<SEC-DOCUMENT>0001193125-24-071310.txt : 20240319
<SEC-HEADER>0001193125-24-071310.hdr.sgml : 20240319
<ACCEPTANCE-DATETIME>20240319161401
ACCESSION NUMBER:		0001193125-24-071310
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20240319
FILED AS OF DATE:		20240319
DATE AS OF CHANGE:		20240319

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Anheuser-Busch InBev SA/NV
		CENTRAL INDEX KEY:			0001668717
		STANDARD INDUSTRIAL CLASSIFICATION:	MALT BEVERAGES [2082]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			C9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37911
		FILM NUMBER:		24763373

	BUSINESS ADDRESS:	
		STREET 1:		BROUWERIJPLEIN 1
		CITY:			LEUVEN
		STATE:			C9
		ZIP:			3000
		BUSINESS PHONE:		32(0)16276018

	MAIL ADDRESS:	
		STREET 1:		BROUWERIJPLEIN 1
		CITY:			LEUVEN
		STATE:			C9
		ZIP:			3000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Newbelco SA/NV
		DATE OF NAME CHANGE:	20160304
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d630407d6k.htm
<DESCRIPTION>6-K
<TEXT>
<HTML><HEAD>
<TITLE>6-K</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">6-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>REPORT OF
FOREIGN PRIVATE ISSUER </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PURSUANT TO RULE <FONT STYLE="white-space:nowrap">13a-16</FONT> OR
<FONT STYLE="white-space:nowrap">15d-16</FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>UNDER THE SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the month of March, 2024 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Commission File No.: <FONT STYLE="white-space:nowrap">001-37911</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>Anheuser-Busch InBev SA/NV </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Translation of registrant&#146;s name into English) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Brouwerijplein 1 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>3000
Leuven, Belgium </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive offices ) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant files or will file annual reports under cover of Form
<FONT STYLE="white-space:nowrap">20-F</FONT> or Form <FONT STYLE="white-space:nowrap">40-F:</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Form
<FONT STYLE="white-space:nowrap">20-F&#8194;&#9746;&#8195;&#8195;&#8195;Form</FONT> <FONT STYLE="white-space:nowrap">40-F&#8194;&#9744;</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THIS
REPORT ON FORM <FONT STYLE="white-space:nowrap">6-K</FONT> SHALL BE DEEMED TO BE INCORPORATED BY REFERENCE IN THE REGISTRATION STATEMENT ON FORM <FONT STYLE="white-space:nowrap">F-3</FONT> (FILE NO.
<FONT STYLE="white-space:nowrap">333-277873)</FONT> AND EACH OF THE REGISTRATION STATEMENTS ON FORM <FONT STYLE="white-space:nowrap">S-8</FONT> (FILE NO. <FONT STYLE="white-space:nowrap">333-268582),</FONT> FORM
<FONT STYLE="white-space:nowrap">S-8</FONT> (FILE NO. <FONT STYLE="white-space:nowrap">333-250930),</FONT> FORM <FONT STYLE="white-space:nowrap">S-8</FONT> (FILE NO. <FONT STYLE="white-space:nowrap">333-237367),</FONT> FORM <FONT
STYLE="white-space:nowrap">S-8</FONT> (FILE NO. <FONT STYLE="white-space:nowrap">333-231556),</FONT> FORM <FONT STYLE="white-space:nowrap">S-8</FONT> (FILE NO. <FONT STYLE="white-space:nowrap">333-227335),</FONT> FORM
<FONT STYLE="white-space:nowrap">S-8</FONT> (FILE NO. <FONT STYLE="white-space:nowrap">333-172069),</FONT> FORM <FONT STYLE="white-space:nowrap">S-8</FONT> (FILE NO. <FONT STYLE="white-space:nowrap">333-171231),</FONT> FORM <FONT
STYLE="white-space:nowrap">S-8</FONT> (FILE NO. <FONT STYLE="white-space:nowrap">333-169272),</FONT> FORM <FONT STYLE="white-space:nowrap">S-8</FONT> (FILE NO. <FONT STYLE="white-space:nowrap">333-165566),</FONT> FORM
<FONT STYLE="white-space:nowrap">S-8</FONT> (FILE NO. <FONT STYLE="white-space:nowrap">333-165065),</FONT> FORM <FONT STYLE="white-space:nowrap">S-8</FONT> (FILE NO. <FONT STYLE="white-space:nowrap">333-178664),</FONT> FORM <FONT
STYLE="white-space:nowrap">S-8</FONT> (FILE NO. <FONT STYLE="white-space:nowrap">333-188517),</FONT> FORM <FONT STYLE="white-space:nowrap">S-8</FONT> (FILE NO. <FONT STYLE="white-space:nowrap">333-192806),</FONT> FORM
<FONT STYLE="white-space:nowrap">S-8</FONT> (FILE NO. <FONT STYLE="white-space:nowrap">333-201386),</FONT> FORM <FONT STYLE="white-space:nowrap">S-8</FONT> (FILE NO. <FONT STYLE="white-space:nowrap">333-208634)</FONT> AND FORM <FONT
STYLE="white-space:nowrap">S-8</FONT> (FILE NO. <FONT STYLE="white-space:nowrap">333-221808)</FONT> OF ANHEUSER-BUSCH INBEV SA/NV AND TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR
REPORTS SUBSEQUENTLY FILED OR FURNISHED. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT INDEX </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Exhibit</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Number</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Description</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#8199;1.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d630407dex11.htm">Underwriting Agreement, dated as of March&nbsp;14, 2024 between Altria Group, Inc., Anheuser-Busch InBev SA/NV, Morgan Stanley&nbsp;&amp; Co. LLC, J.P. Morgan Securities LLC and J.P. Morgan SE.
</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&#8199;5.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d630407dex51.htm">Opinion of Freshfields Bruckhaus Deringer LLP, as to the validity of the ordinary shares. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d630407dex991.htm">Press release issued March&nbsp;19, 2024 announcing closing of buyback and secondary global offering by Altria Group, Inc. </A></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%"></TD>

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ANHEUSER-BUSCH INBEV SA/NV</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><I>(Registrant) </I></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Dated: March&nbsp;19, 2024</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Jan Vandermeersch</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Jan Vandermeersch</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &#8194;Global Legal Director Corporate</TD></TR>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>d630407dex11.htm
<DESCRIPTION>EX-1.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-1.1</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 1.1 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B></B><B><I>Execution Version</I></B><B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ANHEUSER-BUSCH INBEV SA/NV </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>35,000,000 Ordinary Shares </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(including 12,250,000 Ordinary Shares Represented by American Depositary Shares, each Representing One Ordinary Share) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>UNDERWRITING AGREEMENT </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">March&nbsp;14, 2024 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Morgan Stanley&nbsp;&amp;
Co.&nbsp;LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">J.P. Morgan Securities LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">J.P. Morgan SE </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">as Representatives of the several Underwriters named in <U>Schedule</U><U></U><U>&nbsp;A</U> hereto </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o Morgan Stanley&nbsp;&amp; Co.&nbsp;LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1585 Broadway </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10036 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o J.P. Morgan Securities LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">383 Madison Avenue </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10179 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o J.P. Morgan SE </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Taunustor 1 (TaunusTurm) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">60310 Frankfurt am Main </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Germany </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Sirs and Madams: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.
<I>I<SMALL>NTRODUCTORY</SMALL></I><SMALL></SMALL>. Altria Group, Inc. (the &#147;<B><I>Selling Shareholder</I></B>&#148;) proposes to sell, pursuant to the terms of this Underwriting Agreement (the &#147;<B><I>Agreement</I></B>&#148;), to the
several underwriters named in <U>Schedule</U><U></U><U>&nbsp;A</U> hereto (the &#147;<B><I>Underwriters</I></B>,&#148; or, each, an &#147;<B><I>Underwriter</I></B>&#148;), an aggregate of 35,000,000 ordinary shares of Anheuser-Busch Inbev SA/NV, a
public limited liability company (<I>soci</I><I>&eacute;</I><I>t</I><I>&eacute;</I><I> anonyme/naamloze vennooschap</I>) organized and existing under the laws of the Kingdom of Belgium, (the &#147;<B><I>Company</I></B>&#148;), without nominal value
(&#147;<B><I>Ordinary Shares</I></B>&#148;), including (i) 12,250,000 Ordinary Shares represented by American Depositary Shares (&#147;<B><I>ADSs</I></B>&#148;) in a public offering and (ii) 22,750,000 Ordinary Shares in a public offering in the
United States and in a concurrent private placement in the European Economic Area to certain legal entities all of which are qualified investors within the meaning of Regulation (EU) 2017/1129 (as amended, the &#147;<B><I>Prospectus
Regulation</I></B>&#148;), in the United Kingdom (the &#147;<B><I>UK</I></B>&#148;) to any legal entity which is a qualified investor within the meaning of Regulation (EU) 2017/1129 as it forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018, as amended and in other countries outside of the United States in which, and only to those persons to whom, offers of Ordinary Shares may lawfully be made (collectively, the &#147;<B><I>Offerings</I></B>&#148;). The aggregate
of 12,250,000 ADSs so proposed to be sold in the Offerings is hereinafter referred to as the &#147;<B><I>Firm ADSs</I></B>,&#148; and the aggregate of 22,750,000 Ordinary Shares proposed to be sold in the Offerings is hereinafter referred to as the
&#147;<B><I>Firm Shares</I></B>&#148; and, together with the Firm ADSs, are hereinafter referred to as the &#147;<B><I>Firm Securities</I></B>.&#148;<B><I> </I></B>The Selling Shareholder also proposes to sell to the Underwriters, upon the terms and
conditions set forth in Section&nbsp;4 hereof, up to an additional 5,250,000 Ordinary Shares to be represented by ADSs in the Offerings (the &#147;<B><I>Optional ADSs</I></B>&#148;). All or some of the Ordinary Shares proposed to be sold by the
Selling Shareholder will result from the conversion by the Selling Shareholder of restricted shares of the Company, without nominal value (the &#147;<B><I>Restricted Shares</I></B>&#148;) into Ordinary Shares. The Firm ADSs, and the Optional ADSs
are hereinafter collectively referred to as the &#147;<B><I>Offered ADSs</I></B>.&#148;<B><I> </I></B>The Firm Shares are hereinafter also referred to as the &#147;<B><I>Offered Shares</I></B>.&#148;<B><I> </I></B>The Offered ADSs and the Offered
Shares are hereinafter collectively referred to as the &#147;<B><I>Securities</I></B>.&#148; Morgan Stanley&nbsp;&amp; Co.&nbsp;LLC, J.P. Morgan Securities LLC and J.P. Morgan SE are acting as representatives of the several Underwriters and in such
capacity are hereinafter referred to as the &#147;<B><I>Representatives</I></B>.&#148; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Selling Shareholder shall, following the purchase by the Underwriters of the Offered
ADSs, deposit, on behalf of the Underwriters, the Ordinary Shares to be represented by the Offered ADSs with ING Bank N.V. as custodian (the &#147;<B><I>Custodian</I></B>&#148;) for The Bank of New York Mellon (the
&#147;<B><I>Depositary</I></B>&#148;), which shall deliver the Offered ADSs to the Representatives for the account of the several Underwriters for subsequent delivery to the other several Underwriters or the investors, as the case may be. Each ADS
will represent one Ordinary Share and will be issued pursuant to the amended and restated deposit agreement dated March&nbsp;23, 2018 (as amended from time to time, the &#147;<B><I>Deposit Agreement</I></B>&#148;) by and among the Company, the
Depositary and all owners and holders from time to time of the ADSs issued thereunder. Each reference herein to an ADR shall include the corresponding ADS and vice versa. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Selling Shareholder and the Company understand that the Underwriters propose to offer the Offered ADSs in a public offering and the
Offered Shares in a public offering in the United States and in a concurrent private placement in the European Economic Area, the UK and certain other jurisdictions outside of the United States as soon as the Representatives deem advisable after
this Agreement has been executed and delivered. The price to the public of each of the Offered ADSs and the Offered Shares has been fixed through a <FONT STYLE="white-space:nowrap">book-building</FONT> process immediately prior to the signing of
this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with the transactions contemplated by this Agreement, the Company and the Selling Shareholder entered into
that certain share repurchase agreement, dated as of March&nbsp;13, 2024 (the &#147;<B><I>Share Repurchase Agreement</I></B>&#148;), pursuant to which and subject to the terms and conditions set forth therein, the Company agreed to repurchase from
the Selling Shareholder $200,000,000 of Ordinary Shares (the &#147;<B><I>Share Repurchase Transaction</I></B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.
<I>R<SMALL>EPRESENTATIONS</SMALL> <SMALL>AND</SMALL> W<SMALL>ARRANTIES</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> C<SMALL>OMPANY</SMALL></I><SMALL></SMALL>. The Company represents and warrants to the several Underwriters, as of the date hereof and
as of each Closing Date (as defined below), and agrees with the several Underwriters, that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) An &#147;automatic shelf registration
statement&#148; as defined under Rule 405 under the Securities Act of 1933, as amended (the &#147;<B><I>Securities Act</I></B>&#148;), on Form <FONT STYLE="white-space:nowrap">F-3</FONT> (Registration
<FONT STYLE="white-space:nowrap">No.&nbsp;333-277873)</FONT> relating to the Securities has been filed by the Company with the Securities and Exchange Commission (the &#147;<B><I>Commission</I></B>&#148;) not earlier than three years prior to the
date of this Agreement; such registration statement and any post-effective amendment thereto became effective on filing; no stop order suspending the effectiveness of such registration statement is in effect and no proceedings for such purpose are
pending before or threatened by the Commission; and no notice of objection of the Commission to the use of such registration statement or any post-effective amendment thereto pursuant to Rule 401(g)(2) under the Securities Act has been received by
the Company. For purposes of this Agreement: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) the base prospectus filed as part of such registration statement, in the form in which
it has most recently been filed with the Commission on or prior to the date of the this Agreement, is hereinafter called the &#147;<B><I>Base Prospectus</I></B>&#148;; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) any preliminary form of prospectus (including any preliminary prospectus supplement) relating to the Securities filed with the
Commission pursuant to Rule&nbsp;424(b) under the Securities Act is hereinafter called a &#147;<B><I>Preliminary Prospectus</I></B>&#148;; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) the various parts of such registration statement, including all exhibits thereto but excluding Form
<FONT STYLE="white-space:nowrap">T-1</FONT> and including any prospectus supplement relating to the Securities that is filed with the Commission and deemed by virtue of Rule 430B to be part of such registration statement, each as amended at the time
such part of the registration statement became effective, are hereinafter collectively called the &#147;<B><I>Registration Statement</I></B>&#148;; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iv) the Base Prospectus, as amended and supplemented immediately prior to 6:30 A.M New York time on the date of this Agreement (the
&#147;<B><I>Applicable Time</I></B>&#148;), is hereinafter called the &#147;<B><I>Pricing Prospectus</I></B>&#148;; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(v) the form of final prospectus relating to the Securities filed with the Commission
pursuant to Rule 424(b) under the Securities Act in accordance with Section&nbsp;9(a) hereof is hereinafter called the &#147;<B><I>Prospectus</I></B>&#148;; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(vi) any reference in this Agreement to the Registration Statement, the Base Prospectus, the Pricing Prospectus, any Preliminary Prospectus
or the Prospectus shall be deemed to refer to and include the documents incorporated by reference therein pursuant to Item 6 of Form <FONT STYLE="white-space:nowrap">F-3</FONT> under the Securities Act which were filed or furnished under the
Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission thereunder (collectively, the &#147;<B><I>Exchange Act</I></B>&#148;) on or before the date of this Agreement or the date of the Base Prospectus, the
Pricing Prospectus, any Preliminary Prospectus or the Prospectus, as the case may be; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(vii) any reference to &#147;amend&#148;,
&#147;amendment&#148; or &#147;supplement&#148; with respect to the Registration Statement, the Base Prospectus, the Pricing Prospectus, any Preliminary Prospectus or the Prospectus shall be deemed to refer to and include any documents filed or
furnished under the Exchange Act after the date of this Agreement, or the date of the Base Prospectus, the Pricing Prospectus, any Preliminary Prospectus or the Prospectus, as the case may be, which are deemed to be incorporated by reference
therein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) (i) Each part of the Registration Statement, when such part became effective, did not contain, and, as amended or
supplemented, if applicable, did not or will not, as the case may be, contain at the time of such amendment or supplement, any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make
the statements therein not misleading, (ii)&nbsp;the Registration Statement and the Prospectus comply and, as amended or supplemented, if applicable, will comply, as the case may be, in all material respects with the Securities Act and the
applicable rules and regulations of the Commission thereunder (the &#147;<B><I>Rules and Regulations</I></B>&#148;), (iii) the Prospectus does not or will not, as the case may be, as of the date of the Prospectus and as at each Closing Date, contain
and, as amended or supplemented, if applicable, at the time of such amendment or supplement, will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading, except that the representations and warranties set forth in this Section&nbsp;2(b) do not apply (A)&nbsp;to statements or omissions in the Registration Statement or the Prospectus, as amended
or supplemented, if applicable, based upon information concerning any Underwriter furnished to the Company in writing by such Underwriter through the Representatives expressly for use therein, which information the parties hereto agree is limited to
the Underwriters&#146; Information (as defined in Section&nbsp;21 hereof), (B) to Selling Shareholder Information (as defined in Section&nbsp;3(i) hereof) or (C)&nbsp;to statements or omissions in the Registration Statement or the Prospectus, as
amended or supplemented, if applicable, relating to The Depository Trust Company (&#147;<B><I>DTC</I></B>&#148;) Book-Entry-Only System that are based solely on information contained in published reports of DTC and (iv)&nbsp;each document, if any,
filed or to be filed pursuant to the Exchange Act and incorporated by reference in the Prospectus complied or will comply when so filed in all material respects with the Exchange Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) No order preventing or suspending the use of any Preliminary Prospectus or any &#147;issuer free writing prospectus&#148; as defined in
Rule 433 under the Securities Act relating to the Securities (an &#147;<B><I>Issuer Free Writing Prospectus</I></B>&#148;) has been issued by the Commission, and each Preliminary Prospectus filed as part of the Registration Statement as originally
filed or as part of any amendment thereto, or filed pursuant to Rule 424 under the Securities Act, complied when so filed in all material respects with the Securities Act and the rules and regulations of the Commission thereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) The Pricing Prospectus and the information included on <U>Schedule B</U> hereto, considered together (collectively, the
&#147;<B><I>General Disclosure Package</I></B>&#148;), as of the Applicable Time, did not include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in light of the
circumstances under which they were made, not misleading; each Issuer Free Writing Prospectus does not and will not conflict with the information contained in the Registration Statement, the ADS Registration Statement (as defined below), the Pricing
Prospectus or the Prospectus and when taken together with the General Disclosure Package as of the Applicable Time, did not include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements
therein, in light of the circumstances under which they were made, not misleading; as of the Applicable Time, no Written <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Testing-the-Waters</FONT></FONT> Communications (as defined
below), when considered together with the General Disclosure Package, included an untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements therein, in the light of the circumstances under
which </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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they were made, not misleading; except that the representations and warranties set forth in this Section&nbsp;2(d) do not apply to statements or omissions in the General Disclosure Package, an
Issuer Free Writing Prospectus, or Written <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Testing-the-Waters</FONT></FONT> Communication based upon (A)&nbsp;information concerning any Underwriter furnished to the Company in
writing by such Underwriter through the Representatives expressly for use therein, which information the parties hereto agree is limited to the Underwriters&#146; Information, or (B)&nbsp;the Selling Shareholder Information, or to any statements or
omissions made in the Registration Statement or the Prospectus relating to the DTC Book-Entry-Only System that are based solely on information contained in published reports of DTC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) At the time of the filing of the Registration Statement, at the time of the most recent amendment thereto for the purposes of complying
with Section&nbsp;10(a)(3) of the Securities Act (whether such amendment was by post-effective amendment, incorporated report filed or furnished pursuant to Section&nbsp;13 or 15(d) of the Exchange Act or form of prospectus), and at the time the
Company or any person acting on their behalf (within the meaning, for this clause only, of Rule 163(c) under the Securities Act) made any offer relating to the Securities in reliance on the exemption provided for in Rule 163 under the Securities
Act, the Company was a &#147;well-known seasoned issuer&#148; as defined in Rule 405 under the Securities Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) At the earliest time
after the filing of the Registration Statement that the Company or another offering participant made a bona fide offer (within the meaning of Rule 164(h)(2) under the Securities Act) of the Securities, the Company was not an &#147;ineligible
issuer&#148; as defined in Rule 405 under the Securities Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) A registration statement on Form
<FONT STYLE="white-space:nowrap">F-6</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-277899)</FONT> in respect of the Offered ADSs has been filed with the Commission; such registration statement in the form heretofore delivered to the
Representatives has become effective; no stop order suspending the effectiveness of such registration statement has been issued and no proceeding for that purpose or pursuant to Section&nbsp;8A of the Securities Act has been initiated or, to the
Company&#146;s knowledge, threatened by the Commission (the various parts of such registration statement, including all exhibits thereto, each as amended at the time such part of the registration statement became effective, being hereinafter called
the &#147;<B><I>ADS Registration Statement</I></B>&#148;); as of the applicable effective date of the ADS Registration Statement and any post-effective amendment thereto, the ADS Registration Statement and any such post-effective amendment complied
and will comply in all material respects with the applicable requirements of the Securities Act, and did not and will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in
order to make the statements therein not misleading. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) The number of Ordinary Shares of the Company that will result from the
conversion of Restricted Shares by the Selling Shareholder in connection with the transactions contemplated by this Agreement, together with all other Ordinary Shares of the Company that have been admitted to trading on Euronext Brussels
(&#147;<B><I>Euronext</I></B>&#148;) in the twelve (12)-month period prior to the request for listing of the Ordinary Shares to be issued in connection with the transactions contemplated by this Agreement, other than Ordinary Shares admitted to
trading on Euronext (i)&nbsp;pursuant to and following the approval and publication of a prospectus drawn up in accordance with the Prospectus Regulation or (ii)&nbsp;in reliance on an exemption under the Prospectus Regulation other than point
(a)&nbsp;of the first subparagraph of Article&nbsp;1(5) of the Prospectus Regulation, represent at such time less than twenty percent (20%) of the number of the Ordinary Shares of the Company already admitted to trading on Euronext. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) Except for in connection with the offering and sale of the Securities by the Selling Shareholder, from and after twelve (12)&nbsp;months
prior to the date of this Agreement, the Company has not taken any action which would constitute an offer of Ordinary Shares of the Company or ADSs to the public in any Member State of the European Economic Area for which a prospectus would need to
be approved and published in accordance with the Prospectus Regulation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j) (i) The Company has been duly organized and is validly
existing as a <I>soci&eacute;t&eacute; anonyme</I> under the laws of the Kingdom of Belgium; (ii)&nbsp;each significant subsidiary of the Company has been duly incorporated or organized, as the case may be, and is validly existing as a corporation,
partnership or limited liability company, as applicable, in good standing (where such concept exists) under the laws of the jurisdiction of its incorporation or organization and (iii)&nbsp;the Company and each of its significant subsidiaries are
duly qualified to do business and are in good standing as foreign corporations or other legal entities in each jurisdiction in which their respective ownership or lease of property or the conduct of their respective businesses requires such
qualification; except, in the case of clauses (ii)&nbsp;and (iii) where such failure would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect (as defined below). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(k) This Agreement has been duly authorized, executed and delivered by the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(l) The Deposit Agreement has been duly authorized, executed and delivered by the Company and, assuming due authorization, execution and
delivery by the Depositary, constitutes a valid and legally binding obligation of the Company, enforceable in accordance with its terms, subject as to enforceability, to bankruptcy, insolvency, reorganization, moratorium and similar laws of general
applicability relating to or affecting creditors&#146; rights and to general equity principles. Except as disclosed in the General Disclosure Package and the Prospectus, there are no limitations on the rights of holders of the Ordinary Shares
underlying the ADSs or ADSs to hold or vote or transfer their respective securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(m) Each of the Offered Shares to be sold by the
Selling Shareholder to the Underwriters hereunder, and the Ordinary Shares underlying the Offered ADSs, have been duly and validly authorized and duly and validly issued, fully paid and nonassessable, and will, when the Restricted Shares will have
been converted by the Selling Shareholder to Ordinary Shares in connection with the transactions contemplated by this Agreement, conform in all material respects to the descriptions thereof in the Registration Statement, the ADS Registration
Statement, the General Disclosure Package and the Prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(n) Upon the due issuance by the Depositary of the Offered ADSs against the
deposit of Ordinary Shares in accordance with the provisions of the Deposit Agreement, such ADSs will be duly and validly issued under the Deposit Agreement and will be freely transferable by the Selling Shareholder to or for the account of the
several Underwriters; and except as described in the Registration Statement and the Pricing Prospectus, there are no restrictions on subsequent transfers of the Ordinary Shares or the ADSs;<SUP STYLE="font-size:75%; vertical-align:top"> </SUP> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(o) The Company has a capitalization as set forth under the heading &#147;Capitalization and Indebtedness&#148; in the Pricing Prospectus, and
all of the issued shares of capital stock of the Company, including the Offered Shares and the Ordinary Shares underlying the Offered ADSs, have been duly and validly authorized and issued, are fully paid, nonassessable and free of any preemptive or
other similar rights other than as described in the Company&#146;s articles of association, the General Disclosure Package and the Prospectus, have been issued in compliance with the Company&#146;s articles of association and applicable company and
securities laws, and conform in all material respects to the description thereof contained in the General Disclosure Package and the Prospectus under the heading &#147;Description of Ordinary Shares.&#148; Except as described in or expressly
contemplated by the Registration Statement, the General Disclosure Package and the Prospectus, there were no authorized or outstanding shares of capital stock, options, warrants, preemptive rights, rights of first refusal or other rights to
purchase, or equity or debt securities convertible into or exchangeable or exercisable for, any capital stock of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(p) The
execution, delivery and performance of this Agreement by the Company, the sale of the Securities by the Selling Shareholder, the deposit with the Custodian of the Ordinary Shares underlying the Offered ADSs and the consummation of the transactions
contemplated hereby will not (i)&nbsp;conflict with or result in a breach or violation of any of the terms or provisions of, constitute a default or under, or result in the creation or imposition of any lien, encumbrance, security interest, claim or
charge upon any property or assets of the Company or any of its subsidiaries pursuant to, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company is a party or by which the Company or any of its
subsidiaries is bound or to which any of the property or assets of the Company or any of its subsidiaries is subject, (ii)&nbsp;result in any violation of the provisions of the articles of association of the Company or (iii)&nbsp;result in the
violation of any applicable U.S. or <FONT STYLE="white-space:nowrap">non-U.S.</FONT> law, statute, rule, regulation, judgment, order or decree of any court or governmental or regulatory agency or authority, having jurisdiction over the Company or
any of its subsidiaries or any of their respective properties or assets (including, without limitation, the rules and regulations of Euronext) except, in the case of clauses (i)&nbsp;and (iii) above, to the extent that any such conflict, breach,
violation or default that would not, individually or in the aggregate, be reasonably expected to result in a Material Adverse Effect (as defined below).<SUP STYLE="font-size:75%; vertical-align:top"> </SUP> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(q) Except for the registration of the Securities under the Securities Act and Exchange Act
(as defined below) and applicable U.S. state securities laws and any such consents, approvals, authorizations, orders and registrations or qualifications as may be required by the Financial Industry Regulatory Authority, Inc.
(&#147;<B><I>FINRA</I></B>&#148;) and the New York Stock Exchange (the &#147;<B><I>Exchange</I></B>&#148;), in connection with the purchase and distribution of the Offered ADSs by the Underwriters and the listing of the ADSs on the Exchange, and by
Euronext, in connection with the listing and admission to trading of the Ordinary Shares underlying the Offered ADSs and the Offered Shares on Euronext, no consent, approval, authorization or order of, or filing, qualification or registration (each,
an &#147;<B><I>Authorization</I></B>&#148;) with, any U.S. or <FONT STYLE="white-space:nowrap">non-U.S.</FONT> court, governmental or regulatory agency or authority, which has not been made, obtained or taken and is not in full force and effect, is
required for the execution, delivery and performance of this Agreement or the Deposit Agreement by the Company, the sale of the Securities, the deposit with the Custodian of the Ordinary Shares underlying the Offered ADSs or the consummation of the
transactions contemplated hereby. All corporate approvals (including those of shareholders) necessary for the Company to consummate the transactions contemplated by this Agreement have been obtained and are in effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(r) PwC Bedrijfsrevisoren BV/Reviseurs d&#146;Entreprises SRL, who have certified certain financial statements of the Company and its
subsidiaries included or incorporated by reference in the Registration Statement, the General Disclosure Package and the Prospectus, is an independent registered public accounting firm with respect to the Company within the meaning of <FONT
STYLE="white-space:nowrap">Article&nbsp;2-01</FONT> of Regulation <FONT STYLE="white-space:nowrap">S-X</FONT> and the Public Company Accounting Oversight Board (United States) (the &#147;<B><I>PCAOB</I></B>&#148;) and applicable Belgian law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(s) The financial statements, and the related notes thereto, included or incorporated by reference in the General Disclosure Package, the
Prospectus and the Registration Statement present fairly the consolidated financial position of the Company and its consolidated subsidiaries as of the dates indicated and the results of its operations and the changes in its consolidated cash flows
for the periods specified; said financial statements have been prepared in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board, and in conformity with International Financial
Reporting Standards as adopted by the European Union (&#147;<B><I>IFRS</I></B>&#148;), applied on a consistent basis; the supporting schedules included in the Registration Statement present fairly the information required to be stated therein; and,
if applicable, the pro forma financial information, and the related notes thereto, included in the General Disclosure Package, the Prospectus and the Registration Statement has been prepared in accordance with the applicable requirements of the
Securities Act, is based upon good faith estimates and assumptions believed by the Company to be reasonable, presents fairly the information shown in it on the bases described therein and, subject to the qualifications and limitations expressed in
such information and to the knowledge of the Company, the adjustments used in it are appropriate to give effect to the transactions and circumstances referred to in it. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(t) There has not been any material adverse change in the financial condition, business or operations of the Company, its subsidiaries and
controlled affiliates, taken as a whole, from that set forth in the General Disclosure Package (a &#147;<B><I>Material Adverse Effect</I></B>&#148;).<SUP STYLE="font-size:75%; vertical-align:top"> </SUP> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(u) Neither the Company nor, to the Company&#146;s knowledge, any of its officers or directors has taken or will take, directly or indirectly,
any action designed or intended to stabilize or manipulate the price of any security of the Company, or which caused or resulted in, or which might in the future reasonably be expected to cause or result in, stabilization or manipulation of the
price of any security of the Company or that could result in the loss by the Representatives of the ability to rely on any stabilization safe harbor pursuant to the Market Abuse Regulation (as defined below). The Company and each of its officers,
directors and affiliates have complied and will comply with Regulation (EU) 596/2014 of the European Parliament and of the Council of the European Union and the delegated regulations and rules promulgated thereunder (&#147;<B><I>Market Abuse
Regulation</I></B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(v) Other than the Belgian Tax on Stock Exchange Transactions (Article 120 and following of the Belgian Code
on Miscellaneous Duties and Taxes) and except as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, no stamp or other issuance or transfer taxes or duties are payable by or on behalf of the Underwriters in
the Kingdom of Belgium or any other jurisdiction in which the Company is <FONT STYLE="white-space:nowrap">tax-resident,</FONT> or to any taxing authority thereof or therein, in connection with (i)&nbsp;the execution, delivery or consummation of this
Agreement, (ii)&nbsp;the deposit by the Selling Shareholder with the Custodian of the Ordinary Shares against the Offered ADSs to be delivered, (iii)&nbsp;the sale and delivery of the Securities by the Selling Shareholder to the Underwriters or
purchasers procured by the Underwriters and (iv)&nbsp;the initial resale and delivery of the Securities by the Underwriters in the manner contemplated herein (other than (y) documentary duties that could become due on deeds and certificates issued
by Belgian officials (notaries, bailiffs and clerks) and banking institutions, provided that such deeds and certificates are drawn up, initialed and/or executed in Belgium and (z) a registration tax due on the voluntary registration in Belgium of
any document); provided that this Section&nbsp;2(v) shall not apply to any taxes that would not have been imposed but for an existing connection between the Underwriters and the taxing jurisdiction (other than a connection arising solely as a result
of the transactions contemplated hereby). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(w) The Company believes that it was not a &#147;passive foreign investment company&#148;
(&#147;<B><I>PFIC</I></B>&#148;) for U.S. federal income tax purposes for its most recent taxable year and it does not expect to be a PFIC for its current taxable year or in the foreseeable future. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(x) The Company is not tax resident in any jurisdiction other than the Kingdom of Belgium. Under the current laws and regulations of the
Kingdom of Belgium, all dividends and other distributions declared and payable on the Ordinary Shares or ADSs in cash may be freely remitted out of the Kingdom of Belgium and may be paid in, or freely converted into, United States dollars, in each
case without there being required any consent, approval, authorization or order of, or qualification with, any court or governmental agency or body in the Kingdom of Belgium; and except as disclosed in the General Disclosure Package or the
Prospectus (which includes disclosure that &#147;As a general rule, a withholding tax of 30% is levied on the gross amount of dividends paid on or attributed to our shares or ADSs, subject to such relief as may be available under applicable domestic
or tax treaty provision.&#148;), all such dividends and other distributions paid by the Company will not be subject to withholding in respect of tax under the laws and regulations of the Kingdom of Belgium. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(y) The Company maintains a system of internal accounting controls sufficient to provide reasonable assurance that (i)&nbsp;transactions are
executed in accordance with management&#146;s general or specific authorizations; (ii)&nbsp;transactions are recorded as necessary to permit preparation of financial statements in conformity with IFRS and to maintain accountability of assets;
(iii)&nbsp;access to assets is permitted only in accordance with management&#146;s general or specific authorization; and (iv)&nbsp;the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate
action is taken with respect to any differences.. Since the end of the Company&#146;s most recent audited fiscal year, there has been (i)&nbsp;no material weakness in the Company&#146;s internal control over financial reporting (whether or not
remediated) and (ii)&nbsp;no change in the Company&#146;s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company&#146;s internal control over financial reporting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(z) The Company maintains disclosure controls and procedures (as such is defined in Rule <FONT STYLE="white-space:nowrap">13a-15(e)</FONT> of
the Exchange Act Rules) that have been designed to ensure that information required to be disclosed by the Company in reports that they file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods
specified in the Commission&#146;s rules and forms, including controls and procedures designed to ensure that such information is accumulated and communicated to the Company&#146;s management to allow timely decisions regarding required disclosure.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(aa) The ADSs and Ordinary Shares underlying such ADSs are registered pursuant to Section&nbsp;12(b) or 12(g) of the Exchange Act and the
ADSs are listed on the Exchange. The Company has taken no action designed to, or reasonably likely to have the effect of, terminating the registration of the ADSs or the Ordinary Shares underlying such ADSs under the Exchange Act or delisting the
ADSs from the Exchange, nor has the Company received any notification that the Commission or the Exchange is contemplating terminating such registration or listing. To the Company&#146;s knowledge it is in compliance in all material respects with
all applicable listing requirements of the Exchange. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(bb) The outstanding Ordinary Shares of the Company have been duly listed and
admitted to trading and are freely tradable on Euronext, it being understood that, in respect of any Offered Shares and the Ordinary Shares underlying the Offered ADSs resulting from the conversion of Restricted Shares, a request for listing has
been made by the Company to Euronext Brussels and the listing of such Ordinary Shares on Euronext will be effective only upon the effective admission of such Ordinary Shares by Euronext; the Company is in compliance in all material respects with all
requirements and continuing obligations pursuant to applicable laws and the rules of Euronext with respect to the listing and admission on the Ordinary Shares on Euronext and is in compliance in all material respects with the applicable laws and
circulars published by the Belgian Financial Services and Markets Authority. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(cc) For the past five years, none of the Company or any of its subsidiaries, or any
director, officer, or employee thereof, or, to the Company&#146;s knowledge, any agent or representative of the Company or of any of its subsidiaries, has (i)&nbsp;taken any action in furtherance of an offer, solicitation, payment, promise to pay,
or authorization of any direct or indirect unlawful payment or benefit, to any foreign or domestic government official or employee, including of any government-owned or controlled entity or of a public international organization, or any person
acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political office, or (ii)&nbsp;violated (a) the U.S. Foreign Corrupt Practices Act of 1977, (b) the UK Bribery Act
2010 and (c)&nbsp;other than immaterial violations, any other applicable anti-bribery or anti-corruption law (collectively, the &#147;<B><I>Anti-Corruption Laws</I></B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(dd) The operations of the Company and its subsidiaries are and have been conducted at all times in material compliance with all applicable
anti-money laundering laws, rules, and regulations of the jurisdictions where the Company and its subsidiaries conduct business, including the financial recordkeeping and reporting requirements contained therein, and including the Bank Secrecy Act
of 1970, applicable provisions of the USA PATRIOT Act of 2001, the Money Laundering Control Act of 1986, and the Anti-Money Laundering Act of 2020, (collectively, the &#147;<B><I>Anti-Money Laundering Laws</I></B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ee) (i) None of the Company, any of its subsidiaries, or any director or officer thereof, nor to the Company&#146;s knowledge<I> </I>any
other employee, agent, affiliate, or representative of the Company or any of its subsidiaries, is an individual or entity (&#147;<B><I>Person</I></B>&#148;) that is, or is owned or controlled by one or more Persons that are: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(A) the subject of any sanctions administered or enforced by the United States Government (including the U.S. Department of the
Treasury&#146;s Office of Foreign Assets Control and the U.S. Department of State), the United Nations Security Council, the European Union, His Majesty&#146;s Treasury, or any other relevant sanctions authority (collectively,
&#147;<B><I>Sanctions</I></B>&#148;); or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(B) except as disclosed in the General Disclosure Package or the Prospectus,
organized or resident in a country or territory that is the subject of comprehensive territorial Sanctions (including, without limitation, the <FONT STYLE="white-space:nowrap">so-called</FONT> Donetsk People&#146;s Republic, the <FONT
STYLE="white-space:nowrap">so-called</FONT> Luhansk People&#146;s Republic, or any other Covered Region of Ukraine identified pursuant to Executive Order 14065, Crimea, Cuba, Iran, North Korea and Syria). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) The Company and each of its subsidiaries have not for the past five years, engaged in, and are not now engaged in, any dealings or
transactions with any Person, or with any country or territory, that at the time of the dealing or transaction is or was, the subject of Sanctions, except to the extent permitted by applicable law. It is understood that the Company does not make or
repeat, as appropriate, the representation and warranty contained in this Section&nbsp;2(ee)(ii) and/or the representation and warranty given by the Company in Section&nbsp;2(ee)(ii) to the extent that such provisions are or would be unenforceable
or would result in a violation of (i)&nbsp;Council Regulation (EC) 2271/96 (including as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018) and/or any applicable national law or regulation which purports to
create liability in respect of such violation in any member state of the European Union or any similar anti-boycott law in the United Kingdom. The representations and warranties given in this clause are only sought by and given to any Underwriter
incorporated in or organized under the laws of the Federal Republic of Germany to the extent that to do so would not result in a violation of or a conflict with the German Foreign Trade Regulation (<I>Au</I><I>&szlig;</I><I>enwirtschaftsverordnung
&#150; AWV</I>).<SUP STYLE="font-size:75%; vertical-align:top"> </SUP> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ff) Except as disclosed in the General Disclosure Package or the
Prospectus, no investigation, inquiry, action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to the Anti-Money Laundering Laws,
Anti-Corruption Laws, or Sanctions is pending or, to the knowledge of the Company, threatened. The Company and its subsidiaries and affiliates have instituted and maintained and will continue to maintain policies and procedures reasonably designed
to promote and achieve compliance with the Anti-Corruption Laws, the Anti-Money Laundering Laws and Sanctions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(gg) Except as disclosed
in the General Disclosure Package, so far as the Company and its subsidiaries are aware, no subsidiary has any material actual or contingent liability under applicable laws and regulations relating to the environment in Belgium or any jurisdiction
where any subsidiary has material operations, other than as would not reasonably be expected to result in a Material Adverse Effect.<SUP STYLE="font-size:75%; vertical-align:top"> </SUP> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(hh) The choice of law of the State of New York as the governing law of this Agreement is a
valid choice of law under the laws of the Kingdom of Belgium and, subject to the provisions of EU Regulation No.&nbsp;593/2008 relating to the law that is applicable to contractual obligations, will be honored by the courts of the Kingdom of Belgium
except in case performance of this Agreement is unlawful in the Kingdom of Belgium or of manifest incompatibility with the public policy &#145;<I>ordre public</I><I>&#146;</I> of the Kingdom of Belgium. The Company has the power to submit, and
pursuant to Section&nbsp;20 of this Agreement, has legally, validly, effectively and irrevocably submitted, to the personal jurisdiction of each New York State and United States federal court sitting in The City of New York, New York (each, a
&#147;<B><I>New York Court</I></B>&#148;) and has validly and irrevocably waived any objection to the laying of venue of any suit, action or proceeding brought in any such court; and the Company has the power to designate, appoint and empower an
authorized agent for service of process in any action arising out of or relating to this Agreement, the Registration Statement, the General Disclosure Package, the Prospectus or the offering of the Securities in any New York Court and service of
process effected on such authorized agent will be effective to notify the Company of any action under this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) Neither the
Company nor any of its subsidiaries nor any of their respective Belgium properties, assets or revenues, except for the books and records required for the Company&#146;s business, enjoy any rights of immunity from legal proceedings or the execution
of judgment or other attachment in the Kingdom of Belgium or the United States with respect to obligations, liabilities or any other matter under or arising out of or in connection with this Agreement or the Securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(jj) This Agreement is in proper form to be enforceable in the Kingdom of Belgium in accordance with its terms; to ensure the legality,
validity, enforceability or admissibility into evidence in the Kingdom of Belgium of this Agreement it is not necessary that this Agreement be filed or recorded with any court or other authority in the Kingdom of Belgium (other than court filings in
the ordinary course of proceedings) or that any stamp or similar tax in the Kingdom of Belgium (other than court fees or similar documentary tax payable in the ordinary course of proceedings) be paid on or in respect of this Agreement or any other
documents to be furnished hereunder or thereunder (other than (y) documentary duties that could become due on deeds and certificates issued by Belgian officials (notaries, bailiffs and clerks) and banking institutions, provided that such deeds and
certificates are drawn up, initialed and/or executed in Belgium and (z) a registration tax due on the voluntary registration in Belgium of any document). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(kk) The Company (i)&nbsp;has not alone engaged in any
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Testing-the-Waters</FONT></FONT> Communication with any person other than <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Testing-the-Waters</FONT></FONT>
Communications with the consent of the Representatives with entities that are reasonably believed to be qualified institutional buyers within the meaning of Rule 144A under the Securities Act or institutions that are reasonably believed to be
accredited investors within the meaning of Rule 501 under the Securities Act and (ii)&nbsp;has not authorized anyone other than the Representatives to engage in
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Testing-the-Waters</FONT></FONT> Communications. The Company reconfirms that the Representatives have been authorized to act on its behalf in undertaking <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Testing-the-Waters</FONT></FONT> Communications. The Company has not distributed or approved any Written
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Testing-the-Waters</FONT></FONT> Communication other than those listed on Schedule C.
&#147;<B><I><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Testing-the-Waters</FONT></FONT> Communication</I></B>&#148; means any communication with potential investors undertaken in reliance on or Rule 163B of the Securities Act.
&#147;<B><I>Written <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Testing-the-Waters</FONT></FONT> Communication</I></B>&#148; means any
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Testing-the-Waters</FONT></FONT> Communication that is a written communication within the meaning of Rule 405 under the Securities Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. <I>R<SMALL>EPRESENTATIONS</SMALL> <SMALL>AND</SMALL> W<SMALL>ARRANTIES</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> S<SMALL>ELLING</SMALL>
S<SMALL>HAREHOLDER</SMALL></I><SMALL></SMALL>. The Selling Shareholder represents and warrants to the several Underwriters, as of the date hereof and as of each Closing Date, and agrees with the several Underwriters, that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) This Agreement has been duly authorized, executed and delivered by or on behalf of the Selling Shareholder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The execution and delivery by the Selling Shareholder of, and the performance by the Selling Shareholder of its obligations under, this
Agreement will not contravene (i)&nbsp;any provision of applicable law or any agreement or other instrument binding upon the Selling Shareholder, (ii)&nbsp;the articles of incorporation or bylaws of the Selling Shareholder or (iii)&nbsp;any
judgment, order or decree of any governmental body, agency or court having jurisdiction over the Selling Shareholder, except, with respect to clauses (i)&nbsp;and (iii), as would not, individually or in the aggregate, reasonable be expected to have
a material adverse effect on the Selling Shareholder&#146;s ability to perform </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
its obligations under this Agreement, and no consent, approval, authorization or order of, or qualification with, any governmental body, agency or court is required for the performance by the
Selling Shareholder of its obligations under this Agreement, except for the registration of the Securities under the Securities Act and such consents, approvals, authorizations, orders, filings, registrations or qualifications as may be required
under the Exchange Act and applicable state or foreign securities laws in connection with the offer and sale of the Securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) The
Selling Shareholder is, and immediately prior to each Closing Date, the Selling Shareholder will be, the record owner of the Securities to be delivered by the Selling Shareholder hereunder at such Closing Date, and the Selling Shareholder has full
right, power and authority to enter into this Agreement and to sell, assign and transfer the Ordinary Shares to be delivered by the Selling Shareholder and the Ordinary Shares in the form of ADSs to be delivered by the Selling Shareholder and to
deposit with the Depositary the Ordinary Shares to be sold in the form of the Offered ADSs by such Selling Shareholder at such Closing Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) Upon delivery of and payment for the Securities to the Selling Shareholder at each Closing Date hereunder, the several Underwriters will
acquire valid title to, including a valid &#147;security entitlement&#148; within the meaning of <FONT STYLE="white-space:nowrap">Section&nbsp;8-501</FONT> of the New York Uniform Commercial Code in respect of, the Securities free and clear of all
liens, encumbrances, equities or claims, and upon delivery of such Securities and payment therefor pursuant hereto, valid title to such Securities, free and clear of all liens, encumbrances, equities or claims, will pass to the Underwriters. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) The Selling Shareholder will, prior to each Closing Date, deposit the Ordinary Shares to be represented by the Offered ADSs with the
Depositary in accordance with the provisions of the Deposit Agreement and otherwise complies with the Deposit Agreement so that ADSs will be executed (and, if applicable, countersigned) and issued by the Depositary against receipt of such Ordinary
Shares and delivered to the Underwriters at such Closing Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) The Selling Shareholder has not taken, directly or indirectly, any
action that is designed to or that has constituted or would reasonably be expected to cause or result in stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) The Selling Shareholder has delivered to the Representatives an executed <FONT STYLE="white-space:nowrap">lock-up</FONT> agreement in
substantially the form attached hereto as <U>Exhibit I</U> (the &#147;<B><I><FONT STYLE="white-space:nowrap">Lock-up</FONT> Agreement</I></B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) The Selling Shareholder is not prompted by any information concerning the Company or its subsidiaries which is not set forth in the
Registration Statement, the General Disclosure Package or the Prospectus to sell its Securities pursuant to this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) (i) Each
part of the Registration Statement, when such part became effective, did not contain, and, as amended or supplemented, if applicable, did not or will not, as the case may be, contain at the time of such amendment or supplement, any untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading, (ii)&nbsp;the General Disclosure Package, as of the Applicable Time, did not include any untrue statement
of a material fact or omit to state any material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading and (iii)&nbsp;the Prospectus does not or will not, as the case may be,
as of the date of the Prospectus and as at each Closing Date, contain and, as amended or supplemented, if applicable, at the time of such amendment or supplement, will not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; <I>provided</I> that the representations and warranties set forth in this paragraph 3(h) are limited only to information
furnished to the Company in writing by the Selling Shareholder expressly for use in the Registration Statement, the General Disclosure Package, the Prospectus or any amendments or supplements thereto, it being understood and agreed that the only
such information furnished by the Selling Shareholder consists of Selling Shareholder Information. Each Underwriter, the Company and the Selling Shareholder agree that the &#147;<B><I>Selling Shareholder Information</I></B>&#148; with respect to the
Selling Shareholder consists solely of the information expressly furnished by the Selling Shareholder for use in connection with the offering the Registration Statement, the General Disclosure Package and the Prospectus, which consists solely of
(x)&nbsp;the name, address and number of Ordinary Shares and Restricted Shares owned by the Selling Shareholder, before and after the offering, and (y)&nbsp;the other information with respect to the Selling Shareholder that appears in the table (and
corresponding footnotes) under the caption &#147;Selling Securityholder,&#148; in each case, in the Registration Statement, the General Disclosure Package or the Prospectus. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j) (i) None of the Selling Shareholder, any of its subsidiaries, or any director and
officer thereof, nor to the Selling Shareholder&#146;s knowledge any other employee, agent, affiliate, or representative of the Selling Shareholder or any of its subsidiaries, is a Person that is, or is owned or controlled by one or more Persons
that are: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(A) the subject of any Sanctions; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(B) organized or resident in a country or territory that is the subject of comprehensive territorial Sanctions (including,
without limitation, the <FONT STYLE="white-space:nowrap">so-called</FONT> Donetsk People&#146;s Republic, the <FONT STYLE="white-space:nowrap">so-called</FONT> Luhansk People&#146;s Republic, or any other Covered Region of Ukraine identified
pursuant to Executive Order 14065, Crimea, Cuba, Iran, North Korea and Syria). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii) The Selling Shareholder and each of its subsidiaries
have not for the past five years, engaged in, and are not now engaged in, any dealings or transactions with any Person, or with any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions, except to
the extent permitted by applicable law. It is understood that the Selling Shareholder does not make or repeat, as appropriate, the representation and warranty contained in this Section&nbsp;3(j)(ii) and/or the representation and warranty given by
the Selling Shareholder in Section&nbsp;3(j)(ii) to the extent that such provisions are or would be unenforceable or would result in a violation of (i)&nbsp;Council Regulation (EC) 2271/96 (including as it forms part of UK domestic law by virtue of
the European Union (Withdrawal) Act 2018) and/or any applicable national law or regulation which purports to create liability in respect of such violation in any member state of the European Union or any similar anti-boycott law in the United
Kingdom. The representations and warranties given in this clause are only sought by and given to any Underwriter incorporated in or organized under the laws of the Federal Republic of Germany to the extent that to do so would not result in a
violation of or a conflict with the German Foreign Trade Regulation (<I>Au</I><I>&szlig;</I><I>enwirtschaftsverordnung &#150; AWV</I>). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(k) The Selling Shareholder will not, directly or indirectly, use the proceeds of the offering, or lend, contribute or otherwise make
available such proceeds to any subsidiary, joint venture partner or other Person: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) to fund or facilitate any activities or business of
or with any Person or in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions, except to the extent permitted by applicable law; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) fund or facilitate any money laundering or terrorist financing activities; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) in any other manner that would cause or result in a violation of any applicable Anti-Corruption Laws, Anti-Money Laundering Laws, or
Sanctions by any Person (including any Person participating in the offering, whether as underwriter, advisor, investor or otherwise), it being understood that the Selling Shareholder, to the extent it is subject to Council Regulation (EC) 2271/96,
does not make or repeat, as appropriate, the representation and warranty contained in this paragraph 3(k) to the extent that this would result in a violation of the EU Blocking Regulation or any law or regulation implementing the EU Blocking
Regulation in any member state of the European Union. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(l) For the past five years, none of the Selling Shareholder or any of its
subsidiaries, or any director, officer, or employee thereof, or, to the Selling Shareholder&#146;s knowledge, any agent or representative of the Selling Shareholder or of any of its subsidiaries, has (i)&nbsp;taken any action in furtherance of an
offer, solicitation, payment, promise to pay, or authorization of any direct or indirect unlawful payment or benefit, to any foreign or domestic government official or employee, including of any government-owned or controlled entity or of a public
international organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political office, or (ii)&nbsp;violated (a) the U.S. Foreign Corrupt
Practices Act of 1977, (b) the UK Bribery Act 2010 and (c)&nbsp;other than immaterial violations, any other applicable anti-bribery or anti-corruption law. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(m) The operations of the Selling Shareholder and its subsidiaries are and have been
conducted at all times in material compliance with all applicable Anti-Money Laundering Laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(n) No investigation, inquiry, action, suit
or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Selling Shareholder or any of its subsidiaries with respect to the Anti-Money Laundering Laws, Anti-Corruption Laws, or Sanctions is
pending or, to the knowledge of the Selling Shareholder, threatened. The Selling Shareholder and its subsidiaries and affiliates have instituted and maintained and will continue to maintain policies and procedures reasonably designed to promote and
achieve compliance with the Anti-Corruption Laws, the Anti-Money Laundering Laws and Sanctions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(o) The Selling Shareholder is a
&#147;United States person&#148; within the meaning of Section&nbsp;7701(a)(30) of the United States Internal Revenue Code of 1986, as amended, and is not treated as resident in any <FONT STYLE="white-space:nowrap">non-U.S.</FONT> jurisdiction for
tax purposes (including any double tax treaty arrangement). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(p) The Selling Shareholder (i)&nbsp;has not alone engaged in any <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Testing-the-Waters</FONT></FONT> Communication with any person other than <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Testing-the-Waters</FONT></FONT> Communications
with the consent of the Representatives with entities that are reasonably believed to be qualified institutional buyers within the meaning of Rule 144A under the Securities Act or institutions that are reasonably believed to be accredited investors
within the meaning of Rule 501 under the Securities Act and (ii)&nbsp;has not authorized anyone other than the Representatives to engage in <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Testing-the-Waters</FONT></FONT>
Communications. The Selling Shareholder reconfirms that the Representatives have been authorized to act on its behalf in undertaking <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Testing-the-Waters</FONT></FONT> Communications.
The Selling Shareholder has not distributed or approved any <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Testing-the-Waters</FONT></FONT> Communication that is a written communication within the meaning of Rule 405 under the
Securities Act other than those listed on Schedule C. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. <I>P<SMALL>URCHASE</SMALL>, S<SMALL>ALE</SMALL> <SMALL>AND</SMALL>
D<SMALL>ELIVERY</SMALL> <SMALL>OF</SMALL> S<SMALL>ECURITIES</SMALL></I><SMALL></SMALL>. On the basis of the representations, warranties and agreements herein contained, but subject to the terms and conditions herein set forth, the Selling
Shareholder agrees to sell to the Underwriters, and the Underwriters agree, severally and not jointly, to purchase from the Selling Shareholder the respective numbers of Firm ADSs and Firm Shares set forth opposite the names of the Underwriters in
<U>Schedule</U><U></U><U>&nbsp;A</U> hereto. The purchase price per Offered ADS to be paid by the Underwriters to the Selling Shareholder will be $59.962500 per Offered ADS (the &#147;<B><I>ADS Purchase Price</I></B>&#148;), corresponding to
&#128;54.765750 per Offered Share (the &#147;<B><I>Share Purchase Price</I></B>&#148; and, together with the ADS Purchase Price, the &#147;<B><I>Security Purchase Price</I></B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Prior to the Closing Date (as defined below), the Selling Shareholder shall direct the Company to deliver the Ordinary Shares underlying
the Firm ADSs to the Custodian through the facilities of Euroclear, and on the Closing Date: (i)&nbsp;subject to the conditions and limitations set forth herein, by no later than 9:30 A.M., New York time, each Underwriter shall pay or cause to be
paid to an account specified by the Selling Shareholder and reasonably acceptable to the Representatives, the aggregate Security Purchase Price for the Firm ADSs and the Firm Shares and (ii)&nbsp;upon receipt of such aggregate Security Purchase
Price, (x)&nbsp;the Selling Shareholder shall direct Morgan Stanley (or BNP Paribas Securities Services SA/NV, as custodian for Morgan Stanley) to deliver the Firm Shares to the Representatives for the respective accounts of the several Underwriters
through the facilities of Euroclear, issued in such names and in such denominations as the Representatives may direct by notice in writing to the Selling Shareholder given at or prior to 9:30 A.M., New York time, at least one (1)&nbsp;full business
day preceding the Closing Date, all at the offices of Latham&nbsp;&amp; Watkins LLP, 1271 6th Ave, New York, New York 10020 and (y)&nbsp;the Selling Shareholder shall instruct the Depositary, upon receipt of the Ordinary Shares by the Custodian, to
deliver the Firm ADSs to the Representatives for the respective accounts of the several Underwriters, through the facilities of The Depository Trust Company (&#147;<B><I>DTC</I></B>&#148;), as the Representatives may direct by notice in writing to
the Depositary given at or prior to 9:30 A.M., New York time, at least one full business day preceding the Closing Date, all at the offices of Latham&nbsp;&amp; Watkins LLP, 1271 6th Ave, New York, New York 10020. Time shall be of the essence, and
delivery at the time specified pursuant to this Agreement is a further condition of the obligations of each Underwriter hereunder. The time and date of the delivery and payment shall be at or prior to 9:30 A.M., New York time, on March&nbsp;19,
2024, in accordance with Rule 15c6-1 of the Exchange Act. The time and date of such payment and delivery are herein referred to as the &#147;<B><I>Closing Date</I></B>.&#148; The Closing Date and the form of payment for each of the Firm ADSs and the
Firm Shares may be varied by agreement among the Company, the Selling Shareholder and the Representatives. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The Underwriters may subscribe to all or less than all of the Optional ADSs. The
subscription price per share to be paid for the Optional ADSs shall be the ADS Purchase Price. The Selling Shareholder agrees to sell to the Underwriters the number of Optional ADSs specified in the written notice delivered by the Representatives to
the Selling Shareholder described below and the Underwriters agree, severally and not jointly, to subscribe to such Optional ADSs. Such Optional ADSs shall be subscribed to for the account of each Underwriter in the same proportion as the number of
Firm ADSs set forth opposite such Underwriter&#146;s name on <U>Schedule</U><U></U><U>&nbsp;A</U> bears to the total number of Firm ADSs (subject to adjustment by the Representatives to eliminate fractions). The option granted hereby may be
exercised as to all or any part of the Optional ADSs at any time not more than thirty (30)&nbsp;days subsequent to the date of this Agreement. No Optional ADSs shall be delivered unless the Firm ADSs and Firm Shares previously have been, or
simultaneously are being, delivered. The right to subscribe to the Optional ADSs or any portion of each thereof may be surrendered and terminated at any time upon notice by the Representatives to the Selling Shareholder. The option granted hereby
may be exercised by written notice being given to the Selling Shareholder by the Representatives setting forth the number of Optional ADSs to be purchased by the Underwriters and the date and time for delivery of and payment for the Optional ADSs.
Each date and time for delivery of and payment for the Optional ADSs (which may be the Closing Date, but not earlier) is herein called the &#147;<B><I>Option Closing Date</I></B>&#148; and shall in no event be earlier than two (2)&nbsp;business days
nor later than five (5)&nbsp;business days after written notice is given. The Option Closing Date and the Closing Date are herein called the &#147;<B><I>Closing Dates</I></B>.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Prior to the Option Closing Date, the Selling Shareholder shall direct the Company to deliver the Ordinary Shares underlying the Optional
ADSs to the Custodian through the facilities of Euroclear, and on the Option Closing Date: (i)&nbsp;subject to the conditions and limitations set forth herein, by no later than 9:30 A.M., New York time, each Underwriter shall pay or cause to be paid
to an account specified by the Selling Shareholder and reasonably acceptable to the Representatives, the aggregate ADS Purchase Price for the Optional ADSs and (ii)&nbsp;upon receipt of such aggregate ADS Purchase Price, the Selling Shareholder
shall instruct the Depositary, upon receipt of the Ordinary Shares by the Custodian, to deliver the Optional ADSs to the Representatives for the respective accounts of the several Underwriters, through the facilities of DTC, as the Representatives
may direct by notice in writing to the Depositary given at or prior to 9:30 A.M., New York time, at least one (1)&nbsp;full business day preceding the Option Closing Date, all at the offices of Latham&nbsp;&amp; Watkins LLP, 1271 6th Ave, New York,
New York 10020. Time shall be of the essence, and delivery at the time specified pursuant to this Agreement is a further condition of the obligations of each Underwriter hereunder. The Option Closing Date and the form of payment for the Optional
ADSs may be varied by agreement among the Company, the Selling Shareholder and the Representatives. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) The Underwriters propose to offer
the Securities for sale upon the terms and conditions set forth in the Prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. <I>F<SMALL>URTHER</SMALL> A<SMALL>GREEMENTS</SMALL>
O<SMALL>F</SMALL> T<SMALL>HE</SMALL> C<SMALL>OMPANY</SMALL></I><SMALL></SMALL>. The Company agrees with the several Underwriters: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) To
cause the relevant Ordinary Shares underlying the Offered ADSs and the relevant Offered Shares to be listed and admitted to trading on Euronext on the relevant Closing Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) To prepare the Prospectus in a form to which the Representatives do not reasonably object containing information previously omitted at the
time of effectiveness of the Registration Statement in reliance on Rule 430B of the Rules and Regulations and to file such Prospectus pursuant to Rule 424(b) of the Rules and Regulations not later than such time as may be required by such Rule; to
make no further amendment or supplement to the Prospectus which shall be disapproved reasonably by the Representatives promptly after reasonable notice thereof; to advise you, promptly after it receives notice thereof, of the issuance by the
Commission of any stop order or of any order preventing or suspending the use of any Preliminary Prospectus or other prospectus in respect of the Securities, of any proceedings for such purpose or pursuant to Section&nbsp;8A under the Securities
Act, of any notice of objection of the Commission to the use of the Registration Statement or any post-effective amendment thereto pursuant to Rule 401(g)(2) under the Act, of the suspension of the qualification of the Securities for offering or
sale in any jurisdiction, of the initiation or threatening of any proceeding for any such purpose, or of any request by the Commission for the amending or supplementing of the Registration Statement or the Prospectus or for additional information.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) During the period mentioned in paragraph (d)&nbsp;below, before amending or supplementing the Registration Statement, the Prospectus
or the General Disclosure Package, to furnish to the Representatives a copy of each such proposed amendment or supplement, and not to file any such proposed amendment or supplement to which the Representatives reasonably objects in a timely manner.
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) If, during such period after the first date of the public offering of the Securities as,
in the opinion of the Representatives&#146; counsel, the Prospectus or the General Disclosure Package is required by applicable U.S. law to be delivered in connection with sales by an Underwriter or dealer, any event shall occur as a result of which
it is necessary to amend or supplement the Prospectus or the General Disclosure Package in order to make the statements therein, in light of the circumstances when the Prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the
Securities Act) or the General Disclosure Package is delivered to a purchaser, not misleading, or if it is necessary to amend or supplement the Prospectus or the General Disclosure Package to comply with applicable U.S. law, forthwith to prepare and
furnish, to the Underwriters and to the dealers (whose names and addresses the Representatives will furnish to the Company) to which Securities may have been sold by the Representatives on behalf of the Underwriters and to any other dealers upon
request, either amendments or supplements to the Prospectus or the General Disclosure Package, as applicable, so that the statements in the Prospectus or the General Disclosure Package as so amended or supplemented will not, in light of the
circumstances when the Prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the Securities Act) or the General Disclosure Package is delivered to a purchaser, be misleading or so that the Prospectus or the General Disclosure
Package, as applicable, as amended or supplemented, will comply with applicable U.S. law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) That it has not made and will not, make any
offer relating to the Securities that would constitute a &#147;free writing prospectus&#148; as defined in Rule 405 of the Rules and Regulations without the prior consent of the Representatives (each such free writing prospectus, a
&#147;<B><I>Permitted Free Writing Prospectus</I></B>&#148;). The Company represents that it has treated and agrees that it will treat each Permitted Free Writing Prospectus as an Issuer Free Writing Prospectus and comply with the requirements of
Rules 164 and 433 of the Rules and Regulations applicable to any Issuer Free Writing Prospectus, including the requirements relating to timely filing with the Commission, legending and record keeping. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) If at any time following issuance of an Issuer Free Writing Prospectus there occurred or occurs an event or development as a result of
which such Issuer Free Writing Prospectus conflicted or will conflict with the information contained in the Registration Statement, Pricing Prospectus or Prospectus and not superseded or modified or included or would include an untrue statement of a
material fact or omitted or would omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances prevailing at the subsequent time, not misleading, the Company has
promptly notified or will promptly notify the Representatives so that any use of the Issuer Free Writing Prospectus may cease until it is amended or supplemented and has promptly amended or will promptly amend or supplement, at its own expense, such
Issuer Free Writing Prospectus to eliminate or correct such conflict, untrue statement or omission. The foregoing sentence does not apply to statements in or omissions from any Issuer Free Writing Prospectus in reliance upon, and in conformity with,
(i)&nbsp;written information furnished to the Company through the Representatives by or on behalf of any Underwriter specifically for inclusion therein, which information the parties hereto agree is limited to the Underwriters&#146; Information (as
defined in Section&nbsp;21 hereof) and (ii)&nbsp;Selling Shareholder Information. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) To the extent not available on the
Commission&#146;s Electronic Data Gathering, Analysis and Retrieval system or any successor system (&#147;<B><I>EDGAR</I></B>&#148;), to furnish to the Representatives, if requested, one conformed copy of the Registration Statement (including
exhibits thereto and documents incorporated by reference therein) and for delivery to each other Underwriter a conformed copy of the Registration Statement (without exhibits thereto, but including documents incorporated by reference therein) and,
during the period mentioned in paragraph (d)&nbsp;above, as many copies of the Prospectus, any documents incorporated by reference therein and any supplements and amendments thereto as the Representatives may reasonably request. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) To make generally available to its shareholders as soon as practicable, but in any event not later than sixteen (16)&nbsp;months after the
effective date of the Registration Statement (as defined in Rule 158(c) of the Rules and Regulations), an earnings statement of the Company and its subsidiaries (which need not be audited) complying with Section&nbsp;11(a) of the Securities Act
(including, at the option of the Company, Rule 158). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) To endeavor to qualify the Offered ADSs and Offered Shares for offering and sale
under the securities laws of such U.S.&nbsp;or <FONT STYLE="white-space:nowrap">non-U.S.&nbsp;jurisdictions</FONT> as the Representatives may reasonably request; <I>provided</I>, <I>however</I>, that the Company shall not be obligated to
(i)&nbsp;qualify as a foreign corporation in any jurisdiction in which it is not so qualified, (ii)&nbsp;file a general consent to service of process in any jurisdiction or (iii)&nbsp;subject itself to taxation in any such jurisdiction if it is not
otherwise so subject. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. <I>F<SMALL>URTHER</SMALL> A<SMALL>GREEMENTS</SMALL> O<SMALL>F</SMALL> T<SMALL>HE</SMALL>
S<SMALL>ELLING</SMALL> S<SMALL>HAREHOLDER</SMALL></I><SMALL></SMALL>. The Selling Shareholder agrees with the several Underwriters: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a)
The Selling Shareholder represents and agrees that, unless it obtains the prior consent of the Company and the Representatives, it has not made and will not, make any offer relating to the Securities that would constitute a &#147;free writing
prospectus&#148; as defined in Rule 405 of the Rules and Regulations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The Selling Shareholder agrees, prior to each Closing Date, to
deposit Ordinary Shares underlying the Offered ADSs with the Custodian on behalf of the Depositary in accordance with the provisions of the Deposit Agreement and otherwise to comply with the Deposit Agreement so that the Offered ADSs will be issued
by the Depositary against receipt of such Ordinary Shares and delivered to the Underwriters at such Closing Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) The Selling
Shareholder will deliver to each Underwriter (or its agent), prior to or at the Closing Date, a properly completed and executed Internal Revenue Service (&#147;<B><I>IRS</I></B>&#148;) Form <FONT STYLE="white-space:nowrap">W-9.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. <I>F<SMALL>URTHER</SMALL> A<SMALL>GREEMENTS</SMALL> O<SMALL>F</SMALL> T<SMALL>HE</SMALL> U<SMALL>NDERWRITERS</SMALL></I><SMALL></SMALL>.
Each Underwriter agrees with the Company and the Selling Shareholder that, unless it obtains the prior consent of the Company, the Selling Shareholder and the Representatives, it has not made and will not make any offer relating to the Securities
that would constitute a &#147;free writing prospectus&#148; as defined in Rule 405 of the Rules and Regulations required to be filed by the Company with the Commission. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. <I>P<SMALL>AYMENT</SMALL> O<SMALL>F</SMALL> E<SMALL>XPENSES</SMALL></I><SMALL></SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Whether or not the transactions contemplated in this Agreement are consummated or this Agreement is terminated: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) The Company agrees to pay or cause to be paid all expenses incident to this Agreement, other than Selling Expenses (as defined below),
including (A)&nbsp;the fees, disbursements and expenses of the Company&#146;s counsel, advisors retained directly by the Company, and the Company&#146;s independent certified public accountants in connection with the registration and delivery of the
Securities under the Securities Act (including the fees and disbursements associated with the preparation of any customary comfort letters to be provided by the auditors to the Company) and all other fees or expenses in connection with the
preparation and filing of the Registration Statement, any preliminary prospectus, the General Disclosure Package, the Prospectus, any free writing prospectus prepared by or on behalf of, used by, or referred to by the Company and amendments and
supplements to any of the foregoing, including all printing costs associated therewith, and the mailing and delivering of copies thereof to the Underwriters and dealers, in the quantities hereinabove specified (other than Selling Expenses), (B) all
costs and expenses incident to listing the Securities on the New York Stock Exchange and other national securities exchanges and foreign stock exchanges, (C)&nbsp;the costs and charges of any transfer agent or registrar, (D)&nbsp;the costs and
expenses of the Company relating to investor presentations on any &#147;road show&#148; undertaken in connection with the marketing of the offering of the Securities, including, without limitation, travel and lodging expenses of the representatives
and officers of the Company, (E)&nbsp;all costs and expenses related to the transfer and delivery of the Securities to Underwriters (excluding stamp duty, stock transfer or similar transaction tax imposed on the sale and delivery of the Securities)
and (F)&nbsp;the document production charges and expenses associated with the filing by the Company of any form <FONT STYLE="white-space:nowrap">6-K</FONT> in connection with this transaction, provided that clauses (A)&nbsp;through (F) shall exclude
any fees of the Depositary in connection with the registration or sale of the Offered ADSs or in connection with the deposit of Ordinary Shares in exchange for such Offered ADSs. It is understood, however, that except as provided in this Section and
Sections 10 and 12, the Underwriters will pay all of their costs and expenses, including fees and disbursements of their counsel, stock transfer taxes payable on resale of any of the Securities by them and any advertising expenses connected with any
offers they may make. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) The Selling Shareholder agrees to pay or cause to be paid (A)&nbsp;any registration fees of the Commission or
other registration fees (or equivalent fees in any other jurisdiction), (B) all filing fees and the reasonable fees and disbursements of counsel to the Underwriters incurred in connection with the review and qualification of the offering of the
Securities by FINRA, provided that the reasonable fees and disbursements of counsel for the Underwriters incurred in connection with such review and qualification shall not, together, exceed an aggregate of $15,000, (C) any fees of the Depositary in
connection with the registration or sale of any ADSs or in </P>
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connection with the deposit of Ordinary Shares in exchange for ADSs, (D)&nbsp;any stamp duty, stock transfer or similar transaction tax imposed on the sale and delivery of the Securities to the
Underwriters (other than any duties or taxes described in clause (E)), (E) the documentary duties that could become due on deeds and certificates issued by Belgian officials (notaries, bailiffs and clerks) and banking institutions, provided that
such deeds and certificates are drawn up, initialed and/or executed in Belgium and the registration tax due on the voluntary registration in Belgium of any document, in each case other than any such documentary duties or taxes that would not have
been imposed but for, with respect to any Underwriter, a solely voluntary action of such Underwriter (other than such actions contemplated by, or legally required for the enforcement or protection of its rights under this Agreement or the
Prospectus, or the sale, resale, delivery or deposit of the Securities), (F) any underwriting fees, discounts and selling commissions to be paid to any underwriter, agent, dealer or other financial intermediary, (G)&nbsp;the Selling
Shareholder&#146;s own selling and marketing expenses, including the costs of printing and distributing any Prospectus in preliminary or final form as well as any supplements thereto, (H)&nbsp;the costs and expenses of the Selling Shareholder (but
not the Company) relating to investor presentations on any &#147;road show&#148; undertaken in connection with the marketing of the offering of the Securities, including, without limitation, travel and lodging expenses of the representatives and
officers of the Selling Shareholder, (I)&nbsp;the cost of printing or producing any Blue Sky or legal investment memorandum in connection with the offer and sale of the Securities under state securities laws and all expenses in connection with the
qualification of the Securities for offer and sale under state securities laws, including filing fees and the reasonable fees and disbursements of counsel for the Underwriters in connection with such qualification and in connection with the Blue Sky
or legal investment memorandum, provided that the reasonable fees and disbursements of counsel for the Underwriters in connection with such qualification and in connection with the Blue Sky or legal investment memorandum shall not, together, exceed
an aggregate of $15,000, and (I)&nbsp;except to the extent addressed more specifically in any of clauses (A)&nbsp;through (I) above, in which case such clause shall apply in lieu of this clause (J), any fees and out of pocket expenses of any legal
counsel, underwriter, agent, dealer or other financial intermediary for the Selling Shareholder or its advisors (collectively, the &#147;<B><I>Selling Expenses</I></B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) The provisions of this Section 8(a) shall not supersede or otherwise affect any agreement that the Company and the Selling Shareholder
may otherwise have for the allocation of such expenses among themselves. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The Selling Shareholder will pay, and will indemnify and
hold harmless the Underwriters against, any documentary, stamp, issue, registration, transfer or other similar tax or duty, including any interest and penalties, imposed on the Underwriters under the laws of the United States or the Kingdom of
Belgium or any political subdivision or taxing authority thereof or therein that is imposed on (i)&nbsp;the sale and delivery of the Securities by the Selling Shareholder to the Underwriters, the resale and delivery of the Securities by the
Underwriters and the deposit of the Ordinary Shares being deposited with the Custodian, in each case, in the manner contemplated by this Agreement and the Prospectus and (ii)&nbsp;the execution, delivery and performance by the Company, the Selling
Shareholder or the Underwriters of this Agreement; in each case, other than any such taxes that would not have been imposed but for, with respect to any Underwriter, (A)&nbsp;an existing connection between such Underwriter and the taxing
jurisdiction (other than a connection arising solely as a result of the transactions contemplated hereby), (B) the failure by such Underwriter to provide or file any accurate and complete tax form, certificate, document, or other information
reasonably requested by the Selling Shareholder that would have reduced such taxes or (C)&nbsp;a solely voluntary action of such Underwriter (other than such actions contemplated by, or legally required for the enforcement or protection of its
rights under this Agreement or the Prospectus, or the sale, resale, delivery or deposit of the Securities). All payments to be made by the Selling Shareholder under this Agreement shall be made without withholding or deduction for or on account of
any present or future taxes, levies, imposts, duties, fees, assessments or other charges whatsoever, and all interest, penalties or similar liabilities with respect thereto (&#147;<B><I>Taxes</I></B>&#148;) imposed under the laws of the United
States or the Kingdom of Belgium or any political subdivision or taxing authority thereof or therein, unless the Selling Shareholder is compelled by law to deduct or withhold such Taxes. In that event, and except for (A)&nbsp;any net income, capital
gains, franchise taxes or other similar taxes imposed on the Underwriters by the United States, the Kingdom of Belgium or other applicable jurisdiction or by any political subdivision or taxing authority thereof or therein as a result of any present
or former connection (other than any connection resulting solely from the transactions contemplated by this Agreement) between the Underwriters and such jurisdiction, (B)&nbsp;withholding Taxes imposed under the laws of the United States or the
Kingdom of Belgium imposed on amounts payable to the Underwriters pursuant to a law in effect on the date hereof, or (C)&nbsp;Taxes that would not have been imposed but for the failure by the Underwriters to provide or file any accurate and complete
tax form, certificate, document, or other information reasonably requested by the Selling Shareholder that would have reduced such deduction, withholding, or Taxes, the Selling Shareholder shall pay such additional amounts as may be necessary in
order to ensure that the net amounts received after such withholding or deduction shall equal the amounts that would have been received if no withholding or deduction had been made. </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) All sums payable to the Underwriters shall be considered exclusive of any VAT levied in
the Kingdom of Belgium by any taxing authority thereof or therein (&#147;<B><I>Belgian VAT</I></B>&#148;). Where such Belgian VAT is properly chargeable in respect of a supply made by the Underwriters to the Company or, as the case may be, the
Selling Shareholder, and the Underwriter is required to account for such Belgian VAT to a relevant tax authority, the Company or, as the case may be, the Selling Shareholder shall pay to the Underwriter an amount in respect of such Belgian VAT in
addition to, and at the same time as, the sum payable hereunder. Where a sum is paid, reimbursed or indemnified to the Underwriters pursuant to this Agreement in respect of any cost, expense or other amount and that cost, expense or other amount
includes an amount in respect of VAT levied in any jurisdiction in the European Union, by any taxing authority thereof or therein, which is not recoverable by way of input credit or refund (the &#147;<B><I>VAT Element</I></B>&#148;), then the
payment, reimbursement or indemnification by the Company or, as the case may be, the Selling Shareholder shall include an amount equal to such VAT Element. For the purposes of this Agreement &#147;<B><I>VAT</I></B>&#148; means any tax imposed in
compliance with the Council Directive of 28&nbsp;November&nbsp;2006 on the common system of value added tax (EC Directive 2006/112). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.
<I>C<SMALL>ONDITIONS</SMALL> <SMALL>OF</SMALL> U<SMALL>NDERWRITERS</SMALL></I><SMALL><I></I></SMALL><I>&#146;</I><I> O<SMALL>BLIGATIONS</SMALL></I><SMALL></SMALL>. The respective obligations of the several Underwriters hereunder as to the Securities
to be delivered at each Closing Date are subject to the accuracy, when made and as of the Applicable Time and on such Closing Date, of the representations and warranties of the Company and the Selling Shareholder contained herein and to the
performance by the Company and the Selling Shareholder of their respective obligations hereunder, and to each of the following additional terms and conditions: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Each of the Registration Statement and the ADS Registration Statement has become effective under the Securities Act, and no stop order
suspending the effectiveness of the Registration Statement or the ADS Registration Statement or any part thereof, preventing or suspending the use of any Preliminary Prospectus, the Prospectus or any Permitted Free Writing Prospectus or any part
thereof shall have been issued and no proceedings for that purpose or pursuant to Section&nbsp;8A under the Securities Act shall have been initiated or threatened by the Commission, and all requests for additional information on the part of the
Commission (to be included in the Registration Statement, the ADS Registration Statement or the Prospectus or otherwise) shall have been complied with to the reasonable satisfaction of the Representatives; each Issuer Free Writing Prospectus and the
Prospectus shall have been filed with the Commission within the applicable time period prescribed for such filing by, and in compliance with, the Rules and Regulations and in accordance with Section&nbsp;5(e) of this Agreement and FINRA shall have
raised no unresolved objection to the fairness and reasonableness of the terms of this Agreement or the transactions contemplated hereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Sullivan&nbsp;&amp; Cromwell LLP shall have furnished to the Representatives such counsel&#146;s written opinion and negative assurance
letter, as counsel to the Company, addressed to the Underwriters and each dated as of such Closing Date, in the form and substance previously agreed upon and satisfactory to the Representatives. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Freshfields Bruckhaus Deringer LLP shall have furnished to the Representatives such counsel&#146;s written opinion, as Belgian counsel to
the Company, addressed to the Underwriters and dated such Closing Date, in the form and substance previously agreed upon and satisfactory to the Representatives. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) Loyens&nbsp;&amp; Loeff BV shall have furnished to the Representatives such counsel&#146;s written opinion, as tax counsel to the Company,
addressed to the Underwriters and dated such Closing Date, in the form and substance previously agreed upon and satisfactory to the Representatives. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) Wachtell, Lipton, Rosen&nbsp;&amp; Katz shall have furnished to the Representatives such counsel&#146;s written opinion, as counsel to the
Selling Shareholder, addressed to the Underwriters and dated such Closing Date, in the form and substance previously agreed upon and satisfactory to the Representatives. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) McGuireWoods LLP shall have furnished to the Representatives such counsel&#146;s written
opinion, as Virginia law counsel to the Selling Shareholder, addressed to the Underwriters and dated such Closing Date, in the form and substance previously agreed upon and satisfactory to the Representatives. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) Loyens&nbsp;&amp; Loeff BV shall have furnished to the Representatives such counsel&#146;s written opinion, as Belgian counsel to the
Selling Shareholder, addressed to the Underwriters and dated such Closing Date, in the form and substance previously agreed upon and satisfactory to the Representatives. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) Emmet, Marvin&nbsp;&amp; Martin, LLP shall have furnished to the Representatives such counsel&#146;s written opinion, as counsel to the
Depositary, addressed to the Underwriters and dated such Closing Date, in the form and substance previously agreed upon and satisfactory to the Representatives. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) The Representatives shall have received from Latham&nbsp;&amp; Watkins LLP, counsel for the Underwriters, such opinion or opinions and
negative assurance letter, dated as of such Closing Date, with respect to such matters as the Underwriters may reasonably require, and the Company shall have furnished to such counsel such documents as they request for enabling them to pass upon
such matters. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j) At the time of the execution of this Agreement, the Representatives shall have received from PwC Bedrijfsrevisoren
BV/Reviseurs d&#146;Entreprises SRL a letter, addressed to the Underwriters, executed and dated such date, in form and substance reasonably satisfactory to the Representatives (i)&nbsp;confirming that they are an independent registered accounting
firm with respect to the Company and its subsidiaries within the meaning of the Securities Act and the Rules and Regulations and PCAOB and (ii)&nbsp;stating the conclusions and findings of such firm, of the type ordinarily included in
accountants&#146; &#147;comfort letters&#148; to underwriters, with respect to the financial statements and certain financial information contained or incorporated by reference in the Registration Statement, the General Disclosure Package and the
Prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(k) On such Closing Date, the Representatives shall have received a letter (a &#147;<B><I>Bring</I></B><B><I><FONT
STYLE="white-space:nowrap">-Down</FONT> Letter</I></B>&#148;) from PwC Bedrijfsrevisoren BV/Reviseurs d&#146;Entreprises SRL addressed to the Underwriters and dated the Closing Date confirming, as of the date of the
<FONT STYLE="white-space:nowrap">Bring-Down</FONT> Letter (or, with respect to matters involving changes or developments since the respective dates as of which specified financial information is given in the General Disclosure Package and the
Prospectus, as the case may be, as of a date not more than three (3)&nbsp;business days prior to the date of the <FONT STYLE="white-space:nowrap">Bring-Down</FONT> Letter), the conclusions and findings of such firm, of the type ordinarily included
in accountants&#146; &#147;comfort letters&#148; to underwriters, with respect to the financial information and other matters covered by its letter delivered to the Representatives concurrently with the execution of this Agreement pursuant to
paragraph (k)&nbsp;of this Section&nbsp;9. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(l) The Representatives shall have received on such Closing Date (i)&nbsp;a certificate, dated
the Closing Date and signed by an officer of the Company, to the effect set forth in clauses (n)&nbsp;and (o) below and to the effect that the representations and warranties of the Company contained in this Agreement are true and correct as of such
Closing Date and that the Company shall have performed in all material respects all of its obligations to be performed hereunder or satisfied on or prior to such Closing Date and (ii)&nbsp;a certificate dated the Closing Date and signed by an
officer of the Selling Shareholder, to the effect that the representations and warranties of the Selling Shareholder contained in this Agreement are true and correct as of such Closing Date and that the Selling Shareholder shall have performed in
all material respects all of its obligations to be performed hereunder or satisfied on or prior to such Closing Date. Any officer signing and delivering such certificate may certify to the best of his knowledge. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(m) At or prior to such Closing Date, the Offered ADSs shall be eligible for clearance and settlement through the facilities of the DTC, and
the Ordinary Shares underlying the Offered ADSs and the Offered Shares shall be eligible for clearance through the facilities of Euroclear. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(n) There shall not have occurred any change in the condition, financial or otherwise, business or operations, of the Company, its
subsidiaries and its affiliates, taken as a whole, from that set forth in the Pricing Prospectus, that, in the Representatives&#146; judgment, is material and adverse and that makes it, in the Representatives&#146; judgment impracticable to market
the Securities on the terms and in the manner contemplated in the Pricing Prospectus and the Prospectus. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(o) Subsequent to the execution and delivery of this Agreement (i)&nbsp;no downgrading shall
have occurred in the Company&#146;s corporate credit rating or the rating accorded the Company&#146;s debt securities by any &#147;nationally recognized statistical rating organization,&#148; as that term is defined by the Commission for purposes of
Rule 436(g)(2) of the Rules and Regulations, and (ii)&nbsp;no such organization shall have publicly announced that it has under surveillance or review (other than an announcement with positive implications of a possible upgrading), the
Company&#146;s corporate credit rating or the rating of any of the Company&#146;s debt securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(p) In respect of any Offered Shares
or Ordinary Shares underlying the Offered ADSs resulting from the conversion of Restricted Shares, the Company shall have received letters from Euronext confirming that such Ordinary Shares shall have been approved for listing and admission to
trading on Euronext on or prior to such Closing Date. The Offered ADSs shall have been approved for listing on the New York Stock Exchange. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(q) The Custodian shall have furnished to the Representatives a certificate reasonably satisfactory to the Representatives of one of its
authorized officers with respect to the deposit with it of the Ordinary Shares underlying the Firm ADSs or Optional ADSs, as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(r) The Depositary shall have furnished or caused to be furnished to the Representatives a certificate reasonably satisfactory to the
Representatives of one of its authorized officers with respect to the issuance of the Firm ADSs or Optional ADSs, as applicable, pursuant to the Deposit Agreement, and such other customary matters related thereto as the Representatives may
reasonably request. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10. <I>I<SMALL>NDEMNIFICATION</SMALL> <SMALL>AND</SMALL> C<SMALL>ONTRIBUTION</SMALL></I><SMALL></SMALL>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) The Company agrees to indemnify and hold harmless each Underwriter, its affiliates within the meaning of Rule 405 under the Securities Act
and each person, if any, who controls any Underwriter within the meaning of either Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act (collectively, the &#147;<B><I>Underwriter Indemnified Parties</I></B>,&#148; and each,
an &#147;<B><I>Underwriter Indemnified Party</I></B>&#148;), from and against any and all losses, claims, damages and liabilities (including without limitation the legal fees and other expenses reasonably incurred in connection with any suit, action
or proceeding on any claim asserted) caused by any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, the Base Prospectus, any Preliminary Prospectus, the Pricing Prospectus, the Prospectus (as
amended or supplemented if the Company shall have furnished any amendments or supplements thereto), any Issuer Free Writing Prospectus or any &#147;issuer information&#148; (as defined in Rule 433(h)(2) under the Securities Act) filed or required to
be filed pursuant to Rule 433(d) under the Securities Act, any road show materials that are listed on Schedule D, or any Written <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Testing-the-Waters</FONT></FONT> Communications, or
caused by any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as such losses, claims, damages or liabilities are caused by any
such untrue statement or omission or alleged untrue statement or omission based upon (x)&nbsp;the Selling Shareholder Information and (y)&nbsp;information relating to the Underwriters furnished to Company in writing by any Underwriter through the
Representatives expressly for use therein, which information the parties hereto agree is limited to the Underwriters&#146; Information; provided, however, the foregoing indemnity with respect to any untrue statement or omission or alleged untrue
statement or omission made in a Preliminary Prospectus shall not inure to the benefit of any Underwriter (or any person controlling such Underwriter) from whom the person asserting any such loss, liability, claim, damage or expense purchased any of
the Securities that are the subject thereof if a copy of the General Disclosure Package was not conveyed to such person for purposes of Sections 12(a)(2) and 17(a)(2) of the Securities Act at or prior to the Applicable Time and the untrue statement
or omission or alleged untrue statement or omission made in such Preliminary Prospectus was corrected in the General Disclosure Package. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The Selling Shareholder agrees to indemnify and hold harmless the Underwriter Indemnified Parties<B> </B>to the same extent as the
foregoing indemnity from the Company to the Underwriter, but, with respect to the Registration Statement, the Base Prospectus, any Preliminary Prospectus, the Pricing Prospectus, the Prospectus (as amended or supplemented if the Company shall have
furnished any amendments or supplements thereto), any Issuer Free Writing Prospectus, any road show materials that are listed on Schedule D, or any Written
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Testing-the-Waters</FONT></FONT> Communications, only with reference to the Selling Shareholder Information. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Each Underwriter agrees, severally and not jointly, to indemnify and hold harmless the
Company, its directors, its officers who sign the Registration Statement and each person, if any, who controls the Company within the meaning of either Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act (collectively, the
&#147;<B><I>Company Indemnified Parties</I></B>,&#148; and each, a &#147;<B><I>Company Indemnified Party</I></B>&#148;) and the Selling Shareholder and each person, if any, who controls the Selling Shareholder within the meaning of either
Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act (collectively the &#147;<B><I>Selling Shareholder Indemnified Parties</I></B>,&#148; and each, an &#147;<B><I>Selling Shareholder Indemnified Party</I></B><B>) </B>to the
same extent as the foregoing indemnity from the Company to each Underwriter, but, with respect to the Registration Statement, the Base Prospectus, any Preliminary Prospectus, the Pricing Prospectus, the Prospectus (as amended or supplemented if the
Company shall have furnished any amendments or supplements thereto) or any Issuer Free Writing Prospectus, any road show materials that are listed on Schedule D, or any Written
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Testing-the-Waters</FONT></FONT> Communications, only with reference to the Underwriters&#146; Information. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) In case any proceeding (including any governmental investigation) shall be instituted involving any person in respect of which indemnity
may be sought pursuant to either of the three preceding paragraphs, such person (hereinafter called the &#147;<B><I>indemnified party</I></B>&#148;) shall promptly notify the person against whom such indemnity may be sought (hereinafter called the
&#147;<B><I>indemnifying party</I></B>&#148;) in writing (or by facsimile and confirmed in writing) but failure to so notify an indemnifying party shall not relieve such indemnifying party from any liability hereunder to the extent it is not
materially prejudiced as a result thereof and in any event shall not relieve it from any liability which it may have otherwise than on account of this indemnity agreement, and the indemnifying party, upon request of the indemnified party, shall
retain counsel reasonably satisfactory to the indemnified party to represent the indemnified party and any others the indemnifying party may designate in such proceeding and shall pay the fees and disbursements of such counsel related to such
proceeding. In any such proceeding, any indemnified party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such indemnified party unless (i)&nbsp;the indemnifying party and the
indemnified party shall have mutually agreed to the retention of such counsel, (ii)&nbsp;the indemnifying party has failed within a reasonable time to retain counsel reasonably satisfactory to the indemnified party or (iii)&nbsp;the named parties to
any such proceeding (including any impleaded parties) include both the indemnifying party and the indemnified party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between
them. It is understood that the indemnifying party shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel)
for all such indemnified parties, and that all such fees and expenses shall be reimbursed as they are incurred. Such firm shall be designated in writing by the Representatives if the indemnified parties under this Section&nbsp;10 consist of any
Underwriter Indemnified Party, by the Company if the indemnified parties under this Section&nbsp;10 consist of any Company Indemnified Parties or by the Selling Shareholder if the indemnified parties under this Section&nbsp;10 consist of any Selling
Shareholder Indemnified Parties. The indemnifying party shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there shall be a final judgment for the plaintiff, the
indemnifying party agrees to indemnify the indemnified party from and against any loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested an
indemnifying party to reimburse the indemnified party for fees and expenses of counsel as contemplated by the third sentence of this paragraph, the indemnifying party agrees that it shall be liable for any settlement of any proceeding effected
without its written consent if (i)&nbsp;such settlement is entered into more than thirty (30)&nbsp;days after receipt by such indemnifying party of the aforesaid request and (ii)&nbsp;such indemnifying party shall not have reimbursed the indemnified
party in accordance with such request prior to the date of such settlement. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened proceeding in respect of which
any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are
the subject matter of such proceedings. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) If the indemnification provided for in this Section&nbsp;10 is unavailable to an indemnified
party or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then each indemnifying party under such paragraph, in lieu of indemnifying such indemnified party thereunder, shall contribute to the amount paid or
payable by such indemnified party as a result of such losses, claims, damages or liabilities (i)&nbsp;in such proportion as is appropriate to reflect the relative benefits received by the indemnifying party or parties, on the one hand, and the
indemnified party or parties on the other, from the offering of the Securities or (ii)&nbsp;if the allocation provided by clause (i)&nbsp;above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative
benefits referred to in clause (i)&nbsp;above but also the relative fault of the indemnifying party or parties, on the one hand, and the indemnified party or parties on the other, in connection with the statements or omissions that resulted in such
losses, </P>
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claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received by the Company and the Selling Shareholder, on the one hand, and the
Underwriters on the other, shall be deemed to be in the same respective proportions as the net proceeds from the offering (before deducting expenses) received by the Selling Shareholder and the total underwriting discounts and commissions received
by the Underwriters, in each case as set forth in the table on the cover of the Pricing Prospectus, bear to the aggregate public offering price of the Securities. The relative fault of the Company and Selling Shareholders, on the one hand, and the
Underwriters on the other, shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the
Company and the Selling Shareholder or the Underwriters and the parties&#146; relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) The Company, Selling Shareholder and Underwriters agree that it would not be just and equitable if contribution pursuant to this
Section&nbsp;10 were determined by pro rata allocation (even if the Selling Shareholder or the Underwriters were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations
referred to in the immediately preceding paragraph. The amount paid or payable by an indemnified party as a result of the losses, claims, damages and liabilities referred to in the immediately preceding paragraph shall be deemed to include, subject
to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section&nbsp;10, no
Underwriter shall be required to contribute any amount in excess of the amount by which the total price at which the Securities underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages that such
Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f) of the Securities Act)
shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Underwriters&#146; respective obligations to contribute pursuant to this Section&nbsp;10 are several in proportion to the respective
principal amounts of Securities purchased by each of such Underwriters and not joint. The remedies provided for in this Section&nbsp;10 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any indemnified
party at law or in equity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) The indemnity and contribution provisions contained in this Section&nbsp;10 and the representations,
warranties and other statements of the Company and the Selling Shareholders contained in this Agreement shall remain operative and in full force and effect regardless of (i)&nbsp;any termination of this Agreement,(ii) any investigation made by or on
behalf of any Underwriter, any person controlling any Underwriter or any affiliate of any Underwriter, or by or on behalf of any Selling Shareholder or any person controlling any Selling Shareholder, or by or on behalf of the Company, its officers
or directors or any person controlling the Company and (iii)&nbsp;acceptance of and payment for any of the Securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11.
<I>T<SMALL>ERMINATION</SMALL></I><SMALL></SMALL>. The obligations of the Underwriters hereunder may be terminated by the Representatives, in their discretion, by notice given to the Company and the Selling Shareholder, if (a)&nbsp;after the
execution and delivery of this Agreement and prior to the Closing Date (i)&nbsp;trading generally shall have been suspended or materially limited on or by, as the case may be, any of Euronext Brussels, the New York Stock Exchange, the American Stock
Exchange, Nasdaq Global Select Market, Nasdaq Global Market, Nasdaq Capital Market or the NYSE MKT LLC; (ii)&nbsp;trading of the Company&#146;s Ordinary Shares or ADSs shall have been suspended or materially limited on or by, as the case may be, any
of Euronext Brussels or the New York Stock Exchange, (iii)&nbsp;a general moratorium on commercial banking activities shall have been declared (x)&nbsp;in New York by either Federal or New York State authorities or (y)&nbsp;in Belgium by either the
Belgian authorities or the European Central Bank or (iv)&nbsp;there shall have occurred any outbreak or escalation of hostilities or any change in financial markets or any calamity or crisis that, in the Representatives&#146; judgment, is material
and adverse and (b)&nbsp;in the case of any of the events specified in clause (a) (i), such event singly or together with any other such event makes it, in the Representatives&#146; judgment, after consultation with the Company and the Selling
Shareholder, impracticable to market the Securities on the terms and in the manner contemplated in the Pricing Prospectus and Prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12. <I>R<SMALL>EIMBURSEMENT</SMALL> <SMALL>OF</SMALL> U<SMALL>NDERWRITERS</SMALL></I><SMALL><I></I></SMALL><I>&#146;</I><I>
E<SMALL>XPENSES</SMALL></I><SMALL></SMALL>. Notwithstanding anything to the contrary in this Agreement, if (a)&nbsp;the Selling Shareholder shall fail to tender the Securities for delivery to the Underwriters for any reason not permitted under this
Agreement or (b)&nbsp;the sale of the Securities is not consummated because any condition to the obligations of the Underwriters set forth herein is not satisfied or because of the refusal, inability or failure on
</P>
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the part of the (i)&nbsp;Selling Shareholder or (ii)&nbsp;the Company to perform any agreement herein or to satisfy any condition or to comply with the provisions hereof, then, in addition to the
payment of amounts in accordance with Section&nbsp;8, the Selling Shareholder (or, solely in the case of termination pursuant to clause (b)(ii) of the preceding sentence, the Company) shall reimburse the Underwriters in accordance with this
Section&nbsp;12 for the reasonable <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> fees and expenses of Underwriters&#146; counsel and for such other reasonable and documented <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> accountable expenses as shall have been actually incurred by them in connection with this Agreement and the proposed purchase of the Securities, and upon demand
the Selling Shareholder or the Company, as applicable, shall pay the full amount thereof to the Representatives, provided, however, that if this Agreement is terminated by reason of the default of one or more Underwriters, the Selling Shareholder
shall not be obligated to reimburse any defaulting Underwriter on account of expenses to the extent incurred by such defaulting Underwriter; <I>provided</I>, further, that the foregoing shall not limit any reimbursement obligation of the Selling
Shareholder to any <FONT STYLE="white-space:nowrap">non-defaulting</FONT> Underwriter under this Section&nbsp;12. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13.
<I>S<SMALL>UBSTITUTION</SMALL> <SMALL>OF</SMALL> U<SMALL>NDERWRITERS</SMALL></I><SMALL></SMALL>. If any Underwriter or Underwriters shall default in its or their obligations to purchase the Securities hereunder on any Closing Date, and the aggregate
number of shares which such defaulting Underwriter or Underwriters agreed but failed to purchase does not exceed ten percent (10%) of the total number of shares to be purchased by all Underwriters on such Closing Date, the other Underwriters shall
be obligated severally, in proportion to their respective commitments hereunder, to purchase the shares which such defaulting Underwriter or Underwriters agreed but failed to purchase on such Closing Date. If any Underwriter or Underwriters shall so
default and the aggregate number of shares with respect to which such default or defaults occur is more than ten percent (10%) of the total number of shares to be purchased by all Underwriters on such Closing Date, and arrangements satisfactory to
the Representatives, the Company and the Selling Shareholder for the purchase of such shares by other persons are not made within <FONT STYLE="white-space:nowrap">forty-eight</FONT> (48)&nbsp;hours after such default, this Agreement shall terminate.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the remaining Underwriters or substituted Underwriters are required hereby or agree to take up all or part of the Securities of a
defaulting Underwriter or Underwriters on such Closing Date as provided in this Section&nbsp;13, (i) the Selling Shareholder shall have the right to postpone such Closing Dates for a period of not more than five (5)&nbsp;full business days in order
that the Company and the Selling Shareholder may effect whatever changes may thereby be made necessary in the Registration Statement or the Prospectus, or in any other documents or arrangements, and the Company agrees promptly to file any amendments
to the Registration Statement or supplements to the Prospectus which may thereby be made necessary, and (ii)&nbsp;the respective numbers of shares to be purchased by the remaining Underwriters or substituted Underwriters shall be taken as the basis
of their underwriting obligation for all purposes of this Agreement. Nothing herein contained shall relieve any defaulting Underwriter of its liability to the Company and Selling Shareholder or the other Underwriters for damages occasioned by its
default hereunder. Any termination of this Agreement pursuant to this Section&nbsp;13 shall be without liability on the part of any <FONT STYLE="white-space:nowrap">non-defaulting</FONT> Underwriter, the Company or the Selling Shareholder, except
that the representations, warranties, covenants, indemnities, agreements and other statements set forth in Sections&nbsp;2 and 3, the obligations with respect to expenses to be paid or reimbursed pursuant to Sections&nbsp;8 and 12 and the provisions
of Section&nbsp;10, Section&nbsp;14 and Sections&nbsp;18 through 24, inclusive, shall not terminate and shall remain in full force and effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14. <I>A<SMALL>BSENCE</SMALL> <SMALL>OF</SMALL> F<SMALL>IDUCIARY</SMALL> R<SMALL>ELATIONSHIP</SMALL></I><SMALL></SMALL>. Each of the Company
and the Selling Shareholder acknowledges and agrees that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) each Underwriter&#146;s responsibility to the Company and the Selling
Shareholder is solely contractual in nature, the Representatives have been retained solely to act as underwriters in connection with the sale of the Securities and no fiduciary, advisory or agency relationship between the Company, the Selling
Shareholder and the Representatives has been created in respect of any of the transactions contemplated by this Agreement, irrespective of whether the Representatives have advised or are advising the Company or the Selling Shareholder on other
matters; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) the price of the Securities set forth in this Agreement was established by the Selling Shareholder following a book-building
process immediately prior to the signing of this Agreement, and the Company and the Selling Shareholder are capable of evaluating and understanding, and understand and accept, the terms, risks and conditions of the transactions contemplated by this
Agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) it has been advised that the Representatives and their affiliates are engaged in a broad range of transactions which may
involve interests that differ from those of the Company and the Selling Shareholder and that the Representatives have no obligation to disclose such interests and transactions to the Company and the Selling Shareholder by virtue of any fiduciary,
advisory or agency relationship; and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) it waives, to the fullest extent permitted by law, any claims it may have against the
Representatives for breach of fiduciary duty or alleged breach of fiduciary duty and agrees that the Representatives shall have no liability (whether direct or indirect) to the Company or the Selling Shareholder in respect of such a fiduciary duty
claim or to any person asserting a fiduciary duty claim on behalf of or in right of the Company, including shareholders, employees or creditors of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15. <I>A<SMALL>CKNOWLEDGEMENT</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> U<SMALL>NDERWRITERS</SMALL></I><SMALL></SMALL>. The Underwriters
understand and agree that no action has been or will be taken in any jurisdiction by the Underwriters, the Company or the Selling Shareholder that would permit a public offering of any Securities other than the United States, without prejudice to
any required filings with the FSMA for the admission to the trading of the Offered Shares and the Ordinary Shares underlying the Offered ADSs on the regulated market of Euronext. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">16. <I>S<SMALL>UCCESSORS</SMALL>; P<SMALL>ERSONS</SMALL> E<SMALL>NTITLED</SMALL> <SMALL>TO</SMALL> B<SMALL>ENEFIT</SMALL> <SMALL>OF</SMALL>
A<SMALL>GREEMENT</SMALL></I><SMALL></SMALL>. This Agreement shall be binding upon, and inure solely to the benefit of, the Underwriters, the Company and the Selling Shareholder and, to the extent provided in Section&nbsp;10 hereof, the Company
Indemnified Parties, the Underwriter Indemnified Parties and the Selling Shareholder Indemnified Parties, and their respective heirs, executors, administrators, successors and assigns, and no other person shall acquire or have the right under or by
virtue of this Agreement. No purchaser of any of the Securities from any Underwriter shall be deemed a successor or assign by reason merely of such purchase. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17. <I>S<SMALL>URVIVAL</SMALL> <SMALL>OF</SMALL> I<SMALL>NDEMNITIES</SMALL>, R<SMALL>EPRESENTATIONS</SMALL>, W<SMALL>ARRANTIES</SMALL>,
<SMALL>ETC</SMALL></I><SMALL><I></I></SMALL><I>. </I>The indemnity and contribution agreements contained in Section&nbsp;10 and the representations and warranties of the Company, the Selling Shareholder and the several Underwriters contained in this
Agreement shall remain operative and in full force and effect regardless of (i)&nbsp;any termination of this Agreement, (ii)&nbsp;any investigation made by or on behalf of any Underwriter or any person controlling any Underwriter or by or on behalf
of any of the Company, the Selling Shareholder, their respective directors, the Company&#146;s officers, or any other person controlling the Company or the Selling Shareholder and (iii)&nbsp;acceptance of and payment for any of the Securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">18. <I>N<SMALL>OTICES</SMALL></I><SMALL></SMALL>. All statements, requests, notices and agreements hereunder shall be in writing, and: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) if to the Underwriters, shall be delivered or sent by mail, telex, facsimile transmission or email to Morgan Stanley&nbsp;&amp;
Co.&nbsp;LLC, 1585 Broadway, New York, New York 10036, Attention: Equity Syndicate Desk, with a copy to the Legal Department, J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York 10179, Attn: Equity Syndicate Desk, Fax: (212) <FONT
STYLE="white-space:nowrap">622-8358</FONT> and J.P. Morgan SE, Taunustor 1 (TaunusTurm), 60310 Frankfurt am Main, Germany, Email: ECM &#150; Europe_Syndicate_Desk@jpmorgan.com, Attn: EMEA Equity Syndicate Desk; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) if to the Company, shall be delivered or sent by mail, telex, facsimile transmission or email to Anheuser-Busch InBev SA/NV,
Brouwerijplein 1, 3000 Leuven, Belgium, Email: <FONT STYLE="white-space:nowrap">fernando.tennenbaum@ab-inbev.com,</FONT> <FONT STYLE="white-space:nowrap">ann.randon@ab-inbev.com,</FONT> <FONT STYLE="white-space:nowrap">john.blood@ab-inbev.com</FONT>
and thomas.larson@anheuser-busch.com, Attention: Fernando Tennenbaum, Ann Randon, John Blood, and Thomas Larson, with a copy to Sullivan&nbsp;&amp; Cromwell LLP, 1 New Fetter Lane, London EC4A 1AN, United Kingdom, Email:
horsfieldbradburyj@sullcrom.com, Attention: John Horsfield-Bradbury; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) if to the Selling Shareholder, shall be delivered or sent by
mail, telex, facsimile transmission or email to Altria Group, Inc., 6601 West Broad Street, Richmond, Virginia, 23230 USA, <FONT STYLE="white-space:nowrap">E-mail</FONT> addresses: Daniel.J.Bryant@altria.com, jeffery.m.hinchcliffe@altria.com,
Attention: Daniel J. Bryant, and Michael Hinchcliffe, with a copy to Wachtell, Lipton, Rosen&nbsp;&amp; Katz, 51 West 52<SUP STYLE="font-size:75%; vertical-align:top">nd</SUP> Street, New York, New York 10019, USA,
<FONT STYLE="white-space:nowrap">E-mail</FONT> addresses: AJNussbaum@wlrk.com, ZSPodolsky@wlrk.com. Attention: Andrew J. Nussbaum, and Zachary S. Podolsky; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>provided</I>, <I>however</I>, that any notice to an Underwriter pursuant to Section&nbsp;10 shall be delivered or sent by mail, or facsimile transmission
to such Underwriter at its address set forth in its acceptance telex to the Representatives, which address will be supplied to any other party hereto by the Representatives upon request. Any such statements, requests, notices or agreements shall
take effect at the time of receipt thereof. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">19. <I>D<SMALL>EFINITION</SMALL> <SMALL>OF</SMALL> C<SMALL>ERTAIN</SMALL>
T<SMALL>ERMS</SMALL></I><SMALL></SMALL>. For purposes of this Agreement, (i) &#147;<B><I>affiliate</I></B>&#148; has the meaning set forth in Rule 405 under the Rules and Regulations, (ii) &#147;<B><I>business day</I></B>&#148; means any day on
which the New York Stock Exchange is open for trading, (iii) &#147;<B><I>subsidiary</I></B>&#148; has the meaning set forth in Rule 405 of the Rules and Regulations and (iv) &#147;<B><I>significant subsidiary</I></B>&#148; has the meaning set forth
in Rule <FONT STYLE="white-space:nowrap">1-02</FONT> of Regulation <FONT STYLE="white-space:nowrap">S-X.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">20.
<I>G<SMALL>OVERNING</SMALL> L<SMALL>AW</SMALL></I><SMALL></SMALL>. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, including without limitation
<FONT STYLE="white-space:nowrap">Section&nbsp;5-1401</FONT> of the New York General Obligations. The Company irrevocably (i)&nbsp;submits to the <FONT STYLE="white-space:nowrap">non-exclusive</FONT> jurisdiction of the Federal and state courts in
the Borough of Manhattan in The City of New York for the purpose of any suit, action or other proceeding arising out of this Agreement or the transactions contemplated by this Agreement, the Registration Statement, the ADS Registration Statement and
any Preliminary Prospectus or the Prospectus, (ii)&nbsp;agrees that all claims in respect of any such suit, action or proceeding may be heard and determined by any such court, (iii)&nbsp;waives to the fullest extent permitted by applicable law, any
immunity from the jurisdiction of any such court or from any legal process, (iv)&nbsp;agrees not to commence any such suit, action or proceeding other than in such courts and (v)&nbsp;waives, to the fullest extent permitted by applicable law, any
claim that any such suit, action or proceeding is brought in an inconvenient forum. The Company appoints AB InBev Services LLC, located at 250 Park Avenue, 2nd Floor, New York, New York 10177 as its agent to receive service of process or other legal
summons for purposes of any such suit, action or proceeding that may be instituted in any state or federal court in the City and County of New York (which appointment shall not be revoked by the Company). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">21. <I>U<SMALL>NDERWRITERS</SMALL></I><SMALL><I></I></SMALL><I>&#146;</I><I> I<SMALL>NFORMATION</SMALL></I><SMALL></SMALL>. The parties hereto
acknowledge and agree that, for all purposes of this Agreement, the Underwriters&#146; Information consists solely of the following information in the Prospectus: (i)&nbsp;the seventh paragraph of text under the caption &#147;Underwriting&#148; in
the Prospectus concerning the terms of offering by the Underwriters; (ii)&nbsp;the sixteenth paragraph of text under the caption &#147;Underwriting&#148; in the Prospectus concerning the availability of the Prospectus in electronic format; and
(iii)&nbsp;the seventeenth, eighteenth and nineteenth paragraphs of the text under the caption &#147;Underwriting&#148; in the Prospectus concerning stabilization by the Underwriters, (iv)&nbsp;the names of the Underwriters as they appear in the
Prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">22. <I>A<SMALL>UTHORITY</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> R<SMALL>EPRESENTATIVES</SMALL></I><SMALL></SMALL>. In
connection with this Agreement, the Representatives will act for and on behalf of the several Underwriters, and any action taken under this Agreement by the Representatives, will be binding on all of the Underwriters. The Company and the Selling
Shareholder shall be entitled to act and rely upon any request, consent, notice or agreement given or made on behalf of the Underwriters by the Representatives. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">23. <I>A<SMALL>FFILIATES</SMALL></I><SMALL></SMALL>. Sales of Ordinary Shares made outside of the United States may be made by affiliates of
the Underwriters acting as their agents, including, without limitation, Morgan Stanley&nbsp;&amp; Co. International plc and Morgan Stanley Europe SE. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">24. <I>P<SMALL>ARTIAL</SMALL> U<SMALL>NENFORCEABILITY</SMALL></I><SMALL></SMALL>. The invalidity or unenforceability of any section,
paragraph, clause or provision of this Agreement shall not affect the validity or enforceability of any other section, paragraph, clause or provision hereof. If any section, paragraph, clause or provision of this Agreement is for any reason
determined to be invalid or unenforceable, there shall be deemed to be made such minor changes (and only such minor changes) as are necessary to make it valid and enforceable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">25. <I>G<SMALL>ENERAL</SMALL></I><SMALL></SMALL>. This Agreement, and, with respect to the Company and the Selling Shareholder (i)&nbsp;the
Registration Rights Agreement, dated as of October&nbsp;10, 2016, by and among the Company and the Holders (as defined therein), (ii) the Share Repurchase Agreement and (iii)&nbsp;the Tax Allocation Agreement, dated as of March&nbsp;13, 2024,
between the Company and the Selling Shareholder, constitute the entire agreement of the parties to this Agreement and supersedes all prior written or oral and all contemporaneous oral agreements, understandings and negotiations with respect to the
subject matter hereof. In this Agreement, the masculine, feminine and neuter genders and the singular and the plural include one another. The section&nbsp;headings in this Agreement are for the convenience of the parties only and will not affect the
construction or interpretation of this Agreement. This Agreement may be amended or modified, and the observance of any term of this Agreement may be waived, only by a writing signed by the Company, the Selling Shareholder and the Representatives.
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">26. <I>C<SMALL>OUNTERPARTS</SMALL></I><SMALL></SMALL>. This Agreement may be signed in any
number of counterparts, including by facsimile or other electronic transmission, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. Counterparts may be delivered via
facsimile, electronic mail (including any electronic signature complying with the U.S.&nbsp;federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other applicable law, e.g., www. Docusign.com) or other transmission method and any
counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">27.
<I>J<SMALL>UDGMENT</SMALL> C<SMALL>URRENCY</SMALL></I><SMALL></SMALL>. The obligations of the Company and Selling Shareholder pursuant to this Agreement in respect of any sum due to any Underwriter shall, notwithstanding any judgment in a currency
other than United States dollars, not be discharged until the first (1<SUP STYLE="font-size:75%; vertical-align:top">st</SUP>) business day, following receipt by such Underwriter of any sum adjudged to be so due in such other currency, on which (and
only to the extent that) such Underwriter may in accordance with normal banking procedures purchase United States dollars with such other currency; if the United States dollars so purchased are less than the sum originally due to such Underwriter
hereunder, each of the Company and Selling Shareholder agrees, as applicable, as a separate obligation and notwithstanding any such judgment, to indemnify such Underwriter against such loss. If the United States dollars so purchased are greater than
the sum originally due to such Underwriter hereunder, such Underwriter agrees to pay to the Company and the Selling Shareholder, as applicable, an amount equal to the excess of the United States dollars so purchased over the sum originally due to
such Underwriter hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">28. <I>R<SMALL>ECOGNITION</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL>
U.S.</I><I></I><I>&nbsp;S<SMALL>PECIAL</SMALL> R<SMALL>ESOLUTION</SMALL> R<SMALL>EGIMES</SMALL></I><SMALL></SMALL>. (a)&nbsp;In the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S.&nbsp;Special
Resolution Regime, the transfer from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S.&nbsp;Special Resolution
Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) In the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding
under a U.S.&nbsp;Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter are permitted to be exercised to no greater extent than such Default Rights could be exercised under the
U.S.&nbsp;Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For
purposes of this Section&nbsp;(b), &#147;<B><I>BHC Act Affiliate</I></B>&#148; has the meaning assigned to the term &#147;affiliate&#148; in, and shall be interpreted in accordance with, 12 U.S.C. &#167;&nbsp;1841(k). &#147;<B><I>Covered
Entity</I></B>&#148; means any of the following: (i)&nbsp;a &#147;covered entity&#148; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167;&nbsp;252.82(b); (ii) a &#147;covered bank&#148; as that term is defined in, and
interpreted in accordance with, 12 C.F.R. &#167;&nbsp;47.3(b); or (iii)&nbsp;a &#147;covered FSI&#148; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167;&nbsp;382.2(b). &#147;<B><I>Default Right</I></B>&#148; has the
meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. &#167;&#167;&nbsp;252.81, 47.2 or 382.1, as applicable. &#147;<B><I>U.S.</I></B><B><I></I></B><B><I>&nbsp;Special Resolution Regime</I></B>&#148; means each of
(i)&nbsp;the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii)&nbsp;Title II of the <FONT STYLE="white-space:nowrap">Dodd-Frank</FONT> Wall Street Reform and Consumer Protection Act and the regulations promulgated
thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">29. <I>COMPLIANCE WITH USA PATRIOT ACT</I>. In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. <FONT
STYLE="white-space:nowrap">107-56</FONT> (signed into law October&nbsp;26, 2001)), the Underwriters are required to obtain, verify and record information that identifies their respective clients, including the Company and the Selling Stockholder,
which information may include the name and address of their respective clients, as well as other information that will allow the Underwriters to properly identify their respective clients. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">30. <I>A<SMALL>GREEMENT</SMALL> <SMALL>AND</SMALL> A<SMALL>CKNOWLEDGEMENT</SMALL> <SMALL>WITH</SMALL> <SMALL>RESPECT</SMALL> <SMALL>TO</SMALL>
<SMALL>THE</SMALL> E<SMALL>XERCISE</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> B<SMALL>AIL</SMALL><FONT STYLE="white-space:nowrap">-</FONT><SMALL>IN</SMALL> P<SMALL>OWER</SMALL></I><SMALL></SMALL>. Notwithstanding and to the exclusion of any other
provision of this Agreement or any other agreements, arrangements or understandings, in the event that J.P. Morgan SE becomes subject to the exercise of <FONT STYLE="white-space:nowrap">Bail-in</FONT> Powers under an applicable <FONT
STYLE="white-space:nowrap">Bail-in</FONT> Legislation, the Selling Shareholder and the Company each acknowledges and accepts that a Liability arising under this Agreement may be subject to the exercise of
<FONT STYLE="white-space:nowrap">Bail-in</FONT> Powers by the Relevant Resolution Authority, and acknowledges, accepts, and agrees to be bound by: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) the effect of the exercise of such powers in relation to any Liability of J.P. Morgan SE
arising under this Agreement that (without limitation) may include and result in any of the following, or some combination thereof: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(I) the reduction of all, or a portion, of such Liability; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(II) the conversion of all, or a portion, of the such Liability into shares, other securities, or other obligations of J.P.
Morgan SE or another person (and the issue to or conferral on the Selling Shareholder or the Company of such shares, securities or obligations), including by means of an amendment, modification or variation of the terms of this Agreement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(III) the cancellation of such Liability; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(IV) the amendment or alteration of the amounts due in relation to such Liability, including any interest, if applicable,
thereon, or the dates on which any payments are due, including by suspending payment for a temporary period; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) the variation of the
terms of this Agreement, if necessary, to give effect to the exercise of such powers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Where: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I><FONT STYLE="white-space:nowrap">Bail-in</FONT> Legislation</I></B>&#148; means the laws, regulations, rules or requirements in
effect in Germany relating to the transposition of the BRRD, including but not limited to the German Act on Recovery and Resolution of Institutions and Financial Groups (Gesetz zur Sanierung und Abwicklung von Instituten und Finanzgruppen), as
amended from time to time, or pursuant to, and in accordance with, Regulation 806/2014 establishing uniform rules and uniform procedures for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution
Mechanism and Single Resolution Fund, as amended from time to time, and the instruments, rules and standards created thereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I><FONT STYLE="white-space:nowrap">Bail-in</FONT> Powers</I></B>&#148; means any write-down, conversion, transfer, modification, or
suspension power existing from time to time under, and exercised in compliance with, applicable <FONT STYLE="white-space:nowrap">Bail-in</FONT> Legislation, pursuant to which any obligation of J.P. Morgan SE can be reduced, cancelled, modified, or
converted into shares, other securities, or other obligations of J.P. Morgan SE or any other person (or suspended for a temporary period) or any right in a contract governing an obligation of J.P. Morgan SE may be deemed to have been exercised. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>BRRD</I></B>&#148; means Directive 2014/59/EU of the European Parliament and of the Council of 15&nbsp;May 2014 establishing a
framework for the recovery and resolution of credit institutions and investment firms, as amended from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Liability</I></B>&#148; means any liability which is subject to the <FONT STYLE="white-space:nowrap">Bail-in</FONT> Powers under
and in accordance with the applicable <FONT STYLE="white-space:nowrap">Bail-in</FONT> Legislation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Relevant Resolution
Authority</I></B>&#148; means the resolution authority with the ability to exercise any <FONT STYLE="white-space:nowrap">Bail-in</FONT> Powers in relation to J.P. Morgan SE. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[</B><B><I>Signature page follow</I></B><B>s] </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the foregoing is in accordance with your understanding of the agreement between the
Company, the Selling Shareholder and the several Underwriters, kindly indicate your acceptance in the space provided for that purpose below. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Anheuser-Busch Inbev SA/NV</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Ann Randon</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Name: Ann Randon</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &#8194;Authorized Signatory</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Jan Vandermeersch</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Name: Jan Vandermeersch</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &#8194;Authorized Signatory</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[</B><B><I>Signature
Page to Underwriting Agreement</I></B><B>]</B> </P>

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<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Altria Group, Inc.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Daniel J. Bryant</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Name: Daniel J. Bryant</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &#8201;Vice President and Treasurer</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[</B><B><I>Signature
Page to Underwriting Agreement</I></B><B>]</B> </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

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<TD WIDTH="7%"></TD>

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<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Accepted as of the date first above written:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Morgan Stanley&nbsp;&amp; Co.&nbsp;LLC</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>J.P. Morgan Securities LLC</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>J.P. Morgan SE</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Acting on their own behalf</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">and as
Representatives of several</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Underwriters listed on <U>Schedule&nbsp;A</U> to this Agreement.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: Morgan Stanley&nbsp;&amp; Co.&nbsp;LLC</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Russell Schmidt</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Russell Schmidt</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: Managing Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: J.P. Morgan Securities LLC</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Ratnabali Majumdar</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Ratnabali Majumbar</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: &#8201;Vice President</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: J.P. Morgan SE</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Paul Mihailovitch</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Paul Mihailovitch</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: &#8201;Managing Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Alexandre Gaudy</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Alexandre Gaudy</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: &#8201;Executive Director</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[</B><B><I>Signature
Page to Underwriting Agreement</I></B><B>]</B> </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE A </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="67%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Name</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number&nbsp;of&nbsp;Firm<BR>ADSs to be<BR>Purchased</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number&nbsp;of&nbsp;Firm<BR>Shares to be<BR>Purchased</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total Firm<BR>Securities&nbsp;to&nbsp;be<BR>Purchased</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Morgan Stanley&nbsp;&amp; Co.&nbsp;LLC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,703,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12,297,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">J.P. Morgan Securities LLC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">851,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">851,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">J.P. Morgan SE</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6,149,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6,149,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Barclays Capital Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">298,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,152,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,450,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Citigroup Global Markets Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,450,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,450,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deutsche Bank Securities Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,450,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,450,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Goldman Sachs&nbsp;&amp; Co. LLC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">298,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,152,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,450,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Mizuho Securities USA LLC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,050,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,050,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Santander US Capital Markets LLC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,050,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,050,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Scotia Capital (USA) Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,050,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,050,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Wells Fargo Securities, LLC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,050,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,050,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12,250,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">22,750,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">35,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE B </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Pricing Information </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="58%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="40%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Securities to be Sold:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">35,000,000 Ordinary Shares (including 12,250,000 Ordinary Shares to be represented by ADSs)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Additional ADSs that may be sold pursuant to the Underwriters&#146; Option:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">5,250,000 Ordinary Shares (which are represented by ADSs)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Offering Price of the Securities:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$61.50 per ADS, corresponding to &#128;56.17 per Ordinary Share</TD></TR>
</TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE C </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Written <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Testing-the-Waters</FONT></FONT> Communication </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Management Presentation dated March&nbsp;12, 2024. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE D </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Road show </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Management Presentation dated
March&nbsp;13, 2024. </P>
</DIV></Center>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit I </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Form of <FONT STYLE="white-space:nowrap">Lock-Up</FONT> Agreement </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(attached) </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><FONT STYLE="white-space:nowrap">LOCK-UP</FONT> AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">March&nbsp;13, 2024 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Morgan Stanley&nbsp;&amp;
Co. LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">J.P. Morgan Securities LLC </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">as Representatives of
the several Underwriters </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o &#8199;Morgan Stanley&nbsp;&amp; Co. LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1585 Broadway </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">New York, NY 10036
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o J.P. Morgan Securities LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">383 Madison Avenue </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, NY 10179 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The undersigned understands that Morgan Stanley&nbsp;&amp; Co. LLC (&#147;<B><I>Morgan Stanley</I></B>&#148;) and J.P. Morgan Securities LLC
(&#147;<B><I>J.P. Morgan</I></B>&#148; and, together with Morgan Stanley, the &#147;<B><I>Representatives</I></B>&#148;) proposes to enter into an Underwriting Agreement (the &#147;<B><I>Underwriting Agreement</I></B>&#148;) with a certain
shareholder (the &#147;<B><I>Selling Shareholder</I></B>&#148;) party thereto and Anheuser-Busch Inbev SA/NV, a <I>soci&eacute;t&eacute; anonyme</I> duly organized and existing under the laws of the Kingdom of Belgium (the
&#147;<B><I>Company</I></B>&#148;), providing for the public offering in the United States and private placement in the European Economic Area to certain legal entities all of which are qualified investors within the meaning of Regulation (EU)
2017/1129 of the European Parliament and of the Council of June&nbsp;14, 2017 (the &#147;<B><I>Offering</I></B>&#148;) by the several underwriters named in <U>Schedule A</U> thereto (the &#147;<B><I>Underwriters</I></B>&#148;), of the ordinary
shares (without nominal value) of the Company (the &#147;<B><I>Ordinary</I></B><B> </B><B><I>Shares</I></B>&#148;) and Ordinary Shares to be delivered in the form of American Depositary Shares of the Company (the &#147;<B><I>ADSs</I></B>,&#148; and,
together with the Ordinary Shares, the &#147;<B><I>Securities</I></B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To induce the Underwriters that may participate in the
Offering to continue their efforts in connection with the Offering, the undersigned hereby agrees that, without the prior written consent of Morgan Stanley, on behalf of the Underwriters, it will not, and will not publicly disclose an intention to,
during the period commencing on the date hereof and ending 180 days after the date of the Underwriting Agreement (the &#147;<B><I>Restricted Period</I></B>&#148;), (1) offer, pledge, sell, contract to sell, sell any option or contract to purchase,
purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any Securities or any options or warrants to purchase any Securities beneficially owned (as
such term is used in Rule <FONT STYLE="white-space:nowrap">13d-3</FONT> of the Securities Exchange Act of 1934, as amended (the &#147;<B><I>Exchange Act</I></B>&#148;)) by the undersigned or any other securities so owned convertible into or
exercisable or exchangeable for Securities or (2)&nbsp;enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of Securities, whether any such transaction described in
clause (1)&nbsp;or (2) above is to be settled by delivery of Securities or such other securities, in cash or otherwise. The foregoing sentence shall not apply to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) transactions relating to Securities or other securities acquired in open market transactions after the completion of the Offering,
<I>provided</I> that no filing under Section&nbsp;16(a) of the Exchange Act shall be required or shall be voluntarily made in connection with subsequent sales of Securities or other securities acquired in such open market transactions; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) transfers of Securities or any security convertible into Securities as a bona fide gift, <I>provided</I> that (i)&nbsp;each donee shall
sign and deliver a <FONT STYLE="white-space:nowrap">lock-up</FONT> agreement substantially in the form of this agreement, (ii)&nbsp;any such transfer shall not involve a disposition for value and (iii)&nbsp;to the extent a public announcement or
filing under the Exchange Act, if any, is required of or voluntarily made by or on behalf of the undersigned or the Company regarding such transfer, such announcement or filing shall include a statement to the effect that such transfer reflects the
circumstances described in this subpart (b)&nbsp;and is not a disposition for value; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) distributions or transfers of Securities or any security convertible into Securities to
(1)&nbsp;current or former partners (general or limited), members, stockholders, holders of similar equity interests in the undersigned or the estates of any of the foregoing or (2)&nbsp;to another corporation, partnership, limited liability
company, trust or other business entity that is an affiliate (as defined in Rule 405 promulgated under the Securities Act of 1933, as amended) of the undersigned, or to any investment fund or other entity controlling, controlled by, managing or
managed by or under common control or common investment management with the undersigned or affiliates of the undersigned, <I>provided</I> that (i)&nbsp;each distributee or transferee shall sign and deliver a
<FONT STYLE="white-space:nowrap">lock-up</FONT> agreement substantially in the form of this agreement and (ii)&nbsp;no filing under Section&nbsp;16(a) of the Exchange Act reporting a reduction in beneficial ownership of Securities shall be required
or shall be voluntarily made during the Restricted Period (other than on a form required to be filed under Section&nbsp;16(a), in which case such form shall clearly indicate in the footnotes thereto that the filing relates to the circumstances
described in this subpart (c)); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) facilitating the establishment or amendment after the date hereof of a trading plan on behalf of a
shareholder, officer or director of the Company pursuant to Rule <FONT STYLE="white-space:nowrap">10b5-1</FONT> under the Exchange Act (a &#147;<B><I>Trading Plan</I></B>&#148;) for the transfer of Securities, <I>provided</I> that (i)&nbsp;such plan
does not provide for the transfer of Securities during the Restricted Period and (ii)&nbsp;to the extent a public announcement or filing under the Exchange Act, if any, is required of or voluntarily made by or on behalf of the undersigned or the
Company regarding the establishment of such plan, such announcement or filing shall include a statement to the effect that no transfer of Securities may be made under such plan during the Restricted Period; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) transfers of Securities to the Company pursuant to any contractual arrangement in effect on the date of this agreement and described in
the final prospectus relating to the Public Offering (the &#147;<B><I>Prospectus</I></B>&#148;) that provides for the repurchase of the undersigned&#146;s Securities by the Company, including that certain share repurchase agreement dated as of
March&nbsp;13, 2024, between Altria Group, Inc. and the Company as disclosed in the Prospectus; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) transfers of Securities pursuant to a
merger, consolidation or other similar transaction approved by the Company&#146;s board of directors and made with or offered to all holders of the Company&#146;s Securities resulting in a change in the ownership of a majority of the voting capital
stock of the Company that is made or offered after the Offering (a &#147;<B><I>Change of Control</I></B>&#148;), provided that, in the event that such Change of Control is not completed, the undersigned&#146;s Securities shall remain subject to the
restrictions contained in this agreement and title to the undersigned&#146;s Securities shall remain with the undersigned; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) transfers
of Securities by operation of law, <I>provided</I> that (i)&nbsp;the transferee shall sign and deliver a <FONT STYLE="white-space:nowrap">lock-up</FONT> agreement substantially in the form of this agreement and (ii)&nbsp;any such transfer shall not
involve a disposition for value; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) conversion of restricted shares (without nominal value) of the Company into Ordinary Shares,
<I>provided</I> that no filing under Section&nbsp;16(a) of the Exchange Act shall be required or shall be voluntarily made during the Restricted Period (other than on a form required to be filed under Section&nbsp;16(a), in which case such form
shall clearly indicate in the footnotes thereto that the filing relates to the circumstances described in this subpart (h)). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition,
the undersigned agrees that, without the prior written consent of Morgan Stanley, on behalf of the Underwriters, it will not, during the Restricted Period, make any demand for or exercise any right with respect to, the registration of any Securities
or any security convertible into or exercisable or exchangeable for Securities; <I>provided however,</I> no consent is required if no filing by the undersigned under the Exchange Act, including a public or confidential registration statement, or
other public announcement shall be required or shall be made voluntarily by the undersigned in connection with such demand or exercise during the Restricted Period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The undersigned acknowledges and agrees that the foregoing precludes the undersigned from engaging in any hedging or other transaction
designed or intended, or which could reasonably be expected to lead to or result in, a sale or disposition of any Securities, or any securities convertible into or exercisable or exchangeable for Securities, even if any such sale or disposition
transaction or transactions would be made or executed by or on behalf of someone other than the undersigned. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the avoidance of doubt
and notwithstanding anything to the contrary contained herein, nothing herein shall limit the undersigned&#146;s ability to publicly disclose information regarding its holdings in the Company in a manner that is consistent with the disclosures in
its Schedule 13D filings, including the Schedule 13D filings to be made in connection with the Offering. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The undersigned understands that the Company and the Underwriters are relying upon this
agreement in proceeding toward consummation of the Offering. The undersigned further understands that this agreement is irrevocable and shall be binding upon the undersigned&#146;s legal representatives, successors and assigns. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The undersigned acknowledges and agrees that the Underwriters have not provided any recommendation or investment advice nor have the
Underwriters solicited any action from the undersigned with respect to the Offering of the Securities and the undersigned has consulted their own legal, accounting, financial, regulatory and tax advisors to the extent deemed appropriate. The
undersigned further acknowledges and agrees that, although the Underwriters may provide certain Regulation Best Interest and Form CRS disclosures or other related documentation to you in connection with the Offering, the Underwriters are not making
a recommendation to&nbsp;you to participate in the Offering or sell any Shares at the price determined in the Offering, and nothing set forth in such disclosures or documentation is intended to suggest that any Underwriter is making such a
recommendation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Whether or not the Offering actually occurs depends on a number of factors, including market conditions. Any Offering
will only be made pursuant to an Underwriting Agreement, the terms of which are subject to negotiation between the Company, the Selling Shareholder, and the Underwriters. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This agreement (and for the avoidance of doubt, the Restricted Period described herein) and the related restrictions shall automatically
terminate and become null and void upon the earliest to occur, if any, of (i)&nbsp;prior to the execution of the Underwriting Agreement, Morgan Stanley, on behalf of the Underwriters, on the one hand, or the Selling Shareholder, on the other hand,
advising the other in writing that they have or it has determined not to proceed with the Offering, (ii)&nbsp;the registration statement with respect to the Offering is withdrawn, (iii)&nbsp;the termination of the Underwriting Agreement (other than
the provisions thereof which survive termination) prior to the payment for and delivery of the Securities to be sold thereunder and (iv)&nbsp;March&nbsp;31, 2024, in the event the initial closing of the Securities to be sold under the Underwriting
Agreement has not occurred prior to such date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This agreement shall be governed by and construed in accordance with the laws of the State
of New York. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Very truly yours,</P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(Name of Stockholder <FONT STYLE="white-space:nowrap">-</FONT> Please Print)</P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(Signature)</P></TD></TR>
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Lockup Agreement</I>] </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 5.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g630407gaa.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ROWSPAN="10"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Anheuser-Busch InBev SA/NV</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Grand
Place 1</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1000 Brussels</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Belgium</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><SMALL>BRUSSELS</SMALL></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Bastion Tower</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Place du Champ de Mars/
Marsveldplein 5</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">B-1050</FONT> Brussels</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">T</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">+</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">32 2 504 7000</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Direct T</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">+</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">32 2 504 7183</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">E</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">vincent.macq@freshfields.com</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">W</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">www.freshfields.com</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Doc ID</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="top" ALIGN="right"><SMALL>OUR</SMALL> <SMALL>REF</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><SMALL>YOUR</SMALL> <SMALL>REF</SMALL></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><SMALL>CLIENT</SMALL>&nbsp;<SMALL>MATTER</SMALL>&nbsp;<SMALL>NO</SMALL>.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">19&nbsp;March 2024 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Sir or
Madam </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Registration under the Securities Act of 1933 of ordinary shares issued by Anheuser-Busch InBev SA/NV </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Introduction </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. We have acted as Belgian legal counsel
to Anheuser-Busch InBev SA/NV, a Belgian limited liability company (<I>naamloze vennootschap</I><I>/soci&eacute;t&eacute; anonyme</I>) with registered office at Grand Place 1, 1000 Brussels (Belgium) (the <B><I>Company</I></B>), in connection with
the offer and sale by Altria Group Inc. (the <B><I>Selling Shareholder</I></B>) of 35,000,000 ordinary shares, without nominal value in the capital of the Company that have been issued by the Company (the<B><I>&nbsp;Ordinary Shares</I></B>),
including 12,250,000 Ordinary Shares represented by American Depositary Shares (the<B><I>&nbsp;Transaction</I></B>), pursuant to the registration statement on Form <FONT STYLE="white-space:nowrap">F-3</FONT> (File
<FONT STYLE="white-space:nowrap">No.&nbsp;333-277873)</FONT> filed by the Company (the<B><I>&nbsp;Registration Statement</I></B>) with the United States Securities and Exchange Commission (the<B><I>&nbsp;SEC</I></B>) under the United States
Securities Act, including a base prospectus (the<B><I>&nbsp;Base Prospectus</I></B>), as supplemented by the Prospectus Supplement, dated 14&nbsp;March 2024 (the<B><I>&nbsp;Prospectus Supplement</I></B>), which updates or supplements certain
information contained in the Base Prospectus.. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. We have been asked by the Company to render an opinion as to the matters of Belgian law set out below,
in connection with the Registration Statement, including the Prospectus Supplement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. In connection with this opinion, we have examined copies of the
documents listed in Schedule 1 hereto (the <B><I>Documents</I></B>). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4. In addition, we have carried out a search on 19&nbsp;March 2024 on the Central
Solvency Register&#146;s website for any bankruptcy (<I>faillissement</I>) or judicial reorganisation (<I>gerechtelijke reorganisatie</I><I>/</I> <I>r&eacute;organisation judiciaire</I>) procedures initiated in respect of the Company, which yielded
no results (the <B><I>CSR Search</I></B>). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Freshfields Bruckhaus Deringer LLP is a limited liability partnership registered in England and Wales with
registered number OC334789. It is authorised and regulated by the Solicitors Regulation Authority. For regulatory information please refer to www.freshfields.com/support/legalnotice. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A list of the members (and of the <FONT STYLE="white-space:nowrap">non-members</FONT> who are designated as partners) of Freshfields Bruckhaus Deringer LLP is
available for inspection at its registered office, 100 Bishopsgate, London EC2P 2SR, or at the above address. Any reference to a partner means a member, or a consultant or employee with equivalent standing and qualifications, of Freshfields
Bruckhaus Deringer LLP or any of its affiliated firms or entities. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5. Capitalised terms used in this opinion shall have the same meaning as set out in the Registration
Statement and the Prospectus Supplement, unless explicitly defined otherwise in this opinion. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Nature of the Opinion and Observations </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6. We would like to draw your attention to the following points to be taken into account when considering this opinion letter. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">This opinion is confined to the laws with general applicability (<I>wettelijke</I><I>
regels</I>/<I>r</I><I>&egrave;</I><I>gles</I><I> </I><I>l</I><I>&eacute;</I><I>gales</I>) of Belgium and, insofar as they are directly applicable in Belgium, the European Union, all as they stand as at the date hereof and as such laws are currently
interpreted in published authoritative case law of the Belgian courts (<B><I>Belgian law</I></B>). Accordingly, we express no opinion with regard to any other system of law (including the law of jurisdictions other than Belgium in which our firm has
an office), even in cases where, under Belgian law, any foreign law should be applied, and we therefore assume that any applicable law (other than Belgian law) would not affect or qualify the opinions as set out below. Furthermore, we do not express
any opinion on public international law or on the rules of or promulgated under any treaty or by any treaty organisation (except as otherwise stated above and in this opinion). </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">This opinion is limited to the matters set out in paragraph 7 below. We express no opinion as to any other
matter including, without limitation, issues relating to the corporate existence and power of the Company to sign, execute or authorise the Registration Statement, the fact whether execution of the Registration Statement was duly authorised by all
necessary corporate action on the part of the Company or whether the Registration Statement has been duly executed or the requirement to obtain any consent, license, approval, authorisation or registration from any governmental or regulatory
authority to enter into or execute the Documents. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In rendering this opinion, we have exclusively examined the Documents and we have conducted such investigations
of Belgian law as we have deemed necessary or advisable for the purpose of giving this opinion. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Belgian legal concepts in this opinion are expressed in English terms, and not in their original Dutch or
French terms. These concepts may not be identical to the concepts of other jurisdictions which use the same terms in English. This opinion may therefore only be relied upon under the express condition that any issues of interpretation or liability
which may arise, are governed by Belgian law and brought before the courts of Brussels. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">This opinion speaks as of the date hereof. By giving this opinion, we do not assume any obligation to notify
you of future changes in law, case law or doctrine which may affect the opinions expressed in this opinion, or otherwise to update this opinion in any respect. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">This opinion cannot be construed as giving certainty that Belgian courts will in the future take the same
decisions as in the existing case law and doctrine on which this opinion is based. Moreover, not all legal issues discussed in this opinion have been the subject matter of case law and any opinion expressed on such issues herein cannot be construed
as giving certainty that a Belgian court will decide in the manner as opined therein. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 | 11 </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(g)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To the extent that the laws of other jurisdictions may be relevant, we have made no independent investigation
of such laws, and our opinion is subject to the effect of such laws. We express no views in this opinion on the validity of the matters set out in such opinion(s). </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(h)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Headings are inserted for convenience only and shall be ignored in the interpretation of this opinion.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">We would also like to make the following observations: </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(i) <B><I>Factual Statements: </I></B>we have not been responsible for verifying whether statements of fact (including foreign law), opinions
or intentions in the Documents or any related documents are accurate, complete or reasonable; we were not instructed to perform any type of legal or other due diligence on the Company, its financial position, its assets, liabilities, contracts or
the legal or regulatory environment in which it operates, in relation to the transactions contemplated by the Documents. We are not in a position to opine on or to assess in any way whatsoever whether the terms and conditions of, or the transactions
contemplated by, any of the Documents infringe or in any other way affect (i)&nbsp;any existing contractual obligation of the Company or (ii)&nbsp;any specific legal or regulatory requirements the Company is subject to in view of its activities as
conducted at the date of this opinion; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(ii) <B><I>Tax:</I></B> we express no opinion in respect of the tax treatment of the Ordinary
Shares; you have not relied on any advice from us in relation to the tax implications of the Ordinary Shares or the Registration Statement for any parties or any other person, whether in Belgium or in any other jurisdiction, or the suitability of
any tax provisions in the Registration Statement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(iii) <B><I>Sanctions: </I></B>the opinions set out in paragraph 7 below are subject to
the effects of any United Nations, European Union, United Kingdom, United States or Belgian sanctions or other similar measures implemented or effective in Belgium with respect in any way to the Company, the Ordinary Shares or otherwise; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(iv) <B><I>Anti-trust and Foreign Direct Investment:</I></B> we have not considered any anti-trust, foreign direct investment, foreign subsidy;
competition, public procurement or state aid laws, nor whether any filings or clearances are required under such laws; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(v) <B><I>Financial
assistance and buyback:</I></B> we do not express an opinion on any financial assistance or share buyback matters or the effect thereof on the opinions set out in paragraph 7 below; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(vi) <B><I>Stabilisation:</I></B> we express no opinion on stabilisation measures that may be taken in relation to the Ordinary Shares or the
American Depositary Shares; and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 | 11 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(vii) <B><I>Civil Code: </I></B>Book 5 of the Belgian Civil Code has recently entered into
force, on 1&nbsp;January 2023, and Book 6 of the Belgian Civil Code has recently been adopted, on 1&nbsp;February 2024. There is no case law yet to our knowledge, and guidance in legal writing is limited. As such, we cannot be conclusive as to
whether our interpretation of the provisions of the Book 5 or Book 6 of the Belgian Civil Code will be upheld by Belgian case law or supported by legal writing. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Opinion </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7. On the basis stated in paragraph 6, and
subject to the assumptions in Schedule&nbsp;2 and the qualifications in Schedule&nbsp;3, we are of the opinion that the Ordinary Shares are validly issued, fully paid <FONT STYLE="white-space:nowrap">and&nbsp;non-assessable.</FONT> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Benefit of Opinion </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8. This opinion is addressed to you
in relation to and as an exhibit to the Company&#146;s Current Report on Form <FONT STYLE="white-space:nowrap">6-K</FONT> filed in connection with the Transaction (the<B><I>&nbsp;Current Report</I></B>) to be incorporated by reference into the
Registration Statement and, except with our prior written consent, is not to be transmitted or disclosed to any other person, other than as an exhibit to the Current Report, and is not to be used or relied upon by you or by any other person for any
purpose other than in connection with the filing of the Current Report. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9. Having requested production of this opinion and in order to rely on its
contents, you agree to be bound by its terms. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10. We hereby consent to the filing of this legal opinion letter as an exhibit to the Current Report to be
incorporated by reference into the Registration Statement and to the references to Freshfields Bruckhaus Deringer LLP under the heading &#147;Validity of the Ordinary Shares&#148; in the Prospectus Supplement and under &#147;Legal Matters&#148; in
the Registration Statement. In giving the consent set out in the previous sentence, we do not thereby admit or imply that we are in the category of persons whose consent is required under Section&nbsp;7 of the Securities Act or any rules and
regulations of the SEC promulgated thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">11. Any person who is entitled to, and does, rely on this opinion agrees, by so relying, that, to the
fullest extent permitted by law and regulation (and except in the case of wilful misconduct or fraud), there is no assumption of a personal duty of care by, and such person will not bring any claim against, any individual who is a partner of, member
of, associate of, employee of or consultant to Freshfields Bruckhaus Deringer LLP or any other member of the group of Freshfields Bruckhaus Deringer LLP undertakings and that such person will instead confine any claim to Freshfields Bruckhaus
Deringer LLP. This applies (save only where law and regulation requires otherwise) to any claim, whether in contract, tort (including negligence), for breach of statutory duty, or otherwise. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 | 11 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Governing Law </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">12. This opinion and any <FONT STYLE="white-space:nowrap">non-contractual</FONT> obligations arising out of or in relation to this opinion are governed by
Belgian law. This opinion is given in accordance with the rules and standards of the Brussels Bar. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Jurisdiction </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">13. The courts of Brussels shall have exclusive jurisdiction, to which you and we submit, in relation to all disputes (including claims for <FONT
STYLE="white-space:nowrap">set-off</FONT> and counterclaims) arising out of or in connection with this opinion, including, without limitation, disputes arising out of or in connection with (i)&nbsp;the creation, effect or interpretation&nbsp;of, or
the legal relationships established by, this opinion, and (ii)&nbsp;any <FONT STYLE="white-space:nowrap">non-contractual</FONT> obligations arising out of or in connection with this opinion. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yours faithfully </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Freshfields Bruckhaus Deringer LLP </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Freshfields Bruckhaus Deringer LLP </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 | 11 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE&nbsp;1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DOCUMENTS </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a copy of the Registration Statement, excluding any documents incorporated by reference in it and any exhibits
to it; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a copy of the Prospectus Supplement; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a copy of the underwriting agreement, dated as of 14&nbsp;March 2024, by and among the Company, the Selling
Shareholder, and Morgan Stanley&nbsp;&amp; Co. LLC, J.P. Morgan Securities LLC and J.P. Morgan SE, as representatives of the several underwriters named therein; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a copy of the coordinated articles of association of the Company as at 2&nbsp;January 2024 (the <B><I>Articles
of Association</I></B>); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a copy of the publications of the Company in the Annexes to the Belgian State Gazette until 19&nbsp;March 2024;
and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a copy of an extract, dated 19&nbsp;March 2024, in relation to the Company (<I>Kruispuntbank van
Ondernemingen</I>/<I>Banque-Carrefour des Entreprises</I>). </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 | 11 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE&nbsp;2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ASSUMPTIONS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In considering the Documents
and in rendering this opinion, we have (with your consent and without any further enquiry) assumed: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Authenticity:</I></B> the genuineness of all signatures, stamps and seals on, and the authenticity,
accuracy and completeness of, all documents submitted to us (whether as originals or copies), including electronic signatures, from the person whose name appears on the face of the document; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Copies:</I></B> the conformity to originals of all documents supplied to us as photocopies, portable
document format (PDF) copies, facsimile copies or <FONT STYLE="white-space:nowrap">e-mail</FONT> conformed copies; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Accuracy of Documents:</I></B> that the information revealed in the Documents is accurate in all respects
and has not since the time of such information was obtained been altered; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Principal Place of Business:</I></B> that the Company&#146;s (i)&nbsp;principal place of business
(<I>voornaamste vestiging</I><I>/&eacute;tablissement principal</I>), within the meaning of article 4 &#167;3 of the Belgian Private International Law Code (<I>Wetboek Internationaal Privaatrecht/Code de Droit International Priv&eacute;</I>), and
(ii)&nbsp;centre of main interests (as defined in Regulation (EU) 2015/848 of 20&nbsp;May 2015 on insolvency proceedings (recast)) are located exclusively in Belgium; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Corporate Object</I></B><B>:</B> that the corporate object of the Company is lawful and does not conflict
with public order and the execution and performance of the Documents meets the corporate object of the Company. There is nothing on the face of the corporate object clause in the Articles of Association of the Company that contradicts this
assumption; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Articles of Association</I></B>: that the Articles of Association correctly reflect the capital of the
Company; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(g)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Directors&#146; Duties:</I></B> that the directors (<I>bestuurders</I><I>/administrateurs</I>) of the
Company, in authorising the issuance of any Ordinary Shares, terms of the offering thereof and related matters have exercised or will exercise their powers in accordance with the Company&#146;s best interests, with their duties under all applicable
laws and the Articles of Association and with observation of the rules governing conflicts of interest and related party transactions; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(h)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Corporate Interest:</I></B> that the issuance of any Ordinary Shares, terms of the offering thereof and
related matters are or will be in the corporate interest of the Company; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Personal legal capacity: </I></B>the personal legal capacity
(<I>handelingsbekwaamheid</I><I>/</I><I>capacit</I><I>&eacute;</I><I> </I><I>juridique</I>) of all individuals authorising the issuance of any Ordinary Shares, terms of the offering thereof and related matters and that no individual or entity acting
on behalf of the Company had or will have a conflicting interest; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 | 11 </P>

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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(j)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Board Resolutions</I></B>: that (i)&nbsp;the meetings of the board of directors of the Company that have
passed or will pass resolutions implied in the Documents were or will be duly constituted, convened and conducted in accordance with Belgian law and the Articles of Association, (ii)&nbsp;the resolutions passed at such meetings were or will be duly
adopted in accordance with Belgian law and the Articles of Association, have not or will not have been revoked or varied and remain or will remain in full force and effect, (iii)&nbsp;such resolutions are or will be correctly described in the
relevant minutes, and (iv)&nbsp;the power of attorney included in the minutes of the Company in favour of certain individuals has not or will not have been revoked; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(k)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>General shareholders&#146; meetings:</I></B> that (i)&nbsp;the general shareholders&#146; meetings of the
Company that have passed or will pass resolutions implied in the Documents were or will be duly constituted and convened in accordance with Belgian law and the Articles and Association, (ii)&nbsp;the resolutions passed at such general
shareholders&#146; meetings were or will be duly adopted in accordance with Belgian law and the Articles of Association, have not or will not have been revoked or varied and remain or will remain in full force and effect, (iii)&nbsp;such resolutions
are or will be correctly described in the relevant minutes, and (iv)&nbsp;the power of attorney included in the minutes of the Company in favour of certain individuals has not or will not have been revoked; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(l)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Notarial deeds:</I></B> the notarial deeds recording the issuance of any Ordinary Shares constitute a
valid notarial deed (<I>authentieke</I><I> </I><I>akte</I>/<I>acte</I><I> </I><I>authentique</I>) executed in front of a notary public (<I>notaris</I>/<I>notaire</I>) who has the power and authority to execute such deeds; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(m)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Director Employment:</I></B> no director of the Company has or will have entered into an employment
agreement with the Company in relation to his/her position as director; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(n)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>No Insolvency:</I></B> that on the date of this opinion, and on the date of the issuance of any Ordinary
Shares, the Company (i)&nbsp;was not or will not be deemed to be in a situation of cessation of payments within the meaning of Book XX (<I>Insolventie van ondernemingen</I><I>/Insolvabilit&eacute; des entreprises</I>) of the Belgian Code of Economic
Law or any similar law under any foreign applicable law, (ii)&nbsp;is not and will not have been dissolved, has not and will not have resolved to enter into liquidation, has not and will not have ceased to exist pursuant to a merger or a <FONT
STYLE="white-space:nowrap">de-merger,</FONT> or (iii)&nbsp;has not and will not have filed an application for judicial reorganisation or preparatory agreement (<I>voorbereidend akkoord/accord pr&eacute;paratoire</I>)<I> </I>under Book XX
(<I>Insolventie van ondernemingen</I><I>/Insolvabilit&eacute; des entreprises</I>) of the Belgian Code of Economic Law or under any similar law under any foreign applicable law; that no liquidator (<I>vereffenaar</I><I>/liquidateur</I>), trustee in
bankruptcy (<I>curator/curateur</I>), judicial custodian (<I>sekwester</I><I><FONT STYLE="white-space:nowrap">/administrateur-s&eacute;questre</FONT></I>), compulsory manager (<I>voorlopig bewindvoerder</I><I>/administrateur provisoire</I>),
commissioner (<I>commissaris inzake opschorting</I><I>/commissaire au sursis</I>), judicial manager (<I>gerechtsmandataris</I><I>/mandataire judiciaire</I>) or mediator (<I>ondernemingsbemiddelaar/ m&eacute;diateur d&#146;entreprise</I>) or similar
officer has been or will have been appointed and that no petition or proceeding with respect to such an appointment is or will be presented or pending in respect of the Company. Although such searches are not conclusive, our searches conducted in
the Central Solvency Registry (RegSol), as evidenced by the CSR Search showed that at the time the CSR Search result was obtained with respect to the Company, the Company had not been declared bankrupt and did not obtain a judicial reorganisation;
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 | 11 </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(o)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>No Dealings:</I></B> that there are or will be no dealings, agreements, understandings or arrangements
(written or oral), actions or events between, by or involving any of the parties referenced in the Documents that modify, change, qualify or supersede any of the terms of such Documents (unless such dealings, agreements, understandings or
arrangements, actions or events have been notified to us in writing); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(p)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>No Violation:</I></B> that none of the Documents nor any actions or transactions contemplated thereunder
(including the offering, selling, issuance, registration and listing of the Ordinary Shares) will infringe the terms of, or constitute a default under, any trust deed, agreement, deed of constitution, articles of association (except, but without
prejudice to the other provisions of this opinion, with respect to the Documents and the Company&#146;s Articles of Association) or other instrument or obligation to which any of the parties to the Documents is or will be a party or by which any of
its property, undertaking, assets or reserves are or will be bound; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(q)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>No contravention:</I></B> that (i)&nbsp;no provisions of the laws of any jurisdiction (other than in
respect of the Company, Belgian law) would be contravened by the execution, delivery or performance of the Registration Statement and any actions contemplated thereunder (including the offering, selling, issuance, registration and listing of the
Ordinary Shares) and that (ii)&nbsp;none of the opinions expressed in this letter will be affected by the laws (including public policy) of any jurisdiction other than Belgium; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(r)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Registration Statement: </I></B>that the Registration Statement has been filed with the SEC in a timely
manner and has become effective, in the form referred to in this opinion; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(s)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Filing of Notarial Deeds:</I></B> that the notarial deeds referred to in paragraph (l)&nbsp;of this
Schedule&nbsp;2 have been timely and appropriately filed and registered; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(t)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>No Amendments: </I></B>that the Documents have not been amended, terminated, rescinded or varied, that
there has been no breach of any of their provisions by any of the parties thereto which would affect the opinions expressed in this opinion, and that the Documents are not affected in any way by any relevant provisions of any other document or
agreement or any course of dealings between the parties thereto; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(u)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Unknown Facts:</I></B> that there are no facts or circumstances (and no documents, agreements,
instruments or correspondence) which are not apparent from the face of the Documents or which have not been disclosed to us that may affect the opinions expressed in this opinion; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Arm&#146;s Length Terms:</I></B> that the issuance, offering, sale, registration or listing of any
Ordinary Shares have not or will not have been entered into for an illicit cause (<I>ongeoorloofde oorzaak/cause illicite</I>), have or will have been entered into for bona fide commercial reasons and on arm&#146;s length terms by each of the
parties thereto and without intent to defraud or harm (including as to the interests of creditors), that the issuance, offering, sale, registration or listing of any Ordinary Shares, the implementation or the proceeds or cash flows in connection
therewith are or will not and are not or will not be used in breach of any applicable anti-money laundering, anti-bribery, anti-corruption or sanctions law and that each of the parties had all the information as referred to in Article 5.16 of the
Belgian Civil Code before any relevant transaction; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 | 11 </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(w)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>No Mistake of Fact, Fraud, Duress or Undue Influence:</I></B> that there has been and will be no mistake
of fact (<I>dwaling</I><I>/erreur</I>), fraud (<I>bedrog</I><I>/dol</I>), duress (<I>benadeling</I><I>/pr&eacute;judice</I>) or undue influence (<I>geweld/violence</I>) or abuse of circumstances (<I>misbruik van omstandigheden</I><I>/abus de
circonstances</I>) in relation to any Document or transaction; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(x)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>No financial assistance:</I></B> that the offering, selling, issuance, registration and listing of the
Ordinary Shares or the implementation thereof does not consist of financial assistance in breach of article 7:227 of the Belgian Code of Companies and Associations (<I>Wetboek van vennootschappen en verenigingen/Code des soci&eacute;t&eacute;s et
des associations</I>); </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(y)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Share buyback</I></B>: that any outstanding shares of the Company have not been or will not be bought
back by the Company or any of its subsidiaries in breach of article 7:215 of the Belgian Code of Companies and Associations (<I>Wetboek van vennootschappen en verenigingen/Code des soci&eacute;t&eacute;s et des associations</I>); and
</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(z)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>No Consents/Licences: </I></B>that all consents, approvals, notices, filings, records, publications,
licenses and registrations which are necessary under any applicable law or regulation (other than, in the case of the Company, Belgian law) in order to permit the execution, delivery or performance of the Documents and any actions contemplated
thereunder (including the offering, selling, issuance, registration and listing of the Ordinary Shares), have been made or obtained at the date of this opinion or will be made or obtained within the period permitted or required by such laws or
regulations. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 | 11 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE&nbsp;3 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>QUALIFICATIONS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our opinion is subject to
the following qualifications: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>The term <FONT STYLE="white-space:nowrap">&#147;non-assessable&#148;</FONT></I></B>: the term <FONT
STYLE="white-space:nowrap">&#147;non-assessable&#148;</FONT> has no legal meaning under Belgian Law; we are using it in this opinion based on the terminology used in the context of legal opinions requested in respect of registration statements filed
with the SEC; such term, as used in this opinion letter, should be construed to only mean that no holder of Ordinary Shares can be required to pay any amount in addition to the amount required for such share to be fully paid as provided for by
article 7:183 of the Belgian Code on Companies and Associations; and </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>General Insolvency Law:</I></B> this opinion is subject to bankruptcy
(<I>faillissement</I><I>/</I><I>faillite</I>), judicial reorganisation (<I>gerechtelijke</I><I> </I><I>reorganisatie</I><I>/</I><I>r</I><I>&eacute;</I><I>organisation</I><I> </I><I>judiciaire</I>), insolvency
(<I>insolventie</I><I>/</I><I>insolvabilit</I><I>&eacute;</I>), attachment (<I>beslag</I><I>/</I><I>saisie</I>), liquidation (<I>vereffening</I><I>/liquidation</I>) and other laws of general application relating to or affecting the rights of
creditors generally. </P></TD></TR></TABLE>
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<TD VALIGN="top">Brussels &#150; 19 March 2024 &#150; 21:05 CET</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Regulated information <SUP STYLE="font-size:75%; vertical-align:top">1</SUP></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>AB InBev Announces Closing of Buyback and Secondary Global Offering by Altria </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">19&nbsp;March 2024 &#150; Anheuser-Busch InBev SA/NV (&#147;AB InBev&#148;) (Euronext: ABI) (NYSE: BUD) (MEXBOL: ANB) (JSE: ANH) announced today the
completion of its repurchase of 3,335,417 Ordinary Shares from Altria (the &#147;Direct Share Buyback&#148;). The aggregate purchase price for the Direct Share Buyback was $200&nbsp;million, at a price per share of $59.9625 (&#128;54.76575). It is
AB InBev&#146;s current intention to hold the repurchased shares as treasury shares to fulfil share delivery commitments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Direct Share Buyback was
made alongside the closing of the previously announced secondary underwritten global offering (the &#147;Global Offering&#148;) by Altria Group Inc. (&#147;Altria&#148;) of a total of 35&nbsp;million AB InBev existing ordinary shares (&#147;Ordinary
Shares&#148;), including 12.25&nbsp;million Ordinary shares represented by American depositary shares, each representing one Ordinary Share (&#147;ADSs&#148;, and together with the Ordinary Shares, the &#147;Securities&#148;), at a price to the
public of &#128;56.17 per Ordinary Share and $61.50 per ADS. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, Altria has granted the underwriters a
<FONT STYLE="white-space:nowrap">30-day</FONT> option (from 14&nbsp;March 2024) to purchase up to an additional 5.25&nbsp;million Ordinary Shares represented by ADSs from Altria. Altria has also agreed to a
<FONT STYLE="white-space:nowrap">180-day</FONT> lockup (from 14&nbsp;March 2024) of its remaining AB InBev shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Altria received all of the net
proceeds from the Global Offering. No Securities were sold by AB InBev. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Following settlement of the Global Offering and the Direct Share Buyback,
Altria&#146;s stake in AB InBev has been reduced from approximately 10.0% to approximately 8.1%. If the underwriters fully exercise their option to purchase additional Securities, Altria&#146;s stake in AB InBev will be further reduced to
approximately 7.8%. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of 19 March 2024: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the total number of shares issued by AB InBev with rights to vote is 1,971,017,728 shares (excluding treasury
shares); and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">AB InBev holds 48,224,245 shares in treasury. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I><SUP STYLE="font-size:75%; vertical-align:top">1</SUP></I><I></I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>The enclosed information constitutes regulated information as defined in the Belgian Royal Decree of 14
November 2007 regarding the duties of issuers of financial instruments which have been admitted for trading on a regulated market.</I> </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top"><B>ab-inbev.com</B></TD>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
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<TD VALIGN="top" ALIGN="right"><B>Press release &#150; 19 March 2024 &#150; 1</B></TD></TR></TABLE>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Morgan Stanley acted as the lead underwriter for the Global Offering. J.P. Morgan also acted as an active
underwriter for the Global Offering. Barclays, Citigroup, Deutsche Bank Securities and Goldman Sachs acted as joint underwriters for the Global Offering (in alphabetical order). Mizuho, Santander, Scotiabank and Wells Fargo Securities acted as <FONT
STYLE="white-space:nowrap">co-managers</FONT> for the Global Offering (in alphabetical order). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Global Offering was made pursuant to an automatically
effective shelf registration statement filed by AB InBev with the United States Securities and Exchange Commission (the &#147;SEC&#148;) on 13&nbsp;March 2024 (the &#147;Registration Statement&#148;). AB InBev has filed the Registration Statement
(including a prospectus) with the SEC for the Ordinary Shares (including Ordinary Shares represented by ADSs) to which this communication relates. You may obtain these documents for free by visiting the SEC website at <I>www.sec.gov</I>. Copies of
the prospectus supplement and accompanying prospectus related to the Global Offering may also be obtained from Morgan Stanley&nbsp;&amp; Co. LLC, 180 Varick Street, 2<SUP STYLE="font-size:75%; vertical-align:top">nd</SUP>&nbsp;Floor, New York, NY
10014, Attn: Prospectus Department or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions,&nbsp;1155 Long Island Avenue,&nbsp;Edgewood, NY&nbsp;11717, by telephone at
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">866-803-9204</FONT></FONT> or by email <FONT STYLE="white-space:nowrap">at&nbsp;prospectus-eq_fi@jpmchase.com.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This announcement shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of Securities in any state or
other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. Any offer may be withdrawn or revoked, without obligation or
commitment of any kind, at any time prior to notice of its acceptance given after the effective date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Reference is also made to the restrictions set out
in &#147;Important information&#148; below. This press release is not for publication or distribution, directly or indirectly, in or into any state or jurisdiction into which doing so would be unlawful or where a prior registration or approval is
required for such purpose. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with the offering, Morgan Stanley&nbsp;&amp; Co. LLC (the &#147;Stabilization Manager&#148;), or any of its
agents, on behalf of the underwriters may (but will be under no obligation to), to the extent permitted by applicable law, exercise its option to purchase additional ADSs or may engage in activities that may have the effect of raising or maintaining
the market price of the ADSs and Ordinary Shares or preventing or retarding a decline in the market price of the ADSs and Ordinary Shares, and, as a result, the price of the ADSs and Ordinary Shares may be higher than the price that otherwise might
exist in the open market. The Stabilization Manager is not required to enter into such transactions and such transactions may be effected on any securities market,
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">over-the-counter</FONT></FONT> market, stock exchange (including the New York Stock Exchange) or otherwise and may be undertaken at any time starting on the first trading date and
ending no later than 30 calendar days thereafter. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top"><B>ab-inbev.com</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
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<TD VALIGN="top" ALIGN="right"><B>Press release &#150; 19 March 2024 &#150; 2</B></TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">However, there will be no obligation on the Stabilization Manager or any of its agents to effect such
transactions and there is no assurance that such transactions will be undertaken. Such transactions, if commenced, may be discontinued at any time without prior notice. The Stabilization Manager shall disclose information on the relevant
transactions that are undertaken during the applicable period, if any, in accordance with applicable law, which information shall be available at https://www.londonstockexchange.com/news?tab=news-explorer. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
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<TD VALIGN="top" ALIGN="right"><B>Press release &#150; 19 March 2024 &#150; 3</B></TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Anheuser-Busch InBev Contacts </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><B>Investors</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>Media</B></TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Shaun Fullalove</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>Media Relations</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Tel: +1 212 573 9287</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">E-mail:</FONT> <FONT STYLE="white-space:nowrap">media.relations@ab-inbev.com</FONT></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">E-mail:</FONT> <FONT STYLE="white-space:nowrap">shaun.fullalove@ab-inbev.com</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
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<TD VALIGN="top"><B>Ekaterina Baillie</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Tel: +32 16 276 888</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">E-mail:</FONT> <FONT STYLE="white-space:nowrap">ekaterina.baillie@ab-inbev.com</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
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<TD VALIGN="top"><B>Cyrus Nentin</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Tel: +1 646 746 9673</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">E-mail:</FONT> <FONT STYLE="white-space:nowrap">cyrus.nentin@ab-inbev.com</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><div style="max-width:100%;margin-left:0%; margin-right:0%;border:solid 1px;background-color:;;padding-top:2pt;padding-bottom:3pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; padding-top:0pt; margin-left:1%; font-size:10pt; font-family:Times New Roman"><B>About Anheuser-Busch InBev (AB InBev) </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; padding-bottom:0pt; margin-left:1%; font-size:10pt; font-family:Times New Roman">Anheuser-Busch InBev (AB 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). As a company, we dream big to create a future with more cheers. We are always looking
to serve up new ways to meet life&#146;s moments, move our industry forward and make a meaningful impact in the world. We are committed to building great brands that stand the test of time and to brewing the best beers using the finest ingredients.
Our diverse portfolio of well over 500 beer brands includes global brands Budweiser<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP>, Corona<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP>, Stella Artois<SUP
STYLE="font-size:75%; vertical-align:top">&reg;</SUP> and Michelob Ultra<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP>; multi-country brands Beck&#146;s<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP>, Hoegaarden<SUP
STYLE="font-size:75%; vertical-align:top">&reg;</SUP> and Leffe<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP>; and local champions such as Aguila<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP>, Antarctica<SUP
STYLE="font-size:75%; vertical-align:top">&reg;</SUP>, Bud Light<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP>, Brahma<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP>,
Cass<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP>, Castle<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP>, Castle Lite<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP>, Cristal<SUP
STYLE="font-size:75%; vertical-align:top">&reg;</SUP>, Harbin<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP>, Jupiler<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP>, Modelo
Especial<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP>, Quilmes<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP>, Victoria<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP>, Sedrin<SUP
STYLE="font-size:75%; vertical-align:top">&reg;</SUP>, and Skol<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP>. Our brewing heritage dates back more than 600 years, spanning continents and generations. From our European roots at the Den
Hoorn brewery in Leuven, Belgium. To the pioneering spirit of the Anheuser&nbsp;&amp; Co brewery in St. Louis, US. To the creation of the Castle Brewery in South Africa during the Johannesburg gold rush. To Bohemia, the first brewery in Brazil.
Geographically diversified with a balanced exposure to developed and developing markets, we leverage the collective strengths of approximately 155,000 colleagues based in nearly 50 countries worldwide. For 2023, AB InBev&#146;s reported revenue was
59.4&nbsp;billion USD (excluding JVs and associates). </P></div>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><div style="max-width:100%;margin-left:0%; margin-right:0%;border:solid 1px;background-color:;;padding-top:2pt;padding-bottom:3pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; padding-top:0pt; margin-left:1%; font-size:10pt; font-family:Times New Roman"><B>Forward-Looking Statements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; padding-bottom:0pt; margin-left:1%; font-size:10pt; font-family:Times New Roman">This release contains &#147;forward-looking statements&#148;. These statements are based on the current expectations and
views of future events and developments of the management of AB InBev and are naturally subject to uncertainty and changes in circumstances. These statements include, but are not limited to, statements regarding the proposed offering, including
statements regarding the size, timing, terms and completion of the proposed offering, and statements regarding the proposed share buyback. The forward-looking statements contained in this release include statements other than historical facts and
include statements typically containing words such as &#147;will&#148;, &#147;may&#148;, &#147;should&#148;, &#147;believe&#148;, &#147;intends&#148;, &#147;expects&#148;, &#147;anticipates&#148;, &#147;targets&#148;, &#147;estimates&#148;,
&#147;likely&#148;, &#147;foresees&#148; and words of similar import. All statements other than statements of historical facts are forward-looking statements. You should not place undue reliance on these forward-looking statements, which reflect the
current views of the management of AB InBev, are subject to numerous risks and uncertainties about AB InBev and are dependent on many factors, some of which are outside of AB InBev&#146;s control. There are important factors, risks and uncertainties
that could cause actual outcomes and results to be materially different, including, but not limited to, the risks and uncertainties relating to AB InBev that are described under Item 3.D of AB InBev&#146;s Annual Report on Form <FONT
STYLE="white-space:nowrap">20-F</FONT> filed with the SEC on 11&nbsp;March 2024. Many of these risks and uncertainties are, and will be, exacerbated by any further worsening of the global business and economic environment, the ongoing conflicts in
Russia and Ukraine and in the Middle East, including the conflict in the Red Sea. Other unknown or unpredictable factors could cause actual results to differ materially from those in the forward-looking statements. The forward-looking statements
should be read in conjunction with the other cautionary statements that are included elsewhere, including AB InBev&#146;s most recent Form <FONT STYLE="white-space:nowrap">20-F</FONT> and other reports furnished on Form <FONT
STYLE="white-space:nowrap">6-K,</FONT> and any other documents that AB InBev has made public. Any forward-looking statements made in this communication are qualified in their entirety by these cautionary statements and there can be no assurance that
the actual results or developments anticipated by AB InBev will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, AB InBev or its business or operations. Except as required by law, AB
InBev undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. </P></div>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Important information </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>This announcement is not an advertisement and not a prospectus within the meaning of Regulation (EU) 2017/1129 of the European Parliament and of the Council
of 14&nbsp;June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC, as amended ( the &#147;Prospectus Regulation&#148;) and has not been
approved by the Belgian Financial Services and Markets Authority (Autoriteit Financi&euml;le Diensten en Markten) or any other European Supervisory Authority. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>No public offering will be made and no one has taken any action that would, or is intended to, permit a public offering in any country or jurisdiction,
other than the United States, where any such action is required, including in the European Economic Area. In the European Economic Area, the offering to which this press release relates will only be available to, and will be engaged in only with,
qualified investors within the meaning of the Prospectus Regulation. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>In the United Kingdom, the offering to which this press release relates will
only be available to, and will be engaged in only with persons who are &#147;qualified investors&#148; within the meaning of Regulation (EU) 2017/1129 as it forms part of domestic law in the United Kingdom by virtue of the European Union
(Withdrawal) Act 2018, as amended, who are also (i)&nbsp;persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act (Financial Promotion) Order 2005, as amended
(the Order), and/or (ii)&nbsp;high net worth companies (or persons to whom it may otherwise be lawfully communicated) falling within Article 49(2)(a) to (d)&nbsp;of the Order (all such persons together being referred to as &#147;relevant
persons&#148;). The securities referred to herein are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with relevant persons. Any person who is not a
relevant person should not act or rely on this communication or any of its contents.) </I></P>
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