OREANDA-NEWS. Except where otherwise stated, the comments below are based on organic growth figures and refer to 2Q13 and HY13

versus the same period of last year. For important disclaimers please refer to pages 2/3.

Revenue growth: Revenue grew 3.9% in 2Q13 and 2.7% in HY13, with revenue per hl growth of 5.8% in 2Q13 and 5.6% in HY13. On a constant geographic basis (i.e. eliminating the impact of faster growth in countries with lower revenue per hl) revenue per hl grew by 6.4% in both 2Q13 and HY13

Volume performance: Volumes improved after a challenging first quarter, particularly in Brazil. Total volumes in 2Q13 declined by 1.2%, with own beer volumes decreasing 1.0%, while non-beer volumes declined 3.9%. In HY13, total volumes declined 2.6%, with own beer volumes down 2.3% and non-beer volumes decreasing 4.4%

Focus Brands: Our Focus Brands volumes grew 0.6% in 2Q13, with our global brands up 2.9%, led by Budweiser globally, which grew by 6.3%

Cost of Sales: Cost of Sales (CoS) increased 2.0% in 2Q13, or 3.8% per hl. In HY13, CoS grew 2.9%, or 5.9% per hl. On a constant geographic basis, CoS per hl increased 4.8% in 2Q13 and 6.5% in HY13

EBITDA: EBITDA grew 5.8% in 2Q13 to 3 895 million USD, with a margin of 36.8%. This expansion of 67 bps was driven by margin growth in North America, Mexico, Latin America South and Asia Pacific. In HY13, EBITDA grew 3.4% to 7 325 million USD with a margin of 37.1%, an improvement of 25 bps

Non-recurring items: 2Q13 includes a non-recurring gain of 6 305 million USD, mainly reflecting the fair value adjustment on the initial investment held in Grupo Modelo, in line with IFRS accounting standards

Net finance costs: Net finance costs (excl. non-recurring net finance costs) were 1 000 million USD in the quarter, compared to 456 million USD in 2Q12. The increase is due mainly to mark-to-market losses of 298 million USD linked to the hedging of our share-based payment programs which are reported in other financial results, compared to a reported gain of 179 million USD in 2Q12

Non-recurring net finance costs were 242 million USD, due mainly to mark-to-market losses on the hedging of 93% of our equity exposure related to the shares to be delivered in the next five years to some Grupo Modelo shareholders as part of a transaction related to the combination with Grupo Modelo which closed on 4 June 2013

Income taxes: Income tax expense in 2Q13 was 516 million USD, with a normalized effective tax rate of 18.7%, compared to an income tax expense of 305 million USD in 2Q12 and a normalized effective tax rate of 12.5%. The reported effective tax rate of 6.3% in 2Q13 compares to a reported effective tax rate of 12.4% in 2Q12, and is mainly due to the non-taxable nature of the non-recurring gain related to the fair value adjustment on the initial investment held in Grupo Modelo

Profit: Normalized profit attributable to equity holders of AB InBev declined in nominal terms to 1 504 million USD in 2Q13 from 1 935 million USD in 2Q12, mainly due to higher net finance costs and income tax expense. Normalized profit attributable to equity holders of AB InBev declined in nominal terms to 3 357 million USD in HY13 from 3 586 million USD in HY12

Earnings per share: Normalized earnings per share (EPS) was 0.93 USD in 2Q13 compared with 1.21 USD in 2Q12, with the decrease due to higher net finance costs and income tax expenses. Normalized earnings per share (EPS) was 2.09 USD in HY13 compared with 2.24 USD in HY12

Net debt: Net debt as of 30 June 2013 was 43.1 billion USD, an increase from 30.1 billion USD as of 31 December 2012. This increase was mainly due to the leverage required to fund the combination with Grupo Modelo. The net debt to normalized EBITDA ratio, on a reported basis, increased from 1.94x at the end of 2012 to 2.75x as of 30 June 2013, and to 2.50x including 12 months of Grupo Modelo EBITDA