Anheuser Busch InBev : Launches Cash Tender Offers for Any and All of Three Series of USD Notes and Three Series of EUR Notes and Announces Redemption of CAD 1300 million and GBP 650 million

Press Release

Brussels / 8 September 2020 / 10:30 a.m. CET

Anheuser-Busch InBev Launches Cash Tender Offers for Any and All of Three Series of USD Notes and Three Series of EUR Notes and Announces Redemption of CAD 1300 million and GBP 650 million

8 September 2020 - Anheuser-Busch InBev SA/NV ("AB InBev") (Euronext: ABI) (NYSE: BUD) (MEXBOL:

ANB) (JSE: ANH) today announced the commencement of offers to purchase for cash any and all outstanding notes of (i) two series of USD notes issued by its wholly-owned subsidiary Anheuser-Busch

InBev Worldwide Inc. ("ABIWW" or a "Company") and one series of USD notes issued by its wholly-owned subsidiary Anheuser-Busch InBev Finance Inc. ("ABIFI" or a "Company", and together with AB InBev, the "Companies"), as described in the table set forth under "USD Tender Offers" below (collectively, the "USD Notes") and (ii) three series of EUR Notes issued by AB InBev, as described in the table set forth under "EUR Tender Offers" below (collectively, the "EUR Notes", and together with the USD Notes, the "Notes"), which are validly tendered (and not validly withdrawn) and accepted (the "Tender Offers"). As of 8

September 2020, the combined aggregate principal amount of USD Notes and EUR Notes outstanding was $1,748,686,000 and €4,750,000,000, respectively.

Additionally, AB InBev today announced that ABIFI and AB InBev are exercising their respective options to redeem the outstanding principal amounts indicated in the table set forth under "Redemption of CAD Notes and GBP Notes" of one series of CAD Notes and one series of GBP Notes on the dates indicated in the table (any such date, a "Redemption Date").

Tender Offers

The Tender Offers are being made upon the terms and subject to the conditions set forth in the offer to purchase dated 8 September 2020 (the "Offer to Purchase"). Terms not defined in this announcement have the meanings given to them in the Offer to Purchase. Copies of the Offer to Purchase will be available to holders through the information agents: (i) Global Bondholder Services Corporation (for the USD Tender Offers) by calling [phone] (toll free) or [phone] (for banks and brokers), [e-mail] at the following web address:http://www.gbsc-usa.com/abi and (ii) Lucid Issuer Services Limited (for the EUR Tender Offers) by calling + 44 20 7704 0880, [e-mail] at the following web address:www.lucid-is.com/ab-inbev.

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Press Release

Brussels / 8 September 2020 / 10:30 a.m. CET

All holders of the Notes (the "Holders") are authorized to participate in the Tender Offers. Notes purchased in the Tender Offers will be retired and cancelled.

USD Tender Offers

Upon the terms and subject to the conditions set forth in Offer to Purchase, each of ABIWW and ABIFI is offering to purchase Notes issued by it set forth in the table below:

PrincipalTitle of Notes(d)

CUSIP/ISIN

Amount OutstandingIssuerReference SecurityBloomberg Reference

PageFixed Spread (basis points)Hypothetical

Tender Consideration

(a)(b)(c)

Floating Rate

Notes due 2024

035240 AK6/ US035240AK69

$229,093,000

ABIWWN/A

N/A

N/A

$1,015.00

3.500% Notes due 2024(e)

035240 AJ9/ US035240AJ96

$654,420,000

ABIWW

0.25% due 8/31/2025

PX1

20

$1,097.16

3.700% Notes due 2024

03524B AE6/ US03524BAE65

$865,173,000

ABIFI

0.25% due 8/31/2025

PX1

20

$1,107.90

• (a) Per $1,000 principal amount of USD Notes validly tendered at or prior to the Expiration Date or the Guaranteed Delivery Date pursuant to the Guaranteed Delivery Procedures and not validly withdrawn and accepted for purchase (and subject to the applicable Minimum Authorized Denomination). Does not include Accrued Coupon Payment.

• (b) Hypothetical Tender Consideration for each series of USD Notes other than the Floating Rate Notes due 2024

  (such USD Notes collectively, the "USD Fixed Rate Notes") is based upon a hypothetical Reference Yield determined as of 10:00 a.m., New York City time, on 4 September 2020 and assumes a Settlement Date of 17 September 2020. The Reference Yield used to determine actual consideration for the USD Fixed Rate Notes is expected to be calculated on 14 September 2020. The information provided in the above table with respect to the USD Fixed Rate Notes is for illustrative purposes only. The relevant Companies make no representation with respect to the actual consideration that may be paid with respect to the USD Fixed Rate Notes, and such amounts may be greater or less than those shown in the above table depending on the Reference Yield as of the Price Determination Time.

• (c) Hypothetical Tender Consideration for the Floating Rate Notes due 2024 (the "USD Floating Rate Notes") reflects the actual, fixed Tender Consideration of $1,015.00 per $1,000 principal amount.

• (d) The USD Notes are fully and unconditionally guaranteed by AB InBev and certain of its direct and indirect subsidiaries.

• (e) The calculation of the applicable Tender Consideration for the 3.500% Notes due 2024 (the "Par Call Notes")

  may be performed using the value of such Notes as determined at the Price Determination Time as if the principal amount of such Notes had been due on December 12, 2023 (the "par call date").

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Press Release

Brussels / 8 September 2020 / 10:30 a.m. CET

EUR Tender Offers

Upon the terms and subject to the conditions set forth in Offer to Purchase, AB InBev is offering to purchase Notes issued by it set forth in the table below:

PrincipalTitle of Notes(d)Bloomberg

ISIN

Amount OutstandingIssuer

Interpolated Rate Reference

PageFixed Spread (basis points)Hypothetical

Tender Consideration

(a)(b)(c)

Floating Rate Notes due 2024

BE6301509012 €1,500,000,000

AB InBevN/A

N/A

N/A

€1,007.50

2.875% Notes due 2024

September 2024

BE6243179650

€750,000,000

AB InBev

Interpolated Swap Rate

ICAE1

20

€1,125.91

1.500% Notes due 2025

BE6285454482 €2,500,000,000

AB InBev

March 2025 Interpolated Swap Rate

ICAE1

22

€1,077.00

• (a) Per €1,000 principal amount of EUR Notes validly tendered at or prior to the Expiration Date or the Guaranteed

  Delivery Date pursuant to the Guaranteed Delivery Procedures and not validly withdrawn and accepted for purchase (and subject to the applicable Minimum Authorized Denomination). Does not include Accrued Coupon Payment.

• (b) Hypothetical Tender Consideration for each series of EUR Notes other than the Floating Rate Notes due 2024

  (such EUR Notes collectively, the "EUR Fixed Rate Notes", and together with the USD Fixed Rate Notes, the "Fixed Rate Notes") is based upon a hypothetical Reference Yield determined as of 03:00 p.m., London time, on 4 September 2020 and assumes a Settlement Date of 17 September 2020. The Reference Yield used to determine actual consideration for the EUR Fixed Rate Notes is expected to be calculated on 14 September 2020. The information provided in the above table with respect to the EUR Fixed Rate Notes is for illustrative purposes only. AB InBev makes no representation with respect to the actual consideration that may be paid with respect to the EUR Fixed Rate Notes, and such amounts may be greater or less than those shown in the above table depending on the Reference Yield as of the Price Determination Time.

• (c) Hypothetical Tender Consideration for the Floating Rate Notes due 2024 (the "EUR Floating Rate Notes", and together with the USD Floating Rate Notes, the "Floating Rate Notes") reflects the actual, fixed Tender Consideration of €1,007.50 per €1,000 principal amount.

• (d) The EUR Notes are fully and unconditionally guaranteed by Anheuser-Busch Companies LLC, ABIFI, ABIWW, Brandbev S.à r.l., Brandbrew S.A. and Cobrew NV.

The Tender Offers for the Notes will expire at 5:00 p.m., New York City time, on 14 September 2020, unless extended or earlier terminated by the Companies (the "Expiration Date"). Holders must validly tender their

Notes at or prior to the Expiration Date or the Guaranteed Delivery Date pursuant to the Guaranteed Delivery Procedures.

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Press Release

Brussels / 8 September 2020 / 10:30 a.m. CET

Notes tendered may be withdrawn at any time at or prior to 5:00 p.m. New York City time, on 14 September 2020, subject to any extension by the Companies, but thereafter will be irrevocable, except in certain limited circumstances where additional withdrawal rights are required by law (as determined by the Companies).

The Settlement Date will promptly follow the Expiration Date and is expected to be 17 September 2020.

Upon the terms and subject to the conditions set forth in the Offer to Purchase, Holders who (i) validly tender and who do not validly withdraw their Notes at or prior to the Expiration Date or (ii) deliver a properly completed and duly executed Notice of Guaranteed Delivery and all other required documents at or prior to the Expiration Date and tender their Notes pursuant to the Tender Offers at or prior to 5:00 p.m., New York City time, on the second business day after the Expiration Date pursuant to the Guaranteed Delivery Procedures, and, subject in each case to the tender in the applicable Minimum Authorized Denominations, and whose Notes are accepted for purchase by the Companies, will receive the applicable Tender Consideration described below.

The Tender Consideration payable for each series of Fixed Rate Notes will be a price per $1,000 or €1,000 principal amount of such series of Fixed Rate Notes, as applicable, that is accepted for purchase equal to an amount, calculated in accordance with the formulas described in the Offer to Purchase, that would reflect, as of the Settlement Date, a yield to the par call date or maturity date, as applicable, of such series of Fixed Rate Notes equal to the sum of (i) the Reference Yield for such series, determined at 10:00 a.m.

(New York City time), for USD Fixed Rate Notes, or 3:00 p.m. (London time), for EUR Fixed Rate Notes, on 14 September 2020 (subject to certain exceptions set forth in the Offer to Purchase, such time and date,

as the same may be extended, the "Price Determination Time") plus (ii) the fixed spread applicable to such series, as set forth in the tables above (the "Fixed Spread"), in each case minus the accrued and unpaid

interest on such Notes from, and including, the immediately preceding interest payment date applicable to such Notes to, but excluding, the Settlement Date (the "Accrued Coupon Payment"). The "Reference Yield"

means (i) with respect to each series of the USD Fixed Rate Notes, the yield of the reference security listed in the table for USD Notes above for such series and (ii) with respect to each series of EUR Fixed Rate Notes, the applicable Interpolated Rate.

With respect to the Par Call Notes, if the Tender Offer Yield as determined in accordance with the Offer to Purchase is less than the contractual annual rate of interest for the Par Call Notes, then the Tender Consideration will be calculated based on the par call date; if the Tender Offer Yield as determined in accordance with the Offer to Purchase is higher than or equal to the contractual annual rate of interest for the Par Call Notes, then the Tender Consideration for the Par Call Notes will be calculated based on the maturity date.

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