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<br /> THE JOURNEY<br /> BEGINS<br /> 0<br /> SAIL‘22 - NOT A REVOLUTION BUT AN EVOLUTION<br /> We remain in beer<br /> We continue to operate in our three regions<br /> · Western Europe<br /> · Eastern Europe<br /> · Asia<br /> We will build a stronger business<br /> · Leveraging our strengths<br /> · Positioning for growth<br /> With a compelling new ambition …<br /> …and a fundamental change in how we prioritise<br /> and operate<br /> 1<br /> SAIL‘22 – WE REMAIN IN BEER<br /> Beer is a large and profitable category<br /> · The most valuable beverage category<br /> in the world<br /> · High consumer penetration<br /> Most beer markets will continue to grow in value<br /> · Innovation<br /> · Premiumisation<br /> Significant changes in consumer behaviour are<br /> shaping the future SENSORY AND SMART AND<br /> · Our choices reflect major g<a title="SAIL 22 Presentation Ext page 1" href="http://viewer.zmags.com/publication/0231b928?page=1"> THE JOURNEY BEGINS 0</a> <a title="SAIL 22 Presentation Ext page 2" href="http://viewer.zmags.com/publication/0231b928?page=2"> SAIL‘22 - NOT A REVOLUTION BUT AN EVOLUTION We</a> <a title="SAIL 22 Presentation Ext page 3" href="http://viewer.zmags.com/publication/0231b928?page=3"> SAIL‘22 – WE REMAIN IN BEER Beer is a large an</a> <a title="SAIL 22 Presentation Ext page 4" href="http://viewer.zmags.com/publication/0231b928?page=4"> SAIL‘22 – WE CONTINUE TO OPERATE IN OUR THREE REG</a> <a title="SAIL 22 Presentation Ext page 5" href="http://viewer.zmags.com/publication/0231b928?page=5"> SAIL‘22 – WE BUILD ON OUR STRENGTHS AND HERITAGE </a> <a title="SAIL 22 Presentation Ext page 6" href="http://viewer.zmags.com/publication/0231b928?page=6"> SAIL‘22 - OUR AMBITION GUIDES US …br</a> <a title="SAIL 22 Presentation Ext page 7" href="http://viewer.zmags.com/publication/0231b928?page=7"> SAIL‘22 - SETTING SAIL WITH OUR FOUR PRIORITIES </a> <a title="SAIL 22 Presentation Ext page 8" href="http://viewer.zmags.com/publication/0231b928?page=8"> SAIL‘22 - CLEAR PRIORITIES TO DELIVER SHAREHOLDER</a> <a title="SAIL 22 Presentation Ext page 9" href="http://viewer.zmags.com/publication/0231b928?page=9"> SAIL‘22 - CLEAR PRIORITIES TO DELIVER SHAREHOLDER</a> <a title="SAIL 22 Presentation Ext page 10" href="http://viewer.zmags.com/publication/0231b928?page=10"> SAIL’22: STRENGTHEN CORE - Leverage our stronghol</a> <a title="SAIL 22 Presentation Ext page 11" href="http://viewer.zmags.com/publication/0231b928?page=11"> SAIL’22: STRENGTHEN CORE - Leverage our stronghol</a> <a title="SAIL 22 Presentation Ext page 12" href="http://viewer.zmags.com/publication/0231b928?page=12"> SAIL’22: STRENGTHEN CORE EXCEL IN EXECUTION “Stre</a> <a title="SAIL 22 Presentation Ext page 13" href="http://viewer.zmags.com/publication/0231b928?page=13"> SAIL’22: STRENGTHEN CORE FUNDING THE JOURNEY “Fun</a> <a title="SAIL 22 Presentation Ext page 14" href="http://viewer.zmags.com/publication/0231b928?page=14"> SAIL‘22 - CLEAR PRIORITIES TO DELIVER SHAREHOLDER</a> <a title="SAIL 22 Presentation Ext page 15" href="http://viewer.zmags.com/publication/0231b928?page=15"> SAIL’22: POSITION FOR GROWTH - Win in growing cat</a> <a title="SAIL 22 Presentation Ext page 16" href="http://viewer.zmags.com/publication/0231b928?page=16"> SAIL’22: POSITION FOR GROWTH - Win in growing cat</a> <a title="SAIL 22 Presentation Ext page 17" href="http://viewer.zmags.com/publication/0231b928?page=17"> SAIL’22: POSITION FOR GROWTH TARGET BIG CITIES “U</a> <a title="SAIL 22 Presentation Ext page 18" href="http://viewer.zmags.com/publication/0231b928?page=18"> SAIL’22: POSITION FOR GROWTH GROW IN ASIA “We are</a> <a title="SAIL 22 Presentation Ext page 19" href="http://viewer.zmags.com/publication/0231b928?page=19"> SAIL‘22 - CLEAR PRIORITIES TO DELIVER SHAREHOLDER</a> <a title="SAIL 22 Presentation Ext page 20" href="http://viewer.zmags.com/publication/0231b928?page=20"> SAIL’22: CREATE A WINNING CULTURE CREATE A WINNIN</a> <a title="SAIL 22 Presentation Ext page 21" href="http://viewer.zmags.com/publication/0231b928?page=21"> SAIL‘22 - CLEAR PRIORITIES TO DELIVER SHAREHOLDER</a> <a title="SAIL 22 Presentation Ext page 22" href="http://viewer.zmags.com/publication/0231b928?page=22"> SAIL’22: DELIVER VALUE FOR SHAREHOLDERS ORGANIC G</a> <a title="SAIL 22 Presentation Ext page 23" href="http://viewer.zmags.com/publication/0231b928?page=23"> SAIL’22: DELIVER VALUE FOR SHAREHOLDERS IMPROVEME</a> <a title="SAIL 22 Presentation Ext page 24" href="http://viewer.zmags.com/publication/0231b928?page=24"> SAIL’22: DELIVER VALUE FOR SHAREHOLDERS OPTIMISIN</a> <a title="SAIL 22 Presentation Ext page 25" href="http://viewer.zmags.com/publication/0231b928?page=25"> SAIL‘22 - CLEAR PRIORITIES TO DELIVER SHAREHOLDER</a> <a title="SAIL 22 Presentation Ext page 26" href="http://viewer.zmags.com/publication/0231b928?page=26"> SAIL‘22 – THE BUILDING BLOCKS OF OUR STRATEGY </a> <a title="SAIL 22 Presentation Ext page 27" href="http://viewer.zmags.com/publication/0231b928?page=27"> Q&A 26</a> <a title="SAIL 22 Presentation Ext page 28" href="http://viewer.zmags.com/publication/0231b928?page=28"> APPENDIX Supporting examples </a> <a title="SAIL 22 Presentation Ext page 29" href="http://viewer.zmags.com/publication/0231b928?page=29"> SAIL’22: REVITALIZE CORE BEER Tuborg Nepal · </a> <a title="SAIL 22 Presentation Ext page 30" href="http://viewer.zmags.com/publication/0231b928?page=30"> SAIL’22: TRANSFORM OUR BUSINESS IN RUSSIA </a> <a title="SAIL 22 Presentation Ext page 31" href="http://viewer.zmags.com/publication/0231b928?page=31"> SAIL’22: EXCEL IN EXECUTION – POINT OF PURCHASE </a> <a title="SAIL 22 Presentation Ext page 32" href="http://viewer.zmags.com/publication/0231b928?page=32"> SAIL’22: FUNDING THE JOURNEY Funding the Journ</a> <a title="SAIL 22 Presentation Ext page 33" href="http://viewer.zmags.com/publication/0231b928?page=33"> SAIL’22: BUILD CRAFT AND SPECIALITY Craft & Sp</a> <a title="SAIL 22 Presentation Ext page 34" href="http://viewer.zmags.com/publication/0231b928?page=34"> SAIL’22: BUILD CRAFT AND SPECIALITY 5 year </a> <a title="SAIL 22 Presentation Ext page 35" href="http://viewer.zmags.com/publication/0231b928?page=35"> SAIL’22: ACTIVELY SHAPE NON-ALCOHOLIC BEER Non</a> <a title="SAIL 22 Presentation Ext page 36" href="http://viewer.zmags.com/publication/0231b928?page=36"> SAIL’22: TARGET BIG CITIES Big Cities will bui</a> <a title="SAIL 22 Presentation Ext page 37" href="http://viewer.zmags.com/publication/0231b928?page=37"> SAIL’22: GROW IN ASIA Asia operating profit has </a> <a title="SAIL 22 Presentation Ext page 38" href="http://viewer.zmags.com/publication/0231b928?page=38"> SAIL’22: IMPROVEMENT IN RETURN ON INVESTED CAPITA</a> <a title="SAIL 22 Presentation Ext page 39" href="http://viewer.zmags.com/publication/0231b928?page=39"> SAIL’22: OPTIMISING CAPITAL ALLOCATION NIBD/E</a> <a title="SAIL 22 Presentation Ext page 40" href="http://viewer.zmags.com/publication/0231b928?page=40"> DISCLAIMER Forward-looking statements This pre</a>