Anheuser Busch InBev : Announces Final Results of Tender Offers for Up To USD 16.5 Billion Aggregate Purchase Price of Twelve Series of USD Notes

Anheuser-Busch InBev Announces Final Results of Tender Offers for Up To USD 16.5 Billion Aggregate Purchase Price of

Twelve Series of USD Notes

Anheuser-Busch InBev SA/NV ("AB InBev") (Euronext: ABI) (NYSE: BUD) (MEXBOL: ANB) (JSE: ANH) today announced the expiration of offers by its wholly owned subsidiaries Anheuser-Busch InBev Finance Inc. ("ABIFI" or a "Company"), Anheuser-Busch InBev Worldwide Inc. ("ABIWW" or a "Company") and Anheuser-Busch Companies, LLC ("ABC" or a "Company" and together with ABIFI and ABIWW, the "Companies") to purchase for cash any validly tendered (and not validly withdrawn)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 $16,500,000,000 (the "Aggregate Offer Cap") of twelve series of notes issued by the Companies (the "Tender Offers").

The Tender Offers have been made pursuant to the terms and conditions set forth in the offer to purchase, dated 10 January 2019 (the "Offer to Purchase"). Terms not defined in this announcement have the meanings given to them in the Offer to Purchase.

The Tender Offers expired at 11:59 p.m., New York City time, on 7 February 2019. As announced on 25 January 2019, the Aggregate Offer Cap had not been reached as of the Early Tender Time of 24 January 2019.

According to information provided by Global Bondholder Services Corporation, the tender and information agent for the Tender Offers, $16,326,085,000 aggregate principal amount of the Notes were validly tendered prior to or at the Early Tender Time and not validly withdrawn. After the Early Tender Time and prior to or at the Expiration Time, an additional $12,450,000 aggregate principal amount of the Notes were validly tendered. As a result, as of the Expiration Time, a total of $16,338,535,000 aggregate principal amount of the Notes were validly tendered and not validly withdrawn. The Settlement Date for the Tender Offers is expected to be 11 February 2019.

With the completion of the Tender Offers, the Companies will have repurchased an aggregate principal amount of $16,338,535,000 of several series of their outstanding notes, as set out in the table below:

Title of Notes

CUSIP / ISIN

IssuerPool Acceptance Priority LevelPrincipal AmountPrincipal Amount Outstanding

Purchased

After Purchase

2021 PoolAdjusted Pool Offer Cap: Up to USD 2,908,715,604 Aggregate Purchase Price

2.650% Notes

due 2021

035242 AJ5 /

US035242 AJ52

ABIFI

1

$2,518,521,000

$2,449,067,000

Floating Rate

Notes due 2021

035242 AK2 /

US035242 AK26

ABIFI

2

$189,204,000

$310,796,000

4.375% Notes

due 2021

03523TBB3 /US03523T BB35

ABIWW

3

$214,638,000

$285,362,000

2022 Pool

Adjusted Pool Offer Cap: Up to USD 2,597,501,582 Aggregate Purchase Price

3.750% Notes

due 2022

035240 AD2 /

US035240 AD27

ABIWW

1

$1,100,588,000

$1,249,451,000

2.500% Notes

due 2022

03523TBP2 /US03523T BP21

ABIWW

2

$1,295,953,000

$1,704,047,000

2023 Pool

Adjusted Pool Offer Cap: Up to USD 3,574,104,075 Aggregate Purchase Price

2.625% Notes

due 2023

035242 AA4 /

US035242 AA44

ABIFI

1

$606,684,000

$643,316,000

3.300% Notes

due 2023

035242 AL0 /US035242 AL09

ABIFI

2

$2,885,926,000

$3,114,074,000

2024 Pool

Adjusted Pool Offer Cap: Up to USD 1,720,654,250 Aggregate Purchase Price

Floating Rate

Notes due 2024

035240AK6 /

US035240 AK69

ABIWW

1

$270,907,000

$229,093,000

3.500% Notes

due 2024

035240AJ9 /

US035240 AJ96

ABIWW

2

$845,580,000

$654,420,000

3.700% Notes

due 2024

03524B AE6 /US03524BAE65

ABIFI

3

$534,827,000

$865,173,000

2026 Pool

Adjusted Pool Offer Cap: Up to USD 5,699,024,491 Aggregate Purchase Price

3.650% Notes

due 2026

035242 AP1 /

US035242 AP13

3.650% Notes

due 2026

03522A AD2 /

U00323 AD4 /US03522A AD28 / and ABC

USU00323 AD40

ABIFI

1

ABIWW

1

$811,685,000

$5,064,022,000

$1,633,152,000

$3,491,141,000

Non-U.S. Distribution Restrictions

Italy. None of the Offer to Purchase or any other document or materials relating to the Tender

Offers have been or will be submitted to the clearance procedures of the Commissione Nazionale per le Società e la Borsa (CONSOB) pursuant to Italian laws and regulations. The Tender Offers are being carried out in Italy as an exempted offer pursuant to article 101-bis, paragraph 3-bis of 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 such Notes that are resident and/or located in Italy can tender Notes for purchase in the Tender Offers through authorised persons (such as investment firms, banks or financial intermediaries permitted to conduct such activities in the Republic of Italy in accordance with the Financial Services Act, CONSOB Regulation No. 16190 of 29 October 2007, 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 and any other Italian authority. Each intermediary must comply with the applicable laws and regulations concerning information duties vis-à-vis its clients in connection with such Notes or the Tender Offers.

United Kingdom. The communication of the Offer to Purchase and any other documents or materials relating to the Tender Offers is not being made 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. Accordingly, this Offer to Purchase and such documents and/or materials are not being distributed to, and must not be passed on to, persons in the United Kingdom other than (i) to those persons in the United Kingdom falling within the definition of investment professionals (as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Financial Promotion Order")), (ii) to those persons who are within Article 43(2) of the

Financial Promotion Order, including existing members and creditors of the Offeror, (iii) to those persons who are outside the United Kingdom, or (iv) to any other persons to whom it may otherwise lawfully be made under the Financial Promotion Order.

France. The Tender Offers is not being made, directly or indirectly, to the public in the Republic of France (France). Neither the Offer to Purchase nor any other document or material relating to the Tender Offers has been or shall be distributed to the public in France and only (i) providers of investment services relating to portfolio management for the account of third parties (personnes fournissant le service d'investissement de gestion de portefeuille pour compte de tiers) and/or (ii) qualified investors (investisseurs qualifiés), other than individuals, acting for their own account, all as defined in, and in accordance with, Articles L.411-1, L.411-2 and D.411-1 of the French Code monétaire et financier, are eligible to participate in the Tender Offers. The Offer to Purchase has not been and will not be submitted for clearance to nor approved by the Autorité des Marchés Financiers.

Belgium. Neither the Offer to Purchase nor any other documents or materials relating to the

Tender Offers have been submitted to or will be submitted for approval or recognition to the Belgian Financial Services and Markets Authority (Autoriteit voor financiële diensten en markten / Autorité des services marchés financiers) and, accordingly, the Tender Offers may not be made in Belgium by way of a public offering, as defined in Articles 3 and 6 of the Belgian Law of 1 April 2007 on public takeover bids as amended or replaced from time to time. Accordingly, the Tender Offer may not be advertised and the Tender Offers will not be extended, and neither this Offer to Purchase nor any other documents or materials relating to the Tender Offers (including any memorandum, information circular, brochure or any similar documents) has been or shall be distributed or made available, directly or indirectly, to any person in Belgium other than "qualified investors" in the sense of Article 10

of the Belgian Law of 16 June 2006 on the public offer of placement instruments and the admission to trading of placement instruments on regulated markets (as amended or replaced from time to time), acting on their own account. Insofar as Belgium is concerned, the Offer to Purchase has been issued only for the personal use of the above qualified investors and exclusively for the purpose of the Tender Offers. Accordingly, the information contained in the Offer to Purchase may not be used for any other purpose or disclosed to any other person in Belgium.

Legal Notices

This announcement is for informational purposes only and is not an offer to purchase, a solicitation of an offer to purchase or a solicitation of consents with respect to any securities. 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 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 to 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 Guarantors, the Dealer Managers or their affiliates, their respective boards of directors, the Depository and Tender and Information Agent, the Notes Trustee 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 Guarantors, the Dealer Managers and the Depository and Tender and Information Agent to inform themselves about, and to observe, any such restrictions.

Legal Disclaimer

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, among other things, statements relating to AB InBev's business combination with SAB and other statements other than historical facts. Forward-looking statements 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 the ability to realize synergies from the business combination with SAB and the risks and uncertainties relating to AB InBev described under Item 3.D of AB InBev's Annual Report on Form 20-F ("Form 20-F") filed with the US Securities and Exchange Commission ("SEC") on 19 March 2018. Other unknown or unpredictable factors could cause actual results to differ materially from those in the forward-looking statements.

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, 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.

ANHEUSER-BUSCH INBEV CONTACTS

Media	Investors
Pablo Jimenez	Lauren Abbott
Tel: [phone]	Tel: [phone]
E-mail:[e-mail]	E-mail:[e-mail]
Aimee Baxter	Mariusz Jamka
Tel: [phone]	Tel: [phone]
E-mail:[e-mail]	E-mail:[e-mail]
Ingvild Van Lysebetten	Jency John
Tel: [phone]	Tel: [phone]
E-mail:[e-mail]	Email:[e-mail]
Fixed Income Investors
Gabriel Ventura
Tel: [phone]
E-mail:[e-mail]