Anheuser Busch InBev : Announces Pricing of Cash Tender Offers for Any and All of Three Series of USD Notes and Three Series of EUR Notes

Press Release

Brussels / 14 September 2020 / 6:30 p.m. CET

Anheuser-Busch InBev Announces Pricing of Cash Tender Offers for Any and All of Three Series of USD Notes and Three Series of EUR Notes

14 September 2020 - 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 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") listed 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 listed 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the "EUR Notes", and together with the USD Notes, the "Notes"), which are validly tendered (and not validly withdrawn) and accepted (the "Tender Offers").

The Tender Offers have been 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. All holders of the Notes ("Holders") were authorized to participate in the Tender Offers.

USD Tender Offers

The table below sets forth the Tender Consideration for each series of the USD Notes, as described in the Offer to Purchase.

	CUSIP/ISIN	Principal			Bloomberg	Fixed		Tender
Title of Notes	Amount	Issuer	Reference	Spread	Reference
	Reference	Consideration
		Outstanding		Security	(basis	Yield
			Page	(a)(b)
					points)
Floating Rate	035240 AK6/
Notes due	$229,093,000	ABIWW	N/A	N/A	N/A	N/A	$1,015.00
US035240AK69
2024
3.500% Notes	035240 AJ9/	$654,420,000	ABIWW	0.25%	PX1	20	0.255%	$1,097.71
due
due 2024(c)	US035240AJ96
				8/31/2025

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Press Release

Brussels / 14 September 2020 / 6:30 p.m. CET

3.700% Notes	03524B AE6/	$865,173,000	ABIFI	0.25%	PX1	20	0.255%	$1,108.47
due
due 2024	US03524BAE65
		8/31/2025

1. 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.
2. Tender Consideration for the Floating Rate Notes due 2024 reflects the actual, fixed Tender Consideration of $1,015.00 per $1,000 principal amount.
3. The calculation of the applicable Tender Consideration for the 3.500% Notes due 2024 has been 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").

EUR Tender Offers

The table below sets forth the Tender Consideration for each series of the EUR Notes, as described in the Offer to Purchase.

Title of	ISIN	Principal			Bloomberg	Fixed		Tender
Amount	Issuer		Spread	Reference
Notes		Interpolated Rate	Reference	Consideration
	Outstanding		(basis	Yield
				Page	(a)(b)
					points)
Floating			AB
Rate Notes	BE6301509012	€1,500,000,000	N/A	N/A	N/A	N/A	€1,007.50
InBev
due 2024
2.875%			AB	September 2024
Notes due	BE6243179650	€750,000,000	Interpolated	ICAE1	20	-0.447%	€1,126.35
InBev
2024			Swap Rate
1.500%			AB	March 2025
Notes due	BE6285454482	€2,500,000,000	Interpolated	ICAE1	22	-0.435%	€1,077.57
InBev
2025			Swap Rate

1. 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.
2. Tender Consideration for the Floating Rate Notes due 2024 reflects the actual, fixed Tender Consideration of €1,007.50 per €1,000 principal amount.

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Press Release

Brussels / 14 September 2020 / 6:30 p.m. CET

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 specified above.

In addition to the applicable Tender Consideration, Holders whose Notes are accepted for purchase will be paid 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"). No further interest will be paid to the Holders who tender such Notes, including if a record date for an interest payment on such Notes has passed before the Settlement Date.

The Tender Offers will expire at 5:00 p.m., New York City time, on 14 September 2020, unless extended or earlier terminated as described in the Offer to Purchase (the "Expiration Date"). 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 as described in the Offer to Purchase, 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.

The Dealer Managers for the Tender Offers are:

Barclays Capital Inc. & Barclays Bank PLC	BofA Securities	Deutsche Bank Securities
745 Seventh Avenue	620 S Tryon Street, 20th Floor	60 Wall Street
New York, NY 10019	Charlotte, North Carolina 28255	New York, New York 10005
USA	USA	USA
Attn: Liability Management Group	Attn: Liability Management Group	Attn: Liability Management Group
Collect: [phone]	Collect: [phone]	Collect: [phone]
U.S. Toll-Free: [phone]	Email: [e-mail]	U.S. Toll-Free:[phone]
U.K. Telephone: + 44 20 3134 8515	In London:	U.K. Telephone: [phone]
Email: [e-mail]	U.K. Telephone: [phone]	8011
	Email: [e-mail]

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		Press Release
		Brussels / 14 September 2020 / 6:30 p.m. CET
In respect of the Offer for the	In respect of the Offer for the	Santander Investment Securities
USD Notes	EUR Notes	Inc.
J.P. Morgan Securities LLC	J.P. Morgan Securities plc	45 East 53rd Street
383 Madison Avenue	25 Bank Street	New York, New York 10022
USA
New York, NY 10179	London E14 5JP
Attn: Liability Management Group
USA	United Kingdom
Collect: [phone]
Attn: Liability Management Group	Attn: Liability Management Group
U.S. Toll-Free: [phone]
Collect: [phone]	Collect: [phone]
U.K. Telephone: [phone] /
U.S. Toll-Free: [phone]	Email:
[phone]
	Liability_management_EMEA@jpm
	organ.com

The tender agent and the information agent for the USD Tender Offers is:

Global Bondholder 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]

The tender agent and the information agent for the EUR Tender Offers is:

Lucid Issuer Services Limited

Tankerton Works

12 Argyle Walk

London WC1H 8HA

United Kingdom

Attention: Thomas Choquet

Telephone: + 44 20 7704 0880

Fax: + 44 20 3004 1590

E-mail:[e-mail]

Non-U.S. Distribution Restrictions

Italy. None of the Tender Offers, Offer to Purchase or any other documents or materials relating to the Tender Offers have been or will be submitted to the clearance procedure of the Commissione Nazionale

per le Società e la Borsa ("CONSOB") pursuant to applicable Italian laws and regulations. The Tender Offers are being carried out in the Republic of Italy ("Italy") as exempted offers pursuant to article 101-bis,

paragraph 3-bis of the Legislative Decree No. 58 of February 24, 1998, as amended (the "Financial Services

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