EX-4.6





 Exhibit 4.6 
  

 
  

 
 ANHEUSER-BUSCH COMPANIES, LLC 

and 
 ANHEUSER-BUSCH INBEV
WORLDWIDE INC., 
 as Companies 

and 
 ANHEUSER-BUSCH INBEV SA/NV,

 as Parent Guarantor 

and 
 the SUBSIDIARY GUARANTORS
party hereto from time to time 
 and 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 

as Trustee 
  

 
 FIFTH SUPPLEMENTAL INDENTURE 

Dated as of                  , 2019 

 
  
  

To the Indenture, dated as of November 13, 2018, 

among Anheuser-Busch Companies, LLC, Anheuser-Busch InBev Worldwide Inc., as 

Companies, 
 Anheuser-Busch InBev
SA/NV, as Parent Guarantor, the Subsidiary Guarantors party 
 thereto from time to time and 

The Bank of New York Mellon Trust Company, N.A., as Trustee 

4.700% Notes due 2036 
  

 
  

 












 TABLE OF CONTENTS 

 

							
		 		  	 	Page	 
	
	ARTICLE I	  

	
	Definitions and Other Provisions of General Application	  

			
	 SECTION 1.01
	 	Definitions	  	 	2	 
	 SECTION 1.02
	 	Effect of Headings	  	 	4	 
	 SECTION 1.03
	 	Separability Clause	  	 	4	 
	 SECTION 1.04
	 	Benefits of Instrument	  	 	4	 
	
	ARTICLE II	  

	
	4.700% Senior Notes due 2036	  

			
	 SECTION 2.01
	 	Creation of Series; Establishment of Form	  	 	5	 
	 SECTION 2.02
	 	Guarantee	  	 	6	 
	 SECTION 2.03
	 	Interest	  	 	6	 
	 SECTION 2.04
	 	Payment of Principal, Interest and Other Amounts	  	 	6	 
	 SECTION 2.05
	 	Optional Redemption	  	 	7	 
	 SECTION 2.06
	 	Optional Tax Redemption	  	 	8	 
	
	ARTICLE III	  

	
	Miscellaneous Provisions	  

			
	 SECTION 3.01
	 	Effectiveness	  	 	9	 
	 SECTION 3.02
	 	Original Issue	  	 	9	 
	 SECTION 3.03
	 	Ratification and Integral Part	  	 	9	 
	 SECTION 3.04
	 	Priority	  	 	9	 
	 SECTION 3.05
	 	Successors and Assigns	  	 	9	 
	 SECTION 3.06
	 	Counterparts	  	 	9	 
	 SECTION 3.07
	 	Guarantee Limitations	  	 	9	 
	 SECTION 3.08
	 	The Trustee	  	 	9	 
	 SECTION 3.09
	 	Governing Law	  	 	10	 
		
	 EXHIBIT A
	  	 	A-1	 
	 EXHIBIT B
	  	 	B-1	 


  
 - i - 













 FIFTH SUPPLEMENTAL INDENTURE, dated as of
                 , 2019 (the “Fifth Supplemental Indenture”), among ANHEUSER-BUSCH COMPANIES, LLC, a limited liability company duly organized and
existing under the laws of the State of Delaware (herein called “ABC” and a “Company”) and ANHEUSER-BUSCH INBEV WORLDWIDE INC., a corporation duly organized and existing under the laws of the State of Delaware
(herein called “ABIWW” and a “Company” and together with ABC, the “Companies,” as the context requires), ANHEUSER-BUSCH INBEV SA/NV, a société
anonyme/naamloze vennootschap duly organized and existing under the laws of the Kingdom of Belgium (the “Parent Guarantor”), ANHEUSER-BUSCH INBEV FINANCE INC., a corporation duly organized and existing under the laws of the
State of Delaware, BRANDBEV S.à r.l., a société à responsabilité limitée incorporated under the laws of Luxembourg, with its
registered office at Zone Industrielle Breedewues No. 15, L-1259 Senningerberg, Grand-Duchy of Luxemburg, registered with the Luxembourg Register of Commerce and Companies under the number B 80.984,
BRANDBREW S.A., a société anonyme incorporated under the laws of Luxembourg, with registered office at Zone Industrielle Breedewues No. 15, L-1259
Senningerberg, Grand-Duchy of Luxembourg and registered with the Luxembourg Register of Commerce and Companies under the number B-75696, COBREW NV, a public limited liability company organized and existing
under Belgian law (each, a “Subsidiary Guarantor”, and together with the Parent Guarantor, the “Guarantors”) and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”) to the
Indenture, dated as of November 13, 2018, among the Companies, the Guarantors and the Trustee (the “Indenture”). 

RECITALS OF THE COMPANIES AND THE GUARANTORS 

WHEREAS, the Companies, the Guarantors and the Trustee are parties to the Indenture, which provides for the issuance from time to time of
unsecured debt securities of the Companies; 
 WHEREAS, Section 901(9) of the Indenture permits supplements thereto without the
consent of Holders of Securities to establish the form or terms of Securities of any series as permitted by Sections 201 and 301 of the Indenture; 

WHEREAS, as contemplated by Section 301 of the Indenture, the Companies intend to issue a new series of Securities to be known as the
Companies’ “4.700% Notes due 2036” (the “Notes”) under the Indenture; 
 WHEREAS, the Companies and the
Guarantors have taken all necessary corporate action to authorize the execution and delivery of this Fifth Supplemental Indenture; 
 NOW,
THEREFORE, THIS FIFTH SUPPLEMENTAL INDENTURE WITNESSETH: 

  
 - 1 - 













 For and in consideration of the premises and the other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the Companies, the Guarantors and the Trustee mutually agree as follows: 

ARTICLE I 
 Definitions
and Other Provisions of General Application 

SECTION 1.01         Definitions. 

Except as otherwise expressly provided or unless the context otherwise requires, all terms used in this Fifth Supplemental Indenture which
are defined in the Indenture shall have the meanings ascribed to them by the Indenture. The following terms used in this Fifth Supplemental Indenture have the following respective meanings: 

“Business Day” means a day on which commercial banks and exchange markets are open, or not authorized to
close, in the City of New York, London and Brussels. If the date of maturity of interest on, or principal of, the Notes or the date fixed for redemption or payment in connection with an acceleration of any Note is not a Business Day, then payment of
interest or principal need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date of maturity or the date fixed for redemption or payment in connection with acceleration,
and no interest shall accrue as a result of the delayed payment. 
 “Change in Tax Law” has the meaning set
forth in Section 2.06. 
 “Company” and “Companies” have the meanings set forth in
the first paragraph of this Fifth Supplemental Indenture. 
 “Comparable Treasury Issue” means the U.S.
Treasury security (not inflation-indexed) selected by an Independent Investment Banker as having a maturity comparable to August 1, 2035 that would be utilized, at the time of selection and in accordance with customary financial practice, in
pricing new issues of corporate debt securities of comparable maturity of August 1, 2035. 
 “Comparable
Treasury Price” means, with respect to a Redemption Date, (i) the average of five (5) Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or
(ii) if the Independent Investment Banker obtains fewer than five (5) such Reference Treasury Dealer Quotations, the average of all such quotations. 

“Depositary” means The Depository Trust Company, or any successor thereto. 

  
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 “Fifth Supplemental Indenture” has the meaning set forth in
the Recitals. 
 “Global Security” has the meaning set forth in Section 2.01(c). 

“Guarantors” has the meaning set forth in the first paragraph of this Fifth Supplemental Indenture. 

“Indenture” has the meaning set forth in the first paragraph of this Fifth Supplemental Indenture. 

“Independent Investment Banker” means Barclays Capital Inc., Deutsche Bank Securities Inc. or Merrill Lynch,
Pierce, Fenner & Smith Incorporated, as specified by the Companies, or if all of these firms are unwilling or unable to serve in that capacity, an independent investment banking institution of national standing in the United States
appointed by the Companies. 
 “Initial Issue Date” means
             , 2019, which is the date of the initial issuance of the Notes. 

“Interest Payment Date” has the meaning specified in Section 2.03. 

“Notes” has the meaning set forth in the Recitals. 

“Parent Guarantor” has the meaning set forth in the first paragraph of this Fifth Supplemental Indenture.

 “Redemption Notice Date” has the meaning specified in Section 2.06(a). 

“Reference Treasury Dealer” means (i) Barclays Capital Inc., Deutsche Bank Securities Inc. and Merrill,
Lynch, Pierce, Fenner & Smith, Incorporated, and their respective successors, provided, however, that if any of the foregoing shall cease to be a primary U.S. government securities dealer in The City of New York (a “Primary
Treasury Dealer”), the Companies will substitute therefor another Primary Treasury Dealer and (ii) any three other Primary Treasury Dealers selected by the Companies after consultation with the Independent Investment Banker. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any
Redemption Date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent
Investment Banker at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. 

  
 - 3 - 













 “Regular Record Date” means January 15 and
July 15 (whether or not a Business Day). 
 “Stated Maturity” has the meaning specified in
Section 2.01(f). 
 “Treasury Rate” means, with respect to any Redemption Date: 

(i)       the yield, under the heading which represents the average for the immediately
preceding week, appearing in the most recently published statistical release designated “H.l5(5l9)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields
on actively traded U.S. treasury securities adjusted to constant maturity under the caption “Treasury constant maturities—Nominal”, for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months
before or after the remaining term of the Notes, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and the Treasury Rate will be interpolated or extrapolated from such yields on a
straight line basis, rounding to the nearest month); or 
 (ii)       if such release (or
any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a
price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. 

“Trustee” has the meaning set forth in the first paragraph of this Fifth Supplemental Indenture. 

SECTION 1.02         Effect of Headings. 

The Article and Section headings herein are for convenience only and shall not affect the construction hereof. 

SECTION 1.03         Separability Clause. 

In case any provision in this Fifth Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

SECTION 1.04         Benefits of Instrument. 

Nothing in this Fifth Supplemental Indenture, express or implied, shall give to any Person, other than the parties hereto and their
successors hereunder and the 

  
 - 4 - 













 
Holders, any benefit or any legal or equitable right, remedy or claim under this Fifth Supplemental Indenture or the Indenture. 

ARTICLE II 
 4.700%
Senior Notes due 2036 
 SECTION 2.01         Creation of Series;
Establishment of Form. 
 (a)     There is hereby established a new series of Securities under the Indenture
entitled “4.700% Notes due 2036.” 
 (b)     The form of the Notes, including the form of the
certificate of authentication, is attached hereto as Exhibit A. 
 (c)     The Companies shall issue the
Notes in an aggregate principal amount of USD               . The Companies may from time to time, without the consent of the Holders of the Notes, issue additional Notes in
accordance with Sections 301 and 901 of the Indenture. Any such additional Notes subsequently issued shall rank equally and ratably with the Notes in all respects (except for the payment of interest accruing prior to the issue date of such
further Notes or except for the first payment of interest following the issue date of such further Notes), so that such further Notes shall be consolidated and form a single series with the Notes and shall have the same terms as to status,
redemption or otherwise as the Notes, provided that either (i) such additional Notes are fungible with the Notes of such series offered hereby for U.S. federal income tax purposes or (ii) such additional Notes shall have a separate CUSIP
number. 
 (d)     The Notes shall be issued initially in the form of one or more permanent global securities,
without coupons, registered in the name of the Depositary or a nominee of the Depositary (each, a “Global Security”) and deposited with the Trustee, as custodian for the Depositary. Any proposed transfer of an interest in the Notes
shall consist of a transfer within a Global Security and shall be effected through the book-entry system maintained by the Depositary. 

(e)     The Notes shall not have a sinking fund. 

(f)     The stated maturity of the principal of the Notes shall be February 1, 2036 (the “Stated
Maturity”). 
 (g)     The outstanding principal amount of the Notes shall accrue interest at a rate
equal to 4.700% per annum, as provided in Section 2.03. 
 (h)     The Notes shall be issued in denominations
of USD 1,000 in principal amount and integral multiples of USD 1,000 in excess thereof. 

  
 - 5 - 













 (i)     The Notes shall be subject to both Defeasance and Covenant
Defeasance in accordance with the Indenture. 
 (j)     The Notes shall be senior unsecured obligations of the
Companies and will rank equally with all other existing and future unsecured and unsubordinated debt obligations of the Companies. 

SECTION 2.02         Guarantee.  Subject to the terms and applicable
limitations set forth in the Indenture and the form of Notes, the Notes shall be jointly and severally, irrevocably, fully and unconditionally guaranteed by the Guarantors as to all payments due on the Notes whether at their Stated Maturity, by
acceleration, redemption, repayment or otherwise in accordance with the terms of such Guarantees and the Indenture. In the case of the failure of the Companies to pay punctually any principal, premium or interest on the Notes, the Guarantors shall
cause any such payment to be made as it becomes due and payable, whether at maturity, upon acceleration, redemption, repayment or otherwise. The Guarantees shall be unsecured and unsubordinated indebtedness of the Guarantors and rank equally with
other unsecured and unsubordinated indebtedness of the Guarantors that is currently outstanding or that they may issue in the future. 

SECTION 2.03         Interest.  The Notes shall bear interest at a rate equal
to 4.700% per annum, and computed on the basis of a 360-day year consisting of twelve (12) 30-day months. Interest on the Notes will accrue from February 1, 2019 or
from the most recent Interest Payment Date to which interest has been paid or duly provided for, as the case may be. Interest is payable semi-annually, in arrears, on February 1 and August 1 of each year (each, an “Interest
Payment Date”), subject to deferral of such payment in accordance with the definition of “Business Day” contained in Section 1.01 hereof, commencing August 1, 2019 to the Person in whose name the Notes were
registered at the close of business on the applicable Regular Record Date until the principal thereof is paid or made available for payment. 

SECTION 2.04         Payment of Principal, Interest and Other Amounts.
 Payments of principal of, premium, if any, and interest on the Notes shall be made in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts and such payments on
Notes represented by a Global Security shall be made through one or more Paying Agents appointed under the Indenture to the Depositary or its nominee, as the Holder of the Global Security. Initially, the Paying Agent and Registrar for the Notes will
be The Bank of New York Mellon Trust Company, N.A., in Pittsburgh, Pennsylvania. The Companies may change the Paying Agent or Registrar without prior notice to the Holders of the Notes, and in such an event either Company may act as Paying Agent or
Registrar. Payments of principal of, premium, if any, and interest on the Notes represented by a Global Security shall be made by wire transfer of immediately available funds to the Holder thereof; 

  
 - 6 - 













 
provided, however, that in the case of payments of principal and premium, if any, such Global Security is first surrendered to the Paying Agent. 

SECTION 2.05         Optional Redemption. 

(a)     The Companies may, at their option, redeem the Notes as a whole or in part at any time and from time to time
prior to August 1, 2035 upon not less than thirty (30) nor more than sixty (60) days’ prior notice, as provided in Section 1104 of the Indenture, at a redemption price equal to the greater of: 

(i)     100% of the aggregate principal amount of the Notes to be redeemed; and 

(ii)     as determined by the Independent Investment Banker, the sum of the present values of the remaining
scheduled payments of principal and interest on the Notes to be redeemed as if the Notes matured on August 1, 2035 (not including any portion of such payments of interest accrued to the Redemption Date) discounted to the Redemption Date on a
semiannual basis (assuming a 360-day year consisting of twelve (12) 30-day months) at the Treasury Rate plus 30 basis points; 

plus, in each case described above, accrued and unpaid interest on the principal amount being redeemed to (but excluding) such Redemption
Date. The Treasury Rate will be calculated on the third Business Day preceding such Redemption Date. 

(b)     The Companies may, at their option, redeem the Notes as a whole or in part at any time and from time to time
on or after August 1, 2035 upon not less than thirty (30) nor more than sixty (60) days’ prior notice, as provided in Section 1104 of the Indenture, at a redemption price equal to 100% of the principal amount of the Notes
being redeemed, plus accrued and unpaid interest on the principal amount being redeemed to (but excluding) such Redemption Date. 

(c)     Notice of redemption shall be given by first-class mail, postage
prepaid, mailed (or otherwise transmitted in accordance with applicable procedures of the Depositary) to the Holders of the Notes being redeemed (the date on which such notice is given to be termed a “Redemption Notice Date”). 

(d)     Unless the Companies (and/or a Guarantor) default on payment of the redemption price, from and after the
Redemption Date interest will cease to accrue on the Notes or portions thereof called for redemption. On the Redemption Date, the Companies will deposit with the Trustee or with one or more Paying Agents (or, if either Company is acting as its own
Paying Agent, set aside, segregate and hold in trust as provided in the Indenture) money sufficient to pay the redemption price of and accrued interest on the Notes to be redeemed on such date. 

  
 - 7 - 













 (e)     If fewer than all of the Notes are to be redeemed, the
Trustee will select, not more than sixty (60) days prior to the Redemption Date, the particular Notes or portions thereof for redemption from the outstanding Notes not previously called for redemption, on a pro rata basis or by such method as
the Trustee deems fair and appropriate. 
 SECTION 2.06         Optional Tax
Redemption. 
 (a)     The Companies may, at their or the Parent Guarantor’s option, redeem the Notes in
whole but not in part, upon not less than thirty (30) nor more than sixty (60) days’ prior notice, at a redemption price equal to 100% of the principal amount of the Notes then outstanding plus accrued and unpaid interest on the
principal amount being redeemed (and all Additional Amounts, if any) to (but excluding) the Redemption Date, if (i) as a result of any change in, or amendment to, the laws, treaties, regulations or rulings of a jurisdiction in which either
Company or any Guarantor is incorporated, organized or otherwise tax resident or any political subdivision or any authority thereof or therein having power to tax, or in the interpretation, application or administration of any such laws,
treaties, regulations or rulings (including a holding, judgment or order by a court of competent jurisdiction) which becomes effective on or after October 26, 2018 (any such change or amendment, a “Change in Tax Law”), the
relevant Company or, if a payment were then due under a Guarantee, the relevant Guarantor, would be required to pay Additional Amounts and (ii) such obligation cannot be avoided by the relevant Company or the relevant Guarantor taking
reasonable measures available to it; provided, however, that the Notes may not be redeemed to the extent such Additional Amounts arise solely as a result of a Company assigning its obligations under the Notes to a Substitute Company (as
defined in Section 801 of the Indenture), unless such assignment to a Substitute Company is undertaken as part of a plan of merger by the Parent Guarantor. 

(b)     Prior to the mailing of any notice of redemption pursuant to this Section 2.06, the relevant Company or
the relevant Guarantor will deliver to the Trustee an opinion of independent tax counsel of recognized standing to the effect that the relevant Company or the relevant Guarantor is or would be obligated to pay such Additional Amounts as a result of
such Change in Tax Law. 
 (c)     No notice of redemption pursuant to this Section 2.06 may be given earlier
than ninety (90) days prior to the earliest date on which the relevant Company or the relevant Guarantor would be obligated to pay Additional Amounts if a payment in respect of the Notes were then due. 

  
 - 8 - 













 ARTICLE III 

Miscellaneous Provisions 

SECTION 3.01         Effectiveness.  This Fifth Supplemental Indenture will
become effective upon its execution and delivery. 
 SECTION 3.02         Original
Issue.  The Notes may, upon execution of this Fifth Supplemental Indenture, be executed by the Companies and delivered by the Companies and the Parent Guarantor to the Trustee for authentication, and the Trustee shall, upon Company Order,
authenticate and deliver such Notes as in such Company Order provided. 

SECTION 3.03         Ratification and Integral Part.  The Indenture, as
supplemented by this Fifth Supplemental Indenture, is in all respects ratified and confirmed, and this Fifth Supplemental Indenture will be deemed an integral part of the Indenture in the manner and to the extent herein and therein provided. 

SECTION 3.04         Priority.  This Fifth Supplemental Indenture shall be
deemed part of the Indenture in the manner and to the extent herein and therein provided. The provisions of this Fifth Supplemental Indenture shall, subject to the terms hereof, supersede the provisions of the Indenture to the extent the Indenture
is inconsistent herewith. 
 SECTION 3.05         Successors and Assigns.
 All covenants and agreements in the Indenture, as supplemented and amended by this Fifth Supplemental Indenture, by the Companies and the Guarantors will bind their respective successors and assigns, whether so expressed or not. 

SECTION 3.06         Counterparts. This Fifth Supplemental Indenture may be executed
in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

SECTION 3.07         Guarantee Limitations.  The limitations applicable to the
Guarantees, as set forth in Section 209 of the Indenture, will apply to the Guarantees issued hereunder; provided, however, that any further limitations, or any amendments or modifications to such Guarantees or limitations thereon, shall
be set forth in an additional supplemental indenture, in each case in accordance with the Indenture. 

SECTION 3.08         The Trustee.  The Trustee shall not be responsible in any
manner whatsoever for or in respect of the validity or sufficiency of this Fifth Supplemental Indenture or for or in respect of the recitals contained herein, all of which are made solely by the Companies and the Guarantors. 

  
 - 9 - 













 SECTION 3.09         Governing
Law.  This Fifth Supplemental Indenture and the Notes and Guarantees will be governed by and construed in accordance with the laws of the State of New York. 

  
 - 10 - 













 IN WITNESS WHEREOF, the parties hereto have caused this Fifth Supplemental Indenture to be
duly executed, all as of the day and year first above written. 
  

			
	 ANHEUSER-BUSCH COMPANIES, LLC

as Company

		
	 By:
	 	  

		 	 Name:

		 	 Title:    Authorized Officer

	
	 ANHEUSER-BUSCH INBEV
WORLDWIDE INC.
 as Company

		
	 By:
	 	  

		 	 Name:

		 	 Title:    Authorized Officer

	
	 ANHEUSER-BUSCH INBEV
SA/NV
 as Parent Guarantor

		
	 By:
	 	  

		 	 Name:

		 	 Title:    Authorized Officer

		
	 By:
	 	  

		 	 Name:

		 	 Title:    Authorized Officer

	
	 THE BANK OF NEW
YORK MELLON, TRUST
 COMPANY, N.A., 
as Trustee

		
	 By:
	 	  

		 	 Name:

		 	 Title:



  

  
 [Fifth
Supplemental Indenture Signature Page] 













 
			
	 ANHEUSER-BUSCH INBEV FINANCE
INC. 
 as Subsidiary Guarantor

		
	 By:
	 	  

		 	 Name:

		 	 Title:    Authorized Officer

	
	 COBREW NV 

as Subsidiary Guarantor

		
	 By:
	 	  

		 	 Name:

		 	 Title:    Authorized Officer

		
	 By:
	 	  

		 	 Name:

		 	 Title:    Authorized Officer

	
	 BRANDBREW SA

as Subsidiary Guarantor

		
	 By:
	 	  

		 	 Name:

		 	 Title:    Authorized Officer

		
	 By:
	 	  

		 	 Name:

		 	 Title:    Authorized Officer

	
	 BRANDBEV S.À R.L.

as Subsidiary Guarantor

		
	 By:
	 	  

		 	 Name:

		 	 Title:    Authorized Officer

		
	 By:
	 	  

		 	 Name:

		 	 Title:    Authorized Officer



  

  
 [Fifth
Supplemental Indenture Signature Page] 













 FORM OF NOTES 

FACE OF SECURITY 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME
OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A
NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO ANHEUSER-BUSCH COMPANIES, LLC, ANHEUSER-BUSCH INBEV WORLDWIDE INC. OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

  
 A-1 













 Exhibit A 

Anheuser-Busch Companies, LLC 
 and

 Anheuser-Busch InBev Worldwide Inc. 

4.700% Note due 2036 
 Payment of
Principal, Premium, if any, 
 and Interest Irrevocably, Fully and Unconditionally Guaranteed by 

Anheuser-Busch InBev SA/NV, Anheuser-Busch InBev Finance Inc., Brandbev
S.à r.l., 
 Brandbrew S.A. and Cobrew NV 
  

			
	 No. ...
	  	USD ...

 CUSIP No.:
                                         
                                         
          ISIN: 
 Anheuser-Busch Companies, LLC (“ABC”
and a “Company”), a limited liability company duly organized and existing under the laws of the State of Delaware and Anheuser-Busch InBev Worldwide Inc., a corporation duly organized and existing under the laws of the State of
Delaware (“ABIWW” and a “Company” and together with ABC, the “Companies,” as the context requires, and which term includes any successor Person under the Indenture hereinafter referred to), for
value received, hereby promise to pay to Cede & Co., or its registered assigns, on February 1, 2036 (the “Maturity Date”), the principal sum
of                U.S. dollars, and to pay interest thereon from February 1, 2019 or from the most recent Interest Payment Date to which interest has been paid or
duly provided for, semi-annually, in arrears, on February 1 and August 1, in each year, commencing on August 1, 2019, at the rate of 4.700% per annum, until the principal hereof is paid or made available for payment, subject to
deferral of such interest payment in accordance with the Indenture in case such date is not a Business Day. 
 The interest
so payable, and punctually paid or duly provided for on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on
the Regular Record Date for such interest, which shall be the January 15 and July 15 (whether or not a Business Day), as the case may be, immediately preceding such Interest Payment Date. Any such interest not so punctually paid or duly
provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than ten (10) days prior to such Special Record Date, or be paid at any time in
any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture.


  
 A-2 













 Exhibit A 

Subject to the terms of the Indenture, this Security is fully and unconditionally guaranteed as to all payments due hereon
whether at the Stated Maturity, by acceleration, redemption, repayment or otherwise in accordance with the terms of the Guarantees and the Indenture. 

Payments of principal of, premium, if any, and interest on the Notes shall be made in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private debts and such payments on Notes represented by a Global Security shall be made through one or more Paying Agents appointed under the Indenture to the
Depositary or its nominee, as the Holder of this Security. Initially, the Paying Agent and Registrar for the Securities will be The Bank of New York Mellon Trust Company, N.A., Pittsburgh, Pennsylvania. The Companies may change the Paying Agent or
Registrar without prior notice to the Holders, and in such an event either Company may act as Paying Agent or Registrar. Payments of principal, premium, if any, and interest on the Securities represented by this Security shall be made by wire
transfer of immediately available funds; provided, however, that in the case of payments of principal and premium, if any, such Global Security is first surrendered to the Paying Agent. 

Notwithstanding any provision of this Security or the Indenture, the Companies may make any and all payments of principal,
premium (if any) and interest on this Security pursuant to the applicable procedures of the Depositary for this Security as permitted in the Indenture. 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions
shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 A-3 













 Exhibit A 

IN WITNESS WHEREOF, the Companies have caused this instrument to be duly
executed. 
  

			
	 ANHEUSER-BUSCH COMPANIES, LLC





			
		
	 By:
	 	  

		 	   Name:

		 	   Title: Authorized Officer





			
	
	ANHEUSER-BUSCH INBEV WORLDWIDE INC.


 
			
		
	 By:
	 	  

		 	   Name:

		 	   Title: Authorized Officer



 CERTIFICATE OF AUTHENTICATION 

This Security is one of the Securities of the series designated herein and referred to in the within-mentioned Indenture. 

 

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	 By:
	 	  

		 	   Authorized Signatory



 Dated: 

  
 A-4 













 Exhibit A 

REVERSE OF SECURITY 
  

	 	1.	 Securities and Indenture 



This Security is one of a duly authorized issue of securities of the Companies (payable in U.S. dollars) (herein called the
“Securities”), issued and to be issued in one or more series under an Indenture, dated as of November 13, 2018 (the “Base Indenture”), as supplemented by the Fifth Supplemental Indenture, dated as of
             , 2019 (the “Fifth Supplemental Indenture” and together with the Base Indenture, the “Indenture”), in each case among the Companies,
Anheuser-Busch InBev SA/NV, as Parent Guarantor, the Subsidiary Guarantors party thereto from time to time and The Bank of New York Mellon Trust Company, N.A., as Trustee (herein called the “Trustee”, which term includes any
successor trustee under the Base Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Companies, the Guarantors, the Trustee and the
Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. 
  

	 	2.	 Series and Denomination 



This Security is one of the series designated on the face hereof, initially limited to an aggregate principal amount of USD
             , except as provided in the Indenture. References herein to “this series” mean the series of securities designated on the face hereof and any additional securities
issued under the Fifth Supplemental Indenture. Except as provided in the preceding paragraph, references herein to the “Securities” means (unless the context otherwise requires) the Securities of this series and includes any other
securities issued, as provided in the Indenture and forming a single series with the Securities of this series, provided that either (i) such additional Securities are fungible with the Securities of such series offered hereby for U.S. federal
income tax purposes or (ii) such additional Securities shall have a separate CUSIP number. 
 The Securities are
issuable only in registered form without coupons in denominations of USD 1,000 in principal amount and integral multiples of USD 1,000 in excess thereof. 
  

	 	3.	 Redemption at the Companies’ Option 



The Companies may, at their option, redeem the Securities of this series as a whole or in part at any time and from time to
time prior to August 1, 2035 upon not less than thirty (30) nor more than sixty (60) days prior notice at a redemption price equal to the greater of (i) 100% of the aggregate principal amount of the Securities to be redeemed and
(ii) as determined by the Independent Investment Banker, the sum of the present values of the remaining scheduled payments of principal and interest on the Securities to be redeemed as if the Securities matured on August 1, 2035 (not
including any portion of such payments of interest accrued to the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve (12) 30-day 

  
 A-5 













 Exhibit A 

months) at the Treasury Rate plus 30 basis points; plus, in each case described above, accrued and unpaid interest on the principal amount
being redeemed to (but excluding) such Redemption Date. 
 The Companies may also, at their option, redeem the Securities of
this series as a whole or in part at any time and from time to time on or after August 1, 2035 upon not less than thirty (30) nor more than sixty (60) days prior notice at a redemption price equal to 100% of the principal amount of
the Securities being redeemed, plus accrued and unpaid interest on the principal amount being redeemed to (but excluding) such Redemption Date. 

In the event of redemption of this Security in part only, a new Security or Securities of this series and of like tenor for
the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 
  

	 	4.	 Optional Tax Redemption 



The Companies may, at their or the Parent Guarantor’s option, redeem the Securities of this series in whole, but not in
part, upon not less than thirty (30) nor more than sixty (60) days’ prior notice, at a redemption price equal to 100% of the principal amount of the Securities of this series then outstanding plus accrued and unpaid interest on the
principal amount being redeemed (and all Additional Amounts, if any) to (but excluding) the Redemption Date, if (i) as a result of any change in, or amendment to, the laws, treaties, regulations or rulings of a jurisdiction in which either
Company or any Guarantor is incorporated, organized, or otherwise tax resident or any political subdivision or any authority thereof or therein having power to tax, or in the interpretation, application or administration of any such laws,
treaties, regulations or rulings (including a holding, judgment or order by a court of competent jurisdiction) which becomes effective on or after October 26, 2018 (any such change or amendment, a “Change in Tax Law”), the
relevant Company or, if a payment were then due under a Guarantee, the relevant Guarantor, would be required to pay Additional Amounts and (ii) such obligation cannot be avoided by the relevant Company or the relevant Guarantor taking
reasonable measures available to it; provided, however, that the Securities of this series may not be redeemed to the extent such Additional Amounts arise solely as a result of the relevant Company assigning its obligations under the
Securities of this series to a Substitute Company, unless such assignment to a Substitute Company is undertaken as part of a plan of merger by the Parent Guarantor. 

Prior to the mailing of any notice of redemption pursuant to this Section, the relevant Company or the relevant Guarantor will
deliver to the Trustee an opinion of independent tax counsel of recognized standing to the effect that the relevant Company or the relevant Guarantor is or would be obligated to pay such Additional Amounts as a result of such Change in Tax Law. 

No notice of redemption pursuant to this Section may be given earlier than ninety (90) days prior to the earliest date on
which the relevant Company or the relevant 

  
 A-6 













 Exhibit A 

Guarantor would be obligated to pay Additional Amounts if a payment in respect of the Securities of this series were then due. 

 

	 	5.	 Additional Amounts 



In the event that any Guarantor becomes obligated to make payments in respect of the Securities of this series, such Guarantor
will make all payments in respect of the Securities of this series without withholding or deduction for or on account of any present or future taxes or duties of whatever nature imposed or levied by way of withholding or deduction at source by or on
behalf of any jurisdiction in which such Guarantor is incorporated, organized or otherwise tax resident or any political subdivision or any authority thereof or therein having power to tax (the “Relevant Taxing Jurisdiction”) unless
such withholding or deduction is required by law. In such event, such Guarantor will pay to the Holders of the Securities of this series such additional amounts (the “Additional Amounts”) as shall be necessary in order that the net
amounts received by the Holders, after such withholding or deduction, shall equal the respective amounts of principal and interest which would otherwise have been receivable in the absence of such withholding or deduction; except that no such
Additional Amounts shall be payable on account of any taxes or duties which: 

(a)        are payable by any person acting as custodian bank or collecting agent on
behalf of such Holder, or otherwise in any manner which does not constitute a deduction or withholding by such Guarantor from payment of principal or interest made by it, or 

(b)        are payable by reason of such Holder or beneficial owner having, or having
had, some personal or business connection with such Relevant Taxing Jurisdiction and not merely by reason of the fact that payments in respect of the Securities of this series or the Guarantees thereof are, or for purposes of taxation are deemed to
be, derived from sources in, or are secured in, the Relevant Taxing Jurisdiction, or 

(c)        are imposed or withheld by reason of the failure of such Holder or
beneficial owner to provide certification, information, documents or other evidence concerning the nationality, residence, or identity of the Holder and beneficial owner or to make any valid or timely declaration or similar claim or satisfy any
other reporting requirements relating to such matters, whether required or imposed by statute, treaty, regulation or administrative practice, as a precondition to exemption from, or a reduction in the rate of withholding or deduction of, such taxes,
or 
 (d)        consist of any estate, inheritance, gift, sales, excise, transfer,
personal property or similar taxes, or 
 (e)        are imposed on or with respect
to any payment by the applicable Guarantor to the registered Holder of this Security if such Holder is a 

  
 A-7 













 Exhibit A 

fiduciary or partnership or any person other than the sole beneficial owner of such payment to the extent that taxes would not have been
imposed on such payment had such registered Holder been the sole beneficial owner of this Security, or 

(f)        are deducted or withheld pursuant to (i) any European Union directive
or regulation concerning the taxation of interest income, or (ii) any international treaty or understanding relating to such taxation and to which the Relevant Taxing Jurisdiction or the European Union is a party, or (iii) any provision of
law implementing, or complying with, or introduced to conform with, such directive, regulation, treaty or understanding, or 

(g)        are payable by reason of a change in law or practice that becomes
effective more than thirty (30) days after the relevant payment of principal or interest becomes due, or is duly provided for and written notice thereof is provided to the Holders, whichever occurs later, or 

(h)        are payable because this Security was presented to a particular paying
agent for payment if this Security could have been presented to another paying agent without any such withholding or deduction, or 

(i)        are payable for any combination of (a) through (h) above. 

References to principal or interest in respect of the Securities of this series shall be deemed to include any Additional
Amounts which may be payable as set forth in the Indenture. 
 The covenant regarding Additional Amounts shall not apply to
any Guarantor at any time when such Guarantor is incorporated in a jurisdiction in the United States, and will apply to each Company any time it is incorporated in a jurisdiction outside of the United States. 

In addition, any amounts to be paid by either Company or any Guarantor on the Securities of this series will be paid net of
any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended, any current or future regulations thereunder or official interpretations thereof, any agreement entered
into pursuant to Section 1471(b) of the U.S. Internal Revenue Code of 1986, as amended, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the
implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor either Company will be required to pay Additional Amounts on account of any FATCA Withholding. 

 

	 	6.	 Transfer and Exchange 



As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is
registrable in the Security Register, upon surrender of this 

  
 A-8 













 Exhibit A 

Security for registration of transfer at the office or agency of the Companies in any place where the principal of and any premium and
interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Companies and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in
writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable
for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 

No service charge shall be made for any such registration of transfer or exchange, but the Companies may require payment of a
sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of
this Security for registration of transfer, the Companies, the Guarantors, the Trustee and any agent of the Companies, the Guarantors or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes,
whether or not this Security be overdue, and neither the Companies, the Guarantors, the Trustee nor any such agent shall be affected by notice to the contrary. 
  

	 	7.	 Limitation on Suits 



As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to
institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default
with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made a written request to the Trustee to institute proceedings in respect of such
Event of Default as Trustee and offered the Trustee indemnity and/or security, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent
with such request, and shall have failed to institute any such proceeding, for sixty (60) days after receipt of such notice, request and offer of indemnity and/or security. The foregoing shall not apply to any suit instituted by the Holder of
this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 

No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the
obligation of the Companies, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 

  
 A-9 













 Exhibit A 
  

	 	8.	 Amendment, Modification and Waiver 



The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights
and obligations of the Companies or the Guarantors and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Companies and the Trustee with the consent of the Holders of a majority in
principal amount of the Securities at the time Outstanding (irrespective of series) that are to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series
at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Companies and the Guarantors with certain provisions of the Indenture and certain past defaults under the Indenture and their
consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange
herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 
  

	 	9.	 Defeasance 



The Indenture contains provisions for defeasance at any time of certain restrictive covenants and Events of Default with
respect to this Security upon compliance with certain conditions set forth in the Indenture. 
  

	 	10.	   Governing Law 



This Security shall be governed by and construed in accordance with the laws of the State of New York. 

 

	 	11.	   Defined Terms 



All terms used in this Security which are defined in the Base Indenture or the Fifth Supplemental Indenture shall have the
meanings assigned to them in the Base Indenture or the Fifth Supplemental Indenture. 

  
 A-10 













 Exhibit B 

FORM OF GUARANTEE 

For value received, the undersigned (herein called the “Guarantors”, and each, a
“Guarantor”, which terms include any successor Person or Persons under the Indenture referred to in the Security upon which this Guarantee is endorsed), hereby jointly and severally, irrevocably, fully and unconditionally guarantee
to the Trustee and to each Holder of this Security, which has been authenticated and delivered by the Trustee, the due and punctual payment of the principal of (including any amount in respect of original issue discount), and any premium and
interest (together with any Additional Amounts payable pursuant to the terms of this Security), on this Security and the due and punctual payment of the sinking fund payments, if any, and analogous obligations, if any, provided for pursuant to the
terms of this Security, when and as the same shall become due and payable, whether at Stated Maturity or upon redemption or upon declaration of acceleration or otherwise according to the terms of this Security and of the Indenture. In case of
default by the Companies in the payment of any such principal (including any amount in respect of original issue discount), interest (together with any Additional Amounts payable pursuant to the terms of this Security), sinking fund payment or
analogous obligation, each Guarantor agrees duly and punctually to pay the same. Each Guarantor hereby agrees that its obligations hereunder shall rank pari passu with all other unsecured and unsubordinated obligations of such Guarantor,
shall be as principal and not merely as surety, and shall be absolute and unconditional irrespective of any extension of the time for payment of this Security, any modification of this Security, any invalidity, irregularity or unenforceability of
this Security or the Indenture, any failure to enforce the same or any waiver, modification, consent or indulgence granted to the Companies with respect thereto by the Holder of this Security or the Trustee, or any other circumstances which may
otherwise constitute a legal or equitable discharge of a surety or guarantor. Each Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of merger or bankruptcy of either Company, any right to
require a demand or proceeding first against either Company, protest or notice with respect to this Security or the indebtedness evidenced thereby and all demands whatsoever, and covenants that this Guarantee will not be discharged as to this
Security except by payment in full of the principal of (including any amount payable in respect of original issue discount), and any premium and interest (together with any Additional Amounts payable pursuant to the terms of this Security), thereon.

 Each Guarantor irrevocably waives any and all rights to which it may be entitled, by operation of law or otherwise, upon
making any payment hereunder (i) to be subrogated to the rights of a Holder against the Companies with respect to such payment or otherwise to be reimbursed, indemnified or exonerated by the Companies in respect thereof or (ii) to receive
any payment, in the nature of contribution or for any other reason, from any other obligor with respect to such payment. 

This Guarantee shall not be valid or become obligatory for any purpose with respect to this Security until the certificate of
authentication on this Security shall have been signed by the Trustee. 

  
 B-1 













 Exhibit B 

All terms used in this Guarantee which are not defined herein shall have the meaning assigned to them in the Security upon
which this Guarantee is endorsed. 
 This Guarantee is subject to the release upon the terms set forth in the Indenture.

 This Guarantee is subject to certain limitations and waivers set forth in the Indenture, as it may be supplemented from
time to time. 
 This Guarantee is governed by and construed in accordance with the laws of the State of New York. 

  
 B-2 













 Exhibit B 

IN WITNESS WHEREOF, each of the undersigned has caused this Guarantee to be signed by facsimile by its duly authorized officer
or representative and, if required by applicable law, has caused a facsimile of its corporate seal to be affixed hereunto or imprinted hereon. 
  

			
	 ANHEUSER-BUSCH INBEV SA/NV

 as Parent Guarantor

		
	 By:
	 	
                       
                                     



		 	 Name:

		 	 Title:    Authorized Officer



  

			
		
	 By:
	 	
                       
                                     



		 	 Name:

		 	 Title:    Authorized Officer



  

			
	 ANHEUSER-BUSCH INBEV
FINANCE INC.
 as Subsidiary Guarantor

		
	 By:
	 	 

                       
                                         

 

		 	 Name:

		 	 Title:    Authorized Officer



  

			
	 COBREW NV

as Subsidiary Guarantor

		
	 By:
	 	
                       
                                     



		 	 Name:

		 	 Title:    Authorized Officer



  

			
		
	 By:
	 	
                       
                                     



		 	 Name:

		 	 Title:    Authorized Officer




  
 B-3 













 Exhibit B 

 

			
	 BRANDBREW SA

as Subsidiary Guarantor

		
	 By:
	 	
                       
                                     

		 	 Name:

		 	 Title:    Authorized Officer



  

			
		
	 By:
	 	
                       
                                     

		 	 Name:

		 	 Title:    Authorized Officer



  

			
	 BRANDBEV S.À R.L.

as Subsidiary Guarantor

		
	 By:
	 	
                       
                                     

		 	 Name:

		 	 Title:    Authorized Officer

	
		
	 By:
	 	
                       
                                     

		 	 Name:

		 	 Title:    Authorized Officer




  
 B-4