Anheuser Busch InBev / : Press Régimen (8kpressr)

Brussels - 1 December 2022 - 18:30 CET

Anheuser-Busch InBev Announces Pricing of Cash Tender Offers for up to USD 3.5 Billion Aggregate Purchase Price of Twelve Series of USD Notes and Two Series of GBP Notes

1 December 2022 - Anheuser-Busch InBev SA/NV ("AB InBev") (Euronext: ABI) (NYSE:

BUD) (MEXBOL: ANB) (JSE: ANH) today announced the pricing of offers to purchase for cash any validly tendered (and not validly withdrawn) and accepted notes up to an aggregate purchase price (excluding accrued and unpaid interest) of US$3.5 billion (such amount, the

"Offer Cap") of (i) two series of GBP notes issued by AB InBev (collectively, the "GBP Notes") and (ii) seven series of USD notes issued by its wholly-owned subsidiary Anheuser- Busch InBev Worldwide Inc. ("ABIWW" or a "Company"), three series of USD notes issued by its wholly-owned subsidiary Anheuser-Busch InBev Finance Inc. ("ABIFI" or a "Company") and two series of USD notes issued by its wholly-owned subsidiaries ABIWW and Anheuser-

Busch Companies, LLC ("ABC" or a "Company", and together with AB InBev, ABIWW and ABIFI, the "Companies") (collectively, the "USD Notes", and together with the GBP Notes, the "Notes"), 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 16 November 2022, the Companies will spend up to US$3.5 billion combined aggregate purchase price (excluding Accrued Interest) in the Tender Offers. Because the 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 Wednesday, 30 November 2022 (the "Early Tender Time").

The Tender Offers have been made pursuant to the terms and conditions set forth in the offer to purchase, dated 16 November 2022 (the "Offer to Purchase"). Terms not defined in this announcement have the meanings given to them in the Offer to Purchase.

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	ISIN / (if						Fixed
	applicable)			Acceptan	Principal		Spread		Total
	CUSIP		Issuer and ce Priority Amount to be	Reference	(basis	ReferenceConsidera
Title of Notes		Maturity Date	Offeror	Level	Purchased	Security	points)	Yield	tion(a)
2.850% Notes						UKT 1.750%		3.478%
BE6295395956	May 25, 2037	AB InBev	1	£488,737,000	due September	100	£824.44
due 2037
					7, 2037
3.750% Notes	US03523TBQ04/				$528,807,000	UST 3.375%		3.970%	$839.29
July 15, 2042	ABIWW	2	due August 15,	108
due 2042	03523TBQ0
				2042
4.000% Notes	US035242AB2	January 17,			$345,565,000	UST 3.375%		3.970%	$863.68
ABIFI	3	due August 15,	112
due 2043	7/ 035242AB2	2043
			2042
4.600% Notes	US035240AU4				$503,357,000	UST 3.000%		3.776%	$917.42
June 1, 2060	ABIWW	4	due August 15,	132
due 2060	2/ 035240AU4
				2052
2.250% Notes						UKT 0.500%		3.254%
BE6295393936	May 24, 2029	AB InBev	5	£363,245,000	due January	105	£883.55
due 2029
					31, 2029
4.500% Notes	US035240AT7				$683,101,000	UST 3.000%		3.776%	$917.89
June 1, 2050	ABIWW	6	due August 15,	128
due 2050	8/ 035240AT7
				2052
4.750% Notes	US035240AP5				$519,307,000	UST 3.000%		3.776%	$928.09
April 15, 2058	ABIWW	7	due August 15,	142
due 2058	6/ 035240AP5
				2052
4.600% Notes	US035240AN0				$321,402,000	UST 3.000%		3.776%	$932.46
April 15, 2048	ABIWW	8	due August 15,	130
due 2048	9/ 035240AN0
				2052
4.350% Notes	US035240AS9				$0	UST 3.375%		N/A	N/A
June 1, 2040	ABIWW	9	due August 15,	105
due 2040	5/ 035240AS9
				2042
4.625% Notes	US03524BAF3	February 1,			$0	UST 3.375%		N/A	N/A
ABIFI	10	due August 15,	120
due 2044	1/ 03524BAF3	2044
			2042
4.375% Notes	US035240AM2				$0	UST 3.375%		N/A	N/A
April 15, 2038	ABIWW	11	due August 15,	108
due 2038	6/ 035240AM2
				2042

ab-inbev.com		Press release - 1 December 2022 - 2

US03522AAJ9

7/

03522AAJ9

	144A:
	US03522AAF7					UST 3.000%
4.900% Notes	5/	February 1,	ABIWW and		$0		N/A	N/A
03522AAF7	12	due August 15,	148
due 2046	2046	ABC
			2052
	Reg S:
	USU00323AF9
	7/
	U00323AF9
4.900% Notes	US035242AN6	February 1,			$0	UST 3.000%		N/A	N/A
ABIFI	13	due August 15,	148
due 2046	4/ 035242AN6	2046
			2052

1. Per $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 Thursday, 1 December 2022, 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 or (ii) £30 per £1,000 in principal amount of GBP Notes, as applicable, and assumes an early settlement date of 2 December 2022.

The Companies have elected to exercise their right to have an early settlement date, and the settlement date for all Notes validly tendered prior to or at the Early Tender Time and accepted for purchase is expected to be on 2 December 2022 (the "Early 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 Early Settlement Date.

As previously announced, according to information provided by Global Bondholder Services Corporation, the Tender and Information Agent for the Tender Offers, $7,274,315,000 aggregate principal amount of the USD Notes and £851,982,000 aggregate principal amount of the GBP Notes were validly tendered prior to or at the Early Tender Time and not validly withdrawn.

Because the aggregate purchase price (excluding Accrued Interest) payable for the aggregate principal amount of Notes validly tendered prior to or at the Early Tender Time and not validly withdrawn would exceed the Offer Cap, the Companies will not accept for purchase all Notes that have been tendered by the Early Tender Time. AB InBev, ABIWW and ABIFI will accept for purchase all of the 2.850% Notes due 2037, 3.750% Notes due 2042, 4.000% Notes due 2043, 4.600% Notes due 2060, 2.250% Notes due 2029, 4.500% Notes due 2050 and 4.750% Notes due 2058 validly tendered and not validly withdrawn as of the Early Tender Time. ABIWW will accept for purchase $321,402,000 in aggregate principal

ab-inbev.com		Press release - 1 December 2022 - 3

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 (as defined below), using a proration factor of approximately 27.41%. ABIWW, ABIFI and ABC will not accept for purchase any 4.350% Notes due 2040, 4.625% Notes due 2044, 4.375% due 2038, 4.900% Notes due 2046 (issued by ABIWW and ABC) or 4.900% Notes due 2046 (issued by ABIFI) tendered in the Tender Offers. Any 4.600% Notes due 2048 not accepted for purchase will be returned promptly to holders following the Early Settlement Date. All 4.350% Notes due 2040, 4.625% Notes due 2044, 4.375% due 2038, 4.900% Notes due 2046 (issued by ABIWW and ABC) and 4.900% Notes due 2046 (issued by ABIFI) will be returned promptly to holders following the Price Determination Time.

Holders of the Notes who tendered at or prior to the Early Tender Time and whose Notes were accepted for purchase are eligible to receive the Total Consideration.

The Tender Offers will expire at 11:59 p.m., New York City time, on 14 December 2022 (such time and date, the "Expiration Time"), or any other date and time to which the Companies extend the applicable Tender Offer. Because the 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 Dealer Managers for the Tender Offers are:

		Lead Dealer Managers
Barclays Bank PLC	Barclays Capital Inc.	BNP Paribas Securities	BofA Securities, Inc.
5 The North Colonnade	745 Seventh Avenue	Corp.	620 S Tryon Street, 20th
Canary Wharf	New York, NY 10019	787 Seventh Avenue	Floor Charlotte
London E14 4BB	United States of America	New York, NY 10019	North Carolina 28255
United Kingdom		United States of America	United States of America
		Attention: Liability
Attention: Liability	Management Group	Attention: Liability	Attention: Liability
Management Group	Collect: [phone]	Management Group	Management Group
Telephone: + 44 20 3134	Toll Free: [phone]	Collect: [phone]	Collect: [phone]
8515	Email:	Toll-Free: (888) 210-	Toll-Free: (888) 292-
Email:	[e-mail]	4358		0070
[e-mail]		Email:	Email:
			dl.us.liability.managemen	[e-mail]
			[e-mail]
					In Europe:
					Telephone: +33 1 877
					01057
					Email: DG.LM-
					[e-mail]
ab-inbev.com				Press release - 1 December 2022 - 4

Deutsche Bank	Deutsche Bank	J.P. Morgan SE	J.P. Morgan Securities
Securities Inc.	Aktiengesellschaft	Taunustor 1	LLC
Attn: Liability	Mainzer Landstraβe 11-	(TaunusTurm)	383 Madison Avenue
Management Group	17	60310 Frankfurt am Main	New York, NY 10179
1 Columbus Circle	60329 Frankfurt am Main	Germany	United States of America
New York, NY 10019	Germany
Toll free: [phone]	Tel: [phone]	Attn: Liability	Attn: Liability
Collect: [phone]		Management Group	Management Group
		Collect: [phone]	Collect: [phone]
		2468	Toll-Free: (866) 834-
		Email:	4666
		Liability_management_E
		[e-mail]

ab-inbev.com		Press release - 1 December 2022 - 5