Letter to Shareholders

Our dream is to be the Best Beer Company
in a Better World.

Anheuser-Busch InBev has successfully completed its first year as a combined company thanks to our people and their hard work. We delivered a double-digit increase in EBITDA, grew the volumes of our focus brands and expanded our market share in key markets. Furthermore, we either met or exceeded the commitments we made at the time of the combination, and our sense of ownership drives us to continue delivering. We accomplished these milestones in spite of a challenging global economic environment, as well as the complexities of uniting two major companies, divesting assets and deleveraging the balance sheet.

Our dream is to be the Best Beer Company in a Better World. This dream inspires our people. Their engagement, energy, and commitment have allowed us to achieve the progress we reported this year and will continue to drive our results.

The combination of Anheuser-Busch and InBev created the world’s largest beer company with a portfolio of well over 200 brands and a track record of delivering increasing shareholder value through our top-line growth, as well as through continuous efficiency and productivity gains across our global business.

Anheuser-Busch InBev people know that it is not enough simply to dream of a Better World; we must use our increasing financial capacity and global reach to deliver on our dream. In 2009, we continued this strong commitment by refining our Better World plan and pillars, with a focus on promoting Responsible Drinking, improving the Environment and investing in the Community.

As we enter 2010, Anheuser-Busch InBev has all the ingredients for continued success as a leading global consumer products company. We have a unique ownership culture that attracts and nurtures the best talent that is always dreaming bigger, and that rewards our people for achieving beyond our high expectations. We have a portfolio of strong brands that continue to earn the loyalty of millions of consumers worldwide. We have a sharp focus on brand-building coupled with a pursuit of operational efficiencies that put our dollars to work in the most productive manner. Our market execution, in such areas as sales, marketing and distribution, is disciplined and effective. Finally, we have a commitment to building a business for the long term by investing in initiatives that support responsible drinking, environmental sustainability and the communities in which we operate.

We are confident that we can build on these strengths to deliver sustainable profitable growth and increased shareholder value, while continuing to pursue our dream to be the Best Beer Company in a Better World. We look forward to reporting to you on our progress in the future.

Carlos Brito,
Chief Executive Officer

Peter Harf,
Chairman of the Board