--------------------------------------------------------------------------------

Exhibit 10.17

SECOND AMENDMENT

to

INVESTMENT AGREEMENT

BY AND AMONG

ANHEUSER-BUSCH COMPANIES, INC.,
ANHEUSER-BUSCH INTERNATIONAL, INC., AND
ANHEUSER-BUSCH INTERNATIONAL HOLDINGS, INC.

AND

GRUPO MODELO, S.A. DE C.V.,
DIBLO, S.A. DE C.V., AND
CERTAIN SHAREHOLDERS THEREOF

WHEREAS, Anheuser-Busch Companies, Inc., a Delaware corporation (“A-B”),
Anheuser-Busch International Inc., a Delaware corporation (“A-BI”),
Anheuser-Busch International Holdings, Inc., a Delaware corporation (the
“Investor”), Grupo Modelo, S.A. de C.V., a Mexican corporation (“G-Modelo”),
Diblo, S.A. de C.V., a Mexican corporation (“Diblo”), and certain shareholders
of G-Modelo and/or Diblo are parties to an Investment Agreement dated as of the
16th day of June, 1993, as amended on August 31, 1994 (the “Investment
Agreement”);

WHEREAS, pursuant to Section 13.6 of the Investment Agreement, the Investment
Agreement may be amended, modified or supplemented by written agreement of each
of the parties thereto;

WHEREAS, the parties to the Investment Agreement believe that it is in the best
interest of each of the parties to amend the Investment Agreement so as to
conform its provisions to the recently adopted amendments (as published in the
Official Daily of June 1, 2001) to the Securities Market Law of Mexico;

NOW THEREFORE, the parties to the Investment Agreement do hereby agree to amend
the Investment Agreement as follows:

1.    Capitalized Terms

Capitalized terms used herein and not defined herein shall have the meanings
ascribed to them in the Investment Agreement.

--------------------------------------------------------------------------------

2.    Amendment to Section 1.3

Section 1.3 of the Investment Agreement is hereby deleted in its entirety and
replaced with the following:

“1.3. Amended Diblo By-laws. “Amended Diblo By-laws” shall mean the By-laws of
Diblo as amended and provided to the Investor pursuant to Section 2.4(b)(v) as
the same may be amended from time to time thereafter in accordance with
applicable law and the provisions of this Agreement.”

3.    Amendment to Section 1.4

Section 1.4 of the Investment Agreement is hereby deleted in its entirety and
replaced with the following:

“1.4. Amended G-Modelo By-laws. “Amended G-Modelo By-laws” shall mean the
By-laws of G-Modelo as amended and provided to the Investor pursuant to Section
2.4(b)(v) as the same may be amended from time to time thereafter in accordance
with applicable law and the provisions of this Agreement.”

4.    Amendment to Section 7.1(a)

Section 7.1(a) of the Investment Agreement is hereby deleted in its entirety and
replaced with the following:
 
“(a) The number of members of the G-Modelo Board of Directors shall be fixed at
nineteen (each of whom may have an alternate), nine of whom shall be nominated
by the Investor (the “Investor Nominees”) and ten of whom shall be nominated by
the Controlling Shareholders (the “Controlling Shareholder Nominees”). The
Investor Nominees and the Controlling Shareholder Nominees shall be elected to
the G-Modelo Board of Directors, in accordance with Mexican law and the Amended
G-Modelo By-laws.” 
 
5.    Amendment to Section 7.1(b)

Section 7.1(b) of the Investment Agreement is hereby deleted in its entirety and
replaced with the following:

“(b) [Intentionally omitted]”.

6.    Amendment to Section 7.1(h)

Section 7.1(h) of the Investment Agreement is hereby deleted in its entirety and
replaced with the following:

--------------------------------------------------------------------------------

“(h) Pursuant to the Amended G-Modelo By-laws and the Amended Diblo By-laws, (i)
the Investor shall have rights identical to those set forth in paragraphs (c)
through (g) above with respect to Diblo and the Diblo Board of Directors, (ii)
the number of members of the Diblo Board of Directors shall be twenty-one (each
of whom may have an alternate), the number of Investor Nominees to the Diblo
Board of Directors shall be ten and the number of Controlling Shareholder
Nominees to the Diblo Board of Directors shall be eleven and (iii) A-B and the
Controlling Shareholders will consider maintaining the appointment of the
independent nominees with respect to the Diblo Board of Directors.”

7.      Addition of Section 7.1(i)

  The following new Section 7.1(i) is added to the Investment Agreement:

“(i) The G-Modelo Board of Directors will meet at least every three months.”

8.      Amendment to Section 7.2(a)(ii)

  Section 7.2(a)(ii) of the Investment Agreement is hereby deleted in its
entirety and replaced with the following:

“(ii) The Investor shall have the right to name a statutory auditor (Comisario)
of G-Modelo. This right to name a statutory auditor shall not be affected by the
right of any other shareholder or shareholders to name a statutory auditor
pursuant to the Securities Market Law or otherwise; it being understood that any
statutory auditor named by any shareholder or shareholders other than the
Investor shall be in addition to, and not in replacement of or substitution for,
the statutory auditor named by the Investor.”

9.      Amendment to Section 7.2(b)(i)

  Section 7.2(b)(i) of the Investment Agreement is hereby deleted in its
entirety and replaced with the following:

“(i) The Investor shall have the right to elect nine Investor Nominees to the
nineteen person G-Modelo Board of Directors and at least four Investor Nominees
to G-Modelo’s nine member Executive Committee (and their respective
alternates).”

10.    Except as specifically amended hereby, the Investment Agreement shall
remain in full force and effect.

--------------------------------------------------------------------------------

IN WITNESS WHEREOF, each of the parties hereto has caused this Amendment to the
Investment Agreement to be duly executed on its behalf as of this 22nd day of
April,  2002.

 
ANHEUSER-BUSCH COMPANIES, INC.
       
 
By:
/s/ Thomas W. Santel
 
 
Name:
Thomas W. Santel
 
 
Title:
Vice President-Corporate
 
 
 
Development

 
 

--------------------------------------------------------------------------------

 

       
 
ANHEUSER-BUSCH INTERNATIONAL, INC.
       
 
By:
 /s/ Stephen J. Burrows
 
 
Name:
Stephen J. Burrows
 
 
Title:
Chief Executive Officer
 
 
 
and President
               
 
ANHEUSER-BUSCH INTERNATIONAL
 
HOLDINGS, INC.
       
 
By:
 /s/ Stephen J. Burrows
 
 
Name:
Stephen J. Burrows
 
 
Title:
President
               
 
GRUPO MODELO, S.A. de C.V.
       
 
By:
 /s/ Antonino Fernandez Rodriguez
 
 
Name:
Antonino Fernandez Rodriguez
 
 
Title:
Chairman and President
           
 
DIBLO, S.A. de C.V.
       
 
By:
 /s/ Antonino Fernandez Rodriguez
 
 
Name:
Antonino Fernandez Rodriguez
 
 
Title:
Chairman and President
           
 
BANCO NACIONAL DE MEXICO, S.A.,
 
AS TRUSTEE OF THE BANAMEX TRUST
       
 
By:
 /s/ Francisco Baltazar
 
 
Name:
Francisco Baltazar
 
 
Title:
Delegado Fiduciario        
 
By:
 /s/ Gabriel Uribe
 
 
Name:
Gabriel Uribe
 
 
Title:
Delegado Fiduciario

 

  /s/Antonino Fernandez R.
 
Antonino Fernandez R., on his own behalf and as a
member of the technical committee of the Control Trust

 
 

--------------------------------------------------------------------------------

 
 
 

  /s/ Juan Sanchez-Navarro    
Juan Sanchez-Navarro y P., on his own behalf and as a member of the technical
committee of the Control Trust
          /s/ Valentin Diez M.  
 
Valentin Diez M., on his own behalf and as a member of the technical committee
of the Control Trust
          /s/ Pablo Gonzalez Diez  
 
Pablo Gonzalez Diez, on his own behalf and as a member of the technical
committee of the Control Trust
       
 
/s/ Cesareo Gonzalez Diez  
 
Cesareo Gonzalez Diez, on his own behalf and as a member of the technical
committee of the Control Trust
         
/s/ Thelma Yates Vda. de Alvarez Loyo
 
 
Thelma Yates Vda. de Alvarez Loyo
       
 
/s/ Eusicinia Gonzalez Diez
 
 
Eusicinia Gonzalez Diez
       
 
/s/ Rosario Gonzalez Diez
 
 
Rosario Gonzalez Diez
         
/s/ Ma. Paulina Gonzalez Diez
 
 
Ma. Paulina Gonzalez Diez
          /s/ Eleuteria Gonzalez Diez  
 
Eleuteria Gonzalez Diez
         
/s/ Laurentino Garcia Gonzalez
 
 
Laurentino Garcia Gonzalez
         
/s/ Ma. Antonia Garcia Gonzalez
 
 
Ma. Antonia Garcia Gonzalez
         
/s/ Ma. Teresa Garcia Gonzalez
 
 
Ma. Teresa Garcia Gonzalez
       

 
 

--------------------------------------------------------------------------------

 

 
/s/ Maria Asuncion Aramburuzabala Larregui de Zapata
 
 
Maria Asuncion Aramburuzabala Larregui de Zapata
         
/s/ Lucrecia Aramburuzabala Larregui de Fernandez
 
 
Lucrecia Aramburuzabala Larregui de Fernandez
         
/s/ Luis Javier Gonzalez Cimadevilla
 
 
Luis Javier Gonzalez Cimadevilla
         
/s/ Juan Pablo Gonzalez Cimadevilla
 
 
Juan Pablo Gonzalez Cimadevilla
         
/s/ Fernando Gonzalez Cimadevilla
 
 
Fernando Gonzalez Cimadevilla
         
/s/ Maria del Pilar Gonzalez Cimadevilla
 
 
Maria del Pilar Gonzalez Cimadevilla
         
/s/ Alejandro Gonzalez Cimadevilla
 
 
Alejandro Gonzalez Cimadevilla
         
/s/ Ana Maria Gonzalez Cimadevilla
 
 
Ana Maria Gonzalez Cimadevilla
         
/s/ Mercedes Sanchez-Navarro-Redo
 
 
Mercedes Sanchez-Navarro-Redo
         
/s/ Maria del Lourdes Sanchez-Navarro Redo
 
 
Maria del Lourdes Sanchez-Navarro Redo
         
/s/ Elena Josefina Sanchez-Navarro Redo
 
 
Elena Josefina Sanchez-Navarro Redo
         
/s/ Eduardo Sanchez-Navarro Redo
 
 
Eduardo Sanchez-Navarro Redo
         
/s/ Miguel Sanchez-Navarro Redo
 
 
Miguel Sanchez-Navarro Redo
         
/s/ Carlos Fernandez Gonzalez
 
 
Carlos Fernandez Gonzalez
         
/s/ Felipe Suberbie Cortina
 
 
Felipe Suberbie Cortina
 

 
 

--------------------------------------------------------------------------------

 

       
/s/ Maria de Lourdes Suberbie Cortina
 
 
Maria de Lourdes Suberbie Cortina
         
/s/ Maria Teresa Suberbie Cortina
 
 
Maria Teresa Suberbie Cortina
         
/s/ Maria del Carmen Suberbie Cortina
 
 
Maria del Carmen Suberbie Cortina
         
/s/ Maria Eugenia Suberbie Cortina
 
 
Maria Eugenia Suberbie Cortina
         
/s/ Ana Maria Suberbie Cortina
 
 
Ana Maria Suberbie Cortina
         
/s/ Emilio Suberbie Mendiola
 
 
Emilio Suberbie Mendiola
         
/s/ Araceli Leonides Vega Fernandez
 
 
Araceli Leonides Vega Fernandez
         
/s/ Jose Joaquin Vega Fernandez
 
 
Jose Joaquin Vega Fernandez
         
/s/ Graciela Elvira Vega Fernandez
 
 
Graciela Elvira Vega Fernandez
         
/s/ Rocio Elvira Hernandez Vega
 
 
Rocio Elvira Hernandez Vega
         
/s/ Joaquin Hernando Vega Fernandez
 
 
Joaquin Hernando Vega Fernandez
         
/s/ Francisco Jose Barberena Lopez
 
 
Francisco Jose Barberena Lopez
         
/s/ Maria Teresa Barberena Lopez
 
 
Maria Teresa Barberena Lopez
         
/s/ Maria del Pilar Barberena Lopez
 
 
Maria del Pilar Barberena Lopez
 

 

--------------------------------------------------------------------------------

 

       
/s/ Maria de las Mercedes Barberena Lopez
 
 
Maria de las Mercedes Barberena Lopez
         
/s/ Mario Zenteno Sanchez
 
 
Mario Zenteno Sanchez
         
/s/ Arturo Apiquian Nava
 
 
Arturo Apiquian Nava
         
/s/ Jose Miguel Muguerza Juaristi
 
 
Jose Miguel Muguerza Juaristi
         
/s/ Eduardo Prieto Calzada
 
 
Eduardo Prieto Calzada
         
/s/ Dolores Gutierrez Palero
 
 
Dolores Gutierrez Palero
         
/s/ Esteban Fernandez Robles
 
 
Esteban Fernandez Robles