Document:

Fourth Supplemental Indenture

 Exhibit 4.4 

 
  

 
  
 ANHEUSER-BUSCH INBEV FINANCE 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 

 
  

FOURTH SUPPLEMENTAL INDENTURE 
 Dated as of January 17, 2013 
  

 
 To the Indenture,
dated as of January 17, 2013, 
 among Anheuser-Busch InBev Finance 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 
 4.000% Notes due 2043 

 
  

 

 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
	  	 	5	  
			
		  	ARTICLE II	  			
			
		  	4.000% Senior Notes due 2043	  			
			
	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
	  	 	8	  
	SECTION 3.02	  	 Original Issue
	  	 	8	  
	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
	  	 	9	  
			
	EXHIBIT A	  		  	 	A-1	  
	EXHIBIT B	  		  	 	B-1	  

  
 – i
– 

 FOURTH SUPPLEMENTAL INDENTURE, dated as of January 17, 2013 (the “Fourth
Supplemental Indenture”), among ANHEUSER-BUSCH INBEV FINANCE 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 INBEV WORLDWIDE, 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 registered office at 5, Rue Gabriel Lippmann, L-5365 Münsbach, Luxembourg, registered
with the Luxembourg Register of Commerce and Companies under the number B 80.984 and having a share capital of USD 30,020,720, BRANDBREW S.A., a société anonyme with its registered address at 5, rue Gabriel Lippmann, L-5365
Luxembourg and registered with the Luxembourg register of commerce and companies under number B-75696, COBREW NV, a public limited liability company organized and existing under Belgian law, ANHEUSER-BUSCH COMPANIES, LLC, a limited liability company
duly organized and existing under the laws of the State of Delaware, (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 January 17, 2013, among the Company, the Guarantors and the Trustee (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, 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 “4.000% Notes due 2043” (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 Fourth
Supplemental Indenture; 
 NOW, THEREFORE, THIS FOURTH 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: 

  
 - 1 -

 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
Fourth Supplemental Indenture which are defined in the Indenture shall have the meanings ascribed to them by the Indenture. The following terms used in this Fourth 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(a). 
 “Company” has the meaning set forth in the first
paragraph of this Fourth 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. 
 “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 January 14, 2013, 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. 

  
 - 2 -

 “Depositary” means The Depository Trust Company, or any
successor thereto. 
 “Fourth Supplemental Indenture” has the meaning set forth in the Recitals.

 “Global Security” has the meaning set forth in Section 2.01(d). 

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

 “Indenture” has the meaning set forth in the first paragraph of this Fourth Supplemental
Indenture. 
 “Independent Investment Banker” means Merrill Lynch, Pierce, Fenner &
Smith Incorporated, Barclays Capital Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC or RBS Securities Inc., 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. 

“Parent Guarantor” has the meaning set forth in the first paragraph of this Fourth Supplemental
Indenture. 
 “Redemption Notice Date” has the meaning specified in Section 2.06(b).

 “Reference Treasury Dealer” means (i) Merrill Lynch, Pierce, Fenner & Smith
Incorporated, Barclays Capital Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and RBS Securities Inc. 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. 

  
 - 3 -

 “Regular Record Date” means January 1 and July 1
(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 Fourth 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 Fourth
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. 

  
 - 4 -

 SECTION 1.04 Benefits of Instrument. 

Nothing in this Fourth 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 Fourth Supplemental Indenture or the Indenture. 
 ARTICLE II 
 4.000% Notes due 2043 

SECTION 2.01 Creation of Series; Establishment of Form. 
 (a) There is hereby established a new series of Securities under the Indenture entitled “4.000% Notes due 2043”. 
 (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 750,000,000. 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 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 January 17, 2043, (the “Stated Maturity”). 
 (g) The outstanding
principal amount of the Notes shall accrue interest at a rate equal to 4.000% 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 Company and will rank equally with all other
existing and future unsecured and unsubordinated debt obligations of the Company. 
 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 4.000% per annum, and computed on the basis of a 360-day year consisting of twelve (12) 30-day months. Interest
will accrue from January 17, 2013 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 January 17 and July 17 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 July 17, 2013 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. 

  
 - 6 -

 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 15 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. 

  
 - 7 -

 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 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 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 Company or the relevant Guarantor would be obligated to pay Additional Amounts if a payment in respect of the Notes were then due.

 ARTICLE III 
 Miscellaneous Provisions 
 SECTION 3.01 Effectiveness. This Fourth
Supplemental Indenture will become effective upon its execution and delivery. 
 SECTION 3.02 Original Issue. The Notes
may, upon execution of this Fourth 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. 

  
 - 8 -

 SECTION 3.03 Ratification and Integral Part. The Indenture as supplemented by this
Fourth Supplemental Indenture, is in all respects ratified and confirmed, and this Fourth 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 Fourth Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent
herein and therein provided. The provisions of this Fourth 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 Fourth
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 Fourth 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 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 Fourth 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 Fourth Supplemental Indenture and the Notes
and Guarantees will be governed by and construed in accordance with the laws of the State of New York. 

  
 - 9 -

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

			
	ANHEUSER-BUSCH INBEV FINANCE INC.
	as Company
		
	By:	 	/s/ Scott Gray
		 	Name: Scott Gray
		 	Title:   Authorized Officer
	
	ANHEUSER-BUSCH INBEV NV/SA
	as Parent Guarantor
		
	By:	 	/s/ Christine Delhaye
		 	Name: Christine Delhaye
		 	Title:   Authorized Officer
		
	By:	 	/s/ Liesbeth Hellemans
		 	Name: Liesbeth Hellemans
		 	Title:   Authorized Officer
	
	 THE BANK OF NEW YORK MELLON,
TRUST
 COMPANY, N.A.,
 as Trustee

		
	By:	 	/s/ Lawrence Dillard
		 	Name: Lawrence Dillard
		 	Title:   Vice President

  
 [USD
Offering Fourth Supplemental Indenture Signature Page] 

  

			
	ANHEUSER-BUSCH INBEV WORLDWIDE INC.
	as Subsidiary Guarantor
		
	By:	 	/s/ Scott Gray
		 	Name: Scott Gray
		 	Title:   Authorized Officer
	
	ANHEUSER-BUSCH COMPANIES, LLC
	As Subsidiary Guarantor
		
	By:	 	/s/ Scott Gray
		 	Name: Scott Gray
		 	Title:   Authorized Officer
	
	COBREW NV
	as Subsidiary Guarantor
		
	By:	 	/s/ Christine Delhaye
		 	Name: Christine Delhaye
		 	Title:   Authorized Officer
		
	By:	 	/s/ Liesbeth Hellemans
		 	Name: Liesbeth Hellemans
		 	Title:   Authorized Officer
	
	BRANDBREW S.A.
	as Subsidiary Guarantor
		
	By:	 	/s/ Liesbeth Hellemans
		 	Name: Liesbeth Hellemans
		 	Title:   Authorized Officer
	
	BRANDBEV S.À R.L.
	as Subsidiary Guarantor
		
	By:	 	/s/ Christine Delhaye
		 	Name: Christine Delhaye
		 	Title:   Authorized Officer

  
 [USD
Offering Fourth Supplemental Indenture Signature Page] 

 Exhibit A 
 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 FINANCE 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

 Exhibit A 
 Anheuser-Busch InBev Finance Inc. 
 4.000% Note due 2043 

Payment of Principal, Premium, if any, 
 and Interest Irrevocably, Fully and Unconditionally Guaranteed by 
 Anheuser-Busch
InBev NV/SA, Anheuser-Busch InBev Worldwide, Inc., Brandbev 
 S.à r.l., BrandBrew S.A., Cobrew NV and
Anheuser-Busch Companies, LLC, 
  

			
	No.             	  	USD            
		
	CUSIP No. 035242 AB2	  	ISIN: US035242AB27

 Anheuser-Busch InBev Finance 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
January 17, 2043 (the “Maturity Date”), the principal sum of USD             , and to pay interest thereon from January 17, 2013 or from the most recent Interest
Payment Date to which interest has been paid or duly provided for, semi-annually, in arrears, on January 17 and July 17, in each year, commencing on July 17, 2013 at the rate of 4.000% 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 1 and July 1 (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. 

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 

  
 A-2

 Exhibit A 
 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. 

  
 A-3

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

			
	ANHEUSER-BUSCH INBEV FINANCE INC.
		
	By	 	 
		 	Name:    Scott Gray
		 	Title:      Authorized Officer

  

	
	Attest:
	  
	
	Craig Katerberg
	Assistant Secretary

 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

  
 A-4

 Exhibit A 
 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 January 17, 2013 (the “Base Indenture”), as supplemented by the Fourth Supplemental Indenture, dated as of
January 17, 2013 (the “Fourth 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 750,000,000,
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 15 basis points; plus, in each case described above, accrued and unpaid interest on the principal amount being redeemed to (but excluding) such Redemption Date. 

  
 A-5

 Exhibit A 
 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 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 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 of this series may not be redeemed to the extent such Additional Amounts arise solely as a result of the 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 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 of 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 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

  
 A-6

 Exhibit A 
 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 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 

  
 A-7

 Exhibit A 

(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 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 the Company any time it is incorporated in a jurisdiction outside of the United States. 

In addition, any amounts to be paid by the 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 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 the 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 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. 

  
 A-8

 Exhibit A 
 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 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 permitting the Holders of specified percentages in principal amount of the Securities of 

  
 A-9

 Exhibit A 
 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 Fourth Supplemental Indenture, shall have the meanings
assigned to them in the Base Indenture or the Fourth 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 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. 
 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 NV/SA
	as Parent Guarantor
		
	By:	 	 
		 	Name: Liesbeth Hellemans
		 	Title:   Authorized Officer
		
	By:	 	 
		 	Name: Christine Delhaye
		 	Title: Authorized Officer
	
	ANHEUSER-BUSCH INBEV WORLDWIDE INC.
	as Subsidiary Guarantor
		
	By:	 	 
		 	Name: Scott Gray
		 	Title:   Authorized Officer
	
	ANHEUSER-BUSCH COMPANIES, LLC
	As Subsidiary Guarantor
		
	By:	 	 
		 	Name: Scott Gray
		 	Title:   Authorized Officer
	
	BRANDBREW S.A.
	as Subsidiary Guarantor
		
	By:	 	 
		 	Name: Liesbeth Hellemans
		 	Title:   Authorized Officer

  
 B-3

 Exhibit B 

 

			
	BRANDBEV S.À R.L.
	as Subsidiary Guarantor
		
	By:	 	 
		 	Name: Christine Delhaye
		 	Title:   Authorized Officer
	
	COBREW NV
	as Subsidiary Guarantor
		
	By:	 	 
		 	Name: Liesbeth Hellemans
		 	Title:   Authorized Officer
		
	By:	 	 
		 	Name: Christine Delhaye
		 	Title:   Authorized Officer

  
 B-4Supplemental Indenture

 Exhibit 4.2 
 Execution Copy 
 SUPPLEMENT NO. 1 

Dated as of January 17, 2013 
 to 
 INDENTURE 

Dated as of January 17, 2013 
 between 
 HOMEOWNERS CHOICE, INC. 

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

 
  

8.00% Senior Notes due 2020 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	 ARTICLE I
 Definitions
	   

  

			
	Definitions	 		  	 	1	  
	
	 ARTICLE II

Series A Notes
	   

  

			
	Section 2.01.	 	 Designation; Terms
	  	 	2	  
	Section 2.02.	 	 Authentication
	  	 	5	  
	
	 ARTICLE III

Miscellaneous
	   

  

			
	Section 3.01.	 	 Recitals
	  	 	5	  
	Section 3.02.	 	 Governing Law
	  	 	5	  
	Section 3.03.	 	 Counterparts
	  	 	5	  
	Section 3.04.	 	 Supplement
	  	 	5	  

 APPENDIX A Form of Series A Note 

  
 -i-

 SUPPLEMENT NO. 1, dated as of January 17, 2013, to Indenture, dated as of
January 17, 2013, between HOMEOWNERS CHOICE, INC., a Florida corporation (hereinafter called the “Company”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A, as trustee (the “Trustee”). 

RECITALS OF THE COMPANY 
 WHEREAS, the Company and the Trustee have entered into an Indenture, dated as of January 17, 2013 (the “Indenture”); 

WHEREAS the Indenture provides that Debt Securities are issuable thereunder in series, unlimited in aggregate principal amount; and in
the case of each particular series, the designation of the series, form or forms, date of Stated Maturity, rate of interest or the manner of determining such rate, Interest Payment Date(s), redemption provisions (if any), sinking fund provisions (if
any) and conversion provisions (if any) of the Debt Securities of such series and any limitation on the aggregate principal amount of the Debt Securities of such series, as well as such additional provisions as are required or permitted by the
Indenture, are to be established in or pursuant to a Board Resolution or in an indenture supplemental thereto; 
 WHEREAS, the
Company has duly authorized the execution and delivery of this Supplement No. 1 to establish the provisions and provide for the issuance of up to $40,250,000 aggregate principal amount of its 8.00% Senior Notes due 2020 (the “Series A
Notes”) as a series of Debt Securities under the Indenture; 
 WHEREAS, the text of the Series A Notes and the
Trustee’s Certificate of Authentication to be borne thereby are to be substantially in the form set forth as Appendix A hereto, which constitutes for all purposes a part of this Supplement No. 1; and 

WHEREAS, all things necessary (i) to make the Indenture, as supplemented by this Supplement No. 1, a valid, binding and legal
agreement of the Company and the Series A Notes, when issued, executed and delivered by the Company and authenticated by the Trustee pursuant to the Indenture, the valid, legal and binding obligations of the Company and (ii) for the creation,
execution and issuance of the Series A Notes, subject to the terms of the Indenture, have in all respects been duly authorized. 

IN WITNESS WHEREOF, the Company and the Trustee agree that the Indenture shall be supplemented and amended as follows: 

ARTICLE I 

Definitions 
 Except as otherwise set forth herein, terms defined in the Indenture have the same meanings when used in this Supplement No. 1. 

 ARTICLE II 
 Series A Notes 
 Section 2.01. Designation; Terms. 

(a) There are hereby authorized to be issued, and shall be issued under the Indenture, Debt Securities in an aggregate principal amount
of $35,000,000 (plus an additional aggregate principal amount of up to $5,250,000 if the underwriters of the Series A Notes exercise the overallotment option granted to them in the related underwriting agreement), which shall bear the title of
“8.00% Senior Notes due 2020”. Such Series A Notes shall constitute a series of Debt Securities under the Indenture. The Stated Maturity of the Series A Notes shall be January 30, 2020. 

(b) The aggregate principal amount of the Series A Notes that may be authenticated and delivered under the Indenture (except for Series A
Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Series A Notes pursuant to Article Three, the second paragraph of Section 4.03 or Section 11.04 of the Indenture or pursuant to
the second to last paragraph of Section 3.01 of the Indenture) is limited to $40,250,000. The Company hereby requests that the Trustee record the amount of the Series A Notes in the Trustee’s records as 1,400,000 units each in the amount
of $25.00 (plus up to an additional 210,000 units each in the amount of $25.00 if the underwriters of the Series A Notes exercise the overallotment option granted to them in the related underwriting agreement). 

(c) The Series A Notes are to be issued in the form of a Global Debt Security. The beneficial owners of interests in such Global Debt
Security may not exchange such interests for Debt Securities of such series other than in the manner provided in Section 2.04 of the Indenture. The Depository for the Series A Notes shall be The Depository Trust Company. If individual Debt
Securities of the Series A Notes are issued under the conditions specified in Section 2.04 of the Indenture, individual certificates will be issued in denominations of $25 or any integral multiple thereof. 

(d) The Series A Notes shall bear interest at the rate of 8.00% per annum, and such interest shall accrue from the most recent
Interest Payment Date to which interest has been paid or duly provided for, or if no interest has been paid or duly provided for, from January 17, 2013. The Interest Payment Dates for the Series A Notes shall be
January 30, April 30, July 30 and October 30 in each year commencing April 30, 2013, and the Regular Record Date for the interest payable on any Interest Payment Date shall be the
January 15, April 15, July 15 and October 15, respectively, immediately preceding such Interest Payment Date (whether or not a Business Day). The amount of interest payable for any period shall be computed on the basis
of twelve 30-day months and a 360-day year; provided that the amount of interest payable for any period shorter than a full quarterly interest period shall be computed on the basis of the number of days elapsed in a 90-day quarter of three 30-day
months. 
 (e) The Place of Payment for the Series A Notes shall be at Corporate Trust Office of the Trustee located in the City
of New York, New York. 

  
 -2-

 (f) Subject to the provisions set forth in Section 4.02 of the Indenture, the Series A
Notes are subject to redemption in whole or in part, at any time on and after January 30, 2016 at the option and direction of the Company at a Redemption Price equal to 100% of the principal amount of the Series A Notes to be redeemed plus
accrued and unpaid interest to the Redemption Date. 
 (g) The Series A Notes shall not be subject to any sinking fund and shall
not be redeemable at the option of the Holders thereof. 
 (h) The Series A Notes and the Trustee’s Certificate of
Authentication to be borne thereby shall be substantially in the form set forth in Appendix A hereto, with such appropriate variations, omissions and insertions as are permitted or required by the Indenture. The terms of the Series A Notes set forth
in such form are incorporated herein by reference. 
 (i) The following covenant shall apply only to the Series A Notes:

 So long as any Series A Notes are Outstanding, the Company will not, nor will the Company permit any Subsidiary to, create,
incur, assume, guarantee or otherwise permit to exist any Indebtedness secured by any security interest on any shares of capital stock of any Designated Subsidiary, unless and until the Series A Notes shall be concurrently secured equally and
ratably with such Indebtedness for at least the time period such other Indebtedness is so secured. 
 (j) The following covenant
shall apply only to the Series A Notes: 
 So long as any Series A Notes are Outstanding and except as may be required by any
law, rule or regulation, the Company will not, directly or indirectly, (A) issue, sell, assign, transfer or otherwise dispose of any shares of capital stock of, or any securities convertible into, or warrants, rights or options to subscribe for
or purchase shares of, capital stock (other than preferred stock having no voting rights) of any Designated Subsidiary or any Subsidiary that, directly or indirectly, owns the capital stock of a Designated Subsidiary or (B) permit any
Designated Subsidiary or any Subsidiary that directly or indirectly owns capital stock of a Designated Subsidiary to issue, other than to the Company or a Wholly-Owned Subsidiary, shares, securities, warrants, rights or options (other than
director’s qualifying shares and preferred stock having no voting rights) of the Designated Subsidiary or of any Subsidiary that directly or indirectly owns the capital stock of a Designated Subsidiary, unless, in the case of either (A) or
(B), after giving effect to such transaction and, if applicable, the issuance of the maximum number of shares issuable upon the conversion or exercise of all the convertible securities, warrants, rights or options, the Company would own, directly or
indirectly, at least 80% of the shares of capital stock of the Designated Subsidiary, other than preferred stock having no voting rights. 
 Notwithstanding the foregoing, subject to the provisions Section 12.01 of the Indenture, the Company may, directly or indirectly, sell, transfer or otherwise dispose of the entire capital stock of
any Designated Subsidiary at one time if the consideration is equal to at least the fair market value of such capital stock as determined by the Company’s Board of Directors. 

  
 -3-

 (k) Definitions. For purposes of this Supplement No. 1 and the Series A Notes
only, the following terms shall have the following meanings: 
 (A) “Designated Subsidiary” means any present
or future consolidated Subsidiary of the Company that (i) either (a) is a domestic insurance company subject to oversight by any federal or state insurance regulatory authority or (b) directly or indirectly beneficially owns a
majority of the capital stock of a Subsidiary described in the preceding clause (i)(a) and (ii) has a Consolidated Net Worth that constitutes at least 5% of the Consolidated Net Worth of the Company. 

(B) “Capitalized Lease Obligations” means, at any time, a lease with respect to which the lessee is required
concurrently to recognize the acquisition of an asset and the incurrence of a liability in accordance with GAAP. 
 (C)
“Consolidated Net Worth” means, with respect to any Person and as of any date, consolidated stockholders’ equity of such Person and its Subsidiaries on such date, determined in accordance with GAAP. 

(D) “GAAP” means generally accepted accounting principles as in effect from time to time in the United States of
America. 
 (E) “Indebtedness” with respect to any Person means at any time, without duplication: (i) the
principal of and any premium and interest on its liabilities for money borrowed; (ii) the principal of and any premium and interest on its liabilities evidenced by notes, debentures, bonds or other similar instruments; (iii) all
Capitalized Lease Obligations; (iv) all obligations issued or assumed as the deferred purchase price of property, all conditional sale obligations and all obligations under any title retention agreement, but excluding trade accounts payable
arising in the ordinary course of business; (v) all obligations for the reimbursement of any obligor on any letter of credit, banker’s acceptance or similar credit transaction, generally other than obligations with respect to letters of
credit securing obligations entered into in the ordinary course of business to the extent such letters of credit are not drawn upon or, if and to the extent drawn upon, such drawing is reimbursed no later than the third Business Day following
receipt by such Person of a demand for reimbursement following payment or a letter of credit; (vi) all obligations with respect to liabilities of a type described in any of clauses (i) through (v) hereof of other Persons and all
dividends of other Persons for the payment of which, in either case, the Person is responsible or liable as obligor, guarantor or otherwise; (vii) all obligations of a type described in any of clauses (i) through (vi) above of other
Persons secured by any mortgage, pledge, lien, security interest or other encumbrance on any property or asset of the Person, whether or not the obligation is assumed by the Person; and (viii) any amendments, modifications, refundings, renewals
or extensions of any indebtedness or obligation described in any of clauses (i) through (vii) above. 
 (F)
“Wholly-Owned Subsidiary” means, at any time, any Subsidiary 100% of all of the equity interests (except directors’ qualifying shares) and voting interests of which are owned by any one or more of the Company and the
Company’s other Wholly-Owned Subsidiaries at such time. 

  
 -4-

 Section 2.02. Authentication. The Trustee, upon the execution and delivery of
this Supplement No. 1 and the execution and delivery to it by the Company of the Series A Notes, as hereinabove provided, and without any further action on the part of the Company, shall from time to time authenticate Series A Notes, subject to
the terms of the Indenture. 
 ARTICLE III 
 Miscellaneous 
 Section 3.01. Recitals. The Recitals of the
Company preceding Article I of this Supplement No. 1 are statements of the Company, and the Trustee has no responsibility for the accuracy or completeness thereof. The Trustee makes no representations as to the validity or sufficiency of this
Supplement No. 1. All rights, protections, privileges, indemnities and benefits granted or afforded to the Trustee under the Indenture shall be deemed incorporated herein by this reference and shall be deemed applicable to all actions taken,
suffered or omitted by the Trustee under this Supplement No. 1. 
 Section 3.02. Governing Law. This Supplement
No. 1 and each Series A Note shall for all purposes be construed in accordance with and governed by the laws of the State of New York. 
 Section 3.03. Counterparts. This Supplement No. 1 may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all
such counterparts shall together constitute but one and the same instrument. 
 Section 3.04. Supplement. The
provisions of this Supplement No. 1 supplement and amend the provisions of the Indenture, which shall apply to this Supplement No. 1 and the Series A Notes. Except as specifically supplemented and amended by this Supplement No. 1, the
terms and provisions of the Indenture shall remain in full force and effect. 
 [Signature page follows.] 

  
 -5-

 IN WITNESS WHEREOF, the parties hereto have caused this Supplement No. 1 to be executed
as of the day and year first above written. 
  

			
	HOMEOWNERS CHOICE, INC.
		
	By:	 	 /s/ Paresh Patel

	Name:	 	 Paresh Patel

	Title:	 	 President and Chief Executive Officer

	
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,
Trustee
		
	By:	 	 /s/ Melonee Young

	Name:	 	 Melonee Young

	Title:	 	 Vice President

  
 -6-

 APPENDIX A 
 [FORM OF SERIES A NOTE] 
 THIS DEBT SECURITY IS A GLOBAL SECURITY REGISTERED IN THE NAME OF THE
DEPOSITORY (REFERRED TO HEREIN) OR A NOMINEE THEREOF AND UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR THE INDIVIDUAL SECURITIES REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A
NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY.* 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF THE NOMINEE OF THE DEPOSITORY OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY (AND ANY PAYMENT IS MADE TO THE NOMINEE OF THE
DEPOSITORY OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, THE
NOMINEE OF THE DEPOSITORY, HAS AN INTEREST HEREIN.* 
  

	*	To be included so long as Debt Security is a Global Security. 

  
 A-1

 HOMEOWNERS CHOICE, INC. 

8.00% SENIOR NOTE DUE 2020 
  

					
	No.                     	  		  	 $            

	CUSIP No. 43741E 400	  		  	ISIN No.: US43741E4008

 Homeowners Choice, Inc., a corporation duly organized and existing under the laws of the State of Florida (herein called
the “Company”, which term includes any successor Person under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to
                    , or registered assigns, the principal sum of
                     United States Dollars (U.S.$         ) on January 30, 2020 and to pay interest
thereon, from January 17, 2013, or from the most recent Interest Payment Date to which interest has been paid or duly provided for to but excluding the next Interest Payment Date, quarterly in arrears on each January 30, April 30,
July 30 and October 30 of each year, commencing April 30, 2013, at the per annum rate of 8.00%, until the principal hereof is paid or made available for payment. 
 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 Note (or one or more
Predecessor Debt Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the January 15, April 15, July 15 and October 15, as the case may be, immediately prior to
such Interest Payment Date. Interest will be computed on the basis of a 360-day year composed of twelve 30-day months; provided that interest payable for any period shorter than a full quarterly interest period shall be computed on the basis of the
number of days elapsed in a 90-day quarter of three 30-day months. If any Interest Payment Date, Redemption Date or the Stated Maturity of this Note is not a Business Day, then payment of interest or principal shall be made on the next succeeding
Business Day with the same force and effect as if made on the date such payment was due, and no interest shall accrue for the period after such date to the date of such payment on the next succeeding Business Day. 

Payments of principal and interest on this Note will be made at the Corporate Trust Office of the Trustee in the City of New York, in such coin or
currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts. With respect to Global Debt Securities, the Company will make such payments by wire transfer of immediately
available funds to the Depository, or its nominee, as registered owner of the Global Securities; provided that in case of payments of principal, such Global Debt Security is first surrendered to the paying agent. With respect to certificated Notes,
the Company will make such payments, subject to such surrender in the case of payments of principal, by wire transfer of immediately available funds to a United States Dollar account maintained in the United States designated by the Person entitled
thereto by written instructions furnished to the Company and the Trustee at least ten (10) days prior to the applicable date for payment or if such Person does not so furnish such wire instructions, the Company will make such payments by
mailing a check to such Person’s registered address. 

  
 A-2

 This Note is one of a duly authorized issue of Debt Securities of the Company (which Debt Securities are
issuable in series and are herein called the “Debt Securities”) of the series hereinafter specified, all issued and to be issued under an Indenture dated as of January 17, 2013, as supplemented by Supplement No. 1 thereto
dated as of January 17, 2013 (“Supplement No. 1”), between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee (such indenture, together with all indentures supplemental thereto, being herein called the
“Indenture” and such trustee or its successor as trustee being herein called the “Trustee”), to which Indenture reference is hereby made for a description of the rights and remedies, and limitations of such rights
and remedies, of the Holders of the Debt Securities, of the rights, powers, duties and immunities of the Trustee thereunder, and of the rights and obligations of the Company thereunder. This Debt Security is one of the series designated on the face
hereof as the “8.00% Senior Notes due 2020” (herein called the “Series A Notes”) of the Company, issued and to be issued under the Indenture and entitled to the benefits of the Indenture. The Series A Notes constitute a
series of Debt Securities under the Indenture. 
 Debt Securities of series in addition to the Series A Notes, unlimited as to aggregate
principal amount, may be issued as permitted by and in accordance with the provisions of the Indenture. 
 The Indenture may be modified by the
Company and the Trustee without consent of any Holder with respect to certain matters as described in the Indenture. In addition, the Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the
rights and obligations of the Company and the rights of the Holders of the Debt 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 Outstanding Debt Securities of each series to be affected (each such series voting as a single and separate class). The Indenture also contains provisions permitting the Holders of a majority in principal amount of the Outstanding Debt
Securities of each series, on behalf of the Holders of all Debt Securities of such series, to waive certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Debt Security shall bind such
Holder and all future Holders of this Debt Security and of any Debt Security issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this Debt Security.

 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Debt Security is registrable in the
Debt Security Register, upon surrender of this Debt Security for registration of transfer at the office or agency of the Company in any place where the principal of and interest on this Debt Security are payable, duly endorsed by, or accompanied by
a written instrument of transfer in form satisfactory to the Company and the Debt Security Registrar duly executed by the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Debt Securities of this series, of
authorized denominations and for the same Stated Maturity and aggregate principal amount, will be issued to the designated transferee or transferees. 

  
 A-3

 The Debt Securities of this series are issuable only in registered form without coupons in denominations of
$25 and any integral multiple thereof. As provided in the Indenture and subject to certain limitations therein set forth, Debt Securities of this series are exchangeable for a like aggregate principal amount of Debt Securities of this series of a
different authorized denomination, as requested by the Holder surrendering the same. 
 If an Event of Default (as defined in the Indenture)
shall have occurred and be continuing with respect to a series of Debt Securities, the principal of all Debt Securities of such series may become or be declared due and payable upon the conditions and in the manner and with the effect provided in
the Indenture. 
 On and after January 30, 2016, the Company may redeem all or, from time to time, part of the outstanding Series A Notes
at a Redemption Price equal to 100% of the principal amount of the Series A Notes to be redeemed plus accrued and unpaid interest to the Redemption Date. 
 The Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Debt Security is registered as the owner hereof for all purposes (subject to Section 3.08
of the Indenture), whether or not this Debt Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 An incorporator, organizer, stockholder, member, owner, officer, director, manager or employee, as such, of the Company shall not have any liability for any obligations of the Company under this Debt
Security or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder, by accepting a Debt Security, waives and releases all such liability. The waiver and release are part of the
consideration for the issuance of this Debt Security. 
 Unless the certificate of authentication hereon has been executed by the Trustee
referred to on the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
 All capitalized terms used in this Note without definition which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

[signatures follow] 

  
 A-4

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

 

			
	Dated:	 	  

  

			
	HOMEOWNERS CHOICE, INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 A-5

 [FORM OF TRUSTEE’S CERTIFICATE OF AUTHENTICATION] 

This is one of the Series A Notes described in the within-mentioned Indenture and Supplement No. 1. 

 

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

		 	Authorized Signatory

  

			
	Dated:	 	  

  
 A-6

 ABBREVIATIONS 
 The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations:

  

			
	TEN COM — as tenants in common	  	 UNIF GIFT MIN ACT —              Custodian
        

(Cust)                    
(Minor)

	TEN ENT — as tenants by the entireties	  	
		
	JT TEN — as joint tenants with rights of survivorship and not as tenants in common	  	 under Uniform Gifts to
 Minors Act                     

(State)

 Additional abbreviations may also be used though not on the above list. 

FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto (please insert Social Security or other identifying number of assignee)

 PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE OF ASSIGNEE 
 the within Debt Security and all rights thereunder, hereby irrevocably constituting and appointing
                                         agent to
transfer said Debt Security on the books of the Company, with full power of substitution in the premises. 
  

			
	Dated:	 	  

  

			
	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within instrument in every particular without alteration or
enlargement, or any change whatever.
		
	Signature Guarantee:	 	  

 SIGNATURE GUARANTEE 
 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Debt Security Registrar, which requirements include membership or participation in the
Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Debt Security Registrar in addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended. 

  
 A-7

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