Nelson Jamel CFO. November, 2010

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1 Nelson Jamel CFO November, 2010

2 Ambev Overview Brazil deep dive 2

3 Ambev 10 years of profitable growth EBITDA (R$MM) EBITDA margin 44,1% 44,3% 44,7% 44,4% 42,3% 37,0% 37,8% 10,361 39,5% 9,007 30,5% 35,4% 8,667 7,885 28,7% 7,445 6,305 4,535 2,710 3,072 1,505 1, M

Regional Breakdown Volume YTD 2010 Net Sales YTD 2010 EBITDA YTD 2010

11% 56% Brazil Beer Brazil CSD LAS Canada Hila-Ex 15% 11% 14% 61%

4 Regional Breakdown Volume YTD 2010 Net Sales YTD 2010 EBITDA YTD % 3% 20% 7% 18% 51% Brazil Beer Brazil CSD LAS Canada Hila-Ex 15% 16% 11% 56% Brazil Beer Brazil CSD LAS Canada Hila-Ex 15% 11% 14% 61% Brazil Beer Brazil CSD LAS Canada Total Total Total 117mmHL R$ 17.7 Bi R$7.9 Bn 4

3Q and YTD financial highlights Ambev Consolidated R$ million 3Q09 3Q10 % Org. YTD09 YTD10 % Org. Volume ( 000 hl) 36,345 39,281 8.

(1,529) (1,634) 10.3% Normalized EBITDA 2,374 2,656 12.3% EBITDA Margin 43.9% 44.4% -10 bps 107,690 117,103 8.5% 16,415 17,778 13.

4% -110 bps Positives / Achievements Negatives / Challenges 5 Brazil industry / volumes Pricing discipline Brazil Beer market share

5 3Q and YTD financial highlights Ambev Consolidated R$ million 3Q09 3Q10 % Org. YTD09 YTD10 % Org. Volume ( 000 hl) 36,345 39, % Net Revenue 5,412 5, % Net Revenue/Hl % COGS / Hl (51.1) (52.4) 5.7% SG&A exc. dep & amort. (1,529) (1,634) 10.3% Normalized EBITDA 2,374 2, % EBITDA Margin 43.9% 44.4% -10 bps 107, , % 16,415 17, % % (50.9) (51.2) 7.4% (4,534) (4,862) 10.3% 7,339 7, % 44.7% 44.4% -110 bps Positives / Achievements Negatives / Challenges 5 Brazil industry / volumes Pricing discipline Brazil Beer market share Brand Preference Venezuela deal/ Quinsa share Canada cost management Canada Industry/Top Line Quinsa Beer /CSD industry Cans Shortage/Logistics/Capex Sugar price / other commodities / FX CSD Margin pressure

6 Ambev Overview Brazil deep dive 6

7 Brazil Deep Dive Market overview 2009/2010 results and learnings 2010 and beyond 7

8 Brazil was able to keep inflation under control while disposable income has grown in real terms... Inflation targets Real Disposable Income (%YoY) 14 12, ,9 6,0 7,7 9,3 7,6 5,7 4,5 5,9 4,3 5,5 4,8 4, , (e) 2011 (e) 2012 (e) 2013 (e) 2014 (e) e...and market consensus shows the same trend continuing 8 Sources: IBGE, Central Bank and Market Expectations (Focus), IBGE and government projections

9 9 making Brazilian Beer market, ranked number 3, to grow faster than global average Country World Beer Market Volume (M Hl) 5y CAGR China % USA % % Brazil Beer Market Growth % % % +3.3% +6.9% YTD +10% 85.3 Brazil % Russia % World 1, % Sources: Plato Sources: Plato ( ) M

10 We have a leadership position in the Brazilian Beer market YTD Average Market Share (%) Ambev Femsa Schincariol Petropolis Others 2010 YTD Average Share of Value (%) YTD Market share per Brand (%) Skol Brahma Antarctica Nova Schin Itaipava Kaiser Crystal 10 Source: Nielsen

11 ...in a very competitive market Petropolis Stronghold Market Share 2009 Per Region Schincariol Stronghold Femsa Stronghold 7,0 2,2 14,1 17,4 6,2 3,9 36,1 9,0 18,2 1,4 16,1 12,3 9,7 7,5 3,5 71,2 71,4 59,6 67,5 82,4 68,7 SP, RJ, MG, ES, GO, DF MS, MT BA, SE, AL, PE, PB, RN, PI, MA, PA, TO, AP RS, SC, PR AM, RR, AC, RO Brazil Ambev Femsa Petropolis Schincariol 11 Source: Nielsen and IBOPE (Brazilian Institute of Opinions an Statistics)

12 And this leadership translates into a profitable beer business Volume (million Hl) EBITDA (R$ million) and EBITDA Margin Market Share 9.9% 5.5% 0.2% YTD +14.1% ,5% 50,9% 48,0% 48,8% 48,4% 4,479 5,166 5,079 5, YTD +18.0% 4, % 67.8% 67.5% 68.7% 70.3% M M Excluding Cintra Scope 2006, 2007, 2008: BRGAAP; 2009 IFRS 2006, 2007, 2008: BRGAAP; 2009 IFRS M 12

1 20.5 33.6% 37.1% 783 45.9% 1,056 48.9% 1,255 2010 YTD 44.3% 886 17.0% 17.1% 17.7% 17.8% 17.

13 Our soft drinks business also shows a track record of profitable growth Volume (million Hl) 8.1% 2010 YTD +9.6% EBITDA (R$ million) and EBITDA Margin Market Share % 2.8% % 37.1% % 1, % 1, YTD 44.3% % 17.1% 17.7% 17.8% 17.7% M M M 13 Source: Nielsen

14 Agenda Brazil Macroeconomic update Market overview 2009/2010 results and learnings 2010 and beyond 14

15 2009/2010 New and Old Initiatives Chance to play differently BRAZIL Many steps ahead in Brands Liquid Innovation Packaging Innovation More resources R$836 million negative working capital Negative CoS/Hl Sales force Execution Relationship Industry Governments Antitrust 15

16 Innovation Pipeline Skol Brahma 1L Rollout 300ml RGB Sleek cans Skol 360º 1L Rollout 300ml RGB Brahma Fresh LN Brahma Fresh Rollout Antarctica Premium Original 300ml 16 A. SubZero 1L Rollout Bohemia Swiss Draft Stella Artois 1L Bohemia Oaken

17 Commercial Strategy Liquid Innovation Antarctica Sub Zero Consumer relevance: refreshment key preference driver, not owned by any Brazilian brand In line with Antarctica: brand name, blue color code Mix development: liquid delivers Antarctica Sub Zero launch generated incremental share to Antarctica franchise and to Ambev in all regions. +1,8 +1,2 +2,7 +3,3 +1,6 +4,6 +0,7 +1,2 +1,7 +1,2 Package POC/POS Material Communication Concept SPC SPI PR MG BR AP+SZ Ambev 17

18 Cost-Connect-Win in Numbers WIN Beer Brazil Market Share ,2 67,2 67,0 67,8 68,3 68,9 68,9 69,2 70,0 70,6 70,0 69,6 68,9 69,6 69,5 ALL TIME HIGH MARKET SHARE 71,7 71,2 70,1 70,4 70,8 70,8 '08 '09 '10YTD Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Source: Nielsen

19 Agenda Brazil Macroeconomic update Market overview 2009/2010 results and learnings 2010 and beyond 19

20 Where we are going to... Premium Growth Per Capita Growth 20

21 France UK Germany Belgium USA Argentina Russia WORLD Japan Brazil Paraguay Uruguay Powder Juice Diapers Powder Soap Wine Yogurt Cigars Snacks Whisky Toilet Paper Oil Rice Beer Premium Beer - Brazil Premium Beer Volume 5% 2% Brazil Brazil Premium beers more than doubled participation in total beer volume since 98. Bohemia boosted segment growth when relaunched in 2001 % Premium Other Categories 50% 45% 43% 43% 42% 40% 37% 35% 32% 30% 25% 23% 22% 22% 20% 18% 15% 9% 10% 7% 5% 5% 0% But still very low weight when compared to other mass categories in Brazil % Premium Beer Volume Per Country 60% 50% 40% 30% 20% 10% 0% 51% 40% 31% 28% 20% 16% 13% 13% 7% 5% 3% 3% Huge gap against other developed countries and below word index Segments in Overall Premium (%) Premium Share: Imp. Beer Weight: Brazil POA ARG CAN UK 5% 12% 12% 27% 40% 3% 12% 25% 50% 47% Core Plus (IP ) Premium (IP ) S. Premium (IP >200) Opportunity to build a relevant Core Plus/Premium segment with an International Renowned Brand 21 Source: Nielsen and Plato

22 Where we are going to... Premium Growth Per Capita Growth 22

23 Per Capita Growth Income growth and innovation drive per capita growth Beer Per Capita Consumption (L/Year) , , , , ,15 1, ,35 0,95 46,4 49,26 50,87 52,85 55,65 56,65 58,6 Base Volume Income Growth Impact Innovations Impact 23 Source: LCA

24 Per capita increase driven by income growth Helped by minimum wage and social programs, Northeast and North regions beer market volume have grown ahead of other regions Area Growth (%) Brazil NE N RS/SC MG/ES CO RJ PR/SPI SPC Short Term M x M Long Term 2009 x 2005 Beer per capita consumption by region (l/year) But still are underdeveloped when compared to other regions in Brazil... Southeast South Middle-west Brazil Northeast North 24 Source: LCA, Plato, Internal data and calculation

25 Brazil Canada Russia USA UK Venezuela Germany Czech Rep....the same way Brazil is behind the rest of the world Per Capita Consumption (Liters/hab/year) Brazil World Source: Plato

26 Good Opportunities Through Social Mobility... In 2002 Familial Income (in R$) Today Upper-class (classes A & B) 13% >4,591 15,5% Middle class (class C) Semipoor (class D) Bottom 30,5% <768 (class E) 18,5% A new class C 44% 12,5% 1,065-4, , million people moved up from the bottom to the middle-class between 2003 and % 14% 26 Source: The New Middle-class FGV IMBRE / GPS

27 27 And there is more to come...

28 28 Q & A

Saint Louis Investor Conference Brazil Keep Momentum João Castro Neves, Zone President, LAN. June 3 rd, 2010 Saint Louis, MO

Saint Louis Investor Conference Brazil Keep Momentum João Castro Neves, Zone President, LAN June 3 rd, 2010 Saint Louis, MO Agenda Brazil Macroeconomic update Market overview 2009 - our plan and initiatives