Anheuser-Busch Inbev Buying Back Oriental Brewery for $5.8 Billion

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Deal of the Week: Anheuser‐Busch InBev Buying Back Oriental Brewery for $5.8 Billion Announcement Date January 20, 2014 Acquirer Anheuser‐Busch InBev (NYSE: BUD) Acquirer Description Engages in the production, marketing, distribution, and sale of beer. Offers a portfolio of approximately 200 beer brands Founded in 1366 and is headquartered in Leuven, Belgium Acquirer Financial Mkt Cap: $166.4 billion LTM EBITDA: $16.2 billion Statistics EV: $206.2 billion LTM EV / Revenue: 4.9x LTM Revenue: $41.8 billion LTM EV / EBITDA: 12.7x Target Company Oriental Brewery Target Description Largest South Korean brewer which had an exclusive license to distribute Anheuser‐Busch InBev brands, including Budweiser and Corona, in South Korea Oriental Brewery was sold by Anheuser‐Busch InBev to K.K.R. for $1.8 billion in cash and debt in 2009. Soon after the purchase, K.K.R. sold half of the company to Affinity Equity Partners, a buyout firm specializing in investments in the Asia‐Pacific region Price / Consideration Price: $5.8 billion Consideration: Cash Acquirer Advisors Lazard and Deutsche Bank Target Advisors NA Rationale The deal expands Anheuser‐Busch InBev’s international footprint and signals its return to the fast‐growing Asia‐Pacific region, a market it largely abandoned after the Oriental Brewery sale in July 2009 Oriental Brewery “will strengthen our position in the fast‐growing Asia‐ Pacific region and will become a significant contributor to our Asia‐ Pacific zone,” said Carlos Alves Brito, the Anheuser‐Busch InBev chief executive Deal Points Anheuser‐Busch InBev, KKR and Affinity Equity Partners ("Affinity") announced that an agreement has been entered into whereby AB InBev will reacquire Oriental Brewery, the leading brewer in South Korea, from KKR and Affinity for $5.8 billion This agreement returns Oriental Brewery to the AB InBev portfolio, after AB InBev sold the company in July 2009, following the combination of InBev and Anheuser‐Busch, in support of the company's deleveraging target. AB InBev will reacquire Oriental Brewery earlier than July 2014, as it was originally entitled to under the 2009 transaction Of Note The deal comes just a week after Suntory of Japan agreed to pay $13.6 billion to buy Beam Inc., the maker of Jim Beam and Maker’s Mark whiskeys © Pillars of Wall Street 2014 www.pillarsofwallstreet.com .

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