Anheuser Busch InBev / : Press Régimen (8kpressr)

Brussels - 1 December 2022 - 8:00 CET

Anheuser-Busch InBev Announces Early Results 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ANB) (JSE: ANH) today announced the early results of offers to purchase for cash any validly tendered (and not validly withdrawn) and accepted notes up to an aggregate purchase price (excluding accrued and unpaid interest) of US$3.5 billion (such amount, the "Offer Cap") of (i) two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").

As announced on 16 November 2022, the Companies will spend up to the Offer Cap, subject to the Acceptance Priority Levels (as defined below), to purchase the outstanding Notes listed in the table below.

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.

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aggregate principal amount of the GBP Notes were validly tendered prior to or at the Early Tender Time and not validly withdrawn.

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

The following table indicates, among other things, the principal amount of Notes validly tendered as of the Early Tender Time:

	ISIN / (if applicable)	Outstanding		Issuer	Acceptance	Principal Amount
Title of	CUSIP	Principal	Maturity	and	Priority	Tendered as of Early
Notes(a)(c)		Amount	Date	Offeror	Level(b)	Tender Time
2.850% Notes	BE6295395956	£900,000,000	May 25, 2037	AB InBev	1	£488,737,000
due 2037
3.750% Notes	US03523TBQ04/	$1,000,000,000	July 15, 2042	ABIWW	2	$528,807,000
due 2042	03523TBQ0
4.000% Notes	US035242AB27/	$750,000,000	January 17,	ABIFI	3	$345,565,000
due 2043	035242AB2	2043
4.600% Notes	US035240AU42/	$1,000,000,000	June 1, 2060	ABIWW	4	$503,357,000
due 2060	035240AU4
2.250% Notes	BE6295393936	£700,000,000	May 24, 2029	AB InBev	5	£363,245,000
due 2029
4.500% Notes	US035240AT78/	$2,250,000,000	June 1, 2050	ABIWW	6	$683,101,000
due 2050	035240AT7
4.750% Notes	US035240AP56/	$1,500,000,000	April 15, 2058	ABIWW	7	$519,307,000
due 2058	035240AP5
4.600% Notes	US035240AN09/	$2,500,000,000	April 15, 2048	ABIWW	8	$1,174,130,000
due 2048	035240AN0
4.350% Notes	US035240AS95/	$1,000,000,000	June 1, 2040	ABIWW	9	$427,518,000
due 2040	035240AS9
4.625% Notes	US03524BAF31/	$850,000,000	February 1,	ABIFI	10	$249,203,000
due 2044	03524BAF3	2044

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

4.375% Notes	US035240AM26/	$1,500,000,000	April 15,	ABIWW	11	$706,803,000
due 2038	035240AM2	2038
	US03522AAJ97/
	03522AAJ9
	144A:
4.900% Notes	US03522AAF75/		February 1,	ABIWW
03522AAF7	$9,542,514,000(d)	12	$1,833,786,000
due 2046	2046	and ABC
Reg S:
	USU00323AF97/
	U00323AF9
4.900% Notes	US035242AN64/	$1,457,486,000	February 1,	ABIFI	13	$302,738,000
due 2046	035242AN6	2046

1. The offers with respect to the Notes are subject to an Offer Cap equal to an aggregate purchase price (excluding accrued interest) of up to $3,500,000,000, subject to the terms and conditions described in the Offer to Purchase.
2. We will accept Notes in the order of their respective Acceptance Priority Level specified in the table above (each, an "Acceptance Priority Level," with "1" being the highest Acceptance Priority Level and "13" being the lowest Acceptance Priority Level), subject to the terms and conditions described in the Offer to Purchase.
3. The GBP Notes are fully and unconditionally guaranteed by ABC, ABIFI, ABIWW, Brandbev S.à r.l., Brandbrew S.A. and Cobrew NV (the "Guarantors"). The USD Notes are fully and unconditionally guaranteed by
   AB InBev and certain of its direct and indirect subsidiaries.
4. The $9,542,514,000 aggregate outstanding principal amount of 4.900% Notes due 2046 issued by ABIWW and ABC consists of (i) $9,518,964,000 outstanding principal amount of 4.900% Notes due 2046 issued by ABWW and ABC (US03522AAJ97/ 03522AAJ9) and (ii) $23,550,000 outstanding principal amount of 4.900% Notes due 2046 issued by ABIWW and ABC (144A: US03522AAF75/ 03522AAF7 & Reg S: USU00323AF97/ U00323AF9).

The pricing of the Total Consideration for each series of Notes is expected to occur at or about 9:30 a.m., New York City time (2:30 p.m., London time), on Thursday, 1 December 2022 (the "Price Determination Time"). The Companies will announce, amongst other things, how many Notes of each series will be accepted for purchase, according to the Acceptance Priority Levels, promptly following the Price Determination Time.

The Tender Offers are subject to the satisfaction of certain conditions, as set forth in the Offer to Purchase.

English, Dutch and French versions of this press release will be available on www.ab- inbev.com.

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

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]
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 - 4

	Co-Dealer Managers
Citigroup Global Markets Inc.	Santander Investment Securities	Wells Fargo Securities, LLC
388 Greenwich Street, Trading 4th	Inc.	550 South Tryon Street, 5th Floor
Floor	437 Madison Avenue	Charlotte, NC 28202
New York, New York 10013	7th Floor	United States of America
United States of America	New York, NY 10022
	United States of America	Attention: Liability Management
Attention: Liability Management		Group
Group	Attention: Liability Management	Collect: [phone]
Collect: [phone]	Fax: [phone]	Toll-Free: [phone]
Toll-Free: [phone]	Europe: [phone]
Toll: 212-940-1442
Email:	Email:
Toll-Free:855-404-3636
[e-mail]	[e-mail]

The Tender and Information Agent for the Tender Offers is:

Global Bondholders Services Corporation

65 Broadway - Suite 404

New York, New York 10006

Attention: Corporate Actions

Bank and Brokers Call Collect: [phone] All Others Please Call Toll-Free: [phone] Fax: [phone] or [phone]E-mail:[e-mail]

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