1 AB InBev Jo Van Biesbroeck

Anheuser-Busch InBev. All rights reserved.

Best Beer Company Bringing People Together For a Better World

1

Jo Van Biesbroeck

25 April 2015


Anheuser-Busch InBev today and our journey so far

2

Anheuser-Busch InBev. All rights reserved. 3

* Ticker:Euronext: ABI

NYSE: BUD

Leading globalbrewer

Top-five consumer products company

EBITDA of 18.5 billion USD in 2014

Revenue of 47.1 billion USDin 2014

Global HQ: Leuven, Belgium

Operations in 25 countries

Sales in 100+ countries

Some 155,000 employees worldwide

*

*

*

*

*

*

*

*

Anheuser-Busch InBev at a glance


A truly global company

Operations across six geographical zones 155.000 colleagues

*

**

*

**


Our history

2000 2002 2004

1987 1995 2000 2002 2004 2008 2013 2014

IPO


Owning the most valuable brands

6

Source: http://millwardbrown.com/Home.aspx

Top 10 Beer Brands

Budweiser is the only beer brand in the BrandZ Top 100 Most Valuable Global Brands

6 AB InBev brands in the BrandZ Top 10 Most Valuable Beer Brands

1.

2.

3.

4.

5.

6.

7.

8.

9.

10.

Heineken

Guinness

Aguila

Miller Light


Globalbrands

Localchampions

Internationalbrands

Our focus brand strategy

Creating sustainable growth


Source: 2013 company filings/reports, AB InBev estimates

Continued improvement in core working capital

2,1%

-0,6%

-5,4%

-7,4%-8,5%

-10,0%-11,0%-12,0%

-10,0%

-8,0%

-6,0%

-4,0%

-2,0%

0,0%

2,0%

4,0%

CW

C/ N

et

Re

ven

ue

s (

12

mo

nth

s)

2008 2009 2011 20122010 2013 2014

1) Yearly average (on a rolling 12 month basis). CWC includes elements considered "core to the operations,. For example core receivables would include items such as trade receivables, other receivables (i.e. marketing prepayments), cash guarantees, loans to customers, non-income tax receivables, packaging deposits, and excludes derivatives, payroll-related receivables, deferred consideration on sales of assets, dividend receivables, interest receivables. Core payables includes items such as trade and other payables, non-income tax payables, packaging deposits, and cash guarantees but excludes derivatives, payroll-related payables, deferred consideration on acquisition, dividend payables, interest payable. There is no change to the calculation of Inventories, we include the same amounts for CWC as for Working Capital (as defined in our Financial Statements). 2) 2008 NA includes only 6 weeks of the legacy AB business. Results prior to 2013 exclude Grupo Modelo.

Core Working Capital (CWC) as a

% of Net Revenues (1)


Robust cash flow generationOver $69 billion of Free Cash Flow generated since the combination with Anheuser-Busch

Definition: Note: Free Cash Flow (FCF) defined as Cash Flow from Operating Activities adding back Net Interest, less Net Capex.

FCF represents cash available for distribution to equity holders of AB InBev before debt service and debt pay down, and before adjusting for Ambev minorities. Cash Flow from Operating

Activities is defined in Figure 17 of the FY14 press release.

10,5 10,6

11,5 12,1 12,2 12,2

9,1 9,9

12,5 13,3

13,9 14,1

-

2,0

4,0

6,0

8,0

10,0

12,0

14,0

16,0

2009 2010 2011 2012 2013 2014

Free Cash Flow Cash Flow from Operating Activities

US

D m

illio

ns


10

1.45

1.00

(1) For purposes of calculating the dividend growth rate in USD, we have taken the EUR/USD rate at the date of payment, with the exception of the proposed Final FY14 dividend, for which for illustrative purposes we used the EUR/USD rate as of 25 February 2015.

Growing dividends over time

26,3%21,3%

33,8%38,5%

49,3%

58.0%65,0%

2008 2009 2010 2011 2012 2013 2014

Payout ratio (%)

0,600,28 0,38

0,80

1,20

1,70

2.05 2,00

2008 2009 2010 2011 2012 2013 2014

Dividend per share (EUR)

Final

Interim

(Paid)

3.00

+46% in EUR+26% in USD (1)

1.45

1.00


Focus on the major occasions for purchasing and consuming our products

Our strategy is clear

Leverage industry-leading scale

Position right brands to drive top-line growth through premiumization and market share gains

Financial discipline

Focus on the major occasions for purchasing and consuming our products


Financial discipline with purpose Cost Connect - Win

Converting non-working money into working money


2014 FIFA World Cup

Sponsorship

Digital Connections

Innovations

2014 Super Bowl

Financial discipline with purpose Investing in growth


What makes AB InBevso unique?


Dream People Culture

We are a company of owners


Dream - People - Culture

Despite having operations in many countries around the world, with different national cultures, we operate as one company, with one Dream and one culture to unite us, and a clear focus on having the right peoplein the right place at the right time.

Our culture is built on ownership, informality, candor, transparency and meritocracy. We set ourselves stretch targets and are never completely satisfied with our results.

Our culture not only defines who we are, but also provides the energy and the focus to drive forward and achieve our Dream to be the Best Beer Company Bringing People Together For a Better World.


Our 10 principles

Owners

Simplicity

Integrity

Zero-complacency

Quality


DREAMINGBIG ORDREAMING SMALL,EFFORT IS THE SAME


We are a company of owners

A company of owners is not just about owning shares Owners act as entrepreneurs like we all know

them (baker,..) check each penny before spending it know their business, their consumers,

their customers and their competitors earn their business every day dream big, are passionate to deliver

and never give up never delegate any of the above show the example by doing!

Owners are responsible and accountable for results.

Owners make better decisions.


The Stella Artois success story


History of Stella Artois


Number 1 Belgian beer brand worldwide

Number 6 beer brand worldwide

Available in nearly100 countries

Belgian Stella Artois in the world


The Chalice

Anheuser-Busch InBev. All rights reserved. 25 AB InBev 2015 All rights reserved

Stella Artois for a Better World

Our vision is to drive awareness of the global water crisis in developing countries

and help stop womens journeys to collect water for their families, so they can begin new journeys

of their own


26

Consumers are invited to buy one of three limited edition chalices.

One Chalice will help Water.org provide 5 years clean water to one person in the developing world.

In addition, Stella Artois is donating $1.2m to Water.org.

Buy a Lady a Drink


27

BALAD launch video


Find out more atwww.ab-inbev.com

Like us at www.facebook.com/abinbev

Follow us at @ABInBevNews

Documents

1 AB InBev Jo Van Biesbroeck