EDUARDO SALLES INVESTOR RELATIONS MANAGER. January 2010

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From this document you will learn the answers to the following questions:

  • What does AmBev PRESENT IN 14?

  • What is the name of the top line growth company in the world?

  • On what date did AmBev's 2008 sales volume begin?

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1 EDUARDO SALLES INVESTOR RELATIONS MANAGER January 2010

2 Statements contained in this presentation may contain information that is forward-looking and reflects management's current view and estimates of future economic circumstances, industry conditions, company performance, and financial results. Any statements, expectations, capabilities, plans and assumptions contained in this presentations that do not describe historical facts, such as statements regarding the declarations or payment of dividends, the directions of future operations, the implementation of principal operating and financing strategies and capital expenditure plans, the factors or trends affecting financial condition, liquidity or results of operations are forwardlooking statements and involve a number of risks and uncertainties. There is no guarantee that these results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.

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5 AmBev PRESENT IN 14 COUNTRIES ACROSS THE AMERICAS, WITH A WORLD BENCHMARK EBITDA MARGIN HILA EX Start up operations Growth potential CANADA Market Leader in Canada EBITDA Margin % QUINSA Market Leader in Argentina, Bolivia, Paraguay and Uruguay EBITDA Margin % BRAZIL Market Leader in Brazil EBITDA Margin 08-48% Important Soft Drinks and Nanc business EBITDA Margin %

6 AmBev PRESENT IN 14 COUNTRIES ACROSS THE AMERICAS, WITH AWORLD BENCHMARK EBITDA MARGIN 2008 Sales Volumes mm Hl EBITDA R$ 9.0 Billion EBITDA Margin % Market cap BRL 100 billion (USD 58 billion) (@ 11/11/09)

7 AmBev The Dream of an American Beverage Company LAN LAS CANADA + Brahma 1989 AmBev 1999 Quinsa 2002 Hila-Ex 2003 Canada 2004

8 AmBev is part of AB InBev, the leading global brewer and one of the top five consumer products company with a portfolio of nearly 300 brands and operations in over 30 countries Volume 2008 Net Sales 2008 EBITDA % 3% 23% 8% 17% 48% Brazil Beer Brazil CSD LAS Canada Hila-Ex 18% 16% 11% 52% Brazil Beer Brazil CSD LAS Canada Hila-Ex 15% 16% 11% 57% Brazil Beer Brazil CSD LAS Canada Total 147mmHL Total R$ 20.9 Bi Total R$ 9.0 Bi Brands

9 SUCH GROWTH WAS COUPLED WITH PROFITABILITY ENHANCEMENT EBITDA (R$MM) EBITDA margin 28,6% 26,6% 22,6% 23,5% 24,7% 20,8% 20,4% 23,8% 21,1% 27,8% 30,5% 28,7% 37,0% 35,4% 37,8% ,1% 43,1% 42,3% 39,5% to 1999 figures refer to Brahma only BR Gaap figures

10 4 BILLION DOLLAR BRANDS AmBev owns 4 U$1Bn+ brands (out of AB-InBev`s 13) Euro-USD exchange rate = Bud Light Budweiser Global Skol Stella Artois Global Brahma (Brazil) Busch Becks Global Michelob Antarctica Natural Light Sedrin Quilmes Jupiler

11 60% of total shares Shareholders agreement 10% of total shares Free Float 30% of total shares 20% 10% WE ARE PART OF THE WORLD S LARGEST BEER COMPANY

12 AmBev STRATEGIC PILLARS Top Line Growth Building Strong Brands Excellence in route to Market Permanent Cost Efficient Financial Discipline PEOPLE AND CULTURE

13 PILLAR 1 - TOP LINE GROWTH Components of top line growth PER CAPITA Occasion Night Out (Skol) Products Brahma Fresh Antarctica Sub-Zero Channel Quiosque do Chopp Top Line PORTFOLIO - Premium Segment Bohemia and Original (BR) Stella Artois (ARG) Alexander Keiths and Kokanee (CAN) MARGIN POOL Revenue Management Route to Market Execution MARKET SHARE Brand Development Execution Excellence

14 PILLAR 2 - BUILDING STRONG BRANDS A PORTFOLIO OF LEADING BRANDS Leader in 6 beers markets Strond brands positioned in the premium segment 2 brands in the world Top 10 list Strong second CSD player Our beer brands are among the most consumed in the world Skol (4th) Leading brand in Brazil Brahma (7th) Our international brand Antarctica (24th) Is the 3rd most consumed beer in Brazil Quilmes (35th) - Leading brand in Argentina, produced since 1888 Budweiser (2nd): Is part of our portfolio in Canada Bohemia: Brazil s 1st beer, is produced since 1853 Guaraná - Natural from Brazil, it s the absolute leader in the guaraná segment Pepsi - We distribute the 2nd most sold soft drink in the world

15 PILLAR 3 Excellence in Route To Market Our operations include direct distribution, while focusing on strengthening our relationship with third-party distributors, who are partners committed to the results of our portfolio AmBev Excellence Program: Establishment of performance standards, stimulating exchange of best practices We help our customer with the display of their products at the PoC and by sharing best management practices

16 PILLAR 4 PERMANENT COST EFFICIENCY Continuous attention to variable cost REUTILIZATION OF INDUSTRIAL WASTES 98,0% 98,0% 98,2% 123,2 ENERGY CONSUMPTION PER UNIT PRODUCED (kwh/liter) 95,8% 96,8% 96,5% 113,8 94,9% 108,7 109,1 107,8 93,7% 104,68 105, Reutilization of industrial wastes Plant optimization / benchmarking Procurement synergies Verticalization Malting Facilities ZBB Zero-Based Budget Excellence in logistics

17 PAY-OUT YIELD (R$ MM) ,70% ,20% 5,90% ,40% 4,40% ,00% 8,00% 7,00% 6,00% 5,00% 4,00% 3,00% 2,00% 1,00% PILLAR 5 FINANCIAL DISCIPLINE ,00% EVA Company since 1998 Focus not only on volume and Ebitda growth, but also in returns measurement and working capital Consistent Hedge Policy

18 BASE OF OUR PILLARS: PEOPLE & CULTURE A Company united by common beliefs DREAM To be the best beverage company in a better world Targets and results Social Responsibility PEOPLE Competitive Advantage Compensation Leadership development Career development Training CULTURE Consistency Principles Meritocracy Ownership Long term commitment Candor

19 The language we speak: Cost Connect-Win. World-class efficiency drives every part of our production, supply, planning and sales cycle LONG-TERM OBJECTIVES To deliver volume growth ahead of industry growth To grow revenue ahead of volumes while at the same time maintaining strong financial discipline To ensure that costs remain below inflation KEY FOCAL AREAS Connecting with Consumers Focus brands, Values Based Brands Execution in the marketplace World class commercial program Financial and operational efficiency Zero-based budgeting, voyager plant optimization Win

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21 TODAY, AMBEV IS THE LEADER IN 6 BEER MARKETS THROUGHOUT THE AMERICAS... BRAZIL 70.6% Market Share (Oct-09)* Three leading brands within portfolio Skol is the 4th largest selling brand in the world Brahma is the 7th largest selling brand in the world Antarctica is 24th largest selling brand in the world 69.9 million hectoliters sold in 2008 ARGENTINA ~75% Market Share* Leading brands (Quilmes and Brahma) Paraguay (Brahma), Uruguay (Pilsen) and Bolivia (Paceña) 13.3 million hectoliters sold in 2008 CANADA ~43% Market Share* Broad portfolio 11.7 million hectoliters sold in 2008 *Source: Nielsen

22 AND HAS A STRONG PROFITABLE CSD OPERATION Operations in 6 countries Brazil, Argentina, Uruguay, Bolivia, Peru, Dominican Republic Largest PepsiCo bottler outside the US EBITDA margin of 43.5% in 2008 for the Brazilian Operation

23 OUR BRANDS Brazil Argentina CSD/NANC Canada

24 AmBev in Brazil Beer Market Brazil is large market with 1 million points of sale... Emerging Market Very fragmented market: Distribution is key (1 milion points of sale, visited in avg. 1.4 x a week) Historical Strong Competition Beer mostly consumed in on-premise outlets which represent ~70% of volume. - Main presentation: Returnable glass bottles (600 ml) Supermarkets accounts for approx. 30% of volume - Main presentation is 350 ml aluminum cans Different realities within the same country - Beer preference / Per Capita / Population 59 Distribution Centers (>50% volume). 175 Third Party Distributors 38 Factories 22 thousand employees

25 AmBev in Brazil CSD & NANC Market CSD & NANC s market, shares many of the beer market characteristics... CSD consumed in on and off premise outlets Main package is 2lts. PET bottles Very fragmented market (1 million points of sale) Strong Competition 2 nd player (18% Market Share) Distribution is key Different realities within the same country Preference Per Capita Population

26 AmBev in LAS - QUINSA A more premium market... Operations in Argentina (45% of EBITDA), Uruguay, Paraguay, Chile & Bolivia; with market share ranges 75%-95% Market Consumption: > 80% off premise & > 90% returnable presentations. Supermarkets account only for 11% More than 70% distributed through independent distributors Market growth based on premium, specialties and innovation Pricing has been subject to controls and restrictions. More than 7,500 employees 21 plants

27 AmBev in Canada - LABATT A mature & profitable market... - Number one beer producer in Canada (~43% market share) - Nearly 62% of volume of the market consumed in Ontario & Quebec. - Highly regulated market (prices controls) - Each province is governed by different regulatory and ownership of distribution and retail systems - Ontario Distribution System (joint distribution) 61% TBS: Jointly-owned by Molson, Labatt & Sleeman 21% Licensee: on-premise channel 18% LCBO: Ontario Government-owned EBITDA & MS growth More than 3,000 employees 7 plants

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29 AmBev Consolidated YTD09 AmBev Consolidated R$ million YTD08 YTD09 % Org. Volume ( 000 hl) 103, , % Net Revenue 14,348 16, % Net Revenue/Hl % COGS / Hl (48.7) (50.9) -0.5% SG&A exc. dep & amort. (3,867) (4,534) 12.7% Normalized EBITDA 6,209 7, % EBITDA Margin 43.3% 44.7% 180 bps Positives / Achievements Negatives / Challenges Brazil industry volumes Pricing discipline Market share Econ. impact on countries ex.brazil Antitrust issues Tax Increase 2009 Hedges/ COGS Innovations performance Productivity initiatives

30 Innovations - Brazil

31 Czech Rep. Germany Venezuela UK USA Russia Canada Brazil Argentina Peru Chile China Bolivia Uruguay Focus - Brazil Organic Growth 159,3 114,4 PER CAPITA CONSUMPTION 2008 (Liters/hab/year) 93 85,3 83,7 76,6 70,7 57,4 44, ,4 30, ,9

32 PREMIUM BEERS PREMIUM BEERS (% VOLUME) 5% 2% Brazil Brazil Premium beers more than doubled participation in the total beer volume since 1998 PREMIUM BEERS (% VOLUME) 2% 5% 7% Brazil Brazil % 15% 33% 45% 50% Ukraine Argentina USA France Belgium Canadá... But it is still small when compared to other countries there is room for growth

33 Q&A

34 EDUARDO SALLES INVESTOR RELATIONS MANAGER January 2010

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