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2) Changes to our leadership team: To reflect our new zone structure and enhanced focus on top-line growth and value
creation, whilst bringing our global excellence to our acquired SABMiller operations, we bring new leadership from outside
the African continent, to help us enforce compliance with group directives:
 Bernardo Paiva, currently Zone President Latin America North, will become Zone President for South America.
 Carlos Lisboa, currently Zone President Latin America South, will become Zone President for Middle Americas.
 Jason Warner, currently BU President Northern Europe, will become Zone President for Europe.

 Ricardo Moreira, currently Zone President COPEC, will become Zone President for Africa.
 Jan Craps, currently Zone President Asia Pacific South, will become Zone President for APAC.
 Ricardo Tadeu, currently Zone President Africa, will become Chief Sales Officer.

 Pedro Earp, currently Chief Disruptive Growth Officer, will double as Chief Marketing and ZX Ventures Officer.
 Miguel Patricio, currently Chief Marketing Officer, will become Chief Special Global Projects - Marketing.
 In order to enable the zones and business units to focus on top-line growth and increase execution agility, effective
as from 1 January 2019, the Executive Board of Management (EBM) will evolve into an Executive Committee (ExCom).
The ExCom members will remain the current Chief Executive Officer – Carlos Brito, the current Chief Financial and

Solutions Officer – Felipe Dutra, the current Chief External Affairs and Strategy Officer – David Kamenetzky and the
current General Counsel and Company Secretary – John Blood.

Appendix 4b

Culture clash: AB InBev versus SABMiller: 2 October, 2018

Adapted from: https://www.biznews.com/global-investing/2015/10/09/culture-clash-an-ab-inbev-victory-will-end-more-than-sabmillers-free-beer

There’s a deep gulf in attitudes between it AB InBev and SABMiller that could lead to an exodus of executives fearful of
working under Brito’s watchful gaze at the British brewer, complicating integration efforts. The takeover could mean a
“situation similar to what we’ve seen in their past deals, where they cut costs hugely,” said Robert Jan Vos, an analyst at
ABN AMRO. “It’s a hard culture. It’s tough and very competitive internally –it is completely the opposite at SABMiller.”

In the past, Brito has said it’s fine if the rigors of working for him drive some executives away. He’s happy to replace them
with hungry recent graduates of MBA programs. In 2010, he deemed departures after the AB InBev deal “great, because
we then promoted people and they said, ’this is my company now.’” The same template is often followed, first comes so-
called Zero-Based Budgeting, a system of expense-planning whereby every cost needs to be justified, starting from a blank
sheet of paper each quarter. A small army of management consultants is hired to oversee those plans, scrutinizing budgets

line by line. The cost-cutting shows on the bottom line. AB InBev had a margin of earnings before interest, taxes,
depreciation and amortization of almost 40 percent on average in previous years, versus about 25 percent at SABMiller.
SABMiller top executives in London may be in for a shock when they start being forced to justify requests for toner
cartridges!

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