Notice of Currency Exchange Rate Dividend No. 25 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. 25 Shareholders of AB InBev are referred to the announcement published on the Stock Exchange News Service of the JSE (“SENS”) on Thursday, 25 October 2018 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 2018 (the “Dividend”). The exchange rate applicable for the conversion of Euro to SA Rand for the Dividend will be €1.00 to ZAR 15.6278123 as calculated at the close of business on Monday, 26 November 2018. Accordingly, the gross amount of the Dividend is 1250.22498 SA cents per ordinary share and will be subject to a Belgian Withholding Tax of 30% (equalling 375.06749 SA cents per ordinary 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 875.15749 SA cents per ordinary 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 Thursday, 25 October 2018. 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 dividends tax, in which case only Belgian Withholding Tax of 15% will be applicable). ZAR cents Gross amount of the Dividend 1250.22498 Less: 30% Belgian Withholding Tax 375.06749 Net Dividend after the deduction of the Belgian Withholding Tax 875.15749 Less: 5% SA Dividends Tax 62.51125 Net amount of the Dividend 812.64624 Shareholders who are in any doubt as to their tax position should seek independent professional advice. 2018 Last day to trade on the Johannesburg Stock Exchange (JSE) to qualify for Tuesday, 27 November the Dividend Ex-Dividend on Euronext from the commencement of trading on Tuesday, 27 November Ex-Dividend on the JSE from commencement of trading on Wednesday, 28 November Record date on Euronext Wednesday, 28 November Dividend payable (Euronext) Thursday, 29 November Record date on the JSE Friday, 30 November Dividend payable (SA) Monday, 3 December No transfers of shareholdings to and from South Africa will be permitted between Tuesday, 27 November 2018 and Friday, 30 November 2018 (both dates inclusive). No dematerialisation or rematerialisation orders will be permitted between Wednesday, 28 November 2018 and Friday, 30 November 2018 (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. 27 November 2018 Joint Sponsors Questco Corporate Advisory Proprietary Limited Deutsche Securities (SA) 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: 27/11/2018 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.