Exhibit 10.17


    
      

    


    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