Anheuser Busch InBev / : Script

AB INBEV'S CAPITAL MARKETS DAY 2023 MEXICO CITY, MEXICO

WEDNESDAY, 21 SEPTEMBER 2023

BU President Mexico, Cassiano de Stefano

Welcome to Mexico!

It is a pleasure to welcome you all in our amazing country.

As Lisboa already said, we are very proud to have been chosen to host this Capital markets event.

For us, it is an opportunity to showcase the powerful results that can be driven from the consistent execution of our global ABI strategy.

It is an honor to share with you how we are living this organic growth journey.

Before sharing an overview of our country and explaining what you should expect from the market visit later this morning, let me give a brief introduction of myself:

I joined the ABI family in the year 2000 in Brasil, almost 24 years ago.

During that time, I had the opportunity to hold several leadership positions in the business with a mix of local and international assignments in sales, logistics and marketing, in Brazil and Russia.

Since 2018, I have been BU President for Mexico and starting in January 2024, I am privileged to have the opportunity to lead our Africa Zone, taking with me the lessons learned from the successful development of the beer category in Mexico to our developing and emerging markets in Africa.

Mexico is a crystal-clear example of the results we can deliver when consistently executing our strategy.

It is a developing market where we have been able to take advantage of untapped potential.

Our focus on expanding the beer category has allowed us to be a key contributor to the growth of ABI.

And we expect this growth to continue, as we continue to relentlessly execute the 3 pillars of our global strategy.

Mexico is a good representation of the potential of our developing markets across the world

It has a very promising demographic profile:

First, it has the world's 10th largest population.

Second, this population has an average age of only 29 years, compared to more developed market benchmarks such as the USA and Germany with older populations.

And third, improving social economic levels over time, with growth in the upper and middle classes.

Mexico is also very attractive for investments, being the 9th largest economy in terms of direct foreign investment, boosted by multiple Trade Agreements with the US, Canada, the European Union and over 50 more countries and a stable currency.

Our business is well positioned to benefit from Mexico's potential, given the relevance of the beer category and the strength of our portfolio.

Our business in Mexico is one of the key growth countries within ABI's footprint, being the 4th largest operation by volume and net revenue, and the 2nd largest in terms of EBITDA contribution, in a growing industry.

We are the proud owners of three out of the four most valuable beer brands in the country, with Corona being number two across all categories.

Corona, Victoria and Modelo are true Mexican heritage brands, loved by our customers and consumers.

Mexico is also the proud homeland of Corona, a national icon that represents the conqueror Mexican spirit, now present in more than 180 countries and, as you saw earlier in Marcel's presentation, the fastest growing global beer brand in terms of value in 2022.

Grupo Modelo has a strong reputation across society, recognized by Merco as the #2 most admired among all companies and #1 in the beverages sector.

Our reputation is founded on:

• 98 years of commitment to Mexico's social and economic development
• Being a local business, with a positive impact in our communities, generating over 30 thousand direct jobs

• Our steadfast commitment to Mexico - in times of both celebration and need

Over the past years we have committed to the mission of leading and growing our category.

From 2017 to 2022, the Beer Industry grew volumes at a compound annual growth rate of 4%, ahead of GDP, population, and other alcohol categories, gaining share of total alcohol, delivering an industry consumption growth of 25 liters over the last 10 years, with ABI being responsible for around 80% of this industry growth, with consistent market share gains.

These results are a direct consequence of the relentless execution of ABI's global strategy: lead and grow the category, digitize and monetize, and optimize our business.

In a nutshell, here is our proven formula for growth:

• With loved brands and a consistent portfolio strategy, welcoming more consumers and expanding consumption occasions.
• Digital transformation of our business, empowering our customers and consumers, leveraged on technology, data & analytics.
• All that serving as enablers to deliver strong value, from top to bottom line and consistent profitable growth.

For a deeper look at how we are implementing the first pillar of our strategy, I would like to invite Felipe Ambra, our Marketing VP for Mexico, to the stage.

Felipe, you have it…

VP Marketing Mexico, Felipe Ambra - Mexico Overview

Thank you Cassiano.

I am honored to lead our Marketing team here in Mexico and excited to take you through how we are leading and growing the category

Before jumping in, I wanted to take a moment to introduce myself and my career experience to date.

I joined ABI in 2001 in Brazil, almost 23 years ago.

I have held roles in Marketing and Sales, with several international assignments over

LATAM.

For the last 5 years, I worked as the Corona Global VP, where I had the chance to lead the expansion of our strongest global brand.

And this year, I joined the team in Mexico as Marketing VP.

I couldn't be more excited to bring this experience to the country where Corona was born, to keep developing our category and supporting our business growth.

As Cassiano just mentioned, we challenged ourselves to deliver consistent compound growth and develop the beer category.

And over the last few years, industry consumption level confirmed that our strategy works.

The P.O.S system that Marcel mentioned yesterday helped us to identify opportunities to expand the category participation, and we made it accessible to more consumers, while developing new occasions, and growing the total amount of beer servings.

All of this could only be delivered because we have a portfolio of healthy and growing megabrands.

And we see that there´s still a positive industry growth trend ahead of us, when comparing Mexico to more developed markets.

.

So while we are proud of our past success, we keep challenging ourselves and opening gaps to find new opportunities.

As part of our culture, we dream big.

As it has been presented by Marcel and reinforced by Angelica yesterday, we follow the exact same replicable toolkit to lead and grow our category based on the five key category expansion levers.

In Mexico, we implemented the same toolkit that Angelica presented yesterday to increase participation and develop occasions.

We expanded our pack assortment to new offerings in different price points across our whole portfolio of both Core and Premium brands, and focused on expanding beer into the meal occasion, our biggest opportunity.

You were able to experience how we approached that in our brand immersion yesterday, for example with Victoria and tacos.

So today, I will focus my presentation on introducing the strong portfolio that we built in Mexico to help us to lead and grow the category across the remaining three expansion

levers:

• Core Superiority
• Premiumization
• And Beyond Beer

Starting with our Core Brands and our Core Superiority framework.

Core is the backbone of our business. We believe that with No core, there is no category. Brands in this segment represent more than 60% of our volume here in Mexico

Our main brands are Corona & Victoria: iconic loved brands, which have been part of the Mexican culture for decades.

And our strategy is very clear: to respect their legacy while keeping them relevant and vibrant.

As Marcel presented yesterday, we aim to always deliver to consumers a superior product, with superior positioning, executed with superior platforms to deliver superior value

Let me share what we mean by that in our Core Brands...

What have we achieved with this Core Superiority strategy?

We have grown volume above industry.

Not only gaining market share across the total market, but also within the core segment, while gaining brand power at the same time.

As markets develop, consumers start looking for more sophisticated propositions.

And to lead this development, we have a very strong Premium portfolio. It is composed of Local jewels: Modelo and Pacifico, and a successful international brand: Michelob Ultra.

Again, let´s see a video to present this powerful portfolio...

We also see very positive results in the Premium segment.

These brands show three times more compound annual growth than our total portfolio.

And we have been gaining share of the premium segment and increasing brand power.