SABMiller : Form 8.5 (EPT/RI)Replacement Anheuser-Busch InBev

Morgan Stanley & Co. Int'l plc

AMENDMENT (Section 2a)

FORM 8.5 (EPT/RI)

PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY

Rule 8.5 of the Takeover Code (the 'Code')

1. KEY INFORMATION

(a) Name of exempt principal trader:	Morgan Stanley & Co. International plc
(b) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree	Anheuser Busch InBev SA NV
(c) Name of the party to the offer with which exempt principal trader is connected:	SABMiller Plc
(d) Date dealing undertaken:	30 SEPTEMBER 2016
(e)Has the EPT previously disclosed, or is it today disclosing, under the Code in respect of any other party to this offer?	Yes

2. DEALINGS BY THE EXEMPT PRINCIPAL TRADER

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a) Purchases and sales

Class of relevant security	Purchases/sales	Total number of securities	Highest price per unit paid/received	Lowest price per unit paid/received
ADRs	PURCHASES	93	131.5352 USD	130.7500 USD
ADRs	SALES	93	131.5352 USD	130.7500 USD
Ordinary	PURCHASES	506,725	117.1000 EUR	115.4500 EUR
Ordinary	SALES	507,093	117.0000 EUR	115.4000 EUR

(b) Cash-settled derivative transactions

Class of relevant security	Product description e.g. CFD	Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position	Number of reference securities	Price per unit
ADRs	CFD	LONG	455	131.4100 USD
ADRs	CFD	LONG	374	131.4100 USD
ADRs	CFD	LONG	450	131.4100 USD
ADRs	CFD	SHORT	759	130.7500 USD
ADRs	CFD	SHORT	684	130.7500 USD
ADRs	CFD	SHORT	836	130.7500 USD
ADRs	CFD	SHORT	200	131.1850 USD
Ordinary	CFD	LONG	1,722	115.8053 EUR
Ordinary	CFD	LONG	12,209	115.8976 EUR
Ordinary	CFD	LONG	1,210	116.0018 EUR
Ordinary	CFD	LONG	719	116.0453 EUR
Ordinary	CFD	LONG	383	116.0499 EUR
Ordinary	CFD	LONG	308	116.0499 EUR
Ordinary	CFD	LONG	147	116.0499 EUR
Ordinary	CFD	LONG	9,374	116.1451 EUR
Ordinary	CFD	LONG	2,750	116.2472 EUR
Ordinary	CFD	LONG	113	116.3876 EUR
Ordinary	CFD	LONG	3,995	116.4105 EUR
Ordinary	CFD	LONG	103	116.4146 EUR
Ordinary	CFD	LONG	16	116.4146 EUR
Ordinary	CFD	LONG	11	116.4146 EUR
Ordinary	CFD	LONG	71	116.4146 EUR
Ordinary	CFD	LONG	6	116.4146 EUR
Ordinary	CFD	LONG	37	116.4146 EUR
Ordinary	CFD	LONG	22,606	116.4155 EUR
Ordinary	CFD	LONG	3	116.4314 EUR
Ordinary	CFD	LONG	14	116.4314 EUR
Ordinary	CFD	LONG	47	116.4314 EUR
Ordinary	CFD	LONG	1,152	116.4314 EUR
Ordinary	CFD	LONG	41	116.4314 EUR
Ordinary	CFD	LONG	5,874	116.4338 EUR
Ordinary	CFD	LONG	252	116.4500 EUR
Ordinary	CFD	LONG	470	116.4500 EUR
Ordinary	CFD	LONG	9	116.5056 EUR
Ordinary	CFD	LONG	1,273	116.5109 EUR
Ordinary	CFD	LONG	7,250	116.5204 EUR
Ordinary	CFD	LONG	7,400	116.5204 EUR
Ordinary	CFD	LONG	1,456	116.5251 EUR
Ordinary	CFD	LONG	22	116.5251 EUR
Ordinary	CFD	LONG	1,762	116.5251 EUR
Ordinary	CFD	LONG	2,403	116.5282 EUR
Ordinary	CFD	LONG	3,203	116.5363 EUR
Ordinary	CFD	LONG	1,761	116.5460 EUR
Ordinary	CFD	LONG	62	116.5460 EUR
Ordinary	CFD	LONG	2,295	116.5460 EUR
Ordinary	CFD	LONG	2,484	116.5973 EUR
Ordinary	CFD	LONG	70	116.5973 EUR
Ordinary	CFD	LONG	1,143	116.5973 EUR
Ordinary	CFD	LONG	25,976	116.6000 EUR
Ordinary	CFD	LONG	2,000	116.6000 EUR
Ordinary	CFD	LONG	582	116.6000 EUR
Ordinary	CFD	LONG	1,728	116.6000 EUR
Ordinary	CFD	LONG	224	116.6242 EUR
Ordinary	CFD	SHORT	67	115.6888 EUR
Ordinary	CFD	SHORT	1,260	116.2000 EUR
Ordinary	CFD	SHORT	1,110	116.2000 EUR
Ordinary	CFD	SHORT	469	116.3632 EUR
Ordinary	CFD	SHORT	179	116.3632 EUR
Ordinary	CFD	SHORT	378	116.3632 EUR
Ordinary	CFD	SHORT	8,491	116.3806 EUR
Ordinary	CFD	SHORT	198	116.3849 EUR
Ordinary	CFD	SHORT	69	116.3849 EUR
Ordinary	CFD	SHORT	47,485	116.4010 EUR
Ordinary	CFD	SHORT	270	116.4430 EUR
Ordinary	CFD	SHORT	3,670	116.4545 EUR
Ordinary	CFD	SHORT	65	116.5021 EUR
Ordinary	CFD	SHORT	16,614	116.5030 EUR
Ordinary	CFD	SHORT	2,077	116.5091 EUR
Ordinary	CFD	SHORT	345	116.5164 EUR
Ordinary	CFD	SHORT	131	116.5164 EUR
Ordinary	CFD	SHORT	278	116.5164 EUR
Ordinary	CFD	SHORT	85	116.5370 EUR
Ordinary	CFD	SHORT	2,390	116.5448 EUR
Ordinary	CFD	SHORT	825	116.5448 EUR
Ordinary	CFD	SHORT	110	116.5485 EUR
Ordinary	CFD	SHORT	4,516	116.5697 EUR
Ordinary	CFD	SHORT	2,029	116.5776 EUR
Ordinary	CFD	SHORT	595	116.6000 EUR
Ordinary	CFD	SHORT	746	116.6000 EUR
Ordinary	CFD	SHORT	4,960	116.6064 EUR
Ordinary	CFD	SHORT	89	116.6153 EUR
Ordinary	CFD	SHORT	2,000	116.6400 EUR
Ordinary	CFD	SHORT	351	116.6480 EUR
Ordinary	CFD	SHORT	280	116.6480 EUR
Ordinary	CFD	SHORT	134	116.6480 EUR
Ordinary	CFD	SHORT	154	116.6576 EUR
Ordinary	CFD	SHORT	324	116.6576 EUR
Ordinary	CFD	SHORT	404	116.6576 EUR
Ordinary	CFD	SHORT	64	116.6755 EUR
Ordinary	CFD	SHORT	32	116.6756 EUR
Ordinary	CFD	SHORT	3,500	116.9071 EUR
Ordinary	CFD	SHORT	1,249	1,809.2416 ZAR

(c) Stock-settled derivative transactions (including options)

(i) Writing, selling, purchasing or varying

Class of relevant security	Product description e.g. call option	Writing, purchasing, selling, varying etc.	Number of securities to which option relates	Exercise price per unit	Typee.g. American, European etc.	Expiry date	Option money paid/ received per unit
Ordinary	PUT	PURCHASE	60,000	110.0000	A	16/12/2016	2.8000 EUR
Ordinary	PUT	PURCHASE	19,500	110.0000	A	16/12/2016	2.8000 EUR
Ordinary	PUT	SALE	79,500	106.0000	A	16/12/2016	1.8800 EUR
Ordinary	PUT	SALE	60,000	110.0000	A	16/12/2016	3.0700 EUR

(ii) Exercise

Class of relevant security	Product descriptione.g. call option	Number of securities	Exercise price per unit
N/A	N/A	N/A	N/A

(d) Other dealings (including subscribing for new securities)

Class of relevant security	Nature of dealinge.g. subscription, conversion	Details	Price per unit (if applicable)
N/A	N/A	N/A	N/A

The currency of all prices and other monetary amounts should be stated.

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

3. OTHER INFORMATION

(a) Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the exempt principal trader making the disclosure and any party to the offer or any person acting in concert with a party to the offer: If there are no such agreements, arrangements or understandings, state 'none'

None

(b) Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the exempt principal trader making the disclosure and any other person relating to: (i) the voting rights of any relevant securities under any option; or (ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced: If there are no such agreements, arrangements or understandings, state 'none'

None

Date of disclosure:	05 OCTOBER 2016
Contact name:	Craig Horsley
Telephone number:	[phone]

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service and must also be emailed to the Takeover Panel [e-mail]. The Panel's Market Surveillance Unit is available for consultation in relation to the Code's dealing disclosure requirements on [phone].

The Code can be viewed on the Panel's website atwww.thetakeoverpanel.org.uk.