92PG Ab Inbev 9.75%

19 March 2024

ANHEUSER-BUSCH INBEV SA/NV ANNOUNCES TENDER OFFERS
TO PURCHASE EUR NOTES FOR CASH

Anheuser-Busch InBev SA/NV (the "EUR Offeror") has today launched separate invitations to holders of its outstanding €1,000,000,000 2.700% Notes due 2026 (ISIN: BE6265142099), €1,000,000,000 2.125% Notes due 2027 (ISIN: BE6320934266) and €3,000,000,000 2.000% Notes due 2028 (ISIN: BE6285455497) (together, the "EUR Notes") to tender such EUR Notes for purchase by the EUR Offeror for cash subject to the Offer Cap, the relevant Acceptance Priority Levels and the Financing Condition (each as defined below) (each such invitation a "EUR Tender Offer" and, together, the "EUR Tender Offers" and, together with the US Tender Offers (as defined below), the "Tender Offers"). The Tender Offers are being made on the terms and subject to the conditions contained in the offer to purchase dated 19 March 2024 (the "Offer to Purchase") and are subject to the offer restrictions set out below and as more fully described in the Offer to Purchase.

Copies of the Offer to Purchase are (subject to offer and distribution restrictions) available from the Tender and Information Agent as set out below. Capitalised terms used and not otherwise defined in this announcement have the meanings given in the Offer to Purchase.

Summary of the EUR Tender Offers

The EUR Offeror offers to purchase for cash the outstanding EUR Notes listed below subject to the Offer Cap⁽¹⁾ of $2,000,000,000 (subject to increase or decrease as set out in the Offer to Purchase):

Notes:

⁽¹⁾ The offers with respect to the Notes (including the EUR Notes and the Notes subject to the US Tender Offers) are subject to an "Offer Cap" equal to an aggregate purchase price (excluding Accrued Interest) of up to $2,000,000,000, subject to the terms and conditions described in the Offer to Purchase. Notwithstanding anything to the contrary contained herein, if the aggregate purchase price for the EUR Notes and the Notes subject to the US Tender Offers validly tendered and not validly withdrawn by Holders prior to the Early Tender Time exceeds the Offer Cap, subject to the Financing Condition the Offerors intend (but are not obligated) to increase the Offer Cap by some or all of the amount of such excess, provided it will not be increased by more than $500,000,000 to a maximum amount of $2,500,000,000.

⁽²⁾ We will accept Notes in the order of their respective Acceptance Priority Level specified in the Offer to Purchase (each, an "Acceptance Priority Level" with "1" being the highest Acceptance Priority Level and "5" being the lowest Acceptance Priority Level), subject to the terms and conditions described in the Offer to Purchase. Investors should be aware that the principal amount outstanding of the Notes subject to the US Tender Offers with Acceptance Priority Level 1 is greater than the Offer Cap and therefore, if such Notes are validly tendered prior to the Early Tender Time and accepted for purchase in a principal amount that would result in an aggregate purchase price greater than the Offer Cap, unless the Offer Cap is increased (in the sole discretion of the Offerors), no EUR Notes would be accepted for purchase.

⁽³⁾ The applicable Interpolated Mid-Swap Rate will be used to calculate the applicable Total Consideration (as defined below) payable for each series of EUR Notes. The Total Consideration payable pursuant to the Tender Offers will be calculated and determined as set forth in the Offer to Purchase.

⁽⁴⁾ The applicable Fixed Spread will be used to calculate the applicable Total Consideration payable for each series of EUR Notes, which already includes the Early Tender Payment.

⁽⁵⁾ The Total Consideration payable for each series of EUR Notes will be at a price per €1,000 principal amount of such series of Notes validly tendered and not validly withdrawn at or prior to the Early Tender Time and accepted for purchase, which is calculated using the applicable Fixed Spread, and when calculated in such a manner already includes the applicable Early Tender Payment.

⁽⁶⁾ The EUR Notes are fully and unconditionally guaranteed by Anheuser-Busch Companies LLC, Anheuser-Busch InBev Worldwide Inc., Anheuser-Busch InBev Finance Inc., Brandbev S.à r.l., Brandbrew S.A. and Cobrew NV (the "Guarantors").

THE EUR TENDER OFFERS COMMENCE ON 19 MARCH 2024 AND WILL EXPIRE AT 5:00 P.M., NEW YORK CITY TIME, ON 17 APRIL 2024, UNLESS EXTENDED OR EARLIER TERMINATED (SUCH TIME AND DATE, AS THE SAME MAY BE EXTENDED, THE "EXPIRATION TIME"). HOLDERS WHO TENDER THEIR NOTES MAY WITHDRAW SUCH NOTES AT ANY TIME PRIOR TO THE WITHDRAWAL DEADLINE (AS SPECIFIED HEREIN). TO RECEIVE THE TOTAL CONSIDERATION (AS DEFINED BELOW), WHICH INCLUDES AN EARLY TENDER PAYMENT OF €30 PER €1,000 PRINCIPAL AMOUNT OF SUCH EUR NOTES ACCEPTED FOR PURCHASE, PURSUANT TO THE TENDER OFFERS (THE "EARLY TENDER PAYMENT"), HOLDERS MUST VALIDLY TENDER AND NOT VALIDLY WITHDRAW THEIR NOTES PRIOR TO 5:00 P.M., NEW YORK CITY TIME, ON 2 APRIL 2024, UNLESS EXTENDED (SUCH TIME, AS THE SAME MAY BE EXTENDED, THE "EARLY TENDER TIME" AND THE "WITHDRAWAL DEADLINE"). HOLDERS WHO VALIDLY TENDER THEIR NOTES AFTER THE EARLY TENDER TIME BUT AT OR PRIOR TO THE EXPIRATION TIME WILL BE ELIGIBLE TO RECEIVE ONLY THE TENDER OFFER CONSIDERATION (AS DEFINED BELOW), WHICH IS AN AMOUNT EQUAL TO THE TOTAL CONSIDERATION MINUS THE EARLY TENDER PAYMENT.  AFTER THE WITHDRAWAL DEADLINE TENDERS WILL BE IRREVOCABLE, EXCEPT IN CERTAIN LIMITED CIRCUMSTANCES WHERE ADDITIONAL WITHDRAWAL RIGHTS ARE REQUIRED BY LAW.

Custodians, direct participants in Euroclear Bank SA/NV and/or Clearstream Banking S.A. (together, the "Clearing Systems") and the Clearing Systems will have deadlines for receiving instructions prior to the Expiration Time and holders should contact the intermediary through which they hold their EUR Notes as soon as possible to ensure proper and timely delivery of instructions.

In order to be eligible to participate in the EUR Tender Offers in the manner specified in the Offer to Purchase, Holders that hold EUR Notes directly in the NBB-SSS or through a direct participant of the NBB-SSS (other than a Clearing System) must arrange for the EUR Notes which they wish to tender to be transferred to an account in either Euroclear Bank SA/NV and/or Clearstream Banking S.A.

Purpose of the EUR Tender Offers

The purpose of the EUR Tender Offers is to improve the maturity profile of the EUR Offeror's outstanding debt by refinancing a portion of its near-term maturities.

Concurrently with the EUR Tender Offers, Anheuser-Busch InBev Worldwide Inc. and Anheuser-Busch Companies, LLC announced on 19 March 2024 separate invitations to holders of certain series of their outstanding U.S. dollar denominated securities to tender such securities for cash (together such separate invitations, the "US Tender Offers"). The US Tender Offers are also the subject of the Offer to Purchase but are being made by Anheuser-Busch InBev Worldwide Inc. and Anheuser-Busch Companies, LLC, as applicable, and not the EUR Offeror. For details on the US Tender Offers please refer to the Offer to Purchase.

EUR Notes purchased by the EUR Offeror pursuant to the EUR Tender Offers will be cancelled and will not be re-issued or re-sold. EUR Notes which have not been validly submitted and accepted for purchase pursuant to the EUR Tender Offers will remain outstanding.

Tender Consideration

Upon the terms and subject to the conditions set forth in the Offer to Purchase, Holders who validly tender and who do not validly withdraw EUR Notes at or prior to the Early Tender Time, subject in each case to the tender being in the applicable Authorized Denominations, and whose EUR Notes are accepted for purchase by the EUR Offeror, will receive the Total Consideration equal to:

•         the value per €1,000 principal amount of EUR Notes of the relevant series of all the remaining payments of principal thereof and interest thereon required to be made through the maturity date of such EUR Notes (assuming all such payments are made in full when due), discounted to the Settlement Date for such EUR Notes (in a manner consistent with the methodology underlying the respective formula for the Total Consideration set forth in Annex A-2 of the Offer to Purchase), at a discount rate equal to the sum (the "Offer Yield") of:

o     for each series of EUR Notes, the applicable Interpolated Mid-Swap Rate, as of the Price Determination Time, plus

o     the applicable Fixed Spread for the relevant series of EUR Notes set forth on the front cover of the Offer to Purchase;

•         minus Accrued Interest on the relevant series of EUR Notes per €1,000 principal amount of Notes to, but not including, the Settlement Date.

The Total Consideration, when calculated as set out above, already includes the Early Tender Payment of €30 per €1,000 principal amount of EUR Notes. Holders that validly tender and who do not validly withdraw EUR Notes following the Early Tender Time but at or prior to the Expiration Time, and whose EUR Notes are accepted for purchase, will receive only the Tender Offer Consideration, which is an amount equal to the Total Consideration minus the Early Tender Payment.

The Dealer Managers will calculate the Offer Yield, Total Consideration, Tender Offer Consideration and Accrued Interest on behalf of the EUR Offeror for each series of EUR Notes as set forth in the formula in Annex A-2 to the Offer to Purchase, and their calculation will be final and binding, absent manifest error.

The EUR Offeror will publicly announce by press release the Total Consideration for each series of EUR Notes subject to the EUR Tender Offers promptly after it is determined (provided that, if the Offer Cap is reached at the Early Tender Time, and the Offerors have not exercised their right to increase the Offer Cap to an amount in excess of the aggregate purchase price for those Notes tendered as of the Early Tender Time, then the applicable Offer Yield and Total Consideration shall be only determined with respect to those series of EUR Notes accepted for purchase as at the Early Tender Time) and will also announce at the same time the applicable exchange rate used to convert the aggregate purchase price for the EUR Notes validly tendered into U.S. Dollars for the purpose of determining whether the Offer Cap has been reached.

Because each of the Total Consideration and Tender Offer Consideration for the EUR Notes is based on a fixed spread pricing formula linked to the relevant Interpolated Mid-Swap Rate, the actual amount of cash that may be received by Holders whose EUR Notes are purchased pursuant to the EUR Tender Offers will be affected by changes in such Interpolated Mid-Swap Rate during the term of the EUR Tender Offers before the Price Determination Time. After the Price Determination Time, when the applicable Total Consideration and the applicable Tender Offer Consideration will no longer be linked to the relevant Interpolated Mid-Swap Rate, the actual amount of cash that may be received by a tendering Holder (if any EUR Notes are accepted) pursuant to the EUR Tender Offers will be known and Holders will be able to ascertain the Total Consideration and Tender Offer Consideration in the manner described above.

Accrued Interest

In addition to the Total Consideration or Tender Offer Consideration paid to Holders of EUR Notes, Holders will be paid the Accrued Interest per €1,000 principal amount of EUR Notes tendered, and not validly withdrawn, and accepted pursuant to the EUR Tender Offers, rounded to the nearest cent (with half a cent rounded upwards).

Offer Cap

The Offerors will only accept for purchase Notes up to a combined aggregate purchase price (excluding Accrued Interest) across the EUR Notes and the Notes subject to the US Tender Offers of $2,000,000,000 (such amount as the same may be increased or decreased, the "Offer Cap").

Note that the Offer Cap applies across a combination of the EUR Notes and the Notes subject to the US Tender Offers and therefore Holders should refer to the Offer to Purchase for full information. Subject to applicable law, the Offerors expressly reserve the right in their sole discretion to increase or decrease the Offer Cap after setting the Total Consideration at the Price Determination Time without extending the Withdrawal Deadline or otherwise reinstating withdrawal rights, however there can be no assurance that the Offerors will do so.

Notwithstanding anything to the contrary contained herein, if the aggregate purchase price for the EUR Notes and the Notes subject to the US Tender Offers validly tendered and not validly withdrawn by Holders prior to the Early Tender Time exceeds the Offer Cap, subject to the Financing Condition the Offerors intend (but are not obligated) to increase the Offer Cap by some or all of the amount of such excess, provided it will not be increased by more than $500,000,000 to a maximum amount of $2,500,000,000.

To determine whether the Offer Cap has been reached, the Offerors will first convert the aggregate purchase price for the EUR Notes validly tendered into U.S. Dollars using the applicable exchange rate on the Bloomberg screen page "BFIX EURUSD" at the time corresponding to the Price Determination Time (or, if such screen is unavailable, a generally recognised source for currency quotations selected by the Dealer Managers with quotes as of a time as close as reasonably possible).

Priority of Acceptance and Proration

The principal amount of each series of Notes that is purchased in the Tender Offers will be determined in accordance with the Acceptance Priority Levels, with Acceptance Priority Level 1 being the highest and Acceptance Priority Level 5 being the lowest, provided that, Notes tendered at or prior to the Early Tender Time will be purchased before any Notes tendered after the Early Tender Time, regardless of the Acceptance Priority Level. Note that the Acceptance Priority Levels apply to the EUR Notes and the Notes subject to the US Tender Offers and therefore Holders should refer to the Offer to Purchase for full information and, in particular, that the principal amount outstanding of the Notes subject to the US Tender Offers with Acceptance Priority Level 1 is greater than the Offer Cap and therefore, if such Notes are validly tendered prior to the Early Tender Time and accepted for purchase in a principal amount that would result in an aggregate purchase price greater than the Offer Cap, unless the Offer Cap is increased (in the sole discretion of the Offerors), no EUR Notes would be accepted for purchase. Except as provided above with respect to Notes tendered at or prior to the Early Tender Time, all Notes validly tendered in the Tender Offers having a higher Acceptance Priority Level will be accepted before any validly tendered Notes having a lower Acceptance Priority Level are accepted. If the aggregate purchase price of the principal amount of Notes tendered in each of the Tender Offers would, if such Notes were accepted for purchase in full, result in the Offer Cap being exceeded, the amount of Notes purchased may be subject to proration (as described in the Offer to Purchase).

If the Offer Cap is reached at the Early Tender Time, then no Notes tendered after the Early Tender Time will be purchased pursuant to the Tender Offers unless the Offerors increase the Offer Cap, regardless of the Acceptance Priority Level of such Notes tendered after the Early Tender Time.

If the Tender Offers are not oversubscribed at the Early Tender Time but the purchase of all Notes validly tendered after the Early Tender Time and at or prior to the Expiration Time, when added to the Notes that were accepted for purchase by the Offerors at the Early Tender Time, would cause the Offerors to purchase Notes of a combined aggregate purchase price in excess of the Offer Cap, then the Tender Offers will be oversubscribed at the Expiration Time and the Offerors will accept for purchase (assuming satisfaction or waiver of the conditions to the Offers, including the Financing Condition) the principal amount of each series of Notes in accordance with the Acceptance Priority Levels (provided that Notes validly tendered and not validly withdrawn at or prior to the Early Tender Time will be purchased prior to any Notes tendered after the Early Tender Time, regardless of the Acceptance Priority Level of such Notes), with Acceptance Priority Level 1 being the highest and Acceptance Priority Level 5 the lowest, and the amount of Notes purchased will be subject to proration (as described in the Offer to Purchase) such that the Offerors will not purchase Notes which when combined have an aggregate purchase price in excess of the Offer Cap.

If the purchase of all Notes validly tendered and not validly withdrawn by Holders would, if such Notes were accepted for purchase in full, result in an aggregate purchase price greater than the Offer Cap, then the Tender Offers will be oversubscribed and if the Offerors accept Notes in the Tender Offers, any Notes accepted for purchase in the lowest Acceptance Priority Level in which Notes are accepted for purchase will be accepted for tender on a prorated basis, with the aggregate principal amount of each Holder's validly tendered Notes accepted for purchase determined by multiplying each Holder's tender of Notes of such Acceptance Priority Level by the proration factor, and rounding the product down to the nearest €1,000 principal amount, as applicable.

In the event of any such proration:

(a)         the EUR Offeror intends to apply the applicable proration factor to each valid tender of EUR Notes in such a manner as will result in both (i) the relevant Holder transferring EUR Notes to the EUR Offeror in an aggregate principal amount of at least €100,000 (in the case of the 2.700% Notes due 2026 and the 2.125% Notes due 2027) or €1,000 (in the case of the 2.000% Notes due 2028) (each, the "Minimum Denomination") of the relevant EUR Notes (unless the relevant EUR Tender Instruction is rejected in its entirety, as described in paragraph (b) below) and (ii) the relevant Holder's residual amount of EUR Notes (being the principal amount of the EUR Notes the subject of the relevant EUR Tender Instruction that are not accepted for purchase by virtue of such scaling) amounting to either (A) at least the relevant Minimum Denomination or (B) zero, and (subject as provided in paragraph (b) below) the EUR Offeror therefore intends to adjust the relevant proration factor applicable to any EUR Tender Instruction accordingly; and

(b)        if following the application of the applicable proration factor (prior to any adjustment as referred to in paragraph (a) above), the principal amount of EUR Notes otherwise due to be accepted for purchase from a Holder pursuant to a EUR Tender Instruction would be less than the relevant Minimum Denomination, the EUR Offeror may in its sole discretion choose to (i) accept at least the relevant Minimum Denomination or (ii) reject the relevant EUR Tender Instruction in its entirety.

Financing Condition

As a condition to the Tender Offers, the Offerors must satisfy the "Financing Condition", by which is meant the completion of one or more offerings of new debt securities that close no later than the Expiration Time, on terms satisfactory to the Offerors (in their discretion), including but not limited to, the amount of net proceeds raised by such offerings being sufficient, in the aggregate, to effect the repurchase of the Notes validly tendered and accepted for purchase pursuant to the Tender Offers. The Offerors reserve the right, in their discretion, to use some only (and not all of) the net proceeds of the issue of any such new debt securities to purchase Notes pursuant to the Tender Offers and to apply the remainder of such proceeds towards other corporate purposes.

Expiration Time; Extension; Amendment; Termination

The EUR Tender Offers will expire at 5:00 p.m., New York City time, on 17 April 2024, unless extended or earlier terminated by the EUR Offeror in its sole discretion.  In the event a Tender Offer is extended, the term "Expiration Time" with respect to such extended Tender Offer shall mean the time and date on which such Tender Offer as so extended, shall expire. The EUR Offeror reserves the right to extend any Tender Offer from time to time or for such period or periods as they may determine in its sole discretion. If the EUR Offeror exercises any such right, it will give written notice thereof to the Tender and Information Agent and will make a public announcement thereof as promptly as practicable. Such announcement, in the case of an extension of the Expiration Time or Early Tender Time, will be issued no later than 9:00 a.m., New York City time, on the next business day after the previously scheduled Expiration Time or Early Tender Time, respectively. During any extension of the EUR Tender Offers, all EUR Notes previously tendered (and not validly withdrawn) and not accepted for purchase will remain subject to the EUR Tender Offers and, subject to the terms and conditions of the EUR Tender Offers, may be accepted for purchase by the EUR Offeror. 

Subject to applicable law, the EUR Offeror reserves the right, in its sole discretion, at any time prior to the Expiration Time, to waive any condition of the EUR Tender Offers, to amend any of the terms of the EUR Tender Offer, and to modify the Total Consideration or Tender Offer Consideration.

Subject to applicable law, the EUR Offeror reserves the right, in their sole discretion to terminate the EUR Tender Offers.  Any such termination will be followed promptly by public announcement thereof.  In the event the EUR Offeror terminates a Tender Offer, it shall give immediate notice thereof to the Tender and Information Agent. In the event that the EUR Tender Offers are terminated, withdrawn or otherwise not consummated prior to the Early Tender Time or Expiration Time, respectively, the Total Consideration or the Tender Offer Consideration (as applicable) will not become payable pursuant thereto.

If a EUR Tender Offer is terminated, all EUR Tender Instructions in respect of EUR Notes of the relevant series will be deemed to be withdrawn automatically.

All references in this announcement to the Expiration Time of the EUR Tender Offers are to such Expiration Time, as such date may be extended or terminated.

Withdrawal of Tenders

You may withdraw your tender of EUR Notes at any time at or prior to the Withdrawal Deadline, but tenders will thereafter be irrevocable, except in certain limited circumstances where the EUR Offeror determines that additional withdrawal rights are required by law.

Tenders may not be validly withdrawn after the Withdrawal Deadline, other than as set forth in the Offer to Purchase or unless the EUR Offeror amends the applicable Tender Offer, in which case withdrawal rights may be extended as the EUR Offeror determines, to the extent required by law, appropriate to allow tendering Holders a reasonable opportunity to respond to such amendment.

Summary of Action to be Taken

To tender EUR Notes in a EUR Tender Offer, a holder of EUR Notes should deliver, or arrange to have delivered on its behalf, via the relevant Clearing System and in accordance with the requirements of such Clearing System, a valid EUR Tender Instruction that is received in each case by the Tender and Information Agent by the Expiration Time.

EUR Tender Instructions must be submitted in respect of a principal amount of EUR Notes of no less than the relevant Minimum Denomination and may be submitted in integral multiples of €1,000 thereafter. Holders who tender less than all of their Notes must continue to hold their Notes in Authorized Denominations.

Holders holding EUR Notes directly in the NBB-SSS or through a direct participant of the NBB-SSS (other than a Clearing System) must, in order to be eligible to participate in the EUR Tender Offers in the manner specified in the Offer to Purchase, (i) arrange for the EUR Notes which they wish to tender to be transferred to an account in either of the Clearing Systems, and (ii) maintain, or where relevant, procure, access to an account in either of the Clearing Systems through which such EUR Notes can be traded, and to which the Total Consideration or Tender Offer Consideration (as applicable) and the applicable Accrued Interest may be credited by the EUR Offeror.

Holders who do not have access to an account, as described above, in either of the Clearing Systems (either directly or through a direct participant or other intermediary), or who do not transfer the EUR Notes which they wish to tender to a direct participant in either Clearing System, will not be able to submit a EUR Tender Instruction to the Tender and Information Agent and will not be eligible to participate in the EUR Tender Offers in the manner specified in the Offer to Purchase.

Any Holder who (i) holds its EUR Notes directly, or through a direct participant of the NBB-SSS, in an "N account" within the NBB-SSS, (ii) is not eligible, in accordance with Article 4 of the Belgian Royal Decree of 26 May 1994, to hold its EUR Notes (directly or indirectly) in an "X account" within the NBB-SSS, and who is therefore unable to transfer the relevant EUR Notes with to account in either of the Clearing Systems and (iii) who is eligible to view the Offer to Purchase and make an investment decision with respect to the EUR Tender Offers, may contact the Tender and Information Agent for further information, using the contact details set out below.

Holders are advised to check with any bank, securities broker or other intermediary through which they hold EUR Notes when such intermediary would require to receive instructions from a Holder in order for that Holder to be able to participate in, or (in the limited circumstances in which revocation is permitted) revoke their instruction to participate in, the EUR Tender Offers before the deadlines specified in the Offer to Purchase. The deadlines set by any such intermediary and each Clearing System for the submission of EUR Tender Instructions will be earlier than the relevant deadlines specified in the Offer to Purchase.

Significant Dates and Times

Please take note of the following significant dates and times in connection with the EUR Tender Offers.

Unless stated otherwise, announcements in connection with the Tender Offers in respect of the EUR Notes will be made via the Regulatory News Service of the London Stock Exchange plc ("RNS") and may also be made through Euroclear Bank SA/NV ("Euroclear") and Clearstream Banking S.A. ("Clearstream, Luxembourg") (including through the securities settlement system operated by the National Bank of Belgium (the "NBB-SSS") for delivery to participants in the NBB-SSS).  Announcements may also be made by the issue of a press release on a widely disseminated news service. Copies of all such announcements, press releases and notices can also be obtained from the Tender and Information Agent, the contact details for whom are set out below. Significant delays may be experienced where notices are delivered to Euroclear, Clearstream, Luxembourg and the NBB-SSS and Holders are urged to contact the Tender and Information Agent for the relevant announcements relating to the Tender Offers.

The above times and dates are subject to our right to extend, amend and/or terminate any or all of the EUR Tender Offers (subject to applicable law and as provided in the Offer to Purchase). Holders of EUR Notes are advised to check with any bank, securities broker or other intermediary through which they hold EUR Notes as to when such intermediary would need to receive instructions from a beneficial owner in order for that beneficial owner to be able to participate in, or withdraw their instruction to participate in, one or more EUR Tender Offers, before the deadlines specified in the Offer to Purchase. The deadlines set by any such intermediary or Clearing Systems for the submission of EUR Tender Instructions will be earlier than the relevant deadlines specified above.

THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION WITHIN THE MEANING OF ARTICLE 7(1) OF THE MARKET ABUSE REGULATION (EU) 596/2014 ("MAR").

FOR THE PURPOSES OF MAR AND ARTICLE 2 OF COMMISSION IMPLEMENTING REGULATION (EU) 2016/1055, THIS ANNOUNCEMENT IS MADE BY PATRICK RYAN, GLOBAL DIRECTOR (TREASURY) OF THE EUR OFFEROR.

Further Information

A complete description of the terms and conditions of the EUR Tender Offers is set out in the Offer to Purchase. Before making a decision with respect to the EUR Tender Offers, Holders should carefully consider all of the information in the Offer to Purchase.

BofA Securities, Inc., Deutsche Bank Aktiengesellschaft, J.P. Morgan SE, Mizuho Securities Europe GmbH and SMBC Bank EU AG are the lead dealer managers (the "Lead Dealer Managers" and, together with the dealer managers appointed in respect of the US Tender Offers and any additional dealer managers appointed by the Offerors, the "Dealer Managers") for the EUR Tender Offers, and Global Bondholder Services Corporation is the tender agent (the "Tender and Information Agent") for the EUR Tender Offers.

Questions and requests for assistance in connection with the EUR Tender Offers may be directed by Relevant Holders (as defined below) to BofA Securities, Inc., Deutsche Bank Aktiengesellschaft, J.P. Morgan SE, Mizuho Securities Europe GmbH and SMBC Bank EU AG. Requests for additional copies of the Offer to Purchase, or questions or requests for assistance from Holders that are not Relevant Holders, should be directed to the Tender and Information Agent. Beneficial owners may also contact their Custodian for assistance concerning the Tender Offers.

SMBC Bank EU AG

Neue Mainzer Str. 52-58

60311 Frankfurt am Main

Germany

Attn: Liability Management

Telephone: +49 69 2222 9 8481

Email: liability.management@smbcnikko-cm.com

None of the Dealer Managers, the Tender and Information Agent, the EUR Offeror, the Guarantors, nor any director, officer, employee, agent or affiliate of any such person, is acting for any Holder, or will be responsible to any Holder for providing any protections which would be afforded to its clients or for providing advice in relation to the Tender Offers, and accordingly none of the Dealer Managers, the Tender and Information Agent, the EUR Offeror, the Guarantors, nor any director, officer, employee, agent or affiliate of, any such person makes any recommendation whether Holders should tender EUR Notes in the Tender Offers. If any Holder is in any doubt as to the action it should take or is unsure of the impact of the EUR Tender Offers, it is recommended that the Holder seek its own financial and legal advice, including as to any tax consequences, from its securities broker, bank manager, solicitor, accountant or other independent financial, tax or legal adviser.

None of the Dealer Managers (nor any of their respective directors, officers, employees, agents or affiliates) has any role in relation to any part of the EUR Tender Offers made to Holders that are not Relevant Holders, where "Relevant Holders" means a Holder of EUR Notes that is:

(a)        if resident or located in a member state of the European Union (the "EU"), an "eligible counterparty" or a "professional client", each as defined in Directive No. 2014/65/EU on markets in financial instruments (as amended from time to time);

(b)           if resident or located in the UK, an "eligible counterparty", as defined in the FCA Handbook Conduct of Business Sourcebook, or a "professional client" as defined in point (8) of Article 2(1) of Regulation (EU) No. 600/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018; or

(c)           if resident or located in a jurisdiction outside of the EU and the UK, an institutional holder under applicable local law and not a retail holder.

Offer and Distribution Restrictions

The EUR Offeror has not filed this announcement or the Offer to Purchase with, and neither this announcement nor the Offer to Purchase has been reviewed by, any federal or state securities commission or regulatory authority of any country. No authority has passed upon the accuracy or adequacy of this announcement or the Offer to Purchase, and it is unlawful and may be a criminal offense to make any representation to the contrary. No person has been authorized to give any information or to make any representations other than those contained or incorporated by reference in the Offer to Purchase. Holders must comply with all laws that apply to them in connection with the Offer to Purchase. Holders must also obtain any consents or approvals that they need in order to tender EUR Notes pursuant to the EUR Tender Offers. None of the EUR Offeror, the Guarantors, the Dealer Managers or the Tender and Information Agent is responsible for Holders' compliance with these legal requirements.

Neither this announcement nor the Offer to Purchase constitutes an offer to purchase or a solicitation of an offer to sell EUR Notes in any jurisdiction in which, or to or from any person to or from whom, it is unlawful to make such offer or solicitation under applicable securities or blue sky laws. In those jurisdictions where the securities, blue sky or other laws require the EUR Tender Offers to be made by a licensed broker or dealer and any of the Dealer Managers or any of the Dealer Managers' respective affiliates is such a licensed broker or dealer in any such jurisdiction, the EUR Tender Offers shall be deemed to be made by such Dealer Manager or affiliate, as the case may be, on behalf of the EUR Offeror in such jurisdiction (but only to any Holder that is a Relevant Holder). Neither the delivery of the Offer to Purchase nor any purchase of EUR Notes will, under any circumstances, create any implication that the information contained in the Offer to Purchase is current as of any time subsequent to the date of such information.

United Kingdom. The communication of this announcement, the Offer to Purchase and any other documents or materials relating to the EUR Tender Offers is not being made by and such documents and/or materials have not been approved by an "authorised person" for the purposes of section 21 of the Financial Services and Markets Act 2000 (the "FSMA"). Accordingly, such documents and/or materials are not being distributed to, and must not be passed on to, the general public in the United Kingdom. The communication of such documents and/or materials is exempt from the restriction on financial promotions under section 21(1) of the FSMA on the basis that it is only directed at and may only be communicated to: (1) persons who are outside of the United Kingdom; (2) investment professionals falling within the definition contained in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"); (3) those persons who are existing members or creditors of the EUR Offeror or other persons falling within Article 43(2) of the Order; or (4) any other persons to whom such documents and/or materials may lawfully be communicated in accordance with the Order (all such persons together being referred to as "relevant persons"). This announcement, the Offer to Purchase and any other documents or materials relating to the EUR Tender Offers are only available to relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

France. The Tender Offers are not being made, directly or indirectly, in the Republic of France (other than to qualified investors as described below). This announcement, the Offer to Purchase and any other document or material relating to the EUR Tender Offers have only been, and shall only be, distributed in the Republic of France to qualified investors as defined in Article 2(e) of Regulation (EU) 2017/1129 (the "Prospectus Regulation"). Neither this announcement, the Offer to Purchase nor any other documents or materials relating to the EUR Tender Offers have been or will be submitted for clearance to the Autorité des marchés financiers.

Italy. None of the EUR Tender Offers, this announcement, the Offer to Purchase or any other documents or materials relating to the EUR Tender Offers have been or will be submitted to the clearance procedure of the Commissione Nazionale per le Società e la Borsa ("CONSOB") pursuant to applicable Italian laws and regulations. The Tender Offers are being carried out in the Republic of Italy ("Italy") as exempted offers pursuant to article 101-bis, paragraph 3-bis of the Legislative Decree No. 58 of 24 February 1998, as amended (the "Financial Services Act") and article 35-bis, paragraph 4 of CONSOB Regulation No. 11971 of 14 May 1999, as amended. Holders or beneficial owners of the EUR Notes that are resident or located in Italy can tender their EUR Notes for purchase through authorized persons (such as investment firms, banks or financial intermediaries permitted to conduct such activities in Italy in accordance with the Financial Services Act, CONSOB Regulation No. 20307 of 15 February 2018, as amended, and Legislative Decree No. 385 of 1 September 1993, as amended) and in compliance with any other applicable laws and regulations and with any requirements imposed by CONSOB or any other Italian authority. Each intermediary must comply with applicable laws and regulations concerning information duties vis-à-vis its clients in connection with the EUR Notes or the Offer to Purchase.

Belgium. Neither this announcement, the Offer to Purchase nor any other documents or materials relating to the EUR Tender Offers have been, or will be, submitted or notified to, or approved or recognized by, the Belgian Financial Services and Markets Authority ("Autorité des services et marchés financiers"/"Autoriteit voor Financiële Diensten en Markten"). The Tender Offers are not being made in Belgium by way of a public offering within the meaning of Articles 3, §1, 1° and 6, §1 of the Belgian Law of 1 April 2007 on public takeover bids ("loi relative aux offres publiques d'acquisition"/ "wet op de openbare overnamebiedingen"), as amended or replaced from time to time. Accordingly, the EUR Tender Offers may not be, and are not being, advertised and the EUR Tender Offers will not be extended and this announcement, the Offer to Purchase and any other documents or materials relating to the EUR Tender Offers (including any memorandum, information circular, brochure or any similar documents) may not, have not, and will not, be distributed or made available, directly or indirectly, to any person in Belgium other than to "qualified investors" ("investisseur qualifié"/"gekwalificeerde belegger") within the meaning of Article 2(e) of the Prospectus Regulation acting on their own account. Insofar as Belgium is concerned, the EUR Tender Offers are made only to qualified investors, as this term is defined above. Accordingly, the information contained in this announcement, the Offer to Purchase or in any other documents or materials relating to the EUR Tender Offers may not be used for any other purpose or disclosed or distributed to any other person in Belgium.