#1Welcome to the ABI 2021 Investor Seminar STE PREMIUM Golden La STELL ARTOIS Solstice Lager အပ်ကာ ၁၇၇ STELLA ARTOIS AB InBev#2Legal Disclaimer 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. Forward-looking statements are not guarantees of future performance. Rather, they are based on current views and assumptions and involve known and unknown risks, uncertainties and other factors, many of which are outside the Company's control and are difficult to predict, that may cause actual results or developments to differ materially from any future results or developments expressed or implied by the forward- looking statements. Factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include, among others: (i) the effects of the COVID-19 pandemic and uncertainties about its impact and duration; (ii) local, regional, national and international economic conditions, including the risks of a global recession or a recession in one or more of the Company's key markets, and the impact they may have on the Company and its customers and its assessment of that impact; (iii) financial risks, such as interest rate risk, foreign exchange rate risk (in particular as against the U.S. dollar, the Company's reporting currency), commodity risk, asset price risk, equity market risk, counterparty risk, sovereign risk, liquidity risk, inflation or deflation, including inability to achieve the Company's optimal net debt level; (iv) continued geopolitical instability, which may result in, among other things, economic and political sanctions and currency exchange rate volatility, and which may have a substantial impact on the economies of one or more of the Company's key markets; (v) changes in government policies and currency controls; (vi) continued availability of financing and the Company's ability to achieve its targeted coverage and debt levels and terms, including the risk of constraints on financing in the event of a credit rating downgrade; (vii) the monetary and interest rate policies of central banks; (viii) changes in applicable laws, regulations and taxes in jurisdictions in which the Company operates; (ix) limitations on the Company's ability to contain costs and expenses; (x) the Company's expectations with respect to expansion plans, premium growth, accretion to reported earnings, working capital improvements and investment income or cash flow projections; (xi) the Company's ability to continue to introduce competitive new products and services on a timely, cost-effective basis; (xii) the effects of competition and consolidation in the markets in which the Company operates; (xiii) changes in consumer spending; (xiv) changes in pricing environments; (xv) volatility in the prices of raw materials, commodities and energy; (xvi) difficulties in maintaining relationships with employees; (xvii) regional or general changes in asset valuations; (xviii) greater than expected costs (including taxes) and expenses; (xvix) the risk of unexpected consequences resulting from acquisitions, joint ventures, strategic alliances, corporate reorganizations or divestiture plans, and the Company's ability to successfully and cost-effectively implement these transactions and integrate the operations of businesses or other assets it has acquired; (xx) the outcome of pending and future litigation, investigations and governmental proceedings; (xxi) natural or other disasters, including widespread health emergencies, cyberattacks, military conflicts and political instability; (xxii) any inability to economically hedge certain risks; (xxiii) an inability to complete any strategic options with respect to the Company's Asian Pacific businesses; (xxiv) inadequate impairment provisions and loss reserves; (xxv) technological changes and threats to cybersecurity; and (xxvi) the Company's success in managing the risks involved in the foregoing. Many of these risks and uncertainties are, and will be, exacerbated by the COVID-19 pandemic and any worsening of the global business and economic environment as a result. All subsequent written and oral forward-looking statements 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's statements regarding financial risks are subject to uncertainty. For example, certain market and financial risk disclosures are dependent on choices about key model characteristics and assumptions and are subject to various limitations. By their nature, certain of the market or financial risk disclosures are only estimates and, as a result, actual future gains and losses could differ materially from those that have been estimated. Subject to the Company's obligations under Belgian and U.S. law in relation to disclosure and ongoing information, the Company undertakes no obligation to update publicly or revise any forward- looking statements, whether as a result of new information, future events or otherwise. This document shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such jurisdiction. By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the above limitations. ABInBev#3Welcome & Introduction Michele LLTRA Michelob ULTRA ABInBev#4Budweiser Michel Doukeris Chief Executive Officer#5Bodweiser ABInBev#6Pasla CCI ABInBev#7ABInBev#8Where we are Today Bu ABInBev#9ABI Evolution... 1366 1987 1995 2002 REG. TM. STELLA ARTOIS Jupiler Labatt BECK'S Belgium STELLA ARTOIS Belgium Interbrew Interbrew ANNO 249 Leffe BRAHMA ambev BRAHMA ANTARCTICA CERVEJA P PILSEN Quilmes 1240 1989 2000 2002 !nBev 2004 !nBev AB InBev N-GRUP MODEL S.A.B.D DE C.V. AB InBev SAB MILLER ABInBev 2008 2013 2016 ABInBev#10ABI Today KONA BREWING CO Karn ict quie Alsha ANNO 1366 PREMIUM LAGER SEEE Budweise BIG WAV Golden Ale beer still brewed after a 17th c e old Carmelite monastery of Tripel Karmelic Sprains, toujours brassée selon v e recett de Termo de de l'ancien cloître de Carmes de Corona BEER Extra LA CERVEZA MAS FINA Bows and lytat CERVECERIA MODELO 12 P. ANNO STELLA ARTOIS MEXICO CE THE ORIGINAL BELGIAN WHEAT B AND 1445 RAUERE RAHM DUPLO MALTE BECK'S BECK & CO M MERVE CERVEJARIA BRAHMA icheloRAHM S LTRA 2.4 CARBS DUPLO- Dou Upos de malle. thrin entre sabor e refrescincia MALTE AB loegaarden BECK'S Budweiser OF BEEES RIGINAL PREDLESSLINING CE AND BEST BREWED WITH Wibier WHEAT BEER BIERE BLANCHE NATURALLY CLOUDY BIER BEER NATED W IN GERMAN BREMEN UCT OF USA BRAUERELICK & CO-ST. LOUIS SUPERIOR CHT BEER CERVEJA PURO MALTE U HEUSER CHII ABInBev#11ABI Today +200 Breweries ABInBev#12ABI Today ~$50 Billion Revenue Industry Leading Operating Margins Strong Operating Cashflows >30% Total Global Beer Profit Pool ABInBev#13Budweise ANNO 1365 PREMIUM LAGER BEEN BUD LIGHT AB STELLA ARTOIS Budweiser NG OF BEELS GINAL PREDIC CE AND BEST HEUSER CHI ABI Ecosystem AB Corona Extra SID BEER LA CERVEZA MAS FINA 12 PL02 BUD LIGHT USING THE CHIC ANHEUSER-BUSCH, INC CERVECERIA MODELO MEXICO NG STAWHY and 500+ Beer brands CERVEJAS DESCE REDONDO SKOL CERVEJA PILSEN 600 FRESH BRAHMA Cass 100 ML FRESH BRAHMA COVER PLIES ABInBev#14+20K Farmers +100K Suppliers +200 Breweries ABI Ecosystem +2B Consumers +500 Beer brands +6M Customers +5K Wholesalers ABInBev#15キ Problems such as... Why can I get a hot pizza delivered in 30 minutes, but I can't get a cold beer delivered when I need it? ABInBev#16キ Problems such as... Why can't I get a great quality cocktail wherever I am, in a convenient package? ABInBev#17キ Why do I have such a tough time Problems such as... getting consistent and reliable access to great products and services? ABInBev#18キ Problems such as... How can we help provide protein to feed the world in a sustainable way? ABInBev#19ABI Ecosystem +20K Farmers +100K Suppliers +2B Consumers BEER +200 Breweries +500 Brands +6M Customers +5K Wholesalers ABInBev#20ABI Ecosystem BEYOND BEER +20K Farmers +100K Suppliers +2B Consumers BEER +200 Breweries +500 Brands +6M Customers +5K Wholesalers ABInBev#21ABI Ecosystem BEYOND BEER +20K Farmers +100K Suppliers +2B Consumers BEER +200 Breweries +500 Brands +6M Customers +5K Wholesalers DIGITAL COMMERCE TAM ABInBev#22TAM BIOTECH INITIATIVES ABI Ecosystem BEYOND BEER +20K Farmers +100K Suppliers +2B Consumers BEER +200 Breweries +500 Brands +6M Customers +5K Wholesalers DIGITAL COMMERCE TAM ABInBev#23Our Purpose & Strategic Priorities Mich ULT Mich LTRA SUPERIC ALCOHOL ES PERJUDIC Seleb ABInBev#24Journey Forward ike's mike's mike's Con JUGO LIMON & VODKA ABInBev#25ABInBev To a Future with More Cheers ABInBev#26Evolution of our Strategy els es HARD LEMONAD com SUCO DE LIMÃO e VODKA ALCOÓLICO 7% VOL. 2691 MAZ HML OU 231142) TUBO DY OBO ML PARA 25 ONTEM AROMATIZANTE abinkability you will find in no other beer at one pri Beechwood Aging produces a taste, a smoothnes war which costs so much to brew and she weiser beer. We know of no brand pred MANGO TRADE MARK IB JD H HB REGISTERES Bu Budweiser KING OF BEERS ORIGINAL PROCE RICE AND BEST CO ANHEUSER BUSCH, INC Michelob ILTRA GANIC SELTZE MIXED BERRY LCAP CALS 901 PERS AGE IN A BEER ABInBev ZE#27China 10 Year Plan Lead and shape the super premium/premium category Super Premium/Premium mix of industry vs. ABI share of segment Source: GlobalData Hoegaard 130 rosée udweis SUPREME ABI share of segment S. Premium/Premium Ind Mix 45%+ 42% 16% 11% 20% Budweise PREMIUM BLUE GIR 8% Budweiser Corona Extra LAGER UE GIRL 2011 2015 2018 ABInBev#28United States 10 Year Plan US resumed sustained, organic topline growth ABI Net Revenue Growth ANHEUSER-BUSCH LFG TNT -1.8% -0.7% 0.8% 0.2% 3.6% 2017 2018 2019 2020 9M21 ABInBev#293 clear areas of growth: BEER ABInBev#303 clear areas of growth: BEYOND BEER BEER ABInBev#313 clear areas of growth: TAM BIOTECH INITIATIVES BEYOND BEER DIGITAL BEER COMMERCE TAM ABInBev#32We have evolved and simplified our strategy: 3 1 Optimize our Business Lead & Grow the Category 2 Digitize & Monetize our Ecosystem ABInBev