THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT HISTORY, DEVELOPMENT AND REORGANIZATION HISTORY We have a long history in Asia Pacific. Our oldest beer brand in China is Harbin, which dates back to 1900 when it was first brewed in Harbin, China. Our roots in South Korea date back to 1952, when we first brewed beer at Oriental Brewery. Over the years, as AB InBev has grown through its major combinations, acquisitions and divestitures, we have acquired breweries and brands that are embedded in local culture. KEY BUSINESS MILESTONES The following table sets forth our key development milestones: Year Event 1900 Harbin Brewery, China’s oldest beer brand, was founded in Harbin, China. 1952 Oriental Brewery was originally established in South Korea. 1984 Entry into China: Interbrew began providing technology to Zhujiang Brewery, Guangzhou, China. 1995 Anheuser-Busch established a Budweiser brewery in Wuhan, China. 1998 Entry into South Korea: Interbrew entered into a joint venture with the Doosan Group in South Korea to operate the Oriental Brewery. 2003 Entry into India: SAB entered into a joint venture with Shaw Wallace Breweries in India. 2004 Interbrew and Ambev closed their merger transaction, creating InBev. Anheuser-Busch acquired Harbin Brewery Group Limited. 2006 Entry into Vietnam: SAB entered Vietnam for the first time with its joint venture with Vinamilk. 2008 InBev combined with Anheuser-Busch, whose key presence in China was in the northeast region, complementing InBev’s key presence in the southeast region and forming AB InBev. 2014 AB InBev reacquired its 100% stake in Oriental Brewery, which it had previously sold in 2009. 2016 AB InBev completed its business combination with SAB – see “– Major Acquisitions, Disposals and Mergers” below. –67– THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT HISTORY, DEVELOPMENT AND REORGANIZATION OUR SHAREHOLDINGS AND CORPORATE STRUCTURE Our Shareholders Our ultimate parent company, AB InBev, is a publicly traded company listed in Belgium, with secondary listings on the Mexico and South Africa stock exchanges and a listing of American Depositary Receipts on the New York Stock Exchange. AB InBev was indirectly interested in 100% of our issued share capital as at the Latest Practicable Date. For further details of AB InBev’s shareholders and the relationship among them, see “Substantial Shareholders.” MAJOR ACQUISITIONS, DISPOSALS AND MERGERS In October 2016, AB InBev completed its combination with SAB in a transaction that valued SAB’s entire issued and to be issued share capital at approximately GBP79 billion. As part of the transaction, we added Haywards 5000 and Knockout to our portfolio of brands in India and Zorok to our portfolio of brands in Vietnam. In connection with this transaction, AB InBev also completed the sale of SAB’s 49% stake in China Resources Snow Breweries Limited to China Resources Beer (Holdings) Co. Ltd. for USD1.6 billion on 11 October 2016. See “Waivers from Strict Compliance with the Listing Rules and Exemptions from Strict Compliance with the Companies (WUMP) Ordinance and the SFO – Shorter Trading Record Period” for additional details regarding AB InBev’s combination with SAB. POST TRACK RECORD PERIOD ACQUISITION On 18 December 2018, we entered into an agreement with Jebsen Beverage Company Limited in relation to sales of Blue Girl beer in the PRC. See “Waivers from Strict Compliance with the Listing Rules and Exemptions from Strict Compliance with the Companies (WUMP) Ordinance and the SFO – Post Track Record Period Acquisition” for additional details. –68– OUR REORGANIZATION READ IN CONJUNCTION WITHTHIS THE DOCUMENT SECTION IS HEADED IN “WARNING” DRAFT ON FORM, INCOMPLETE THE AND COVER SUBJECT OF TO THIS CHANGE DOCUMENT AND THAT THE INFORMATION MUST BE Corporate Chart Immediately before the Reorganization In preparation for the [REDACTED] and in order to streamline our corporate structure, the following Reorganization is being undertaken. The Reorganization will be completed shortly before the completion of the [REDACTED]. The following chart sets forth the HISTORY, DEVELOPMENT AND REORGANIZATION simplified shareholder structure of the businesses and/or entities comprising our Group within the AB InBev Group prior to the commencement of Reorganization. Anheuser-Busch InBev SA/NV (Belgium) Mexbrew InBev Ambrew S.A.R.L Investment S.à r.l. Belgium SPRL/BVBA (Luxembourg) (Luxembourg) 67.62% (Belgium) 32.38% Anheuser-Busch 26.51% Europe Ltd (UK) AB InBev Nederland Holding B.V. (NL) 9.33% 59.70% 4.46% ABI Australia ABI UK Holding Pty Ltd Holding 1 Limited (AUS) (UK) –69– SAB Beverage AB InBev Investments ABI Southern Anheuser-Busch AB InBev Global Investment Holding Pty Limited Holding Ltd InBev Asia B.V. Business Services Company Limited (Australia) (UK) (NL) India Holdings B.V. (UK) (NL) 55.85% SKOL Global Cub (NZ) Holding Interbrew Anheuser-Busch SAB Beer SKOL Beer Business Services Co. Pty Ltd. International B.V. North American Manufacturing Manufacturing SAB India Holdings Private Limited (Australia) (NL) Holding Corporation Company Limited Company Limited (Mauritius) (India) (US) (Vietnam) (India) 44.15% 2 25% CUB (New Zealand) ~36.5% Anheuser-Busch Anheuser-Busch InBev Oriental AB InBev Sedrin Anheuser-Busch Limited InBev Japan Vietnam Brewery AB InBev America Brewery, Co., Ltd. Holding B.V. InBev China Pte. Ltd. (New Zealand) Kabushiki Kaisha Company Limited Holdings Limited (Korea) (NL) (Singapore) (Japan) (Vietnam) (UK) Keytop China Investments Ltd AB InBev Australia AB InBev Anheuser-Busch Subs Investment Investments Holdings Netherlands Holding II (BVI) Holdings Limited Company 2 Limited B.V. (UK) (UK) (NL) 86.65%1 China Budweiser InterBrew China ABI Australia Crown Beers Subs Hong Kong Holding Holding Limited Investment Ltd India Private Limited ~63% Company Limited (HK) (UK) (India) (HK) Public ~0.5% Horsinvest China China Holding Co Limited Subs Subs 0.87% Anheuser Busch (HK) InBev India Limited 99.13% (India) China Subs Anheuser-Busch Hong Kong Beer InBev (China) Holding Company Harbin Brewery Co. Ltd. Limited Group Limited (China) (HK) (HK) Shanghai Yejia China IT Consulting Co., Ltd Subs China (China) Subs 1 The remaining 13.34% in Crown Beers India Private Ltd is owned by Anheuser-Busch South Asia Holding Company. 3 2 Shanghai The remaining 75% in Harbin Brewery Group Limited is owned by Anheuser-Busch International, LLC. Yueye Network 3 Shanghai Yueye Network Tech. Co., Ltd is controlled by Shanghai Yejia IT Consulting Co., Ltd by way of a variable interest entity structure. Tech. Co., Ltd (China) Corporate Chart Immediately upon Completion of the Reorganization, the Capitalization Issue and the [REDACTED] READ IN CONJUNCTION WITHTHIS THE DOCUMENT SECTION IS HEADED IN “WARNING” DRAFT ON FORM, INCOMPLETE THE AND COVER SUBJECT OF TO THIS CHANGE DOCUMENT AND THAT THE INFORMATION MUST BE The following chart sets forth the simplified shareholder structure of the businesses and/or entities comprising our Group immediately upon completion of the Reorganization, the Capitalization Issue and the [REDACTED]. HISTORY, DEVELOPMENT AND REORGANIZATION Anheuser-Busch InBev S.A. (Belgium) ABI UK Holding 2 Limited (UK) AB InBev Investment Holding Company Limited (UK) AB InBev America Holdings Limited (UK) Interbrew International y1 AB InBev America B.V. (NL) Holding (APAC) Limited (UK) x1 z1 AB InBev Brewing Company Holdings (APAC) Limited (UK) [REDACTED] [REDACTED] [REDACTED] [Redacted] [Redacted] [Redacted] Budweiser Brewing Company APAC Limited –70– (Cayman) Budweiser Brewing Budweiser Brewing Anheuser-Busch CUB (New Zealand) (China Holdings) (Korea Holdings) InBev Asia B.V. Limited Limited Limited (NL) (Cayman) (HK) Anheuser-Busch ABInBev Sedrin Keytop SAB India Holdings Vietnam InBev Japan Korea India Business Holding B.V. Investments Ltd (Mauritius) Business Kabushiki Kaisha Business (NL) (BVI) (Japan) ~36.5% ~0.5% China China Public Business Business ~63% Anheuser Busch InBev India Limited (India) Anheuser-Busch AB InBev Investments InBev China Pte. Ltd. Holdings Company 2 (Singapore) Limited (UK) Budweiser Hong Harbin Brewery China Kong Holding Group Limited Business Company Limited (HK) (HK) China Business China Business 1 These percentages have not been determined as at the Latest Practicable Date but will in aggregate sum to 100% and depend on the [REDACTED] and reorganization steps that will take place after pricing but before the [REDACTED]. 2 Percentages are as at the [REDACTED] (assuming the [REDACTED] is not exercised at all). Details of the principal entities of the Company are set out in “Appendix IA – Accountant’s Report.” THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT HISTORY, DEVELOPMENT AND REORGANIZATION 1. Incorporation and Funding of the Company The following companies were incorporated in order to establish the Company and its direct and indirect holding companies: (a) the Company was incorporated in the Cayman Islands on 10 April 2019 and became a wholly-owned subsidiary of APAC HoldCo 2 on 22 May 2019; (b) APAC HoldCo 1 was incorporated in England and Wales on 10 May 2019 as a wholly-owned subsidiary of Interbrew International