TO:

Senhor Carlos Brito
InBev N.V./S.A.
Rua Renato Paes de Barros
1017, 4th Fl.
04530-001 São Paulo, Brazil

Exelentissimo senhor:

As chief executive officer of InBev, you are no doubt well aware that your company’s offer to purchase Anheuser-Busch Cos. has been met with a great deal of hostility here in A-B’s home town.

And we, like you, are well aware that public and political reaction largely is irrelevant to whether the sale goes through. Ultimately the decision lies with Anheuser-Busch’s shareholders.

However, we know that as a savvy businessman, you would prefer to a warm welcome to a hostile one. You have made it clear in your public comments, and in a commentary page article in Tuesday’s Post-Dispatch, that the North American headquarters for the merged InBev-Busch company would be in St. Louis.

You have asserted that St. Louis also would be the “decision-making hub for the global flagship brand Budweiser;” that the brewery on Pestalozzi Street and A-B’s other 11 U.S. breweries would remain open; that Grant’s Farm and the Clydesdales would be retained and that the new company would operate under a name that evokes the Anheuser-Busch tradition.

Further, you stated that “we would maintain a St. Louis civic presence and support of certain institutions, as we believe this is a key part of what Anheuser-Busch, as a corporate citizen, and Budweiser, as a brand, are about.”

We appreciate these assurances.

But Senhor Brito, you may not be aware that Missouri is known as the “Show-Me State.” We have a certain built-in skepticism. Recent events surrounding the takeover of other St. Louis companies have added to that. When Federated Department Stores bought the May Co. of St. Louis in 2005, we were assured that St. Louis would remain the midwest headquarters of the new Macy’s Co. In February of this year, that decision was rescinded and St. Louis lost 850 jobs.

So we get a little nervous about mere assurances.

With that in mind, we’d like to suggest that you offer the people of St. Louis a multi-year contract, complete with financial guarantees/penalties, assuring us of your intentions in writing. To begin the discussion, let us suggest the following provisions:

• A-B’s 6,000 St. Louis employees here will keep their jobs or be offered comparable positions elsewhere in North America. All union contracts will be retained and, at the appropriate times, re-negotiated in good faith.

• Anheuser-Busch’s industry-leading marketing operations will remain here.

• InBev, recognizing the essential connection between A-B revenue and its exceptional network of loyal wholesalers, will preserve those relationships.

• InBev will endow a non-profit foundation, the mission of which will be to sustain the charitable and civic activities in the St. Louis region now supported by A-B management and employees. The foundation will be endowed at a level sufficient to generate annual income capable of funding these activities at their current levels, plus adjustments for inflation. Additionally, InBev/A-B will encourage its executives and employees to continue their charitable and civic activities as individuals.

• Company budgets supporting Grant’s Farm, A-B brewery tours and Clydesdales ownership, care and exhibition will remain at their current levels or higher.

Now Senhor Brito, we realize that you are under no obligation to accept these suggestions. And — in all honesty — even if you do, a warm St. Louis welcome is not guaranteed. Traditions die hard here, and outsiders have a tough time cracking the social circle. Shoot, for years folks at the St. Louis County Club wouldn’t let the Busches join because they were regarded as nouveau riche.

But for more than 100 years, Anheuser-Busch has been a good corporate citizen and a great source of pride for many St. Louisans. Anheuser-Busch built a great business by making friends and then selling beer to them. Your firm, on the other hand, has grown by acquiring other firms.

We only suggest, Senhor Brito, that before you try selling a beer company merger to us, you make friends first. See you at Ted Drewes. We’ll buy.

P.S. If possible, please bring back the Budweiser frogs.