CUSIP No. 03524A108 (ADRs)
|
|||
1
|
NAMES OF REPORTING PERSONS
Bevco Lux S.à.r.l. (formerly known as BEVCO Ltd.)
|
||
2
|
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) ☐
(b) T
|
||
3
|
SEC USE ONLY
|
||
4
|
SOURCE OF FUNDS (See Instructions)
OO
|
||
5
|
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
☐
|
||
6
|
CITIZENSHIP OR PLACE OF ORGANIZATION
Luxembourg
|
||
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
|
7
|
SOLE VOTING POWER
0
|
|
8
|
SHARED VOTING POWER
96,862,718*
|
||
9
|
SOLE DISPOSITIVE POWER
96,862,718
|
||
10
|
SHARED DISPOSITIVE POWER
0
|
||
11
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
96,862,718*
|
||
12
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)
T
|
||
13
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.7%*
|
||
14
|
TYPE OF REPORTING PERSON (See Instructions)
CO
|
CUSIP No. 03524A108 (ADRs)
|
|||
1
|
NAMES OF REPORTING PERSONS
USD Bevco S.à.r.l.
|
||
2
|
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) ☐
(b) T
|
||
3
|
SEC USE ONLY
|
||
4
|
SOURCE OF FUNDS (See Instructions)
OO
|
||
5
|
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
☐
|
||
6
|
CITIZENSHIP OR PLACE OF ORGANIZATION
Luxembourg
|
||
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
|
7
|
SOLE VOTING POWER
0
|
|
8
|
SHARED VOTING POWER
96,862,718*
|
||
9
|
SOLE DISPOSITIVE POWER
96,862,718
|
||
10
|
SHARED DISPOSITIVE POWER
0
|
||
11
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
96,862,718*
|
||
12
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)
T
|
||
13
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.7%*
|
||
14
|
TYPE OF REPORTING PERSON (See Instructions)
CO
|
CUSIP No. 03524A108 (ADRs)
|
|||
1
|
NAMES OF REPORTING PERSONS
SNI International Holdings S.à.r.l.
|
||
2
|
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) ☐
(b) T
|
||
3
|
SEC USE ONLY
|
||
4
|
SOURCE OF FUNDS (See Instructions)
OO
|
||
5
|
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
☐
|
||
6
|
CITIZENSHIP OR PLACE OF ORGANIZATION
Luxembourg
|
||
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
|
7
|
SOLE VOTING POWER
0
|
|
8
|
SHARED VOTING POWER
96,862,718*
|
||
9
|
SOLE DISPOSITIVE POWER
96,862,718
|
||
10
|
SHARED DISPOSITIVE POWER
0
|
||
11
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
96,862,718*
|
||
12
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)
T
|
||
13
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.7%*
|
||
14
|
TYPE OF REPORTING PERSON (See Instructions)
CO
|
CUSIP No. 03524A108 (ADRs)
|
|||
1
|
NAMES OF REPORTING PERSONS
Aguila Ltd
|
||
2
|
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) ☐
(b) T
|
||
3
|
SEC USE ONLY
|
||
4
|
SOURCE OF FUNDS (See Instructions)
OO
|
||
5
|
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
☐
|
||
6
|
CITIZENSHIP OR PLACE OF ORGANIZATION
Bermuda
|
||
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
|
7
|
SOLE VOTING POWER
0
|
|
8
|
SHARED VOTING POWER
96,862,718*
|
||
9
|
SOLE DISPOSITIVE POWER
96,862,718
|
||
10
|
SHARED DISPOSITIVE POWER
0
|
||
11
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
96,862,718*
|
||
12
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)
T
|
||
13
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.7%*
|
||
14
|
TYPE OF REPORTING PERSON (See Instructions)
CO
|
CUSIP No. 03524A108 (ADRs)
|
|||
1
|
NAMES OF REPORTING PERSONS
Codan Trust Company Limited in its capacity as trustee
|
||
2
|
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) ☐
(b) T
|
||
3
|
SEC USE ONLY
|
||
4
|
SOURCE OF FUNDS (See Instructions)
OO
|
||
5
|
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
☐
|
||
6
|
CITIZENSHIP OR PLACE OF ORGANIZATION
Bermuda
|
||
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
|
7
|
SOLE VOTING POWER
0
|
|
8
|
SHARED VOTING POWER
96,862,718*
|
||
9
|
SOLE DISPOSITIVE POWER
96,862,718
|
||
10
|
SHARED DISPOSITIVE POWER
0
|
||
11
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
96,862,718*
|
||
12
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)
T
|
||
13
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.7%*
|
||
14
|
TYPE OF REPORTING PERSON (See Instructions)
CO
|
Item 1. |
Security and Issuer.
|
Item 2. |
Identity and Background.
|
Item 3. |
Source and Amount of Funds or Other Consideration.
|
Item 4. |
Purpose of Transaction.
|
Item 5. |
Interest in Securities of the Issuer.
|
Item 6. |
Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.
|
o |
more than 13.5% of the shares with voting rights in the share capital of the Issuer, three directors will be appointed by the shareholders’ meeting of the Issuer upon proposal by the holders of the Restricted Shares;
|
o |
more than 9% but not more than 13.5% of the shares with voting rights in the share capital of the Issuer, two directors will be appointed by the shareholders’ meeting of the Issuer upon proposal by the holders of the Restricted Shares;
|
o |
more than 4.5% but not more than 9% of the shares with voting rights in the share capital of the Issuer, one director will be appointed by the shareholders’ meeting of the Issuer upon proposal by the holders of the Restricted Shares; and
|
o |
4.5% or less than 4.5% of the shares with voting rights in the share capital of the Issuer, the holders of the Restricted Shares will no longer have the right to propose any candidate for appointment as a member of the Board and no directors will be appointed upon proposal by the holders of the Restricted Shares.
|
Item 7. |
Materials to be Filed as Exhibits.
|
Annex A
|
Instruction C Information
|
|
Exhibit A
|
Joint Filing Agreement, dated October 21, 2016, among the Reporting Persons.
|
|
Exhibit B |
Articles of Association of Anheuser-Busch Inbev SA/NV (incorporated by reference to Exhibit 99.4 to the Current Report on Form 6-K filed by the Issuer with the Securities and Exchange Commission on October 11, 2016)
|
|
Exhibit C
|
Voting and Support Agreement, dated October 8, 2016, by and among Stichting Anheuser-Busch InBev, Altria Group, Inc. and BEVCO Ltd. (incorporated by reference to Exhibit 99.2 to the Current Report on Form 8-K filed by Altria Group, Inc. on October 11, 2016).
|
|
Exhibit D
|
Registration Rights Agreement, dated October 10, 2016, by and among Anheuser-Busch InBev SA/NV, Altria Group, Inc. and BEVCO Ltd.
|
|
Exhibit E
|
Pledge Consent Letter, dated November 11, 2015, by and between Anheuser-Busch InBev SA/NV and BEVCO Ltd.
|
|
Exhibit F
|
Bevco Supplemental Irrevocable Undertaking No.1, dated August 5, 2016, by and between BEVCO Ltd. and Anheuser-Busch InBev SA/NV.
|
|
|
BEVCO LUX S.À.R.L.
|
|
|
|
|
|
|
|
|
By:
|
/s/ Valery Beuken
|
|
Name:
|
Valery Beuken
|
|
Title:
|
A Manager
|
|
|
|
|
By:
|
/s/ Juan Carlos Garcia
|
|
Name:
|
Juan Carlos Garcia
|
|
Title:
|
B Manager
|
|
|
|
|
|
|
USD BEVCO S.À.R.L.
|
||
By:
|
/s/ Melanie Wilkin | |
Name:
|
Melanie Wilkin | |
Title:
|
A Manager
|
|
By:
|
/s/ Juan Carlos Garcia | |
Name:
|
Juan Carlos Garcia | |
Title:
|
B Manager
|
|
SNI INTERNATIONAL HOLDINGS S.À.R.L.
|
||
By:
|
/s/ Valery Beuken | |
Name:
|
Valery Beuken | |
Title:
|
A Manager
|
|
By:
|
/s/ Juan Carlos Garcia | |
Name:
|
Juan Carlos Garcia | |
Title:
|
B Manager
|
|
AGUILA LTD
|
|
|
|
|
|
|
|
|
By:
|
/s/ Peter A. S. Pearman
|
|
Name:
|
Peter A. S. Pearman
|
|
Title:
|
Director
|
|
|
|
CODAN TRUST COMPANY LIMITED in its capacity as trustee
|
||
By:
|
/s/ Karen A. Corless | |
Name:
|
Karen A. Corless | |
Title:
|
Director
|
|
By:
|
/s/ Peter A. S. Pearman | |
Name:
|
Peter A. S. Pearman | |
Title:
|
Director
|
Exhibit No. | Description |
Annex A
|
Instruction C Information
|
Exhibit A
|
Joint Filing Agreement, dated October 21, 2016, among the Reporting Persons.
|
Exhibit B
|
Articles of Association of Anheuser-Busch Inbev SA/NV (incorporated by reference to Exhibit 99.4 to the Current Report on Form 6-K filed by the Issuer with the Securities and Exchange Commission on October 11, 2016)
|
Exhibit C
|
Voting and Support Agreement, dated October 8, 2016, by and among Stichting Anheuser-Busch InBev, Altria Group, Inc. and BEVCO Ltd. (incorporated by reference to Exhibit 99.2 to the Current Report on Form 8-K filed by Altria Group, Inc. on October 11, 2016).
|
Exhibit D
|
Registration Rights Agreement, dated October 10, 2016, by and among Anheuser-Busch InBev SA/NV, Altria Group, Inc. and BEVCO Ltd.
|
Exhibit E
|
Pledge Consent Letter, dated November 11, 2015, by and between Anheuser-Busch InBev SA/NV and BEVCO Ltd.
|
Exhibit F
|
Bevco Supplemental Irrevocable Undertaking No.1, dated August 5, 2016, by and between BEVCO Ltd. and Anheuser-Busch InBev SA/NV.
|
Name / First Name
|
Principal Occupation
|
Business Address
|
Citizenship
|
Juan Carlos Garcia Canizares
(Class B Manager)
|
Investment Executive
|
Quadrant Capital Advisors, Inc.
499 Park Avenue, 24th Floor
New York, N.Y. 10022
United States of America
|
USA
|
Alejandro Santo Domingo
(Class B Manager)
|
Investment Executive
|
Quadrant Capital Advisors, Inc.
499 Park Avenue,
24th Floor
New York, N.Y. 10022
United States of America
|
USA
|
Alec R. Anderson
(Class B Manager)
|
Lawyer
|
Conyers Dill & Pearman Limited
Richmond House
12 Par-la-Ville Road
Hamilton HM08
Bermuda
|
Bermudian
|
Carlos Alejandro Perez Davila
(Class B Manager)
|
Investment Executive
|
Quadrant Capital Advisors, Inc.
499 Park Avenue, 24th Floor
New York, N.Y. 10022
United States of America
|
USA
|
Valery Beuken
(Class A Manager)
|
Company Director |
5, Rue Guillaume Kroll, L-1882
Luxembourg
BP 2501, L-1025 Luxembourg
Grand Duchy of Luxembourg
|
Belgian
|
Melanie Wilkin
(Class A Manager)
|
Company Director |
5, Rue Guillaume Kroll, L-1882
Luxembourg
BP 2501, L-1025 Luxembourg
Grand Duchy of Luxembourg
|
Belgian
|
Christophe Davezac
(Class A Manager)
|
Company Director |
5, Rue Guillaume Kroll, L-1882
Luxembourg
BP 2501, L-1025 Luxembourg
Grand Duchy of Luxembourg
|
Luxembourg
|
Diogo Duarte De Oliveira
(Class A Manager)
|
Lawyer
|
6, Rue Jean Monnet L-2180
Luxembourg
Grand Duchy of Luxembourg
|
Portuguese
|
Name / First Name
|
Principal Occupation
|
Business Address
|
Citizenship
|
Alec R. Anderson
(Director & Vice President)
|
Lawyer
|
Conyers Dill & Pearman Limited
Richmond House
12 Par-La-Ville Road
Hamilton HM08
Bermuda
|
Bermudian
|
Karen Corless
(Director)
|
Lawyer
|
Conyers Dill & Pearman Limited
Richmond House
12 Par-La-Ville Road
Hamilton HM08
Bermuda
|
Bermudian
|
Alejandro Santo Domingo
(Director & President)
|
Investment Executive
|
Quadrant Capital Advisors Inc.
499 Park Avenue
New York, New York 10022
United States of America
|
USA
|
Peter A. Pearman
(Director)
|
Lawyer
|
Conyers Dill & Pearman Limited
Richmond House
12 Par-La-Ville Road
Hamilton HM08
Bermuda
|
Bermudian
|
Carlos Alejandro Perez Davila
(Director)
|
Investment Executive
|
Quadrant Capital Advisors Inc.
499 Park Avenue
New York, New York 10022
United States of America
|
USA
|
Robert Hamshaw
(Alternate to Alejandro Santo Domingo)
|
Investment Executive
|
Quadrant Capital Advisors Inc.
499 Park Avenue
New York, New York 10022
United States of America
|
USA
|
Juan Pablo Mejia
(Alternate to
Alejandro Santo
Domingo &
Alternate to
Carlos A. Perez)
|
Financial Advisor
|
Quadrant Capital Advisors Inc.
499 Park Avenue
New York, New York 10022
United States of America
|
USA
|
Craig W. MacIntyre
(Alternate to
Alec R. Anderson, Alternate to
Karen Corless & Alternate to
Peter A. Pearman)
|
Lawyer
|
Conyers Dill & Pearman Limited
Richmond House
12 Par-La-Ville Road
Hamilton HM08
Bermuda
|
Bermudian
|
Russell Bryant
(Treasurer)
|
Accountant and Chief Financial Advisor
|
Quadrant Capital Advisors Inc.
499 Park Avenue
New York, New York 10022
United States of America
|
USA
|
Belinda Clarke
(Assistant Secretary)
|
Trust Manager
|
Codan Trust Company Limited
Richmond House
12 Par-La-Ville Road
Hamilton HM08
Bermuda
|
Bermudian
|
Luis Felipe Perez DaVila
(Vice President)
|
Investment Executive
|
Quadrant Capital Advisors Inc.
499 Park Avenue
New York, New York 10022
United States of America
|
USA
|
Name / First Name
|
Principal Occupation
|
Business Address
|
Citizenship
|
Alec R. Anderson
(Director & President)
|
Lawyer
|
Conyers Dill & Pearman Limited
Richmond House
12 Par-la-ville Road
Hamilton HM 08
Bermuda
|
Bermudian
|
Graham B.R. Collis
(Director)
|
Lawyer
|
Conyers Dill & Pearman Limited
Clarendon House
2 Church Street
Hamilton
HM 11
Bermuda
|
Bermudian
|
Helen E. Cooper
(Director)
|
Lawyer
|
Conyers Dill & Pearman Limited
Richmond House
12 Par-La-Ville Road
Hamilton HM 08
Bermuda
|
Bermudian
|
Karen Corless
(Director)
|
Lawyer
|
Conyers Dill & Pearman Limited
Richmond House
12 Par-La-Ville Road
Hamilton HM 08
Bermuda
|
Bermudian
|
Stephen DeSilva
(Director, Chief Operating Officer)
|
Chief Operating Officer
|
Conyers Dill & Pearman Limited
Richmond House
12 Par-La-Ville Road
Hamilton HM 08
Bermuda
|
Bermudian
|
Freya Giffen
(Director, Managing Director, Vice President & Assistant Secretary)
|
Trust Manager
|
Codan Trust Company Limited
Richmond House
12 Par-La-Ville Road
Hamilton HM 08
Bermuda
|
Bermudian
|
Narinder K. Hargun
(Director and Vice President)
|
Lawyer
|
Conyers Dill & Pearman Limited
Richmond House
12 Par-La-Ville Road
Hamilton HM 08
Bermuda
|
Bermudian
|
Craig W. MacIntyre
(Director)
|
Lawyer
|
Conyers Dill & Pearman Limited
Richmond House
12 Par-La-Ville Road
Hamilton HM 08
Bermuda
|
Bermudian
|
Peter A. Pearman
(Director)
|
Lawyer
|
Conyers Dill & Pearman Limited
Richmond House
12 Par-La-Ville Road
Hamilton HM 08
Bermuda
|
Bermudian
|
Angela Burchall
(Trust Manager/Assistant Secretary)
|
Trust Manager
|
Codan Trust Company Limited
Richmond House
12 Par-La-Ville Road
Hamilton HM 08
Bermuda
|
Bermudian
|
Justine Blakesley
(Secretary)
|
Corporate Secretary
|
Codan Services Limited
Clarendon House
2 Church Street
Hamilton HM 11
Bermuda
|
United Kingdom
|
Leonora Carter
(Trust Manager/Assistant Secretary)
|
Trust Manager
|
Codan Trust Company Limited
Richmond House
12 Par-la-Ville Road
Hamilton HM 08
Bermuda
|
Bermudian
|
Belinda F. Clarke
(Trust Manager/Assistant Secretary)
|
Trust Manager
|
Codan Trust Company Limited
Richmond House
12 Par-La-Ville Road
Hamilton HM 08
Bermuda
|
Bermudian
|
John Nusum
(Trust Manager/Assistant Secretary)
|
Trust Manager
|
Codan Trust Company Limited
Richmond House
12 Par-La-Ville Road
Hamilton HM 08
Bermuda
|
Bermudian
|
Stephanie Bernard
(Assistant Secretary)
|
Lawyer
|
Conyers Dill & Pearman Limited
Richmond House
12 Par-La-Ville Road
Hamilton HM 08
Bermuda
|
Canadian
|
Robert Tailford
(Assistant Secretary)
|
Trust Manager
|
Codan Trust Company Limited
Richmond House
12 Par-La-Ville Road
Hamilton HM 08
Bermuda
|
Bermudian
|
Elizabeth Browne
(Chief Financial Officer, Financial Controller)
|
Chief Financial Officer
|
Conyers Dill & Pearman Limited
Richmond House
12 Par-La-Ville Road
Hamilton HM 08
Bermuda
|
United Kingdom
|
|
BEVCO LUX S.À.R.L.
|
|
|
|
|
|
|
|
|
By:
|
/s/ Valery Beuken
|
|
Name:
|
Valery Beuken
|
|
Title:
|
A Manager
|
|
|
|
|
By:
|
/s/ Juan Carlos Garcia
|
|
Name:
|
Juan Carlos Garcia
|
|
Title:
|
B Manager
|
|
|
|
|
|
|
USD BEVCO S.À.R.L.
|
||
By:
|
/s/ Melanie Wilkin | |
Name:
|
Melanie Wilkin | |
Title:
|
A Manager
|
|
By:
|
/s/ Juan Carlos Garcia
|
|
Name:
|
Juan Carlos Garcia
|
|
Title:
|
B Manager
|
SNI INTERNATIONAL HOLDINGS S.À.R.L.
|
||
By:
|
/s/ Valery Beuken
|
|
Name:
|
Valery Beuken
|
|
Title:
|
A Manager
|
|
By:
|
/s/ Juan Carlos Garcia
|
|
Name:
|
Juan Carlos Garcia | |
Title:
|
B Manager
|
|
|
AGUILA LTD
|
|
|
|
|
|
|
|
|
By:
|
/s/ Peter A. S. Pearman
|
|
Name:
|
Peter A. S. Pearman
|
|
Title:
|
Director
|
|
|
|
CODAN TRUST COMPANY LIMITED in its capacity as trustee
|
||
By:
|
/s/ Karen A. Corless | |
Name:
|
Karen A. Corless | |
Title:
|
Director
|
|
By:
|
/s/ Peter A. S. Pearman | |
Name:
|
Peter A. S. Pearman | |
Title:
|
Director
|
Page
|
||
Section 1.
|
Definitions
|
1
|
Section 2.
|
Shelf Registration
|
6
|
Section 3.
|
Demand Registrations
|
9
|
Section 4.
|
Piggyback Registrations
|
10
|
Section 5.
|
Holdback Agreements
|
12
|
Section 6.
|
Suspensions
|
13
|
Section 7.
|
Registration Procedures
|
14
|
Section 8.
|
Registration and Selling Expenses
|
20
|
Section 9.
|
Confidentiality
|
20
|
Section 10.
|
Indemnification; Contribution
|
21
|
Section 11.
|
Rule 144 Compliance
|
24
|
Section 12.
|
Transfers of Rights; Accession
|
24
|
Section 13.
|
Miscellaneous.
|
24
|
Schedule 1 | List of Holders | |
Exhibit A | Form of Counterpart |
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Anheuser-Busch InBev SA/NV
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By:
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/s/ Benoit Loore
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Name:
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Benoit Loore
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Title:
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Authorized Signatory
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By:
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/s/ Jan Vandermeersch
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Name:
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Jan Vandermeersch |
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Title:
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Authorized Signatory
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· |
Altria Group, Inc.
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· |
Bevco Lux Sàrl
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[NAME OF RESTRICTED SHAREHOLDER OR PERMITTED TRANSFEREE] | ||
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By:
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Name:
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Title:
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Address for Notices
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[—]
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Attention:
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[—]
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Phone:
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[—]
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Facsimile:
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[—]
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E-Mail
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[—]
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with a copy (which shall not constitute notice) to: | ||
[—]
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Attention:
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[—]
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Phone:
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[—]
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Facsimile:
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[—]
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E-Mail
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[—]
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Acknowledged:
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Anheuser-Busch InBev SA/NV
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By:
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Name:
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Title:
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By:
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Name:
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Title:
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Altria Group, Inc.
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By:
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/s/ William F. Gifford, Jr.
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Name: William F. Gifford, Jr.
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Title: Chief Financial Officer
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Address for Notices
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Altria Group, Inc.
6601 West Broad Street
Richmond, VA 23230
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Attention:
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General Counsel
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Phone:
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+1 804 274 2000
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Facsimile:
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+1 804 484 8265
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E-Mail
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Denise.Keane@altria.com
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with a copy (which shall not constitute notice) to: | ||
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Wachtell, Lipton, Rosen & Katz
51 West 52nd Street
New York, NY 10019
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Attention:
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Andrew J. Nussbaum
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Phone:
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+1 212 403 1000
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Facsimile:
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+1 212 403 2000
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E-Mail
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AJNussbaum@wlrk.com
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Acknowledged:
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Anheuser-Busch InBev SA/NV
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By:
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/s/ Benoit Loore
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Name: Benoit Loore
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Title: VP Corporate Governance
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Assistant Corporate Secretary
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By:
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/s/ Jan Vandermeersch
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Name: Jan Vandermeersch
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Title: Global Legal Director Corporate
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BEVCO LUX S.À.R.L.
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By:
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/s/ Juan Carlos Garcia
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Name: William F. Gifford, Jr.
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Title: B Manager
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By:
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/s/ Valery Beuken | |
Name: Valery Beuken | ||
Title: A Manager |
Address for Notices
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Bevco Lux S.à.r.l.
37A, Avenue JF Kennedy
L-1855 Luxembourg
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Attention:
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Juan Carlos Garcia
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E-Mail
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ABInotifications@SNI-International.lu
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with copies to:
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E-mail: | CTCLtrusteenotifications@conyersdill.com | |
and
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Quadrant Capital Advisors, Inc.
499 Park Avenue, 24th Floor
New York, NY 10022, USA
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Attention:
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Juan Carlos Garcia
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E-Mail
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ABInotifications@SNI-International.lu
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and
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Simpson Thacher & Bartlett LLC
425 Lexington Avenue
New York, New York 10017, USA
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Attention:
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David L. Williams | |
Phone: | +1 212-455-7433 | |
Facsimile: | +1 212-455-2502 | |
Email: |
dwilliams@stblaw.com
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Acknowledged:
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Anheuser-Busch InBev SA/NV
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By:
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/s/ Benoit Loore
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Name: Benoit Loore
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Title: VP Corporate Governance
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Assistant Corporate Secretary
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By:
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/s/ Jan Vandermeersch
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Name: Jan Vandermeersch
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Title: Global Legal Director Corporate
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1.
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We are writing to request your consent in relation to certain matters arising in connection with the proposed acquisition by Anheuser-Busch InBev SA/NV, a public limited company (naamloze vennootschap/société anonyme) incorporated in Belgium, with its registered address at Grand Place 1, 1000 Brussels, Belgium and administrative office at Brouwerijplein 1, 3000 Leuven, Belgium and registered with the Crossroads Bank of Enterprises under number 0 417 497 106 (AB InBev) of the entire issued and to be issued share capital of SABMiller plc, a company incorporated in England and Wales with registered number 03528416 (SABMiller) (the Transaction).
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2.
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We refer to the announcement issued by AB InBev and SABMiller under Rule 2.7 of the City Code on Takeovers and Mergers in relation to the Transaction (the 2.7 Announcement). Capitalised terms used but not defined in this letter have the meaning given to them in the 2.7 Announcement.
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3.
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Pursuant to the terms of the Transaction, SABMiller Shareholders may elect to receive either Cash Consideration or the Partial Share Alternative. Those SABMiller Shareholders who elect for the Partial Share Alternative will receive Restricted Shares and the cash top-up amount, as more fully described in the 2.7 Announcement.
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4.
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The terms of the Restricted Shares and the other terms of the articles of association and the corporate governance charter of Newco that will become effective upon completion of the Belgian Offer (the Newco Articles) are summarised in Appendix 6 of the 2.7 Announcement. As noted in that Appendix, the Restricted Shares will be subject to certain restrictions on transfer until the fifth anniversary of Completion (the Lock-up).
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5.
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As an exception to the Lock-up the Newco Articles will permit:
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a.
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Restricted Shareholders, with the consent of the Newco Board, to mortgage, pledge, charge, assign or otherwise secure or grant a lien (in each case a Pledge) over all or part of (or any interest in) their holding of Restricted Shares and any rights relating thereto (including, without limitation, the right to convert Restricted Shares into New Ordinary Shares) as security in respect of any bona fide loan, credit facility, note, surety bonds, letter of credit (or other arrangements to secure a stay of execution on or the satisfaction of a judgment or order) or any similar extension of credit to such shareholder, or its affiliates, or any hedging, derivative or other financing transaction to which such shareholder is a party, or, in each case, in respect of which such shareholder is a guarantor or security provider, or a guaranty of any of the foregoing; and
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b.
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the early conversion of Restricted Shares in the circumstances referred to in paragraph 3(e)(i) and 3(e)(ii) of Appendix 6 of the Press Announcement.
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6.
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Pursuant to the terms of our irrevocable undertaking to be given to you on or about the date of this letter (the BEVCO Irrevocable Undertaking), we will commit to elect for the Partial Share Alternative and, accordingly, following completion of the Belgian Offer we will hold Restricted Shares.
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7.
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We have disclosed to you a high level summary of our financing strategy and our current practice of using the group’s assets as collateral. In addition, we have discussed with you our group’s current financial position and short-, mid- and long-term expectations.
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8.
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In anticipation of our entering into the BEVCO Irrevocable Undertaking and our (or holders of Permitted Pledges, or their Permitted Transferees, should any of the Permitted Pledges have been enforced prior to Completion) holding Restricted Shares from completion of the Belgian Offer, we request your irrevocable and unconditional consent to:
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a.
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the continued existence of any mortgage, pledge, charge, assignment, lien or other security interest or encumbrance (an Encumbrance) over all or part of (or any interest in or rights relating to) any Pre-Completion Pledged Shares under the Existing Pledge Arrangements;
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b.
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the amendment of any Encumbrance or creation of any substitute, replacement or additional Encumbrance over all or part of (or any interest in) the Pre-Completion Pledged Shares, provided that the Pledgee or Pledgees in respect of such Encumbrance is or are the same as the Pledgee or Pledgees or an Affiliate thereof (in addition to or as a replacement for the original Pledgees) in respect of the Encumbrance being amended, substituted or replaced (Substitute Pledge Arrangements);
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c.
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the creation, subsistence or attachment of any Encumbrance over all or part of (or any interest in) any other SABMiller Ordinary Shares and any rights relating thereto (and any shares or other securities derived therefrom, including without limitation any Initial Shares (subject to paragraph 9) and any Restricted Shares) in accordance with the terms of paragraphs 2(a)(iv), 2(a)(v), 2(a)(vi), 2(a)(vii) and 2(a)(ix) of the BEVCO Irrevocable Undertaking (Enlarged Pledge Arrangements and the additional SABMiller Ordinary Shares and rights relating to and any other shares or other securities derived therefrom and Restricted Shares derived from such SABMiller Ordinary Shares) being the Additional Bank Irrevocable Pledged Shares);
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d.
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the amendment of any Encumbrance or creation of any substitute, replacement or additional Encumbrance over all or part of (or any interest in) the Additional Bank Irrevocable Pledged Shares, provided that the Pledgee or Pledgees in respect such Encumbrance (i) is or are the same as the Pledgee or Pledgees in respect of the Encumbrance being amended, substituted or replaced; or (ii) is such other
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person as may be permitted under para 2(a)(ix) of the BEVCO Irrevocable Undertaking and, in each case, such Additional Bank Irrevocable Pledged Shares remain subject to the terms of the relevant Bank Irrevocable or at such time became subject to the terms of the relevant new Bank Irrevocable in accordance with the terms of the first Bank Irrevocable (Substitute Bank Irrevocable Pledge Arrangements); and
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e.
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the creation by us of, and/or modification by us of the terms of any Pledges and/or continued existence of Pledges over any Restricted Shares or rights relating thereto held by us from completion of the Belgian Offer (Post-Completion Pledge Arrangements), (each a Permitted Pledge).
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9.
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In addition, we request your irrevocable and unconditional consent to the continued existence of Pledges over any Initial Shares or rights relating thereto held by us (or the holder of the legal title to the relevant SABMiller Ordinary Shares in respect of which those Initial Shares are issued in which we hold the beneficial interest) on the date on which all the UK Scheme Shares are registered in the name of Newco and the Initial Shares issued by Newco to us, or such person, provided that:
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a.
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during the Restricted Period any such Encumbrance is in favour only of the relevant Secured Party entitled to the benefit of an Encumbrance over the relevant Pledged Shares in respect of which those Initial Shares are issued (each a Restricted Period Pledgee);
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b.
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either we have entered into a binding agreement with such Restricted Period Pledgee, or such Restricted Period Pledgee has entered into a Bank Irrevocable with you, pursuant to which the Restricted Period Pledgee irrevocably agrees that during the Restricted Period:
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i.
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in no circumstances shall such Restricted Period Pledgee be permitted to exercise any rights or discretion in connection with the Encumbrance relating to such Initial Shares that results in the transfer or disposition of the Initial Shares during the Restricted Period; and
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ii.
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such Restricted Period Pledgee may not transfer, assign or otherwise dispose of all or any part of its interest in such Encumbrance or any Facility Agreement to which it relates;
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c.
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we remain the borrower under the Facility Agreement to which such Encumbrance relates during the Restricted Period;
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d.
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we continue to hold the beneficial interest in such Initial Shares and such rights relating thereto at all times during the Restricted Period; and
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e.
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the number of Initial Shares subject to any such Encumbrance remains constant during the Restricted Period.
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10.
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We acknowledge and agree that the consent under this letter is without prejudice to the rights of you and Newco under the BEVCO Irrevocable Undertaking, including your right under paragraph 37 thereunder to seek the remedies of injunction, specific performance and other equitable relief in respect of any actual or threatened breach of the BEVCO Irrevocable Undertaking.
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11.
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For the Purpose of this letter (unless the context otherwise requires):
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a.
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Affiliate means in relation to an entity, a subsidiary undertaking, a perent undertaking, or a subsidiary undertaking of a parent undertaking of such entity, each such term having the meaning given in the Companies Act 2006;
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b.
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Bank Irrevocable means a Bank Irrevocable, as defined in the BEVCO Irrevocable Undertaking;
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c.
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Existing Pledge Arrangements means the Existing Pledge Arrangements as defined in the BEVCO Irrevocable Undertaking;
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d.
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Facility Agreement has the meaning given to it in the BEVCO Irrevocable Undertaking;
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e.
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Permitted Transferee means
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i.
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any Receiver or any person who receives Initial Shares or Restricted Shares in lieu of a Pledgee or Receiver or at the direction of such Pledgee or Receiver as a result of the exercise of such Pledgee’s rights pursuant to the terms of a Permitted Pledge;
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ii.
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any person who is party to a Bank Irrevocable; and
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iii.
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any person who receives Pre-Completion Pledged Shares or the benefit of any Encumbrance over Pre-Completion Pledged Shares as the transferee of a person who is party to a Bank Irrevocable in accordance with the terms of such Bank Irrevocable and any transferee of such person in accordance with the terms of any agreement binding on that person in accordance with the terms of such Bank Irrevocable in relation to such Pre-Completion Pledged Shares or Encumbrance following the exercise of a Pledgee’s rights pursuant to the terms of a Permitted Pledge prior to completion of the Belgian Offer.
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f.
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Pledged Shares means the Pledged Shares, as defined in the BEVCO Irrevocable Undertaking;
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g.
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Pre-Completion Pledged Shares means Current Pledged Shares or other securities derived from the Current Pledged Shares, including without limitation any Initial Shares (subject to paragraph 9) and Restricted Shares and New Ordinary Shares (in each case, derived from Current Pledged Shares);
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h.
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Receiver means a receiver, administrator or other similar official appointed in connection with the enforcement of a Permitted Pledge;
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i.
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Restricted Period means the period of 48 hours from the time at which the Initial Shares are issued by Newco to us (or the holder of the legal title to the SABMiller Ordinary Shares in which we hold the beneficial interest);
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j.
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Secured Party has the meaning given to it in the BEVCO Irrevocable Undertaking;
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k.
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SABMiller Ordinary Shares means the ordinary shares of US$0.10 each in the capital of SABMiller;
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l.
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Third Party Beneficiary means (i) any Pledgee or Receiver in respect of any Permitted Pledge; and (ii) a Permitted Transferee.
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12.
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Subject to paragraphs 14 and 16, we warrant to you and to Newco:
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a.
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as at the date of this letter that the Existing Pledge Arrangements were entered into for bona fide commercial reasons and the purpose (whether sole or collateral) of the creation and continued existence of any Existing Pledge Arrangement was not and is not to avoid the Lock-up;
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b.
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as at the date on which (i) any amendment is made to any Existing Pledge Arrangement, or any Substitute Pledge Arrangement, or any Substitute Bank Irrevocable Pledge Arrangement; or (ii) any Substitute Pledge Arrangement, or any Substitute Bank Irrevocable Pledge Arrangement is entered into, that such arrangement is entered into for bona fide commercial reasons and the purpose (whether sole or collateral) thereof is not to avoid the Lock-up;
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c.
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as at the date on which any Encumbrance is created over other SABMi iler Ordinary
Shares and any rights relating thereto (and any shares or other securities derived therefrom, including without limitation any Initial Shares or Restricted Shares) in accordance with the Enlarged Pledge Arrangements that such arrangement is entered into for bona fide commercial reasons and the purpose (whether sole or collateral) thereof is not to avoid the Lock-up; |
d.
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as at the date on which any Encumbrance is created over any Restricted Shares under the Post-Completion Pledge Arrangements, that the Post-Completion Pledge Arrangements are or (where created pursuant to an agreement entered into prior to Completion) were entered into for bona fide commercial reasons and the purpose (whether sole or collateral) of the creation or continued existence of any such Post-Completion Arrangement at such time was not and is not to avoid the Lock-up; and
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e.
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as at the relevant date referred to in paragraph 12.a, 12.b, 12.e or 12.d (as applicable), we do not expect such Permitted Pledge to be enforced or any
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pledgee under such Permitted Pledge to be or become entitled to exercise any right to enforce their security under such Permitted Pledge. |
13.
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Subject to paragraph 14, we undertake to notify you promptly if, at any time following Completion, (i) there is an event of default under any facility agreement secured by a Permitted Pledge; or (ii) any Pledgee exercises its rights to enforce its security under a Permitted Pledge and the security under such Permitted Pledge at such time includes any Restricted Shares (each an Enforcement Event) and will provide to you (i) the number of Restricted Shares to which the Enforcement Event relates and (ii) the name of the Pledgee in respect of such Enforcement Event.
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14.
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Subject to paragraph 15, either party may by notice to the other in writing terminate this letter if:
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a.
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the Press Announcement is not released by 5 p.m. on 11 November 2015 or such later date as you, we and SABMiller may agree;
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b.
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you announce that you do not intend to make or proceed with the Transaction in accordance with Rule 2.8 of the City Code;
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c.
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you announce that you do not intend to proceed with the Transaction, but at the same time announce that you intend to proceed with an alternative transaction in accordance with Rule 2.7 of the City Code, and in respect of which the BEVCO Irrevocable Undertaking does not apply and under which it will not be possible for us or any Pledgee in respect of any Permitted Pledge to receive any interest in any Initial Shares or Restricted Shares;
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d.
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the UK Scheme lapses or is withdrawn (unless replaced in accordance with Rule 2.7 of the City Code by any other scheme or offer under which we, or any Pledgee in respect of any Permitted Pledge, may receive any interest in any Initial Shares or Restricted Shares).
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15.
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For the avoidance of doubt, if the UK Scheme Effective Date has occurred or we or any Third Party Beneficiary receive any Initial Shares, Restricted Shares or are the beneficiary of any Permitted Pledge over such shares as a consequence of the Transaction (or any replacement or variation of it):
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a.
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the termination right set out in paragraph 14 shall not apply;
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b.
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without prejudice to paragraph I5.a, the irrevocable consent and waiver set out in paragraph 8.e shall apply and the paragraphs of this letter applicable thereto (including but not limited to paragraphs 17, 18, 19 and 20) shall apply; and
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c.
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upon written request from us or any Pledgee in respect of a Permitted Pledge, you will confirm and procure that Newco confirms in writing, such confirmation being addressed on a reliance basis to us and each Third Party Beneficiary that this letter has not been terminated and that the provisions of this paragraph apply.
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16.
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Subject to paragraph 14, in the event that:
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a.
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the BEVCO Irrevocable Undertaking lapses; or
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b.
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the situation referred to in paragraph 27 of the BEVCO Irrevocable Undertaking occurs; or
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17.
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Please countersign this letter to evidence your agreement and acknowledgement that:
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a.
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you irrevocably and unconditionally consent to the creation and/or existence, and/or modification by us of the terms of any Permitted Pledges (i) in accordance with paragraphs 8.a, 8.b, 8.c, or 8.d; or (ii) from and including completion of the Belgian Offer until and including to the fifth anniversary of Completion (the Pledge Consent);
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b.
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you irrevocably and unconditionally consent to the conversion of any Restricted Shares into New Ordinary Shares by or at the direction of any Pledgee or Receiver in respect of any Permitted Pledge or a Permitted Transferee as a result of the exercise of such Pledgee’s or a Permitted Transferee’s rights pursuant to the terms of a Permitted Pledge (the Conversion Consent and together with Pledge Consent, the Consents); and
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c.
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you are giving the Consents on the basis that Newco will become bound by the terms of this letter with effect from Completion by operation of applicable law as a consequence of the Belgian Merger and that you will procure that Newco will acknowledge and become bound by the Consents prior to the date on which the Transaction Documents are posted, such that by virtue of the Consents given by you, Newco will be irrevocably and unconditionally bound by such Consents and Newco’s right under the Newco Articles (or such other articles as may be adopted from time to time) to consent to such matters are irrevocably and unconditionally waived.
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18.
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Each Pledgee and Permitted Transferee in respect of any Permitted Pledge and their respective permitted successors shall have the right under the Contracts (Rights of Third Parties) Act 1999 to enforce the terms of this letter and each Permitted Transferee shall have the right under the Contracts (Rights of Third Parties) Act 1999 to enforce the terms of the Pledge Consent, the Conversion Consent and paragraph 19 each subject to and in accordance with:
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a.
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the terms of paragraph 20; and
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b.
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the term that the parties to it may, subject to paragraph 15 by agreement terminate, rescind or vary it in any way, save that no such termination, rescission or variation shall terminate rescind or vary any Pledge Consent or Conversion Consent in respect of any Permitted Pledge at such time without the consent of the relevant Pledgee.
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19.
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You confirm that a copy of this letter and any letter provided pursuant to paragraph 15.c may be disclosed to any:
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a.
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Third Party Beneficiary;
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b.
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person to whom we or a Third Party Beneficiary proposes to enter into a transaction or arrangement which, if effected would mean that such person was a Third Party Beneficiary and where the disclosing party reasonably believes that the recipient may need to rely or be aware that the disclosing party is entitled to rely upon the terms of this letter; and
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c.
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affiliate of a Third Party Beneficiary;
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d.
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employee, officer, professional adviser or auditor of any of the foregoing; and
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e.
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person if so required by law, regulation, stock exchange or court.
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20.
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This letter and any non-contractual obligations arising out of or in connection with this letter shall be governed by, and construed in accordance with, English law and shall be subject to the non-exclusive jurisdiction of the English courts.
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EXECUTED as a DEED and
DELIVERED on behalf of BEVCO LTD.,
a company incorporated in Bermuda
by two of its directors being persons who, in accordance with the laws, of that territory, are
acting under the authority of the company |
)
) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) |
SIGNATURE: /s/ Peter Pearman
NAME: Peter Pearman
in the presence of:
signature: /s/ Paul Nyström
name: Paul Nyström
address: 10 Lover’s Lane
Paget PG05 Bermuda SIGNATURE: /s/ Guy Cooper
NAME: Guy Cooper
in the presence of:
signature: /s/ Paul Nyström
name: Paul Nyström
address: 10 Lover’s Lane
Paget PG05 Bermuda |
EXECUTED as a DEED and
DELIVERED on behalf of
ANHEUSER-BUSCH INBEV SA/NV,
a company incorporated in Belgium
by MARIA FERNANDA ROCHA BARROS and JAN VANDERMEERSCH
being persons who, in accordance with the laws of
that territory, are acting under the authority of the company |
)
) ) ) ) ) ) ) ) |
SIGNATURE: /s/ Maria Fernanda Rocha Barros
NAME: Maria Fernanda Rocha Barros
SIGNATURE: /s/ Jan Vandermeersch
NAME: Jan Vandermeersch
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1.
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We represent and warrant that:
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(a)
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we are the beneficial owner of (i) 18,000,000 SABMiller Shares which are currently encumbered in favour of DB pursuant to the Current DB SIA (and which shall also be encumbered in favour of DB pursuant to the New DB SIA); and (ii) a further 10,000,000 SABMiller Shares which shall be encumbered in favour of DB pursuant to the New DB SIA (such shares referred to in (i) and (ii), the DB Pledged SABMiller Shares and each of which a DB Pledged SABMiller Share);
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(b)
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we hold the beneficial interest in the DB Pledged SABMiller Shares free of any encumbrances or third party rights of any kind whatsoever other than the DB Pledge Arrangements;
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(c)
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Security Services Nominees Limited a/c 2078205, administered by BNP Paribas Security Services S.C.A., Jersey Branch is the registered holder of the DB Pledged SABMiller Shares (the Registered Holder);
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(d)
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the DB Pledge Arrangements and the Restated DB Facility Agreement were and/or are being entered into for bona fide commercial reasons and the purpose (whether sole or collateral) of such arrangements is not to avoid the restrictions on transfer in
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respect of the Restricted Shares (details of which are set out in Appendix 6 of the 11 November Press Announcement) which will be applicable from Completion if Completion occurs; |
(e)
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we do not expect the DB Pledge Arrangements to be enforced or DB (as secured creditor under the DB Pledge Arrangements) or any future secured creditor under the DB Pledge Arrangements to become entitled to exercise any right to enforce the DB Pledge Arrangements;
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(f)
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in respect of the DB Pledged SABMiller Shares, we are able unconditionally to: (i) exercise or procure the exercise of all voting rights pursuant to the terms of this Undertaking; (ii) make (or cause to be made) the elections, acceptances and tenders set out in paragraph 8 of the Original Irrevocable and paragraph 7 of this Undertaking and perform the matters to which they relate; and (iii) give and perform the undertakings in the Original Irrevocable and this Undertaking, in each case free from any restriction, consent, instruction or other requirement other than in circumstances where an Enforcement Action has occurred;
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(g)
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there has not been, and is not currently, a Pledge Enforcement Event or Enforcement Action in respect of the DB Pledged SABMiller Shares;
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(h)
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we have full power and authority to enter into this Undertaking and to perform the obligations under it;
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(i)
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save for the maximum amount of the loan under the Restated DB Facility Agreement, which is being increased on or around the date of this Undertaking in conjunction with the encumbrance in favour of DB of the 10,000,000 DB Pledged SABMiller Shares referred to in paragraph 1(a)(ii) above beneficially owned by us as additional collateral, the Restated DB Facility Agreement is substantially in the form of (and is on substantially the same terms as) the Original DB Facility Agreement in existence at the time the Original Irrevocable was executed; and
|
(j)
|
the Restated DB Facility Agreement is a bilateral loan facility agreement which contains provisions reasonably customary for this type of a facility and which:
|
(i)
|
reflects the existence of share collateral and related provisions (primarily consisting of anti-dilution, collateral coverage, dividend and calculation agent provisions);
|
(ii)
|
comprise events of default, acceleration (including, without limitation, in relation to the giving of notices) and mandatory prepayment events that do not vary or depart in any material respect from the corresponding provisions in the Loan Market Association ‘Senior Multicurrency Term and Revolving Facility Agreement for Leveraged Acquisition Finance Transactions (Senior/Mezzanine)’ except that the Restated DB Facility Agreement:
|
(A)
|
includes a mandatory prepayment event triggered on the occurrence of a nationalization, insolvency or delisting of SABMiller (which, for the avoidance of doubt, shall not be triggered by the delisting occurring as a part of the Transaction);
|
(B)
|
includes an event of default for failure to maintain sufficient collateral coverage (after expiration of applicable grace periods); and
|
(C)
|
does not include certain events of default and mandatory prepayment events that are not relevant for stock-secured term loans of this kind; and
|
(iii)
|
are:
|
(A)
|
reasonably necessary to ensure the continuation of the loan under the Restated DB Facility Agreement in the context of: (X) differences between shares in SABMiller, Initial Shares, Restricted Shares and New Ordinary Shares; (Y) the terms of the Original Irrevocable, this Undertaking and the DB Irrevocable; and (Z) the Transaction; and
|
(B)
|
not intended to increase the likelihood that we would be able to exercise the termination right under paragraph 27(e) of the Original Irrevocable.
|
2.
|
For the purposes of:
|
(a)
|
paragraphs 2(a), 2(f)(i), 2(f)(ii) and 3 of the Original Irrevocable, AB InBev hereby consents to the Pledging under (i) the New DB SIA and the DB Pledge Arrangements of up to a further 10,000,000 Beneficial Shares to DB (over and above the 18,000,000 Current Pledged Shares under the Existing Pledge Arrangements with DB as at the date of the Original Irrevocable) as collateral securing BEVCO’s obligations under the Restated DB Facility Agreement; and (ii) the New DB SIA and other DB Pledge Arrangements of the 18,000,000 Current Pledged Shares as collateral securing BEVCO’s obligations under the Restated DB Facility Agreement;
|
(b)
|
paragraphs 2(a), 2(f)(i) and 2(f)(ii) of the Original Irrevocable, AB InBev hereby consents to the transactions contemplated by the exceptions set out in paragraphs 3(a)(i) to 3(a)(vii) of the DB Irrevocable (and the equivalent paragraphs in respect of such exceptions in any Acceptable Irrevocable) in respect of the DB Pledged SABMiller Shares and any Relevant Newco Shares provided that (i) these transactions are entered into in accordance with those paragraphs of the DB Irrevocable and (ii) no action is taken by us to implement or facilitate any such transaction for the purposes of circumventing the restrictions imposed in respect of the DB Pledged SABMiller Shares and Relevant Newco Shares under the DB Irrevocable;
|
(c)
|
paragraph 2(g) of the Original Irrevocable, AB InBev hereby consents to the maximum amount of the loan under the Original DB Facility Agreement being increased by the additional amount disclosed in writing by us to AB InBev (which increased maximum amount is reflected in the Restated DB Facility Agreement);
|
(d)
|
the Original Irrevocable and the letter of consent from AB InBev to us dated 11 November 2015 which was provided by AB InBev to us in connection with the Original Irrevocable (the Consent Letter) (and any other agreement or consent which uses the definitions contained in the Original Irrevocable or the Consent Letter, including this Undertaking) AB InBev hereby consents and AB InBev and BEVCO hereby agree that:
|
(i)
|
references to Additional Bank Irrevocable Pledged Shares (as defined in the Consent Letter) shall also include and be construed to include the Further DB Pledged SABMiller Shares (as defined in the DB Irrevocable);
|
(ii)
|
references to an Enlarged Pledge Arrangement (as defined in the Consent Letter), a Pledge Arrangement and a Permitted Pledge (as defined in the Consent Letter) shall also include and be construed to include the New DB SIA;
|
(iii)
|
references to a Permitted Transferee (as defined in the Consent Letter) shall also include and be construed to include a DB Permitted Beneficiary;
|
(iv)
|
references to a Secured Party shall also include and be construed to include the beneficiary or beneficiaries under the DB Pledge Arrangements, being (a) DB at the date of or any time after this Undertaking; or (b) any New Lender (as defined in the DB Irrevocable or any New Lender Irrevocable) that, after the date of this Undertaking, enters into and delivers a New Lender Irrevocable (as defined in the DB Irrevocable or any New Lender Irrevocable) pursuant to, and in accordance with, paragraph 3(a)(iii) of the DB Irrevocable (or the equivalent provision in any New Lender Irrevocable);
|
(v)
|
paragraph 8b of the Consent Letter shall be construed to also apply to any amendment, substitute, replacement or additional Encumbrance (as defined in the Consent Letter) over all or part of (or any interest in) DB Pledged SABMiller Shares forming part of the Pre-Completion Pledged Shares (as defined in the Consent Letter) provided that the Pledgee or Pledgees (as defined in the Consent Letter) in respect of such Encumbrance is (a) DB; or (b) any New Lender that enters into and delivers a New Lender Irrevocable pursuant to, and in accordance with, paragraph 3(a)(iii) of the DB Irrevocable (or the equivalent provision in any New Lender Irrevocable);
|
(vi)
|
paragraph 8d of the Consent Letter shall be construed to also apply to any amendment, substitute, replacement or additional Encumbrance over all or part of (or any interest in) the Further DB Pledged SABMiller Shares forming part of the Additional Bank Irrevocable Pledged Shares (construed as per paragraph 2(d)(i) above) provided that the Pledgee or Pledgees in respect of such Encumbrance is (a) DB; or (b) any New Lender that enters into and delivers a New Lender Irrevocable pursuant to, and in accordance with, paragraph 3(a)(iii) of the DB Irrevocable (or the equivalent provision in any New Lender Irrevocable);
|
(vii)
|
paragraph 8e of the Consent Letter shall be amended by the insertion of “or any of our Affiliates” after each instance of “us” in the first and third lines;
|
(viii)
|
paragraph 111 of the Consent Letter shall be amended by the addition of “and (iii) any of our Affiliates” at the end of the paragraph;
|
(ix)
|
paragraph 17a of the Consent Letter shall be amended by the insertion of “or any of our Affiliates (where applicable)” after “by us” in the second line; and
|
(x)
|
paragraph 18 of the Consent Letter shall be amended by the insertion of “and any of our Affiliates” after “permitted successors” in the second line.
|
(i)
|
any actions being taken (including, without limitation, the pledging of, or grant of any security interest over, additional SABMiller Shares to satisfy margin calls in relation to any DB Pledge Arrangement) in respect of any SABMiller Shares or Initial Shares other than the DB Pledged SABMiller Shares and any Relevant Newco Shares; or
|
(ii)
|
any other amendments to (or a replacement resulting in any other changes to) the Original DB Facility Agreement,
|
3.
|
We undertake that during any Additional Period, we shall not without AB InBev’s prior written consent (to be given in AB InBev’s absolute discretion):
|
(a)
|
sell, transfer, charge, encumber, grant any option or lien over or otherwise dispose of: (A) any interest in any DB Pledged SABMiller Shares; or (B) any Relevant Newco Shares (as defined in paragraph 14), in each case other than:
|
(i)
|
pursuant to, and in accordance with the terms of, any one or more of the exceptions in paragraphs 2(a)(i), 2(a)(iv), 2(a)(vii) or 2(a)(viii) of the Original Irrevocable; and/or
|
(ii)
|
pursuant to, and in accordance with the terms of, any one or more of the exceptions set out in paragraphs 3(a)(i) to 3(a)(vii) of the DB Irrevocable (or the equivalent provisions in respect of such exceptions in any Acceptable Irrevocable);
|
(b)
|
exercise any right to convert or reclassify any DB Pledged SABMiller Shares into another class or type of security interest in SABMiller or take any other step in relation to any interest in any securities in SABMiller which is inconsistent with the Proposed Structure;
|
(c)
|
accept, in respect of the DB Pledged SABMiller Shares or Relevant Newco Shares, any offer or other transaction made in competition with or which might otherwise frustrate the Transaction or any part thereof;
|
(d)
|
in respect of the DB Pledged SABMiller Shares, vote in favour of any resolution to approve any scheme of arrangement of SABMiller, or other transaction which is proposed in competition with or which might otherwise frustrate the Transaction or any part thereof;
|
(e)
|
in respect of the DB Pledged SABMiller Shares, vote in favour of or otherwise consent to any matter for the purposes of Rule 21 of the City Code;
|
(f)
|
(other than pursuant to the Transaction or as permitted by paragraphs 3(a)(i) and 3(a)(ii) of this Undertaking) enter into any agreement or arrangement (including, without limitation, which would directly or indirectly have the effect of changing the DB Pledge Arrangements or any arrangements in place with the Registered Holder, in each case in relation to the DB Pledged SABMiller Shares but excluding any
|
|
agreement or arrangement in accordance with the terms of paragraph 3(a)(i) and/or 3(a)(ii) of this Undertaking) incur any obligation or give any indication of intent: |
(i)
|
to do any of the acts prohibited under paragraphs 3(a) to 3(e);
|
(ii)
|
in relation to, or operating by reference to, any DB Pledged SABMiller Shares or any Relevant Newco Shares; or
|
(iii)
|
which, in relation to the DB Pledged SABMiller Shares or Relevant Newco Shares, save as expressly permitted under paragraph 3(a) would or might:
|
(A)
|
restrict or impede us voting in favour of the UK Scheme;
|
(B)
|
restrict or impede us acting in accordance with this Undertaking, including, without limitation, paragraph 8 of the Original Irrevocable or paragraph 7 of this Undertaking, in the context of the Partial Share Alternative;
|
(C)
|
restrict or impede Newco approving the Capital Increase or the Belgian Merger or the Newco Resolutions;
|
(D)
|
impede any Relevant Newco Resolution which is not a Newco Resolution being adopted or rejected in a manner consistent with the implementation of the Transaction; or
|
(E)
|
otherwise frustrate the Transaction or any part thereof,
|
4.
|
We undertake to cause the registered holder of any DB Pledged SABMiller Shares to comply with the undertakings in paragraph 3 in respect of the DB Pledged SABMiller Shares (other than where and to the extent that such action or exercise is prevented by the occurrence of an Enforcement Action).
|
5.
|
We acknowledge that the Restated DB Facility Agreement is a Facility Agreement (as defined in the Original Irrevocable) and that the provisions of paragraph 2(g) of the Original Irrevocable apply in respect of any amendment or replacement of it.
|
6.
|
We undertake that during any Additional Period, subject to paragraph 11:
|
(a)
|
we shall (or, where we are not the registered holder of any DB Pledged SABMiller Shares, we shall cause the registered holder of such DB Pledged SABMiller Shares to) either: (i) exercise all voting rights attaching to any DB Pledged SABMiller Shares to vote in favour of all Relevant Resolutions proposed at any General Meeting and Court Meeting of SABMiller to be convened and held in connection with the UK Scheme, the Belgian Merger and/or the Transaction, or at any adjournment of any such meeting; or (ii) if for the purposes of the vote of SABMiller Shareholders on the
|
(b)
|
we shall (or, where we are not the registered holder of any DB Pledged SABMiller Shares, we shall cause the registered holder of such DB Pledged SABMiller Shares to) execute any forms of proxy in respect of any DB Pledged SABMiller Shares required by AB InBev appointing any person nominated by AB InBev to attend and vote at any General Meeting or Court Meeting (when we or the registered holder are able to vote) in respect of the Relevant Resolutions, and shall ensure that any such executed forms of proxy are completed and returned so as to be received by SABMiller’s registrars not later than 3.00 p.m. on the day falling four Business Days prior to the deadline for receipt of proxy forms set out in the formal document setting out the terms and conditions of the UK Scheme Document or the relevant notice of General Meeting or Court Meeting (or, in respect of any DB Pledged SABMiller Shares, within three days of becoming the registered holder of such shares, if later);
|
(c)
|
we shall not (or, where we are not the registered holder of any DB Pledged SABMiller Shares, we shall cause the registered holder of such DB Pledged SABMiller Shares not to) revoke the terms of any proxy submitted in accordance with paragraph 6(b), either in writing or by attendance at any General Meeting or Court Meeting or otherwise; and
|
(d)
|
subject to the provisos to paragraph 3(a), Newco shall acquire the DB Pledged SABMiller Shares pursuant to the UK Scheme which provides for the transfer of such shares to Newco free of any lien, charge, option, equity or encumbrance of any nature whatsoever and together with all rights of any nature attaching to those shares including, without limitation, the right to all dividends declared or paid after the date of the Original Irrevocable, other than any Permitted Dividends.
|
7.
|
During any Additional Period, subject to paragraph 11, we hereby undertake (and undertake to irrevocably and unconditionally instruct the Agent on our behalf (or, where we are not the registered holder of any DB Pledged SABMiller Shares, to cause the registered holder of such DB Pledged SABMiller Shares to comply with the obligations under paragraphs 7(a) to 7(d) and to irrevocably and unconditionally instruct the Agent on our and its behalf), such instruction to the Agent being irrevocable (i) during the Additional Period and (ii) following the Additional Period save to the extent validly revoked by or on behalf of the relevant Secured Party by or following an Enforcement Action or a permitted transferee thereof following an Enforcement Action):
|
(a)
|
to elect for the Partial Share Alternative in respect of the Initial Shares received in respect of all of the DB Pledged SABMiller Shares and to deliver a Form of Election in respect of all of the DB Pledged SABMiller Shares, duly completed so as to elect for the Partial Share Alternative and receive the maximum possible number of Restricted Shares that are available in respect of all the DB Pledged SABMiller Shares under the Partial Share Alternative in accordance with the instructions set out in the UK Scheme Document and the Form of Election, as soon as possible and in any event within fourteen days after the posting of the UK Scheme Document (and, for the avoidance of doubt, not to elect for or cause the registered holder of any DB Pledged SABMiller Shares to elect for, the Cash Consideration in respect of any DB Pledged SABMiller Shares);
|
(b)
|
not to directly or indirectly tender any of the Initial Shares received in respect of the DB Pledged SABMiller Shares into the Belgian Offer except for such number of Initial Shares as:
|
(i)
|
is required to satisfy the cash element of the Partial Share Alternative, (such Initial Shares, the Cash Top-Up Shares); and
|
(ii)
|
(to the extent that our or the relevant registered holder’s election (as applicable) for Restricted Shares under the Partial Share Alternative cannot be satisfied in full and is scaled back or subject to a rounding adjustment) is required to satisfy the Cash Consideration payable to us or the relevant registered holder (as applicable) (such Initial Shares, the Cash Consideration Shares);
|
(c)
|
to accept the Belgian Offer in respect of the Cash Top-Up Shares and the Cash Consideration Shares to the extent referred to in paragraph 7(b); and
|
(d)
|
not to withdraw or allow to be withdrawn the election, tender or acceptance referred to in paragraphs 7(a) to (c).
|
8.
|
We agree that (notwithstanding any terms of the UK Scheme or the Belgian Offer to the contrary) any election, withdrawal or instruction (including any deemed election, withdrawal or instruction for Cash Consideration) which is inconsistent with paragraph 7 shall be treated as invalid and deemed to be an election for the Partial Share Alternative so as to receive the maximum possible number of Restricted Shares that are available in respect of the number of DB Pledged SABMiller Shares under the Partial Share Alternative that we are required to elect in accordance with paragraph 7 (as modified by paragraph 19, if applicable).
|
9.
|
During any Additional Period, subject to paragraph 11:
|
(a)
|
we shall (or, where we are not the registered holder of any DB Pledged SABMiller Shares, we shall cause the registered holder of such DB Pledged SABMiller Shares to) exercise the voting rights attached to any DB Pledged SABMiller Shares on an Additional SABMiller Resolution only in a manner consistent with the implementation of the Transaction; and
|
(b)
|
for the purpose of voting on an Additional SABMiller Resolution we shall (or, where we are not the registered holder of any DB Pledged SABMiller Shares, we shall cause the registered holder of such DB Pledged SABMiller Shares to) execute any form of proxy required by AB InBev appointing any person nominated by AB InBev to attend and vote at the relevant General Meeting of SABMiller (and shall not (or, where we are not the registered holder of any DB Pledged SABMiller Shares, shall cause the registered holder of such DB Pledged SABMiller Shares not to) revoke the terms of any such proxy whether in writing, by attendance or otherwise).
|
10.
|
During any Additional Period, subject to paragraph 11:
|
(a)
|
we shall provide any assistance AB InBev may reasonably require to as soon as reasonably practicable answer any request or question from the Panel or the Belgian Financial Services and Markets Authority (BFSMA);
|
(b)
|
we shall (or, where we are not the registered holder of any Relevant Newco Shares, we shall cause the registered holder of such Relevant Newco Shares to) exercise the voting rights attached to the Relevant Newco Shares on a Relevant Newco Resolution only in a manner consistent with the implementation of the Transaction; and
|
(c)
|
for the purpose of voting on a Relevant Newco Resolution, we shall (or, where we are not the registered holder of any Relevant Newco Shares, we shall cause the registered holder of such Relevant Newco Shares to) execute any form of proxy required by AB InBev appointing any person nominated by AB InBev to attend and vote at the relevant General Meeting of Newco (and shall not (or, where we are not the registered holder of any Relevant Newco Shares, shall cause the registered holder of such Relevant Newco Shares not to) revoke the terms of any such proxy whether in writing, by attendance or otherwise).
|
11.
|
If an Enforcement Action has occurred on or prior to the third Business Day following the date on which the relevant action(s) required to be taken under paragraph 6, 7(a), 7(c), 9, 10(b) and/or 10(c) could first have been taken, BEVCO shall not be liable under paragraph 6, 7(a), 7(c), 9, 10(b) and/or 10(c) if such relevant action(s) have not been taken prior to the occurrence of the Enforcement Action provided that it has used (and BEVCO hereby undertakes to use) all reasonable endeavours to take or procure the taking of the relevant action(s) required to be taken under paragraph 6, 7(a), 7(c), 9, 10(b) and/or 10(c) in the circumstances referred to therein as soon as possible following the date on which the relevant action(s) could first have been taken.
|
12.
|
Prior to Completion, to the extent that, following the occurrence of an Enforcement Action, BEVCO is or becomes able to exercise (or to refrain from exercising) rights in relation to the DB Pledged SABMiller Shares or any Relevant Newco Shares so as to take or refrain from taking (or, as applicable, procure that there is taken or refrained from being taken) any action referred to in paragraphs 6, 7, 9 and/or 10 (including, without limitation, in circumstances where BEVCO is authorised or validly instructed pursuant to the Restated DB Facility Agreement, DB Pledge Arrangements or related financing documents) (but, for the avoidance of doubt, not where BEVCO is prevented from exercising (or refraining from exercising) such rights and/or action under any obligation owed to DB or any DB Permitted Beneficiary)), BEVCO shall (notwithstanding that it would not be during an Additional Period) promptly take or refrain from taking (or, as applicable, procure that there is taken or refrained from being taken) the relevant action(s) under paragraphs 6, 7, 9 and/or 10.
|
13.
|
The provisions of paragraph 14 of the Original Irrevocable shall apply mutatis mutandis to this Undertaking.
|
14.
|
In this Undertaking:
|
(a)
|
references to the 11 November Press Announcement mean the “Rule 2.7” press announcement issued on 11 November 2015 announcing the Transaction (RNS Number 2973F);
|
(b)
|
references to the 26 July Press Announcement mean the “2.7 Announcement Update” press announcement issued on 26 July 2016 announcing amended terms of the Transaction (RNS Number 2160F);
|
(c)
|
references to any Additional Period mean any period from (and including) the time at which any Pledge Enforcement Event occurs in relation to any DB Pledged SABMiller Shares or any Relevant Newco Shares to (but excluding) the earlier of (i) the time at which any Enforcement Action is taken in respect of such Pledge Enforcement Event; (ii) the time of cessation of such Pledge Enforcement Event; or (iii) the time of Completion;
|
(d)
|
references to an Acceptable Irrevocable have the meaning given to this term in the DB Irrevocable (or the equivalent term in any subsequent Acceptable Irrevocable);
|
(e)
|
references to the Current DB SIA have the meaning given to this term in the DB Irrevocable;
|
(f)
|
references to DB mean Deutsche Bank AG, London Branch;
|
(g)
|
references to a DB Permitted Beneficiary mean DB and/or any person who delivers to AB InBev an Acceptable Irrevocable pursuant to, and in accordance with, the terms of the DB Irrevocable (or the terms of any Acceptable Irrevocable) or any other person to whom the benefit of DB’s (or any Acceptable Transferee’s) interest in any Pledged Share is sold, assigned, transferred, charged, encumbered, granted of option or lien over or otherwise disposed of in accordance with paragraphs 3(a)(ii) or 3(a)(iv) of the DB Irrevocable (or the equivalent paragraphs in respect of such exemption in any Acceptable Irrevocable);
|
(h)
|
references to the DB Irrevocable mean the irrevocable undertaking entered into on the date of this Undertaking between AB InBev and DB;
|
(i)
|
references to the DB Pledge Arrangements have the meaning given to this term in the DB Irrevocable;
|
(j)
|
references to an Enforcement Action have the meaning given to this term in the DB Irrevocable;
|
(k)
|
references to the New DB SIA have the meaning given to this term in the DB Irrevocable;
|
(l)
|
references to a New Lender Irrevocable have the meaning given to his term in the DB Irrevocable;
|
(m)
|
references to the Original DB Facility Agreement mean the Facility Agreement between BEVCO and DB dated 2 February 2015 as (i) may have been amended prior to the date falling 30 calendar days prior to the date of the Original Irrevocable; or (ii) may be amended in accordance with the Original Irrevocable;
|
(n)
|
references to Relevant Newco Shares mean the Initial Shares issued in consideration of the transfer of any DB Pledged SABMiller Shares pursuant to the UK Scheme; and
|
(o)
|
references to the Restated DB Facility Agreement means the Original DB Facility Agreement as amended and restated pursuant to an agreement dated on or around the
|
15.
|
Any time, date or period mentioned in this Undertaking may be extended by mutual agreement but as regards any time, date or period originally fixed or as extended, time shall be of the essence.
|
16.
|
Newco shall not be obliged to proceed with the UK Scheme, nor shall AB InBev be obliged to make or proceed with the Transaction.
|
17.
|
This Undertaking shall lapse and cease to have effect to the extent not already undertaken and without prejudice to any liability for antecedent breach if the Original Irrevocable lapses and ceases to be effective in accordance with its terms, save as set out in the next sentence. Notwithstanding the preceding sentence, paragraphs 2(a) and 2(d) shall survive any lapsing of this Undertaking or its ceasing to have effect in full or in part and continue in full force and effect in accordance with paragraph 30 (and any capitalized terms referred to in paragraphs 2(a) or 2(d) and defined elsewhere in this Undertaking (whether directly or through incorporation by reference to any other document) shall apply as if defined directly in full in paragraphs 2(a) or 2(d) notwithstanding any termination or lapsing of this Undertaking or such other document).
|
18.
|
Subject to paragraphs 17 and 19, in the event that: (i) AB InBev elects to implement the Transaction by way of, among other steps, an offer to be made by Newco to acquire the ordinary share capital of SABMiller (rather than the UK Scheme); and (ii) we have consented to such election, all provisions of this Undertaking shall apply to such offer or its implementation mutatis mutandis.
|
19.
|
If: (A) due to applicable law or regulation (including, without limitation, the City Code) or any applicable regulatory body (including, without limitation, BFSMA and the Takeover Panel), AB InBev or SABMiller are required to make the Structure Change; and (B) the Structure Change is a Relevant Structure Change:
|
(a)
|
the undertakings set out herein shall not apply in respect of: (i) any of the 18,000,000 DB Pledged SABMiller Shares which were Current Pledged Shares for the purposes of the Original Irrevocable (the Original DB Pledged SABMiller Shares); or (ii) any securities or rights in or derived from any Original DB Pledged SABMiller Shares; or (iii) any Pledge Arrangements to the extent applicable to such Original DB Pledged SABMiller Shares, securities, rights and/or interests (in each case, to the extent not already undertaken and without prejudice to any antecedent breach). For the avoidance of doubt, this paragraph 19(a) shall not disapply or amend any of the undertakings in respect of the 10,000,000 DB Pledged SABMiller Shares which were Current Unencumbered Shares for the purposes of, and in accordance with the terms of, the Original Irrevocable (the Further DB Pledged SABMiller Shares) or any securities or rights in or derived from any such Further DB Pledged SABMiller Shares set out in this Undertaking;
|
(b)
|
the provisions of paragraphs 3(c), 3(d), 3(e), 6, 9, 10 and 26 shall lapse and cease to have effect (to the extent not already undertaken and without prejudice to any antecedent breach);
|
(c)
|
the provisions of paragraph 12 shall be amended by deleting references to “paragraphs 6, 7, 9 and/or 10” and replacing those words with “paragraph 7”;
|
(d)
|
any reference to this Undertaking or a paragraph or other part of it shall be to this Undertaking or such part or paragraph, excluding any part which has lapsed in accordance with this paragraph 19 and taking into account the amendments set out in this paragraph 19 (and any reference to the Original Irrevocable shall be to the Original Irrevocable excluding any part which has lapsed and subject to the amendments set out in paragraph 29 thereof); and
|
(e)
|
for the avoidance of doubt, subject to paragraphs 19(a) to 19(d) inclusive, all other undertakings and provisions of this Undertaking shall remain in full force and effect (including, without limitation, in respect of the Further DB Pledged SABMiller Shares, the undertaking to elect for the Partial Share Alternative pursuant to paragraph 7).
|
20.
|
If this Undertaking lapses, we shall have no claim against AB InBev or Newco.
|
21.
|
The provisions of paragraph 32 of the Original Irrevocable shall apply to this Undertaking mutatis mutandis.
|
22.
|
The provisions of paragraphs 33 to 36 of the Original Irrevocable shall apply to this Undertaking, mutatis mutandis (with the cross references in paragraphs 33 and 35 of the Original Irrevocable to paragraphs 7 and 8 of the Original Irrevocable being treated as references to paragraphs 6 and 7 of this Undertaking).
|
23.
|
With effect from the date of this Undertaking, (a) paragraph 8(b)(ii) of the Original Irrevocable shall be amended by the addition of the words “or subject to a rounding adjustment” following the words “cannot be satisfied in full and is scaled back”; (b) paragraph 9 of the Original Irrevocable shall be amended by the addition of the words “and deemed to be an election for the Partial Share Alternative so as to receive the maximum possible number of Restricted Shares that are available in respect of the number of the Beneficial Shares and the number of any Further SABMiller Shares and Further Beneficial Shares under the Partial Share Alternative that we are required to elect in accordance with paragraph 8 (as modified by paragraph 29, if applicable)” following the words “treated as invalid”; and (c) the introductory words to paragraph 8 shall be amended to read “We hereby undertake and undertake to irrevocably and unconditionally instruct the Agent on our behalf (other than, in respect of the Pledged Shares, where and to the extent that such action is prevented by the occurrence of a Pledge Enforcement Event or the exercise by a Secured Party of its rights under the Pledge Arrangements following a Pledge Enforcement Event)”, which Original Irrevocable shall, for the avoidance of doubt, otherwise continue in full force and effect on the same terms.
|
24.
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The provisions of paragraph 37 of the Original Irrevocable shall apply to this Undertaking mutatis mutandis.
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25.
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Newco shall (with the consent of AB InBev) have the right under the Contracts (Rights of Third Parties) Act 1999 to enforce the terms of this Undertaking (as amended from time to time), with effect from the date of its incorporation, against us only, subject to and in accordance with:
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(a)
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the terms of paragraph 30 (Governing Law); and
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(b)
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the term that the parties to this Undertaking may by agreement terminate or rescind or vary it in any way without the consent of Newco.
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26.
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Subject to the remaining provisions of this paragraph 26, in relation to (a) paragraphs 6 and 24; and (b) solely to the extent that they relate to the enforcement of paragraph 6, paragraphs 11 and 12, SABMiller shall have the right under the Contracts (Rights of Third Parties) Act 1999 to enforce the terms of this Undertaking (as amended from time to time), against us only, subject to and in accordance with the terms of paragraph 30 (Governing Law). SABMiller’s rights under this paragraph 26 are subject to the condition that SABMiller has at all times during the term of this Undertaking an equivalent right to enforce the irrevocable undertaking entered into on or around the date of the Original Irrevocable between AB InBev and Altria. The parties to this Undertaking may by agreement without the consent of SABMiller vary any term of it other than (a) paragraph 6, paragraph 24 and this paragraph 26 and (b) solely to the extent that they relate to the enforcement of paragraph 6, paragraphs 11 and 12.
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27.
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Any DB Permitted Beneficiary (and any of their respective permitted successors) shall have the right under the Contracts (Rights of Third Parties) Act 1999 to enforce the terms of the consent and agreement provided by AB InBev pursuant to paragraph 2(d) subject to and in accordance with the terms of paragraphs 17 and 30. The parties to this Undertaking may not vary any term under paragraph 2(d) without the consent of the relevant DB Permitted Beneficiary.
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28.
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Save as provided in paragraphs 25, 26 and 27, a person who is not a party to this Undertaking shall have no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any of its terms.
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29.
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The provisions of paragraphs 41 to 44 of the Original Irrevocable shall apply to this Undertaking mutatis mutandis.
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30.
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This Undertaking and any non-contractual obligations arising under it shall be governed by and construed in accordance with English law. The English courts shall have exclusive jurisdiction in relation to all disputes (including, without limitation, claims for set-off and counterclaims) arising out of or in connection with this Undertaking including, without limitation, disputes arising out of or in connection with: (i) the creation, validity, effect, interpretation, performance or non-performance of, or the legal relationships
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EXECUTED as a DEED and
DELIVERED on behalf of BEVCO LTD,
a company incorporated in Bermuda
by two of its directors being persons who, in accordance with the laws, of that territory, are acting under the authority of the company |
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SIGNATURE: /s/ Peter A. S. Pearman
NAME: Peter A. S. Pearman, Director
in the presence of:
signature: /s/ Edward Rance
name: Edward Rance
address: Clarendon House
Church Street
Hamilton HM11 Bermuda
SIGNATURE: /s/ Juan Carlos Garcia
NAME: Juan Carlos Garcia
in the presence of:
signature: /s/ Claudia Morales
name: Claudia Morales
address: 1701 NE 191St #415
Miami, Fl 33179
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EXECUTED as a DEED and
DELIVERED on behalf of ANHEUSER-BUSCH
INBEV SA/NV, a company incorporated in Belgium by
_________________ and _________________ being persons who, in accordance with the laws of that territory, are acting under the authority of the company |
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SIGNATURE: /s/ Benoit Loore
NAME: /s/ Benoit Loore,
VP Corporate Governance
Assistant Secretary
SIGNATURE: /s/ Martin Della Valle
NAME: Martin Della Valle
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