Analysts Grokk ABI’s Changes

Dear Client:As reported last week, ABI has decided to move Luiz Edmond out of their largest division, North America, to a more global role as chief sales officer. Luiz was a chief architect of InBev's integration of A-B into their fold, cutting billions of dollars in costs and vastly expanding margins, as well as closing the value gap between premium and sub-premium and moving the portfolio more upscale. Topline volume growth, however, has remained elusive even as dollars have grown.João