Malt Beverages

Investor presentation 28 November 2013

By Lars Jensen and Jan Ankersen

2

Agenda

• Introduction

• Global theatre of dark malt

• Malt strategy and portfolio

• Business case

• Outlook

• Q&A

3

Global theatre of the Malt world

• The global dark malt regions are South America, Africa, Caribbean, North America and a few

countries in Europe.

• Competition is predominately global brewers in large markets, while smaller markets have local

brewers

• Very fragmented market from a brand point of view

• Still very little official market data in the malt segment

• Clear malt is primarily within the Middle East & North Africa, more soft drink alike

• Royal Unibrew is present in more than 80 countries.

• Brand overview

Global brand Vitamalt

Regional brands Powermalt & Supermalt

4

Malt focus

How to build a sustainable business and win in the market place?

• RU has a strong Malt focus based on consumer and trade insight

• We increase our distribution through an extended route to market

• Unique brand portfolio and Unique brand proposition

• Invest in superior malt knowledge and insight

• Ensure our value chain is attractive for all and creates value for our

partners

• Build a strong operational plan and focus on execution

• Selective approach for market entries

Strategic framework – how to grow our overseas malt business

• Grow frequency of consumption in existing markets

• Grow distribution in existing markets

• New market entry with existing brands

• Innovation leverage on existing brands (new products, functionality)

5

How to achieve significant value growth in a mature malt

market

• Establish and grow the premium segment within the malt

category

• Establish distribution in the right channels

• Implement permanent branding programs

• Use of advertising toolbox

6

Example Pricing Strategy

• Pricing Strategy – Vitamalt is positioned as the premium malt in the category.

• The objective is to price Vitamalt at an average retail price of $0.95 per can and $0.99 per bottle

• Average retail price for local malt can is $0.65.

Product Benefits

Avg.

Reta

il P

rices $0.85

$0.65

$0.75

Traditional Malt –

nutritional and

refreshing

Premium malt –

instant energy + long-

lasting health benefits

$0.55

Avg. retail prices for cans is

$0.65 and $0.70 for 500 ml.

PET bottle

$0.95

Avg. retail price $0.95 per 310 ml

bottle and 330 ml can

Local

brand

Int. Soft

drink

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Snapshot of our execution Rey Centenial Rey Villa Lucre

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Snapshot of our execution

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Selected 2013 outlook assumptions – Malt Beverages

• Europe & Caribbean: Markets

expected to be flat

• Africa & Central America: Markets

expected to grow; increasing

populations and higher standards of

living

• Market coverage and penetration

expected to increase

• Leverage existing customers

• Significant increase in sales and

marketing as well as in

organisational activities

Organic EBIT

margin of around

20%

315 315

0

50

100

150

200

250

300

350

400

450

500

20

12

Reb

as

ed

ne

t re

v.

Mid

te

rm

Base Interval

Organic

EBIT margin

25%

Mio

DKK

10

Q & A

DISCLAIMER:

This announcement contains “forward-looking statements”. Undue reliance should not be placed on forward-looking statements because they relate to and

depend on circumstances that may or may not occur in the future and actual results may differ materially from those in forward-looking statements. Forward-

looking statements include, without limitation, statements regarding our business, financial circumstances, strategy, results of operations, financing and other

plans, objectives, assumptions, expectations, prospects, beliefs and other future events and prospects. We undertake no obligation, and do not intend to publicly

update or revise any of these forward-looking statements, whether to reflect new information or future events or circumstances or otherwise.

Q & A

DISCLAIMER:

This material contains “forward-looking statements”. Undue reliance

should not be placed on forward-looking statements because they relate

to and depend on circumstances that may or may not occur in the future

and actual results may differ materially from those in forward-looking

statements. Forward-looking statements include, without limitation,

statements regarding our business, financial circumstances, strategy,

results of operations, financing and other plans, objectives, assumptions,

expectations, prospects, beliefs and other future events and prospects.

We undertake no obligation, and do not intend to publicly update or

revise any of these forward-looking statements, unless prescribed by law

or by stock exchange regulations.