Budweiser Brewing Company APAC Limited (BUD APAC) signed a renewed Cash Pooling Framework Agreement with controlling shareholder Anheuser-Busch InBev SA/NV (AB InBev) on 1 April 2026. The pact will replace the existing 2019 arrangement and run from 1 January 2027 to 31 December 2029, covering both notional and physical cash pools managed by J.P. Morgan Chase Bank N.A., London branch.

The agreement allows BUD APAC to place or withdraw funds at its sole discretion; no security over group assets is required. Proposed maximum daily deposit caps are set at US$3.50 billion for each of the three years 2027, 2028 and 2029.

Historical utilisation highlights: • Highest daily balance grew from US$0.17 billion in 2019 (from 30 Sep) to US$2.24 billion in 2025, lifting cap utilisation from 8.5 % to 69.0 %. • As at 28 February 2026 the peak daily balance was US$2.01 billion, equal to 57.5 % of the 2026 cap.

BUD APAC cites continued business expansion, rising cash balances and enhanced centralised treasury capabilities as drivers for maintaining the higher cap. Deposit and overdraft rates will remain on an arm’s-length basis, referenced to overnight market rates offered by the pooling agent or comparable third-party banks.

Under Hong Kong Listing Rules, the deposit placements constitute both a major transaction and a continuing connected transaction: the highest proposed cap exceeds the 25 % percentage ratio threshold but is below 100 %. Consequently, the arrangement requires reporting, announcement, annual review and approval by independent shareholders. An AGM is scheduled for 14 May 2026; AB InBev and its associates will abstain from voting.

Overdrafts drawn by BUD APAC are exempt from connected-transaction reporting because they are unsecured and provided on normal commercial terms. Service fees charged by AB InBev’s subsidiary Cobrew NV/SA fall below de minimis levels and are likewise exempt.

Internal controls include regular benchmarking of interest rates against external banks, real-time online monitoring of balances, annual auditor review, and yearly confirmation by independent non-executive directors that terms remain fair and reasonable.

BUD APAC states the renewed structure preserves operational continuity, improves liquidity deployment and lowers financing costs, while allowing full flexibility to scale back or exit the pool at any time.