Below are highlights copied from today’s AB-InBev Q3 Earnings Press Release

Take note: “Overall, beer volume in North America fell 1.5 per cent for the quarter.”

HIGHLIGHTS

Volume performance: Total 3Q10 volumes grew 4.1%, with own beer volumes up 4.1% and soft drink volumes up 5.9%. In 9M10, total volumes increased 2.4%, with own beer
volumes up 2.3% and soft drink volumes up 4.6%

Focus Brands: Our Focus Brand volumes grew 6.5% in 3Q10 and 4.9% in 9M10, led by Budweiser internationally; Antarctica, Brahma and Skol in Brazil; Harbin and Sedrin in China; and Klinskoye in Russia

Market share gains: In 9M10, we gained or maintained market share in markets representing more than half of our total beer volumes

Revenue growth: 3Q10 revenue rose 5.4%, or 1.5% per hl, and 9M10 revenue grew 3.9%, or 1.4% per hl. On a constant geographic basis, i.e. eliminating the impact of faster growth in countries with lower revenue per hl, revenue growth per hl improved 3.5% in 3Q10 and 2.9% in 9M10

Cost of Sales: Cost of Sales (CoS) increased 2.9% in 3Q10, and decreased 1.7% per hl. In 9M10, CoS increased 1.6%, and decreased 1.5% per hl. On a constant geographic basis, CoS per hl increased 0.8% in 3Q10 and 0.7% in 9M10

Sales and marketing: Sales and marketing investments rose 5.3% in 3Q10 and 6.8% in 9M10, with increases across most major markets reflecting continued support behind our
Focus Brands and innovations

Synergies: 3Q10 synergies of 140 million USD related to the combination with Anheuser-Busch, bringing 9M10 synergies to 450 million USD and total synergies achieved to 1 810 million USD

EBITDA: 3Q10 EBITDA grew 9.1% to 3 533 million USD, with EBITDA margin of 37.9% compared to 36.0% in 3Q09 with organic improvement of 125 bps. 9M10 EBITDA rose 6.7% to 9 974 million USD with a margin of 37.2%, an organic improvement of 96 bps

Non-recurring items above EBIT: 3Q10 normalized profit from operations excludes nonrecurring items of -9 million USD or -0.01 USD per share

Net finance costs: Net finance costs of 594 million USD in 3Q10 compare to 971 million USD in 3Q09. The decrease is primarily due to lower net interest charges as a result of reduced net debt levels and lower accretion expenses as bank borrowings are being reduced as a percentage of total debt. In addition, 3Q10 net finance costs also include an unrealized gain of 105 million USD from derivative contracts and favorable currency translation, both included in other financial results. Net finance costs of 2 013 million USD in 9M10 compare to 2 964 million USD in 9M09

Non-recurring finance costs: Normalized profit excludes a one-time negative mark-to-market adjustment of 49 million USD or -0.03 USD per share following the prepayment of
approximately 1 billion USD of bank financing

Profit: Normalized profit attributable to equity holders of Anheuser-Busch InBev of 1 489 million USD in 3Q10 compares to 1 132 million USD in 3Q09 on a reported basis, and 3 820 million USD in 9M10 compares to 3 050 million USD in 9M09 on a reported basis

EPS: Normalized earnings per share of 0.94 USD in 3Q10 compares to 0.72 USD in 3Q09 on a reported basis, and 2.40 USD in 9M10 compares to 1.93 USD in 9M09 on a reported
basis