S-8

Registration Statement No. 333-                

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM S-8

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933

Anheuser-Busch InBev SA/NV

(Exact Name of Registrant as Specified in Its Charter)

Belgium	None
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification Number)

Brouwerijplein 1,

3000 Leuven, Belgium

(Address of Principal Executive Offices)

Discretionary Restricted Stock Units Plan

(Full Title of Plans)

John Blood

c/o Anheuser-Busch InBev Services, LLC

250 Park Avenue

New York, New York 10017

Tel. No.: (212) 573-8800

(Name, Address and Telephone Number of Agent for Service)

Copies to:

John Horsfield-Bradbury

Sullivan & Cromwell LLP

1 New Fetter Lane

London EC4A 1AN

United Kingdom

Tel. No.: +44-20-7959-8900

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and an “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

CALCULATION OF REGISTRATION FEE

Title of Each Class of Securities To Be Registered (1)	Amount To Be Registered (2)	Proposed Maximum Offering Price Per Share (3)	Proposed Maximum Aggregate Offering Price	Amount of Registration Fee(2)
Ordinary shares of Anheuser-Busch InBev SA/NV without nominal value (“Ordinary Shares”) (granted pursuant to the Discretionary Restricted Stock Units Plan)	9,000,000	$34.28	$308,520,000.00	$40,045.90
Total			$308,520,000.00	$40,045.90

(1) Ordinary Shares may be represented by American Depositary Shares (“ADSs”), each of which represents one Ordinary Share and may be evidenced by American Depository Receipts (“ADRs”). A separate registration statement on Form F-6 (File No. 333-214027) was filed with the Securities and Exchange Commission (the “Commission”) 7 October 2016, as amended by Post-Effective Amendment No. 1, filed on 16 March 2018, in respect of Anheuser-Busch InBev SA/NV, a public limited liability company (société anonyme/naamloze vennootschap) incorporated in Belgium (“AB InBev” or the “Registrant”), for the registration of ADSs evidenced by ADRs issuable upon deposit of Ordinary Shares.

(2) Pursuant to Rule 416 of the Securities Act of 1933, as amended (the “Securities Act”), the amount being registered also includes an indeterminate number of Ordinary Shares, which may be issuable under the plans as a result of variations in share capital, share splits, share dividends or similar transactions.

(3) Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(c) and (h) of the Securities Act and based on the high and low prices of Ordinary Shares as reported on Euronext Brussels on 19 March 2020, and converted at the cross rate of €1.00 = $1.06925, as reported by Bloomberg at 5:00 p.m., New York City time, on 19 March 2020.

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PART I

INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS

The document(s) containing the information specified in Part I of Form S-8 will be sent or given to participants in the plans covered by this registration statement as specified by Rule 428(b)(1) of the Securities Act of 1933, as amended (the “Securities Act”). Such documents need not be filed with the Commission either as part of this registration statement or as prospectuses or prospectus supplements pursuant to Rule 424. These documents and the documents incorporated herein by reference pursuant to Item 3 of Part II of this registration statement, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act.

PART II

INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

Item 3. Incorporation of Documents by Reference

The following documents that AB InBev has filed with the Commission are incorporated in this registration statement by reference and made a part hereof:

• AB InBev’s Annual Report on Form 20-F for the year ended 31 December 2019 filed with the Commission on 23 March 2020 (“Annual Report”).

Each document incorporated by reference is current only as of the date of such document, and the incorporation by reference of such document shall not create any implication that there has been no change in the affairs of AB InBev since its date or that the information contained in it is current as of any time subsequent to its date.

All documents filed by AB InBev pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934 subsequent to the date hereof and prior to the filing of a post-effective amendment that indicates that all securities offered have been sold or that deregisters all securities then remaining unsold shall be deemed to be incorporated by reference herein and to be a part hereof from the date of filing of such documents. Reports on Form 6-K that AB InBev furnishes to the Commission subsequent to the date hereof will only be deemed incorporated by reference into this Registration Statement if such Report on Form 6-K expressly states that it is incorporated by reference herein.

Any statement contained in such a document shall be deemed to be modified or superseded for the purpose of this Registration Statement to the extent that a subsequent statement contained herein or in a subsequently filed or furnished document incorporated by reference herein, modifies or supersedes that statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement. In addition, any statement contained in any such document shall be deemed to be superseded for the purpose of this Registration Statement to the extent that a discussion contained herein covering the same subject matter omits such statement. Any such statement omitted shall not be deemed to constitute a part of this Registration Statement.

Item 4. Description of Securities

Please refer to “Description of Ordinary Shares” in Exhibit 2.14 to the Annual Report for a description of Ordinary Shares.

Please refer to “American Depositary Shares” in Exhibit 2.14 to the Annual Report for a description of American Depositary Shares.

Item 5. Interests of Named Experts and Counsel

None. Because no original issuance Ordinary Shares are to be registered hereunder, no opinion of counsel regarding the legality of the Ordinary Shares being registered hereunder is required.

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Item 6. Indemnification of Directors and Officers

Group Coverage and Policy

As the parent company of the Anheuser-Busch InBev Group, AB InBev has undertaken to indemnify its directors, officers and employees against any and all expenses (including, without limitation, attorneys’ fees and any expenses of establishing a right to indemnification by AB InBev), judgments, fines, penalties, settlements and other amounts actually and reasonably incurred by any such director, officer and employee in connection with the defense or settlement of any proceeding brought (i) by a third party or (ii) by AB InBev or by shareholders or other third parties in the right of AB InBev. Such indemnification applies if, with respect to the acts or omissions of such director, officer and employee, he or she acted in good faith and in a manner he or she reasonably believed to be in the best interests of AB InBev and, in the case of a criminal action or proceeding, he or she had no reason to believe that his or her conduct was unlawful. For these purposes, “proceeding” refers to any threatened, pending or completed action or proceeding, whether civil, criminal, administrative or investigative to which a director, officer or employee is a party or is threatened to be made a party by reason of the fact that he or she was a director or an agent of AB InBev or of one of its subsidiaries or by reason of anything done or not done by him or her in such capacity.

No determination in any proceeding by judgment, order, settlement or conviction or otherwise shall, of itself, create a presumption that such director, officer or employee did not act in good faith and in a manner which he or she reasonably believed to be in the best interests of AB InBev and, with respect to any criminal action or proceeding, he or she had reasonable cause to believe that his or her conduct was unlawful.

In addition, AB InBev has a liability insurance policy that covers all past, present and future directors and officers of AB InBev and its subsidiaries, which are those entities in which it holds more than 50% of the voting rights, or of which it can individually, or under a written shareholders’ agreement, appoint the majority of the board of directors. The insurance covers defense costs and financial damages such directors or officers are legally obliged to pay as a result of any claim against them. A “claim” for these purposes includes all requests against the directors and officers, including (i) a civil proceeding, (ii) a criminal proceeding, (iii) a formal administrative or regulatory proceeding and (iv) a written request by a third party.

Item 7. Exemption from Registration Claimed

Not applicable.

Item 8. Exhibits

Exhibit   No.	Description
4.1*	Articles of Association of Anheuser-Busch InBev SA/NV (English-language translation) (incorporated by reference to Exhibit 1.1 to the Annual Report ).
4.2*	Amended and Restated Deposit Agreement, by and among AB InBev and The Bank of New York Mellon, as Depositary and Owners and Holders of American Depositary Shares, dated as of 23 March 2018 (incorporated by reference to Exhibit 4.2 to the Form S-8 filed with the Commission on 14 September 2018).
4.3	Terms and Conditions of the Discretionary Restricted Stock Units Plan.
23.1	Consent of PwC Bedrijfsrevisoren BV/Reviseurs d’Entreprises SRL, relating to the financial statements of Anheuser-Busch InBev SA/NV for the financial year ended 31 December 2019.
23.2	Consent of Deloitte Bedrijfsrevisoren / Reviseurs d’Entreprises /BV o.v.v.e. CVBA/ SC s.f.d. SCRL (Zaventem), relating to the financial statements of Anheuser-Busch InBev SA/NV for the financial years ended 31 December 2018 and 2017.
24.1	Powers of Attorney of Certain Directors and Officers of Anheuser-Busch InBev SA/NV.
24.2	Power of Attorney of Authorized Representative in the United States.
*	Previously filed.

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Item 9. Undertakings

(a) The undersigned registrant hereby undertakes:

(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

(i) to include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;

(ii) to reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective registration statement;

(iii) to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

provided however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the registration statement is on Form S-8, and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Securities and Exchange Commission by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference into the registration statement.

(2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof; and

(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

(b) The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant’s annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan’s annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(c) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person against the registrant in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue.

(d) The undersigned registrant hereby undertakes that:

(1) For purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

(2) For the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

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SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Leuven, Belgium, on 24 March 2020.

Anheuser-Busch InBev SA/NV
By:	/s/ Jan Vandermeersch
Name:	Jan Vandermeersch
Title:	Global Legal Director Corporate

Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities indicated below on 24 March 2020.

Signature	Title
* Carlos Brito	Chief Executive Officer (Principal Executive Officer)
* Felipe Dutra	Chief Financial and Technology Officer (Principal Financial Officer and Principal Accounting
	Officer)
* Martin J. Barrington	Chairman of the Board of Directors
* María Asuncion Aramburuzabala	Member of the Board of Directors
* Claudio Garcia	Member of the Board of Directors
* M. Michele Burns	Member of the Board of Directors
* Paul Cornet de Ways Ruart	Member of the Board of Directors
* Sabine Chalmers	Member of the Board of Directors
* Paulo Alberto Lemann	Member of the Board of Directors
* Elio Leoni Sceti	Member of the Board of Directors
* Cecilia Sicupira	Member of the Board of Directors

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* Grégoire de Spoelberch	Member of the Board of Directors
* Marcel Herrmann Telles	Member of the Board of Directors
* Alexandre Van Damme	Member of the Board of Directors
* William F. Gifford, Jr.	Member of the Board of Directors
* Xiaozhi Liu	Member of the Board of Directors
* Alejandro Santo Domingo Dávila	Member of the Board of Directors
* Margot Miller	Authorized Representative in the United States

*By:	/s/Jan Vandermeersch
Name:	Jan Vandermeersch
Title:	Attorney-in-Fact

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EXHIBIT INDEX

Exhibit   No.	Description
4.1*	Articles of Association of Anheuser-Busch InBev SA/NV (English-language translation) (incorporated by reference to Exhibit 1.1 to the Annual Report ).
4.2*	Amended and Restated Deposit Agreement, by and among AB InBev and The Bank of New York Mellon, as Depositary and Owners and Holders of American Depositary Shares, dated as of 23 March 2018 (incorporated by reference to Exhibit 4.2 to the Form S-8 filed with the Commission on 14 September 2018).
4.3	Terms and Conditions of the Discretionary Restricted Stock Units Plan.
23.1	Consent of PwC Bedrijfsrevisoren BV/Reviseurs d’Entreprises SRL, relating to the financial statements of Anheuser-Busch InBev SA/NV for the financial year ended 31 December 2019.
23.2	Consent of Deloitte Bedrijfsrevisoren / Reviseurs d’Entreprises /BV o.v.v.e. CVBA/ SC s.f.d. SCRL (Zaventem), relating to the financial statements of Anheuser-Busch InBev SA/NV for the financial years ended 31 December 2018 and 2017.
24.1	Powers of Attorney of Certain Directors and Officers of Anheuser-Busch InBev SA/NV.
24.2	Power of Attorney of Authorized Representative in the United States.
*	Previously filed.

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EX-4.3

Exhibit 4.3

Anheuser-Busch InBev SA/NV

Discretionary Restricted Stock Units Plan

Participants’ Guide

2019

Terms and conditions relating to the Restricted Stock Units

1 Definitions

When used in this document, the following terms shall have the meaning ascribed to them as indicated below, unless expressly indicated otherwise:

AB InBev	Anheuser-Busch InBev NV/SA with its registered office at Grand Place 1, B-1000 Brussels, Belgium, VAT BE 0417.497.106 RPM/RPR Brussels;
Acceptance Form	the form in which the Participant confirms, among other things, his acceptance of the Offer of AB InBev and the Restricted Stock Units;
ADS	an American Depositary Share issued under the deposit agreement with the Bank of New York Mellon (or any successor thereof) traded on the New York Stock Exchange (ISIN: US03524A1088) and representing one Share or the right to receive one Share of AB InBev;
Board of Directors	the board of directors of AB InBev;
Closed Period	any period defined as such in the Code of Dealing;
Code of Business Conduct	The AB InBev Code of Business Conduct, as amended from time to time;
Code of Dealing	the AB InBev Dealing Code, as amended from time to time;
Committee	the Remuneration Committee of AB InBev;
Confirmation Period	the period during which a Participant must return the completed Acceptance Form to AB InBev, as indicated in the Offer Letter;
Data Controller	the natural or legal person, public authority, agency or other body which, alone or jointly with others, determines the purposes and means of the processing of Personal Data; for the processing of Personal Data in the context of the setting-up and management of the Plan and the Option and Share register in electronic form, the Data Controller is Anheuser-Busch InBev;
Data Processor	any third party designated by the Data Controller to process Personal Data on behalf of the Data Controller in accordance with Clause 14 for the implementation, administration and management of the Plan and the Share register and RSU register in electronic form;

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Data Protection Law	any and all local, national and international data protection/privacy laws and regulations, as may be amended, such as the GDPR and supplementing national law provisions that apply to the processing of Personal Data as covered in or in relation to the Plan;
Dismissal	termination of employment by AB InBev or its subsidiaries;
Dismissal for Serious Cause	termination of employment for serious cause (as determined by the Chief People Officer of AB InBev (or other designee of the Chief People Officer of AB InBev) or, if applicable, as defined in relevant local law) by AB InBev or its subsidiaries;
Divestiture	a situation whereby the Participant’s employer is no longer a subsidiary of AB InBev following a divestiture through the sale of shares in the said AB InBev subsidiary or otherwise;
GDPR	Regulation 2016/679 of the European Parliament and of the Council of April 27, 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation);
Global Ethics and Compliance Committee	the global ethics and compliance committee of AB InBev;
Grant Date	has the meaning given to it in the Offer Letter;
LTI Website	the internet website referred to in the Offer Letter (and any successor thereof) through which a Participant can monitor his/her portfolio of Restricted Stock Units;
Material Adverse Decision	Any decision, judgment, settlement or other act adopted by an administrative authority, court or tribunal that has a direct or indirect significant negative financial, reputational or commercial impact on AB InBev, as determined by the Global Ethics and Compliance Committee;
Material Breach	Any violation of the Code of Business Conduct of AB InBev that has a direct or indirect significant negative financial, reputational or commercial impact on the Company, as determined by the Global Ethics and Compliance Committee;
Offer	the offer of Restricted Stock Units by AB InBev to the Participant as set out in the Offer Letter;
Offer Letter	the letter whereby AB InBev communicates the details of the Offer of Restricted Stock Units made to a Participant under the Plan, together with the Acceptance Form;

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Outsourcing	a situation whereby (i) a Participant is dismissed by AB InBev or a subsidiary of AB InBev in the framework of a collective dismissal (in the meaning of the Belgian Law of 13 February 1998 or its equivalent in the jurisdiction of the Participant) and is re-employed, together with the other persons who have been likewise dismissed, by a third-party company which is not an affiliate of AB InBev and which provides services to AB InBev; or (ii) a Participant is transferred by AB InBev or a subsidiary of AB InBev in the framework of the Belgian Collective Bargaining Agreement No 32bis of 7 June 1985 (or its equivalent in the jurisdiction of the Participant) to a third-party company which is not an affiliate of AB InBev and which provides services to AB InBev;
Participant	an employee of AB InBev or its subsidiaries and who received an Offer Letter, or any Successor to whom Restricted Stock Units have been transferred in accordance with these terms and conditions;
Personal Data	each item of information relating to an identified or identifiable Participant defined as personal data pursuant to Data Protection Law;
Plan	the Discretionary Restricted Stock Units Plan;
Pro-Rata Formula	HR × M
	PRR =     60
	where:
	PRR   means the number of Restricted Stock Units that will remain in full force and effect following the termination of employment
	HR  means the number of Restricted Stock Units held by the Participant immediately prior to the termination of employment
	M   means the number of full calendar months of employment of the Participant within the AB InBev Group during the period from the SBC Grant Date until the date of termination of employment;
Resignation	the termination by a Participant of employment with AB InBev or its subsidiaries;
RSU or Restricted Stock Unit	the right to receive from AB InBev one existing Share in accordance with these terms and conditions;
SBC	the Share-Based Compensation Plan of AB InBev;
SBC Grant Date	has the meaning given to it in the Offer Letter;

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Share	an ordinary share of AB InBev (ISIN: BE0974293251);
Successor	the successor of a Participant as determined under the applicable law of succession and/or the persons designated by a Participant, in accordance with the applicable law of succession, to inherit the rights of the Participant under the Plan after the death of the Participant;
Vesting Date	has the meaning given to it in the Offer Letter;
Vesting Period	the period running from the Grant Date to the Vesting Date (inclusive).

2 Approval of the Plan documentation

The Plan forms part of an agreement between the Participant and AB InBev. By returning their completed Acceptance Form, Participants unconditionally agree to be bound by the contents of this document, the Offer Letter and the Acceptance Form.

A Participant who fails to return the completed Acceptance Form before the expiry of the Confirmation Period will be deemed to have refused the Offer and the Restricted Stock Units.

3 Nature and characteristics of the Restricted Stock Units

3.1 Vesting

The Restricted Stock Units are subject to a Vesting Period as further described in the Offer Letter.

On or shortly after the Vesting Date, AB InBev will deliver one Share per Restricted Stock Unit held by the Participant, subject to the provisions of these terms and conditions. Unless explicitly set forth otherwise in these terms and conditions, Restricted Stock Units do not confer any shareholder’s rights.

At the request of the Participant, AB InBev may deliver ADSs listed on the New York Stock Exchange in lieu of Shares upon vesting of the Restricted Stock Units. To this end, Participants will need to indicate in writing to optionmanager@inbev.com before the Vesting Date that they want to be delivered ADSs in lieu of Shares. If a Participant requests to receive ADSs, all applicable references to Shares in the Plan, the Offer Letter and the Acceptance Form, shall mean ADSs with respect to such Participant.

3.2 Dividend protection

Restricted Stock Units entitle their holder to a dividend equivalent during the Vesting Period, which represents an amount equal to the gross dividend paid by AB InBev on the Shares underlying the Restricted Stock Units. This dividend equivalent will be granted to the Participants shortly after the payment of the dividend, in the form of additional Restricted Stock Units with the same vesting conditions and governed by the same terms and conditions as the original Restricted Stock Units.

The number of additional Restricted Stock Units to which a Participant is entitled upon payment of a dividend on the Shares underlying the Restricted Stock Units will be calculated by AB InBev. The number will be equal to the amount of the gross dividend

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divided by the closing share price on Euronext Brussels of the AB InBev Share on the dividend payment date and multiplied by the number of Restricted Stock Units that the Participants holds. The result of this calculation will be rounded down to the closest unit.

3.3 Transferability

Except for transfers as a result of death (see Clause 6.7 below), Restricted Stock Units may not be transferred or encumbered with any security, pledge or other right, or otherwise pass to any third party.

4 Nature and characteristics of the underlying Shares

4.1 General

The Shares to be delivered to the holders of Restricted Stock Units upon vesting of the Restricted Stock Units are existing ordinary Shares of AB InBev with all rights and benefits generally attached to such Shares. AB InBev will, at its discretion, deliver Shares in dematerialised (electronic or book-entry) form or in registered form.

4.2 Dividends

The Shares delivered upon vesting of the Restricted Stock Units give the right to the dividends paid on such Shares decided by AB InBev after the Vesting Date.

4.3 Transferability

Unless agreed otherwise between the Participant and AB InBev, the Shares delivered upon vesting of the Restricted Stock Units are not subject to any transfer restrictions under the rules of the Plan.

5 Expenses and taxes

All costs related to the attribution of the Restricted Stock Units, the attribution of the additional Restricted Stock Units referred to in Clause 3.2 above and the delivery of the underlying Shares will be borne by AB InBev, except taxes on stock exchange transactions and income and social security taxes on the income received by the Participants in connection with the delivery or the ownership of the Restricted Stock Units and with the delivery of the underlying Shares or ADSs. AB InBev may withhold from any payment or delivery of Shares or ADSs any income or social security taxes that are required to be withheld under any applicable law, rule or regulation.

6 Expiry of the Restricted Stock Units before the Vesting Date and situation upon termination of employment

6.1 Malus adjustment

When conduct that occurred in the period during which the Participant is or was responsible for such conduct contributes to a Material Adverse Decision or a Material Breach of our Code of Business Conduct before the Vesting Date the Restricted Stock Units held by such Participant under this Plan will automatically expire and become null and void.

6.2 Dismissal for Serious Cause

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Upon Dismissal for Serious Cause of a Participant before the Vesting Date all Restricted Stock Units held by the Participant on the date of the end of employment, will automatically expire and become null and void.

The above rules apply notwithstanding any recourse which might be introduced by a dismissed Participant against such Dismissal.

6.3 Resignation before cumulated age of 70

Without prejudice to Clause 6.7 below, in the case of Resignation before a cumulated age of 70 (i.e. the sum, on the date of the end of employment, of (i) the age of the Participant and (ii) the number of years of employment of the Participant within the AB InBev Group) of a Participant before the Vesting Date all Restricted Stock Units held by the Participant on the date of the end of employment, will automatically expire and become null and void.

The above rules apply notwithstanding any recourse which might be introduced by a Participant.

6.4 Termination of employment before cumulated age of 70

Without prejudice to Clause 6.7 below, in the case of termination of employment - other than a termination of employment resulting from a Resignation or a Dismissal for Serious Cause - before a cumulated age of 70 (i.e. the sum, on the date of the end of employment, of (i) the age of the Participant and (ii) the number of years of employment of the Participant within the AB InBev Group) of a Participant before the Vesting Date:

6.4.1 if employment ends before the end of the second year following the Grant Date, all Restricted Stock Units held by the Participant will automatically expire and become null and void;

6.4.2 if employment ends on or after the end of the second year following the Grant Date, a portion of the Restricted Stock Units will remain in full force and effect and subject to these terms and conditions, provided that, if so requested by AB InBev, the Participant enters into a non-competition agreement. The modalities of the non-competition agreement will be agreed upon after the employment has ended.

The portion of Restricted Stock Units that will remain in full force and effect as indicated above will be calculated by AB InBev on the basis of the Pro-Rata Formula. The remaining Restricted Stock Units will automatically expire and become null and void.

The above rules also apply in case the termination of employment before a cumulated age of 70 results from an Outsourcing or a Divestiture.

The above rules apply notwithstanding any recourse which might be introduced by a dismissed Participant against the termination of employment.

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6.5 Termination of employment at or after cumulated age of 70

Without prejudice to Clause 6.7 below, in the case of termination of employment - other than a termination of employment resulting from a Dismissal for Serious Cause - at or after a cumulated age of 70 (i.e. the sum, on the date of the end of employment, of (i) the age of the Participant and (ii) the number of years of employment of the Participant within the AB InBev Group) of a Participant before the Vesting Date:

6.5.1 if employment ends before the end of the second year following the Grant Date:

(i) if the Participant has participated in the SBC in each of the last five years (or as many years in that period in which the Participant has been an employee of AB InBev or its subsidiaries), a portion of the Restricted Stock Units will remain in full force and effect and subject to these terms and conditions, provided that, if so requested by AB InBev, the Participant enters into a non-competition agreement. The modalities of the non-competition agreement will be agreed upon after the employment has ended.

The portion of Restricted Stock Units that will remain in full force and effect as indicated above will be calculated by AB InBev on the basis of the Pro-Rata Formula. The remaining Restricted Stock Units will automatically expire and become null and void;

(ii) in all other cases, all Restricted Stock Units held by the Participant will automatically expire and become null and void;

6.5.2 if employment ends on or after the end of the second year following the Grant Date, a portion of the Restricted Stock Units will remain in full force and effect and subject to these terms and conditions, provided that, if so requested by AB InBev, the Participant enters into a non-competition agreement. The modalities of the non-competition agreement will be agreed upon after the employment has ended.

The portion of Restricted Stock Units that will remain in full force and effect as indicated above will be calculated by AB InBev on the basis of the Pro-Rata Formula. The remaining Restricted Stock Units will automatically expire and become null and void.

The above rules also apply in case the termination of employment at or after a cumulated age of 70 results from an Outsourcing or a Divestiture.

6.6 Termination of employment at or after cumulated age of 80

Without prejudice to Clause 6.7 below, in the case of termination of employment - other than a termination of employment resulting from a Dismissal for Serious Cause - at or after a cumulated age of 80 (i.e. the sum, on the date of the end of employment, of (i) the age of the Participant and (ii) the number of years of employment of the Participant within the AB InBev Group) of a Participant before the Vesting Date the Restricted Stock Units will remain in full force and effect and subject to these terms and conditions.

The above rules also apply in case the termination of employment at or after a cumulated age of 80 results from an Outsourcing or a Divestiture.

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6.7 Death or termination of employment following permanent disability

Notwithstanding Clauses 6.3 to 6.6 above, in the case of death of a Participant or termination of employment following permanent disability of a Participant before the Vesting Date:

6.7.1 the Vesting Period referred to in Clause 2.1 will automatically expire and all Restricted Stock Units will automatically vest provided that, in the case of permanent disability and if so requested by Anheuser-Busch InBev, the Participant enters into a non-competition agreement. The modalities of the non-competition agreement will be agreed upon after employment has ended. The Shares to be delivered upon vesting of these Restricted Stock Units will be delivered to the relevant Participant’s Successors (if applicable) shortly after the Participant’s death or to the Participant shortly after the termination of the Participant’s employment following permanent disability.

Except as provided in Clause 6.8 below, the notion of “permanent disability” is to be defined by reference to the law governing the employment in the relevant jurisdiction of the Participant

6.8 Notwithstanding Clause 6.7 above, for Participants subject to taxation in the United States, “permanent disability” shall mean at least one of the following:

6.8.1 the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months;

6.8.2 the Participant is, by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of the Participant’s AB InBev employer; or

6.8.3 the Participant is determined to be totally disabled by the Social Security Administration.

6.9 In deviation from Clause 6.7 above, in the case of termination of employment of a Participant who is subject to taxation in the United States before the Vesting Date following permanent disability that does not meet the definition of “permanent disability” under Clause 6.8 above, the Restricted Stock Units will remain in full force and effect and will vest on the Vesting Date.

7 Administration of the Plan

7.1 Delegation to the Committee

The Board of Directors may delegate part or all powers under the Plan to the Committee. In the case of a delegation of powers, the Committee shall: (i) be responsible for the general administration of the Plan in accordance with the provisions thereof, under the supervision of the Board of Directors; and (ii) be authorised to establish rules for the administration, interpretation and application of the Plan and, if necessary, to interpret, amend and cancel these rules, in compliance with these terms and conditions.

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In the case of a delegation of powers, the Board of Directors will retain full authority to exercise all the rights and obligations of the Committee under the Plan at any time whatsoever, or to delegate them to another committee constituted by the Board of Directors.

7.2 (Sub-)delegation to any third party

The Board of Directors and the Committee may (sub-)delegate certain well-specified powers to any third party they deem appropriate.

In the case of a (sub-)delegation of powers, the Board of Directors and the Committee will retain full authority to exercise all the rights and obligations so delegated.

8 Amendment to the capital structure and anti-dilution measures

AB InBev expressly reserves the right to proceed with corporate changes that have an impact on its capital, such as capital increases, including by incorporation of reserves in the capital, capital decreases, issuance of convertible bonds, subscription rights or options, stock splits or reverse stock splits, combinations or reclassifications of the Shares, mergers, (partial) demergers, as well as the right to amend the clauses in the articles of association governing the allocation of profits or liquidation boni.

In the event that such corporate changes would have an unfavourable effect on the Restricted Stock Units, the number of Restricted Stock Units and/or the number of Shares to which the Restricted Stock Units give rights will be adjusted for the purpose of safeguarding the interests of the holders of Restricted Stock Units, in the manner determined at the sole discretion of the Board of Directors, subject to any required action by the Shareholders’ Meeting of AB InBev. The terms of such adjustment will be communicated to the Participants in due time.

In the event that AB InBev would be merged into another company, the rights and obligations of AB InBev under the Plan will automatically be transferred to the absorbing company and the Restricted Stock Units will no longer give the Participants the right to Shares but instead the right to shares of the absorbing company, subject to applicable law and to any applicable corporate approval. The number of shares of the absorbing company to which each Restricted Stock Units will give right will be determined at the sole discretion of the Board of Directors and/or the board of directors of the absorbing company and will be communicated to the Participants in due time.

9 Electronic register, electronic evidence and electronic delivery

9.1 Electronic Share and RSU register

The Shares and Restricted Stock Units will be recorded in a register, which may be in electronic form and the maintenance of which may be delegated by AB InBev to a third party.

9.2 Electronic evidence

Electronic approvals, instructions, orders, statements and communications between a Participant, AB InBev, AB InBev affiliates and any third party to which powers have been sub-delegated by AB InBev for the administration of the Plan will have the same legal status as written approvals, instructions, orders, statements and communications. The written recording or the written reproduction of electronic approvals, instructions, orders,

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statements and communications received by AB InBev, AB InBev affiliates and any third party to which powers have been sub-delegated by AB InBev for the administration of the Plan, will constitute conclusive evidence between the Participant, AB InBev, AB InBev affiliates and any third party to which powers have been sub-delegated by AB InBev for the administration of the Plan, unless evidence to the contrary is provided by the Participant.

9.3 Consent to electronic delivery

As a condition to receiving the Restricted Stock Units, each Participant consents to delivery of all subsequent information relating to the Restricted Stock Units by electronic means, including e-mails to the Participants and postings on AB InBev’s website or intranet. Such information may include, amongst others, financial information concerning AB InBev. In order to access such information, Participants will be required to access AB InBev’s e-mail system, website and/or intranet. By returning the Acceptance Form, Participants are deemed to acknowledge that they have such access to the e-mail system of AB InBev, to AB InBev’s website and intranet and ordinarily use them in the ordinary course of their employment. Participants may obtain paper copies of any such information by submitting a request to receive paper copies to their respective People Department.

10 Matrimonial regime

In the event that the matrimonial regimes of Participants confer ownership or other rights on their spouses with respect to the Restricted Stock Units, those Participants undertake that their spouses shall appoint them as their sole representatives for all matters arising in relation to the Restricted Stock Units.

11 Death

In the event of a Participant’s death, any Successor acquiring the Restricted Stock Units shall inform AB InBev of the Participant’s death as soon as possible and at the latest one month from the date of death.

12 Modification of the terms and conditions

The Board of Directors may unilaterally modify at any time the practical and/or accessory modalities of the terms and conditions. It may also unilaterally modify the terms and conditions when such modifications are required to comply with any change in legislation.

13 Nature of the Plan

Notwithstanding any provisions to the contrary included in the terms and conditions, the Offer Letter, the Acceptance Form or any other document relating to the Plan:

13.1 the grant of Shares and/or Restricted Stock Units to the Participant in the framework of the Plan is unrelated to his occupational pension rights or pension claims, so that this grant cannot affect these occupational pension rights and claims;

13.2 the Plan, the terms and conditions, the Offer Letter, the Acceptance Form or any other document relating to the Plan do not confer upon the Participant any right to continued employment for any period of specific duration or interfere with or otherwise restrict in any way the rights of AB InBev or its subsidiaries to terminate the Participant’s employment according to the applicable regulations in respect of termination thereof;

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13.3 the grant of Restricted Stock Units cannot be considered as a right acquired for the future.

14 Privacy and processing of Personal Data

To enable the proper set-up and management of the Plan and the RSU register, Personal Data about each Participant will need to be collected and used. This Section 14 sets out the obligations of Anheuser-Busch InBev and the rights of Participants regarding any such collection and use, and provides the legally required information in this respect.

14.1 Identity of the person responsible for your Personal Data

Anheuser-Busch InBev is the so-called “Data Controller”, which is responsible for the collection and processing of Personal Data as is necessary for the setting-up and management of the Plan and the RSU register of Anheuser-Busch InBev in electronic form.

14.2 Why and how Personal Data is collected and used

The Personal Data will either be collected via the LTI Website or extracted from Anheuser-Busch InBev’s SAP system (or successor thereof)1. It will be used exclusively for the purposes of the administration of the Plan and the maintenance of the RSU register of Anheuser-Busch InBev in electronic form.

The Data Controller and any Data Processor will collect and process the Participants’ Personal Data in accordance with the Data Protection Law.

14.3 Nature of the Personal Data

The following Personal Data relating to the Participants will be collected and used:

(i) their contact details (e.g. names*, private/professional* (email) addresses/phone numbers);

(ii) electronic identification data;

(iii) personal characteristics (i.e. date of birth*);

(iv) financial data (e.g. details regarding bank account);

(v) details of all rights and other entitlement to Restricted Stock Units awarded, cancelled, vested, unvested or outstanding.

Generally, the processing of the above Personal Data is necessary for the setting-up and management of the Plan and Share register and the Participants are required to provide their Personal Data, except in limited instances when the Data Controller indicates that certain information is voluntary. If the Participant refuses to provide his/her Personal Data, the Data Controller may be unable to manage participation of the Participant in the Plan.

14.4 Other persons having access to the Personal Data and purpose thereof

The Data Controller can transfer the Personal Data to the following categories of recipients:

(i) the provider of the LTI Website acting as Data Processor;

(ii) the employer of the Participant for the above purposes;

¹  In this case, the Personal Data which are not directly collected from you are identified with an asterisk (*) below.

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(iii) payroll operators acting as Data Processors;

(iv) regulatory authorities for the purposes of complying with legal obligations in connection with the Plan; and

(v) any member of the Anheuser-Busch InBev group.

Such recipients may be located in jurisdictions outside the European Economic Area (“EEA”) that may not provide an adequate level of personal data protection. In order to ensure an adequate level of protection for data transfers to such countries, the Data Controller provides appropriate safeguards by way of entering into Standard Contractual Clauses (2010/87/EU and/or 2004/915/EC) or other adequate means (such as binding corporate rules).

The Participant may request a copy of, or information about, the appropriate safeguards provided for the transfers, by contacting the Anheuser-Busch InBev Compliance Team through globalcompliance@ab-inbev.com.

14.5 Legal basis allowing Anheuser-Busch InBev to collect and use Personal Data

The processing and sharing of the Participant’s Personal Data for the purposes set out in Section 14.2 is justified on the following legal bases: (i) the processing is necessary for the performance of a contract to which the Participant is a party or in order to take steps at the request of the Participant prior to entering into such contract, (ii) the processing is necessary to comply with a legal obligation to which the Data Controller is subject, or (iii) the processing is necessary for the purposes of the legitimate interests pursued by the Data Controller or by a third party, which are not overridden by the interests or fundamental rights and freedoms of the Participant, it being noted that such legitimate interests include implementing and offering Anheuser-Busch InBev Plan and setting-up an Option and Share register.

14.6 Rights of the Participants

In the conditions set forth under applicable Data Protection Law, the Participant can exercise his/her right to request access to and rectification or erasure of his/her Personal Data or restriction of processing concerning the Participant or to object to processing as well as the right to data portability by sending a written request to globalcompliance@ab-inbev.com.

Finally, if Participants have questions or complaints about how Anheuser-Busch InBev processes their Personal Data, they may contact the Anheuser-Busch InBev Compliance Team through globalcompliance@ab-inbev.com. The Participants may also contact Anheuser-Busch InBev’s appointed data protection officer, First Privacy GmbH, at: e-mail: abi-team@firstprivacy.com ; phone: +49 421 69663282. They also have the right to make a complaint to the competent supervisory authority.

14.7 Storage period of the Personal Data

In general, Personal Data will be stored for a period of five (5) years after the termination of the Plan.

15 Severability

If any provision in this document is held to be illegal, invalid or unenforceable, in whole or in part, under any applicable law, that provision will be deemed not to form part of this

13

document, and the legality, validity or enforceability of the remainder of this document will not be affected.

16 Applicable law

The Restricted Stock Units and these terms and conditions are governed by Belgian law.

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EX-23.1

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of our report dated March 11, 2020 relating to the financial statements and the effectiveness of internal control over financial reporting, which appears in Anheuser-Busch InBev SA/NV’s Annual report on Form 20-F for the year ended 31 December 2019.

Sint-Stevens-Woluwe, Belgium, March 24, 2020

PwC Bedrijfsrevisoren BV / Reviseurs d’Entreprises SRL

Represented by

/s/ Koen Hens

Statutory Auditor

PwC Bedrijfsrevisoren BV - PwC Reviseurs d’Entreprises SRL - Financial Assurance Services

Registered Office: Woluwe Garden, Woluwedal 18, B-1932 Sint-Stevens-Woluwe

VAT BE 0429.501.944 RPR Brussel/ RPM Bruxelles - ING BE43 3101 3811 9501 - BIC BBRUBEBB

BELFIUS BE92 0689 0408 8123 - BIC GKCCBEBB

EX-23.2

Exhibit 23.2

    Deloitte Bedrijfsrevisoren/ Réviseurs d’Entreprises Gateway building Luchthaven Brussel Nationaal 1 J 1930 Zaventem Belgium   Tel. + 32 2 800 20 00 Fax + 32 2 800 20 01 www.deloitte.com

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in this Registration Statement on Form S-8 of our report dated 13 March 2019 (23 April 2019 as to the adoption of IFRS 16 Leases and the retrospective adjustments for changes in the composition of reportable segment as described in Note 5 to the financial statements), relating to the 2018 and 2017 financial statements of Anheuser-Busch InBev SA/NV, appearing in Anheuser-Busch InBev SA/NV’s Annual Report on Form 20-F for the year ended 31 December 2019.

Zaventem, Belgium, 24 March 2020

/s/Joël Brehmen

DELOITTE Bedrijfsrevisoren / Reviseurs d’Enterprises

BV o.v.v.e. CVBVA / SC s.f.d. SCRL

Represented by Joël Brehmen

EX-24.1

Exhibit 24.1

POWER OF ATTORNEY

Reference is hereby made to the proposed registration by Anheuser-Busch InBev SA/NV (“ABI”) under the US Securities Act of 1933, as amended (the “Securities Act”), of ordinary shares of ABI, without nominal value, and American Depositary Shares, evidenced by American Depositary Receipts, each representing one ordinary share without nominal value, in each case to be offered and sold by ABI (the “Securities”) pursuant to certain current and future employee share plans, if any, established for the benefit of employees of ABI and its subsidiaries. Such Securities have or will be registered on one or more registration statements on Form S-8 (each such registration statement, a “Registration Statement”) filed with the US Securities and Exchange Commission (the “SEC”).

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints any Vice President of ABI, the Corporate Secretary of ABI, any Assistant Corporate Secretary of ABI, the Secretary of Anheuser-Busch InBev Services, LLC, any Assistant Secretary of Anheuser-Busch InBev Services, LLC, Ms. Lauren Abbott, Mr. David Almeida, Mr. Matthew Amer, Ms. Katie Barrett, Mr. John Blood, Mr. Gert Boulangé, Mr. Bert van Boxel, Mr. Carlos Brito, Mr. Yann Callou, Mr. Rodrigo Cunha, Ms. Christine Delhaye, Mr. Guy Ernotte Dumont, Mr. Felipe Dutra, Mr. Matthew Galvin, Mr. Matthew Gilbertson, Ms. Mariya Glukhova, Mr. Thomas Larson, Ms. Naomi Lopez, Ms. Betty Marcelino, Ms. Margot Miller, Mr. Andrew Murray, Ms. Ann Randon, Ms. Isabela Gerjoi Bezerra de Souza, Mr. Daniel Strothe, Mr. Fernando Tennenbaum, Mr. Steve Turner, Mr. Jan Vandermeersch and Mr. Guillaume Delle Vigne, and each of them, with full power to act alone, as his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him and in his or her name, place and stead, in any and all capacities, for as long as such attorney-in-fact or agent remains an employee of ABI or any entity wholly-owned by ABI, to sign the Registration Statements, any and all amendments thereto (including post-effective amendments) and any subsequent registration statement in respect of the Securities that is to be effective upon filing by ABI pursuant to Rule 462(b) under the Securities Act, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the SEC, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

This Power of Attorney may be executed in multiple counterparts, each of which shall be deemed an original, but which taken together, shall constitute one instrument.

[Remainder of this page left intentionally blank.]

Date: March 24, 2020	By: /s/Carlos Brito Carlos Brito Chief Executive Officer Anheuser-Busch InBev SA/NV
Date: March 24, 2020	By: /s/ Felipe Dutra Felipe Dutra Chief Financial and Technology Officer Anheuser-Busch InBev SA/NV
Date: March 24, 2020	By: /s/ Martin J. Barrington Martin J. Barrington Chairman of the Board of Directors Anheuser-Busch InBev SA/NV
Date: March 24, 2020	By: /s/ Xiaozhi Liu Xiaozhi Liu Member of the Board of Directors Anheuser-Busch InBev SA/NV
Date: March 24, 2020	By: /s/ Paul Cornet de Ways Ruart Paul Cornet de Ways Ruart Member of the Board of Directors Anheuser-Busch InBev SA/NV
Date: March 24, 2020	By: /s/ Claudio Garcia Claudio Garcia Member of the Board of Directors Anheuser-Busch InBev SA/NV

[Signature Page to S-8 Power of Attorney]

Date: March 24, 2020	By: /s/ M. Michele Burns M. Michele Burns Member of the Board of Directors Anheuser-Busch InBev SA/NV
Date: March 24, 2020	By: /s/ Paulo Alberto Lemann Paulo Alberto Lemann Member of the Board of Directors Anheuser-Busch InBev SA/NV
Date: March 24, 2020	By: /s/ Grégoire de Spoelberch Grégoire de Spoelberch Member of the Board of Directors Anheuser-Busch InBev SA/NV
Date: March 24, 2020	By: /s/ Alexandre Van Damme Alexandre Van Damme Member of the Board of Directors Anheuser-Busch InBev SA/NV
Date: March 24, 2020	By: /s/ Cecilia Sicupira Cecilia Sicupira Member of the Board of Directors Anheuser-Busch InBev SA/NV
Date: March 24, 2020	By: /s/ Sabine Chalmers Sabine Chalmers Member of the Board of Directors Anheuser-Busch InBev SA/NV
Date: March 24, 2020	By: /s/ Elio Leoni Sceti Elio Leoni Sceti Member of the Board of Directors Anheuser-Busch InBev SA/NV

[Signature Page to S-8 Power of Attorney]

Date: March 24, 2020	By: /s/ Maria Asuncion Aramburuzabala Maria Asuncion Aramburuzabala Member of the Board of Directors Anheuser-Busch InBev SA/NV
Date: March 24, 2020	By: /s/ William F. Gifford, Jr. William F. Gifford, Jr. Member of the Board of Directors Anheuser-Busch InBev SA/NV
Date: March 24, 2020	By: /s/ Alejandro Santo Domingo Dávila Alejandro Santo Domingo Dávila Member of the Board of Directors Anheuser-Busch InBev SA/NV
Date: March 24, 2020	By: /s/ Marcel Herrmann Telles Marcel Herrmann Telles Member of the Board of Directors Anheuser-Busch InBev SA/NV

[Signature Page to S-8 Power of Attorney]

EX-24.2

Exhibit 24.2

POWER OF ATTORNEY

    Reference is hereby made to the proposed registration by Anheuser-Busch InBev SA/NV (“ABI”) under the US Securities Act of 1933, as amended (the “Securities Act”), of ordinary shares of ABI, without nominal value, and American Depositary Shares, evidenced by American Depositary Receipts, each representing one ordinary share without nominal value, in each case to be offered and sold by ABI (the “Securities”) pursuant to certain current and future employee share plans, if any, established for the benefit of employees of ABI and its subsidiaries. Such Securities have or will be registered on one or more registration statements on Form S-8 (each such registration statement, a “Registration Statement”) filed with the US Securities and Exchange Commission (the “SEC”).

    KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints any Vice President of ABI, the Corporate Secretary of ABI, any Assistant Corporate Secretary of ABI, the Secretary of Anheuser-Busch InBev Services, LLC, any Assistant Secretary of Anheuser-Busch InBev Services, LLC, Ms. Lauren Abbott, Mr. David Almeida, Mr. Matthew Amer, Ms. Katie Barrett, Mr. John Blood, Mr. Gert Boulangé, Mr. Bert van Boxel, Mr. Carlos Brito, Mr. Yann Callou, Mr. Rodrigo Cunha, Ms. Christine Delhaye, Mr. Guy Ernotte Dumont, Mr. Felipe Dutra, Mr. Matthew Galvin, Mr. Matthew Gilbertson, Ms. Mariya Glukhova, Mr. Thomas Larson, Ms. Naomi Lopez, Ms. Betty Marcelino, Ms. Margot Miller, Mr. Andrew Murray, Ms. Ann Randon, Ms. Isabela Gerjoi Bezerra de Souza, Mr. Daniel Strothe, Mr. Fernando Tennenbaum, Mr. Steve Turner, Mr. Jan Vandermeersch and Mr. Guillaume Delle Vigne, and each of them, with full power to act alone, as his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him and in his or her name, place and stead, in any and all capacities, for as long as such attorney-in-fact or agent remains an employee of ABI or any entity wholly-owned by ABI, to sign the Registration Statements, any and all amendments thereto (including post-effective amendments) and any subsequent registration statement in respect of the Securities that is to be effective upon filing by ABI pursuant to Rule 462(b) under the Securities Act, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the SEC, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

[Remainder of this page left intentionally blank.]

Date: March 24, 2020	By: /s/ Margot Miller
	Name: Margot Miller Title: Authorized Representative in the United States Anheuser-Busch InBev SA/NV

[Authorized Representative – Power of Attorney]