MAY 2008

EBITDA (R$MM) EBITDA margin 37.0% 35.4% 37.8% 39.5% 44.1% 42.3% 8,667 26.6% 23.5% 22.6% 20.8% 20.4% 30.5% 28.6% 27.8% 28.7% 24.7% 23.8% 21.1% 4,535 6,305 7,445 2,710 3,072 283 364 286 292 403 582 587 662 667 903 1,505 1,990 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 1990 to 1999 figures refer to Brahma only BR Gaap figures

Today, AmBev is the leader in 6 beer markets throughout the Americas... Brazil 67.0% Market Share (March 2008) Three leading brands within portfolio Skol is the third largest selling brand in the world Brahma is the fifth largest selling brand in the world Antarctica is the 20th largest selling brand in the world 70 million hectoliters sold in 2007 Canada Approx. 43.0% Market Share Broad portfolio 11.5 million hectoliters sold in 2007 Argentina Approx. 75% Market Share Leading brands (Quilmes and Brahma) Paraguay, Uruguay and Bolivia Leadership with Brahma, Pilsen and Paceña

...and has a Strong Profitable CSD Operation... Operations in 5 countries Brazil Argentina Uruguay Peru Dominican Republic Largest PepsiCo bottler outside the US EBITDA margin of 37.1% in 2007 for the Brazilian operation

Revenue Breakdown by Segment 2007 EBITDA Breakdown by Segment 2007 CSD Brazil 10.7% -Malt & By products 0.9% CSD Brazil 9.0% Malt & Byproducts 0.8% HILA 17.1% Beer Brazil 51.7% HILA 12.9% Canada 17.7% Beer Brazil 59.6% Canada 19.5% Diversified Cash Generation 18% of EBITDA in hard currency (CAD)

6,41 Extract Loss (%) 1,98 1,93 Energy Consumption (Heat kg/hl) 5,37 5,57 5,09 4,63 4,46 1,89 1,88 1,80 1,76 ACT 03 ACT 04 ACT 05 ACT 06 ACT 07 BGT 08 ACT 03 ACT 04 ACT 05 ACT 06 ACT 07 BGT 08 9,13 Electricity Consumption (KWH/HL) 4,88 Water Consumption (HL/HL) 8,89 8,82 8,89 8,72 4,42 4,18 4,30 4,18 8,48 3,95 ACT 03 ACT 04 ACT 05 ACT 06 ACT 07 BGT 08 ACT 03 ACT 04 ACT 05 ACT 06 ACT 07 BGT 08

Pay-out R$ billion 3.6 2.9 2.7 5.1 3.1 0.4 1.8 1.6 2.3 1.3 1.8 2.0 Buy backs Dividends 4,357 3,419 Operational Cash Flow R$ MM* Cash Flow 4,150 6,305 7,445 5,985 8,667 7,919 EBITDA 2004 2005 2006 2007 2004 2005 2006 2007 * Cash generated from operations other than investing or financing

To be the best beer company in a better world Targets and results Social Responsibility Vision Mission Principles Meritocracy Ownership Consistency Long term commitment Candor Competitive Advantage Leadership development Career development Training

Beer and Soft Drinks Start up operations Growth potential Beer EBITDA Margin 07 40.2% Market Share of 43% Beer and Soft Drinks Market Leader in Argentina, Bolivia, Paraguay and Uruguay EBITDA Margin 07 42.3% 2007 Sales Volumes 143 mm Hl EBITDA R$ 8.7 Billion EBITDA Margin 44.1% Beer 3 major brands EBITDA Margin 07 50.9% Market Share of 68.6% Soft Drinks and Nanc EBITDA Margin 07 37.1% Market Share of 17.5%

184.9 Net revenues per Hectoliter Beer AmBev (2006)* EBITDA Margin Beer AmBev (2006) 49.5% 51.7% 38.5% 63.3 63.0 47.3 Canada Brazil Hila-ex Quinsa * FX conversion by 2006 year average -12.0% Canada Brazil Hila-ex Quinsa

101,0 95,3 95,3 66,1 25,3 24,223,0 22,7 18,3 16,214,9 6,3 5,5 2,8 0,8 Per Capita Consumption (2006) (Liters/hab/year) Germany Brazil Russia UK France Ukrania Venezuela Canada Nether. Czech Rep. Argentina Peru Chile Bolivia Uruguay Market Size (2006) (mm hl) 158,4 122,6 108,8 88,2 68,0 67,4 50,8 37,0 33,8 30,4 23,2 22,0 Czech Rep. Germany UK Venezuela Canada Russia Brazil Argentina Chile Bolivia Uruguay Peru * Exclude US and China

Channel Package 100% 100% 5% 90% 80% 30% 90% 80% 29% 20% 70% 70% 60% 80% 81% 60% 50% 40% 30% 70% 50% 40% 30% 71% 80% 95% 20% 20% 10% 20% 19% 10% 0% Brazil Canada Argentina 0% Brazil Canada Argentina On Premise Off Premise Returnable Non returnable

Total Market (MM hl/year) 103.8 Per Capita Consumption (l/year) Positive Trend 95.5 Positive Trend 56.0 91.5 50.8 87.3 48.3 47.8 47.4 47.4 49.2 84.7 84.9 85.3 82.7 45.4 2000 2001 2002 2003 2004 2005 2006 2007 2000 2001 2002 2003 2004 2005 2006 2007

Strong leader with 67.0% of market share (March 2008 figures) 70 million hl sold in 2007 3 leading brands: Skol, Brahma and Antarctica Leading premium brands: Bohemia and Original Seasonality: strong volumes on the 1Q and 4Q Seasonality: Sales Volumes AmBev Brazil Beer Volume (millions hl) 70.1 4Q 31.9% 30.7% 30.3% 31.2% 62.5 65.7 3Q 24.3% 23.2% 23.0% 23.1% 59.0 58.0 55.3 57.8 2Q 21.0% 22.2% 22.1% 21.6% 1Q 22.8% 23.9% 24.5% 24.1% 2004 2005 2006 2007 2001 2002 2003 2004 2005 2006 2007

Total Market (MM hl/year) Per Capita Consumption (l/year) Positive Trend 98.7 112.4 124.3 112.6 113.4 119.5 127.6 56.2 63.2 Positive Trend 69.1 61.8 64.2 61.6 67.8 2000 2001 2002 2003 2004 2005 2006 2000 2001 2002 2003 2004 2005 2006

AmBev in Brazil CSD Market... With AmBev having increasing market influence 17.2% of market share in soft drinks (March 2008 figures) 24 million hl sold in 2007 (CSD & Nanc) Strong CSD second player Leading Guaraná brand Seasonality: strong volumes on the 4Q AmBev Brazil CSD&Nanc Volume (millions hl) 24.5 4Q 3Q 31.2% 31.1% 30.1% 31.9% 23.1% 23.2% 23.5% 22.0% 18.5 19.6 18.8 19.1 20.3 22.1 2Q 21.4% 22.2% 22.1% 22.1% 1Q 24.3% 23.5% 24.2% 24.0% 2004 2005 2006 2007 2001 2002 2003 2004 2005 2006 2007

Distribution Breakdown AmBev Brazil Direct Distribution (% of Total Brazilian Volume) 49.1% 51.0% Beer CSD 43.7% 36.9% Supermarkets 30.0% Restaurants 20.0% Small Bars 50.0% 55.0% Small Bars 25.0% Supermarkets Restaurants 20.0% 32.6% 2002 2003 2004 2005 2006

Plant Footprint Brazil Beverage Plants Verticalized Plants

EBITDA (R$MM) EBITDA margin 34.4% EBITDA and EBITDA Margin Evolution Brazil Beer 46.0% 43.7% 42.0% 40.9% 36.8% 3,731.4 49.5% 50.9% 4,478.6 5,166.0 CAGR 21.3% 2,900.4 2,425.0 2,500.0 1,774.7 1,339.5 2000 2001 2002 2003 2004 2005 2006 2007

EBITDA and EBITDA Margin Evolution Brazil CSD 33.7% 31.4% 29.3% 607.7 37.1% 782.6 EBITDA (R$MM) EBITDA margin CAGR 39.1% 517.6 16.8% 18.5% 429.1 8.0% 245.9 184.4 77.7 2001 2002 2003 2004 2005 2006 2007

Stock has grown 450% since 2000 700% 600% 500% 400% 300% 200% 100% 0% -100% Share Performance: 2000 - actual* 450% 464% 251% -5% jan-00 jul-00 jan-01 jul-01 jan-02 jul-02 jan-03 jul-03 jan-04 jul-04 jan-05 jul-05 jan-06 jul-06 jan-07 jul-07 jan-08 AmBev preferred AmBev preferred ADR Bovespa S&P 500 * AMBV4 and ABV figures adjusted for split and stock bonus The content of this presentation is property of AmBev - American Beverage Company

FY 2007 R$ Million Beer Brazil CSD Nanc Others Total Canada HILA Total Volumes (000 hl) 70,125 24,483-94,608 11,507 36,802 142,916 Net Revenues 10,158 2,111 186 12,455 3,826 3,367 19,648 COGS (2,810) (977) (116) (3,903) (1,160) (1,483) (6,546) Gross Profit 7,348 1,134 70 8,552 2,666 1,884 13,102 SG&A (2,881) (573) (4) (3,458) (1,338) (1,063) (5,859) EBIT 4,467 561 66 5,094 1,328 821 7,243 Depr. and Amort. 699 221 0 920 209 294 1,424 EBITDA 5,166 782 66 6,014 1,537 1,115 8,667 % of Tot. EBITDA 59.6% 9.0% 0.8% 69.4% 17.7% 12.9% 100.0% EBITDA Margin 50.9% 37.1% 35.4% 48.3% 40.2% 33.1% 44.1% +6.8% +13.0% +14.1% +16.8% High Operational Leverage Figures in BR GAAP

Net Debt/ EBITDA EBITDA / Net Financial Expenses 1.1x 1.4x 1.0x 1.0x 0.9x 6.9 6.9 5.8 5.8 N.M.* 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007 EBITDA / CAPEX EBITDA / Debt Refinancing Needs 4.5x 5.2x 5.3x 25.0x 3.6x 3.4x 9.0x 6.2x 33.2x 4.8x 6.4x 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 >2012 Figures in BRGaap * In 2003 AmBev had R$93.1MM of Net Financial Revenues

S & P Highest Rating Among Brazilian Companies Investment Investment Grade Grade CD CC CCC- CCC CCC+ B- B B+ BB- BB BB+ BBB- BBB BBB+ A- A A+ AA- AA AA+ AAA Fitch C CC CCC- CCC CCC+ B- B B+ BB- BB BB+ BBB- BBB BBB+ A- A A+ AA- AA AA+ AAA+ Moody s C Ca Caa3 Caa2 Caa1 B3 B2 B1 Ba3 Ba2 Ba1 Baa3 Baa2 Baa1 A3 A2 A1 Aa3 Aa2 Aa1 Aaa AmBev Brazil Sovereign

Operations, People and Management Committee Shareholders Fiscal Committee Board of Directors Internal Audit Department Finance Committee Executive Management

AmBev Brazil Beer +5.1% +4.6% +8.2% 2003 2004 2005 2006 Original Bohemia +19.7% +38.3% +6.7% +28.3% +30.4% +44.4% 2003 2004 2005 2006 2003 2004 2005 2006

Brazil Argentina Bolivia Per Capita consumption (l/year) 48.3 47.8 47.4 45.4 47.4 49.2 50.8 32.7 32.2 30.7 32.3 33.6 24.8 19.7 20.7 21.5 35.8 37.0 26.7 30.8 2000 2001 2002 2003 2004 2005 2006

BrazilBeer (R$) Brasil CSD (R$) Canada (CAD$) Cost Per Hectoliter 60.1 56.5 45.3 47.2 42.7 42.9 41.2 42 39.239.8 2003 2004 2005 2006

USD vs. Latam currencies since 2004 Country Risk since 2004* 20.0% 1,600 10.0% 0.0% 1,400 1,200 1,000 Most markets reduced country risk (10.0%) 800 600 (20.0%) (30.0%) Most Latam currencies appreciated against the USD 400 200 (40.0%) 0 jan-04 abr-04 jul-04 out-04 jan-05 abr-05 jul-05 out-05 jan-06 abr-06 jul-06 out-06 jan-07 abr-07 jul-07 jan/04 abr/04 jul/04 out/04 jan/05 abr/05 jul/05 out/05 jan/06 abr/06 jul/06 out/06 jan/07 abr/07 jul/07 Argentina Brazil Bolivia Chile Mexico Paraguay Peru Uruguay Argentina Brazil Chile Ecuador Mexico Peru Uruguay Venezuela * Argentina country risk was around 5000 before June 2005

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