Our Dream: Anheuser-Busch InBev Annual Report 2014 1 ABOUT ANHEUSER-BUSCH INBEV

Best Beer Company

Bringing People Together
For a Better World
Contents
1 Our Manifesto
2 Letter to Shareholders
6 Strong Strategic Foundation
20 Growth Driven Platforms
36 Dream-People-Culture
42 Bringing People Together
For a Better World
49 Financial Report
155 Corporate Governance Statement

Open the foldout for an overview of our

financial performance.

Anheuser-Busch InBev / 2014 Annual Report

Anheuser-Busch InBev
[Link]
2014 Annual Report
 Our Dream: Anheuser-Busch InBev Annual Report 2014 1 ABOUT ANHEUSER-BUSCH INBEV

Best Beer Company

Bringing People Together
For a Better World
Contents
1 Our Manifesto
2 Letter to Shareholders
6 Strong Strategic Foundation
20 Growth Driven Platforms
36 Dream-People-Culture
42 Bringing People Together
For a Better World
49 Financial Report
155 Corporate Governance Statement

Open the foldout for an overview of our

financial performance.

Anheuser-Busch InBev / 2014 Annual Report

Anheuser-Busch InBev
[Link]
2014 Annual Report
 P. 01

Best Beer Company

Bringing People Together
For a Better World
We are a company of owners
We believe that you have to put everything in that you want to get out.

We strive to be the best,

Pursuing our Dream,
Investing in people and the world in which we live.

For centuries, we’ve been bringing people together.

Through sports, through music, and through culture,
Creating moments both everyday and extraordinary
Seizing every occasion to serve up more of what people thirst for.

For this reason, we pour ourselves into our work.

From farm to brewery to market,
Taking pride and ownership in every step.
Paving the road for a better tomorrow that we’re proud to be part of.
And celebrating the great times that bring us together.

We are AB InBev.
Best Beer Company
Bringing People Together
For a Better World
Anheuser-Busch InBev Annual Report 2014 1 ABOUT ANHEUSER-BUSCH INBEV

About Revenue was Focus Brand volume EBITDA grew 6.6% Normalized profit Net debt to EBITDA

Anheuser-Busch InBev 47 063 million USD,

an organic increase
increased 2.2% and
accounted for 68% of
to 18 542 million USD,
and EBITDA margin
attributable to equity was 2.27 times.
holders rose 11.7% Driving Change For
of 5.9%, and our own beer volume. was up 25 basis points in nominal terms to
Anheuser-Busch InBev (Euronext: ABI, NYSE: BUD) is the leading
global brewer and one of the world’s top five consumer goods
AB InBev’s dedication to heritage and quality originates from
the Den Hoorn brewery in Leuven, Belgium, dating back to 1366,
revenue/hl rose 5.3%. to 39.4%. 8 865 million USD,
and normalized EPS
Road Safety
companies. We are a company of some 155 000 people, across and the pioneering spirit of the Anheuser & Co. brewery, with increased to 5.43 USD
25 countries, brewing many of the world’s most beloved beer origins in St. Louis, USA, since 1852.
from 4.91 USD.
brands. In 2014, AB InBev generated revenue of 47.1 billion USD.
We are united by our Dream to be the Best Beer Company
Our portfolio consists of well over 200 beer brands, including Bringing People Together For a Better World. Our Dream holds
16 “billion dollar” brands. Within this diverse portfolio are global us to high standards. It not only inspires us to make the finest
brands Budweiser ®, Corona® and Stella Artois®; international quality products and to deliver exceptional performance, but
brands Beck’s®, Leffe® and Hoegaarden®; and local champions also to celebrate the unique role of beer as the original social
Bud Light®, Skol®, Brahma®, Antarctica®, Quilmes®, Victoria®, network. Bringing people together is at the heart of what we do
Modelo Especial®, Michelob Ultra®, Harbin®, Sedrin®, Klinskoye®, every day — whether we are striving for excellence, sharing great
Sibirskaya Korona®, Chernigivske®, Cass® and Jupiler ®. Our strong experiences, or making a positive difference in the communities 2009 2012 2013
Million USD unless reference 2012 reference 2013 reference
and balanced portfolio includes six of the 10 most valuable beer where we live and work.
stated otherwise base1 2010 2011 reported2 base3 reported base4 2014
brands in the world.* * BrandZ™ Top 100 Most Valuable Global Brands 2014.
Volumes (million hls) 391 399 399 403 431 425 446 459

Revenue 33 862 36 297 39 046 39 758 42 927 43 195 45 483 47 063

2014 Normalized EBITDA Contribution by Region* Normalized EBITDA (million USD)
Normalized EBITDA 12 109 13 869 15 357 15 525 16 480 17 188 17 943 18 542

EBITDA – 13 685 15 112 15 493 16 590 23 428 – 18 465

2014 reported 18 542
Normalized profit from operations 9 600 11 165 12 607 12 779 13 537 14 203 14 800 15 308

36.8% 7.2%
2013 reference base 17 943 Normalized profit attributable to equity
holders of Anheuser-Busch InBev – 5 040 6 449 7 201 7 271 7 936 – 8 865
5.8% 2013 reported 17 188
Europe Profit attributable to equity holders of
Anheuser-Busch InBev – 4 026 5 855 7 160 7 374 14 394 – 9 216
North America Asia Pacific
2012 reference base 16 480 Together for Safer Roads (TSR) is a coalition TSR’s other founding members are AIG, AT&T,
Net financial debt – 39 704 34 688 30 114 – 38 831 – 42 135
formed in the past year in an effort to broaden Chevron, Ericsson, Facebook, IBM, iHeartMedia,
11.8% 2012 reported 15 525 Cash flow from operating activities – 9 905 12 486 13 268 – 13 864 – 14 144
our focus to road safety generally — and to help PepsiCo and Walmart. TSR is advised by an
31.0% Normalized earnings per share (USD) – 3.17 4.04 4.50 – 4.91 – 5.43 prevent the nearly 3 000 traffic accident Expert Panel of eminent leaders in road safety.
Mexico 2011 15 357 fatalities that occur each day. TSR was launched The partners have agreed to pool their collective
Dividend per share (USD) – 1.07 1.55 2.24 – 2.83 – 3.52
with a high-visibility event at the United Nations expertise, data-driven insights, technology
7.3% Latin America 2010 13 869
North
Dividend per share (euro) – 0.80 1.20 1.70 – 2.05 – 3.00 in November 2014, and involves a group of and networks to identify and scale industry best
Latin America South Payout ratio % – 33.8 38.5 49.8 – 57.6 – 64.8
leading global businesses that have committed practices and raise awareness of this major
2009 reference base 12 109 to working together to help reduce the number global health issue.
* Excludes Global Export & Holding Companies.
Weighted average number of ordinary of deaths and injuries due to road traffic
shares (million shares) – 1 592 1 595 1 600 – 1 617 – 1 634
accidents. Chaired by AB InBev CEO Carlos Brito,
2014 Volume Contribution by Region Revenue (million USD)
Share price high (euro) – 46.3 47.4 71.1 – 79.6 – 94.89

Share price low (euro) – 33.5 33.9 46.1 – 63.44 – 69.14

2014 reported 47 063
Year-end share price (euro) – 42.8 47.3 65.7 – 77.26 – 93.86

26.4% 9.7%
2013 reference base 45 483 Market capitalization (million USD) – 91 097 98 315 138 716 – 171 142 – 183 167

Market capitalization (million euro) – 68 176 75 983 105 209 – 124 097 – 150 867
18.0% 2013 reported 43 195
Europe
North America
2012 reference base 42 927 1. Given the transformational nature of the disposals we made during 2009 to refinance the debt incurred to finance the Anheuser-Busch transaction, we present in this
Annual Report the comparative 2009 consolidated volumes and results down to normalized profit from operations on a Reference Base, treating all divestitures as if
Asia Pacific

Design by Addison  [Link]
they had closed as of 1 January 2009 and with certain intra-group transactions reported in Global Export and Holding Companies.
8.5%
27.3% 2012 reported 39 758 2. 2012 as Reported, adjusted to reflect the effects of retrospective application on the revised IAS 19 Employee Benefits.
3. Given the transformational nature of the transaction with Grupo Modelo, and to facilitate the understanding of AB InBev’s underlying performance, AB InBev has
Mexico 2011 39 046 updated its 2012 segment reporting for purposes of our results announcement and internal review by senior management. This presentation (referred to as the “2012
Reference Base”) includes, for comparative purposes, the results of Grupo Modelo as if the combination had taken place on 4 June 2012. Following the combination, the
Latin America Grupo Modelo operations are reported according to their geographical presence in the following segments: the Mexico beer and packaging businesses are reported in
North 2.1% 2010 36 297 the new Zone Mexico, the Spanish business is reported in the Europe Zone and the Export business is reported in the Global Export and Holding Companies segment.
8.0% 4. The 2013 Reference Base includes 12 months of Grupo Modelo operations to facilitate the understanding of AB InBev’s underlying business. The 2013 reference base
Global Export &
Holding Companies further reflects the combination of Western Europe and Central & Eastern Europe into a single Europe Zone, and a number of intra-Zone management reporting changes
2009 reference base 33 862 which took effect on 1 January 2014.
Latin America South
 P. 01

Best Beer Company

Bringing People Together
For a Better World
We are a company of owners
We believe that you have to put everything in that you want to get out.

We strive to be the best,

Pursuing our Dream,
Investing in people and the world in which we live.

For centuries, we’ve been bringing people together.

Through sports, through music, and through culture,
Creating moments both everyday and extraordinary
Seizing every occasion to serve up more of what people thirst for.

For this reason, we pour ourselves into our work.

From farm to brewery to market,
Taking pride and ownership in every step.
Paving the road for a better tomorrow that we’re proud to be part of.
And celebrating the great times that bring us together.

We are AB InBev.
Best Beer Company
Bringing People Together
For a Better World
Anheuser-Busch InBev Annual Report 2014 1 LETTER TO SHAREHOLDERS

To Our
Shareholders
Building a Company That Will Stand the Test of Time In asking these questions, it became clear that what we are
really all about is bringing people together. We have a unique
2014 was another year of solid financial performance with strong opportunity and ability to bring people together, through sports,
commercial results in most of our top markets and further music and culture, to enjoy great beers and share memorable
expansion of our global brands. But at AB InBev, we have never experiences through our portfolio of well-loved brands, our
measured success solely by our quarterly or even our annual global reach, and our dedication to making a difference in our
results. We are driven by our passion to create a company that communities. We also bring together our colleagues around
can stand the test of time and create value for our shareholders, the world in a shared effort to deliver on our Dream.
not only for the next 10 or 20 years but for the next 100 years.
Our mindset is truly long term. Translating Our Dream into Action

In the first 10 years since the combination of Interbrew and Consumers today have more information and choices than ever
Ambev, we have built a solid foundation. We have created the before, with their behaviors, preferences and tastes constantly
world’s leading brewer, through organic growth as well as evolving. Realizing this is the new normal, we have to ensure
industry-changing combinations, including with Anheuser‑Busch that our brands remain relevant and become part of consumers’
in 2008 and Grupo Modelo in 2013. We have also built the world’s everyday lives. To address these challenges, we have defined a
leading beer brands, with strong consumer preference and clear game plan and are activating it throughout our organization.
growth potential, and driven net revenue per hectoliter ahead
of inflation through sound revenue management practices and We are using deep consumer insights with the goal of winning
premiumization of our portfolio. This has resulted in strong a bigger share of the total alcohol beverage space, rather than
growth in margins, cash flow and total shareholder returns. focusing on beer occasions only. To remain successful in the
future, we must win the hearts and minds of consumers who are
Yet our culture is one of never being completely satisfied with of legal drinking age and above. Our brands need to connect with
our results, and we are always looking to do better. We are them to become their first choice. We must also lead growth in
operating in a rapidly shifting environment where volatility the premium segment, which will force us to keep raising the
and uncertainty are here to stay, and where consumer trends bar. We see a major opportunity for our global and international
and habits are changing at an ever accelerating pace. We must portfolio in this area.
therefore be nimble and quick to anticipate new tastes, demands
and behaviors, by nurturing a start-up mentality despite being Global research into the potential consumers of our products
a top five consumer goods company. We must promote out-of- and their preferences has helped us to identify several
the-box thinking to bring consumers what they truly want today, Growth Driven Platforms (GDPs). These GDPs represent distinct
tomorrow and in the future. occasions and opportunities for our brands, for example,
savoring food, relaxing and enjoying a great night out or at home
In this new and evolving consumer environment, speed is of the with friends. The insights gained will be used to drive our sales
essence and we must act with a far greater sense of urgency and marketing efforts and our innovation agenda.
than ever. We cannot be complacent and need to avoid acting
as the incumbent. Instead we must be dynamic, flexible and take Bringing People Together through the Strongest, Most
measured risks. Above all we need to remember how we became Versatile Portfolio in the Industry
successful in the first place, by being the insurgent, by acting
boldly, quickly and thinking outside the box. We have a strong foundation. We believe we have the strongest
portfolio of brands in the industry, with 16 brands each
With this mindset and looking forward to the next stage of our generating over 1 billion USD in retail sales per year, and more
journey, we have evolved our Dream, and aim to build the Best in the making through successful innovations such as the Ritas.
Beer Company Bringing People Together For a Better World. Our three global brands, Budweiser, Corona and Stella Artois,
are very complementary and give us opportunities to connect
We asked ourselves and our stakeholders a number of questions. with a broad range of consumers across multiple occasions
What is it that AB InBev really does? What do we stand for? How and geographies. We are excited by the growth potential of all
can we make a real impact, a real difference in the world in which three brands. Corona, in particular, has the ability and consumer
we all live and work? license to play in more than traditional beer occasions.
 P. 02/03 Anheuser-Busch InBev Annual Report 2014 2 STRONG STRATEGIC FOUNDATION

“We are driven by our passion to

create a company that can
stand the test of time and create
value for our shareholders.”

MixxTail Mojito is a great

example of extending our
vision beyond beer to be
relevant to a wide range of
consumer tastes.

With Growth Driven Platforms,

we’re using consumer insights
to develop more occasions for
enjoying our brands.

The powerful Bud Light

“Up For Whatever” campaign
is connecting with more legal
drinking age consumers
through digital activation.
Anheuser-Busch InBev Annual Report 2014 1 LETTER TO SHAREHOLDERS

To Our
Shareholders
Building a Company That Will Stand the Test of Time In asking these questions, it became clear that what we are
really all about is bringing people together. We have a unique
2014 was another year of solid financial performance with strong opportunity and ability to bring people together, through sports,
commercial results in most of our top markets and further music and culture, to enjoy great beers and share memorable
expansion of our global brands. But at AB InBev, we have never experiences through our portfolio of well-loved brands, our
measured success solely by our quarterly or even our annual global reach, and our dedication to making a difference in our
results. We are driven by our passion to create a company that communities. We also bring together our colleagues around
can stand the test of time and create value for our shareholders, the world in a shared effort to deliver on our Dream.
not only for the next 10 or 20 years but for the next 100 years.
Our mindset is truly long term. Translating Our Dream into Action

In the first 10 years since the combination of Interbrew and Consumers today have more information and choices than ever
Ambev, we have built a solid foundation. We have created the before, with their behaviors, preferences and tastes constantly
world’s leading brewer, through organic growth as well as evolving. Realizing this is the new normal, we have to ensure
industry-changing combinations, including with Anheuser‑Busch that our brands remain relevant and become part of consumers’
in 2008 and Grupo Modelo in 2013. We have also built the world’s everyday lives. To address these challenges, we have defined a
leading beer brands, with strong consumer preference and clear game plan and are activating it throughout our organization.
growth potential, and driven net revenue per hectoliter ahead
of inflation through sound revenue management practices and We are using deep consumer insights with the goal of winning
premiumization of our portfolio. This has resulted in strong a bigger share of the total alcohol beverage space, rather than
growth in margins, cash flow and total shareholder returns. focusing on beer occasions only. To remain successful in the
future, we must win the hearts and minds of consumers who are
Yet our culture is one of never being completely satisfied with of legal drinking age and above. Our brands need to connect with
our results, and we are always looking to do better. We are them to become their first choice. We must also lead growth in
operating in a rapidly shifting environment where volatility the premium segment, which will force us to keep raising the
and uncertainty are here to stay, and where consumer trends bar. We see a major opportunity for our global and international
and habits are changing at an ever accelerating pace. We must portfolio in this area.
therefore be nimble and quick to anticipate new tastes, demands
and behaviors, by nurturing a start-up mentality despite being Global research into the potential consumers of our products
a top five consumer goods company. We must promote out-of- and their preferences has helped us to identify several
the-box thinking to bring consumers what they truly want today, Growth Driven Platforms (GDPs). These GDPs represent distinct
tomorrow and in the future. occasions and opportunities for our brands, for example,
savoring food, relaxing and enjoying a great night out or at home
In this new and evolving consumer environment, speed is of the with friends. The insights gained will be used to drive our sales
essence and we must act with a far greater sense of urgency and marketing efforts and our innovation agenda.
than ever. We cannot be complacent and need to avoid acting
as the incumbent. Instead we must be dynamic, flexible and take Bringing People Together through the Strongest, Most
measured risks. Above all we need to remember how we became Versatile Portfolio in the Industry
successful in the first place, by being the insurgent, by acting
boldly, quickly and thinking outside the box. We have a strong foundation. We believe we have the strongest
portfolio of brands in the industry, with 16 brands each
With this mindset and looking forward to the next stage of our generating over 1 billion USD in retail sales per year, and more
journey, we have evolved our Dream, and aim to build the Best in the making through successful innovations such as the Ritas.
Beer Company Bringing People Together For a Better World. Our three global brands, Budweiser, Corona and Stella Artois,
are very complementary and give us opportunities to connect
We asked ourselves and our stakeholders a number of questions. with a broad range of consumers across multiple occasions
What is it that AB InBev really does? What do we stand for? How and geographies. We are excited by the growth potential of all
can we make a real impact, a real difference in the world in which three brands. Corona, in particular, has the ability and consumer
we all live and work? license to play in more than traditional beer occasions.
 P. 04/05

Strong Portfolio World-Class Impact Skol Beats Senses in Brazil, a flavored, higher ABV line extension Preserving the Environment. Having met or exceeded our original
from Skol that can be mixed with ice. All three innovations were Environmental Goals, we committed ourselves in 2013 to a set of

16 34+
designed to complement the nighttime occasion. We also created even more ambitious goals to be achieved by the end of 2017. These

billion
Budweiser Brewmaster Reserve in China, a limited edition brew, goals include further reductions in water usage, greenhouse gas
brands with an estimated capped with a distinctive champagne-style cork, for the growing emissions, energy consumption and packaging materials, as well
retail value of over super-premium channel. And there is more to come. Oculto, a new
tequila flavored beer, as well as MixxTail, for example, are both
as watershed protection efforts near key facilities and water-risk
reduction initiatives in key barley growing regions. For the first
1 billion USD each Consumer impressions driven planned to hit the U.S. market early in 2015. time, we have also set a goal to reduce carbon emissions in logistics
by our 2014 FIFA World Cup™ operations by using alternative fuels, smart driving tools, more
Budweiser activations. Innovation is more than new products. It also includes packaging. efficient trucks, and by collaborating with our supply chain partners.
In 2014, for example, we introduced two major new packages in the
U.S., a new 16 oz. recloseable aluminum bottle, initially focused on Making a Difference in Our Communities. We have continued to
Bud Light, and the first ever 25 oz. can. Both packages are exceeding contribute to the well-being of our communities around the world.
Our global brands, coupled with our international brands, Beck’s, Winning the Digital 2014 FIFA World Cup™ our expectations, and have now been extended to some of our other Our initiatives included providing emergency drinking water to
Leffe and Hoegaarden, make up a strong international premium U.S. brands. areas hard hit by disasters, supporting education through a range of
portfolio that gives us options in terms of entry into new markets. The 2014 FIFA World Cup™ held in Brazil gave us a marvelous programs such as building Hope Schools in China, and active volunteer
opportunity to bring people together, and to showcase many Bringing People Together For a Better World efforts involving more than 61 000 of our colleagues globally.
Our portfolio is rounded out by our local champions, such as of our brands. It proved to be our best World Cup execution to
Bud Light in the U.S., Harbin in China, Skol in Brazil, Jupiler date, with digital activations playing a key role. Budweiser was Tapping into our ability to bring people together on a global scale, Our Culture Drives Our Performance
in Belgium and Quilmes in Argentina. These leading brands, the official beer of the tournament and 14 of our local champion to work for a Better World, is an essential part of our Dream.
focused on local markets, are the core of our business. brands, with links to soccer, also leveraged our sponsorship to Dream-People-Culture is the platform on which we have and will
drive engagement with consumers in their local markets. In a major new initiative launched in 2014, we are founding continue to build our company.
Driving Digital Connections members of Together for Safer Roads (TSR), a coalition of 10 leading
Our sponsorship gave our entire team an opportunity to raise its global companies across industries that are committed to working We are inspired by our ambitious Dream to be the Best Beer
Gone are the days when beer brands could be built through game, with exciting and innovative 360° activations across many collaboratively to help improve road safety. Traffic crashes, which Company Bringing People Together For a Better World. To deliver
traditional media only. Today’s consumers expect brands to of our markets. The theme “Rise as One” was imprinted on are currently the eighth leading cause of death worldwide and the on our Dream, we depend on a talented and highly motivated team
engage with them in a more differentiated and personal style special Budweiser bottles, and our people lived up to that promise primary cause of death among 15–29 year olds, are projected to of people, underpinned by a culture based on the principles of
than ever before. Millennials in particular are searching for by delivering a great consumer experience and connecting move to the fifth leading cause by 2030. To stop this progression ownership, meritocracy and informality.
experiences and involvement in the development of brands, our brands with millions of fans. Whether consumers were and, ultimately, help save lives, TSR members have come together
and digital is playing a major role. celebrating at the Budweiser Hotel on Copacabana Beach, voting with a focus on safer roads, vehicles and systems; improved driver We thank our consumers and customers for their continued
for the Man of the Match on social media, cheering on their safety education; and the application of data and best practices. loyalty, our people for their commitment and dedication, and our
Millennials now spend more time on social media than on any national team, or participating in one of our many local programs, shareholders for the confidence they have placed in us. We look
other information channel, which is why we are increasingly we estimate that our Budweiser activations alone generated We also continued our successful activations across our forward to delivering on our commitments — and striving to achieve
allocating our marketing resources to digital activation, with over 34 billion consumer impressions leading up to and during Better World pillars, bringing together our colleagues, as well our Dream.
a positive impact on both brand health and market share. Our the tournament. as customers, partners, industry peers, public officials, non-
ambition is to be the top consumer goods company in digital governmental organizations and other stakeholders to make
connections, and with millions of followers of our brands on We invested heavily behind these campaigns. The insights a positive impact.
social media who interact with our engaging content, we are we gained, and the brand equity we built, will be invaluable
well on our way. in helping to drive future top-line growth well beyond the Promoting Responsible Drinking. Four years ago, we were the first
2014 FIFA World Cup™. alcohol beverage company to set aggressive Responsible Drinking
The groundbreaking Bud Light “Up For Whatever” campaign goals, including encouraging parents to talk with their children
is a great example of innovative digital activation at its most Leading through Innovation about underage drinking, promoting the use of designated drivers, Carlos Brito Kees J. Storm
effective. The campaign positioned Bud Light as The Perfect Beer and widely distributing ID-checking materials. We are proud to Chief Executive Officer Chairman of the Board
For Whatever Happens — from a ping pong match against Arnold Innovation will continue to play an important role in building have achieved all of our goals on schedule by the end of 2014. In
Schwarzenegger to electric football with legendary American our brands, meeting evolving consumer needs and creating particular, we want to acknowledge our team’s efforts to provide
football coach Jimmy Johnson. The high point of the digital new consumption occasions in the future. Innovations need to training on responsible alcohol beverage sales to more than
activation during summer 2014 was a contest in which Bud Light be bold and, as a result, we are not afraid to fail and learn from 1 million bartenders, waiters, store clerks, and others who sell
fans were invited to submit their own “Up For Whatever” videos. our efforts. Failure is part and parcel of our journey, building our and serve alcohol beverages in our markets around the world.
Almost 2 million consumers viewed digital content related to ability to ultimately deliver game changing innovations.
the campaign and we received over 204 000 video auditions,
from which we chose 1 000 winners to celebrate with a Bud Light The Bud Light Lime Ritas family in the U.S., for example, has Responsible alcohol beverage sales training
weekend in Crested Butte, Colorado — renamed Whatever, USA created a whole new category of alcohol beverages. The Ritas

1+
for the occasion. Thanks to this widely hailed campaign, we appeal to consumers who may not necessarily select beer as
believe Bud Light gained share in the premium light category their first choice of alcohol beverage, particularly women, and

million
in the U.S. during the year. we expect this will allow us to capture “share of throat” from the
hard liquor, cocktail and ready-to-drink categories. The concept
We can cite many other examples showing how our brands is scalable, and there will be introductions in other markets
are engaging with consumers via digital means — from the where relevant.
Stella Artois video of Rufus the Wimbledon hawk, to the live
stream of Budweiser’s Made in America music festival, to the Key beverage innovations in 2014 included Cubanisto, a premium
“Friends Are Waiting” video that highlighted the importance rum flavored beer, launched in the U.K., France and Belgium;
of making a plan to get home safely after a night out. MixxTail in Argentina, a malt beverage cocktail; and
 P. 02/03 Anheuser-Busch InBev Annual Report 2014 2 STRONG STRATEGIC FOUNDATION

“We are driven by our passion to

create a company that can
stand the test of time and create
value for our shareholders.”

MixxTail Mojito is a great

example of extending our
vision beyond beer to be
relevant to a wide range of
consumer tastes.

With Growth Driven Platforms,

we’re using consumer insights
to develop more occasions for
enjoying our brands.

The powerful Bud Light

“Up For Whatever” campaign
is connecting with more legal
drinking age consumers
through digital activation.
 P. 06/07

Strong Strategic Foundation

Inspired by
Our Dream,
Motivated to
Deliver At Anheuser-Busch InBev, we share a powerful Dream to
be the Best Beer Company Bringing People Together
For a Better World. Across many centuries, continents
and cultures, no other beverage has brought people
together like beer. As the leading global brewer, with a
history spanning nearly 650 years, we are committed to
sustaining and building on that heritage by continually
striving to make our Dream a reality. This is what our
Dream means to us:

Best Beer Company — Attracting and retaining the best

people, with a commitment to create the best portfolio
of brands from only the highest quality ingredients,
to delight consumers around the world and deliver
best-in-class financial performance and profitability.

Bringing People Together — Connecting consumers with

our brands and with each other, providing the basis for
sharing experiences with friends old and new, savoring
great moments, and exploring life’s possibilities.

For a Better World — Recognizing that we must all come

together to move society in a positive direction toward
responsible drinking, environmental stewardship and
community engagement.

We take ownership of and pride in our efforts, as we come

together to deliver on the promise of our Dream.
Anheuser-Busch InBev Annual Report 2014 2 STRONG STRATEGIC FOUNDATION

Strong Brand Portfolio

Encompassing more than 200 brands, AB InBev’s portfolio is To connect our brands with consumers worldwide, we invest the
the best in the industry. Our portfolio includes 16 brands with majority of our resources and efforts in those with the greatest
estimated retail sales value of over 1 billion USD each. Six of our growth and profit potential. We call these our Focus Brands:
brands — Bud Light, Budweiser, Stella Artois, Corona, Skol and
• Global Brands — Budweiser, Corona and Stella Artois
Brahma — are ranked among the world’s Top 10 most valuable
• International Brands — Beck’s, Leffe and Hoegaarden
beer brands by the 2014 Global BrandZ™ Report.
• Local Champions — brands that lead in their respective markets

Global Brands International Brands

Budweiser Beck’s
The “King of Beers”, Budweiser was introduced by The world’s No. 1 German beer, Beck’s is renowned for
Adolphus Busch in 1876 and is still brewed with the uncompromising quality. Since 1873, the brand has
same care and high-quality, exacting standards. What been dedicated to innovation and independent thought.
began as an American original 138 years ago is a global True to its original recipe, Beck’s has been brewed in the
brand today. In accordance with its original recipe, same way using four key natural ingredients for more
Budweiser is aged over beechwood chips for 21 days than 140 years. The hops used to brew Beck’s today
which results in a perfectly balanced flavor and a crisp, still come from the Hallertau region, and every bottle
clean refreshing taste. of Beck’s is brewed according to the uncompromising
German Reinheitsgebot (Purity Law).
Corona
Corona is the leading brand in Mexico, the 5th most Leffe
valuable beer brand in the world and the most popular Making the extraordinary just perfect, Leffe is the beer
Mexican beer worldwide. Corona Extra was first brewed that enriches special moments. The flavorful and full
in 1925 at the Cervecería Modelo in Mexico City, Mexico. bodied character of the Leffe family of beers provides a
Ten years after its launch, Corona became the best- recipe for life’s best experiences. Leffe’s unique brewing
selling beer in Mexico, and today continues to stand heritage is now shared and enjoyed by consumers
for Mexican pride around the world. around the world.

Stella Artois Hoegaarden

A worldwide icon of quality and sophistication, A unique, authentic Belgian wheat beer with a brewing
Stella Artois has a rich heritage dating back to 1366 tradition dating to 1445, Hoegaarden is totally different
in Leuven, Belgium. This nearly 650-year legacy of by nature. Hoegaarden has a unique and extremely
sophistication and elegance is reflected in its iconic complex brewing process whereby the beer is first top
chalice and exacting 9-step Pouring Ritual. Stella Artois fermented and then refermented within the bottle,
is still brewed using the finest natural ingredients in the resulting in a distinctive cloudy-white appearance and
time-honored tradition of handcrafted luxury. refreshing taste experience.
 P. 08/09

Local Champions
Bud Light is known for superior drinkability share a spirit of courage, self-confidence Chernigivske is the beer that represents
and refreshing flavor, making it the best- and adventure. Ukrainian national pride, and a spirit of
selling beer in the U.S. and the leader in strength, self-confidence, respect and
the premium light category. Victoria is an ultra-premium lager and true friendship.
one of Mexico’s most popular beers.
Michelob Ultra offers the perfect balance The brand’s fans appreciate its medium Harbin, from the oldest brewery in North
Harbin
between crisp refreshment and a light, body and slight malt sweetness. China, features a unique blend of Chinese
clean profile, to be enjoyed by those who Victoria was produced for the first time “Qingdao Dahua” hop and European
favor an active, healthy lifestyle. in 1865, making Victoria Mexico’s aroma hop varieties, for a nuanced aroma
oldest beer brand. and crisp finish.
Skol is the leading beer in Brazil,
complementing a lifestyle that is sociable, Modelo Especial is a full-flavored pilsner Sedrin, originating in China’s Fujian
Sedrin
innovative and always among friends. beer brewed with premium two-row barley province, is enjoyed by groups of friends
malt for a slightly sweet, well-balanced who share a common bond of excellence.
Brahma was born in Brazil in 1888. The taste with a light hop character and crisp
brand embodies the Brazilian sensibility, finish. Brewed since 1925, it was created Cass the No. 1 beer brand in South Korea,
Cass,
combining a dynamic and industrious to be a “model” beer for all of Mexico and features a crisp and refreshing taste and
spirit with an effortless flair for life. stands for pride and authenticity. is brewed using a 100% non-pasteurized
treatment process.
Antarctica has a reputation for Klinskoye is noted for its clear taste and
unquestionable quality that leads to soft hop bitterness, and holds a leading
great moments in good company. position in the Russian beer market.
Quilmes is the beer for all who enjoy the Sibirskaya Korona (Siberian Crown) has “Our Focus Brands bring
flavor of getting together — in Argentina
and beyond. It is the choice of those who
become a well-known national premium consumers together
brand in Russia, with an image that evokes
value family and friendship; those who like the Russian passion for a rich, satisfying around the world.”
to have fun and share. beer experience.
Jupiler is the most popular beer in
Belgium, and is the favorite of those who
Anheuser-Busch InBev Annual Report 2014 2 STRONG STRATEGIC FOUNDATION

Our Top Markets

Our Zones/Markets Volume All Products Market Share Market Position Number of Trading Names
Full Year (000 hl) December 2014 December 2014 Beverage Plants

Anheuser-Busch InBev,
AB InBev Worldwide 458 801 — — 1536
AB InBev

AB InBev Beer 411 461 — — 1407

AB InBev Non-beer 47 340 — — 13

North America

USA 111 691 46.4% No. 1 15 Anheuser-Busch Companies

Canada 9 459 42.1% No. 1 6 Labatt Breweries of Canada

Mexico

Mexico 38 800 57.8% No. 1 7 Grupo Modelo

Latin America North

Beer: 68.2% Beer: No. 1

Brazil 117 509 30 8 Ambev
Soft Drinks: 18.8% Soft Drinks: No. 2

Latin America South

Beer: 78.1%4 Beer: No. 1

Argentina 23 727 99 Cervecería y Maltería Quilmes
Soft Drinks: 20.8% Soft Drinks: No. 2

Europe

Belgium 4 929 55.7% No. 1 4 InBev Belgium

Germany1 7 945 8.6% No. 2 5 5 Anheuser-Busch InBev Deutschland

UK 2 8 636 16.3% No. 3 3 Anheuser-Busch InBev UK

Asia Pacific

China 71 412 15.9% No. 3 39 Anheuser-Busch InBev China

South Korea 3 10 775 60.4% No. 1 3 Oriental Brewery Company

1. Germany volumes include Switzerland & Austria 4. Includes Corona

2. U.K. volumes include Ireland 5. Market share based on off-trade data
3. OB volumes included for 9 months, as of acquisition on 1 April 2014 6. Does not include JVs
 P. 10/11

“Industry volumes in our

top 4 markets account for
about half the beer
sold around the world.”

Global Brands International Brands Local Brands Our Billion Dollar Brands

Bass, Bud Light, Busch, Michelob,

Budweiser, Stella Artois Beck’s, Hoegaarden, Leffe
Natural light

Alexander Keith’s, Bass, Bud Light,

Budweiser, Corona, Stella Artois Beck’s, Hoegaarden, Leffe
Kokanee, Labatt, Lucky, Lakeport, Oland

Barrilito, Estrella, Leon, Modelo,

Budweiser, Corona, Stella Artois —
Montejo, Pacifico, Tropical, Victoria

Antarctica, Bohemia, Brahma, Skol,

Budweiser, Corona, Stella Artois Beck’s, Hoegaarden, Leffe
Guaraná Antarctica, Pepsi10

Andes, Brahma, Norte, Patagonia,

Budweiser, Corona, Stella Artois —
Quilmes, Pepsi10, 7UP10, H2OH!

Budweiser, Corona, Stella Artois Beck’s, Hoegaarden, Leffe Belle-Vue, Jupiler, Vieux Temps

Diebels, Franziskaner, Haake-Beck,

— Beck’s, Hoegaarden, Leffe
Hasseröder, Löwenbräu, Spaten, Gilde

Bass, Boddingtons, Brahma, Whitbread,

Budweiser, Corona, Stella Artois Beck’s, Hoegaarden, Leffe
Mackeson

Double Deer, Harbin, Jinling, Jinlongquan,

Budweiser, Corona, Stella Artois Beck’s, Hoegaarden, Leffe
KK, Sedrin, Shiliang

Cass, Cass Light, Cafri, The Premier OB,

Budweiser, Corona, Stella Artois Beck’s, Hoegaarden, Leffe
Aleston

7. Includes 17 mixed beer/soft drinks plants 10. Brewed under license or bottles under exclusive bottling agreement
8. Includes 12 mixed beer/soft drinks plants & 5 soft drinks plants
9. Includes 2 mixed beer/soft drinks plants & 4 soft drinks plants
Anheuser-Busch InBev Annual Report 2014 2 STRONG STRATEGIC FOUNDATION

A World of Opportunities
AB InBev brings people together in the world’s largest and Our broad international scope gives us access to the talent and
most profitable beer markets, operating in 25 countries. experience of colleagues across six geographic Zones —
Industry volumes in our top four markets, the U.S., Brazil, North America, Latin America North, Latin America South,
Mexico and China, account for about half the beer sold around Mexico, Europe and Asia Pacific — and the ability to share best
the globe. We have a balanced exposure to developed and practices to deliver on our Dream.
developing markets, offering opportunities for future growth.

North America Mexico Latin America North

Bud Light, Budweiser, Michelob Corona keeps growing in Mexico, Momentum in Latin America North
Ultra, the Ritas and high end brands and Bud Light is coming on strong. continues well after the
showed good volume performance FIFA World CupTM.
in North America.

We saw good volume performances from The Corona brand family, continued Exciting FIFA World Cup™ activations
Bud Light, Budweiser, Michelob Ultra, excellent performance by Bud Light, provided powerful momentum for our
the Rita family and our high end brands. and a new campaign for Victoria helped mainstream and premium brands, not
Furthermore, packaging innovations drive growth in Mexico. Bud Light was only during the event but also afterwards.
like the 25 oz. can and 16 oz. reclosable our fastest growing brand, especially in In Brazil, despite a challenging consumer
aluminum bottles improved our brand mix. the northern part of the country. We also environment, we gained 30 basis points
The highly successful “Up For Whatever” focused on rejuvenating Modelo Especial of beer market share, reaching 68.2%,
campaign positioned Bud Light as The and launched Modelo Amber as a beer to with a volume increase of 4.7% in the year.
Perfect Beer For Whatever Happens — complement food. Victoria benefited from Budweiser was a major growth engine,
highlighted by a star-studded ad during the introduction of 16 oz. cans — marking expanding its position in the international
Super Bowl XLVIII, more than 7.8 million the first time that the brand has been beer market in Brazil. Brahma built on
followers on social media, and a contest available in cans. We invested in the the FIFA World Cup™ with a campaign
that rewarded 1 000 Bud Light fans with remodeling of the Modelorama retail emphasizing the brand’s connection
an unforgettable experience in Colorado. chain, with a major upgrade of 6 000 with the heart and soul of Brazilian
As a result, we believe Bud Light gained franchise stores to make them better football. Among product innovations,
share in the premium light category. showcases for our products. Bringing Brahma 0,0% captured a strong share
Investments in innovation included the more of AB InBev’s portfolio to Mexico’s among non-alcohol beers, while Skol
pilot of Montejo, our authentic imported consumers, we introduced Stella Artois Beats Extreme and the newly launched
Mexican brand, in California, Texas, and Bud Light Lime Lime-A-Rita. Mexico Skol Beats Senses are positioned as great
Arizona and New Mexico. The Rita family has done an outstanding job of realizing complements to nightlife. Elsewhere
expanded with the launch of Mang-O-Rita, synergies from the Grupo Modelo in the Zone, we see opportunities for
Raz-Ber-Rita and Apple-Ahh-Rita and combination and is on track to deliver growth in markets such as the Dominican
the “Fiesta Forever” campaign. 1 billion USD in cost synergies by the Republic, where our portfolio includes
In Canada, Budweiser maintained its end of 2016. Total volumes rose 1.6% beer, rum, malts and soft drinks, and in
No. 1 market share. Budweiser’s high in 2014, and Mexico Zone EBITDA grew Guatemala, where Mexican beers are sold
visibility and ties to Canada’s national 21.3% while normalized EBITDA margin at a premium. EBITDA in Latin America
passion for hockey were embodied in the expanded by 608 basis points to 47.3%, North rose 6.4% in 2014 with normalized
Red Light blimp that flew over a number driven by volume growth and revenue EBITDA margin declining 216 basis points
of cities, promoting hockey games during management initiatives. to 51.0%, as revenue increased 10.9%.
the Olympics. EBITDA in North America
decreased 1.2% in 2014 and normalized
EBITDA margin was 42.4%, on a volume
decrease of 1.3%.
 P. 12/13

“Our global footprint

spans developed
and developing markets.”

Latin America South Europe Asia Pacific

A refreshed Quilmes brand and our Focus Brands hold No. 1 positions Bringing premium brands to China’s
MixxTail innovation were highlights in key European markets. increasingly affluent consumers.
in Latin America South.

Brand-building innovations, revenue Innovation, premiumization and a Focus Brands Budweiser and Harbin
management and cost discipline helped philosophy of investing to “win where showed a solid volume performance in
offset tough macroeconomic conditions it matters” helped our team in Europe China, with another year of double-digit
in key markets in Latin America South. contend with challenging macroeconomic growth for Budweiser in particular. We
We repositioned the Quilmes brand to conditions. The performance of our Focus continue to benefit from the expanding
“Inspire Transforming Encounters” and Brands in Western Europe was consistently buying power and high-end preferences
introduced affordable multipacks, leading positive. Several Focus Brands held the among China’s consumers. At the same
to a positive acceptance among young No. 1 brand preference among adults of time, we are optimizing the efficiency
adults. We continued to see positive legal drinking age to 24 in key European of our facilities and processes. Key
market share performance in Bolivia markets: Jupiler in Belgium, Bud in Russia, marketing efforts at the beginning of
and Chile. Innovations included the and Chernigivske in Ukraine. In the U.K., 2014 included a terrific Chinese New
launch of MixxTail Mojito by Quilmes in Stella Artois is the No. 1 preferred brand Year campaign for Budweiser, as the
Argentina, a key entry in our efforts to in general, while Budweiser holds the Clydesdales visited China to mark the
win share of throat. Returnable bottles No. 3 position. Our 360° FIFA World Cup™ Year of the Horse. To celebrate the start
enhanced our value proposition and activations helped drive momentum in of 2015, the brand launched the “Toast
competitive position in Paraguay (710 ml Europe, particularly the special edition to Dreams” campaign with events in 10
for Brahma, Budweiser and Bud 66) and “Rise as One” bottle for Budweiser sold cities, including on New Year’s Eve. Harbin
Uruguay (1 liter for Pilsen Soul). Corona in the U.K., France, Russia and Ukraine. benefited from our FIFA World Cup™
has now been added to our premium Innovations included 75 cl. bottles for Bud activations. Corona joined our portfolio
portfolio in Argentina, while Budweiser in Russia and Ukraine, and Jupiler “cold in China in 2014 and will be an excellent
and Löwenbräu were launched in Peru. grip” ribbed cans in Belgium. Cubanisto, addition to our premium brand offering.
Revenue increased 17.9% and EBITDA a premium rum flavored beer, was We reinforced our presence in China
increased 17.1%, while normalized EBITDA launched in the U.K., France and Belgium. by expanding our brewery footprint.
margin decreased 30 basis points on an Stella Artois Cidre Raspberry made its Elsewhere in Asia Pacific, we are excited
organic basis, to 45.6%. debut in the U.K., and Hoegaarden adopted by the opportunities presented by
a fresh, new brand identity. Bud NA was our reacquisition of Oriental Brewery
launched in Russia during the FIFA World in South Korea in early 2014 and the
Cup™ to serve the market for non-alcohol expected opening of our first brewery
beer. EBITDA in Europe increased 1.5% in Vietnam in 2015. Revenue rose 11.8%
and normalized EBITDA margin added 39 in Asia Pacific, with a 28.5% growth in
basis points to 27.6%, while revenue was EBITDA and 244 basis point expansion of
essentially flat in the Zone. normalized EBITDA margin to 21.2%.
Anheuser-Busch InBev Annual Report 2014 2 STRONG
OUR STRATEGIC
STRATEGIC
PLATFORM
FOUNDATION
FOR GROWTH

Our Global Brands:

Budweiser
Around the world, people come together to Budweiser’s authentic American values give
enjoy the perfectly balanced taste experience the brand a strong appeal in diverse markets
that is embodied by Budweiser, the brand that around the world. It is the No. 1 premium
represents the American Dream, optimism beer in China, following five straight years of
and celebration. Originally brewed to be the double-digit volume growth, appealing to the
first truly national beer brand in the U.S., growing segment of consumers who desire
today the appeal of Budweiser resonates in premium beers.
more than 80 countries. Globally, Budweiser’s
volume grew 5.9% in 2014 and consumption The brand’s strength was symbolized by an
outside the U.S. provided more than 60% amazing 2014 Chinese New Year promotion,
of volume, with especially robust growth in in which a team of Clydesdales traveled to
China, Brazil and the U.K. China to celebrate the Year of the Horse with
a welcoming ceremony at the Great Wall, a
Budweiser’s position as a true global five-city tour, commemorative aluminum
beer brand was clearly symbolized by our bottles, and thousands of brand-themed
sponsorship of the 2014 FIFA World CupTM dinner events. As part of the Chinese New
in Brazil. Our special limited edition “Rise as Year campaign in 2015, we held Toast to
One” gold aluminum bottles were available Dreams events in 10 cities across China. A
in more than 40 countries, and we estimate giant Budweiser dream balloon, 21m high
that we reached 34 billion impressions among and 18m wide, was released into the sky
football fans for Budweiser leading up to and with thousands of Budweiser dream lanterns
during the tournament. The momentum gained at one New Year’s countdown event in
as a result of our sponsorship has continued Haixinsha, Guangzhou.
well after the final matches were played —
Budweiser became the No. 1 premium brand Around the world, Budweiser is entering new
in the Ambev portfolio in 2014. markets and expanding its leadership role as a
premium global brand in others. We launched
Budweiser in Peru, with a popular returnable
bottle, bringing the brand to market in record
Digital activations like
our popular “Puppy Love”
time ahead of the FIFA World Cup™. Sales of
Super Bowl ad campaign Budweiser in the U.K. rose by double-digits in
help connect with record 2014. And Budweiser is strongly positioned as
numbers of consumers. the No. 1 brand in Canada.

Our aluminum bottle was extended to

Fans of Budweiser feel a strong emotional Budweiser. This innovation not only provides
attachment to the brand, so they responded a better consumer experience (colder beer,
enthusiastically to the “Puppy Love” ad that reclosable twist-off cap), but the visually
ran during Super Bowl XLVIII. The ad shows a distinctive packaging — a deep, rich red
pair of unlikely friends — a Golden Lab puppy color — is also attracting the attention of a
and one of our iconic Clydesdales — who prove new generation of Budweiser enthusiasts.
to be inseparable. Reflecting our aggressive
digital activations, the ad set many viewership
records, including most “viral” Super Bowl
commercial ever, most popular video over a
36-hour period, most liked Facebook post
for a brand, and more than 60 million views
on YouTube.
 P. 015/015
P. 14/15

“Successful FIFA World Cup

TM

activation made Budweiser

a world champion brand.”
Anheuser-Busch InBev Annual Report 2014 2 STRONG STRATEGIC FOUNDATION
 P. 16/17

“Corona brings its ‘Find Your Beach’

spirit to consumers around the world.”

Our Global Brands:

CoronaCorona Extra was first brewed in 1925 at

the Cervecería Modelo in Mexico City. Ten
Protecting our beaches is the mission
of Corona SunRise–Save the Beach, an
years later, Corona became the best-selling important component of the brand’s global
beer in Mexico. Today, Corona is known and platform. Corona has partnered with a
enjoyed around the world for its “Find Your leading environmental NGO, Blue Flag, to
Beach” spirit. Known for its connection with rally communities to advocacy and action,
the beach as an exotic place to relax, the encouraging the adoption and restoration of
iconic bottle and the lime ritual, the brand local beaches around the world, to preserve
is exported to over 100 countries. Corona their pristine nature for future generations.
ranks No. 5 in the 2014 BrandZ™ Report of
the world’s most valuable beer brands and Extending the Corona beachhead to new
occupies the No. 1 spot for Latin America. In markets, we have introduced the brand in
2014, worldwide volume of Corona rose 5.8%, Brazil, and welcomed it back into our portfolio
excluding the U.S., with continued strong in Argentina, Canada and China in 2014.
growth in Mexico and rising volume in an Corona continues to be a strong favorite
ever-widening range of markets. in Australia, Chile and Western Europe.
Going forward, we see further opportunities
In Mexico, the FIFA World CupTM provided an to expand the reach of Corona globally,
opportunity for the biggest promotional event particularly in the Asia Pacific region and
in Corona’s history, as 1 000 Mexican fans won Latin America.
trips to Brazil for the tournament by choosing
specially coded bottles. In Mexico, football is
one of Corona’s signature platforms and a key
means of connecting with consumers, along Corona established beach-
with summer activities and music. heads in new markets, such as
Brazil, and rejoined the port-
The Corona Capital music festival, a summer- folio in Argentina, Canada and
China in 2014.
time tradition in Mexico City, attracted close
to 170 000 fans of music and Corona to hear
performances by Weezer, Conor Oberst, The
Ghost of a Saber Tooth Tiger, and other acts.
The Corona brand’s strong connection with
Corona SunSets is an exciting series of consumers has been created almost entirely
worldwide beach music festivals showcasing through experiential campaigns, based on
Corona’s unique ability to connect consumers a shared affinity for the beach, music and
with the “sound of the beach”. Featuring sports. This approach is documented in a
the electronic dance music favored by the comprehensive brand “toolkit” developed by
millennial generation, Corona SunSets the Corona team. As we extend the Corona
combined great sounds with the drama of brand around the world, this toolkit offers a
a setting sun on some of the world’s most step-by-step guide to effectively building the
famous beaches. Festival locations in 2014 brand in new markets. We are also learning
included Playa del Carmen and Acapulco from the Corona experience to create similar
(Mexico), Toronto Islands (Canada), Ibiza toolkits for our other brands, to enhance their
(Spain), and Weston-Super-Mare (U.K.). success and growth potential.
Anheuser-Busch InBev Annual Report 2014 2 STRONG
OUR STRATEGIC
STRATEGIC
PLATFORM
FOUNDATION
FOR GROWTH

Stella Artois is so sophisticated and distinctive, when special gifts — a piano, a video camera
that it has its own Pouring Ritual and iconic and more — were bestowed upon the lucky
serving chalice. Synonym for Belgian recipients. Promoted via the hashtag
brewing tradition, quality and heritage, it #givebeautifully, the series was filmed in
is savored in 95 countries as a complement Argentina, the U.K. and the U.S., and was
to elegant events and fine dining. Volume enjoyed online via YouTube by consumers
increased 2.5% in 2014, with especially across the globe.
strong performances in Brazil, Canada and
the U.S. The brand is ranked No. 4 in the 2014 Pairing our tradition of excellence with
BrandZ™ Report of the world’s most valuable the digital lifestyles of millennial consumers,
beer brands. Stella Artois became the first beer brand
to advertise on Instagram. Images of
The spirit of perfection embodied in the Stella Artois were shown in festive settings
Stella Artois experience was highlighted alongside various delicacies, as part of our
during the past year with an ad campaign overall “Give Beautifully” campaign.
celebrating the World’s Greatest Events.
Focusing on such unique events as the Festival Stella Artois Cidre Raspberry was launched in
de Cannes, Wimbledon, The Open Championship the U.K., furthering our efforts to gain share
and Abierto Argentino de Polo, the campaign of consumption in new categories. We entered
streamed live stories about heroic figures who the cider category in 2011 with the introduction
stop at nothing to achieve perfection in their of Stella Artois Cidre. Since then, we have
chosen endeavors. expanded the Stella Artois Cidre family
to three flavors: apple, pear and raspberry.
A video starring Rufus, the iconic Wimbledon
hawk, was a popular part of the Stella Artois
“perfectionist” campaign. The video,
highlighting Rufus’ vigilance in protecting Stella Artois Cidre Raspberry is
the Wimbledon grounds, was a great example a new addition to our popular
of our digital strategy and received almost cider category.

2 million views on YouTube, with over half

of those through organic traffic. The Rufus
video even made it into the YouTube Ads
Leaderboard, ranking No. 7 as the most Our expansion into Mexico has provided an
viewed ad on the platform in June 2014. opportunity to introduce Stella Artois to a
new market, and we have high hopes for the
Stella Artois was originally created for the growth potential of the brand in Mexico’s
holidays, and our holiday ad campaign is super-premium segment.
a joyous tradition. This season, the “Give
Beautifully” campaign celebrated actual
examples of gift-giving, with a series of
short films marking the emotional moment

Our Global Brands:

Stella Artois
“Stella Artois continues
to embody the
spirit of perfection.”
P. 18/19

© 2014 Getty Images

Anheuser-Busch InBev Annual Report 2014 3 GROWTH DRIVEN PLATFORMS

“Understanding when
and why consumers
get together is a recipe
for growth.”
 P. 20/21 Anheuser-Busch InBev Annual Report 2014 3 GROWTH DRIVEN PLATFORMS

Growth
People get together in different ways, at different Getting together to share good times — the globe, we aim to connect with millennials and Los Angeles, and featured artists
times, and for different reasons. To share special to relax and unwind, strengthen existing specifically through unique experiences that like Kanye West, Imagine Dragons, Kings
experiences. To enjoy the pleasures of a great meal. friendships, or make new ones — has always only our brands can offer, building on our of Leon, and Iggy Azalea. The 2014
To cheer on their team or listen to their favorite band. To been an important part of beer’s universal music platforms, sports partnerships and edition of Made in America was attended
unwind after a long day. To open their home to friends appeal. We want Budweiser, as well as local brand ambassador programs. by almost 175 000 people in person;

Driven
and family. champions such as Bud Light, Brahma, another 700 000 listened to live streamed
Harbin, Quilmes, Skol and Jupiler, to be there In the U.S., the Budweiser Made in America concerts and 44 million consumers
We believe our growth depends on understanding whenever friends get together. Whether they Music Festival, co-founded with Jay Z, followed the festival on social media.
what brings people together — and how we can make do so to listen to music, watch a game or just is a high profile annual event. Music
their occasions even better. To do that, we increasingly share a great night out, our brands help to parties in 30 cities lead up to the main

Platforms
seek relevant insights into the population of potential make sure they have a good time. Around festival, which was held in Philadelphia
consumers, the preferences of those most likely to
favor our brands, the reasons why they get together,
and the experiences they value.

Based on these insights, we have created a framework

of Growth Driven Platforms, or GDPs, which represent
the major occasions for purchasing and consuming
our products. We are aligning our marketing, sales,
product development and other brand-building
activities with the GDPs to ensure that we provide
quality products — and brew good times and great
experiences — for all the ways people get together.
 P. 20/21 Anheuser-Busch InBev Annual Report 2014 3 GROWTH DRIVEN PLATFORMS

Growth
People get together in different ways, at different Getting together to share good times — the globe, we aim to connect with millennials and Los Angeles, and featured artists
times, and for different reasons. To share special to relax and unwind, strengthen existing specifically through unique experiences that like Kanye West, Imagine Dragons, Kings
experiences. To enjoy the pleasures of a great meal. friendships, or make new ones — has always only our brands can offer, building on our of Leon, and Iggy Azalea. The 2014
To cheer on their team or listen to their favorite band. To been an important part of beer’s universal music platforms, sports partnerships and edition of Made in America was attended
unwind after a long day. To open their home to friends appeal. We want Budweiser, as well as local brand ambassador programs. by almost 175 000 people in person;

Driven
and family. champions such as Bud Light, Brahma, another 700 000 listened to live streamed
Harbin, Quilmes, Skol and Jupiler, to be there In the U.S., the Budweiser Made in America concerts and 44 million consumers
We believe our growth depends on understanding whenever friends get together. Whether they Music Festival, co-founded with Jay Z, followed the festival on social media.
what brings people together — and how we can make do so to listen to music, watch a game or just is a high profile annual event. Music
their occasions even better. To do that, we increasingly share a great night out, our brands help to parties in 30 cities lead up to the main

Platforms
seek relevant insights into the population of potential make sure they have a good time. Around festival, which was held in Philadelphia
consumers, the preferences of those most likely to
favor our brands, the reasons why they get together,
and the experiences they value.

Based on these insights, we have created a framework

of Growth Driven Platforms, or GDPs, which represent
the major occasions for purchasing and consuming
our products. We are aligning our marketing, sales,
product development and other brand-building
activities with the GDPs to ensure that we provide
quality products — and brew good times and great
experiences — for all the ways people get together.
 P. 22/23 Anheuser-Busch InBev Annual Report 2014 3 GROWTH DRIVEN PLATFORMS

Relaxation
& Bonding Food & Savor
Food has become a passion point for our
consumers, especially among millennials —
just think of all those foodie Instagrams. Cuisine
is the new Rock ‘n’ Roll and chefs are today’s
rock stars. In parallel, there is a renewed interest
in beer as the perfect complement for food.
Often, the right accompaniment for a great dish
is not a glass of wine — but a distinctive and
sophisticated beer or cider. That’s why we focus
on offering a selection of savory and superior
quality brews that enhance the flavor of food-
based occasions, from an informal meal at home
to fine dining.

Through our local and international premium

brands, as well as our new craft portfolio in
the U.S., we are uniquely positioned to help
make meals more special. Food-friendly brands
such as our Belgian trio — Stella Artois, Leffe
and Hoegaarden — are being joined by newer
offerings that are all about discovery and flavor,
including Alexander Keith’s, Goose Island and
Shock Top.

We are committed to crafting the best beer

experience possible. That’s why we have
been carefully expanding our portfolio to
include more craft beers, so we can deliver
the artisanal qualities favored by many
beer enthusiasts. In the past year, we added
10 Barrel Brewing Co. of Bend, Oregon, and
Electronic dance music (EDM) is taking Crested Butte, Colorado, as the location their bags, the guests were treated to three
Blue Point Brewing Company of Long Island,
the world by storm — and the Budweiser for Whatever, USA on September 5–7 days and two nights of #UpForWhatever
NY, keeping the passionate brewmasters
Storm Electronic Music Festival is China’s to create the ultimate #UpForWhatever activities, epic adventures and 17 musical
and techniques that make these craft brewers
answer to that trend. The 2014 version of weekend of spontaneous fun. Bud Light acts. 28 Crested Butte bars, restaurants
so unique. Using the same approach we took
the Festival was described as the, “biggest is famous for taking over cruise ships, and stores were open throughout the
with Goose Island Brewers, we will strictly
EDM party China has ever seen.” It opened branding hotels and providing consumers weekend.
maintain their recipes and brewing processes,
with a major launch party in Shanghai. who are #UpForWhatever with once-
while allowing more consumers to enjoy these
Musicians and aspiring DJs across China in-a-lifetime experiences, and this was In Belgium, the Jupiler House of the Bull
exceptional beers.
were encouraged to compete for spots in The Perfect Beer for Whatever Happens’ set the summer festival scene on fire.
the Festival lineup. During the campaign biggest adventure yet. Crested Butte was In between concerts of both famous
The Best of Belgium on Tumblr offers food
period, Budweiser organized over 500 transformed into Whatever, USA, a town and up & coming bands, Jupiler treated
pairings and suggestions for our premium
Made for Music EDM parties nationwide, full of unique and unexpected experiences its fans to parties with top DJs. In total,
Belgian beers: Stella Artois, Hoegaarden
enabling millions of Chinese consumers for the 1 000 Bud Light fans selected Jupiler activated more than 30 festivals
and Leffe. Foodies can learn, for example,
to experience the music and our brand. to attend the event out of some 204 000 throughout the summer, including several
that Stella Artois marries well with intensely
who had created video submissions on of the nation’s top seasonal events, which
After an exhaustive search that [Link]. With just makes Jupiler the No. 1 beer brand of the
crisscrossed the U.S., Bud Light chose 48 hours’ notice to grab a friend and pack Belgian festival scene.
 As the official beer of the FIFA World Cup™ Trophy,
2014 FIFA World Cup™, was available in over
Budweiser was a major 40 countries. In
presence wherever people New York City’s Times
came together to enjoy Square, famed for its neon
the matches. Unique signs, Budweiser lit up the
packaging, a limited edition night to inspire fans to get
gold aluminum bottle ready for the matches.
emblazoned with the

“The 2014 FIFA World CupTM

was a great showcase
for our brands.”

Rise as One:
Bringing People
Together through the
FIFA World Cup™
On Rio de Janeiro’s programs spanned
famous the worlds of sports
Copacabana Beach, and entertainment,
the Budweiser Hotel including an epic
No event of the past year brought people from every nation Budweiser created to vote for the was a premier concert lineup,
special “Rise as One” Man of the Match,
Match, destination to rooftop pool parties
together more than the 2014 FIFA World Cup™. Nearly 3.5 million broadcast and digital presented by get together and appearances by
people attended the matches in person. An estimated 1 billion content through Budweiser, or to for exclusive World Cup legends
followed their favorite teams via FIFA’s Global Stadium social, strategic media receive tweets World Cup related and celebrities.
partnerships. Social from World Cup events. Special
online and mobile hub. Billions are estimated to have taken part media kept fans in related happenings
in the event through TV and digital media. touch with the action, such as concerts.
encouraging them

What better way to celebrate the global appeal of football, and

enrich the world’s enjoyment of the World Cup, than with a great
beer! In that spirit, Budweiser was proud to be the official beer
of the tournament — asking billions of fans to “Rise as One”
and show their love for the game. For us, the World Cup was an
incredible opportunity to bring people together with their favorite
teams, with a sport they are passionate about, and with our
brands around the globe.
 The FIFA World Cup™ was a tremendous showcase for
Budweiser, as well as other brands in our portfolio that served
as local sponsors in selected markets, such as Brahma (Brazil),
Harbin (China), Corona (Mexico), Quilmes (Argentina), Jupiler
Harbin’s campaign in
China included a special
(Belgium and the Netherlands), Siberian Crown (Russia), Cass
TV commercial made (Korea), Hasseröder (Germany) and Beck’s (Italy), among
exclusively for Hei Long others. We supported our selected brands with impressive
Jiang province, the
hometown of Harbin 360° activations in our markets. Millions of fans took part in
Bud Light sponsored in Las Vegas. beer, along with special programs sponsored by our brands, either by attending events
a series of World Cup These highly edition cans and bottles.
viewing parties at popular events The first day of the
in bars and other public places, participating in contests, or
hundreds of bars contributed to the matches was celebrated following our campaigns on social media.
and other on-premise largest viewership as “Blue Day” in honor
locations across rating ever for a of the brand’s signature
the U.S., including FIFA World Cup™ package color.
We especially want to thank all AB InBev colleagues and
the Ultimate tournament in business partners, who came together in unprecedented
FIFA World Cup™ the U.S. numbers to make our participation in the World Cup a success.
Viewing Party
From the associates who worked with vendors in Brazilian
stadiums to ensure a refreshing fan experience, to those who
planned and executed our campaigns around the globe, the
AB InBev team proved themselves to be world champions.

Corona brought fans

together with the
FIFA World Cup™ in
a big way, through a
promotion in which
1 000 Mexican
consumers won a
free trip to Brazil.
The soundtrack
accompanying Quilmes created a mobile in local bars and other
Corona’s World Cup bar, known as Bar Movil events. We installed 3 000
TV ads also became Quilmes, especially to quench new, wifi-enabled TVs in
the theme song for the thirst of Argentine bars in Bolivia to make the
Mexico’s national team. fans visiting Brazil. Back experience of watching a
in Argentina, consumers match with friends even
enjoyed limited edition cans, more enjoyable.
fan fests and celebrations

Jupiler made a TV campaign as well as the

commercial starring the “Best of Belgium” trophy; in
Belgian National Football the European Sponsorship
Team and distributed Association’s Excellence
800 000 specially designed Awards the campaign won
supporter flags — a bronze. The Red Devil World
promotion so unique that it Cup TV commercial was the
was dubbed “flagvertising” 4th most viewed YouTube
by local media. The Belgian video in Belgium in 2014.
Sponsorship Association This was just one of the
awarded Jupiler the many AB InBev campaigns
Brahma paid tribute Along with Rio de Janeiro’s
first prize in the “Best in Europe, which promoted
to Brazil’s passion for Maracanã stadium,
Sponsoring Activation” seven different brands in
football with a limited which hosted its first
for the “We Are Ready” eight countries.
edition beer, Brahma FIFA World Cup™ match
Seleção Especial, made in 64 years, Granja
with barley sown on Comary is an iconic
the field of the Granja symbol of football
Comary training center. in Brazil.
 P. 22/23 Anheuser-Busch InBev Annual Report 2014 3 GROWTH DRIVEN PLATFORMS

Relaxation
& Bonding Food & Savor
Food has become a passion point for our
consumers, especially among millennials —
just think of all those foodie Instagrams. Cuisine
is the new Rock ‘n’ Roll and chefs are today’s
rock stars. In parallel, there is a renewed interest
in beer as the perfect complement for food.
Often, the right accompaniment for a great dish
is not a glass of wine — but a distinctive and
sophisticated beer or cider. That’s why we focus
on offering a selection of savory and superior
quality brews that enhance the flavor of food-
based occasions, from an informal meal at home
to fine dining.

Through our local and international premium

brands, as well as our new craft portfolio in
the U.S., we are uniquely positioned to help
make meals more special. Food-friendly brands
such as our Belgian trio — Stella Artois, Leffe
and Hoegaarden — are being joined by newer
offerings that are all about discovery and flavor,
including Alexander Keith’s, Goose Island and
Shock Top.

We are committed to crafting the best beer

experience possible. That’s why we have
been carefully expanding our portfolio to
include more craft beers, so we can deliver
the artisanal qualities favored by many
beer enthusiasts. In the past year, we added
10 Barrel Brewing Co. of Bend, Oregon, and
Electronic dance music (EDM) is taking Crested Butte, Colorado, as the location their bags, the guests were treated to three
Blue Point Brewing Company of Long Island,
the world by storm — and the Budweiser for Whatever, USA on September 5–7 days and two nights of #UpForWhatever
NY, keeping the passionate brewmasters
Storm Electronic Music Festival is China’s to create the ultimate #UpForWhatever activities, epic adventures and 17 musical
and techniques that make these craft brewers
answer to that trend. The 2014 version of weekend of spontaneous fun. Bud Light acts. 28 Crested Butte bars, restaurants
so unique. Using the same approach we took
the Festival was described as the, “biggest is famous for taking over cruise ships, and stores were open throughout the
with Goose Island Brewers, we will strictly
EDM party China has ever seen.” It opened branding hotels and providing consumers weekend.
maintain their recipes and brewing processes,
with a major launch party in Shanghai. who are #UpForWhatever with once-
while allowing more consumers to enjoy these
Musicians and aspiring DJs across China in-a-lifetime experiences, and this was In Belgium, the Jupiler House of the Bull
exceptional beers.
were encouraged to compete for spots in The Perfect Beer for Whatever Happens’ set the summer festival scene on fire.
the Festival lineup. During the campaign biggest adventure yet. Crested Butte was In between concerts of both famous
The Best of Belgium on Tumblr offers food
period, Budweiser organized over 500 transformed into Whatever, USA, a town and up & coming bands, Jupiler treated
pairings and suggestions for our premium
Made for Music EDM parties nationwide, full of unique and unexpected experiences its fans to parties with top DJs. In total,
Belgian beers: Stella Artois, Hoegaarden
enabling millions of Chinese consumers for the 1 000 Bud Light fans selected Jupiler activated more than 30 festivals
and Leffe. Foodies can learn, for example,
to experience the music and our brand. to attend the event out of some 204 000 throughout the summer, including several
that Stella Artois marries well with intensely
who had created video submissions on of the nation’s top seasonal events, which
After an exhaustive search that [Link]. With just makes Jupiler the No. 1 beer brand of the
crisscrossed the U.S., Bud Light chose 48 hours’ notice to grab a friend and pack Belgian festival scene.
 P. 28/29

flavored Thai, Asian and Indian dishes, but also Stella Artois is sponsoring a full menu of
that the brand’s bitterness and light body cut activations in partnership with Food & Wine
through cream sauces and semi-soft cheeses. magazine in the U.S. Special lifestyle events
The refreshing flavor of Hoegaarden, which that celebrate the pairing of the brand with
comes in part from real Curaçao orange peel food include the Food & Wine Classic in Aspen,
and a hint of coriander, is a good match for and premier programs at the Beaver Creek
white-fleshed fish, as well as classic Belgian- Resort, Pebble Beach Resorts and in Los Angeles’
inspired mussels with shoestring fries and most food-conscious neighborhoods. The
salads. Leffe Blonde, which is dry, fruity and events feature demonstrations by famous
lightly spiced, pairs well with both meat chefs, tastings and parties and attract
dishes and chocolate desserts. audiences with an appreciation for life’s finer
tastes — including Stella Artois.

In Paris and Brussels, food trucks sponsored Launched in the U.K. in 2014, Stella Artois
by Leffe help to highlight how well the taste of Cidre Raspberry is the latest addition to our
Leffe pairs with fine cheeses and other snacks. family of premium crafted ciders. Giving
Leffe has also redesigned its packaging to consumers an expanded range of beverage
showcase recipes right on the cartons, and choices was the inspiration behind the
the brand has created content to stimulate creation of Stella Artois Cidre several years
conversations about food on many social ago, and the brand has been adding new
media platforms. flavors and winning new friends ever since.

Stating that “beer is the new wine,” our In Mexico, Negra Modelo has long been
U.K. team is working to encourage more known as “the cream of beers.” With its dark
consumers to discover the possibilities amber color, topped by thick, creamy foam,
of beer as an accompaniment to a variety of Negra Modelo offers a balanced flavor and
cuisines. We have partnered with a Michelin- a delicate aroma of dark malt, caramel and
starred chef, Kevin Love, to award and hops. Already the top-selling dark beer in
acknowledge pubs and restaurants that serve Mexico, Negra Modelo is also being promoted
the best gourmet bar food that pairs well by our team as a perfect complement to food.
with beers like Leffe.
Anheuser-Busch InBev Annual Report 2014 3 GROWTH DRIVEN PLATFORMS

At the end of a long day, people want to Sundown signals the end of the work Brazil introduced Skol Beats Senses
get together with friends and break out day — and the start of good times. in late 2014. Mysterious and full of
of the routine; they feel the desire to treat We are sponsoring Corona SunSets attitude, it was specially developed for
themselves and have a little fun. We are festivals at famous beaches around the those seeking new experiences in the
helping to set the right tone with refreshing- world to remind consumers to think of night universe. Easy, smooth and with
tasting products that are key ingredients Corona when they want to get their own a refreshing taste, Skol Beats Senses is
in our consumers’ social plans. Budweiser, celebrations started. Corona SunSets a unique beer-based beverage that is
Corona, Stella Artois and Bud Light are festivals celebrate the beach lifestyle with intended to be consumed over ice, making
among the brands that are well suited to this concerts, illuminated by the setting sun, this innovation even more exceptional
shifting moment, as are innovations such and offer an opportunity for rising DJs to and versatile. Its distinctive bottle is
as the Rita family, Stella Artois Cidre and create their own “Sounds of the Beach”. shaped like the letter “S” and sports
Johnny Appleseed, which can be served over Festival locations in 2014 included Playa a dazzling blue color — which was the
ice, mix well, or have a sweeter taste profile. del Carmen and Acapulco (Mexico), inspiration for a distinctive launch ad set
Toronto Islands (Canada), Ibiza (Spain), in an underwater nightclub.
and Weston-Super-Mare (U.K.).
 P. 30/31

Quilmes launched MixxTail Mojito, a new commercial spot, a man hands out Ritas at a
product for consumers who want to add garden party, in the office, around the pool,
a refreshing-tasting, new alternative to and even to a couple watching TV at home, all
the mix. MixxTail is ready-to-drink and while singing along with the Lionel Richie tune
also perfect for mixing. Argentina was the “All Night Long.” The campaign signals that
first market to introduce the new brand. you can always start your own fiesta — just
In a differentiated strategy, the sales and add the Ritas.
marketing team positioned the new product
away from the traditional beer shelves in Budweiser Brewmaster Reserve was launched
stores and supermarkets, and in closer in China during the past year as a unique
proximity to aperitifs. MixxTail has been selection for nightlife occasions and to stake
highly successful since its launch, and other out a strong position in the super-premium
brands around the globe may adopt variants segment. Our brewmaster created a special
of this popular concept. dark amber liquid, and Brewmaster Reserve
is sold in numbered bottles capped with a
“Fiesta Forever” is the theme of a popular distinctive champagne-style cork to highlight
campaign for our Ritas family. In the its celebratory nature.

Breaking
the Routine
Anheuser-Busch InBev Annual Report 2014 3 GROWTH DRIVEN PLATFORMS

Serving Up a
Great Night Out

We have intensified our efforts to scale events also feature a cozy fire pit, live expand the brand family to satisfy beer
up our brands’ presence in bars, clubs, music, and offer the opportunity to make lovers’ thirst for variety.
restaurants and other outside venues. a donation to the local food bank.
We are launching new products just for Some 8 000 bars and restaurants in the
those special occasions and to build strong Budweiser Brew House, now open in U.S. have interactive beer tap handles
connections with our brands. At the same Ballpark Village in St. Louis, Missouri, is for Bud Light and Budweiser, which
time, we are ramping up the collaboration the ideal place to enjoy a Cardinals game flash lights and display messages when
between our brand and sales teams and or other events while sampling beer from the local team scores. As a top sports
with our customers to bring a new dynamic one of 200 taps. sponsor, we saw an opportunity to
to the on-trade. deliver a unique experience for fans, and
Pretzels and beer are a favorite partnered with Sprint and Mesh Systems
Consumers can start the weekend on combination, so why not create a to create the handles. Using wireless and
the right note on Fire Pit Fridays, held special beer that captures that taste cloud technology, the handles connect
weekly at the Biergarten adjacent to experience? We did just that during the thousands of on-premise locations to
our Fort Collins, Colorado brewery. The past year, with the launch of limited the on-field action at stadiums across
Biergarten, just opened in late 2014, edition Shock Top Twisted Pretzel Wheat. the country. Eventually, we will broaden
provides an opportunity for guests of Shock Top has been one of our most the program to more locations and a
legal drinking age to sample our products successful brand introductions, and this wider range of sports.
and learn about the craft of beer from is a great example of how we continue to
our ambassadors and brewers. The Friday
 P. 32/33

To enhance the out-of-home experience

for consumers in Brazil, we developed a
concept known as “Nosso Bar” (Portuguese
for “Our Bar”). This is essentially an
attractive model bar with improved facilities
and amenities, designed to inspire bar
owners to offer an upgraded environment
that is conducive to the enjoyment of our
brands. We have franchised the model to
selected bar owners and now have more
than 1 000 Nosso Bar locations.

Cubanisto is another flavored beer designed

to be enjoyed on “big nights out”. Introduced
in the U.K., France and Belgium, Cubanisto
is a rum flavored premium beer with a fresh
taste of citrus, orange zest, lime and an aroma
of caramelized cane sugar. Special events at
bars and secret consumer experiences that
can only be unlocked through social media
support the spirit of Cubanisto.
Anheuser-Busch InBev Annual Report 2014 3 GROWTH DRIVEN PLATFORMS

Opening up your home to friends and family, Each crate included branded pilsner consumers to experiment and create their
whether to enjoy a game, celebrate holidays glasses and an 18-pack of Budweiser own Mix-A-Rita combinations.
or special events, or just get together bottles featuring classic labels from
informally, is the ultimate in hospitality. We 1918 (the last Budweiser label before To increase the enjoyment of beer at
are launching new products and packaging Prohibition), 1933 (first Budweiser label home, several of our brands are available
to serve the needs of consumers who want after Prohibition), and 1976 (marking on the Draftmark Tap System. Draftmark
to come home to a great experience. To help the brand’s 100th anniversary). We also is a high-end, affordable home system
drive purchases of our brands for in-home encouraged consumers to share their currently sold in 12 U.S. states, which allows
consumption, we are creating innovative Budweiser images with the hashtag beer enthusiasts to get a great draught
multipacks, eye-catching displays #HolidayBuds. beer right from the refrigerator. The variety
and better coolers for the retail channel. of draught beers currently includes
A new Mix-A-Rita 18-pack was introduced Budweiser, Shock Top Belgian White,
Making the holiday season more festive, in 2014 to encourage consumers to bring Goose Island India Pale Ale, Goose Island
we created Budweiser limited edition home the distinctively refreshing taste Honker’s Ale and Michelob AmberBock,
holiday crates for the U.S. market. of our Rita family. The convenient mixed with more brands and markets to be
The handmade wooden crates were exact pack features four popular flavors: introduced over time.
replicas of the ones stacked atop the Bud Light Lime Lime-A-Rita, Straw-Ber-Rita,
famous Budweiser Clydesdale hitch. Raz-Ber-Rita and Mang-O-Rita to enable
 P. 34/35

Jupiler Cold Grip Ribbed Cans, introduced Our innovative aluminum bottle is perfect
in Belgium during the past year, have been for enjoying a really cold beer at home.
popular with consumers and retailers. The Now available with Bud Light, Budweiser,
cans mimic the feel of a ribbed beer glass, to Shock Top and other brands, aluminum bottles
bring home the sensation of enjoying a cold get colder faster and stay colder longer,
beer in your favorite bar. while also featuring reclosable twist‑off
caps. And the festive, brightly colored
In Germany, we introduced the Beck’s Cool packaging livens up any in-home celebration.
Pack specifically for people celebrating
together at home. This convenient 8-pack of
33 cl bottles is helping to draw the attention
of consumers to the Beck’s brand and is
helping to grow volume.

Bringing
Home the Best
Anheuser-Busch InBev Annual Report 2014 4 DREAM-PEOPLE-CULTURE

“Delivering on our Dream

takes talented and
motivated people, inspired
by a culture of ownership.”
 P. 36/37

Since the combination of Interbrew and Ambev a

decade ago, our accomplishments have been built on
a solid platform we call Dream-People-Culture. This
has been a unique strength of the company and will
continue to guide our performance and progress for
the future. The essence of our culture is embodied

Dream
in 10 Guiding Principles, which allow us to perform
consistently and to work together toward one shared
Dream around the world.

People
Culture
Anheuser-Busch InBev Annual Report 2014 4 DREAM-PEOPLE-CULTURE

Our Dream
1
Our shared Dream
energizes everyone to work
in the same direction to be
the Best Beer Company
Bringing People Together
For a Better World.

For us, everything begins with our shared

Dream. Our Dream has evolved with the
realization that Bringing People Together
is central to who we are and what we do.
We are inspired by our Dream to build one
of the leading global consumer goods
companies, and to improve the world
around us by promoting responsible
drinking, environmental stewardship
and involvement in our communities.

“Our 10 Guiding Principles

lead the way to one
shared Dream around the world.”
 P. 38/39

2
Our greatest strength is
our people. Great people
3
We recruit, develop and
retain people who can be
grow at the pace of their better than ourselves.
talent and are rewarded We will be judged by the
accordingly. quality of our teams.

Our People
Every day, AB InBev’s people work to In 2014, we hired 147 trainees from in all Zones to identify those with high
transform our Dream into reality. Our 19 countries, from a pool of more than affinity for and potential in marketing.
155 000 colleagues around the world 94 500 candidates — the largest GMT
represent our most valuable asset class to date. Owners Program — Taking ownership is an
and sustainable competitive advantage. important part of our DNA, so our Owners
It is because of our people — and their MBA Program — Our global MBA program Program recognizes the contributions
talent, engagement, drive and sense draws qualified candidates from such top of AB InBev colleagues who live our
of purpose — that we have been able business schools as Harvard, Stanford, 10 Principles and act as owners. Team
to deliver on our commitments to our Chicago-Booth, MIT Sloan, Columbia, members can nominate a colleague and
consumers, shareholders, communities Wharton and Kellogg in the U.S., as well each year we select the top “owners”
and each other. as London Business School and IESE in to be recognized across the company.
Europe and CEIBS in Hong Kong. In 2014,
We hire people with the potential to we selected 21 MBAs for the program Excellence Programs — We have specific
be better than we are, ensure that our from a pool of 642 applicants. programs to help employees acquire
leaders engage them fully, and challenge and hone the skills to achieve excellence
them to perform at their best. At the same AB InBev University — Each of our in areas such as Brewery Operations,
time, we invest heavily in attracting the geographic Zones offers live or online Marketing, Sales, People, Finance, Corporate
best people, developing their potential, programs through AB InBev University, Affairs and Information & Business Services.
and enriching their opportunities through with a curriculum focused on leadership,
a range of programs and initiatives. method and functional learning. An Engagement — We measure and enhance
important aspect of the ‘method track’ employee engagement, which is essential
We have continued to refine and enhance is the awarding of white, green and black to our success. All employees participate
our talent recruitment, learning and belts. In the past year, we awarded 123 in an annual cycle of communication and
development initiatives to build a pipeline “green belts” and seven “black belts” to feedback to ensure that they understand our
of talent, meet the changing needs of a employees, a record number. goals and are fully engaged in meeting them.
growing business, and cultivate the next We measure engagement through annual
generation of leaders. Marketing Initiative — An important surveys, and raising engagement scores is a
initiative of the past year involved a key responsibility for all managers.
Global Management Trainee (GMT) stepped-up effort to recruit, train and
Program — Our GMT Program continues develop team members with strong Rewarding Performance — We apply
to attract top students from leading marketing capabilities. We have added to cutting edge processes to measure and
universities around the world. GMTs the marketing components of both the assess performance. Our compensation
participate in a demanding 10 month paid GMT and MBA programs, with a goal of is structured on the basis of stretched
training program combining classroom devoting a large portion of the classroom but achievable targets. We believe that a
study and “in the field” jobs, before going work to marketing. AB InBev University bonus is a reward for great performance,
on to full-time positions with AB InBev. is creating a robust marketing track. not an entitlement, and this system is
The GMT program helps us build a highly Additionally, we are in the process of intended to attract people who relish a
qualified, well-rounded team that is assessing the abilities of current leaders challenging, merit-based environment.
engaged with our culture from Day 1.
Anheuser-Busch InBev Annual Report 2014 4 DREAM-PEOPLE-CULTURE

Our Culture
4
We are never completely
satisfied with our results,
5
The consumer is the Boss.
We serve our consumers
6
We are a company of
owners. Owners take results
which are the fuel of our by offering brand personally.
company. Focus and zero- experiences that play a
complacency guarantee meaningful role in their
lasting competitive lives, and always in
advantage. a responsible way.

A culture based on strong values unites understand their roles in meeting those initiatives across the company, and
our people. We are proud to have a culture targets. Incentive programs give senior uniformly adopting best practices that
that does not tolerate satisfaction or leaders and other top performers the promote efficiency and productivity.
complacency, that celebrates a sense of opportunity to reinvest their bonus in our
ownership and personal responsibility, shares, with a company match. But our Our leaders are expected to set a strong
and that constantly challenges our people ownership culture goes beyond owning personal example for the company. They
to do things better. shares — it is about owning responsibility must deliver results, live up to their
for our commitments to consumers, for commitments and inspire their teams to
Putting the consumer at the center of the creation of shareholder value, and for do the same. Leaders never take the easy
all we do is a key element of our culture. delivering on our Dream. way out, nor do things in a manner that
To do that, we focus on delivering great places their own interests above those of
brands, making products of impeccable We also believe in keeping it simple: with the company, consumers, shareholders,
quality, and providing a superior decisions based on clear, agreed-upon employees and community.
experience in a responsible way. We approaches and common sense. That
respect the heritage of the brewer’s craft, means constantly rooting out complexity,
while using the latest technologies and and streamlining processes that get in the
media to connect with consumers. way of decision-making and execution.

In our culture, team members think Cost discipline is a key element of our
and act like owners: they take results culture. We aim to convert “non-working
personally; are accountable for their money” into “working money” — reducing
actions; make decisions in the long-term expenditures for ancillary items while
best interests of the business; and execute investing in brands, marketing, sales
with focus, excellence and integrity. This efforts, trade programs and other factors
ownership mentality is reinforced by that drive top-line and bottom-line growth.
setting stretched but achievable targets, This entails continually challenging and
and ensuring that all team members controlling costs, learning from successful
 P. 40/41

7
We believe common sense
and simplicity are usually
8 9
We manage our costs Leadership by personal
tightly, to free up resources example is at the core of our
better guidelines than that will support culture. We do what we say.
unnecessary sophistication sustainable and profitable
and complexity. top line growth.

There are no shortcuts on the path toward to the annual performance evaluations and in compliance with all applicable
our Dream. The safety of our people, the of individual employees, departments, regulations. The Board of Directors and
quality of our products, and the uniqueness facilities, regions and Zones. Safety senior leadership team have established
of our consumer experience can never be requirements are also embedded in each and continually maintain a strong ethical
compromised. Achieving great results is of our excellence programs. climate, supported by an effective system
our goal, but how we achieve those results of internal controls, monitoring, risk
is just as important. Distribution Process Optimization — A assessment, auditing, and training. For
keystone of our supply operations has example, our Code of Business Conduct
Staying Safe — The most important traditionally been a system called Voyager was updated this year to reinforce our
thing we can do for team members and Plant Optimization (VPO), which aims to commitment to ethics, integrity and a
their families is to ensure a safe working standardize processes to ensure that all Better World. Sections such as “Anti-
environment. This was a year of great of our facilities operate in the safest, most Trust” and “Anti-Corruption” were
progress in the area of safety, with 47% effective manner. We are now applying a amended to make the Code even more
fewer lost-time injuries, including in similar approach to our second tier logistics consistent with our high standards in
contractor operations. This includes a operations through the Distribution these areas, and new topics in “Environment,
significant 54.5% reduction in injuries Process Optimization (DPO) program, Health and Safety,” “Human Rights” and
in our Mexico Operations. In addition, to extend the benefits of safety and “Responsible Drinking” were added. To be
we had 309 facilities experiencing no efficiency to our distribution partners. clear: we treat our integrity and reputation
lost-time injuries in the past year. Using as key assets that must be preserved at
a rewards system based on annual safety Corporate Governance and Compliance — all times.
targets, our global excellence programs We conduct business around the globe
and auditing systems link safety according to the highest ethical, corporate
performance and program implementation governance and transparency standards,

10
We never take shortcuts.
Integrity, hard work,
quality and responsibility
are key to building our
company.
Anheuser-Busch InBev Annual Report 2014 5 BRINGING PEOPLE TOGETHER FOR A
BETTER WORLD

“Playing a positive role

in the world — with
passion, creativity and
commitment.”
 P. 42/43

AB InBev’s role as a strong and growing global

enterprise gives us the opportunity, as well as
the responsibility, to improve the world in which
we live and work. Because we brew products and
deliver experiences that bring people together,
we also are in a unique position to unite many
different parties — employees, consumers, partners
and suppliers, public officials, NGOs, academics
and others — in this effort.

Our focus on building a Better World is based on three

pillars: promoting Responsible Drinking, protecting
and preserving the Environment, and making a
difference in the Communities where we live and
work. In the past year, we made significant progress
in each of these areas. We are honored that our
efforts have been independently recognized, with a
ranking among the leaders in social responsibility on
Fortune magazine’s “World’s Most Admired” beverage
companies’ list.

Bringing People Together

For a Better World
Anheuser-Busch InBev Annual Report 2014 5 BRINGING PEOPLE TOGETHER FOR A
BETTER WORLD

Promoting

Responsible
Drinking
As the world’s leading brewer, we are Our responsible drinking initiatives bring
committed to encouraging the responsible together the passion, commitment and
enjoyment of our products by adults of legal creativity of AB InBev’s employees around the
drinking age. In each of our markets, we world, as is clear from the following examples.
sponsor programs to promote responsible
drinking, prevent alcohol abuse, deter Budweiser created a sensation with its
underage drinking and highlight the dangers Friends Are Waiting video/ad, which aired
of drink driving. in the U.S. The spot focuses on a man who
decides to stay at a friend’s house after a
In 2011, we were the first alcohol beverage night out, so he can get home safely the
company to establish a series of aggressive next day to his best friend — a loyal Golden
Global Responsible Drinking Goals to drive Retriever. Seen both on social media and on
measurable, meaningful progress. We are TV during the Major League Baseball post-
proud to have come together with distributors, season, the ad received 20.7 million views.
parents, community groups, retailers, law
enforcement and many others, to achieve, Working together with the Lyft ridesharing
and in many cases exceed, our goals by the service and featuring the world-famous
target date of year-end 2014: Clydesdales, Budweiser sponsored an app
offering free rides during the holidays to
Achieved Goal ensure that party-goers made it home safe
and sound.
Reach at least 100 million adults with
programs developed by subject matter
experts that help parents talk with their
children about underage drinking.
In Canada, our team created a custom-built
smartphone app to collect responsible serving
Provide ID-checking materials and other
educational information to at least half- and selling pledges, and also partnered with
a-million bars, clubs, restaurants and
grocery stores to help them prevent sales
training organizations in each province to
to minors. ensure a broad-based server training effort.
Provide training on responsible alcohol
beverage sales to at least 1 million
bartenders, waiters, grocery store clerks, True Love Needs a Designated Driver is a mini-
and others who serve and sell alcohol. movie created by our China team, starring
Reach at least half-a-billion legal-age basketball great Yao Ming and popular
consumers to increase awareness of the
importance of using a designated driver or actor Lu Yi. The film illustrates the dangers family in April 2014, the Oriental Brewery
safe-ride home. of distracted and drink driving, and ends team has enthusiastically joined in our
Invest at least 300 million USD in with both men calling upon designated responsible drinking programs.
advertising and programs to help remind
and educate consumers about the drivers — their wives — to get home safely.
importance of responsible drinking. Other activities in China included an all-out In Europe, our campaigns against drinking
Celebrate Global Be(er) Responsible Day effort to train servers and sellers, which and driving included the Geklärt, wer fährt!
annually to promote the importance of
responsible drinking among our employees, resulted in more than 700 000 signed pledges (or “Check Who’s Driving”) program in
retail customers and consumers. supporting responsible alcohol beverage sales Germany. We also celebrated Global Be(er)
in 2014. Responsible Day in Belgium, the Netherlands
We celebrate Global Be(er) Responsible Day
and France by opening the Euronext
every year — an event we created to focus South Korea introduced our Family Talk About stock exchange on 19 September with a
worldwide attention on this vital issue. Drinking guide for parents, co-authored by responsibility message. Colleagues across
Global Be(er) Responsible Day serves as the Professor Kim, Chang-Ock, a popular TV Europe put “Feet on the Street” to train
springboard for a multinational effort by our host and advisor. The team also distributed servers and sellers on responsible serving.
colleagues, as well as distributors, bars, ID-checking materials and other responsible
retailers, law enforcement and community drinking information to bars and other points
groups, to promote responsible drinking. of consumption. Since rejoining the AB InBev
 P. 44/45

Brazilian football teams were engaged during Partnering with the Beer Chamber, Mexico’s
the FIFA World Cup™ to display responsible beer trade organization, we extended the
drinking messages on their fan pages and celebration of Global Be(er) Responsible
during matches. We have donated a total of Day to the entire industry. This is a great
5 500 breathalyzers since 2011 in cities such example of bringing people together for
as São Paulo, Rio de Janeiro and Brasília. a common goal, as more than 32 000
And we have continued our Responsible volunteers from Mexico’s beer industry (more
Youth Program, partnering with NGOs in than half of whom were our team members)
Rio de Janeiro and São Paulo to discourage called on 330 000 points of consumption with
consumption by minors in lower income responsible drinking messages.
communities by raising awareness among
young people, mothers and storekeepers.

A Quilmes-sponsored commercial, Conductor

Designado, reached almost 9 million people
in Argentina via TV, YouTube and other media.
In fact, our teams in Argentina, Bolivia and
Paraguay extend Global Be(er) Responsible
Day to an entire week, celebrating with media
events, an impressive initiative to call on bars
and other points of consumption to join our
efforts, and other activities.
Anheuser-Busch InBev Annual Report 2014 5 BRINGING PEOPLE TOGETHER FOR A
BETTER WORLD

Preserving Our

Environment
You can’t brew beer without natural • R
 educe global water usage to a
ingredients. Preserving our land, water leading-edge 3.2 hl of water per hl of
and other scarce resources is both the production (equivalent to about 5 400
right thing to do and a commitment to Olympic-sized swimming pools).
the quality of our brands now and for • R
 educe global greenhouse gas
the future. We strive to be as efficient as emissions per hl of production by 10%,
possible in our use of natural resources; including a 15% reduction per hl in China.
we invest in projects and technologies to • R
 educe global energy usage per hl of
conserve water and energy and reduce production by 10%.
waste; and we work to raise awareness of
• R
 educe packaging materials by
environmental issues among employees,
100 000 tons.
consumers and the general public.
• R
 each a 70% global average of eco-
Having met or exceeded our original friendly cooler purchases annually.
environmental goals by 2012, we • R
 educe greenhouse gas emissions
challenged ourselves to aim for an even in logistics operations by 15% per hl
more ambitious set of objectives, and to sold, compared to our 2013 baseline
expand the scope of our efforts to our (a recently added new goal).
global supply chain.
To achieve our water-related goals, we
AB InBev’s environmental goals to be have adopted a comprehensive water
achieved by 2017 include the following: strategy that involves rigorous water risk
assessment, in-plant water conservation,
• R
 educe water risks and improve water
agricultural water stewardship and
management in 100% of our key barley
community watershed protection. For
growing regions, in partnership with
example, water risk assessment is being
local stakeholders.
incorporated into our systems and
• E
 ngage in watershed protection processes, including our VPO framework.
measures at 100% of our facilities Water conservation at our facilities has led
located in key areas in Argentina, to a reduction in water use to 3.23 hl/hl in
Bolivia, Brazil, China, Mexico, Peru 2014. In our key barley regions in China,
and the U.S., in partnership with local Mexico and the U.S., we are activating a
stakeholders. series of initiatives such as the adoption
of water-saving technologies, reliance on
 P. 46/47

data to drive optimal, traditional breeding Protecting vulnerable watersheds and production methods by a European
of more drought-resistant seed varieties, involves joint efforts with local Union agency.
and supporting key water infrastructure governments, communities and NGOs in
investments. countries like Argentina, Bolivia, Brazil, In Belgium, we are now using canal
China, Mexico, Peru and the U.S. For barges to transport empty returnable
Our SmartBarley program is sowing the example, we are working in Cochabamba, bottles between our Leuven and Jupille
seeds of greater productivity and a better Bolivia, to improve the local water breweries via river rather than in less
future for our farmer partners. Using big supply, reuse treated water from our energy efficient trucks.
data, farmers are able to compare their operations for agriculture, and repair
performance against that of growers local infrastructure. And in Jaguariúna, We have converted our entire Houston,
operating under similar conditions around Brazil, we have partnered with the local Texas-based trucking fleet to compressed
the world. This can lead to better practices municipality, the Brazilian Agricultural natural gas-powered engines in a move
such as crop variation, rotations and Research Corporation (EMBRAPA), expected to reduce CO 2 emissions
management — resulting in improvements and the prominent NGO The Nature by 2 000 tons per year (adjusting for
in barley quality and supply, farm level Conservancy to recover and conserve the consumption rates). This marks our first
performance and conservation activities. water basin supplying greater São Paulo. conversion of an entire fleet in the U.S.
We work with some 20 000 barley growers
worldwide. For example, we are improving In addition to our efforts to deliver on Our Latin America South team marked
irrigation practices for barley in China’s our environmental goals, we strive to Energy Save Day by reaching out
Gansu province, working with local make a positive impact on the planet on to 48 000 bars and other points of
educational institutions and government World Environment Day and every day consumption to highlight the importance
authorities. Also, conservation agriculture through a wide range of local initiatives. of energy conservation, and to show
demonstration projects to enhance how we can help by providing energy-
soil health and moisture retention are We are proud that Chernigivske, our efficient coolers.
being launched in Mexico’s Bajio and local champion brand in Ukraine, was
Altiplano regions. named the World’s First Eco Beer, based Alternative energy sources such as solar
on an assessment of its ingredients power and biomass are now in use in
several breweries in China.
Anheuser-Busch InBev Annual Report 2014 5 BRINGING PEOPLE TOGETHER FOR A
BETTER WORLD

We aim to have a positive impact on the carried him to a reunion with his mom. forward to building more Hope Schools as
communities in which we live and work. The ad drew more than 9 million views on our presence in China grows.
Each year, we provide hands-on support YouTube, and a year-long social media
to build schools and improve public campaign with the hashtag #Salute To celebrate International Volunteer Day,
places. We offer financial and volunteer encouraged consumers to honor the our Voluntarios Modelo organization was
support to non-profit organizations. And U.S. military. involved in more than 200 initiatives across
we help the victims of natural disasters Mexico. Volunteers could sign up to work
through donations of drinking water and Using our facilities to produce canned with the Mexican Red Cross, or another
other assistance. We also make a positive drinking water for areas impacted by of the 100 NGOs participating across
contribution to our communities through natural disasters is one of the important the country, to assist with community
the jobs we create, the wages we pay, ways we apply our resources to help development, environmental, educational
the tax revenues we generate, and the communities in need. 73 million cans of and humanitarian causes. More than
significant investments we make in local emergency drinking water have been 76 000 volunteers participated in this
operations. distributed in the U.S. since 1988. unique effort this year.

One community’s efforts to honor a We have continued to support Hope Schools We also contribute to economic
returning veteran were the subject in communities adjacent to our breweries opportunities in the communities and
of “A Hero’s Welcome,” a Budweiser in China. Hope Schools improve access countries in which we operate. Wages
commercial that aired during Super Bowl to education for children in remote, and salaries paid in 2014 totaled
XLVIII. The ad celebrated the welcome economically challenged regions. To approximately 3.8 billion USD. Capital
given by the town of Winter Park, date, contributions by AB InBev and our expenditures around the world totaled
Florida, to Lt. Chuck Nadd, who served in colleagues have enabled the construction 4.3 billion USD, as investments in
Afghanistan as a Black Hawk helicopter of 10 Hope Schools. We also supported our facilities, distribution network and
pilot and operations officer for the Army. the building of temporary classrooms in systems generated jobs and local
When Lt. Nadd arrived back home in earthquake-afflicted Min County, Gansu economic growth. Excise and income
January 2014, he was surprised to find the Province, and multi-media classrooms taxes, which help to support government
entire town assembled to give him an old- in the Hope School of Yingkou City, programs around the world, totaled
fashioned ticker tape parade, complete Liaoning Province. We are honored that about 16 billion USD. And more than
with marching bands, antique vehicles, our efforts received the “Outstanding 61 000 of our team members volunteered
the Veterans of Foreign Wars motorcycle Contribution Award” from the China in their communities.
club, and our Clydesdales — which Youth Development Foundation. We look

Engaging in Our

Communities
Anheuser-Busch InBev Annual Report 2014 1 ABOUT ANHEUSER-BUSCH INBEV

About Revenue was Focus Brand volume EBITDA grew 6.6% Normalized profit Net debt to EBITDA

Anheuser-Busch InBev 47 063 million USD,

an organic increase
increased 2.2% and
accounted for 68% of
to 18 542 million USD,
and EBITDA margin
attributable to equity was 2.27 times.
holders rose 11.7% Driving Change For
of 5.9%, and our own beer volume. was up 25 basis points in nominal terms to
Anheuser-Busch InBev (Euronext: ABI, NYSE: BUD) is the leading
global brewer and one of the world’s top five consumer goods
AB InBev’s dedication to heritage and quality originates from
the Den Hoorn brewery in Leuven, Belgium, dating back to 1366,
revenue/hl rose 5.3%. to 39.4%. 8 865 million USD,
and normalized EPS
Road Safety
companies. We are a company of some 155 000 people, across and the pioneering spirit of the Anheuser & Co. brewery, with increased to 5.43 USD
25 countries, brewing many of the world’s most beloved beer origins in St. Louis, USA, since 1852.
from 4.91 USD.
brands. In 2014, AB InBev generated revenue of 47.1 billion USD.
We are united by our Dream to be the Best Beer Company
Our portfolio consists of well over 200 beer brands, including Bringing People Together For a Better World. Our Dream holds
16 “billion dollar” brands. Within this diverse portfolio are global us to high standards. It not only inspires us to make the finest
brands Budweiser ®, Corona® and Stella Artois®; international quality products and to deliver exceptional performance, but
brands Beck’s®, Leffe® and Hoegaarden®; and local champions also to celebrate the unique role of beer as the original social
Bud Light®, Skol®, Brahma®, Antarctica®, Quilmes®, Victoria®, network. Bringing people together is at the heart of what we do
Modelo Especial®, Michelob Ultra®, Harbin®, Sedrin®, Klinskoye®, every day — whether we are striving for excellence, sharing great
Sibirskaya Korona®, Chernigivske®, Cass® and Jupiler ®. Our strong experiences, or making a positive difference in the communities 2009 2012 2013
Million USD unless reference 2012 reference 2013 reference
and balanced portfolio includes six of the 10 most valuable beer where we live and work.
stated otherwise base1 2010 2011 reported2 base3 reported base4 2014
brands in the world.* * BrandZ™ Top 100 Most Valuable Global Brands 2014.
Volumes (million hls) 391 399 399 403 431 425 446 459

Revenue 33 862 36 297 39 046 39 758 42 927 43 195 45 483 47 063

2014 Normalized EBITDA Contribution by Region* Normalized EBITDA (million USD)
Normalized EBITDA 12 109 13 869 15 357 15 525 16 480 17 188 17 943 18 542

EBITDA – 13 685 15 112 15 493 16 590 23 428 – 18 465

2014 reported 18 542
Normalized profit from operations 9 600 11 165 12 607 12 779 13 537 14 203 14 800 15 308

36.8% 7.2%
2013 reference base 17 943 Normalized profit attributable to equity
holders of Anheuser-Busch InBev – 5 040 6 449 7 201 7 271 7 936 – 8 865
5.8% 2013 reported 17 188
Europe Profit attributable to equity holders of
Anheuser-Busch InBev – 4 026 5 855 7 160 7 374 14 394 – 9 216
North America Asia Pacific
2012 reference base 16 480 Together for Safer Roads (TSR) is a coalition TSR’s other founding members are AIG, AT&T,
Net financial debt – 39 704 34 688 30 114 – 38 831 – 42 135
formed in the past year in an effort to broaden Chevron, Ericsson, Facebook, IBM, iHeartMedia,
11.8% 2012 reported 15 525 Cash flow from operating activities – 9 905 12 486 13 268 – 13 864 – 14 144
our focus to road safety generally — and to help PepsiCo and Walmart. TSR is advised by an
31.0% Normalized earnings per share (USD) – 3.17 4.04 4.50 – 4.91 – 5.43 prevent the nearly 3 000 traffic accident Expert Panel of eminent leaders in road safety.
Mexico 2011 15 357 fatalities that occur each day. TSR was launched The partners have agreed to pool their collective
Dividend per share (USD) – 1.07 1.55 2.24 – 2.83 – 3.52
with a high-visibility event at the United Nations expertise, data-driven insights, technology
7.3% Latin America 2010 13 869
North
Dividend per share (euro) – 0.80 1.20 1.70 – 2.05 – 3.00 in November 2014, and involves a group of and networks to identify and scale industry best
Latin America South Payout ratio % – 33.8 38.5 49.8 – 57.6 – 64.8
leading global businesses that have committed practices and raise awareness of this major
2009 reference base 12 109 to working together to help reduce the number global health issue.
* Excludes Global Export & Holding Companies.
Weighted average number of ordinary of deaths and injuries due to road traffic
shares (million shares) – 1 592 1 595 1 600 – 1 617 – 1 634
accidents. Chaired by AB InBev CEO Carlos Brito,
2014 Volume Contribution by Region Revenue (million USD)
Share price high (euro) – 46.3 47.4 71.1 – 79.6 – 94.89

Share price low (euro) – 33.5 33.9 46.1 – 63.44 – 69.14

2014 reported 47 063
Year-end share price (euro) – 42.8 47.3 65.7 – 77.26 – 93.86

26.4% 9.7%
2013 reference base 45 483 Market capitalization (million USD) – 91 097 98 315 138 716 – 171 142 – 183 167

Market capitalization (million euro) – 68 176 75 983 105 209 – 124 097 – 150 867
18.0% 2013 reported 43 195
Europe
North America
2012 reference base 42 927 1. Given the transformational nature of the disposals we made during 2009 to refinance the debt incurred to finance the Anheuser-Busch transaction, we present in this
Annual Report the comparative 2009 consolidated volumes and results down to normalized profit from operations on a Reference Base, treating all divestitures as if
Asia Pacific

Design by Addison  [Link]
they had closed as of 1 January 2009 and with certain intra-group transactions reported in Global Export and Holding Companies.
8.5%
27.3% 2012 reported 39 758 2. 2012 as Reported, adjusted to reflect the effects of retrospective application on the revised IAS 19 Employee Benefits.
3. Given the transformational nature of the transaction with Grupo Modelo, and to facilitate the understanding of AB InBev’s underlying performance, AB InBev has
Mexico 2011 39 046 updated its 2012 segment reporting for purposes of our results announcement and internal review by senior management. This presentation (referred to as the “2012
Reference Base”) includes, for comparative purposes, the results of Grupo Modelo as if the combination had taken place on 4 June 2012. Following the combination, the
Latin America Grupo Modelo operations are reported according to their geographical presence in the following segments: the Mexico beer and packaging businesses are reported in
North 2.1% 2010 36 297 the new Zone Mexico, the Spanish business is reported in the Europe Zone and the Export business is reported in the Global Export and Holding Companies segment.
8.0% 4. The 2013 Reference Base includes 12 months of Grupo Modelo operations to facilitate the understanding of AB InBev’s underlying business. The 2013 reference base
Global Export &
Holding Companies further reflects the combination of Western Europe and Central & Eastern Europe into a single Europe Zone, and a number of intra-Zone management reporting changes
2009 reference base 33 862 which took effect on 1 January 2014.
Latin America South
 Our Dream: Anheuser-Busch InBev Annual Report 2014 1 ABOUT ANHEUSER-BUSCH INBEV

Best Beer Company

Bringing People Together
For a Better World
Contents
1 Our Manifesto
2 Letter to Shareholders
6 Strong Strategic Foundation
20 Growth Driven Platforms
36 Dream-People-Culture
42 Bringing People Together
For a Better World
49 Financial Report
155 Corporate Governance Statement

Open the foldout for an overview of our

financial performance.

Anheuser-Busch InBev / 2014 Annual Report

Anheuser-Busch InBev
[Link]
2014 Annual Report