Autre 5% 3% 3% 01% 100% Algad Albrau Reghaia PSA Total 6% 5% 2% 1% 0% 100% Castel SARLTango ALGER 53% 33%

Brewers share per region

ANNABA 45% 37% 8% 7% 0% 3% 0% 100% BEJAIA 35% 41% 5% 5% 10% 3% 1% 100% ORAN 48% 29% 11% 6% 4% 2% 1% 100% TIZI OUZOU 45% 44% 3% 4% 1% 4% 0% 100% National 46% 37% 6% 5% 3% 3% 0% 100%
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Tunisia - Full beverages company

Economies of scale via leverage of route-to-market
Sonobra (Societ Nouvelle de Brasserie) 50%-50% joint venture with Groupe Boujbel (tourism group) 150 FTE Brewery in Grombalia (capacity 180,000 hl) Distribution via SNBG distribution centres SNBG-SONEM (Societ Nouvelle de Boissons Gazeuses, Societ Nouvelle des Eaux Minrales) Acquired in April 2008 (created in 1979) Production: 400,000 hl carbonated; 250,000 hl juices; 600,000 hl water 2 plants (Grombalia, Ksar Lemsa), 6 distributions centres , 150 delivery trucks 700 FTE Brands CSD: Viva, Florida (SNBG owned) and RC cola portfolio Juices: Tropico, Diva, Oh!, Raoua Mineral water: Fourat

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Tunisia - Brand building key

Laziza market leader in non-alcoholic beer

New campaign launched mid June TV campaign; Outdoor campaign; radio campaign Extensive sampling campaign in modern trade Laziza to become more aspirational to the new generation of young people who are more independent in their 40 choices