#1AB InBev St. Louis Investor Conference United States - Sales Evan Athanas, Vice President, Sales United States Operations June 2nd, 2010 St. Louis, MO#2US Commercial Strategy Market share Brands Affordability Availability Process, Information, Technology & Innovation People Retail Execution Cost to Serve Profitability#3US Sales Force Market share Profitability Process, Information, Technology & Innovation People#4US Sales Force Market share Brands Affordability Availability Process, Information, Technology & Innovation People Retail Execution Profitability Cost to Serve#5Objective: US Sales Force Market share Brands Affordability Availability Retail Execution Process, Information, Technology & Innovation People Win at Retail through Consistently Delivering Superior Execution ... Delivering Profitable Share Growth Profitability Cost to Serve#6US Market Complexity 50 Countries Within a Country ... Each with a unique regulatory Environment 8 1 7 5 4 6 3 2#7US Market Complexity 500+ Wholesalers Distributing AB InBev US Products Budweiser KING OF BEERS The Great American Lager#8US Market Complexity Over 27,000 Sales and Service Reps TOM Swan y#9US Market Complexity Diverse portfolio... Competing in all segments HOP HOUNDE Kokane PARADISE BE RADISE RE PARADISE PUMPRASTIC BEACH BUN TROPICAL BLACK TEA R SE LEMONADE LEMONAGE SANGRIA Kokanee GOLD Rokane CAMBER LAGEE STARR HILL DOMINION ISLA NORTHERN LIGHTS LAGER FORDHA FIRE ROCK enkerk BROTHERS PRICKLY PEAR BRAGGOT WIDMER REDHOOK ESB ORIGINAL ALF CRITEWEIZEN ULTRA ULTRA RNA ULTRA Golden Golden FORTER JUNAZL PORTER ALL MA PALEALE RISH RE DUNKELWEISSE WHEA Michell IRISH RED MARZEN TOP Maheb EMachib Machele Golden ULTRA Golden H BACARDI MARCE RAZ Me AREM Mojito Ring SILVER STRAWBERRY BACARD SILV RAZ 300 WILD BLUE MPORT LANDSHARK Bass energy juic Ost BIG G FRIN FRA MONSTER ENERGY Czechwar Phonan Canch La AL FREMION KIRIN LIGHT BEER AIRIN ICHAEL Budweis & CLAMATO & PLAID OUNCES FLUID OUNCES LIGHT & CLAMATO PALE ALL STELLA Bass ENGLAND Hoegaarden Michell ULTRA ULTRA Michelele Chelada ARTOIS Chelada LEUVEN HONEY ULTR ULTRA LAGE IGH Michtich PALEALE Michele's DRY H MARZEN Michel HONEY AGER Maldo AMBER BOCK Michele Micheleb ORIGINA LAGE LIGHT OFERIOR SUPERIOR LIGHT BEER Michel Michele ULTR ULTRA AMBER BL BL WHEAT B BL Budwe BUD LIGHT 一番 Leffe Leffe 180 80 180 T -87- PUB ALE BEGIV DARK BECK'S BECKS BECKS DARK BECKS HECK tilt TILT Po HIGH GRAVITY HURRICANE KING COBRA ODOULS O'DOUL BUSCH ICE BECKS BUSCH JERICH ODOULS ud Dry ICE BUSCH LIGHT BUSCH Natura Light Natural ROCK DOULS ROCK Budweiser Budweise SELECT SELECT Budweiser AMERICAN 55 FALE dD ICE BUSCHBUSCH LIGHT Natural Light Natural ROCK ROLLING Light ROCK Extra Pa#10US Market Complexity 500,000 retail accounts across 10 trade channels Each with its own set of challenges and opportunities Each with its own unique shopper profile ampm Open 24 Hr Harris Teeter Your Neighborhood Food Market Pharmac ALO WILD WINGS BUFFALO WILD WING GRILL & BAR 4860#11Objective: Managing Complexity Market share Brands Affordability Availability Retail Execution Process, Information, Technology & Innovation People Execute with Military Like Precision Profitability Cost to Serve#12Manage the Complexity - Key Enablers Brands Market share Profitability 0000 Process, Information, Technology & Innovation • Performance Management Process ... Align KPIs and compensation • Standard business processes & routines ... WCCP • Wholesaler Excellence Program... AOE Program • State of the art technology ... Busch Satellite Network / Mobility / WEconnect Process People#13Manage the Complexity - Key Enablers Brands • Performance Management Process ... Align KPIs and compensation • Standard business processes & routines... WCCP • Wholesaler Excellence Program ... AOE Program • State of the art technology ... Busch Satellite Network / Mobility / WEconnect Process Affordability Market share Availability Retail Execution Process, Information, Technology & Innovation People Profitability Cost to Serve#14Performance Management • Target Setting and Cascading • Establish national performance targets . • Cascade targets down from VP of Sales to Wholesaler's Sales Reps ... fully aligned on results Tie compensation directly to achieving results Align the entire selling system National Targets Region Targets District Manager Targets Objective: Drive Consistency and Accountability Reward Performance Wholesaler Targets Sales Rep Targets#15Performance Management • Monthly Performance Review Process District Manager meet with their Wholesaler monthly Reviews performance gaps... Develop action plans Region prioritizes issues and opportunities. Sales Leadership Team meet w/ Region VP each month to review results and plans National action plans are developed to close the gaps Net: National - VP Sales Region District Manager Wholesaler Sales Team This process promotes alignment and accountability at all levels...#16Manage the Complexity - Key Enablers Brands • Performance Management Process ... Align KPIs and compensation • Standard business processes & routines ... WCCP ⚫ Wholesaler Excellence Program ... AOE Program • State of the art technology ... Busch Satellite Network / Mobility / WEconnect Process Affordability Market share Availability Retail Execution Process, Information, Technology & Innovation People Profitability Cost to Serve#17World Class Commercial Program • We have Defined Roles and Responsibilities Established Routines Processes WORLD CLASS COMMERCIAL PROGRAM Communicated Standards ... Expectations Aligned the training with development plans • 2011 We Will Compete between Regions ABInBev Dashboard Results Business KPI's Dashboard Pillar Product ΚΡΙ U.O.M Treat the Deviation jan/09 Actual Planned Traffic Actual Value Planned Value Value Light YTD Value YTE YTD Traffic Light Talent Pipeline Talents Managed Key Positions Vacancy Fulfilment % RP Tools 81% 80% 81% 80% Talent Pipeline Talents Managed OPR Shape Dispersion % RP Tools 31% 10% 31% ave 10% igo Talent Pipeline Staffing Executed Vacancy Fulfilment % RP Tools 80% 70% 80% 70% Organization&Rewards People Package Managed (ZBB) FTE Evolution #He RP Tools 8132 8560 8132 8560 Organization&Rewards Rewards Managed Comparatio % RP Tools 10% 20% 10% 20% Action Plans Organization & Rewards People Package ZBB compliance own Managed (ZBB) entity EUR (X 1.000) RP Tools 5.441,81 € 4.566,96 € 5.441,81 € 4.566,96 € KPI: GAP ANALYSIS Performance Review Process Improvement ABInBev PROBLEM CAUSE ACTION Resposible Date DUE DATE Sandro OWNER A.1.1. Present recommendation to ManCom to gain buy-in from L1s STATUS Sandro / Jose IN PROCESS Compete Globally ... Our goal is to be the best of the best! Objective: Senior management unable to fully understand and evauate KPI performance issues based on the current level of analysis presented during the monthly Performance review process A.1. Prior culture was focused on presenting the solutions and not. the analysis on the root causes A.1.2 Prompt Luiz to require Gap Analysis A.1.3. Include analytical reviews during April Performance Reviews Sandro NOT STARTED PPMs supported by Jamie, Mark NOT STARTED and John A.2.1. Establish minimum requirements for analytics - Utilize tool to identify top three problems, at least two causes and action items to address the causes All IN PROCESS A.2. No formal methods or tools to support analytics A.2.2. Expand the current Action Plan to include problem statement and root cause Jose CONCLUDED Conduct first level training on use of the tool for Functional PPM's and other key staff Jose NOT STARTED A.3. Inconsistent analytical emphasis and skills in the existing organizations Train larger group of functional resources to improve analytical skills (White Belt Training) Jose NOT STARTED Winning at retail depends on our ability to improve retail execution a key enabler in this is the implementation of our WCCP Program#18World Class Commercial Program • We Have Established retail standards by Channel Communicated our expectations Standardized our approach to evaluating retail execution Created value in the data being collected - Greater insight into account execution Identify performance gaps Net: We have minimize subjectivity and standardized expectations ...#19Manage the Complexity - Key Enablers Brands • Performance Management Process ... Align KPIs and compensation • Standard business processes & routines ... WCCP • Wholesaler Excellence Program... AOE Program • State of the art technology ... Busch Satellite Network / Mobility / WEconnect Process Affordability Market share Availability Retail Execution Process, Information, Technology & Innovation People Profitability Cost to Serve#202010 Ambassadors Of Excellence Program • This Program ■ Is a blue print to wholesaler excellence... Best practices ■ Continuous improvement that delivers business results Challenges and rewards excellence Results Management Ambassadors EXCELLENCE Sales Structure Key Account Management Sales Technology Operations People Objective: Deliver long term sustainable growth#21Manage the Complexity - Key Enablers Brands • Performance Management Process ... Align KPIs and compensation • Standard business processes & routines ... WCCP • Wholesaler Excellence Program ... AOE Program • State of the art technology ... Busch Satellite Network / Mobility / WEconnect Process Affordability Market share Availability Retail Execution Process, Information, Technology & Innovation People Profitability Cost to Serve#22Busch Satellite Network • Is "Best in Class" Communications Tool ◉ 24/7 broadcast satellite network Links AB InBev US, Region Offices and 500 Wholesalers Monthly National Sales Meetings Brand Plans and News Wholesaler Best Practice Sharing Shows Chain Account Plan Review Meetings ■ Training Sessions with Wholesaler Evan Athanas Vice President - Sales BUSEN SATELLITE Dave Peacock President, Anheuser-Busch, Inc. Previously Recorded KEITH LEVY VICE PRESIDENT, MARKETING Net: Best in class communication system within all CPG marketers#23Mobility Overview • "Best in Class" Selling Tool • Complexity in a Box Fully integrated selling system ... Proprietary AB InBev US wholesaler system ▪ Utilized by 100% of our Wholesaler's Sales force Ensures consistency in execution in the trade Seamlessly tracking and measuring AB InBev US and competitive execution Net: A-B Mobility [Order Inventory Grid] File Customer Route Tools Reports Help TOUGHBOOK A/R Save P St P CRM Call Trk IMPACT Surveys Ord/Inv Auto .Void > Files Price எ 9 Wk Ord Rte Rev Rte Exp Close Delv Stock Empties Pickups Place BUD 18/12 CN Back Cold Warm Sales Show Icons Description Item No BUD 2/12 LN 001216 Cold Cap. 2.0 Back Cold Stock SO Cold Warm Tot Stock Stock Την Build Ord Code To Qty Date T 2.0 2.0 3.0 L BUD 18/12 CN 001281 6.0 1.0 6.0 7.0 12.0 BUD 18/12 LN 001218 4.0 1.0 F 3.0 4.0 6.0 BUD 15/24 OZ CN 001242 0.8 1.0 2.0 3.0 3.0 BUD 12/32NR 001232 0.7 Γ 1.0 1.0 2.0 BUD 4/6 CN 001226 1.2 2.0 2.0 5.0 BUD 16/4/6 CN 001261 0.3 1.0 1.0 2.0 BUD 4/6 LN 001206 0.3 0.0 2.0 nun IT / C 017 Γ 20 Filter: Sort: Custom Call Day: Monday View Totals History: Type 12/31 Inventory, Order and Delivery 12/30 12/24 12/23 12/17 12/11 12/10 Pickups: Empties: Pricing Date: 02/04/09 Delivery: 02/04/09 Sales: BS SS 6.0 Ord Delv 6.0 3 6.0 3 6.0 01/19/09 Split Submit Order 56 00016750 CHEVRON-NON CORP 5. 02/03/09 10:54 AM Edit Model 00000 00000 Mobility supports seamless selling via the WEconnect process...#24WEconnect Process Target & Assign Objectives Create Objectives 5 Step Process Drives Our Sales Machine Analyze Execution Results uyn axq Send#25WEconnect Process Target & Assign Objectives Create Objectives Analyze: Identify performance gaps and sales opportunities sլsa( Analyze Execution Results Dashboard Results Business KPI's Dashboard . 136 10 n#26WEconnect Process Objectives Target & Assign Objectives Target: Assign objective to the right accounts to maximize resources and return on investment Create Objectives sinsay SIEBEL Objectives Tab#27WEconnect Process Execute Objectives Send Execution Results Execute: Utilize the support material to sell in the objective at retail ssa. Objectives Target & Assign залдра до ареалу Create SIEBEL Objectives Tab Mobil BELLING BYSTEM Mobility Manager#28WEconnect Process Send Execution Results Mobility BELLING SYSTEM Sales Rep Analyze Execution Results Track: Reports on execution rates and competitive activities Execute Objectives SIEBEL Objectives Tab Mobil BELLING BYSTEM Mobility Manager#29Send Execution Results WEconnect Process SIEBEL Siebel Analytics Mobi BELLING SYSTEM Create Objectives Analyze Execution Results Validate: Effectiveness of objective and evaluate next opportunity Sales Rep SIEBEL Objectives Tab Mobil BELLING BYSTEM Mobility Manager#30Send Execution Results WEconnect Process SIEBEL Siebel Analytics Mobi BELLING SYSTEM Create Objectives Analyze Execution Results Validate: Effectiveness of objective and evaluate next opportunity Net: SIEBEL Objectives Tab Mobil BELLING BYSTEM Sales Rep Mobility Manager Mobility is the engine and WEconnect is the process that drive our sales machine#31TOUGHBOOK COMPLEXITY IN A BOX 00000 00000#32Manage the Complexity - In Summary ▸ Aligned sales force ... • Single focus on execution and key performance indicators Established a monthly performance review process ▸ Establish Retail Execution Standards... our activation bible ‣ Implemented excellence programs... both internally and externally ▸ Invested in Technology that enables results... BSN \ Mobility#33Objective: Brands Leveraging Our Scale and Strength Market share Profitability Affordability Availability Process, Information, Technology & Innovation People Win at Retail through Superior Execution Focused on Fewer and Bigger Programs Retail Execution Cost to Serve#34Leveraging Our Scale and Strength Key Enablers - ▸ New Trade Marketing ‣ Consumer Demand Model ▸ Major Volume Player (MVP) ▸ Chain / Category Management New Independent Channel Organization Brands Affordability Market share Availability Retail Process, Information, Technology & Innovation People Profitability Serve#35Leveraging Our Scale and Strength Key Enablers - ▸ New Trade Marketing ‣ Consumer Demand Model ▸ Major Volume Player (MVP) ▸ Chain / Category Management ▸ New Independent Channel Organization Brands Affordability Market share Availability Retail Process, Information, Technology & Innovation People Profitability Serve#36Trade Marketing ▸ New Trade Marketing Department • 'Center for Retail Excellence' . • Bridge between Sales and Marketing to improve strike rate and effectiveness of retail programming ⚫ Planning and Alignment of all retail programs to optimize our Return-on-Investment • Improved shopper engagement at retail through enhanced awareness and connection with beer and AB InBev US brands#37Leveraging Our Scale and Strength Key Enablers - ▸ New Trade Marketing ▸ Consumer Demand Model ▸ Major Volume Player (MVP) ▸ Chain / Category Management ▸ New Independent Channel Organization Brands Affordability Market share Availability Retail Process, Information, Technology & Innovation People Profitability Serve#38Leveraging Our Scale and Strength - Key Enablers ▸ New Trade Marketing ‣ Consumer Demand Model ▸ Major Volume Player (MVP) ▸ Chain / Category Management ▸ New Independent Channel Organization Brands Affordability Market share Availability Retail Process, Information, Technology & Innovation People Profitability Serve#39MVP Retail Initiative V. P. M.V COUNT PLAYER MAJOR PREMI OR VOLUME MVP is unprecedented in its scale and precision ▸ Targeted to the top volume accounts, both chain and independents ... ▸ Delivers beer selling tools and resources at the point of connection ... ▸ Provides our Wholesalers the resources to sell in a full year retail promotional plan to key volume accounts ▸ Objective of driving share and profitability#40Accounts MVP Accounts Non MVP Accounts Targeted Independent C-Stores Independent Liquor Independent Grocery Chain Grocery Chain C-Store V. P. M.V COUNT MAJOR PREMIER VOLUME PLAYER#41Hardware: STELLA ARTOIS Racks STELLA ARTOIS STELLA You could WIN a Sharp AQUOS 46" TV! OWL BUD LIGHT BUD BOWL MIAM BUD IGHT LIGHT BUD IGHT BUD BUD LIGHT BUD BUD BUD IGHT Budweiser Display Enhancer BUD LIGHT ICE COLD BEEN COLD WAAMA BUD LIGHT ERNY DULAM Budweiser Budweiser V. P. M.V COUNT PLAYER PREMIER MAJOR OR VOLUME BUC BU BUD BUD BUD LIGHT Фотите фотопе Porona Corona BUC LIGHT Cooler Wraps Bins Sampling Programs Shelf Resets#42Leveraging Our Scale and Strength - Key Enablers ▸ New Trade Marketing ‣ Consumer Demand Model ▸ Major Volume Player (MVP) ▸ Chain / Category Management ▸ New Independent Channel Organization Brands Affordability Market share Availability Retail Process, Information, Technology & Innovation People Profitability Serve#43Chains are Growing in Importance to AB InBev US AB InBev US % of Chain Sales AB InBev US Chain vs. Independent Trend Difference 23% 40% 37% +1.5 +2.7 +1.5 +2.4 +4.1 +3.3 1990 2007 2010e 2004 2005 2006 2007 Chain Sales +3.4% 2008 2009 Chain volume has been growing ... Widening the gap to independents Source: SMART/BudNET AB InBev US STRs/Chain Sales (excludes NE Wslr Shipments)#44Chain Account Management ▸ We have expanded our commitment to Chain selling efforts. Dedicated Account Teams • Enhanced Category Management ⚫ Best in Class Space Management Walmart SAFEWAY S Ingredients for life. Kroger QT ELEVEN CVS Albertsons QuikTrip pharmacy#45Best in Class Category / Space Management Key Enablers ... ‣ Unrivaled Scale People • Information ⚫ Tools ‣ Superior Execution • Best Wholesaler System ... Technology Alignment ▸ Global Footprint BAR BIER BEER CERVEZA Michelch ULTRA ULTRA BREW HOUSE CHAL IMPORT Michele Michele Budenser BREW HOUS Chois 33° ERICAN CHILL ZONE AMERICAN AMERICAN Exchange of Best Practices Corona Corona Corona POSTER Light Corona Corona Corona Tight BUD BUD BUD BUD LIGHT LIGHT WORER 312 CHILL BUD CHILL LIGHT Budweiser LIGHT Budweiser BUD Budweiser C Coors ICE LIGHT LIGHT These Enablers Allow Us to Deliver Better Performance at Retail#46Leveraging Our Scale and Strength - Key Enablers ▸ New Trade Marketing ‣ Consumer Demand Model ▸ Major Volume Player (MVP) ▸ Chain / Category Management ▸ New Independent Channel Organization Brands Affordability Market share Availability Retail Process, Information, Technology & Innovation People Profitability Serve#47Independent Channel - Upside Potential ▸ Independent represents 60% US Volume ▸ AB InBev US Share of this segment is lower than the national average Our "Fair Share" of this channel represents significant upside potential Independent Mix: Over 75% 50% to 75% Under 50% Have Increased Our Commitment to this critical area#48Budweis Budweiser, Jankees Budweis Yankees Budweiser Independent Channel Sales Execution ▸ Dedicated Account Team Sell In Account Specific Annual Plans Significant increase in our investment Flexibility to adjust programs to meet independent channel needs • Leverages the tools, data and process developed for chain to drive execution GHT RADISE SE LOUIS CARDINALS Budweiser Budweiser Budweiser Budweiser Budw American Lager American Lager American Lager 12 Budweiser Budweiser Budweiser ean Lage Sean Loue BUD LIGHT BUD LIGHT PORT BUDLIGHT PORT PARADISE weiser can Laue ican Lager W ex Lager veiser ican Laver BUD LIGHT BUD LIGHT PARADISE BUD LIGHT PORT PARADSE UD GHT BUD LIGHT BUD B LIGHT LIG BUD BUD LIGHT BUD LIGHT BL WHEAT Diar UD GHT BUD LIGH BUD LIGHT BUD LIGHT BUD LIGHT BL WHEAT#49Market share Profitability Leveraging Scale and Strength - In Summary ▸ New Trade Marketing ▸ Optimize retail execution based on shopper profile ▸ Doing fewer programs, better (MVP) ➤ Leveraging our purchasing power ▸ Expanded our commitment to Win in Chains Brands Affordability Availability Retail Serve Process, Information, Technology & Innovation People ▸ Applying the Chain sophistication to the independent channel Bottom Line: We Deliver Superior Execution Which Can NOT be Matched by Competition#50Wrap-up Where We Were ▸ Focused Equity Agreement Compliance ▸ Wholesaler performance defined by means ... not results ▸ Regions autonomous Business Units ▸ Decentralized retail execution ▸ Fragmentation many programs too Where We Are ▸ Wholesalers focused on Excellence ▸ AOE results means and Centralization and Standardization ▸ Leverage size Fewer, bigger ▸ Chain Execution ... category management ▸ Simplify the complex through technology Where We Are Going ▸ Best in Class Sales Machine ▸ Managing the complexity ... Turning the complex into routine ▸ Leveraging our scale and strength Doing fewer things, bigger and better ▸ Executing with Military Like Precision ... Focused, aligned, working as one Brands Affordability Market share Availability Profitability Process, Information, Technology & Innovation People Cost to#51Disclaimer This document has been prepared by Anheuser-Busch InBev SA/NV (the "Company") solely for use in the presentation being given in connection with June 2-3, 2010 Anheuser-Busch InBev Investor Event in St. Louis Missouri. This document is being presented solely for informational purposes and should not be treated as giving investment advice. No specific investment objectives, financial situation or particular needs of any recipient have been taken into consideration in connection with the preparation of this document. In addition, no representation or warranty, express or implied, is or will be made in relation to, and no responsibility is or will be accepted by the Company or any of the Company's affiliates as to the accuracy or completeness of the information contained in this document, and nothing in this document shall be deemed to constitute such a representation or warranty or to constitute a recommendation to any person to acquire any securities. The Company and its affiliates, agents, directors, partners and employees accept no liability whatsoever for any loss or damage howsoever arising from any use of this document or its contents or otherwise arising in connection therewith. A significant portion of the information contained in this document, including all market data and trend information, is based on estimates or expectations of the Company, and there can be no assurance that these estimates or expectations are or will prove to be accurate. In addition, past performance of the Company is not indicative of future performance. The future performance of the Company will depend on numerous factors which are subject to uncertainty. This document does not constitute or contain an offer or invitation for the sale or subscription of any securities of the Company, and neither this document nor anything contained herein shall form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. This document does not contain all of the information that an investor may require to make an investment decision. ABInBev#52Disclaimer Forward looking statements: Certain statements contained in this report that are not statements of historical fact constitute forward-looking statements, notwithstanding that such statements are not specifically identified. In addition, certain statements may be contained in the future filings of the Company with the competent securities regulators or other authorities, in press releases, and in oral and written statements made by or with the approval of the Company that are not statements of historical fact and constitute forward-looking statements. Examples of forward-looking statements include, but are not limited to: (i) statements about the benefits of the merger between InBev SA/NV and Anheuser- Busch, including future financial and operating results, synergies, cost savings, enhanced revenues and accretion to reported earnings that may be realised from the merger; (ii) statements of strategic objectives, business prospects, future financial condition, budgets, debt levels and leverage, divestiture possibilities, working capital improvements, projected levels of production, projected costs, effective tax rates and projected levels of revenues and profits of the Company; (iii) statements of future economic performance; and (iv) statements of assumptions underlying such statements. Forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions which are difficult to predict and outside of the control of the management of the Company. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. You should not place undue reliance on these forward-looking statements. Factors that could cause actual results to differ from those discussed in the forward- looking statements include, but are not limited to: (i) the risk that the businesses of the Company will not be integrated successfully or such integration may be more difficult, time-consuming or costly than expected; (ii) expected revenue synergies and cost savings from the merger may not be fully realised or realised within the expected time frame; (iii) revenues following the merger may be lower than expected; (iv) projected divestitures, working capital improvements and tax rate optimization for the combined company may not be realised; (v) operating costs, customer loss and business disruption following the merger may be greater than expected; (vi) difficulties in maintaining relationships with employees, (vii) the conditions or requirements associated with any governmental or regulatory approvals of the merger; (viii) local, regional, national and international economic conditions, including credit and financial market conditions, and the impact they may have on the Company and its customers and the Company's assessment of that impact; (ix) increasing price and product competition by competitors, including new entrants; (x) rapid technological developments and changes; (xi) the Company's ability to continue to introduce competitive new products and services on a timely, cost-effective basis; (xii) containing costs and expenses; (xii) governmental and public policy changes; (xiv) protection and validity of intellectual property rights; (xv) technological, implementation and cost/financial risks in large, multi-year contracts; (xvi) the outcome of pending and future litigation and governmental proceedings; (xvii) continued availability of financing; (xviii) financial resources in the amounts, at the times and on the terms required to support future businesses of the Company; and (xix) material differences in the actual financial results of merger and acquisition activities compared with expectations of the Company, including the full realisation of anticipated cost savings and revenue enhancements. All subsequent written and oral forward- looking statements concerning the proposed transaction or other matters and attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements referenced above. Forward-looking statements speak only as of the date on which such statements are made. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events. ABInBev