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. DE C.V., DIBLO, S.A. DE C.V., AND CERTAIN SHAREHOLDERS THEREOF

Exhibit 10.17

SECOND AMENDMENT

to

INVESTMENT AGREEMENT

BY AND AMONG

ANHEUSER-XXXXX COMPANIES, INC.,

ANHEUSER-XXXXX INTERNATIONAL, INC., AND

ANHEUSER-XXXXX INTERNATIONAL HOLDINGS, INC.

AND

GRUPO MODELO, S.A. DE C.V.,

DIBLO, S.A. DE C.V., AND

CERTAIN SHAREHOLDERS THEREOF

WHEREAS, Anheuser-Xxxxx Companies, Inc., a Delaware corporation (“A-B”), Anheuser-Xxxxx International Inc., a Delaware corporation (“A-BI”), Anheuser-Xxxxx 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:

“(a) The number of members of the G-Modelo Board of Directors shall be fixed at nineteen (each of whom may have an alternate), nine of whom shall be nominated by the Investor (the “Investor Nominees”) and ten of whom shall be nominated by the Controlling Shareholders (the “Controlling Shareholder Nominees”). The Investor Nominees and the Controlling Shareholder Nominees shall be elected to the G-Modelo Board of Directors, in accordance with Mexican law and the Amended G-Modelo By-laws.” 

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-XXXXX COMPANIES, INC.
	By:	/s/ Xxxxxx X. Xxxxxx
		Name:	Xxxxxx X. Xxxxxx
		Title:	Vice President-Corporate
			Development

	ANHEUSER-XXXXX INTERNATIONAL, INC.
	By:	/s/ Xxxxxxx X. Xxxxxxx
		Name:	Xxxxxxx X. Xxxxxxx
		Title:	Chief Executive Officer
			and President
	ANHEUSER-XXXXX INTERNATIONAL
	HOLDINGS, INC.
	By:	/s/ Xxxxxxx X. Xxxxxxx
		Name:	Xxxxxxx X. Xxxxxxx
		Title:	President
	GRUPO MODELO, S.A. de C.V.
	By:	/s/ Xxxxxxxx Xxxxxxxxx Xxxxxxxxx
		Name:	Xxxxxxxx Xxxxxxxxx Xxxxxxxxx
		Title:	Chairman and President
	DIBLO, S.A. de C.V.
	By:	/s/ Xxxxxxxx Xxxxxxxxx Xxxxxxxxx
		Name:	Xxxxxxxx Xxxxxxxxx Xxxxxxxxx
		Title:	Chairman and President
	BANCO NACIONAL DE MEXICO, S.A.,
	AS TRUSTEE OF THE BANAMEX TRUST
	By:	/s/ Xxxxxxxxx Xxxxxxxx
		Name:	Xxxxxxxxx Xxxxxxxx
		Title:	Delegado Fiduciario
	By:	/s/ Xxxxxxx Xxxxx
		Name:	Xxxxxxx Xxxxx
		Title:	Delegado Fiduciario

/s/Xxxxxxxx Xxxxxxxxx R.

Xxxxxxxx Xxxxxxxxx R., on his own behalf and as a

member of the technical committee of the Control Trust

/s/ Xxxx Xxxxxxx-Xxxxxxx

Xxxx Xxxxxxx-Xxxxxxx y P., on his own behalf and as a member of the technical committee of the Control Trust

/s/ Xxxxxxxx Xxxx M.

Xxxxxxxx Xxxx M., on his own behalf and as a member of the technical committee of the Control Trust

/s/ Xxxxx Xxxxxxxx Diez

Xxxxx Xxxxxxxx Xxxx, on his own behalf and as a member of the technical committee of the Control Trust

/s/ Xxxxxxx Xxxxxxxx Diez

Xxxxxxx Xxxxxxxx Xxxx, on his own behalf and as a member of the technical committee of the Control Trust

/s/ Xxxxxx Xxxxx Vda. de Xxxxxxx Xxxx

Xxxxxx Xxxxx Vda. de Xxxxxxx Xxxx

/s/ Eusicinia Xxxxxxxx Xxxx

Eusicinia Xxxxxxxx Xxxx

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/s/ Xxxxxx Suberbie Xxxxxxx

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