controls and restrictions on carrying out certain activities in Russia or in support of Russian businesses. As a result of the

conflict and international reactions thereto, Russian authorities have also imposed various economic and financial

remit, cash from Russia to other jurisdictions. Any failure to comply with applicable sanctions and restrictions could subject

AB InBev to regulatory penalties and reputational risk. Even though AB InBev has forfeited all financial benefits from the

AB InBev Efes joint venture, these developments have had, and may continue to have, an adverse impact on the

raw materials or commodities required for AB InBev’s products and may adversely affect its operations. These and other

impacts of the conflict could have the effect of heightening other risks described herein, including, but not limited to, adverse

effects on economic and political conditions in AB InBev’s key markets, increased risk of cyber incidents or other disruptions

to AB InBev’s information systems, reputational risks and additional trade restrictions, which could materially and adversely

successfully hedge against the effects of such foreign exchange exposure, especially over the long-term. Further, the use

of financial instruments to mitigate currency risk and any other efforts taken to better match the effective currencies of AB

InBev’s liabilities to its cash flows could result in increased costs.

Following the categorization of Argentina in AB InBev’s results for the third quarter of 2018 as a country with a three-year

IFRS rules (IAS 29), resulting in the restatement of certain results for hyperinflation accounting. If the economic or political

situation in Argentina further deteriorates, the South America operations may be subject to additional restrictions under

new Argentinean foreign exchange, export repatriation or expropriation regimes that could adversely affect AB InBev’s

ability to access funds from Argentina, financial condition and operating results.

AB InBev may not be able to obtain the necessary funding for its future capital or refinancing needs and may face financial

risks due to its level of debt and uncertain market conditions. AB InBev may be required to raise additional funds for its

including (i) increasing its vulnerability to general adverse economic and industry conditions, (ii) limiting its flexibility in

planning for, or reacting to, changes in its business and the industry in which AB InBev operates, (iii) impairing its ability to

obtain additional financing in the future and limiting its ability to fund future working capital and capital expenditures, to

engage in future acquisitions or development activities or to otherwise realize the value of its assets and opportunities fully,

(iv) requiring AB InBev to issue additional equity (potentially under unfavorable market conditions), and (v) placing AB

InBev at a competitive disadvantage compared to its competitors that have less debt. AB InBev’s ability to repay and

renegotiate its outstanding indebtedness will be dependent upon market conditions. Unfavorable conditions, including