Anheuser-Busch InBev Reports Second Quarter 2013 and First Half 2013 Results

From Anheuser-Busch:

HIGHLIGHTS
 Revenue growth: Revenue grew 3.9% in 2Q13 and 2.7% in HY13, with revenue per hl growth of 5.8%
in 2Q13 and 5.6% in HY13. On a constant geographic basis (i.e. eliminating the impact of faster growth in
countries with lower revenue per hl) revenue per hl grew by 6.4% in both 2Q13 and HY13

 Volume performance: Volumes improved after a challenging first quarter, particularly in Brazil. Total
volumes in 2Q13 declined by 1.2%, with own beer volumes decreasing 1.0%, while non-beer volumes
declined 3.9%. In HY13, total volumes declined 2.6%, with own beer volumes down 2.3% and non-beer
volumes decreasing 4.4%

 Focus Brands: Our Focus Brands volumes grew 0.6% in 2Q13, with our global brands up 2.9%, led by
Budweiser globally, which grew by 6.3%

 Cost of Sales: Cost of Sales (CoS) increased 2.0% in 2Q13, or 3.8% per hl. In HY13, CoS grew 2.9%, or
5.9% per hl. On a constant geographic basis, CoS per hl increased 4.8% in 2Q13 and 6.5% in HY13

 EBITDA: EBITDA grew 5.8% in 2Q13 to 3 895 million USD, with a margin of 36.8%. This expansion of 67
bps was driven by margin growth in North America, Mexico, Latin America South and Asia Pacific. In HY13,
EBITDA grew 3.4% to 7 325 million USD with a margin of 37.1%, an improvement of 25 bps

 Non-recurring items: 2Q13 includes a non-recurring gain of 6 305 million USD, mainly reflecting the fair
value adjustment on the initial investment held in Grupo Modelo, in line with IFRS accounting standards

 Net finance costs: Net finance costs (excl. non-recurring net finance costs) were 1 000 million USD in
the quarter, compared to 456 million USD in 2Q12. The increase is due mainly to mark-to-market losses
of 298 million USD linked to the hedging of our share-based payment programs which are reported in
other financial results, compared to a reported gain of 179 million USD in 2Q12

 Non-recurring net finance costs were 242 million USD, due mainly to mark-to-market losses on the
hedging of 93% of our equity exposure related to the shares to be delivered in the next five years to some
Grupo Modelo shareholders as part of a transaction related to the combination with Grupo Modelo which
closed on 4 June 2013

 Income taxes: Income tax expense in 2Q13 was 516 million USD, with a normalized effective tax rate of
18.7%, compared to an income tax expense of 305 million USD in 2Q12 and a normalized effective tax
rate of 12.5%. The reported effective tax rate of 6.3% in 2Q13 compares to a reported effective tax rate
of 12.4% in 2Q12, and is mainly due to the non-taxable nature of the non-recurring gain related to the
fair value adjustment on the initial investment held in Grupo Modelo

 Profit: Normalized profit attributable to equity holders of AB InBev declined in nominal terms to 1 504
million USD in 2Q13 from 1 935 million USD in 2Q12, mainly due to higher net finance costs and income
tax expense. Normalized profit attributable to equity holders of AB InBev declined in nominal terms to
3 357 million USD in HY13 from 3 586 million USD in HY12

 Earnings per share: Normalized earnings per share (EPS) was 0.93 USD in 2Q13 compared with 1.21
USD in 2Q12, with the decrease due to higher net finance costs and income tax expenses. Normalized
earnings per share (EPS) was 2.09 USD in HY13 compared with 2.24 USD in HY12

 Net debt: Net debt as of 30 June 2013 was 43.1 billion USD, an increase from 30.1 billion USD as of
31 December 2012. This increase was mainly due to the leverage required to fund the combination with
Grupo Modelo. The net debt to normalized EBITDA ratio, on a reported basis, increased from 1.94x at the
end of 2012 to 2.75x as of 30 June 2013, and to 2.50x including 12 months of Grupo Modelo EBITDA

 2013 Half Year Financial Report: The report is available on our website at www.ab-inbev.com
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