HIGHLIGHTS
• Revenue growth: AB InBev delivered strong revenue growth in the quarter of
6.2%, with revenue per hl up 4.9%. On a constant geographic basis (i.e.
eliminating the impact of faster growth in countries with lower revenue per hl)
revenue growth per hl reached 5.0%, driven by our revenue management
initiatives and benefits from the premiumization of our portfolio
• Volume performance: Total volumes in 1Q12 grew 1.8%, with own beer volumes
growing by 1.4% and non-beer volumes growing by 6.3%. Third party volumes decreased 31.1% due to the termination of legacy commercial products contracts
in Western Europe in March 2011
• Focus Brands: In 1Q12, our three global brands of Budweiser, Stella Artois and Beck’s grew by 4.8%. Total Focus Brands volumes grew by 3.5%, led by the Bud Light brand family and Stella Artois in the United States, Budweiser and Harbin in China, Antarctica, Brahma and Budweiser in Brazil and Quilmes in Argentina
• Cost of Sales: Cost of Sales (CoS) increased by 3.1%, or 2.2% on a per hl basis.
On a constant geographic basis, CoS per hl increased 2.8%
• EBITDA: EBITDA grew 7.4% organically to 3 552 million USD, with an EBITDA
margin of 38.1% in 1Q12 compared to 37.9% in 1Q11, an increase of 43 bp
• Net finance costs of 380 million USD in 1Q12 include net interest expenses of 448 million USD, accretion expenses of 41 million USD, and gains in other financial results of 109 million USD mainly from derivative contracts related to the hedging of our share-based payment programs, partially offset by costs of currency hedges
as well as the payment of bank fees and taxes in the normal course of business
• Income taxes: 1Q12 income tax expense was 437 million USD with an effective
tax rate of 17.3%, which compares to income taxes of 427 million USD with an
effective tax rate of 23.9% in 1Q11. The effective tax rate was lower in 1Q12 than in the previous year mainly due to shifts in profit mix to countries with lower marginal tax rates, as well as incremental tax benefits in Brazil
• Profit: Normalized profit attributable to equity holders of AB InBev grew 44.7% in nominal terms to 1 673 million USD in 1Q12 from 1 156 million USD in 1Q11, reflecting a strong operating performance, lower net finance costs and a lower effective tax rate
• Earnings per share (EPS): Normalized earnings per share grew by 43.8% to
1.05 USD in 1Q12 from 0.73 USD in 1Q11 on a nominal basis

Figure 1. Consolidated performance (million USD)
1Q11 1Q12 Organic growth
Total volumes (thousand hls) 91 445 93 178 1.8%
AB InBev own beer 79 165 80 697 1.4%
Non-beer volumes 11 321 12 030 6.3%
Third party products 959 450 -31.1%
Revenue 9 003 9 332 6.2%
Gross profit 5 104 5 477 8.5%
Normalized EBITDA 3 408 3 552 7.4%
Normalized EBIT 2 755 2 887 8.4%
Normalized profit attributable to equity holders of AB InBev 1 156 1 673
Profit attributable to equity holders of AB InBev 964 1 688
Normalized earnings per share (USD) 0.73 1.05
Earnings per share (USD) 0.61 1.06
Margins
Gross margin 56.7% 58.7% 124 bp
Normalized EBITDA margin 37.9% 38.1% 43 bp
Normalized EBIT margin 30.6% 30.9% 64 bp
AB InBev’s 1Q12 and 1Q11 reported numbers are based on unaudited interim consolidated financial statements prepared in accordance with IFRS. Unless otherwise indicated, amounts are presented in million USD.
To facilitate the understanding of AB InBev’s underlying performance, the analyses of growth, including all comments in this press release, unless otherwise indicated, are based on organic growth and normalized numbers. In other words, financials are analyzed eliminating the impact of changes in currencies on translation of foreign operations, and
scope changes. Scope changes represent the impact of acquisitions and divestitures, the start up or termination of
activities or the transfer of activities between segments, curtailment gains and losses and year over year changes in
accounting estimates and other assumptions that management does not consider as part of the underlying performance of the business.
All references per hectoliter (per hl) exclude US non-beer activities. To eliminate the effect of geography mix, i.e. the
impact of stronger volume growth coming from countries with lower revenue per hl, and lower Cost of Sales per hl, we
are also presenting, where specified, organic growth per hectoliter figures on a constant geographic basis. When we
make estimations on a constant geographic basis, we assume each country in which we operate accounts for the same
percentage of our global volume as in the same period of the previous year.
Whenever presented in this document, all performance measures (EBITDA, EBIT, profit, tax rate, EPS) are presented
on a “normalized” basis, which means they are presented before non-recurring items. Non-recurring items are either
income or expenses which do not occur regularly as part of the normal activities of the Company. They are presented
separately because they are important for the understanding of the underlying sustainable performance of the Company due to their size or nature. Normalized measures are additional measures used by management, and should not replace the measures determined in accordance with IFRS as an indicator of the Company’s performance. Values in the figures and annexes may not add up, due to rounding.
1Q12 EPS is based upon weighted average of 1 598 million shares compared to 1 593 million shares for 1Q11.

MANAGEMENT COMMENTS
Total revenue for the company grew by 6.2% in 1Q12, driven by good performances in North America, Latin America North, Latin America South and APAC. Sales and marketing
investments increased by 11.1% in 1Q12, as we continue to invest behind our brands in our key markets. Our EBITDA in 1Q12 increased by 7.4% and EBITDA margin improved by 43 bps to 38.1%, both on an organic basis.

Turning to the progress in our top three markets:
In the United States:
• Volumes: We estimate that selling-day adjusted industry sales-to-retailers (STRs) grew by 1.3% in 1Q12, benefiting from favorable weather in the central and eastern parts of the country, early signs of improvement in employment levels and innovation in the beer category.
Our domestic US beer selling-day adjusted STRs grew by 1.0% and shipment volumes (STWs) also grew by 1.0%. Our STR volume performance was driven by a strong commercial plan which included successful NFL and Super Bowl initiatives and the launch of Bud Light Platinum at the end of January. Bud Light Platinum has proven to be the most successful brand launch in the US alcohol industry since 2005, reaching a market share of 1.4% in the 4 weeks through April 1st 2012, according to IRI data.
We saw improving trends in our total market share in 1Q12 with a marginal decline of 14 bps, our best share performance since 2009. Share gains were led by Bud Light Platinum which drove 64 bps of growth in share for the Bud Light brand family. Michelob Ultra and our high-end brands also grew share, offset by share losses in premium regular and value
• Focus Brands: STRs for the Bud Light brand family grew by 4.7% in 1Q12 benefiting from the launch of Bud Light Platinum. Michelob Ultra and Stella Artois STRs grew 7.2% and 22.5%, respectively, while Budweiser STRs declined 4.3%
• Renovation and innovation pipeline: The pipeline remains healthy with several new
liquids including Ultra 19th Hole, Bud Light Lime Lime-a-Rita, Shock Top Wheat IPA and Shock Top Lemon Shandy now in the market. New Major League Baseball themed packaging has also been rolled out for Budweiser
• Revenue management: Beer-only revenue per hl grew by 4.3% in 1Q12, with a brand mix contribution of 151 bps driven by the introduction of Bud Light Platinum, consumer trade-up from value brands and the growth of our high-end brands
• Sales and Route to Market: The strength of our distribution network was
demonstrated by the launch of Bud Light Platinum which, according to IRI data, achieved distribution of over 90% within the first two weeks of launch. Furthermore, at retail, our balanced approach and pack-price strategies, together with our cross-merchandising initiatives, resulted in strong execution in the market. We will continue to work with our wholesaler partners to further improve effectiveness in the field

OUTLOOK
Our FY12 outlook remains essentially unchanged from our FY11 press release on 8 March
2012.
(i) Volumes: Momentum in our US business continues, supported by a solid commercial plan, a healthy innovation pipeline and good revenue per hectoliter performance. As communicated previously, we expect softer shipments in the US in 2Q12 as a result of adjustments to our shipping patterns, making 2Q12 a more difficult quarter from an EBITDA growth perspective. In Brazil, the 7.5% real increase in the minimum wage should help to accelerate industry beer volumes. We expect our volumes in Brazil to resume growth in FY12, with a better balance between volume and price than the previous year
(ii) Revenue per hl: We expect revenue per hl to grow ahead of inflation, on a constant geographic basis, as a result of continued brand investment and revenue management best practices. In Brazil we expect FY12 beer revenue per hl growth to be in line with inflation
(iii) Cost of Sales per hl: We expect CoS per hl to increase by mid single digits in 2012 on a constant geographic basis, with global commodity cost increases being partly mitigated by procurement savings and efficiency gains in our operations
(iv) Distribution expenses per hl: We expect distribution expenses per hl to increase by mid to high single digits in 2012. It should also be noted that the US distribution system has been amended from a freight pass-through to a delivered price model. Consequently, in 2012, our CoS will decrease and our distribution expenses will increase, with no net impact on EBITDA. The 2012 quarterly results will therefore include a scope adjustment between CoS and distribution expenses of approximately 6% of 2011 North America CoS
(v) Sales & Marketing expenses: We will continue to drive top-line performance by investing behind our brands. This should lead to an increase in sales and marketing investments of mid to high single digits on an organic basis
(vi) Coupon: We expect the average coupon on net debt in FY12 to be in the range of 5.0% to 5.5%

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(vii) Effective Tax Rate: We are amending our guidance for the normalized effective tax rate for FY12. Our previous guidance was for a range of 21% to 23%. We now expect the outcome for FY12 to be in the range of 19% to 21%. Our long-run guidance remains in the range of 25% to 27%
(viii) Net Capital Expenditure: Our expectation for net capital expenditure in FY12 is approximately 3.2 billion USD
(ix) Debt: Approximately one third of AB InBev’s gross debt is denominated in currencies other than the US dollar, principally the euro and the Brazilian real. We remain fully committed to deleveraging and expect to reach a net debt to normalized EBITDA ratio of 2.0x during the course of 2012