Second Amendment to Investment Agreement By and Among Anheuser-Busch Companies, Inc., Anheuser-Busch International, Inc. and Anheuser-Busch International Holdings, Inc. and Grupo Modelo, S.A.B. de C.V., Diblo, S.A. de C.V., and certain shareholders thereof

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WHEREAS, Anheuser-Busch Companies, Inc., a Delaware corporation (“A-B”), Anheuser-Busch International Inc., a Delaware corporation (“A-BI”), Anheuser-Busch International Holdings, Inc., a Delaware corporation (the “Investor”), Grupo Modelo, S.A. de C.V., a Mexican corporation (“G-Modelo”), Diblo, S.A. de C.V., a Mexican corporation (“Diblo”), and certain shareholders of G-Modelo and/or Diblo are parties to an Investment Agreement dated as of the 16th day of June, 1993, as amended on August 31, 1994 (the “Investment Agreement”);

WHEREAS, pursuant to Section 13.6 of the Investment Agreement, the Investment Agreement may be amended, modified or supplemented by written agreement of each of the parties thereto;

WHEREAS, the parties to the Investment Agreement believe that it is in the best interest of each of the parties to amend the Investment Agreement so as to conform its provisions to the recently adopted amendments (as published in the Official Daily of June 1, 2001) to the Securities Market Law of Mexico;

NOW THEREFORE, the parties to the Investment Agreement do hereby agree to amend the Investment Agreement as follows:

1.    Capitalized Terms

Capitalized terms used herein and not defined herein shall have the meanings ascribed to them in the Investment Agreement.

2.    Amendment to Section 1.3

Section 1.3 of the Investment Agreement is hereby deleted in its entirety and replaced with the following:

“1.3. Amended Diblo By-laws. “Amended Diblo By-laws” shall mean the By-laws of Diblo as amended and provided to the Investor pursuant to Section 2.4(b)(v) as the same may be amended from time to time thereafter in accordance with applicable law and the provisions of this Agreement.”

3.    Amendment to Section 1.4

Section 1.4 of the Investment Agreement is hereby deleted in its entirety and replaced with the following:

“1.4. Amended G-Modelo By-laws. “Amended G-Modelo By-laws” shall mean the By-laws of G-Modelo as amended and provided to the Investor pursuant to Section 2.4(b)(v) as the same may be amended from time to time thereafter in accordance with applicable law and the provisions of this Agreement.”

4.    Amendment to Section 7.1(a)

Section 7.1(a) of the Investment Agreement is hereby deleted in its entirety and replaced with the following:

 

 

5.    Amendment to Section 7.1(b)

Section 7.1(b) of the Investment Agreement is hereby deleted in its entirety and replaced with the following:

“(b) [Intentionally omitted]”.

6.    Amendment to Section 7.1(h)

Section 7.1(h) of the Investment Agreement is hereby deleted in its entirety and replaced with the following:

“(h) Pursuant to the Amended G-Modelo By-laws and the Amended Diblo By-laws, (i) the Investor shall have rights identical to those set forth in paragraphs (c) through (g) above with respect to Diblo and the Diblo Board of Directors, (ii) the number of members of the Diblo Board of Directors shall be twenty-one (each of whom may have an alternate), the number of Investor Nominees to the Diblo Board of Directors shall be ten and the number of Controlling Shareholder Nominees to the Diblo Board of Directors shall be eleven and (iii) A-B and the Controlling Shareholders will consider maintaining the appointment of the independent nominees with respect to the Diblo Board of Directors.”

7.      Addition of Section 7.1(i)

  The following new Section 7.1(i) is added to the Investment Agreement:

“(i) The G-Modelo Board of Directors will meet at least every three months.”

8.      Amendment to Section 7.2(a)(ii)

  Section 7.2(a)(ii) of the Investment Agreement is hereby deleted in its entirety and replaced with the following:

“(ii) The Investor shall have the right to name a statutory auditor (Comisario) of G-Modelo. This right to name a statutory auditor shall not be affected by the right of any other shareholder or shareholders to name a statutory auditor pursuant to the Securities Market Law or otherwise; it being understood that any statutory auditor named by any shareholder or shareholders other than the Investor shall be in addition to, and not in replacement of or substitution for, the statutory auditor named by the Investor.”

9.      Amendment to Section 7.2(b)(i)

  Section 7.2(b)(i) of the Investment Agreement is hereby deleted in its entirety and replaced with the following:

“(i) The Investor shall have the right to elect nine Investor Nominees to the nineteen person G-Modelo Board of Directors and at least four Investor Nominees to G-Modelo’s nine member Executive Committee (and their respective alternates).”

10.    Except as specifically amended hereby, the Investment Agreement shall remain in full force and effect.

IN WITNESS WHEREOF, each of the parties hereto has caused this Amendment to the Investment Agreement to be duly executed on its behalf as of this 22nd day of April,  2002.

	ANHEUSER-BUSCH COMPANIES, INC.
	By:	/s/ Thomas W. Santel
		Name:	Thomas W. Santel
		Title:	Vice President-Corporate
			Development

 

 

 

	ANHEUSER-BUSCH INTERNATIONAL, INC.
	By:	/s/ Stephen J. Burrows
		Name:	Stephen J. Burrows
		Title:	Chief Executive Officer
			and President
	ANHEUSER-BUSCH INTERNATIONAL
	HOLDINGS, INC.
	By:	/s/ Stephen J. Burrows
		Name:	Stephen J. Burrows
		Title:	President
	GRUPO MODELO, S.A. de C.V.
	By:	/s/ Antonino Fernandez Rodriguez
		Name:	Antonino Fernandez Rodriguez
		Title:	Chairman and President
	DIBLO, S.A. de C.V.
	By:	/s/ Antonino Fernandez Rodriguez
		Name:	Antonino Fernandez Rodriguez
		Title:	Chairman and President
	BANCO NACIONAL DE MEXICO, S.A.,
	AS TRUSTEE OF THE BANAMEX TRUST
	By:	/s/ Francisco Baltazar
		Name:	Francisco Baltazar
		Title:	Delegado Fiduciario
	By:	/s/ Gabriel Uribe
		Name:	Gabriel Uribe
		Title:	Delegado Fiduciario

 

	/s/Antonino Fernandez R.
	Antonino Fernandez R., on his own behalf and as a member of the technical committee of the Control Trust

 

 

 

 

 

	/s/ Juan Sanchez-Navarro
	Juan Sanchez-Navarro y P., on his own behalf and as a member of the technical committee of the Control Trust
	/s/ Valentin Diez M.
	Valentin Diez M., on his own behalf and as a member of the technical committee of the Control Trust
	/s/ Pablo Gonzalez Diez
	Pablo Gonzalez Diez, on his own behalf and as a member of the technical committee of the Control Trust
	/s/ Cesareo Gonzalez Diez
	Cesareo Gonzalez Diez, on his own behalf and as a member of the technical committee of the Control Trust
	/s/ Thelma Yates Vda. de Alvarez Loyo
	Thelma Yates Vda. de Alvarez Loyo
	/s/ Eusicinia Gonzalez Diez
	Eusicinia Gonzalez Diez
	/s/ Rosario Gonzalez Diez
	Rosario Gonzalez Diez
	/s/ Ma. Paulina Gonzalez Diez
	Ma. Paulina Gonzalez Diez
	/s/ Eleuteria Gonzalez Diez
	Eleuteria Gonzalez Diez
	/s/ Laurentino Garcia Gonzalez
	Laurentino Garcia Gonzalez
	/s/ Ma. Antonia Garcia Gonzalez
	Ma. Antonia Garcia Gonzalez
	/s/ Ma. Teresa Garcia Gonzalez
	Ma. Teresa Garcia Gonzalez

 

 

 

	/s/ Maria Asuncion Aramburuzabala Larregui de Zapata
	Maria Asuncion Aramburuzabala Larregui de Zapata
	/s/ Lucrecia Aramburuzabala Larregui de Fernandez
	Lucrecia Aramburuzabala Larregui de Fernandez
	/s/ Luis Javier Gonzalez Cimadevilla
	Luis Javier Gonzalez Cimadevilla
	/s/ Juan Pablo Gonzalez Cimadevilla
	Juan Pablo Gonzalez Cimadevilla
	/s/ Fernando Gonzalez Cimadevilla
	Fernando Gonzalez Cimadevilla
	/s/ Maria del Pilar Gonzalez Cimadevilla
	Maria del Pilar Gonzalez Cimadevilla
	/s/ Alejandro Gonzalez Cimadevilla
	Alejandro Gonzalez Cimadevilla
	/s/ Ana Maria Gonzalez Cimadevilla
	Ana Maria Gonzalez Cimadevilla
	/s/ Mercedes Sanchez-Navarro-Redo
	Mercedes Sanchez-Navarro-Redo
	/s/ Maria del Lourdes Sanchez-Navarro Redo
	Maria del Lourdes Sanchez-Navarro Redo
	/s/ Elena Josefina Sanchez-Navarro Redo
	Elena Josefina Sanchez-Navarro Redo
	/s/ Eduardo Sanchez-Navarro Redo
	Eduardo Sanchez-Navarro Redo
	/s/ Miguel Sanchez-Navarro Redo
	Miguel Sanchez-Navarro Redo
	/s/ Carlos Fernandez Gonzalez
	Carlos Fernandez Gonzalez
	/s/ Felipe Suberbie Cortina
	Felipe Suberbie Cortina

 

 

 

	/s/ Maria de Lourdes Suberbie Cortina
	Maria de Lourdes Suberbie Cortina
	/s/ Maria Teresa Suberbie Cortina
	Maria Teresa Suberbie Cortina
	/s/ Maria del Carmen Suberbie Cortina
	Maria del Carmen Suberbie Cortina
	/s/ Maria Eugenia Suberbie Cortina
	Maria Eugenia Suberbie Cortina
	/s/ Ana Maria Suberbie Cortina
	Ana Maria Suberbie Cortina
	/s/ Emilio Suberbie Mendiola
	Emilio Suberbie Mendiola
	/s/ Araceli Leonides Vega Fernandez
	Araceli Leonides Vega Fernandez
	/s/ Jose Joaquin Vega Fernandez
	Jose Joaquin Vega Fernandez
	/s/ Graciela Elvira Vega Fernandez
	Graciela Elvira Vega Fernandez
	/s/ Rocio Elvira Hernandez Vega
	Rocio Elvira Hernandez Vega
	/s/ Joaquin Hernando Vega Fernandez
	Joaquin Hernando Vega Fernandez
	/s/ Francisco Jose Barberena Lopez
	Francisco Jose Barberena Lopez
	/s/ Maria Teresa Barberena Lopez
	Maria Teresa Barberena Lopez
	/s/ Maria del Pilar Barberena Lopez
	Maria del Pilar Barberena Lopez

 

 

	/s/ Maria de las Mercedes Barberena Lopez
	Maria de las Mercedes Barberena Lopez
	/s/ Mario Zenteno Sanchez
	Mario Zenteno Sanchez
	/s/ Arturo Apiquian Nava
	Arturo Apiquian Nava
	/s/ Jose Miguel Muguerza Juaristi
	Jose Miguel Muguerza Juaristi
	/s/ Eduardo Prieto Calzada
	Eduardo Prieto Calzada
	/s/ Dolores Gutierrez Palero
	Dolores Gutierrez Palero
	/s/ Esteban Fernandez Robles
	Esteban Fernandez Robles