2010 Overview

Much has been accomplished since the combination of Anheuser-Busch and InBev two years ago. Through the hard work and commitment of our people, we divested non-core operations, generated significant synergies, strengthened the balance sheet, and shared best practices across our organization, while delivering solid topline growth. With our integration now complete, we have a solid platform in place – consisting of a talented and committed team, an industry-leading position, the right brands, strong presence in the most attractive markets and financial discipline – to take advantage of the exciting opportunities we see for sustainable profitable growth in a global marketplace. We are proud of our team for their great work in integrating Anheuser-Busch and InBev to form AB InBev.

Our financial results for 2010 showed very good progress in spite of the persistent challenging economic environment in several of our markets. Topline grew by 4.4%, EBITDA increased by 10.6%, we improved EBITDA margin by 209 bps and generated 9 905 million USD in cash flow from operating activities. This creates a solid platform for future growth.

Revenue rose 4.4% in FY10 and 5.9% in 4Q10, with revenue per hl up 2.3% in FY10 and 5.0% in 4Q10. On a constant geographic basis, i.e. eliminating the impact of faster growth in countries with lower revenue per hl, organic revenue growth per hl improved 3.6% in FY10 and 6.0% in 4Q10.

FY10 Focus Brand volumes grew 4.8% led by Skol, Brahma and Antarctica in Brazil, Harbin and Budweiser in China, and Budweiser in the United Kingdom. Global Budweiser volumes increased 1.7% in FY10. In 4Q10, Focus Brand volumes grew 4.8%.

In FY10, we gained or maintained market share in markets representing over half of our total beer volumes.