Form of Twenty-Third Supplemental Indenture



 Exhibit 4.5 
  

 
  

ANHEUSER-BUSCH INBEV WORLDWIDE INC. 
 and 
 ANHEUSER-BUSCH INBEV SA/NV 

and 
 the
SUBSIDIARY GUARANTORS party hereto from time to time 
 and 

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

 
 TWENTY-THIRD
SUPPLEMENTAL INDENTURE 
 Dated as of July •, 2011 

 
  

To the Indenture, dated as of October 16, 2009, 
 among Anheuser-Busch InBev Worldwide Inc., 
 Anheuser-Busch InBev NV/SA, the
Subsidiary Guarantors party thereto from time to 
 time and 

The Bank of New York Mellon Trust Company, N.A., Trustee 
 •% Notes due 20• 
  

 
  

  








 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	ARTICLE I	  
	
	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	  
			
	 SECTION 1.01
	  	Definitions	  	 	5	  
	 SECTION 1.02
	  	Effect of Headings	  	 	8	  
	 SECTION 1.03
	  	Separability Clause	  	 	8	  
	 SECTION 1.04
	  	Benefits of Instrument	  	 	8	  
	
	ARTICLE II	  
	
	•% NOTES DUE 20•	  
			
	 SECTION 2.01
	  	Creation of Series; Establishment of Form	  	 	8	  
	 SECTION 2.02
	  	Guarantee	  	 	10	  
	 SECTION 2.03
	  	Interest	  	 	10	  
	 SECTION 2.04
	  	Payment of Principal, Interest and Other Amounts	  	 	10	  
	 SECTION 2.05
	  	Optional Redemption	  	 	11	  
	 SECTION 2.06
	  	Optional Tax Redemption	  	 	11	  
	 SECTION 2.07
	  	Additional Covenant	  	 	12	  
	
	ARTICLE III	  
	
	MISCELLANEOUS PROVISIONS	  
			
	 SECTION 3.01
	  	Effectiveness	  	 	13	  
	 SECTION 3.02
	  	Original Issue	  	 	13	  
	 SECTION 3.03
	  	Ratification and Integral Part	  	 	13	  
	 SECTION 3.04
	  	Priority	  	 	13	  
	 SECTION 3.05
	  	Successors and Assigns	  	 	13	  
	 SECTION 3.06
	  	Counterparts	  	 	13	  
	 SECTION 3.07
	  	Guarantee Limitations	  	 	13	  
	 SECTION 3.08
	  	The Trustee	  	 	14	  
	 SECTION 3.09
	  	Governing Law	  	 	14	  
			
	 EXHIBIT A
	  		  	 	A-1	  
	 EXHIBIT B
	  	 	B-1	  


  
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 TWENTY-THIRD SUPPLEMENTAL INDENTURE, dated as of July •, 2011 (the
“Twenty-Third Supplemental Indenture”), among ANHEUSER-BUSCH INBEV WORLDWIDE INC., a corporation duly organized and existing under the laws of the State of Delaware (the “Company”), ANHEUSER-BUSCH INBEV NV/SA, a
société anonyme duly organized and existing under the laws of the Kingdom of Belgium (the “Parent Guarantor”), ANHEUSER-BUSCH COMPANIES, INC., a corporation duly organized and existing under the laws of the
State of Delaware, BRANDBREW S.A., a public limited liability company organized and existing under Luxembourg law, COBREW NV/SA, 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 October 16, 2009,
among the Company, the Guarantors and the Trustee, as amended (the “Indenture”). 
 RECITALS OF THE COMPANY
AND THE GUARANTORS 
 WHEREAS, the Company, 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 Company; 
 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, Section 901(6) of the Indenture permits supplements thereto without the consent of Holders of Securities to add to, change
or eliminate any of the provisions of the Indenture with respect to one or more series of Securities, provided that any such addition, change or elimination shall neither (i) apply to any Security of any series created prior to the execution of
such supplemental indenture and entitled to the benefit of such provision nor (ii) modify the rights of the Holder of any such Security with respect to such provision; 
 WHEREAS, as contemplated by Section 301 of the Indenture, the Company intends to issue a new series of Securities to be known as the Company’s “•% Notes due •” (the
“Notes”) under the Indenture; 
 WHEREAS, the Company and the Guarantors have taken all necessary corporate
action to authorize the execution and delivery of this Twenty-Third Supplemental Indenture; 

  
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 NOW, THEREFORE, THIS TWENTY-THIRD SUPPLEMENTAL INDENTURE WITNESSETH: 

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

  
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 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
Twenty-Third Supplemental Indenture which are defined in the Indenture shall have the meanings ascribed to them by the Indenture. The following terms used in this Twenty-Third Supplemental Indenture have the following respective meanings:

 “2010 Senior Facility Agreement” means the USD 13 billion senior facilities agreement, dated
as of February 26, 2010, as amended from time to time, for the Parent Guarantor and the Company, arranged by Banc of America Securities Limited, Banco Santander, S.A., Barclays Capital, Deutsche Bank AG, London Branch, Fortis Bank SA/NV, ING
Bank N.V., Intesa Sanpaolo S.p.A., J.P. Morgan PLC, Mizuho Corporate Bank, Ltd., The Royal Bank of Scotland plc, Société Générale Corporate & Investment Banking, the corporate and investment banking division of
Société Générale, and The Bank of Tokyo-Mitsubishi UFJ, Ltd. as mandated lead arrangers and bookrunners, and Fortis Bank SA/NV, acting as agent and issuing bank. 

“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(a). 
 “Company” has the meaning set forth in the first
paragraph of this Twenty-Third 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 the remaining term of the Notes to be redeemed 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 to the remaining term of such Notes. 

  
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 “Comparable Treasury Price” means, with respect to a
Redemption Date, (i) the average of five 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 such Reference Treasury Dealer Quotations, the average of all such quotations. 
 “Date of the
Prospectus Supplement” means July •, 2011 which is the date of the final Prospectus Supplement prepared in connection with the issuance of the Notes and filed with the Securities and Exchange Commission. 

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

“Fifth Supplemental Indenture” means the Fifth Supplemental Indenture, dated as of November 27,
2009, among the Company, the Guarantors and the Trustee. 
 “Global Security” has the meaning
set forth in Section 2.01(d). 
 “Guarantors” has the meaning set forth in the first
paragraph of this Twenty-Third Supplemental Indenture. 
 “Indenture” has the meaning set forth
in the first paragraph of this Twenty-Third Supplemental Indenture. 
 “Independent Investment
Banker” means     •    ,     •    ,     •     or     •    ,
as specified by the Company, 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 Company. 

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

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

  
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 “Parent Guarantor” has the meaning set forth in the first
paragraph of this Twenty-Third Supplemental Indenture. 
 “Reference Treasury Dealer” means
(i)     •    ,     •    ,     •     or     •     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 Company will substitute therefor
another Primary Treasury Dealer and (ii) any three other Primary Treasury Dealers selected by the Company 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. 

“Regular Record Date” means     •     and
    •     (whether or not a Business Day). 
 “Stated
Maturity” has the meaning specified in Section 2.01(f). 
 “Twenty-Third Supplemental
Indenture” has the meaning set forth in the Recitals. 
 “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 

  
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 (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 Twenty-Third 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
Twenty-Third 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 Twenty-Third Supplemental Indenture, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder and the Holders, any benefit or any legal or
equitable right, remedy or claim under this Twenty-Third Supplemental Indenture or the Indenture. 
 ARTICLE II

 •% NOTES DUE 20• 
 SECTION 2.01 Creation of Series; Establishment of Form. 
 (a) There is
hereby established a new series of Securities under the Indenture entitled “•% Notes due 20•”. 

  
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 (b) The form of the Notes, including the form of the certificate of authentication, is
attached hereto as Exhibit A. 
 (c) The Company shall issue the Notes in an aggregate principal amount of USD •. The
Company 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. 
 (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 in 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     •    , 2014 (the
“Stated Maturity”). 
 (g) The outstanding principal amount of the Notes shall accrue interest at a rate equal
to •%, 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. 
 (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 Company and will rank
equally with all other existing and future unsecured and unsubordinated debt obligations of the Company. 

  
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 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 Company 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 •% per annum, and computed on the basis of a 360-day year consisting of twelve (12) 30-day months. Interest will accrue from July •, 2011 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 • and • 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 •, 2011, 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 St. Louis, Missouri. The Company may change the Paying Agent or Registrar without prior notice to the Holders of the Notes, and in such an event the 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; provided, however, that in the case of payments of
principal and premium, if any, such Global Security is first surrendered to the Paying Agent. 

  
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 SECTION 2.05 Optional Redemption. 

(a) The Company may, at its option, redeem the Notes as a whole or in part at any time upon not less than 30 nor more than 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 (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 30-day months) at the Treasury Rate plus • 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) Unless the Company
(and/or a Guarantor) defaults 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 Company will deposit with the
Trustee or with one or more Paying Agents (or, if the 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. 
 (c) If fewer than all of the Notes are to be redeemed, the Trustee will select, not more than 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 Company may, at the Company’s 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 

  
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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 the 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 the Date of the Prospectus Supplement (any such change or amendment,
a “Change in Tax Law”), the 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 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 the 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 Company or the relevant Guarantor will deliver to the Trustee an opinion of independent tax counsel of
recognized standing to the effect that the Company or the relevant Guarantor is or would be obligated to pay such Additional Amounts as a result in 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 Company or the relevant Guarantor would be obligated
to pay Additional Amounts if a payment in respect of the Notes were then due. 
 SECTION 2.07 Additional Covenant. Solely
with respect to the Guarantees of the Notes by the Subsidiary Guarantors, clause (i) of Section 208 of the Indenture shall be deemed to read in its entirety as follows: 

“(i) at substantially the same time as its Guarantee of the Securities is terminated, the relevant Guarantor is, or has been,
released from its guarantee of the Senior Facility Agreement and the 2010 Senior Facility Agreement, or is no longer a guarantor under either the Senior Facility Agreement or the 2010 Senior Facility Agreement and” 

  
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 ARTICLE III 
 MISCELLANEOUS PROVISIONS 
 SECTION 3.01 Effectiveness. This
Twenty-Third Supplemental Indenture will become effective upon its execution and delivery. 
 SECTION 3.02 Original
Issue. The Notes may, upon execution of this Twenty-Third Supplemental Indenture, be executed by the Company and delivered by the Company 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 Twenty-Third Supplemental Indenture, is in all respects ratified and confirmed, and this Twenty-Third 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 Twenty-Third Supplemental Indenture shall be deemed part of
the Indenture in the manner and to the extent herein and therein provided. The provisions of this Twenty-Third 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 Twenty-Third Supplemental Indenture, by the Company and the Guarantors will bind their respective successors and assigns, whether so expressed or not. 

SECTION 3.06 Counterparts. This Twenty-Third 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 and as amended by Section 2.01 of the Fifth Supplemental
Indenture, will apply to the Guarantees issued hereunder, provided 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. 

  
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 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 Twenty-Third Supplemental Indenture or for or in respect of the recitals contained herein, all of which are made solely by the Company and the Guarantors. 

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

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

					
	 ANHEUSER-BUSCH INBEV WORLDWIDE
INC.
 as Company

		
	By:	 	 
		 	Name:	 	Scott Gray
		 	Title:	 	Authorized Officer


  

					
	 ANHEUSER-BUSCH INBEV NV/SA

as Parent Guarantor

		
	By:	 	 
		 	Name:	 	Scott Gray
		 	Title:	 	Authorized Officer


  

					
		
	By:	 	 
		 	Name:	 	Christina Frank
		 	Title:	 	Authorized Officer


  

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

		
	By:	 	 
		 	Name:	 	
		 	Title:	 	



  








 
					
	 ANHEUSER-BUSCH COMPANIES, INC.

As Subsidiary Guarantor

		
	By:	 	 
		 	Name:	 	Scott Gray
		 	Title:	 	Authorized Officer


  

					
	 BRANDBREW S.A.
 a société anonyme with its registered address at 5, Parc d’Activité Syrdall, L-5365 Luxembourg and registered with the Luxembourg register of commerce and companies under
number B-75696,
 as Subsidiary Guarantor

		
	By:	 	 
		 	Name:	 	Scott Gray
		 	Title:	 	Authorized Officer


  

					
	 COBREW NV/SA
 as Subsidiary Guarantor

		
	By:	 	 
		 	Name:	 	Scott Gray
		 	Title:	 	Authorized Officer



  








 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 INBEV WORLDWIDE INC. OR ITS 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









 Anheuser-Busch InBev Worldwide Inc. 

•% Note due 20• 
 Payment of Principal, Premium, if any, 
 and Interest Irrevocably, Fully and
Unconditionally Guaranteed by 
 Anheuser-Busch InBev NV/SA, Anheuser-Busch Companies, Inc., BrandBrew S.A. and 

Cobrew NV/SA 
  

			
	 No.         
	  	USD         
		
	 CUSIP No. •
	  	ISIN: •

 Anheuser-Busch InBev Worldwide Inc., a corporation duly organized and existing under the laws of the
State of Delaware (herein called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or its registered assigns, on
• (the “Maturity Date”), the principal sum of USD •, and to pay interest thereon from July •, 2011 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually, in
arrears, on • and •, in each year, commencing on •, 2011, at the rate of •% 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 • and • (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 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. 
 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. 

  
 A-2









 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., St. Louis, Missouri. The Company may change
the Paying Agent or Registrar without prior notice to the Holders, and in such an event the 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 Company 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. 

  
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 IN WITNESS WHEREOF, the Company has caused this
instrument to be duly executed. 
 Dated: 
  

			
	ANHEUSER-BUSCH INBEV WORLDWIDE INC.
		
	By	 	 
		 	Name:
		 	Title:


  

	
	Attest:
	
	  
	

 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



  
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 REVERSE OF SECURITY 

 

	 	1.	Securities and Indenture 


This Security is one of a duly authorized issue of securities of the Company (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 October 16, 2009 (the “Base Indenture”), as supplemented by the Twenty-Third Supplemental Indenture, dated as of July
•, 2011 (the “Twenty-Third Supplemental Indenture” and together with the Base Indenture, the “Indenture”), in each case among the Company, Anheuser-Busch InBev NV/SA, 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 Company, 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. 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. 

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 Company’s Option 

 The Company may, at its option, redeem the Securities of this series as a whole or in part at any time upon not less than 30 nor more than 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 (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 30 day months) at the Treasury
Rate plus • basis points; plus, in each case described above, accrued and unpaid interest on the principal amount being redeemed to (but excluding) such Redemption Date. 

  
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 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 Company may, at the Company’s or the Parent Guarantor’s option, redeem the Securities 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 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 the 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 the Date of the Prospectus Supplement (any such change or amendment, a “Change in Tax Law”), the 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 Company or the relevant Guarantor taking reasonable measures available to it;
provided, however, that the Securities may not be redeemed to the extent such Additional Amounts arise solely as a result of the Company assigning its obligations under the Securities 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 Company or the relevant Guarantor will deliver to the Trustee an opinion of independent tax counsel of recognized standing to the effect that the Company or the relevant Guarantor is or would be obligated to pay such
Additional Amounts as a result in such Change in Tax Law. 
 No notice of redemption pursuant to this Section may be given
earlier that ninety (90) days prior to the earliest date on which the Company or the relevant Guarantor would be obligated to pay Additional Amounts if a payment in respect of the Securities were then due. 

  
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	 	5.	Additional Amounts 

 In
the event that any Guarantor becomes obligated to make payments in respect of the Securities, such Guarantor will make all payments in respect of the Securities 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 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 a 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 the 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 or the Guarantees 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 the 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 if such Holder is 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 

  
 A-7









 (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 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 any Security was
presented to a particular paying agent for payment if the 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 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 the Company any time it is incorporated in a jurisdiction outside of the United States. 

 

	 	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 Security for registration of transfer at the office or agency of the
Company 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 Company 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. 

  
 A-8









 No service charge shall be made for any such registration of transfer or exchange, but the
Company 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 Company, the Guarantors, the Trustee and any agent of the
Company, 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 Company, 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 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 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 Company, 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. 

 

	 	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 Company 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 Company 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 

  
 A-9









 
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 Company 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 Twenty-Third Supplemental Indenture, shall have the meanings assigned to them in the Base Indenture or the Twenty-Third Supplemental Indenture. 

  
 A-10









 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 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 Company 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 Company 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 the Company, any right to require a demand or proceeding first against the 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 Company with respect to such payment or otherwise to be reimbursed, indemnified or exonerated by the Company 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. 

  
 B-1









 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. 
 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. 

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 NV/SA
 as Parent Guarantor

		
	By:	 	 
		 	Name:
		 	Title: Authorized Officer
	
		
	By:	 	 
		 	Name:
		 	Title: Authorized Officer


  

			
	 Anheuser-Busch Companies, Inc.
 As Subsidiary Guarantor

		
	By:	 	 
		 	Name:
		 	Title: Authorized Officer



  
 B-2









 
			
	 BrandBrew S.A.
 a
société anonyme with its registered address at 5, Parc d’Activité Syrdall, L-5365 Luxembourg and registered with the Luxembourg register of commerce and companies under number B-75696,

as Subsidiary Guarantor

		
	By:	 	 
		 	Name:
		 	Title: Authorized Officer


  

			
	 CoBrew NV/SA
 as
Subsidiary Guarantor

		
	By:	 	 
		 	Name:
		 	Title: Authorized Officer



  
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