Document:

Joinder Agreement

 Exhibit 10.1 
 EXECUTION VERSION 
 INCREMENTAL JOINDER AGREEMENT 

INCREMENTAL JOINDER AGREEMENT, dated as of July 8, 2011 (this “Joinder Agreement”), by and among ATLAS PIPELINE
PARTNERS, L.P., a Delaware limited partnership (the “Borrower”), WELLS FARGO BANK, NATIONAL ASSOCIATION as administrative agent (“Administrative Agent”) under the Credit Agreement (as defined below), each
Incremental Revolving Credit Lender (as defined in the Credit Agreement (as defined below)) and each of the other Credit Parties that is a party hereto. 
 RECITALS: 
 WHEREAS, reference is hereby made to the Amended and
Restated Credit Agreement, dated as of July 27, 2007 and amended and restated as of December 22, 2010 (as amended, supplemented, amended and restated or otherwise modified from time to time, the “Credit Agreement”) among
the Borrower, the Administrative Agent and each Lender from time to time party thereto (capitalized terms used but not defined herein having the meaning provided in the Credit Agreement); 

WHEREAS, the Borrower has hereby notified the Administrative Agent that it is requesting the establishment of Incremental
Revolving Credit Commitments pursuant to Section 4.14 of the Credit Agreement; 
 WHEREAS, pursuant to
Section 4.14 of the Credit Agreement, the Borrower may obtain Incremental Revolving Credit Commitments in respect of Incremental Revolving Credit Loans (which shall constitute Loans under the Credit Agreement) by, among other things, entering
into one or more Joinder Agreements in accordance with the terms and conditions of the Credit Agreement; 
 WHEREAS, the
Borrower has requested Incremental Revolving Credit Commitments in an aggregate principal amount of $100,000,000; and 

WHEREAS, the Incremental Revolving Credit Lenders party to this Joinder Agreement have indicated their willingness to commit to
provide such Incremental Revolving Credit Commitments on the terms and subject to the conditions herein; 
 NOW,
THEREFORE, in consideration of the premises and agreements, provisions and covenants herein contained, the parties hereto agree as follows: 
 Subject to the terms and conditions set forth herein, each Incremental Revolving Credit Lender severally agrees to provide Incremental Revolving Credit Commitments to the Borrower on the Joinder Effective
Date (as defined below) in the amount of such Incremental Revolving Credit Lender’s Incremental Revolving Credit Commitment as set forth on Schedule A. Pursuant to Section 4.14 of the Credit Agreement, the Incremental
Revolving Credit Commitments shall have the following terms: 
 1. Use of Proceeds. The Incremental Revolving Credit
Facility will be used for general corporate purposes of the Borrower and its Subsidiaries (including Permitted Acquisitions). 

 2. Credit Agreement Governs. Except as set forth in this Joinder Agreement, the
Incremental Revolving Credit Commitments and the Incremental Revolving Credit Loans shall have identical terms as the existing Commitments and Loans and shall otherwise be subject to the provisions, including any provisions restricting the rights,
or regarding the obligations, of the Credit Parties or any provisions regarding the rights of the Lenders, of the Credit Agreement and the other Loan Documents, each reference to a “Commitment”, “Commitments”, “Revolving
Credit Commitment”, “Loan” or “Loans” in the Credit Agreement shall be deemed to include the Incremental Revolving Credit Commitments and the Incremental Revolving Credit Loans and other related terms will have correlative
meanings mutatis mutandis. 
 3. Reallocation. (a) Effective as of the date hereof and subject to the
satisfaction of the conditions set forth herein, (i) the outstanding Revolving Credit Loans and Revolving Credit Commitment Percentages of Swingline Loans and L/C Obligations will be reallocated by the Administrative Agent on the Joinder
Effective Date among the Revolving Credit Lenders (including the New Lenders providing such Incremental Revolving Credit Loans) in accordance with their revised Revolving Credit Commitment Percentages (and the Revolving Credit Lenders (including the
New Lenders providing such Incremental Revolving Credit Loans) agree to make all payments and adjustments necessary to effect such reallocation and the Borrower shall pay any and all costs required pursuant to Section 4.9 of the Credit
Agreement in connection with such reallocation as if such reallocation were a repayment to the extent not waived by an affected Lender) and (ii) each Incremental Revolving Credit Lender shall become a Lender with respect to the Revolving
Facility Commitments and all matters relating thereto and shall be entitled to the same voting rights as the existing Revolving Credit Lenders under the Revolving Credit Facility, shall be included in any determination of Required Lenders and will
not constitute a separate class and any Extensions of Credit made in connection with each Incremental Revolving Credit Commitment shall receive proceeds of prepayments on the same basis as the other Revolving Credit Loans made hereunder. 

(b) The Borrower and the Incremental Revolving Credit Lenders hereby authorize the Administrative Agent to take the actions provided in
Section 4.14 of the Credit Agreement and this Joinder so that, after giving effect to this Joinder, the Revolving Credit Commitment Percentages are held by the Lenders pro rata based on their Revolving Credit Commitments. 

4. CONDITIONS TO EFFECTIVENESS. This Joinder Agreement shall become effective on July 8, 2011 (the “Joinder Effective
Date”) when: 
 a. this Joinder Agreement shall have been executed and delivered by the Borrower, the
Credit Parties, each Incremental Revolving Credit Lender party hereto and the Administrative Agent; 

 b. the Administrative Agent shall have received a certificate of each Credit
Party dated as of the Joinder Effective Date signed by a Responsible Officer of such Credit Party (i) (A) certifying and attaching the resolutions adopted by such Credit Party approving or consenting to the Incremental Revolving Credit
Commitments, (B) certifying that the certificate or articles of incorporation or organization (certified by the Secretary of State or like authority of the state of its incorporation or organization) and by-laws or operating (or limited
liability company) agreement of such Credit Party either (x) have not been amended since the Closing Date or (y) are attached as an exhibit to such certificate, and (C) certifying as to the incumbency and specimen signature of each
officer executing the Joinder Agreement and any related documents on behalf of such Credit Party and (ii) in the case of the Borrower, certifying as to the matters set forth in clauses (e), (f) and (h) below (except that the
representations and warranties contained in subsections (a) and (b) of Section 6.16 of the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of
Section 7.1 of the Credit Agreement); 
 c. the Administrative Agent and the Incremental Revolving Credit
Lenders shall have received from the Borrower an Officer’s Compliance Certificate demonstrating that the Borrower will be in compliance on a Pro Forma Basis with the financial covenants set forth in Article VIII of the Credit Agreement both
before and after giving effect to (1) any Incremental Revolving Credit Commitment (and assuming for these purposes that all Incremental Revolving Credit Commitments are fully drawn as Incremental Revolving Credit Loans) and (2) to the
extent occurring substantially simultaneously with the increase in Revolving Credit Commitments, (i) the making of any tranche of Incremental Revolving Credit Loans pursuant thereto and (ii) any Permitted Acquisition consummated in
connection therewith; 
 d. the Administrative Agent shall have received all fees required to be paid and all
expenses required to be covered, in each case, for which reasonably detailed invoices have been presented (including the reasonable fees and expenses of legal counsel), on or before the Joinder Effective Date, including without limitation, the fees
payable to the Incremental Revolving Credit Lenders set forth in that certain memorandum dated June 21, 2011; 
 e. no Default or Event of Default shall exist on the Joinder Effective Date before or after giving effect to (1) any Incremental Revolving Credit Commitment and (2) to the extent occurring
substantially simultaneously with the increase in Revolving Credit Commitments, (i) the making of any tranche of Incremental Revolving Credit Loans pursuant thereto and (ii) any Permitted Acquisition consummated in connection therewith;

 f. all representations and warranties contained in the Credit Agreement shall be true and correct in all
material respects with the same effect as though such representations and warranties had been made on and as of the 

 
Joinder Effective Date (both before and after giving effect thereto), unless stated to relate to a specific earlier date, in which case such representations and warranties shall be true and
correct in all material respects as of such earlier date; 
 g. the Incremental Revolving Credit Lenders and the
Administrative Agent shall have received an opinion of Ledgewood, in form and substance reasonably satisfactory to the Administrative Agent; 
 h. the representations and warranties in Section 5 of this Joinder Agreement shall be true and correct in all material respects as of the date hereof; and 

i. the Administrative Agent shall have received executed original Revolving Credit Notes requested by the Incremental
Revolving Credit Lenders made by the Borrower payable to such requesting Incremental Revolving Credit Lenders in the amount of each such Incremental Revolving Credit Lenders’ respective Commitments after giving effect to the transactions
contemplated hereby. 
 5. Representations and Warranties. By its execution of this Joinder Agreement, the Borrower
hereby certifies that: 
  

	 	(1)	this Joinder Agreement has been duly authorized by all necessary corporate, membership, partnership or other necessary action and has been duly executed and delivered
by each Credit Party that is a party hereto and constitutes a legal, valid and binding obligation of such Credit Party, enforceable against such Credit Party in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law; and 

 

	 	(2)	the execution, delivery and performance of this Joinder Agreement and the other documents executed in connection herewith (a) have been duly authorized by all
requisite corporate or other organizational and, if required, stockholder or member action and (b) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except for such as
(i) have been obtained or made and are in full force and effect, or (ii) the failure of which to obtain would not reasonably be expected to result in a Material Adverse Effect, (c) will not violate any Applicable Law or the charter
documents of any Credit Party, except to the extent that such violation would not reasonably be expected to result in a Material Adverse Effect, (d) will not violate or result in a default under any indenture or any other agreement, instrument
or other evidence of Material Indebtedness, except to the extent that such violation or default would not reasonably be expected to result in a Material Adverse Effect and (e) will not result in the creation or imposition of any Lien on any
asset of any Credit Party. 

 6. Administrative Agent Waiver. By its execution of this Joinder Agreement, the
Administrative Agent hereby waives the requirement in Section 4.14 of the Credit Agreement that written notice by the Borrower of its election to request any Incremental Revolving Credit Commitments be not less than ten Business Days prior to
the date on which the Borrower proposes that such Incremental Revolving Credit Commitments shall become effective. 
 7.
Acknowledgments. Each Credit Party hereby expressly acknowledges the terms of this Joinder Agreement and reaffirms, as of the date hereof, (i) the covenants and agreements contained in each Loan Document to which it is a party,
including, in each case, such covenants and agreements as in effect immediately after giving effect to this Joinder Agreement and the transactions contemplated hereby and (ii) its guarantee of the Obligations (including, without limitation, the
Incremental Revolving Credit Commitments and Incremental Revolving Credit Loans) under the Security Documents and its grant of Liens on the Collateral to secure the Obligations (including, without limitation, the Obligations with respect to the
Incremental Revolving Credit Commitments and the Incremental Revolving Credit Loans) pursuant to the Security Documents. 
 8.
Amendment, Modification and Waiver. This Joinder Agreement may not be amended, modified or waived except in accordance with Section 12.02 of the Credit Agreement. 
 9. Liens Unimpaired. After giving effect to this Joinder Agreement, neither the modification of the Credit Agreement effected pursuant to this Joinder Agreement nor the execution, delivery,
performance or effectiveness of this Joinder Agreement: 
 a. impairs the validity, effectiveness or priority of
the Liens granted pursuant to any Loan Document, and such Liens continue unimpaired with the same priority to secure repayment of all Obligations, whether heretofore or hereafter incurred; or 

b. requires that any new filings be made or other action taken to perfect or to maintain the perfection of such Liens,
except as contemplated by Section 14 of this Joinder Agreement. 
 10. Entire Agreement. This Joinder Agreement, the
Credit Agreement and the other Loan Documents constitute the entire agreement among the parties hereto with respect to the subject matter hereof and thereof and supersede all other prior agreements and understandings, both written and verbal, among
the parties hereto with respect to the subject matter hereof. Except as expressly set forth herein, this Joinder Agreement shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of
any party under, the Credit Agreement, nor alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement, all of which are ratified and affirmed in all respects and
shall continue in full force and effect. It is understood and agreed that each reference in each Loan Document to the Credit Agreement, whether direct or indirect, shall hereafter be deemed to be a reference to the Credit Agreement as amended hereby
and that this Joinder Agreement is a Loan Document. 
 11. GOVERNING LAW. THIS JOINDER AGREEMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, 

 
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. SECTIONS 12.5 AND 12.6 OF THE CREDIT AGREEMENT ARE HEREBY INCORPORATED BY REFERENCE INTO THIS JOINDER
AGREEMENT AND SHALL APPLY HERETO. 
 12. Severability. If any provision of this Joinder Agreement is held to be
illegal, invalid or unenforceable, the legality, validity and enforceability of the remaining provisions of this Joinder Agreement shall not be affected or impaired thereby. The invalidity of a provision in a particular jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. 
 13. Counterparts. This Joinder Agreement
may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery by telecopier or other electronic means of an executed counterpart of a
signature page to this Joinder Agreement shall be effective as delivery of an original executed counterpart of this Joinder Agreement. 
 14. Post-Closing Matters. Within sixty (60) days after the Joinder Effective Date, unless waived or extended in writing by the Collateral Agent in its sole discretion, with respect to any
Existing Mortgaged Property or New Mortgaged Property, the Borrower shall deliver or shall cause the applicable Credit Party to deliver, to the Collateral Agent the following: 
 (i) to the extent any Credit Party has obtained an owner’s title policy with respect to any Existing Mortgaged Property or New Mortgaged Property, a copy of a title search with respect thereto issued
with respect to such Existing Mortgaged Property or New Mortgaged Property, which shall be in form and substance reasonably satisfactory to the Administrative Agent, confirming that such Existing Mortgaged Property or New Mortgaged Property as of
the Joinder Effective Date is free and clear of all defects and encumbrances subject only to Excepted Liens permitted under the Mortgages; and 
 (ii) either: 
 (A) a favorable opinion, addressed to the Collateral
Agent and each of the Incremental Revolving Credit Lenders, in form and substance reasonably satisfactory to the Collateral Agent, from local counsel in the jurisdiction in which the Existing Mortgaged Property or New Mortgaged Property is located
substantially to the effect that: 
 (1) the recording of the existing Mortgage is the only filing or recording
necessary to give constructive notice to third parties of the lien created by such Mortgage as security for the Obligations (as defined in such Mortgage), and the other documents executed in connection therewith, for the benefit of the Secured
Parties; and 
 (2) no other documents, instruments, filings, recordings, re-recordings, re-filings or other
actions, including, without limitation, the payment of any mortgage recording taxes or similar taxes, are necessary or appropriate under 

 
applicable law in order to maintain the continued enforceability, validity or priority of the lien created by such Mortgage as security for the Obligations and the other documents executed in
connection therewith, for the benefit of the Secured Parties; or 
 (B) such other documentation with respect to
the Existing Mortgaged Property or New Mortgaged Property, in each case in form and substance reasonably acceptable to the Collateral Agent, as shall confirm the enforceability, validity and perfection of the lien in favor of the Secured Parties,
including, without limitation: 
 (1) an executed amendment to the existing Mortgage (the “Mortgage
Amendment”); 
 (2) a favorable opinion, addressed to the Collateral Agent and the Secured Parties covering
the due authorization, execution, delivery and enforceability of the applicable Mortgage, as amended by the Mortgage Amendment, and shall otherwise be in form and substance reasonably satisfactory to the Collateral Agent; and 

(3) evidence of payment by the Borrower of all search and examination charges, escrow charges and related charges,
mortgage recording taxes, fees, charges, costs and expenses required for the recording of the Mortgage Amendment referred to above. 

 IN WITNESS WHEREOF, each of the undersigned has caused its duly authorized officer to
execute and deliver this Joinder Agreement as of the date first written above. 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	as an Incremental Revolving Credit Lender
		
	By:	 	/s/ Jason M. Hicks
		 	Name: Jason M. Hicks
		 	Title: Director

 [Joinder Agreement] 

 
			
	 WELLS FARGO BANK, NATIONAL
 ASSOCIATION,

	as Administrative Agent
		
	By:	 	 /s/ Jason M. Hicks

		 	Name: Jason M. Hicks
		 	Title: Director

 [Incremental Amendment] 

 
			
	 DEUTSCHE BANK TRUST COMPANY
 AMERICAS,

	as Incremental Revolving Credit Lender
		
	By:	 	 /s/ Michael Getz

		 	Name: Michael Getz
		 	Title: Vice President
		
	By:	 	 /s/ Dusan Lazarov

		 	Name: Dusan Lazarov
		 	Title: Director

 [Joinder Agreement] 

 
			
	JPMorgan Chase Bank, N.A.,
	as Incremental Revolving Credit Lender
		
	By:	 	 /s/ Marshall Trenckmann

		 	Name: Marshall Trenckmann
		 	Title: Vice President

 [Joinder Agreement] 

 
			
	BANK OF AMERICA, N.A.,
	as Incremental Revolving Credit Lender
		
	By:	 	 /s/ Adam H. Fey

		 	Name: Adam H. Fey
		 	Title: Director

 [Joinder Agreement] 

 
			
	BNP PARIBAS,
	as Incremental Revolving Credit Lender
		
	By:	 	 /s/ Andrew Ostrov

		 	Name: Andrew Ostrov
		 	Title: Director
		
	By:	 	 /s/ Doug Liftman

		 	Name: Doug Liftman
		 	Title: Managing Director

 [Joinder Agreement] 

			
	 CITIBANK, N.A.,

	as Incremental Revolving Credit Lender
		
	By:	 	 /s/ Daniel A. Davis

		 	Name: Daniel A. Davis
		 	Title: SVP

 [Joinder Agreement] 

			
	ATLAS PIPELINE PARTNERS, L.P.,
	as Borrower
	
	By: Atlas Pipeline Partners GP, LLC, its general partner
		
	By:	 	 /s/ Eric Kalamaras

		 	Name: Eric Kalamaras
		 	Title: Chief Financial Officer
	
	ATLAS PIPELINE OPERATING PARTNERSHIP, L.P.
	
	By: Atlas Pipeline Partners GP, LLC, its general partner
		
	By:	 	 /s/ Eric Kalamaras

		 	Name: Eric Kalamaras
		 	Title: Chief Financial Officer

	
	
	ATLAS MIDKIFF, LLC
	ATLAS CHANEY DELL, LLC
	VELMA INTRASTATE GAS TRANSMISSION COMPANY, LLC
	VELMA GAS PROCESSING COMPANY, LLC
	NOARK ENERGY SERVICES, LLC
	SLIDER WESTOK GATHERING, LLC
	ATLAS PIPELINE NGL HOLDINGS, LLC
	ATLAS PIPELINE NGL HOLDINGS II, LLC

			
	
	By: Atlas Pipeline Mid-Continent, LLC, its sole member
		
	By:	 	 /s/ Eric Kalamaras

		 	Name: Eric Kalamaras
		 	Title:Vice President

 [Incremental Amendment] 

 
					
	ATLAS PIPELINE MID-CONTINENT, LLC
	ATLAS PIPELINE TENNESSEE, LLC
	APL LAUREL MOUNTAIN, LLC
	
	By: Atlas Pipeline Operating Partnership, L.P., its
sole member
		
		 	 By: Atlas Pipeline Partners GP, LLC, its

general partner

			
		 	By:	 	 /s/ Eric Kalamaras

		 		 	Name: Eric Kalamaras
		 		 	Title: Chief Financial Officer

 [Incremental Amendment] 

 SCHEDULE A 
 to JOINDER AGREEMENT 
  

					
	 Name of Incremental Revolving Credit Lender
	  	Commitment Amount	 
		
	 Deutsche Bank Trust Company Americas
	  	$	35,000,000	  
	 JPMorgan Chase Bank, N.A.
	  	$	35,000,000	  
	 Wells Fargo Bank, National Association
	  	$	11,250,000	  
	 Bank of America, N.A.
	  	$	6,250,000	  
	 BNP Paribas
	  	$	6,250,000	  
	 Citibank, N.A.
	  	$	6,250,000	  
		  	 	 	 
	 TOTAL:
	  	$	100,000,000Form of Twenty-Second Supplemental Indenture

 Exhibit 4.4 
  

 
  

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-SECOND
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 
 Floating Rate Notes due • 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I
	   

	
	 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	   

			
	 SECTION 1.01
	 	Definitions	  	 	4	  
	 SECTION 1.02
	 	Effect of Headings	  	 	6	  
	 SECTION 1.03
	 	Separability Clause	  	 	6	  
	 SECTION 1.04
	 	Benefits of Instrument	  	 	6	  
	
	 ARTICLE II
	   

	
	 FLOATING RATE NOTES DUE •
	   

			
	 SECTION 2.01
	 	Creation of Series; Establishment of Form	  	 	6	  
	 SECTION 2.02
	 	Guarantee	  	 	7	  
	 SECTION 2.03
	 	Interest	  	 	8	  
	 SECTION 2.04
	 	Payment of Principal, Interest and Other Amounts	  	 	9	  
	 SECTION 2.05
	 	Optional Tax Redemption	  	 	9	  
	 SECTION 2.06
	 	Additional Covenant	  	 	10	  
	
	 ARTICLE III
	   

	
	 MISCELLANEOUS PROVISIONS
	   

			
	 SECTION 3.01
	 	Effectiveness	  	 	10	  
	 SECTION 3.02
	 	Original Issue	  	 	11	  
	 SECTION 3.03
	 	Ratification and Integral Part	  	 	11	  
	 SECTION 3.04
	 	Priority	  	 	11	  
	 SECTION 3.05
	 	Successors and Assigns	  	 	11	  
	 SECTION 3.06
	 	Counterparts	  	 	11	  
	 SECTION 3.07
	 	Guarantee Limitations	  	 	11	  
	 SECTION 3.08
	 	The Trustee	  	 	11	  
	 SECTION 3.09
	 	Governing Law	  	 	11	  
			
	 EXHIBIT A
	 		  	 	A-1	  
	 EXHIBIT B
	 		  	 	B-1	  

  
 - ii -

 TWENTY-SECOND SUPPLEMENTAL INDENTURE, dated as of July •, 2011 (the
“Twenty-Second 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 “Floating Rate 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-Second Supplemental Indenture; 

  
 - 3 -

 NOW, THEREFORE, THIS TWENTY-SECOND 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: 
 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-Second 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-Second
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. 
 “3-Month LIBOR” has the meaning specified in
Section 2.03. 
 “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. 
 “Business Day
Convention” means that if any Interest Payment Date (other than the Stated Maturity or a date fixed for redemption or payment in connection with an acceleration of the Notes) falls on a day that is not a Business Day, that Interest Payment
Date will be postponed to the next succeeding Business Day unless that Business Day is in the next succeeding calendar month, in which case the Interest Payment Date will be the immediately preceding Business Day. 

“Calculation Agent” means The Bank of New York Mellon Trust Company, N.A. 

“Change in Tax Law” has the meaning set forth in Section 2.05(a). 

  
 - 4 -

 “Company” has the meaning set forth in the first paragraph
of this Twenty-Second Supplemental Indenture. 
 “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-Second Supplemental Indenture. 
 “Indenture” has the meaning set forth
in the first paragraph of this Twenty-Second Supplemental Indenture. 
 “Interest Determination
Date” means, for each particular Interest Reset Date (as defined below), the second London Business Day (as defined below) preceding such Interest Reset Date. 

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

“Interest Period” means the period beginning on, and including, an Interest Payment Date and ending on,
but not including, the following Interest Payment Date; provided that the first Interest Period will begin on July •, 2011, and will end on, but not include, the first Interest Payment Date. 

“Interest Reset Date” means, for each Interest Period other than the first Interest Period, the first day
of such Interest Period, subject to the Business Day Convention. 
 “London Business Day” means
any week day on which banking or trust institutions in London are not authorized generally or obligated by law, regulation or executive order to close. 
 “Notes” has the meaning set forth in the Recitals. 

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

  
 - 5 -

 “Regular Record Date” means •, •, •, •
(whether or not a Business Day). 
 “Spread” has the meaning specified in Section 2.03.

 “Stated Maturity” has the meaning specified in Section 2.01(f). 

“Twenty-Second Supplemental Indenture” has the meaning set forth in the Recitals. 

“Trustee” has the meaning set forth in the first paragraph of this Twenty-Second 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-Second 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-Second 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-Second Supplemental Indenture or the Indenture. 
 ARTICLE II

 FLOATING RATE NOTES DUE • 
 SECTION 2.01 Creation of Series; Establishment of Form. 
 (a) There is
hereby established a new series of Securities under the Indenture entitled “Floating Rate Notes due •”. 
 (b)
The form of the Notes, including the form of the certificate of authentication, is attached hereto as Exhibit A. 

  
 - 6 -

 (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 •, • (the “Stated Maturity”). 

(g) The outstanding principal amount of the Notes shall accrue interest at a rate equal to 3-Month LIBOR, reset quarterly, plus the
Spread, 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. 
 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. 

  
 - 7 -

 SECTION 2.03 Interest. The Notes shall bear interest at a floating rate per year
equal to the 3-Month U.S. dollar London Interbank Offered Rate (“3-Month LIBOR”), reset quarterly, plus •% (the “Spread”), as described below. 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 quarterly, in arrears, on January •, April •, July •, and October • of each year, subject to the Business Day
Convention (each, an “Interest Payment Date”), commencing on •, 2011 to the Person in whose name the Notes were registered at the close of business on the Regular Record Date immediately preceding the applicable Interest Payment Date,
whether or not such day is a Business Day, until the principal thereof is paid or made available for payment. 
 If the date of
maturity of 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. 

The interest rate on the Notes for the first Interest Period will be 3-Month LIBOR, as determined on July •, 2011 (treating July
•, 2011 as if it were an Interest Determination Date and July •, 2011 as the related Interest Reset Date), plus the Spread. Thereafter, the interest rate on the Notes for any Interest Period will be 3-Month LIBOR, as determined on the
applicable Interest Determination Date, plus the Spread. The interest rate on the Notes will be reset quarterly on each Interest Reset Date. For each Interest Period, interest on the Notes will be calculated on the basis of the actual number of days
in the Interest Period divided by 360. 
 The Calculation Agent will determine 3-Month LIBOR in accordance with the following
provisions: With respect to any Interest Determination Date, 3-Month LIBOR will be the rate for deposits in U.S. dollars having a maturity of three months commencing on the related Interest Reset Date that appears on the designated LIBOR page as of
11:00 a.m., London time, on that Interest Determination Date. If no rate appears, 3-Month LIBOR, in respect of that Interest Determination Date, will be determined as follows: the Calculation Agent will request the principal London offices of each
of four major reference banks in the London interbank market, as selected by the Calculation Agent (after consultation with the Company), to provide the Calculation Agent with its offered quotation for deposits in U.S. dollars for the period of
three months, commencing on the Interest Reset Date, to prime banks in the London interbank market at approximately 11:00 a.m., London time, on that Interest Determination Date and in a principal amount that is representative for a single
transaction in U.S. dollars in 

  
 - 8 -

 
that market at that time. If at least two quotations are provided, then 3-Month LIBOR on that Interest Determination Date will be the arithmetic mean of those quotations. If fewer than two
quotations are provided, then 3-Month LIBOR on the Interest Determination Date will be the arithmetic mean of the rates quoted at approximately 11:00 a.m., New York City time, on the Interest Determination Date by three major banks in The City of
New York selected by the Calculation Agent (after consultation with the Company) for loans in U.S. dollars to leading European banks, having a three-month maturity and in a principal amount that is representative for a single transaction in U.S.
dollars in that market at that time; provided, however, that if the banks selected by the Calculation Agent are not providing quotations in the manner described by this sentence, 3-Month LIBOR determined as of that Interest Determination Date will
be 3-Month LIBOR in effect on that Interest Determination Date. The designated LIBOR page is the Reuters screen “LIBOR01”, or any successor service for the purpose of displaying the London interbank rates of major banks for U.S. dollars.
The Reuters screen “LIBOR01” is the display designated as the Reuters screen “LIBOR01”, or such other page as may replace the Reuters screen “LIBOR01” on that service or such other service or services as may be
denominated by the British Bankers’ Association for the purpose of displaying London interbank offered rates for U.S. dollar deposits. 
 All calculations made by the Calculation Agent for the purposes of calculating the interest rate on the Notes shall be conclusive and binding on the Holders, the Company and the Trustee, absent manifest
error. 
 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. 
 SECTION 2.05 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

  
 - 9 -

 
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 2.05, 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 2.05 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 2.06 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” 

ARTICLE III 
 MISCELLANEOUS PROVISIONS 
 SECTION 3.01 Effectiveness. This
Twenty-Second Supplemental Indenture will become effective upon its execution and delivery. 

  
 - 10 -

 SECTION 3.02 Original Issue. The Notes may, upon execution of this Twenty-Second
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-Second
Supplemental Indenture, is in all respects ratified and confirmed, and this Twenty-Second 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-Second 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-Second 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-Second 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-Second 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. 

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-Second 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-Second Supplemental Indenture and the Notes and Guarantees will be governed by and construed in accordance with the laws of the State of New York.

  
 - 11 -

 IN WITNESS WHEREOF, the parties hereto have caused this Twenty-Second 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

 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 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

 Exhibit A 

 

 Anheuser-Busch InBev Worldwide Inc. 

Floating Rate Note due • 
 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, quarterly, in
arrears, on January •, April •, July •, and October •, subject to the Business Day Convention, in each year, commencing on October •, 2011, at a floating rate equal to 3-Month LIBOR, reset quarterly, plus •%, per annum,
as described below, until the principal hereof is paid or made available for payment. 
 The interest rate on the Notes for the
first Interest Period will be 3-Month LIBOR, as determined on July •, 2011 (treating July •, 2011 as if it were an Interest Determination Date and the related Interest Reset Date), plus the Spread. Thereafter, the interest rate on the
Notes for any Interest Period will be 3-Month LIBOR, as determined on the applicable Interest Determination Date, plus the Spread. The interest rate on the Notes will be reset quarterly on each Interest Reset Date. For each Interest Period, interest
on the Notes will be calculated on the basis of the actual number of days in the Interest Period divided by 360. 
 The
Calculation Agent will determine 3-Month LIBOR in accordance with the following provisions: With respect to any Interest Determination Date, 3-Month LIBOR will be the rate for deposits in U.S. dollars having a maturity of three months commencing on
the related Interest Reset Date that appears on the designated LIBOR page as of 11:00 a.m., London time, on that Interest Determination Date. If no rate appears, 3-Month LIBOR, in respect of that Interest Determination Date, will be determined as
follows: the Calculation Agent will request the principal London offices of each of four major reference banks in the London interbank market, as selected by the Calculation Agent (after consultation with the Company), to provide the Calculation
Agent with its offered quotation for deposits in U.S. dollars for the period of three months, commencing on the Interest Reset Date, to prime banks in the London interbank market at approximately 11:00 a.m., London time, on that Interest
Determination Date 

  
 A-2

 Exhibit A 

 

 
and in a principal amount that is representative for a single transaction in U.S. dollars in that market at that time. If at least two quotations are provided, then 3-Month LIBOR on that Interest
Determination Date will be the arithmetic mean of those quotations. If fewer than two quotations are provided, then 3-Month LIBOR on the Interest Determination Date will be the arithmetic mean of the rates quoted at approximately 11:00 a.m., New
York City time, on the Interest Determination Date by three major banks in The City of New York selected by the Calculation Agent (after consultation with the Company) for loans in U.S. dollars to leading European banks, having a three-month
maturity and in a principal amount that is representative for a single transaction in U.S. dollars in that market at that time; provided, however, that if the banks selected by the Calculation Agent are not providing quotations in the manner
described by this sentence, 3-Month LIBOR determined as of that Interest Determination Date will be 3-Month LIBOR in effect on that Interest Determination Date. The designated LIBOR page is the Reuters screen “LIBOR01”, or any successor
service for the purpose of displaying the London interbank rates of major banks for U.S. dollars. The Reuters screen “LIBOR01” is the display designated as the Reuters screen “LIBOR01”, or such other page as may replace the
Reuters screen “LIBOR01” on that service or such other service or services as may be denominated by the British Bankers’ Association for the purpose of displaying London interbank offered rates for U.S. dollar deposits. 

All calculations made by the Calculation Agent for the purposes of calculating the interest rate on the Notes shall be conclusive and
binding on the Holders, the Company and the Trustee, absent manifest error. 
 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 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-3

 Exhibit A 

 

 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. 

  
 A-4

 Exhibit A 

 

 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

  
 A-5

 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 October 16, 2009 (the “Base Indenture”), as supplemented by the Twenty-Second Supplemental Indenture, dated as of
July •, 2011 (the “Twenty-Second 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.	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

  
 A-6

 Exhibit A 

 

 
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. 
  

	 	4.	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 

  
 A-7

 Exhibit A 

 

 (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 
 (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. 

  
 A-8

 Exhibit A 

 

	 	5.	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. 

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. 
  

	 	6.	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. 

  
 A-9

 Exhibit A 

 

	 	7.	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 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. 
  

	 	8.	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. 

 

	 	9.	Governing Law 

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

	 	10.	Defined Terms 

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

 Exhibit B 

 

 
					
	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

  
 B-3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00191-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00191-of-00352.parquet"}]]