Document:

Twenty-Third Supplemental Indenture

 Exhibit 4.2 
 EXECUTION VERSION 
  
  

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

the SUBSIDIARY GUARANTORS party hereto from time to time 
 and 
 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. 

Trustee 
  

 
 TWENTY-THIRD SUPPLEMENTAL
INDENTURE 
 Dated as of July 14, 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 
 1.500% Notes due 2014 

 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	 ARTICLE I 

 
 DEFINITIONS AND OTHER PROVISIONS OF GENERAL
APPLICATION
	   
 

  

			
	 SECTION 1.01
	 	 Definitions
	  	 	4	  
	 SECTION 1.02
	 	 Effect of Headings
	  	 	7	  
	 SECTION 1.03
	 	 Separability Clause
	  	 	7	  
	 SECTION 1.04
	 	 Benefits of Instrument
	  	 	7	  
	
	 ARTICLE II 

 
 1.500% NOTES DUE 2014
	   
 

  

			
	 SECTION 2.01
	 	 Creation of Series; Establishment of Form
	  	 	7	  
	 SECTION 2.02
	 	 Guarantee
	  	 	8	  
	 SECTION 2.03
	 	 Interest
	  	 	9	  
	 SECTION 2.04
	 	 Payment of Principal, Interest and Other Amounts
	  	 	9	  
	 SECTION 2.05
	 	 Optional Redemption
	  	 	10	  
	 SECTION 2.06
	 	 Optional Tax Redemption
	  	 	10	  
	 SECTION 2.07
	 	 Additional Covenant
	  	 	11	  
	
	 ARTICLE III 

 
 MISCELLANEOUS PROVISIONS
	   
 

  

			
	 SECTION 3.01
	 	 Effectiveness
	  	 	12	  
	 SECTION 3.02
	 	 Original Issue
	  	 	12	  
	 SECTION 3.03
	 	 Ratification and Integral Part
	  	 	12	  
	 SECTION 3.04
	 	 Priority
	  	 	12	  
	 SECTION 3.05
	 	 Successors and Assigns
	  	 	12	  
	 SECTION 3.06
	 	 Counterparts
	  	 	12	  
	 SECTION 3.07
	 	 Guarantee Limitations
	  	 	12	  
	 SECTION 3.08
	 	 The Trustee
	  	 	13	  
	 SECTION 3.09
	 	 Governing Law
	  	 	13	  
		 		  			
	 EXHIBIT A
	 		  	 	A-1	  
	 EXHIBIT B
	 		  	 	B-1	  

  
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 TWENTY-THIRD SUPPLEMENTAL INDENTURE, dated as of July 14, 2011 (the
“Twenty-Third Supplemental Indenture”), among ANHEUSER-BUSCH INBEV WORLDWIDE INC., a corporation duly organized and existing under the laws of the State of Delaware (the “Company”), ANHEUSER-BUSCH INBEV NV/SA, a
société anonyme duly organized and existing under the laws of the Kingdom of Belgium (the “Parent Guarantor”), ANHEUSER-BUSCH COMPANIES, INC., a corporation duly organized and existing under the laws of the
State of Delaware, BRANDBREW S.A., a public limited liability company organized and existing under Luxembourg law, COBREW NV/SA, a public limited liability company organized and existing under Belgian law (each, a “Subsidiary
Guarantor”, and together with the Parent Guarantor, the “Guarantors”) and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”) to the Indenture, dated as of October 16, 2009,
among the Company, the Guarantors and the Trustee, as amended from time to time (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 “1.500% Notes due 2014” (the “Notes”) under the Indenture; 

WHEREAS, the Company and the Guarantors have taken all necessary corporate action to authorize the execution and delivery of this
Twenty-Third Supplemental Indenture; 

  
 - 3 -

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

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

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 
 SECTION 1.01 Definitions. 
 Except as otherwise expressly provided or
unless the context otherwise requires, all terms used in this Twenty-Third Supplemental Indenture which are defined in the Indenture shall have the meanings ascribed to them by the Indenture. The following terms used in this Twenty-Third
Supplemental Indenture have the following respective meanings: 
 “2010 Senior Facility
Agreement” means the USD 13 billion senior facilities agreement, dated as of February 26, 2010, as amended from time to time, for the Parent Guarantor and the Company, arranged by Banc of America Securities Limited, Banco Santander,
S.A., Barclays Capital, Deutsche Bank AG, London Branch, Fortis Bank SA/NV, ING Bank N.V., Intesa Sanpaolo S.p.A., J.P. Morgan PLC, Mizuho Corporate Bank, Ltd., The Royal Bank of Scotland plc, Société Générale
Corporate & Investment Banking, the corporate and investment banking division of Société Générale, and The Bank of Tokyo-Mitsubishi UFJ, Ltd. as mandated lead arrangers and bookrunners, and Fortis Bank SA/NV,
acting as agent and issuing bank. 
 “Business Day” means a day on which commercial banks and
exchange markets are open, or not authorized to close, in the City of New York, London and Brussels. If the date of maturity of interest on or principal of the Notes or the date fixed for redemption or payment in connection with an acceleration of
any Note is not a Business Day, then payment of interest or principal need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date of maturity or the date fixed for
redemption or payment in connection with acceleration, and no interest shall accrue as a result of the delayed payment. 
 “Change in Tax Law” has the meaning set forth in Section 2.06(a). 
 “Company” has the meaning set forth in the first paragraph of this Twenty-Third Supplemental Indenture. 

“Comparable Treasury Issue” means the U.S. Treasury security (not inflation-indexed) selected by an
Independent Investment Banker as having a maturity comparable to the remaining term of the Notes to be redeemed that 

  
 - 4 -

 
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 July 7, 2011 which is the date of the final Prospectus Supplement prepared in connection with the issuance of the Notes and filed with the Securities and Exchange Commission. 

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

“Fifth Supplemental Indenture” means the Fifth Supplemental Indenture, dated as of November 27,
2009, among the Company, the Guarantors and the Trustee. 
 “Global Security” has the meaning
set forth in Section 2.01(d). 
 “Guarantors” has the meaning set forth in the first
paragraph of this Twenty-Third Supplemental Indenture. 
 “Indenture” has the meaning set forth
in the first paragraph of this Twenty-Third Supplemental Indenture. 
 “Independent Investment
Banker” means Barclays Capital Inc., Deutsche Bank Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, RBS Securities Inc. or SG Americas Securities, LLC, 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. 

  
 - 5 -

 “Parent Guarantor” has the meaning set forth in the first
paragraph of this Twenty-Third Supplemental Indenture. 
 “Reference Treasury Dealer” means
(i) Barclays Capital Inc., Deutsche Bank Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, RBS Securities Inc. and SG Americas Securities, LLC, and their respective successors, provided, however, that
if any of the foregoing shall cease to be a primary U.S. government securities dealer in The City of New York (a “Primary Treasury Dealer”), the Company will substitute therefor another Primary Treasury Dealer and (ii) any three other
Primary Treasury Dealers selected by the Company after consultation with the Independent Investment Banker. 

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

“Regular Record Date” means January 1 and July 1 (whether or not a Business Day). 

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

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

“Treasury Rate” means, with respect to any Redemption Date: 

(i) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most
recently published statistical release designated “H.l5(5l9)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded U.S. treasury
securities adjusted to constant maturity under the caption “Treasury constant maturities — Nominal”, for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the remaining
term of the Notes, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and the Treasury Rate will be interpolated or extrapolated from such yields on a straight line basis, rounding
to the nearest month); or 

  
 - 6 -

 (ii) if such release (or any successor release) is not published during the
week preceding the calculation date or does not contain such yields, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. 

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

 SECTION 1.02 Effect of Headings. 
 The Article and Section headings herein are for convenience only and shall not affect the construction hereof. 
 SECTION 1.03 Separability Clause. 
 In case any provision in this
Twenty-Third Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

SECTION 1.04 Benefits of Instrument. 
 Nothing in this Twenty-Third Supplemental Indenture, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder and the Holders, any benefit or any legal or
equitable right, remedy or claim under this Twenty-Third Supplemental Indenture or the Indenture. 
 ARTICLE II

 1.500% NOTES DUE 2014 
 SECTION 2.01 Creation of Series; Establishment of Form. 
 (a) There is
hereby established a new series of Securities under the Indenture entitled “1.500% Notes due 2014”. 

  
 - 7 -

 (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 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 July 14, 2014 (the “Stated Maturity”). 

(g) The outstanding principal amount of the Notes shall accrue interest at a rate equal to 1.500%, 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

  
 - 8 -

 
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 1.500% per annum, and computed on
the basis of a 360-day year consisting of twelve (12) 30-day months. Interest will accrue from July 14, 2011 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, as the case may be. Interest
is payable semi-annually, in arrears, on January 14 and July 14 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 January 14, 2012 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. 

  
 - 9 -

 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 10 basis points; 

plus, in each case described above, accrued and unpaid interest on the principal amount being redeemed to (but excluding) such Redemption
Date. The Treasury Rate will be calculated on the third Business Day preceding such Redemption Date. 
 (b) Unless the Company
(and/or a Guarantor) defaults on payment of the redemption price, from and after the Redemption Date interest will cease to accrue on the Notes or portions thereof called for redemption. On the Redemption Date, the Company will deposit with the
Trustee or with one or more Paying Agents (or, if the Company is acting as its own Paying Agent, set aside, segregate and hold in trust as provided in the Indenture) money sufficient to pay the redemption price of and accrued interest on the Notes
to be redeemed on such date. 
 (c) If fewer than all of the Notes are to be redeemed, the Trustee will select, not more than 60
days prior to the Redemption Date, the particular Notes or portions thereof for redemption from the outstanding Notes not previously called for redemption, on a pro rata basis or by such method as the Trustee deems fair and appropriate. 

SECTION 2.06 Optional Tax Redemption. 
 (a) The Company may, at the Company’s or the Parent Guarantor’s option, redeem the Notes in whole but not in part, upon not less than thirty (30) nor more than sixty (60) days’
prior notice, at a redemption price equal to 100% of the principal amount of the Notes then outstanding plus accrued and unpaid interest on the principal 

  
 - 10 -

 
amount being redeemed (and all Additional Amounts, if any) to (but excluding) the Redemption Date, if (i) as a result of any change in, or amendment to, the laws, treaties, regulations or
rulings of a jurisdiction in which the Company or any Guarantor is incorporated, organized, or otherwise tax resident or any political subdivision or any authority thereof or therein having power to tax, or in the interpretation, application or
administration of any such laws, treaties, regulations or rulings (including a holding, judgment or order by a court of competent jurisdiction) which becomes effective on or after the Date of the Prospectus Supplement (any such change or amendment,
a “Change in Tax Law”), the Company or, if a payment were then due under a Guarantee, the relevant Guarantor, would be required to pay Additional Amounts and (ii) such obligation cannot be avoided by the Company or the relevant
Guarantor taking reasonable measures available to it; provided, however, that the Notes may not be redeemed to the extent such Additional Amounts arise solely as a result of the Company assigning its obligations under the Notes to a Substitute
Company (as defined in Section 801 of the Indenture), unless such assignment to a Substitute Company is undertaken as part of a plan of merger by the Parent Guarantor. 
 (b) Prior to the mailing of any notice of redemption pursuant to this Section 2.06, the Company or the relevant Guarantor will deliver to the Trustee an opinion of independent tax counsel of
recognized standing to the effect that the Company or the relevant Guarantor is or would be obligated to pay such Additional Amounts as a result in such Change in Tax Law. 
 (c) No notice of redemption pursuant to this Section 2.06 may be given earlier than ninety (90) days prior to the earliest date on which the Company or the relevant Guarantor would be obligated
to pay Additional Amounts if a payment in respect of the Notes were then due. 
 SECTION 2.07 Additional Covenant. Solely
with respect to the Guarantees of the Notes by the Subsidiary Guarantors, clause (i) of Section 208 of the Indenture shall be deemed to read in its entirety as follows: 

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

  
 - 11 -

 ARTICLE III 
 MISCELLANEOUS PROVISIONS 
 SECTION 3.01 Effectiveness. This
Twenty-Third Supplemental Indenture will become effective upon its execution and delivery. 
 SECTION 3.02 Original
Issue. The Notes may, upon execution of this Twenty-Third Supplemental Indenture, be executed by the Company and delivered by the Company and the Parent Guarantor to the Trustee for authentication, and the Trustee shall, upon Company order,
authenticate and deliver such Notes as in such Company order provided. 
 SECTION 3.03 Ratification and Integral Part.
The Indenture as supplemented by this Twenty-Third Supplemental Indenture, is in all respects ratified and confirmed, and this Twenty-Third Supplemental Indenture will be deemed an integral part of the Indenture in the manner and to the extent
herein and therein provided. 
 SECTION 3.04 Priority. This Twenty-Third Supplemental Indenture shall be deemed part of
the Indenture in the manner and to the extent herein and therein provided. The provisions of this Twenty-Third Supplemental Indenture shall, subject to the terms hereof, supersede the provisions of the Indenture to the extent the Indenture is
inconsistent herewith. 
 SECTION 3.05 Successors and Assigns. All covenants and agreements in the Indenture, as
supplemented and amended by this Twenty-Third Supplemental Indenture, by the Company and the Guarantors will bind their respective successors and assigns, whether so expressed or not. 

SECTION 3.06 Counterparts. This Twenty-Third Supplemental Indenture may be executed in any number of counterparts, each of which
so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
 SECTION 3.07 Guarantee Limitations. The limitations applicable to the Guarantees, as set forth in Section 209 of the Indenture and as amended by Section 2.01 of the Fifth Supplemental
Indenture, will apply to the Guarantees issued hereunder, provided that any further limitations, or any amendments or modifications to such Guarantees or limitations thereon, shall be set forth in an additional supplemental indenture, in each case
in accordance with the Indenture. 

  
 - 12 -

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

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

  
 - 13 -

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

					
	 ANHEUSER-BUSCH INBEV WORLDWIDE
INC.
 as Company

		
	By:	 	 /s/ Scott Gray

		 	Name:	 	Scott Gray
		 	Title:	 	Authorized Officer
	
	 ANHEUSER-BUSCH INBEV NV/SA

as Parent Guarantor

		
	By:	 	 /s/ Scott Gray

		 	Name:	 	Scott Gray
		 	Title:	 	Authorized Officer
		
	By:	 	 /s/ Christina Frank

		 	Name:	 	Christina Frank
		 	Title:	 	Authorized Officer
	
	 THE BANK OF NEW YORK MELLON
TRUST
 COMPANY, N.A., 
 as Trustee

		
	By:	 	 /s/ Kerry A. McFarland

		 	Name:	 	Kerry A. McFarland
		 	Title:	 	Vice President

					
	
	 ANHEUSER-BUSCH COMPANIES, INC.

As Subsidiary Guarantor

		
	By:	 	 /s/ Scott Gray

		 	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:	 	 /s/ Scott Gray

		 	Name:	 	Scott Gray
		 	Title:	 	Authorized Officer
	
	 COBREW NV/SA
 as Subsidiary Guarantor

		
	By:	 	 /s/ Scott Gray

		 	Name:	 	Scott Gray
		 	Title:	 	Authorized Officer

 FORM OF NOTES 
 FACE OF SECURITY 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE
MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN
PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION (“DTC”), TO ANHEUSER-BUSCH INBEV WORLDWIDE INC. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

  
 A-1

 Anheuser-Busch InBev Worldwide Inc. 

1.500% Note due 2014 
 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. 03523T BL1	  	ISIN: US03523TBL17

 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 July 14, 2014 (the “Maturity Date”), the principal sum of USD –, and to pay interest thereon from July 14, 2011 or from the most recent Interest Payment Date to which interest has been paid or duly
provided for, semi-annually, in arrears, on January 14 and July 14, in each year, commencing on January 14, 2012, at the rate of 1.500% 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 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. 

  
 A-2

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

Notwithstanding any provision of this Security or the Indenture, the Company may make any and all payments of principal,
premium (if any) and interest on this Security pursuant to the applicable procedures of the Depositary for this Security as permitted in the Indenture. 
 Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.

 Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse
hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 A-3

 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-4

 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, as amended from time
to time (the “Base Indenture”), as supplemented by the Twenty-Third Supplemental Indenture, dated as of July 14, 2011 (the “Twenty-Third Supplemental Indenture” and together with the Base Indenture, the
“Indenture”), in each case among the Company, Anheuser-Busch InBev NV/SA, as Parent Guarantor, the Subsidiary Guarantors party thereto from time to time and The Bank of New York Mellon Trust Company, N.A., as Trustee (herein called
the “Trustee”, which term includes any successor trustee under the Base Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of
the Company, the Guarantors, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. 
 2. Series and Denomination 
 This Security is one of the
series designated on the face hereof, initially limited to an aggregate principal amount of USD 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 10 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

 In the event of redemption of this Security in part only, a new Security or
Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 
 4. Optional Tax Redemption 
 The Company may, at the
Company’s or the Parent Guarantor’s option, redeem the Securities in whole, but not in part, upon not less than thirty (30) nor more than sixty (60) days’ prior notice, at a redemption price equal to 100% of the principal
amount of the Securities then outstanding plus accrued and unpaid interest on the principal amount being redeemed (and all Additional Amounts, if any) to (but excluding) the Redemption Date, if (i) as a result of any change in, or amendment to,
the laws, treaties, regulations or rulings of a jurisdiction in which the Company or any Guarantor is incorporated, organized, or otherwise tax resident or any political subdivision or any authority thereof or therein having power to tax, or in the
interpretation, application or administration of any such laws, treaties, regulations or rulings (including a holding, judgment or order by a court of competent jurisdiction) which becomes effective on or after the Date of the Prospectus Supplement
(any such change or amendment, a “Change in Tax Law”), the Company or, if a payment were then due under a Guarantee, the relevant Guarantor, would be required to pay Additional Amounts and (ii) such obligation cannot be avoided
by the Company or the relevant Guarantor taking reasonable measures available to it; provided, however, that the Securities may not be redeemed to the extent such Additional Amounts arise solely as a result of the Company assigning its obligations
under the Securities to a Substitute Company, unless such assignment to a Substitute Company is undertaken as part of a plan of merger by the Parent Guarantor. 
 Prior to the mailing of any notice of redemption pursuant to this Section, the Company or the relevant Guarantor will deliver to the Trustee an opinion of independent tax counsel of recognized standing to
the effect that the Company or the relevant Guarantor is or would be obligated to pay such Additional Amounts as a result in such Change in Tax Law. 
 No notice of redemption pursuant to this Section may be given earlier that ninety (90) days prior to the earliest date on which the Company or the relevant Guarantor would be obligated to pay
Additional Amounts if a payment in respect of the Securities were then due. 

  
 A-6

 5. Additional Amounts 

In the event that any Guarantor becomes obligated to make payments in respect of the Securities, such Guarantor will make
all payments in respect of the Securities without withholding or deduction for or on account of any present or future taxes or duties of whatever nature imposed or levied by way of withholding or deduction at source by or on behalf of any
jurisdiction in which such Guarantor is incorporated, organized, or otherwise tax resident or any political subdivision or any authority thereof or therein having power to tax (the “Relevant Taxing Jurisdiction”) unless such
withholding or deduction is required by law. In such event, such Guarantor will pay to the Holders such additional amounts (the “Additional Amounts”) as shall be necessary in order that the net amounts received by the Holders, after
such withholding or deduction, shall equal the respective amounts of principal and interest which would otherwise have been receivable in the absence of such withholding or deduction; except that no such Additional Amounts shall be payable on
account of any taxes or duties which: 
 (a) are payable by any person acting as custodian bank or collecting
agent on behalf of a Holder, or otherwise in any manner which does not constitute a deduction or withholding by such Guarantor from payment of principal or interest made by it, or 

(b) are payable by reason of the Holder or beneficial owner having, or having had, some personal or business connection
with such Relevant Taxing Jurisdiction and not merely by reason of the fact that payments in respect of the Securities or the Guarantees are, or for purposes of taxation are deemed to be, derived from sources in, or are secured in the Relevant
Taxing Jurisdiction, or 
 (c) are imposed or withheld by reason of the failure of the Holder or beneficial owner
to provide certification, information, documents or other evidence concerning the nationality, residence, or identity of the Holder and beneficial owner or to make any valid or timely declaration or similar claim or satisfy any other reporting
requirements relating to such matters, whether required or imposed by statute, treaty, regulation or administrative practice, as a precondition to exemption from, or a reduction in the rate of withholding or deduction of such taxes, or 

(d) consist of any estate, inheritance, gift, sales, excise, transfer, personal property or similar taxes, or 

(e) are imposed on or with respect to any payment by the applicable Guarantor to the registered Holder if such Holder is a
fiduciary or partnership or any person other than the sole beneficial owner of such payment to the extent that taxes would not have been imposed on such payment had such registered Holder been the sole beneficial owner of this Security, or

  
 A-7

 (f) are deducted or withheld pursuant to (i) any European Union
directive or regulation concerning the taxation of interest income, or (ii) any international treaty or understanding relating to such taxation and to which the Relevant Taxing Jurisdiction or the European Union is a party, or (iii) any
provision of law implementing, or complying with, or introduced to conform with, such directive, regulation, treaty or understanding, or 
 (g) are payable by reason of a change in law or practice that becomes effective more than 30 days after the relevant payment of principal or interest becomes due, or is duly provided for and written
notice thereof is provided to the Holders, whichever occurs later, or 
 (h) are payable because any Security was
presented to a particular paying agent for payment if the Security could have been presented to another paying agent without any such withholding or deduction, or 

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

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

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

  
 A-8

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

7. Limitation on Suits 
 As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a
receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in
principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee indemnity and/or security, and
the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60
days after receipt of such notice, request and offer of indemnity and/or security. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest
hereon on or after the respective due dates expressed herein. 
 No reference herein to the Indenture and no
provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the
coin or currency, herein prescribed. 
 8. Amendment, Modification and Waiver 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the
rights and obligations of the Company or the Guarantors and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in
principal amount of the Securities at the time Outstanding (irrespective of series) that are to be affected. The Indenture also contains provisions 

  
 A-9

 
permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive
compliance by the Company and the Guarantors with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding
upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

 9. Defeasance 
 The Indenture contains provisions for defeasance at any time of certain restrictive covenants and Events of Default with respect to this Security upon compliance with certain conditions set forth in the
Indenture. 
 10. Governing Law 
 This Security shall be governed by and construed in accordance with the laws of the State of New York. 
 11. Defined Terms 
 All terms used in this Security which
are defined in the Base Indenture or the Twenty-Third Supplemental Indenture, shall have the meanings assigned to them in the Base Indenture or the Twenty-Third Supplemental Indenture. 

  
 A-10

 FORM OF GUARANTEE 

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

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

  
 B-1

 This Guarantee shall not be valid or become obligatory for any purpose with
respect to this Security until the certificate of authentication on this Security shall have been signed by the Trustee. 
 All terms used in this Guarantee which are not defined herein shall have the meaning assigned to them in the Security upon which this Guarantee is endorsed. 

This Guarantee is subject to the release upon the terms set forth in the Indenture. 

This Guarantee is subject to certain limitations and waivers set forth in the Indenture, as it may be supplemented from
time to time. 
 This Guarantee is governed by and construed in accordance with the laws of the State of New
York. 
 IN WITNESS WHEREOF, each of the undersigned has caused this Guarantee to be signed by facsimile by its
duly authorized officer or representative and, if required by applicable law, has caused a facsimile of its corporate seal to be affixed hereunto or imprinted hereon. 

 

					
	 Anheuser-Busch InBev NV/SA
 as Parent Guarantor

		
	By:	 	  

		 	Name:	 	
		 	Title:	 	Authorized Officer
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	Authorized Officer
	
	 Anheuser-Busch Companies, Inc.
 As Subsidiary Guarantor

		
	By:	 	  

		 	Name:	 	
		 	Title:	 	Authorized Officer

  
 B-2

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

as Subsidiary Guarantor

		
	By:	 	  

		 	Name:	 	
		 	Title:	 	Authorized Officer
	
	 CoBrew NV/SA
 as
Subsidiary Guarantor

		
	By:	 	  

		 	Name:	 	
		 	Title:	 	Authorized Officer

  
 B-3Amendment No. 2 to Credit Agreement

 Exhibit 10.1 
 EXECUTION VERSION 
 AMENDMENT NO. 2 TO CREDIT AGREEMENT

 This Amendment No. 2 to Credit Agreement (this “Amendment No. 2”) is entered into as of
July 11, 2011 by and among ARGO GROUP INTERNATIONAL HOLDINGS, LTD., ARGO GROUP US, INC., ARGO INTERNATIONAL HOLDINGS LIMITED and ARGO UNDERWRITING AGENCY LIMITED (collectively, the “Borrowers”), JPMORGAN CHASE BANK, N.A.,
individually and as administrative agent (the “Administrative Agent”), and the other financial institutions signatory hereto. 
 RECITALS 
 A. The Borrowers, the Administrative Agent and the
Lenders are party to that certain $150,000,000 Credit Agreement dated as of April 30, 2010 (as amended by Amendment No. 1 thereto, the “Credit Agreement”). Unless otherwise specified herein, capitalized terms used in
this Amendment No. 2 shall have the meanings ascribed to them by the Credit Agreement. 
 B. The Borrowers, the
Administrative Agent and the Lenders wish to amend the Credit Agreement to, among other things, (i) modify certain covenants therein, (ii) extend the Maturity Date, (iii) add an increase option to the Lenders’ Commitments and
(iv) modify pricing terms, in each case on the terms and conditions set forth below. 
 Now, therefore, in consideration of
the mutual execution hereof and other good and valuable consideration, the parties hereto agree as follows: 
 1. Amendment
to Credit Agreement. Effective as of the Amendment No. 2 Effective Date, the Credit Agreement is hereby amended as follows: 
 (a) Section 1.01 of the Credit Agreement is amended by inserting the following definitions in proper alphabetical order: 

“Amendment No. 2” means that certain Amendment No. 2 to Credit Agreement dated as of
July 11, 2011 among the Borrowers, the Administrative Agent and the Lenders party thereto. 

“Amendment No. 2 Effective Date” has the meaning assigned to such term in Amendment No. 2.

 “Non-insurance Company Liquidity” means, as of the end of any fiscal quarter of the Parent,
the sum of (a) the aggregate amount of dividends payable or paid by any Insurance Subsidiary without regulatory approval for the preceding 12-month period then ending; plus (b) the aggregate amount of dividends approved or paid by
any Insurance Subsidiary during such 12-month period that exceeded the amount that could be paid without regulatory approval; 

 
plus (c) the aggregate amount of distributions of profits for the Lloyds syndicate actually received by Parent and its Subsidiaries during such 12-month period; plus
(d) the aggregate amount of cash and short-term liquidity of Parent and its Subsidiaries (other than any Insurance Subsidiary) as of the last day of such fiscal quarter. 

(b) Section 1.01 of the Credit Agreement is amended by amending and restating the definitions of Dollar Tranche
Commitment, Interest Coverage Ratio, Lenders, Maturity Date, Multicurrency Tranche Commitment, Tangible Net Worth and Total Interest Expense each in their entirety to read as follows: 

“Dollar Tranche Commitment” means, with respect to each Lender, the commitment of such Lender to make
Dollar Tranche Loans, expressed as an amount representing the maximum aggregate amount of such Lender’s Dollar Tranche Revolving Credit Exposure hereunder, as such commitment may be (a) reduced or increased from time to time pursuant to
Section 2.09 and (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04. The amount of each Lender’s Dollar Tranche Commitment as of the Amendment No. 2 Effective
Date is set forth on Schedule 2.01, or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Dollar Tranche Commitment, as applicable. The aggregate amount of the Lenders’ Dollar Tranche Commitments as of the
Amendment No. 2 Effective Date is $20,000,000. 
 “Interest Coverage Ratio” means, as of
the end of any fiscal quarter of the Parent, the ratio of (a) Non-insurance Company Liquidity to (b) Total Interest Expense, in each case for the period of four fiscal quarters then ended, computed on a consolidated basis for the Parent
and its Subsidiaries. 
 “Lenders” means the Persons listed on Schedule 2.01 and any other
Person that shall have become a party hereto pursuant to an Assignment and Assumption or as provided in Section 2.09(e), other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption. 

“Maturity Date” means April 30, 2014. 

“Multicurrency Tranche Commitment” means, with respect to each Lender, the commitment of such Lender to
make Multicurrency Tranche Loans and to acquire participations in Letters of Credit hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s Multicurrency Tranche Revolving Credit Exposure hereunder, as such
commitment may be (a) reduced or increased from time to time pursuant to Section 2.09 and (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04. The amount of each
Lender’s Multicurrency Tranche Commitment as of the Amendment No. 2 Effective Date is set forth on Schedule 2.01, or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Multicurrency 

  
 - 2 -

 
Tranche Commitment, as applicable. The aggregate amount of the Lenders’ Multicurrency Tranche Commitments as of the Amendment No. 2 Effective Date is $150,000,000. 

“Tangible Net Worth” means, with respect to a Borrower, an amount equal to (a) such Borrower’s
total shareholder’s equity determined in accordance with GAAP, minus (b) the aggregate book value of the intangible assets, including goodwill, of such Borrower and its subsidiaries, all determined in accordance with GAAP; provided,
however, that the effect of the application of FASB ASC 320 (formerly known as FAS 115) shall be excluded in the computation of Tangible Net Worth. 
 “Total Interest Expense” means, for any period, total interest expense with respect to outstanding Indebtedness of the Parent and its Subsidiaries and deducted in the computation of Net
Income for such period (excluding interest attributable to any Capital Lease Obligations and any amount included in interest expense related to catastrophe bonds or other structured financing that provides insurance or reinsurance protection to the
Parent and its Subsidiaries). 
 (c) Section 2.09 of the Credit Agreement is amended by (i) renaming
the Section “Termination, Reduction and Increase of Commitments.” and (ii) inserting a new subsection (e) therein to read as follows: 

(e) On up to three occasions after the Amendment No. 2 Effective Date, the Borrowers at their option (acting through
the Borrower Representative) may, from time to time, seek to increase the total Commitments (allocated between the Dollar Tranche Commitments and the Multicurrency Tranche Commitments as the Borrower Representative may elect) by up to an aggregate
amount of $37,500,000 (resulting in maximum total Commitments of $207,500,000) upon at least three (3) Business Days’ prior written notice to the Administrative Agent, which notice shall specify the amount of any such increase (which shall
not be less than $10,000,000), indicate which tranche of Commitments is to be increased and shall certify that no Default or Event of Default has occurred and is continuing. After delivery of such notice, the Borrowers, in their sole discretion, may
offer the increase (which may be declined by any Lender in its sole discretion) in the total Commitments on either a ratable basis to the Lenders or on a non pro-rata basis to one or more Lenders and/or to other Lenders or entities reasonably
acceptable to the Administrative Agent, the Issuing Bank and the Borrower Representative. No increase in the total Commitments shall become effective until the existing or new Lenders extending such incremental Commitment amount and the Borrowers
shall have delivered to the Administrative Agent a document in form and substance reasonably satisfactory to the Administrative Agent pursuant to which (i) any such existing Lender agrees to the amount of its Commitment increase and the tranche
of Commitments to which such increase applies, (ii) any such new Lender agrees to its Dollar Tranche Commitment and/or Multicurrency Tranche Commitment, as 

  
 - 3 -

 
applicable, and agrees to assume and accept the obligations and rights of a Lender hereunder, (iii) the Borrowers accept such incremental Commitments, (iv) the effective date of any
increase in the Commitments is specified and (v) the Borrowers certify that on such date the conditions for a new Loan set forth in Section 4.02 are satisfied. Upon the effectiveness of any increase in the total Dollar Tranche Commitments
pursuant hereto, (i) each Dollar Tranche Lender (new or existing) shall be deemed to have accepted an assignment from the existing Dollar Tranche Lenders, and the existing Dollar Tranche Lenders shall be deemed to have made an assignment to
each new or existing Dollar Tranche Lender accepting a new or increased Dollar Tranche Commitment, of an interest in each then outstanding Dollar Tranche Loan (in each case, on the terms and conditions set forth in the Assignment and Assumption)
such that, after giving effect to such assignments, all Dollar Tranche Revolving Credit Exposure hereunder is held ratably by the Dollar Tranche Lenders in proportion to their respective Dollar Tranche Commitments. Upon the effectiveness of any
increase in the total Multicurrency Tranche Commitments pursuant hereto, (i) each Multicurrency Tranche Lender (new or existing) shall be deemed to have accepted an assignment from the existing Multicurrency Tranche Lenders, and the existing
Multicurrency Tranche Lenders shall be deemed to have made an assignment to each new or existing Multicurrency Tranche Lender accepting a new or increased Multicurrency Tranche Commitment, of an interest in each then outstanding Multicurrency
Tranche Loan (in each case, on the terms and conditions set forth in the Assignment and Assumption) and (ii) the LC Exposure of the existing and new Multicurrency Tranche Lenders shall be automatically adjusted such that, after giving effect to
such assignments and adjustments, all Multicurrency Tranche Revolving Credit Exposure hereunder is held ratably by the Lenders in proportion to their respective Multicurrency Tranche Commitments. Assignments pursuant to the preceding two sentences
shall be made in exchange for, and substantially contemporaneously with the payment to the assigning Lenders of, the principal amount assigned plus accrued and unpaid interest and commitment and Letter of Credit fees. Payments received by assigning
Lenders pursuant to this Section in respect of the principal amount of any Eurocurrency Loan shall, for purposes of Section 2.16 be deemed prepayments of such Loan. Any increase of the total Commitments pursuant to this Section 2.09(e)
shall be subject to receipt by the Administrative Agent from the Borrowers of such supplemental opinions, resolutions, certificates and other documents as the Administrative Agent may reasonably request. No consent of any Lender (other than the
Lenders agreeing to new or increased Commitments) shall be required for any incremental Commitment provided or Loan made pursuant to this Section 2.09(e). 
 (d) Section 6.01(l) of the Credit Agreement is amended and restated in its entirety to read as follows: 
 (l) [Intentionally Omitted]; and 

  
 - 4 -

 (e) Section 6.01(m) of the Credit Agreement is amended and restated in
its entirety to read as follows: 
 (m) Indebtedness not otherwise permitted under this Section 6.01 in a
principal amount outstanding not to exceed $40,000,000 in the aggregate at any time; provided that no more than $25,000,000 of such amount may be incurred by Subsidiaries other than the Borrowers. 

(f) Section 6.02 of the Credit Agreement is amended by relettering subsections (f) and (g) thereof as
(g) and (h), respectively and by inserting a new subsection (f) therein in proper alphabetical order to read as follows: 
 (f) Liens which (x) do not secure Indebtedness and (y) are incurred in the ordinary course of business, including Liens granted in connection with any investments, trades, facilities or other
arrangements with any swap counterparty, securities or other broker/dealer or clearing exchange in an aggregate amount not to exceed $100,000,000; 
 (g) Section 6.05 of the Credit Agreement is amended and restated in its entirety to read as follows: 
 Swap Agreements. The Borrowers will not, and will not permit any Subsidiary to, enter into any Swap Agreement, except (a) non-speculative Swap Agreements entered into to hedge or mitigate
risks to which a Borrower or any Subsidiary has (or reasonably expects to have) actual exposure (other than those in respect of Equity Interests of a Borrower or any of its Subsidiaries), (b) non-speculative Swap Agreements entered into in
order to effectively cap, collar or exchange interest rates (from fixed to floating rates, from one floating rate to another floating rate or otherwise) with respect to any interest-bearing liability or investment of a Borrower or any Subsidiary and
(c) Swap Agreements entered into in connection with any Restricted Payments permitted to be made under Section 6.06(a)(ii). 
 (h) Section 6.06(a) of the Credit Agreement is amended and restated in its entirety to read as follows: 
 (a) (i) the Parent may declare and pay publicly announced and regularly scheduled dividends on its issued and outstanding common stock that is traded publicly on a national securities exchange,
(ii) the Parent or any Subsidiary may make stock repurchases and other Restricted Payments, in each case of or relating to the Capital Stock of the Parent, pursuant to the stock repurchase plan approved by the board of directors of the Parent
on November 13, 2007 in an aggregate amount not in excess of $120,000,000 after the Effective Date through the Amendment No. 2 Effective Date and (iii) the Parent or any Subsidiary may make stock repurchases and other Restricted
Payments, in each case of or relating to the Capital Stock of the Parent, in an aggregate amount not in excess of $150,000,000 after the Amendment No. 2 Effective Date; provided, however that no Restricted Payment shall be permitted to be
declared, and no Restricted 

  
 - 5 -

 
Payment (other than dividends declared in compliance herewith) shall be permitted to be paid, under this clause (a) if any Default is existing either at the time of the proposed Restricted
Payment or immediately after giving effect thereto; 
 (i) Section 6.09 of the Credit Agreement is amended
and restated in its entirety to read as follows: 
 Minimum Interest Coverage Ratio. The Borrowers will
not permit the Interest Coverage Ratio as of the end of any fiscal quarter of the Parent to be less than 1.25:1.00. 
 (j) Section 6.11 of the Credit Agreement is amended and restated in its entirety to read as follows: 
 Tangible Net Worth. (a) Argo US will not permit at any time its Tangible Net Worth to be less than the sum of (i) $485,000,000 plus (ii) 50% of the positive net income of Argo US and
its subsidiaries on a consolidated basis for each fiscal quarter ending after March 31, 2011 and (b) the Parent will not permit at any time its Tangible Net Worth to be less than the sum of (i) $835,000,000 plus (ii) 50% of
positive net income of the Parent and its subsidiaries on a consolidated basis for each fiscal quarter ending after March 31, 2011. 
 (k) Section 9.02 of the Credit Agreement is amended by inserting a new subsection (d) therein in proper alphabetical order to read as follows: 

(d) Notwithstanding the foregoing, upon the execution and delivery of all documentation required by Section 2.09(e)
to be delivered in connection with an increase to the aggregate Commitments, the Administrative Agent, the Borrowers and the new or existing Lenders whose Commitments have been affected may and shall enter into an amendment hereof (which shall be
binding on all parties hereto and the new Lenders) solely for the purpose of reflecting any new Lenders and their new Commitments and any increase in the Commitment of any existing Lender. 

(l) Schedule 1.01 to the Credit Agreement is amended and restated in its entirety to read as set forth on Schedule 1
hereto. 
 (m) Schedule 2.01 to the Credit Agreement is amended and restated in its entirety to read as set forth
on Schedule 2 hereto. 
 2. Representations and Warranties of the Borrowers. Each Borrower represents and warrants
that: 
 (a) The execution, delivery and performance by the Borrowers of this Amendment No. 2 are within the
Borrowers’ corporate powers and have been duly authorized by all necessary corporate and, if required, stockholder action. This Amendment No. 2 has been duly executed and delivered by the Borrowers and

  
 - 6 -

 
constitutes a legal, valid and binding obligation of the Borrowers, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other
laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law; 

(b) After giving effect to this Amendment No. 2, each of the representations and warranties contained in the Credit
Agreement (treating this Amendment No. 2 as a Credit Document and the Borrowers’ execution and delivery of this Amendment No. 2 as within the definition of “Transactions” for purposes thereof) is true and correct in all
material respects (except that any representation or warranty which is already qualified as to materiality or by reference to Material Adverse Effect shall be true and correct in all respects) on and as of the date hereof as if made on the date
hereof, except to the extent such representations and warranties expressly relate to an earlier date (in which case such representations and warranties shall be true and correct in all material respects (except that any representation or warranty
which is already qualified as to materiality or by reference to Material Adverse Effect shall be true and correct in all respects) as of such earlier date); and 
 (c) After giving effect to this Amendment No. 2, no Default or Event of Default has occurred and is continuing. 
 3. Effective Date. This Amendment No. 2 shall become effective as of the date upon which each of the following conditions precedent shall be satisfied or waived: 

(a) The Administrative Agent shall have received counterparts of this Amendment No. 2 executed by the Borrower, the
Administrative Agent and each of the Lenders; 
 (b) The Administrative Agent shall have received for the benefit
of each Lender an amendment fee equal to 0.10% of the aggregate Commitments (determined immediately after giving effect hereto) for the pro rata (relative to Commitment amount) benefit of each Lender 

(c) The Borrowers shall have paid all out-of-pocket expenses described in Section 5 below; and 

(d) The Administrative Agent shall have received such documents and certificates as it may reasonably request relating to
the organization, existence and good standing of the Borrowers and the authorization of this Amendment No. 2, all in form and substance reasonably satisfactory to the Administrative Agent; 

and, upon such effectiveness, the amendments provided for herein shall be deemed made on and as of June 30, 2011 (the “Amendment
No. 2 Effective Date”). 
 4. Reference to and Effect Upon the Credit Agreement. 

(a) Except as specifically amended or waived above, the Credit Agreement and the other Credit Documents shall remain in
full force and effect and are hereby ratified and confirmed. 

  
 - 7 -

 (b) The execution, delivery and effectiveness of this Amendment No. 2
shall not operate as a waiver of any right, power or remedy of the Administrative Agent or any Lender under the Credit Agreement or any Credit Document, nor constitute a waiver of any provision of the Credit Agreement or any Credit Document, except
as specifically set forth herein. Upon the effectiveness of this Amendment No. 2, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of similar import
shall mean and be a reference to the Credit Agreement as amended hereby. 
 5. Costs and Expenses. Each Borrower hereby
affirms its obligation under Section 9.03 of the Credit Agreement to reimburse the Administrative Agent for all reasonable out-of-pocket expenses incurred by the Administrative Agent in connection with the preparation, negotiation, execution
and delivery of this Amendment No. 2, including but not limited to the reasonable fees, charges and disbursements of attorneys for the Administrative Agent with respect thereto. 

6. Governing Law. This Agreement shall be construed in accordance with and governed by the law of the State of New York.

 7. Headings. Section headings in this Amendment No. 2 are included herein for convenience of reference only and
shall not constitute a part of this Amendment No. 2 for any other purposes. 
 8. Counterparts. This Amendment
No. 2 may be executed in any number of counterparts, each of which when so executed shall be deemed an original but all such counterparts shall constitute one and the same instrument. Delivery of a counterpart signature page by facsimile
transmission or by e-mail transmission of an Adobe portable document format file (also known as a “PDF” file) shall be effective as delivery of a manually executed counterpart signature page. 

[Signature page follows] 

  
 - 8 -

 IN WITNESS WHEREOF, the parties have executed this Amendment No. 2 as of the date and
year first above written. 
  

			
	ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
		
	By	 	 /s/ Jay S. Bullock

	Name:	 	Jay S. Bullock
	Title:	 	Chief Financial Officer
	
	ARGO GROUP US, INC.
		
	By	 	 /s/ Lynn K. Geurin

	Name:	 	Lynn K. Geurin
	Title:	 	Vice President & Treasurer
	
	ARGO INTERNATIONAL HOLDINGS LIMITED
		
	By	 	 /s/ Ciaran O’Donnell

	Name:	 	Ciaran O’Donnell
	Title:	 	Director
	
	ARGO UNDERWRITING AGENCY LIMITED
		
	By	 	 /s/ Ciaran O’Donnell

	Name:	 	Ciaran O’Donnell
	Title:	 	Director

 [Signature page to Amendment No. 2 to Credit Agreement] 

 
			
	JPMORGAN CHASE BANK, N.A., individually and as Administrative Agent
		
	By:	 	 /s/ Jennifer N. Wilkinson

	Name:	 	Jennifer N. Wilkinson
	Title:	 	Senior Vice President

 [Signature page to Amendment No. 2 to Credit Agreement] 

 
			
	WELLS FARGO BANK, N.A.
		
	By:	 	 /s/ Terry L. Witte

	Name:	 	Terry L. Witte
	Title:	 	Senior Vice President

 [Signature page to Amendment No. 2 to Credit Agreement] 

 
			
	THE FROST NATIONAL BANK
		
	By:	 	 /s/ Victor J. Harris

	Name:	 	Victor J. Harris
	Title:	 	Senior Vice President

 [Signature page to Amendment No. 2 to Credit Agreement] 

 
			
	BANK OF AMERICA, N.A.
		
	By:	 	 /s/ Tiffany Burgess

	Name:	 	Tiffany Burgess
	Title:	 	Vice President

 [Signature page to Amendment No. 2 to Credit Agreement] 

 
			
	HSBC BANK BERMUDA LTD.
		
	By:	 	 /s/ Matthew Living

	Name:	 	Matthew Living
	Title:	 	Vice President & Global Relationship Manager
		
	By:	 	 /s/ Shannon Burgess

	Name:	 	Shannon Burgess
	Title:	 	Vice President & Senior Relationship Manager

 [Signature page to Amendment No. 2 to Credit Agreement] 

 
			
	U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	 /s/ Bonnie Wiskowski

	Name:	 	Bonnie Wiskowski
	Title:	 	Vice President

 [Signature page to Amendment No. 2 to Credit Agreement] 

 
			
	BARCLAYS BANK PLC
		
	By:	 	 /s/ Stuart Ratcliffe

	Name:	 	Stuart Ratcliffe
	Title:	 	Director

 [Signature page to Amendment No. 2 to Credit Agreement] 

 
			
	SUNTRUST BANK
		
	By:	 	 /s/ K. Scott Bazemore

	Name:	 	K. Scott Bazemore
	Title:	 	Vice President

 [Signature page to Amendment No. 2 to Credit Agreement] 

 SCHEDULE 1 TO AMENDMENT NO. 2 

PRICING SCHEDULE 
  

													
	 APPLICABLE MARGIN
 (ALTERNATIVE BASE RATE SPREAD)
	  	LEVEL I	 	 	LEVEL II	 	 	LEVEL III	 
	 Leverage Ratio £ 20%
	  	 	0.75	% 	 	 	1.00	% 	 	 	1.75	% 
	 Leverage Ratio £ 30%
	  	 	1.00	% 	 	 	1.25	% 	 	 	2.00	% 
	 Leverage Ratio > 30%
	  	 	1.25	% 	 	 	1.50	% 	 	 	2.50	% 
				
	 APPLICABLE MARGIN
 (EUROCURRENCY SPREAD)
	  	LEVEL I	 	 	LEVEL II	 	 	LEVEL III	 
	 Leverage Ratio £ 20%
	  	 	1.75	% 	 	 	2.00	% 	 	 	2.75	% 
	 Leverage Ratio £ 30%
	  	 	2.00	% 	 	 	2.25	% 	 	 	3.00	% 
	 Leverage Ratio > 30%
	  	 	2.25	% 	 	 	2.50	% 	 	 	3.50	% 
				
	 COMMITMENT FEE
	  	LEVEL I	 	 	LEVEL II	 	 	LEVEL III	 
	 Commitment Fee Rate
	  	 	0.25	% 	 	 	0.30	% 	 	 	0.45	% 

 “Argo US Rating” means, at any time, the rating issued by S&P and then in effect with
respect to the Argo US’s Issuer Credit Rating, as determined without third-party enhancement. 

“Borrower Rating” means, as of any date of determination, the Argo US Rating; provided, however, that at
any time that there exists both an Argo US Rating and a Parent Rating and there is a split between such Ratings, then the higher1 of such Ratings shall apply, unless there is a split in Ratings of more than one level, in which case the level that is
one level higher than the lower Rating shall apply. 
 “Parent Rating” means, at any time, the rating, if any, issued
by S&P and then in effect with respect to the Parent’s Issuer Credit Rating, as determined without third-party enhancement. 
 “Rating” means an Argo US Rating or a Parent Rating. 
 “Subsidiary
Rating” means, at any time, the AM Best Financial Strength Rating then in effect for Argo US’s rated operating insurance Subsidiaries. 
 “Level I Status” exists at any date if, on such date, the Borrower Rating is BBB or better and the Subsidiary Rating is A or better. 

 
  

	1 	 It being understood and agreed, by way of example, that a Rating of A- is one level higher than a Rating of BBB+. 

[Signature page to Amendment No. 2 to Credit Agreement] 

 “Level II Status” exists at any date if, on such date, the Borrowers have not
qualified for Level I Status and the Borrower Rating is BBB- or better and the Subsidiary Rating is A- or better. 
 “Level
III Status” exists at any date if, on such date, the Borrowers have not qualified for Level I Status or Level II Status. 

“Status” means Level I Status, Level II Status and Level III Status. 
 The Applicable Rate shall be determined in accordance with the foregoing table based on the Status as determined from the then current Borrower Rating and Subsidiary Rating and the Leverage Ratio as
reflected in the then most recent financial statements delivered pursuant to Section 5.01 (the “Financials”). The Borrower Rating and Subsidiary Rating in effect on any date for the purposes of this Schedule shall be that in effect at
the close of business on such date. Adjustments, if any, to the Applicable Rate arising out of a change in the Leverage Ratio shall be effective five Business Days after the Administrative Agent has received the applicable Financials. If the
Borrowers fail to deliver the Financials to the Administrative Agent at the time required pursuant to this Agreement, then the Applicable Rate shall be the highest Applicable Rate set forth in the foregoing table for the then effective Borrower
Rating and Subsidiary Rating until five Business Days after such Financials are so delivered. Until adjusted after the receipt of the first set of Financials delivered after the Effective Date, Level II Status with a Leverage Ratio of 22% shall be
deemed to exist. 
 [Signature page to Amendment No. 2 to Credit Agreement]

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