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SAB - A year of transition toward a new growth phase - AGM Note

We attended SAB’s AGM on July 21, 2018. The AGM was well organized and run in an efficient, professional manner. Despite muted guidance for 2018, management conveyed confidence that SAB will achieve sustainable profit growth in the long term while sharing some areas of emphasis that it is working on to get SAB there. We share management’s optimism and believe that under the stewardship of the new management team, which possesses extensive experience in Asian beer markets