ABI/SABMiller antitrustitalia December 2016

Privileged & Confidential Agenda Overview Strategy Organization My takeaways Privileged & Confidential

Privileged & Confidential 1. Overview Date Event 13 Oct 2015 ABI/SABM agree pricing at £44/share 11 Nov 2015 ABI/SABM agree terms 9 Feb 2016 All filings made, except EU, China 31 Mar 2016 EU filing 24 May 2016 EU clearance 23 Jun 2016 Brexit vote 27 July 2016 Convergence planning suspended 29 July 2016 Clearance in South Africa, EU, US, China 30 July 2016 SABM accept £45/share 10 Oct 2016 Transaction closes Privileged & Confidential

Privileged & Confidential

2. Strategy - Proactivity Privileged & Confidential

Privileged & Confidential 2. Strategy - Creativity Privileged & Confidential

Privileged & Confidential 3. Organization Privileged & Confidential

Privileged & Confidential 4. My Takeaways Get organized Prepare for surprises Be proactive & creative Privileged & Confidential

Thank you antitrustitalia! December 2016