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Anheuser-Busch InBev SA/NV
(Incorporated in the Kingdom of Belgium)
Register of Companies Number: 0417.497.106
Euronext Brussels Share Code: ABI
Mexican Stock Exchange Share Code: ANB
NYSE ADS Code: BUD
JSE Share Code: ANH
ISIN: BE0974293251
(“AB InBev” or the “Company”)
Anheuser-Busch InBev Announces Pricing of
Cash Tender Offers for up to USD 3 Billion
Aggregate Purchase Price of Thirteen Series of
USD Notes, Three Series of EUR Notes and Two
Series of GBP Notes
15 November 2023 – Anheuser-Busch InBev SA/NV (“AB InBev”) (Euronext: ABI) (NYSE:
BUD) (MEXBOL: ANB) (JSE: ANH) today announced the pricing of offers by AB InBev and its
wholly-owned subsidiaries Anheuser-Busch InBev Worldwide Inc. (“ABIWW”), Anheuser-
Busch Companies, LLC (“ABC”) and Anheuser-Busch InBev Finance Inc. (“ABIFI”, and
together with AB InBev, ABIWW and ABC, the “Companies”) to purchase for cash any validly
tendered (and not validly withdrawn) and accepted notes up to an aggregate purchase price
(excluding accrued and unpaid interest) of US$3 billion (such amount, the “Aggregate Offer
Cap”) of thirteen series of USD notes (the “USD Notes”), three series of EUR notes (the “EUR
Notes”) and two series of GBP notes (the “GBP Notes”, and together with the USD Notes and
the EUR Notes, the “Notes”) issued by the Companies, across the Pool 1 Tender Offers and
the Pool 2 Tender Offers, each with a separate Pool Offer Cap, as described in the table set
forth below (the “Tender Offers”).
The Companies announced the pricing as set forth in the table below of its offers to purchase
the outstanding Notes listed below.
As announced on 31 October 2023, the Companies will spend up to US$3 billion combined
aggregate purchase price (excluding Accrued Interest) in the Tender Offers. Because the
Aggregate Offer Cap has been reached, the Company does not expect to accept for purchase
any Notes tendered after 5:00 p.m., New York City time, on Tuesday, 14 November 2023 (the
“Early Tender Time”).
ab-inbev.com 1
The Tender Offers have been made pursuant to the terms and conditions set forth in the offer
to purchase, dated 31 October 2023 (the “Offer to Purchase”). Terms not defined in this
announcement have the meanings given to them in the Offer to Purchase.
ab-inbev.com 2
Reference
Security / Fixed
ISIN / (if applicable) Issuer Acceptance Principal Interpolate Spread
Title of CUSIP Maturity and Priority Amount to be d Mid- (basis Reference Total
Notes Date Offeror Level Purchased Swap Rate points) Yield Consideration(a)
Pool 1 Tender Offers
Up to the Pool 1 Offer Cap of $1,200,000,000
US03522AAG58/
03522AAG5
144A:
UST 4.625%
3.650% US03522AAD28/
1 February ABIWW due 4.667% $970.37
Notes due 03522AAD2 1 $1,236,641,000 45
2026 and ABC 15 October
2026
Reg S: 2026
USU00323AD40/
U00323AD4
2026
2.700% Interpolate
31 March €0 d Mid- N/A N/A
Notes due BE6265142099 AB InBev 2 -5
2026 Swap
2026
Rate
Total aggregate purchase price for the Pool 1 Tender Offers as of the Early Tender Time: $1,199,999,327.17
Pool 2 Tender Offers
Up to the Pool 2 Offer Cap of $1,800,000,672.83, equal to $3,000,000,000 less the aggregate purchase price (excluding accrued and unpaid
interest) payable for the Pool 1 Notes validly tendered and accepted for purchase in the Pool 1 Tender Offers
UST
3.750% 4.375%
US03523TBQ04/ 15 July $121,129,000 due 72 4.864% $789.36
Notes due ABIWW 1
03523TBQ0 2042 15 August
2042
2043
UKT 1.750%
2.850%
25 May due 54 4.452% £788.18
Notes due BE6295395956 AB InBev 2 £163,183,000
2037 7 September
2037
2037
UST
4.000% 4.375%
US035242AB27/ 17 January $63,745,000 due 82 4.864%
Notes due ABIFI 3 $805.16
035242AB2 2043 15 August
2043
2043
UST
4.600% 3.625%
US035240AU42/ 1 June $149,943,000 due 94 4.683% $842.11
Notes due ABIWW 4
035240AU4 2060 15 May
2060
2053
UST
4.500% 3.625%
US035240AT78 $464,873,000 due 92 4.683% $848.68
Notes due 1 June 2050 ABIWW 5
/035240AT7 15 May
2050
2053
ab-inbev.com 3
UST
4.600% 3.625%
US035240AN09/ 15 April $1,123,895,000 due 94 4.683% $865.13
Notes due ABIWW 6
035240AN0 2048 15 May
2048
2053
UST
4.750% 3.625%
US035240AP56/ 15 April $0 due 99 N/A N/A
Notes due ABIWW 7
035240AP5 2058 15 May
2058
2053
UST
4.350% 4.375%
US035240AS95/ $0 due 83 N/A N/A
Notes due 1 June 2040 ABIWW 8
035240AS9 15 August
2040
2043
UST
4.625% 4.375%
US03524BAF31/ 1 February $0 due 91 N/A N/A
Notes due ABIFI 9
03524BAF3 2044 15 August
2044
2043
2035
2.000% Interpolate
23 January €0 d Mid- 50 N/A N/A
Notes due BE6301511034 AB InBev 10
2035 Swap
2035
Rate
UST
4.375% 3.875%
US035240AM26/ 15 April $0 due 116 N/A N/A
Notes due ABIWW 11
035240AM2 2038 15 August
2038
2033
US03522AAJ97/
03522AAJ9
UST
144A: 4.375%
4.900%
US03522AAF75/ 1 February ABIWW $0 due 98 N/A N/A
Notes due 12
03522AAF7 2046 and ABC 15 August
2046
2043
Reg S:
USU00323AF97/
U00323AF9
UST
4.900% 4.375%
US035242AN64/ 1 February $0 due 98 N/A N/A
Notes due ABIFI 13
035242AN6 2046 15 August
2046
2043
2031
1.650% Interpolate
28 March €0 d Mid- 37 N/A N/A
Notes due BE6312822628 AB InBev 14
2031 Swap
2031
Rate
UKT 0.500%
2.250%
24 May £0 due 34 N/A N/A
Notes due BE6295393936 AB InBev 15
2029 31 January
2029
2029
UST
3.500% 3.875%
US035240AV25/ $0 due 73 N/A N/A
Notes due 1 June 2030 ABIWW 16
035240AV2 15 August
2030
2033
Total aggregate purchase price for the Pool 2 Tender Offers as of the Early Tender Time: $1,800,000,328.99
ab-inbev.com 4
(a) Per $1,000, €1,000 or £1,000 in principal amount, as applicable, of Notes validly tendered and accepted
for purchase prior to the Early Tender Time. The Reference Yield and the Total Consideration for each series of
Notes were determined at 9:30 a.m., New York City time (2:30 p.m., London time), on Wednesday, 15 November
2023, as described in the Offer to Purchase. The Total Consideration includes the Early Tender Payment of (i)
$30 per $1,000 in principal amount of USD Notes, (ii) €30 per €1,000 in principal amount of EUR Notes or (iii) £30
per £1,000 in principal amount of GBP Notes, as applicable, and assumes a final settlement date of 5 December
2023.
The Companies have elected not to exercise their right to have an early settlement date, and
the settlement date for all Notes validly tendered and accepted for purchase is expected to be
on 5 December 2023 (the “Final Settlement Date”). Holders will also receive accrued and
unpaid interest on the Notes validly tendered and accepted for purchase from the applicable
last interest payment date up to, but not including, the Final Settlement Date.
As previously announced, according to information provided by Global Bondholder Services
Corporation, the Tender and Information Agent for the Tender Offers, $9,186,786,000
aggregate principal amount of the USD Notes, €607,297,000 aggregate principal amount of the
EUR Notes and £266,763,000 aggregate principal amount of the GBP Notes were validly
tendered prior to or at the Early Tender Time and not validly withdrawn.
Because (i) the aggregate purchase price (excluding accrued and unpaid interest) for the
aggregate principal amount of Notes validly tendered prior to or at the Early Tender Time and
not validly withdrawn would exceed the Aggregate Offer Cap and (ii) the aggregate purchase
price (excluding accrued and unpaid interest) for the aggregate principal amount of Notes
validly tendered prior to or at the Early Tender Time and not validly withdrawn in each of the
Pool 1 Tender Offers and the Pool 2 Tender Offers would exceed the Pool 1 Offer Cap and the
Pool 2 Offer Cap, respectively, the Companies will not accept for purchase all Notes that have
been tendered by the Early Tender Time in the Pool 1 Tender Offers and the Pool 2 Tender
Offers.
With respect to the Pool 1 Tender Offers, the Companies will accept for purchase
$1,236,641,000 aggregate principal amount of the 3.650% Notes due 2026 validly tendered
and not validly withdrawn as of the Early Tender Time on a prorated basis as described in the
Offer to Purchase (as defined below), using a proration factor of approximately 70.30%.
With respect to the Pool 2 Tender Offers, the Companies will accept for purchase all of the
3.750% Notes due 2042, 2.850% Notes due 2037, 4.000% Notes due 2043, 4.600% Notes due
2060 and 4.500% Notes due 2050 validly tendered and not validly withdrawn as of the Early
Tender Time. The Companies will accept for purchase $1,123,895,000 aggregate principal
amount of the 4.600% Notes due 2048 validly tendered and not validly withdrawn as of the
Early Tender Time on a prorated basis as described in the Offer to Purchase, using a proration
factor of approximately 80.67%.
The Companies will not accept for purchase any 2.700% Notes due 2026, 4.750% Notes due
2058, 4.350% Notes due 2040, 4.625% Notes due 2044, 2.000% Notes due 2035, 4.375%
Notes due 2038, 4.900% Notes due 2046 (issued by ABIWW and ABC), 4.900% Notes due
ab-inbev.com 5
2046 (issued by ABIFI), 1.650% Notes due 2031, 2.250% Notes due 2029 or 3.500% Notes
due 2030 tendered in the Tender Offers. Any 3.650% Notes due 2026 and 4.600% Notes due
2048 not accepted for purchase will be returned promptly to holders or unblocked in the relevant
direct participant's clearing system account, as applicable, following the Final Settlement Date.
All 2.700% Notes due 2026, 4.750% Notes due 2058, 4.350% Notes due 2040, 4.625% Notes
due 2044, 2.000% Notes due 2035, 4.375% Notes due 2038, 4.900% Notes due 2046 (issued
by ABIWW and ABC), 4.900% Notes due 2046 (issued by ABIFI), 1.650% Notes due 2031,
2.250% Notes due 2029 and 3.500% Notes due 2030 will be returned promptly to holders or
unblocked in the relevant direct participant's clearing system account, as applicable, following
the Price Determination Time.
Holders of the Notes who tendered at or before the Early Tender Time and whose Notes were
accepted for purchase are eligible to receive the Total Consideration.
The Tender Offers will expire at 5:00 p.m., New York City time, on 30 November 2023 (such
time and date, the “Expiration Time”), or any other date and time to which the Companies
extend the applicable Tender Offer. Because the Aggregate Offer Cap has been reached, the
Companies do not expect to accept for purchase any Notes tendered after the Early Tender
Time.
English, Dutch and French versions of this press release will be available on www.ab-
inbev.com.
The Lead Dealer Managers for the Tender Offers (in respect of the Tender Offers as
made to Relevant Holders (as defined below) only) are:
BofA Securities, Inc. Citigroup Global Markets Inc. Deutsche Bank Aktiengesellschaft
620 S Tryon Street, 20th Floor 388 Greenwich Street, Trading 4th Mainzer Landstraβe 11-17
Charlotte Floor 60329 Frankfurt am Main
North Carolina 28255 New York, New York 10013 Germany
United States of America United States of America Tel: +44 20 7545 8011
Attention: Liability Management Attention: Liability Management
Group Group
Collect: (980) 387-3907 Collect: (212) 723-6106
Toll-Free: (888) 292-0070 Toll-Free: (800) 558-3745
Email: debt_advisory@bofa.com Email:
ny.liabilitymanagement@citi.com
In Europe:
Telephone: +33 1 877 01057
Email: DG.LM-EMEA@bofa.com
ab-inbev.com 6
Deutsche Bank J.P. Morgan SE J.P. Morgan Securities Santander US Capital
Securities Inc. LLC Markets LLC
1 Columbus Circle Taunustor 1 383 Madison Avenue 437 Madison Avenue
New York, NY 10019 (TaunusTurm) New York, NY 10179 10th Floor
United States of America 60310 Frankfurt am Main United States of America New York, NY 10022
Germany United States of America
Attn: Liability Management Attn: Liability
Group Attn: Liability Management Management Group Attention: Liability
Toll free: (866) 627-0391 Group Collect: (212) 834-4818 Management Group
Collect: (212) 250-2955 Collect: +44 20 7134 2468 Toll-Free: (866) 834-4666 Fax: 212-407-0930
Email: Toll: 212-940-1442
Liability_Management_EM Toll-Free: 855-404-3636
EA@jpmorgan.com Email:
AmericasLM@santander.us
Barclays Bank PLC & BNP Paribas Securities Corp. ING Bank N.V.
Barclays Capital Inc.
The Tender and Information Agent for the Tender Offers is:
Global Bondholders Services Corporation
65 Broadway – Suite 404
New York, New York 10006
Attention: Corporate Actions
Bank and Brokers Call Collect: +1 (212) 430-3774
All Others Please Call Toll-Free: +1 (855) 654-2014
Fax: +1 (212) 430-3775 or +1 (212) 430-3779
E-mail: contact@gbsc-usa.com
Tender Offer Website: https://gbsc-usa.com/registration/abi
Non-U.S. Distribution Restrictions
Italy. None of the Tender Offers, this announcement, the Offer to Purchase or any other
documents or materials relating to the Tender Offers have been or will be submitted to the
clearance procedure of the Commissione Nazionale per le Società e la Borsa (“CONSOB”)
pursuant to applicable Italian laws and regulations. The Tender Offers are being carried out in
the Republic of Italy (“Italy”) as exempted offers pursuant to article 101-bis, paragraph 3-bis of
ab-inbev.com 7
the Legislative Decree No. 58 of 24 February 1998, as amended (the “Financial Services Act”)
and article 35-bis, paragraph 4 of CONSOB Regulation No. 11971 of 14 May 1999, as
amended. Holders or beneficial owners of the Notes that are resident or located in Italy can
tender their Notes for purchase through authorized persons (such as investment firms, banks
or financial intermediaries permitted to conduct such activities in Italy in accordance with the
Financial Services Act, CONSOB Regulation No. 20307 of 15 February 2018, as amended,
and Legislative Decree No. 385 of 1 September 1993, as amended) and in compliance with
any other applicable laws and regulations and with any requirements imposed by CONSOB or
any other Italian authority. Each intermediary must comply with applicable laws and regulations
concerning information duties vis-à-vis its clients in connection with the Notes or the Offer to
Purchase.
United Kingdom. The communication of this announcement, the Offer to Purchase and any
other documents or materials relating to the Tender Offers is not being made by and such
documents and/or materials have not been approved by an “authorised person” for the
purposes of section 21 of the Financial Services and Markets Act 2000 (the “FSMA”).
Accordingly, such documents and/or materials are not being distributed to, and must not be
passed on to, the general public in the United Kingdom. The communication of such documents
and/or materials is exempt from the restriction on financial promotions under section 21(1) of
the FSMA on the basis that it is only directed at and may only be communicated to: (1) persons
who are outside of the United Kingdom; (2) investment professionals falling within the definition
contained in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion)
Order 2005 (the “Order”); (3) those persons who are existing members or creditors of the
Companies or other persons falling within Article 43(2) of the Order; or (4) any other persons
to whom such documents and/or materials may lawfully be communicated in accordance with
the Order (all such persons together being referred to as “relevant persons”). This
announcement, the Offer to Purchase and any other documents or materials relating to the
Tender Offers are only available to relevant persons. Any person who is not a relevant person
should not act or rely on this document or any of its contents.
France. The Tender Offers are not being made, directly or indirectly, in the Republic of France
(other than to qualified investors as described below). This announcement, the Offer to
Purchase and any other document or material relating to the Tender Offers have only been,
and shall only be, distributed in the Republic of France to qualified investors as defined in Article
2(e) of Regulation (EU) 2017/1129 (the “Prospectus Regulation”). None of this
announcement, the Offer to Purchase nor any other documents or materials relating to the
Tender Offers have been or will be submitted for clearance to the Autorité des marchés
financiers.
Belgium. None of this announcement, the Offer to Purchase nor any other documents or
materials relating to the Tender Offers have been, or will be, submitted or notified to, or
approved or recognized by, the Belgian Financial Services and Markets Authority (“Autorité des
services et marchés financiers”/“Autoriteit voor Financiële Diensten en Markten”). The Tender
Offers are not being made in Belgium by way of a public offering within the meaning of Articles
3, §1, 1° and 6, §1 of the Belgian Law of 1 April 2007 on public takeover bids (“loi relative aux
ab-inbev.com 8
offres publiques d’acquisition”/ “wet op de openbare overnamebiedingen”), as amended or
replaced from time to time. Accordingly, the Tender Offers may not be, and are not being,
advertised and the Tender Offers will not be extended and this announcement, the Offer to
Purchase and any other documents or materials relating to the Tender Offers (including any
memorandum, information circular, brochure or any similar documents) may not, have not, and
will not, be distributed or made available, directly or indirectly, to any person in Belgium other
than to “qualified investors” (“investisseur qualifié”/“gekwalificeerde belegger”) within the
meaning of Article 2(e) of the Prospectus Regulation acting on their own account. Insofar as
Belgium is concerned, the Tender Offers are made only to qualified investors, as this term is
defined above. Accordingly, the information contained in this announcement, the Offer to
Purchase or in any other documents or materials relating to the Tender Offers may not be used
for any other purpose or disclosed or distributed to any other person in Belgium.
Legal Notices
None of the Dealer Managers (nor any of their respective directors, officers, employees, agents
or affiliates) has any role in relation to any part of the Tender Offers made to Holders that are
not Relevant Holders, where “Relevant Holders” means:
(i) a Holder of the USD Notes; or
(ii) a Holder of GBP Notes or EUR Notes that is:
(a) if resident or located in a member state of the European Union (the “EU”), an “eligible
counterparty” or a “professional client”, each as defined in Directive No. 2014/65/EU on markets
in financial instruments (as amended from time to time);
(b) if resident or located in the UK, an “eligible counterparty”, as defined in the FCA
Handbook Conduct of Business Sourcebook, or a “professional client” as defined in point (8) of
Article 2(1) of Regulation (EU) No. 600/2014 as it forms part of UK domestic law by virtue of
the European Union (Withdrawal) Act 2018; or
(c) if resident or located in a jurisdiction outside of the EU and the UK, an institutional holder
under applicable local law and not a retail holder.
This announcement is for informational purposes only and is not an offer to sell or purchase, a
solicitation of an offer to purchase or a solicitation of consents with respect to any securities.
There will there be no sale of these securities in any state or other jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or qualification under the
securities laws of any such state or other jurisdiction.
This announcement is for informational purposes only and is not an offer to sell or purchase, a
solicitation of an offer to purchase or a solicitation of consents with respect to any securities.
There will there be no sale of these securities in any state or other jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or qualification under the
securities laws of any such state or other jurisdiction.
This announcement does not describe all the material terms of the Tender Offers and no
decision should be made by any Holder on the basis of this announcement. The terms and
ab-inbev.com 9
conditions of the Tender Offers are described in the Offer to Purchase. This announcement
must be read in conjunction with the Offer to Purchase. The Offer to Purchase contains
important information which should be read carefully before any decision is made with respect
to the Tender Offers. If any Holder is in any doubt as to the contents of this announcement, or
the Offer to Purchase, or the action it should take, it is recommended that the Holder seek its
own financial and legal advice, including in respect of any tax consequences, immediately from
its stockbroker, bank manager, solicitor, accountant or other independent financial, tax or legal
adviser. Any individual or company whose Notes are held on its behalf by a broker, dealer,
bank, custodian, trust company or other nominee must contact such entity if it wishes to tender
such Notes pursuant to the Tender Offers.
None of the Companies, the Dealer Managers or their affiliates, their respective boards of
directors, the Tender and Information Agent, the trustee with respect to the USD Notes or any
of their respective affiliates makes any recommendation, or has expressed an opinion, as to
whether or not Holders should tender their Notes, or refrain from doing so, pursuant to the
Tender Offers. Each Holder should make its own decision as to whether to tender its Notes and
if so, the principal amount of the Notes to tender.
The Companies have not filed this announcement or the Offer to Purchase with, and they
have not been reviewed by, any federal or state securities commission or regulatory
authority of any country. No authority has passed upon the accuracy or adequacy of the
Tender Offers, and it is unlawful and may be a criminal offense to make any
representation to the contrary.
The Offer to Purchase does not constitute an offer to purchase Notes in any jurisdiction in
which, or to or from any person to or from whom, it is unlawful to make such offer under
applicable securities or blue sky laws. The distribution of the Offer to Purchase in certain
jurisdictions is restricted by law. Persons into whose possession the Offer to Purchase comes
are required by each of the Companies, the Dealer Managers, the Tender and Information
Agent to inform themselves about, and to observe, any such restrictions.
ab-inbev.com 10
Anheuser-Busch InBev Contacts
Investors Media
Shaun Fullalove Fallon Buckelew
Tel: +1 212 573 9287 Tel: +1 310 592 6319
E-mail: shaun.fullalove@ab-inbev.com E-mail: fallon.buckelew@ab-inbev.com
Maria Glukhova Michaël Cloots
Tel: +32 16 276 888 Tel: +32 497 167 183
E-mail: maria.glukhova@ab-inbev.com E-mail: michael.cloots@ab-inbev.com
Cyrus Nentin
Tel: +1 646 746 9673
E-mail: cyrus.nentin@ab-inbev.com
Fixed Income Investors
Patrick Ryan
Tel: +1 646 746 9667
E-mail: patrick.ryan@ab-inbev.com
16 November 2023
JSE Sponsor: Questco Corporate Advisory Proprietary Limited
About Anheuser-Busch InBev (AB InBev)
AB InBev is a publicly traded company (Euronext: ABI) based in Leuven, Belgium, with secondary listings on the Mexico (MEXBOL: ANB) and
South Africa (JSE: ANH) stock exchanges and with American Depositary Receipts on the New York Stock Exchange (NYSE: BUD). As a company,
we dream big to create a future with more cheers. We are always looking to serve up new ways to meet life’s moments, move our industry forward and
make a meaningful impact in the world. We are committed to building great brands that stand the test of time and to brewing the best beers using the
finest ingredients. Our diverse portfolio of well over 500 beer brands includes global brands Budweiser®, Corona®, Michelob ULTRA® and Stella
Artois®; multi-country brands Beck’s®, Hoegaarden® and Leffe®; and local champions such as Aguila®, Antarctica®, Bud Light®, Brahma®, Cass®,
Castle®, Castle Lite®, Cristal®, Harbin®, Jupiler®, Modelo Especial®, Quilmes®, Victoria®, Sedrin®, and Skol®. Our brewing heritage dates back
more than 600 years, spanning continents and generations. From our European roots at the Den Hoorn brewery in Leuven, Belgium. To the pioneering
spirit of the Anheuser & Co brewery in St. Louis, US. To the creation of the Castle Brewery in South Africa during the Johannesburg gold rush. To
Bohemia, the first brewery in Brazil. Geographically diversified with a balanced exposure to developed and developing markets, we leverage the
collective strengths of approximately 167,000 colleagues based in nearly 50 countries worldwide. For 2022, AB InBev’s reported revenue was 57.8
billion USD (excluding JVs and associates).
Forward-Looking Statements
This release contains “forward-looking statements”. These statements are based on the current expectations and views of future events and developments
of the management of AB InBev and are naturally subject to uncertainty and changes in circumstances. The forward-looking statements contained in
this release include statements other than historical facts and include statements typically containing words such as “will”, “may”, “should”, “believe”,
“intends”, “expects”, “anticipates”, “targets”, “estimates”, “likely”, “foresees” and words of similar import. All statements other than statements of
historical facts are forward-looking statements. You should not place undue reliance on these forward-looking statements, which reflect the current
views of the management of AB InBev, are subject to numerous risks and uncertainties about AB InBev and are dependent on many factors, some of
which are outside of AB InBev’s control. There are important factors, risks and uncertainties that could cause actual outcomes and results to be materially
different, including, but not limited to the risks and uncertainties relating to AB InBev that are described under Item 3.D of AB InBev’s Annual Report
on Form 20-F filed with the SEC on 17 March 2023. Many of these risks and uncertainties are, and will be, exacerbated by any further worsening of
the global business and economic environment, the ongoing conflict in Russia and Ukraine and the Middle East and the COVID-19 pandemic. Other
unknown or unpredictable factors could cause actual results to differ materially from those in the forward-looking statements.
ab-inbev.com 11
The forward-looking statements should be read in conjunction with the other cautionary statements that are included elsewhere, including AB InBev’s
most recent Form 20-F and other reports furnished on Form 6-K, and any other documents that AB InBev has made public. Any forward-looking
statements made in this communication are qualified in their entirety by these cautionary statements and there can be no assurance that the actual results
or developments anticipated by AB InBev will be realized or, even if substantially realized, that they will have the expected consequences to, or effects
on, AB InBev or its business or operations. Except as required by law, AB InBev undertakes no obligation to publicly update or revise any forward-
looking statements, whether as a result of new information, future events or otherwise.
ab-inbev.com 12
