Further to the shareholders' authorization for the Board to proceed with the capital increase required to finance 9,8 billion USD of the transaction, InBev is taking appropriate regulatory and other steps to effectively proceed with the capital increase in due course. In relation to InBev's intended capital increase, the company is providing the following trading update.

The capital increase is required to finance 9.8 billion USD of the acquisition of Anheuser-Busch Companies, Inc. ("Anheuser-Busch")

Hedging of USD and LIBOR Exposure

In line with our Risk Management policy, InBev has matched sources and uses of proceeds for the capital increase by pre-hedging the EUR-US dollar exposure at an average all-in-rate of USD 1.5409 /EUR. Since the capital increase will be in EUR and the purchase of Anheuser-Busch shares will be executed in US dollars, those hedging arrangements will effectively result in a lower number of InBev shares being issued in comparison to the number that would have been issued based on current market foreign exchange rates.

Additionally, in order to provide a higher predictability of cash flows, InBev entered into a series of forward US dollar Libor fixed interest rates swaps. As a result, the interest rates for up to an amount of USD 34.5 billion (under the USD 45 billion senior facility agreement) has effectively been fixed at 3.875% per annum plus applicable spreads, for the period of 2009- 2011.

Trading Update

The following provides an overview of certain developments and performance indicators of InBev, on a consolidated basis, for the third quarter of 2008 (3Q08). It is important to note that the 3Q results figures are not yet available and therefore all information contained herein is based on the company's actual figures for the months of July and August 2008 and the latest estimate based on management's forecasts for September 2008. Accordingly, when the actual 3Q08 results are announced, there may be differences between the actual figures for September 2008 and those discussed herein, as well as between the respective analyses thereof. These differences may be material.

Except where otherwise stated, the analyses below are based on organic figures and refer to the estimates for 3Q08 versus the same period of last year:

We expect that total volumes as well as own beer volumes will increase in the low single digit percentage range, whereas year to date (August), we have gained or maintained market share in 8 of our top 10 markets. In addition, our global brands Beck's and Stella Artois are also growing in the low single digit percentage range.

Out of more than 200 total brands, we have decided to focus on the ones with greater growth potential within each relevant consumer segment. Those include our global brands Beck's and Stella Artois and some of our multi- country and local jewels that together account for about 60% of our total volume. The smaller number of brands against which we decided to put greater focus and investment have shown encouraging results so far. Year to date, they have significantly outperformed total own beer sales, with volume growth in the mid single digit percentage range.

Management expects that 3Q08 operating conditions across major markets will likely remain in line with the second quarter of 2008 (2Q08), with signs of improvement in some markets. We expect that North America (NA), Latin America North (LAN), Latin America South (LAS) and Asia Pacific (APAC) will report growth in total volumes, while in Western Europe (WE) and Central and Eastern Europe (CEE) small declines in volumes are expected to occur.

In WE, although we expect total volumes to decline, we believe that our own beer volumes are likely to grow in the lower single digit percentage range. This is attributable to our strategy of reducing third party subcontracted volumes and commercial products (third party produced products resold by InBev).

The fall in volumes expected for CEE is partly due to continued volume reductions in Russia and Ukraine in the less profitable value and price brands. The enhanced focus to grow the share of higher margin and premium brands has not yet fully offset the decline in the more affordable brands. The industry as a whole is growing only modestly, contrary to the market's original expectations of strong growth.

LAS is likely to deliver the strongest performance of all InBev's zones for the quarter, total volumes likely to grow in double digit percentage terms (both beer and non-beer) ahead of industry growth. InBev believes that its innovation and marketing efforts in the region are further boosting results.

In LAN we expect volumes to grow in the mid single digit percentage range and in APAC and NA in the low single digit percentage range.

With regard to total revenues, we expect growth in the high single digit percentage range and mid single digit percentage range growth on a per hectoliter basis, reflecting the sales mix and revenue management activities implemented across our businesses. We remain committed to achieving revenue growth in excess of volume growth.

As the rate of inflation continues to increase, we expect our Cost of Sales (CoS) to remain directionally close to the 1H08 average. However, we expect CoS improvements in the fourth quarter of 2008 (4Q08) when compared to the fourth quarter of 2007, as commodities prices ease. As a result of inflationary pressures and commodities prices, we expect the full year CoS per hectoliter increase to be slightly ahead of the upper-end of our expectation for the full year (which is around 5-6%).

Greater increases in CoS are expected to come from LAS and CEE, attributable to commodities pricing pressures. As an example, in LAS, barley and malt prices are growing 41% versus 2007 YTD and wages are also increasing to offset higher real inflation rates. In CEE, our premiumization efforts have also led to higher costs in packaging.