ANHEUSER-BUSCH INBEV SA/NV - Notice of Currency Exchange Rate Dividend No. 27

Notice of Currency Exchange Rate Dividend No. 27

Anheuser-Busch InBev SA/NV
(Incorporated in the Kingdom of Belgium)
Register of Companies Number: 0417.497.106
Euronext Brussels Share Code: ABI
Mexican Stock Exchange Share Code: ANB
NYSE ADS Code: BUD
JSE Share Code: ANH
ISIN: BE0974293251
(“AB InBev” or the “Company”)


Notice of Currency Exchange Rate
Dividend No. 27

Shareholders of AB InBev are referred to the announcement published on the Stock Exchange News Service of the JSE
(“SENS”) on Friday, 25 October 2019 wherein it was announced that the board of directors of AB InBev approved an
interim dividend of €0.80 per ordinary share for the fiscal year 2019 (the “Dividend”).

The exchange rate applicable for the conversion of Euro to SA Rand for the Dividend will be €1.00 to ZAR16.3675121,
as calculated at the close of business on Monday, 18 November 2019. Accordingly, the gross amount of the Dividend
is 1309.40097 SA cents per share and will be subject to a Belgian Withholding Tax of 30% (equalling 392.82029 SA
cents per share) which will be withheld from the gross Dividend paid to shareholders.


After the Belgian Withholding Tax has been withheld, the net Dividend will be 916.58068 SA cents per share. This
withholding tax is reduced to 15% in terms of the double tax treaty in force between Belgium and South Africa. A
rebate of the additional Belgian Withholding Tax of 15% which is withheld in Belgium must be claimed by SA
shareholders in accordance with the relevant reimbursement process noted in the announcement published on SENS
on Friday, 25 October 2019.

The Dividend may also be subject to SA Dividends Tax at the rate of 20%, unless a shareholder qualifies for an
exemption. Any shareholder that receives a Dividend which is subject to SA Dividends Tax (i.e. where no exemption is
available) will qualify for a 15% rebate from SA Dividends Tax, being the Belgian Withholding Tax of 15%.

The ultimate result is that the Dividend will be subject to a reduced Belgian Withholding Tax rate of 15% and subject
to SA Dividends Tax at a rate of 5% (unless a shareholder qualifies for an exemption from SA Dividends Tax, in which
case only Belgian Withholding Tax of 15% will be applicable).

                                                                                                         ZAR cents
 Gross amount of the Dividend                                                                           1309.40097
 Less: 30% Belgian Withholding Tax                                                                       392.82029
 Net Dividend after the deduction of the Belgian Withholding Tax                                         916.58068
 Less: 5% SA Dividends Tax                                                                                65.47005
 Net amount of the Dividend                                                                              851.11063
The Dividend timetable is as follows:

 Last day to trade on the Johannesburg Stock Exchange (JSE) to qualify for the                Tuesday, 19 November
 Dividend

 Ex-Dividend on Euronext from the commencement of trading on                                  Tuesday, 19 November

 Ex-Dividend on the JSE from commencement of trading on                                     Wednesday, 20 November

 Record date on Euronext                                                                     Wednesday 20 November

 Dividend payable (Euronext)                                                                 Thursday, 21 November

 Record date on the JSE                                                                        Friday, 22 November

 Dividend payable (SA)                                                                         Monday, 25 November


No transfers of shareholdings to and from South Africa will be permitted between Tuesday, 19 November 2019 and
Friday, 22 November 2019 (both dates inclusive). No dematerialisation or rematerialisation orders will be permitted
between Wednesday, 20 November 2019 and Friday, 22 November 2019 (both dates inclusive).

The Dividend is payable in SA Rand to shareholders whose shares are traded on the JSE and held through Central
Securities Participants and brokers. Shareholders who are in any doubt as to their tax position should seek
independent professional advice.

19 November 2019

JSE Sponsor:
Questco Corporate Advisory Proprietary Limited

Anheuser-Busch InBev is a publicly traded company (Euronext: ABI) based in Leuven, Belgium, with secondary listings
on the Mexico (MEXBOL: ANB) and South Africa (JSE: ANH) stock exchanges and with American Depositary Receipts on
the New York Stock Exchange (NYSE: BUD).

Date: 19/11/2019 10:49:00
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