#1OXXO FEMSA Coca-Cola BA Helneken Investor Presentation – November 2021 -#2Safe Harbor Statement FEMSA During this presentation management may discuss certain forward-looking statements concerning FEMSA's future performance that should be considered as good faith estimates made by the Company. These forward-looking statements reflect management expectations and are based upon currently available data. Actual results are subject to future events and uncertainties, which could materially impact FEMSA's actual performance. 2#3Overview Coca-Cola FEMSA 47% (1) FEMSA Ownership FEMSA FEMSA COMERCIO 100% 'HEINEKEN 15% Coca-Cola's largest franchise bottler in the world by volume Market leader and fastest growing retail chain in Mexico The world's most international brewer Represents 56% of shares with voting rights. 3#4Leading Consumer Company in Latin America FEMSA Comercio Proximity Division Mexico D Internal company data, YTD. Brazil Colombia Argentina Venezuela Chile Panama Costa Rica Uruguay Guatemala Nicaragua Peru Ecuador Health Division FEMSA Coca-Cola Logistics/ Fuel Division FEMSA Refrigeration 4#5Creating Economic Value in the Last Decade FMX Market Cap Evolution (US$ MM) Financial Highlights¹ 9,999 2008 FEMSA Revenue 2020² 492,966 169,702 2010 CAGR % 11% 26,891 EBIT 41,503 21,130 7% EBIT Margin 8.4% 13.3% EBITDA 71,973 28,417 10% EBITDA Margin 14.6% 16.7% CAPEX 20,893 11,171 6% 1 Amounts expressed in millions of Mexican Pesos Nov 2021 CAGR 08 Nov 2021: 8% - Source: Bloomberg, as of November 9, 2021 2 Includes the effect of IFRS-16 • • Consistently strengthening our competitive position. Ability to operate in a rapidly changing economic environment. Strong brand portfolio and exceptional operational capabilities. LO 5#6Increasing Cash to Shareholders Over Time... ...while retaining strategic and financial flexibility Ordinary Dividend (Millions of Mexican Pesos) CAGR 10% FEMSA 50% 40% 22% 10,360 41% 47% 9,692 9,221 N/A 44% 8,636 8,355 32% 42% 40% 7,687 7,350 6,684 6,684 34% 6,200 26% 4,600 2,600 Payout Ratio 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Net Debt/ EBITDA -0.1 x 0.0 x 0.0 x 1.2 x 1.1 x 1.2 x 1.6 x 0.4 x 1.0 x 1.1 x(¹) 1.9 x(1) I Note: Dividend figures are in Mexican pesos. Payout ratio figures are the division of the dividend between previous year net majority income. 2010 net majority income does not include Heineken transaction effect. 2011 and thereafter figures are under International Financial Reporting Standards ("IFRS"). 1) Includes leases, in accordance with IFRS-16 6#7An Increasingly Balanced Core Portfolio Revenue Contribution 2010 EBITDA Contribution 2010 38% 2020 62% 40% 60% Coca-Cola FEMSA FEMSA Comercio Note: Figures show the arithmetical sum of Coca Cola FEMSA and FEMSA Comercio for comparison purposes. 24% 2020 76% 46% 54% FEMSA 7#8FEMSA COMERCIO yza + ΟΥΧΟ OXOGAS#9FEMSA Comercio Overview Proximity Division FEMSA COMERCIO FEMSA COMERCIO Health Division Fuel Division Operates OXXO, the largest C-store chain in the Americas by units Includes drugstores and related operations in Mexico and South America Operates the OXXO GAS chain of retail service stations in Mexico 9#10FEMSA Comercio Business Evolution FEMSA Comercio EBITDA ($Millions of Pesos) and Business Evolution 40,000 raízen 35,000 30,000 25,000 20,000 15,000 OXXO 10,000 5,000 10,000 OXXO store mark GORDITAS DONA TOTA FEMSA COMERCIO FarmaCon Medicinas al mejor precio Corporación integridad crea confianes Opened first OXXO store In Brazil OXXOGAS Socofar BIG John O 16,000 OXXO store mark Farmacias io Sabor! farmacias moderna. Surpass 1,000 openings per year (yza OXXO 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 CAGR 1 19% 5%2 1 Total FEMSA Comercio Annual EBITDA CAGR. 22020 vs. 2018 EBITDA growth on a comparable basis (Adjusted for IFRS16) CAGR¹ 17% 10 |#11FEMSA Comercio is finding growth in adjacent formats FEMSA Health 23% Revenue Fuel 12% Note: Figures as of December 31, 2020. Contribution for 2020 Proximity 65% EBITDA Fuel 5% Health 20% Proximity 75% COMERCIO 11#12COMERCIO OXXO: A Format that Fits our Consumer's Needs FEMSA Second largest retailer in terms of Revenues in Mexico Benchmark for SSS and sales density in Mexico Best-in-class margins and returns We open one new store every 6 hours on average (1) Every day, approximately 14 million people make a purchase at an OXXO Store (1) 1) Based on 2019 figures andatti OXXO Siempre rico, sólo en OXXO 12 |#13Largest Store Chain in the Americas by Units OXXO Stores as a Percentage of Mom & Pops in Mexico FEMSA COMERCIO # OXXO stores in Mexico 2.40% % mom & pops in Mexico 19,089 19,295 19,719¹ 2.20% 17,839 2.00% 16,526 15,225 14,061 1.80% 12,853 11,721 1.60% 10,601 9,561 8,426 1.40% 7,334 1.20% 1.00% 0.80% 0.60% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 19,719¹ Mexico 3,450 1,439 Others 2,011 Mexico Number of Stores 19,9971 11,900 11,254 The Americas 5,875 4,202 3,766 3,323 3,047 bp Chevron OXXO Other C-Stores in Mexico XXO ELEVEN M Couche-Tard MARATHON EXON Mobil Note: For The Americas Section: Alimentation Couche-Tard includes US, Canada and Latin America as of February, 3, 2019. Source: Company Information. 7-Eleven: US, Canada and Mexico Operations as of Dec 2018. Source: Company Information. Rest of the companies: Source: CS News "Top 100 US Convenience Store Companies", Published July 2018. Mom & pops: Company and INEGI information. 1 OXXO stores as of September 30, 2021. 13 |#14Horizontal Growth: Plenty of Runway Ahead 19,719 stores in Mexico and counting FEMSA Comercio has developed proprietary models to assist in identifying optimal store locations, store formats and product categories Tijuana¹ Population: 1.9 mm OXXO Stores: 834 2,278 people/store OXXO Penetration Level by Population Penetration Medium FEMSA COMERCIO Population/OXXO <10,000 per store Moderate Low 10,000-30,000 per store >30,000 per store 21 Distribution Centers Valley of Mexico¹ Population: 26.0 mm OXXO Stores: 2,755 9,47 people/store Note: INEGI 2020 Inter Population Consensus Survey. FEMSA information as of September 30, 2021. 1OXXO stores as of September 30, 2021. Includes LATAM Nuevo Leon¹ Population: 5.8 mm OXXO Stores: 1,736 3,341 people/store 14#15Differentiated Approach to Fill Consumer Needs FEMSA COMERCIO M THIRST Quench your thirst immediately LUNCH Satisfy your hunger with an on-the-go meal CRAVING Satisfy your sudden craving for a snack, a meal or drink GATHERING Stop by for your party needs TIME OPTIMIZATION Acquire one-stop products and services in a simple and fast way DAILY Take home your everyday grocery needs BREAKFAST Start your day with a practical breakfast REPLENISHMENT Replenish your depleted grocery and non- food products 15 |#16FEMSA COMERCIO Fine-tuning Strategies to Drive Same-Store Sales and Profitability Category Development -Services +7,000 services offered in the store amazon W TELMEXⓇ WESTERN UNION CFE desh interjet NETFLIX volaris telcel Category Development -Prepared Food andatti Delixia Segmentation Basicos Ahorro OXXO Banamex Saldazo de OXXO 4766 8412 5678 9012 4766 Member since Miembro desde 00 Vaid thru/ Vence haste 00/00 TRANSFER BANAMEX VALID ONLY IN MEXICO VISA Bitz Bitz trail mix troil mix Bitz troil mix BBVA Bancomer citibanamex Santander INBURSA Scotiabank HSBC ☑ ¡O'Sabor! Coca-Cola 16#17FEMSA Comercio – Health Division South America - 4 Cruz Verde. Fybeca FARMACIAS Sana Sana Providing a solid platform for continued growth across the region FEMSA COMERCIO Operating more than 2,146 health related points of sale in Chile, Colombia and Ecuador. Strong brand recognition and industry leadership in Chile, Colombia and Ecuador 41 Cruz Verde. Operational expertise will serve as a driver of profitability maicao especialistas en belleza Note: Figures as of September 30, 2021. Region presents opportunities for further international and cross-format growth 17 |#18FEMSA Comercio – Health Division Mexico - Aspiring to consolidate fragmented industry following OXXO game plan Note: Figures as of September 30, 2021. FEMSA COMERCIO FEMSA Comercio now operates more than 1,394 drugstores in Mexico, or approximately 3% of industry units ⚫ Standardizing business model across different regional brands Oxxo's operational and logistics expertise will facilitate national expansion Growing our scale while we continue to build logistic capabilities 18#19A Growing Footprint FEMSA FEMSA Comercio's Health Division is gradually becoming a key drugstore operator in Latin America 1,126 1,079 LatAm Comparable Players by Number of Stores 2,376 2,378 1,988 1,907 1,587 2 2 2 DROGARIA +SP SÃO PAULO 1 2 Pague Menos DROGARIAS PACHECO Walgreens Boots Alliance Walmart Source: Farmacias del Ahorro 12021 Company Reports. FEMSA Comercio - Health Division includes drugstores and beauty stores. 2 LatAm Retail Pharma Map, ILACAD World Retail, points of sale as of March, 2015; Euromonitor 3,540 COMERCIO 1 1 1 FEMSA GUADALAJARA RaiaDrogasil COMERCIO Health Division 19 |#20Gas Stations (OXXO GAS) FEMSA is participating in the transformation of Mexico's Fuel industry FEMSA COMERCIO New changes to Mexican regulatory framework now allow FEMSA to participate directly in the Energy sector, particularly through petrol stations We concentrate mainly in the northern part of the country, but with a growing presence in 17 Mexican States Number of Stations (End of Quarter) OXXOGAS Footprint 551 566 563 561 558 Station 3Q20 4Q20 1Q21 2Q21 3Q21 Annual Growth 2.7% Note: Figures as of Septmber 30, 2021. + 20 20#21Price per Liter² Gas Stations (OXXO GAS) High-growth, low asset-intensity, high-return business FEMSA Same Station Volume¹ 325 COMERCIO As of September 30, 2021 there were 566 OXXO GAS stations, representing around 4% of a highly-fragmented industry 310 Revenue (Billions of Mexican Pesos) 16.8 16.4 18.0 18.8 18.7 10.0 10.4 8.6 8.5 8.5 3Q20 4Q20 1Q21 2Q21 3Q21 1 Volume in thousands of liters considering same stations with more than twelve months of operations. 2 Average price per liter in Mexican Pesos. 3Q20 3Q21 LOJ 4.8% OXXOGAS CA 21#22Coca-Cola FEMSA www Coca-Cola B#23Largest Coca-Cola Franchise Bottler in the World by Volume, Operating in Attractive Regions Strategic partner to the Coca-Cola system representing about 11.3% of Global Volume ~3.2 Billion Unit Cases Mexico +US$ 9.2 Billion in Revenues +265 Million consumers Central America More than 1.9 Million points of sale +80,000 employees Volume Mix 14.3% 6.2% 79.5% Ownership: FEMSA Voting: 56% Economic: 47.2% L ■ Sparkling ■ Water ■Still Coca-Cola Voting: 32.9% Economic: 27.8% Coca-Cola FEMSA Public Float Series L* Voting: 0% Economic: 15.6% Series B* Voting: 11.1% Economic: 9.4% J Colombia Coca-Cola FEMSA Brazil Uruguay Argentina 23#24Creating Economic Value During the Last Decade KOF Market Cap Evolution (US$ MM) 11,419 8,000 Coca-Cola FEMSA Financial Highlights¹ 2020² Revenue 183,615 2010 103,456 CAGR % 6% EBIT 25,243 17,079 4% EBIT Margin 13.7% 16.5% EBITDA 37,345 21,022 6% EBITDA Margin 20.3% 20.3% CAPEX 10,354 7,478 3% 1 Amounts expressed in millions of Mexican Pesos 2 Includes the effect of IFRS-16 2008 Nov 2021 CAGR 08-Nov 2021: 3% • Consolidate as a Multi-category Leader. • Reach Full Operating Potential. • Growth Through Innovation. Growth Through Acquisitions. • Proactive Environment Management. Source: Bloomberg, as of November 9, 2021. 24 24 |#25Strategic partner to the Coca-Cola System Coca-Cola FEMSA Over the past 25 years, we have travelled a successful journey by consolidating across territories and categories leveraging on our operational excellence and a disciplined approach to capital 5,000 4,000 3,000 2,000 1,000 0 allocation 2003 PANAMCO ESTRELLA AZUL Coca-Cola AdeS 2017 Santa Clara Bottlers Philippines FOQUE GRUPO FOMENTO QUERETANO 2013 Valle 2010 2011 2007 2008 REMIL 2012 2018 ciaflu 2016 grupo Cimsa SPAIPA Vonpar GRUPO TAMPICO Grupo Yoli 2019 1994 2003 2010 2020 Volume (Mn UC) 306 1,451 2,500 3,284 Points of sale (Mn) Revenues (USD bn) EBITDA (USD bn) 1.5 1.6 1.9 3.2 9.2 5.5 .8 1.1 1.9 25 45#26KOF's Strategic Framework continues to be the guide for the business... Coca-Cola FEMSA TOTAL BEVERAGE LEADER with SUSTAINABLE and PROFITABLE GROWTH Categories Geographiles Winning Portfolio Buildup Leverage sparkling beverage growth through affordability. ⚫ Consistent leadership position in water. ⚫ Selectively improve our competitive position in still beverages. Drive our low- and no-sugar footprint. Operating Model Transformation ⚫ Accelerate digitally driven business transformation. • Develop tailored business models for customer segment. • Address proactively growing environmental challenges. Cultural Evolution • Create a more collaborative, consumer and client-centric culture: New KOF DNA. CHOICES FOR EVERY LIFESTYLE DISCIPLINED CAPITAL ALLOCATION SUSTAINABILITY SUSTAINABLE COMMUNITIES & ENVIRONMENT PROFESSIONAL DEVELOPMENT AND WORKPLACE RIGHTS STRATEGIC MERGERS & ACQUISITIONS#27...while their consumers and clients are at the center of everything they do. OPERATIONAL EXCELLENCE We strive for excellence in everything we do KOF DNA OBSESSIVE FOCUS ON CONSUMER & CLIENT PEOPLE FIRST We value our people and work as one KOF AGILE DECISION MAKERS We are action oriented, making fast and assertive decisions OWNERS MENTALITY We think and act like owners, with focus on results Coca-Cola FEMSA#28SUSTAINABILITY OUR PEOPLE OUR COMMUNITY OUR PLANET#29Sustainability Strategy: Structure SUSTAINABILITY We are committed to developing the capabilities needed to generate the economic, social, and environmental conditions required to operate today—and to grow in the future in harmony with our environment. That is how we understand sustainability. We contribute to create economic and social value through our Strategic Sustainability Framework: Contributing to the generation of sustainable communities POSITIVELY TRANSFORM OUR COMMUNITIES Promoting employees' comprehensive development Comprehensive Development Training and Development Healthy Lifestyles Culture and Values Community Development Sustainable Sourcing OUR COMMUNITY Water OUR PEOPLE OUR ENVIRONMENT OUR ETHICS AND VALUES Waste and Recycling G Energy Minimizing our operations' environmental impact 29 29 |#30Selected Sustainability Achievements 2020 SUSTAINABILITY We are aware of the fact that our communities face challenges that are increasingly more complex. Consequently, we know we need to evolve and strengthen our decision-making processes based on criteria that simultaneously creates economic and social value, as defined by our mission. FEMSA and Coca-Cola FEMSA have been part of the FTSE4Good Index Series for 3 consecutive years. FTSE4Good Coca-Cola FEMSA has been for seven consecutive years part of the Dow Jones Sustainability Index (DJSI) for Emerging Markets. FEMSA and Coca-Cola FEMSA have been for three consecutive years part of the DJSI Latin American Integrated Market Index (MILA). MEMBER OF Dow Jones Sustainability Indices In Collaboration with RobecoSAM • FEMSA and Coca-Cola FEMSA have been part of the Mexican Stock Exchange Sustainability Index for seven consecutive years. 30 |#31Our Investment in Sustainability At FEMSA we invest ~1% of our total consolidated revenue in sustainability every year. USD Millions 180 160 140 120 100 80 60 40 20 Total Spending on Sustainability (by Pillar) 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 SUSTAINABILITY Our Planet Our Community Our People * In MXN terms the investment made on Sustainability during 2015 grew compared to 2014 and during 2014 compared to 2013, but when translated to USD it decreases due to the depreciation of the MXN against the USD (December 31 for each year). 31#32Going Forward FEMSA Focus on disciplined capital deployment to take advantage of balance sheet FEMSA flexibility, targeting assets consistent with our business platform and set of capabilities. FEMSA COMERCIO Sustained organic growth at OXXO in Mexico, with compelling growth in new complementary drugstore and fuel operations, as well as medium-term objectives to test additional international markets. Coca-Cola FEMSA Continue to drive organic revenue growth across markets, working in tandem with The Coca-Cola Company to enhance our portfolio by addressing evolving consumer preferences, and continue to pursue incremental territories that are structurally well suited to our skill set. 32 32 |#33Financial Summary (Amounts in millions of Mexican Pesos) FEMSA 2014 % Var 2015 % Var 2016 Total Revenues 263,449 2% 311,589 18% 399,507 % Var 28% 2017 % Var 2018 % Var 460,456 15% 469,744 2% 2019(1) 506,711 % Var 8% 2020(1) % Var Income from Operations 29,983 0% 33,735 13% 37,427 11% 41,439 11% 41,576 0% 47,152 13% 492,966 41,503 -3% -12% FEMSA % of Revenues CAPEX % of Revenues 11% -2% 11% -5% 9% -13% 9% -4% 9% 9% 8% Operative Cash Flow 40,945 3% 46,626 14% 54,987 18% 61,418 12% 60,458 -2% 75,440 25% 71,973 -5% 16% 1% 15% -4% 14% -8% 13% -3% 13% 15% 15% 18,163 2% 18,885 4% 22,155 17% 25,180 14% 24,266 -4% 25,579 5% 20,893 -18% % of Revenues 7% 0% 6% -12% 6% -8% 5% -1% 5% 5% 4% 2014 Total Revenues 109,624 % Var 12% 2015 151,401 FEMSA Income from Operations 8,680 10% 11,105 % Var 38% 28% 2016 209,166 13,310 % Var 38% 20% 2017 240,013 14,331 % Var 15% 8% 2018 266,133 % Var 11% 16,650 16% % of Revenues 8% -2% 7% -7% 6% -13% 6% -6% 6% Operative Cash Flow 11,756 11% 14,802 26% 18,306 24% 20,139 10% 23,157 15% COMERCIO % of Revenues % of Revenues 11% -1% 10% -9% 9% -10% 8% -4% 9% CAPEX 5,191 -9% 6,276 21% 8,405 34% 9,628 15% 11,123 16% 5% -19% 4% -12% 4% -3% 4% 0% 4% 2019(1) 291,584 21,041 7% 35,270 12% 12,609 4% % Var 2020(1) % Var 10% 26% 280,741 -4% 15,489 -26% 6% 52% 31,260 -11% 11% 13% 9,150 -27% 3% OXXO SSS %growth 2.7 13% 6.9 156% 7.0 1% 6.4 -9% 5.2 -17% 5.0 -5% -5.4 -208% Total Revenues 2014 147,298 % Var -6% 2015 152,360 % Var 3% 2016 177,718 % Var 17% 2017 203,780 % Var 2018 % Var 2019 (1) % Var 2020(¹) % Var 15% 182,342 -11% 194,472 7% 183,615 -6% Coca-Cola FEMSA % of Revenues Income from Operations 20,743 -3% 22,645 9% 23,920 6% 26,175 9% 24,673 -6% 25,423 3% 25,243 -1% % of Revenues 14% 2% 15% 6% 13% -9% 13% -5% 14% 13% 14% Operative Cash Flow 28,385 -1% 31,233 10% 35,495 14% 39,546 11% 35,456 -10% 37,148 5% 37,345 1% % of Revenues 19% 5% 20% 6% 20% -3% 19% -3% 19% 19% 20% CAPEX 11,313 -3% 11,484 2% 12,391 8% 14,612 18% 11,069 -24% 11,465 4% 10,354 -10% 8% 2% 8% -2% 7% -7% 7% 3% 6% 6% 6% Volume (mill UC) 3,417.3 7% 3,435.6 1% 3,334.0 -3% 3,318.1 0% 3,321.8 0% 3,369.2 1% 3,284.4 -3% 1) Includes the effects from IFRS-16 33 33#34Debt Profile - September 30, 2021 Currency Average Rate Rate 3.3% US Dollars 37.1% FEMSA 6% Variable Rate 0.7% 0.8% 15.7% Weighted Average 94% 4.9% Fixed Rate Euros 10.0% Other Currencies Mexican Pesos 37.2% '21'22'23'24'25 1.D.%%%6%.41.0% Maturity 2026+ 7.4% 89.2% 34 34 |#35FEMSA Contact Information [email protected] www.femsa.com Phone: (52) 818328-6167 Stock Information Bolsa Mexicana de Valores (BMV): FEMSAUBD New York Stock Exchange, Inc (NYSE): FMX ADR 10:1