European public debt

Certain debt securities issued outside the United States in reliance on Regulation S by Anheuser-Busch InBev SA/NV (“ABISA”) under its Euro Medium-Term Note Programme are guaranteed by Anheuser-Busch InBev Worldwide Inc. (“ABIWW”), Anheuser-Busch InBev Finance Inc. (“ABIFI”), Anheuser-Busch Companies, LLC (“ABC”), Brandbrew S.A. (“Brandbrew”), Brandbev S.à r.l. (“Brandbev”) and Cobrew NV (“Cobrew”) (collectively, the “Subsidiary Guarantors”). ABISA owns, directly or indirectly, 100% of each of the Subsidiary Guarantors. The information presented below has been presented to satisfy the

disclosure

requirements of the United Kingdom

Financial Conduct

Authority.

Summarized Financial Information

The first five columns in the table below present summarized financial information for (i) ABISA, (ii) ABIWW, (iii) ABIFI and (iv) ABC, and (v) Brandbrew, Brandbev and Cobrew. Investments in consolidated subsidiaries are presented under the equity method of accounting.

The final column presents financial information for ABISA and the Subsidiary Guarantors on a combined basis after elimination of intercompany transactions and balances among them and excluding investments in and equity in the earnings of both non Guarantor Subsidiaries and Guarantor Subsidiaries.


Income Statement Data For the year ended 31 December 2021	ABISA			ABIWW			ABIFI			ABC			Brandbrew, Brandbev and Cobrew			Eliminations			Total ABISA and Subsidiary Guarantors after eliminations
Million US dollar	ABISA			ABIWW			ABIFI			ABC			Brandbrew, Brandbev and Cobrew			Eliminations			Total ABISA and Subsidiary Guarantors after eliminations
Revenue - external		472			—			—			14 104			—			—			14 576

Revenue from non-guarantor subsidiaries		122			—			—			222			—			—			344

Revenue from guarantor subsidiaries		—			—			—			54			—			(54	)		—

Cost of sales - external		(275	)		—			—			(5 462	)		—			—			(5 737	)
Cost of sales to non-guarantor subsidiaries		(157	)		—			—			(687	)		—			—			(844	)
Cost of sales to guarantor subsidiaries		(15	)		—			—			(34	)		—			49			—

Gross profit		147			—			—			8 197			—			(5	)		8 339

Selling, general and administrative expenses - external		(589	)		—			—			(3 974	)		6			—			(4 557	)
Selling, general and administrative expenses (non-guarantor subsidiaries)		(17	)		—			—			(248	)		12			—			(253	)
Selling, general and administrative expenses (guarantor subsidiaries)		158			1 313			—			(1 491	)		15			5			—
Other operating income/(expenses)¹ - external		2			—			—			(191	)		—			—			(189	)
Other operating income/(expenses)¹ (non-guarantor subsidiaries)		37			—			—			114			—			—			151
Other operating income/(expenses)¹ (guarantor subsidiaries)		42			(5	)		—			(37	)		—			—			—

Profit /(loss) from operations		(220	)		1 308			—			2 370			33			—			3 491

Net finance income/(cost) - external		(1 016	)		(2 088	)		(346	)		(1 484	)		109			—			(4 825	)
Net finance income/(cost) (non-guarantor subsidiaries)		149			2 025			60			713			817			—			3 764
Net finance income/(cost) (guarantor subsidiaries)		139			(1 314	)		350			1 276			(451	)		—			—
Share of result of associates and joint ventures		—			—			—			2			—			—			2
Income tax expense		(13	)		(56	)		(12	)		(296	)		—			—			(377	)

Profit /(loss) from continuing operations		(961	)		(125	)		52			2 581			508			—			2 055

Income from non-guarantor subsidiaries		4 717			(58	)		—			201			361			(5 221	)		—
Income from guarantor subsidiaries		914			2 977			—			—			—			(3 891	)		—
Profit from discontinued operations		—			—			—			—			—			—			—

Profit of the year		4 670			2 794			52			2 782			869			(9 112	)		2 055

1	Other operating income/(expense) include exceptional items.


Income Statement Data For the year ended 31 December 2020	ABISA			ABIWW			ABIFI			ABC			Brandbrew, Brandbev and Cobrew			Eliminations			Total ABISA and Subsidiary Guarantors after eliminations
Million US dollar	ABISA			ABIWW			ABIFI			ABC			Brandbrew, Brandbev and Cobrew			Eliminations			Total ABISA and Subsidiary Guarantors after eliminations
Revenue - external		373			—			—			13 587			—			—			13 960

Revenue from non-guarantor subsidiaries		117			—			—			183			—			—			300

Revenue from guarantor subsidiaries		—			—			—			36			—			(36	)		—

Cost of sales - external		(216	)		—			—			(5 138	)		—			—			(5 354	)
Cost of sales to non-guarantor subsidiaries		(130	)		—			—			(583	)		—			—			(713	)
Cost of sales to guarantor subsidiaries		(11	)		—			—			(25	)		—			36			—

Gross profit		133			—			—			8 061			—			—			8 194

Selling, general and administrative expenses - external		(401	)		—			—			(3 670	)		(17	)		—			(4 088	)
Selling, general and administrative expenses (non-guarantor subsidiaries)		110			1			—			(164	)		3			—			(50	)
Selling, general and administrative expenses (guarantor subsidiaries)		414			1 274			(1	)		(1 688	)		1			—			—
Other operating income/(expenses )¹ - external		(159	)		—			—			(196	)		62			—			(293	)
Other operating income/(expenses)¹ (non-guarantor subsidiaries)		(15	)		—			—			187			—			—			172
Other operating income/(expenses)¹ (guarantor subsidiaries)		46			(4	)		—			(42	)		—			—			—

Profit /(loss) from operations		128			1 271			(1	)		2 488			49			—			3 935

Net finance income/(cost) - external		(1 026	)		(2 136	)		(904	)		180			(2 244	)		—			(6 130	)
Net finance income/(cost) (non-guarantor subsidiaries)		385			60			7			1 229			1 478			—			3 159
Net finance income/(cost) (guarantor subsidiaries)		(787	)		525			516			(366	)		112			—			—
Share of result of associates and joint ventures		—			—			—			(5	)		—			—			(5	)
Income tax expense		(26	)		498			(17	)		(554	)		(3	)		—			(102	)

Profit /(loss) from continuing operations		(1 326	)		218			(399	)		2 972			(607	)		—			859

Income from non-guarantor subsidiaries		2 650			(121	)		—			112			719			(3 360	)		—
Income from guarantor subsidiaries		81			2 969			—			—			—			(3 050	)		—
Profit from discontinued operations		—			—			—			—			368			—			368

Profit of the year		1 405			3 065			(399	)		3 085			480			(6 410	)		1 227

1	Other operating income/(expense) include exceptional items.


Bal a nce Sheet Data As at 31 December 2021	ABISA		ABIWW		ABIFI		ABC		Brandbrew, Brandbev and Cobrew		Eliminations			Total ABISA and Subsidiary Guarantors after eliminations
Million US dollar	ABISA		ABIWW		ABIFI		ABC		Brandbrew, Brandbev and Cobrew		Eliminations			Total ABISA and Subsidiary Guarantors after eliminations
Due from non-guarantor subsidiaries		13 141		15 102		1 200		32 092		16 496		—			78 031
Due from guarantor subsidiaries		—		—		6 076		1 233		—		(7 309	)		—

Due from subsidiaries		13 141		15 102		7 276		33 325		16 496		(7 309	)		78 031

Property, plant and equipment		62		—		—		4 343		—		—			4 405
Goodwill and intangible assets		1 364		—		—		55 283		97		—			56 744
Investments in subsidiaries		112 722		79 596		—		35 862		15 017		(243 197	)		—
Derivatives		—		—		—		—		48		—			48
Other non-current assets		—		207		—		30		—		—			237

Other non-current assets		114 148		79 803		—		95 518		15 162		(243 197	)		61 434

Total non-current assets		127 289		94 905		7 276		128 843		31 658		(250 506	)		139 465

Due from non-guarantor subsidiaries		646		—		71		3 007		3 436		—			7 160
Due from guarantor subsidiaries		655		5 934		731		81		3 402		(10 803	)		—

Due from subsidiaries		1 301		5 934		802		3 088		6 838		(10 803	)		7 160

Inventories		—		—		—		961		—		—			961
Derivatives		—		—		—		132		293		—			425
Trade and other receivables		201		—		—		546		9		—			756
Cash and cash equivalents		1 127		7		7		367		8 156		—			9 664
Other current assets		9		—		—		57		2		—			68

Other current assets		1 337		7		7		2 063		8 460		—			11 874

Total current assets		2 638		5 941		809		5 151		15 298		(10 803	)		19 034

Total equity		68 669		57 635		678		71 348		23 849		(243 197	)		(21 018	)

Due to non-guarantor subsidiaries		17 517		7 325		—		20 768		3 350		—			48 960
Due to guarantor subsidiaries		6 076		1 233		—		—		—		(7 309	)		—

Due to subsidiaries		23 593		8 558		—		20 768		3 350		(7 309	)		48 960

Interest-bearing loans and borrowings		25 483		33 064		7 268		19 905		—		—			85 720
Employee benefits		3		—		—		803		—		—			806
Deferred tax liabilities		—		—		1		6 520		60		—			6 581
Derivatives		—		—		—		—		100		—			100
Other non-current liabilities		—		—		—		110		—		—			110

Other non-current liabilities		25 486		33 064		7 269		27 338		160		—			93 317

Total non-current liabilities		49 079		41 622		7 269		48 106		3 510		(7 309	)		142 277

Due to non-guarantor subsidiaries		244		732		—		4 771		9 190		—			14 937
Due to guarantor subsidiaries		4 658		24		—		5 875		246		(10 803	)		—

Due to subsidiaries		4 902		756		—		10 646		9 436		(10 803	)		14 937

Interest-bearing loans and borrowings		1		218		—		19		—		—			238
Derivatives		2		—		—		12		5 666		—			5 680
Bank overdrafts		6 292		—		2		—		4 474		—			10 768
Trade and other payables		905		543		131		3 863		21		—			5 463
Other current liabilities		77		72		5		—		—		—			154

Other current liabilities		7 277		833		138		3 894		10 161		—			22 303

Total current liabilities		12 179		1 589		138		14 540		19 597		(10 803	)		37 240


Balance Sheet Data As at 31 December 2020	ABISA		ABIWW		ABIFI		ABC		Brandbrew, Brandbev and Cobrew		Eliminations			Total ABISA and Subsidiary Guarantors after eliminations
Million US dollar	ABISA		ABIWW		ABIFI		ABC		Brandbrew, Brandbev and Cobrew		Eliminations			Total ABISA and Subsidiary Guarantors after eliminations
Due from non-guarantor subsidiaries		6 858		11 682		1 200		14 463		9 217		—			43 420
Due from guarantor subsidiaries		—		—		6 609		—		—		(6 609	)		—

Due from subsidiaries		6 858		11 682		7 809		14 463		9 217		(6 609	)		43 420

Property, plant and equipment		61		—		—		4 306		—		—			4 367
Goodwill and intangible assets		1 246		—		—		55 397		97		—			56 740
Investments in subsidiaries		121 737		75 095		—		42 150		17 408		(256 390	)		—
Derivatives		—		—		—		—		117		—			117
Other non-current assets		—		191		—		56		132		—			379

Other non-current assets		123 044		75 286		—		101 909		17 754		(256 390	)		61 602

Total non-current assets		129 902		86 968		7 809		116 372		26 971		(262 999	)		105 022

Due from non-guarantor subsidiaries		5 831		2 386		37		4 116		10 511		—			22 881
Due from guarantor subsidiaries		481		5 317		3 411		—		7 420		(16 629	)		—

Due from subsidiaries		6 312		7 703		3 448		4 116		17 931		(16 629	)		22 881

Inventories		—		—		—		751		—		—			751
Derivatives		—		—		—		76		556		—			632
Trade and other receivables		149		—		—		630		1		—			780
Cash and cash equivalents		6 887		3		—		187		13 601		—			20 678
Other current assets		9		471		—		3		—		—			483

Other current assets		7 045		474		—		1 647		14 158		—			23 323

Total current assets		13 357		8 177		3 488		5 763		32 089		(16 629	)		46 204

Total equity		68 024		49 373		627		75 634		24 470		(256 390	)		(38 262	)

Due to non-guarantor subsidiaries		18 979		7 798		—		5 351		4 236		—			36 364
Due to guarantor subsidiaries		6 609		—		—		—		—		(6 609	)		—

Due to subsidiaries		25 588		7 798		—		5 351		4 236		(6 609	)		36 364

Interest-bearing loans and borrowings		29 987		36 280		7 826		19 891		—		—			93 984
Employee benefits		4		—		—		1 066		—		—			1 070
Deferred tax liabilities		—		—		—		6 692		—		—			6 692
Derivatives		—		—		—		—		1 759		—			1 759
Other non-current liabilities		30		—		—		341		—		—			370

Other non-current liabilities		30 021		36 280		7 826		27 989		1 759		—			103 874

Total non-current liabilities		55 609		44 078		7 826		33 340		5 995		(6 609	)		140 238

Due to non-guarantor subsidiaries		73		536		1		4 090		11 263		—			15 963
Due to guarantor subsidiaries		7 878		32		—		4 917		3 802		(16 629	)		—

Due to subsidiaries		7 951		568		1		9 007		15 065		(16 629	)		15 963

Interest-bearing loans and borrowings		1 485		37		182		11		—		—			1 715
Derivatives		—		—		—		12		4 924		—			4 936
Bank overdrafts		9 274		494		2 466		47		8 594		—			20 875
Trade and other payables		833		595		142		3 739		12		—			5 321
Other current liabilities		83		—		13		345		—		—			441

Other current liabilities		11 675		1 126		2 803		4 154		13 530		—			33 290

Total current liabilities		19 626		1 694		2 804		13 161		28 595		(16 629	)		49 253