ANHEUSER-BUSCH INBEV SA/NV - Notice of Currency Exchange Rate Dividend No. 28

Notice of Currency Exchange Rate
Dividend No. 28

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. 28

AB InBev shareholders are referred to the announcement published on the Stock Exchange News Service of the
Johannesburg Stock Exchange (“JSE”) (“SENS”) on Tuesday, 14 April 2020 and are advised that the final dividend of
€0.50 per share (the “Dividend”) proposed by the board of directors of AB InBev was approved by AB InBev shareholders
at the Annual General Meeting held on Wednesday, 3 June 2020.

The exchange rate applicable for the conversion of Euro to SA Rand for the Dividend will be €1.00 to ZAR18.93170, as
calculated on Monday, 8 June 2020. Accordingly, the gross amount of the Dividend is 946.58500 SA cents per share
and will be subject to a Belgian Withholding Tax of 30% (equalling 283.97550 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 662.60950 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 Tuesday,
14 April 2020.

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                                                                               946.58500
 Less: 30% Belgian Withholding Tax                                                                          283.97550
 Net Dividend after the deduction of the Belgian Withholding Tax                                            662.60950
 Less: 5% SA Dividends Tax                                                                                   47.32925
 Net amount of the Dividend                                                                                 615.28025
The proposed timetable for the Dividend is as follows:
                                                                                                              2020
 Last day to trade on Johannesburg Stock Exchange (JSE) to qualify for the Dividend                     Tuesday, 9 June
 Ex-Dividend on Euronext from commencement of trading on                                                Tuesday, 9 June
 Ex-Dividend on JSE from commencement of trading on                                                   Wednesday, 10 June
 Record date (Euronext)                                                                               Wednesday, 10 June
 Dividend payable (Euronext)                                                                           Thursday, 11 June
 Record date (JSE)                                                                                       Friday, 12 June
 Dividend payable (JSE)                                                                                  Monday, 15 June

No transfers of shareholdings to and from South Africa will be permitted between Tuesday, 9 June 2020 and Friday,
12 June 2020 (both dates inclusive). No dematerialisation or rematerialisation orders will be permitted between
Wednesday, 10 June 2020 and Friday, 12 June 2020 (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.


8 June 2020

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: 08-06-2020 10:58:00
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