2012

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 forward-looking 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.

Ambev Overview

Brazil deep dive

3

Where we are present: 16 countries through 4

business units…

… and we have a world

EBITDA Margin benchmark

Market Leader in Argentina, Bolivia,

Paraguay and Uruguay

2nd player in Chile

EBITDA Margin 11 – 45.9%

25 plants

Strategic alliance with CND

Leadership in Caribbean

9 plants

Market Leader in Beer

EBITDA Margin 11 – 52.4%

2nd player Soft Drinks and

Nanc business

EBITDA Margin 11 – 48.6%

37 plants

Market Leader in Canada

EBITDA Margin 11 – 41.5%

6 plants

Sources: Company data, Bloomberg

2011 consolidated figures:

Sales Volumes – 165 mm Hl

EBITDA – R$ 13.1 billion

EBITDA Margin – 48.4%

Market cap (June 15, 2012)

BRL 209 billion (USD 102 billion)

4

Regional breakdown: although majority of our

results come from Brazil…

… we have relevant profitability

contributions from Canada and LAS Sources: Company data

51%

18%

21%

6%

4%

Brazil Beer

Brazil CSD

LAS

Canada

Hila-Ex 11,0%

58,0%

13,0%

16,0%

2,0%

Brazil Beer

Brazil CSD

LAS

Canada

Hila-Ex

Net Sales FY 2011

11% 63%

11%

16%Brazil Beer

Brazil CSD

LAS

Canada

EBITDA FY 2011 Volume FY 2011

Total

165 mmHL

Total

R$ 27.1 Bi

Total

R$ 13.1 Bi

5

6

While HILA’s long term strategy is paying-off

• Creation of leading beverage company in the Caribbean

• Integration of Ambev and CND’s beverages businesses to generate efficiencies and opportunities for sharing best practices

• EV/EBITDA: 13x

• Combined EBITDA of US$ 190 million in first 12 months following closing (pro forma)

62,7

37,3 9,5

10,0 10,1 10,1

10,4

2007 2008 2009 2010 2011

4,3 4,5

4,6 4,9

5,2

2007 2008 2009 2010 2011

57,3

42,7 Ambev + CND

Ambev + CND

MS – Beverages

(2011)

MS – Beer

(2011)

Volume growth

Beer (2011)

Volume growth

CSD (2011)

Relevant EBITDA growth & Margin improvement to come

7

Ambev Overview

Brazil deep dive

Market Overview

9

World Beer Market (2011E)

Country Volume (M Hl) 5y CAGR

China 487.7 7.0%

USA 241.1 -0.5%

Brazil 130.1 5.7%

Russia 94.6 -0.3%

World 1,903.1 2.5%

Brazil Beer market is ranked #3 and has grown

faster than global average...

Sources: Plato E

10

We have a leadership position in the Brazilian

Beer market...

Sources: Nielsen

69.0%

10.7%

10.4%

8.5%

1.4%

2011 Average Market Share 2011 Average Share of Value

2011 Market Share per Brand 32.4%

19.4% 15.8%

9.3%

73.5%

9.0%

6.9%

1.3%

9.4% 7.2% 4.6%

11

And this leadership translates into a profitable

beer business

Source: Company data IFRS

12

Our non-alcoholic beverages business also shows

a track record of profitable growth

Sources: Company data IFRS, Nielsen

Strategic priorities

SERVICE LEVEL

Our strategic priorities

• Liquid & packaging

• Route-to-market

• RGB Strategy

• Brand health

• Cost/HI below

inflation

• ZBB focus

• Negative Working

Capital

• Governments

• Antitrust

• CSR

• CAPEX plans

• Plants productivity

• Logistics

breakthrough

• Industry

Association

• Economic

contribution

• Beer knowledge

• Health and

wellness

Productivity

Relationship

Innovation

Beer Category

Service Level

14

15

SERVICE LEVEL

Innovation: Liquid & Packaging

Key platform for volume growth & market share gains since 2008

Tapping different consumer needs & occasions

Source: Company data.

2008 2010 2011 2009

1L RGB 1L RGB

300ml

RGB Brahma

Copaço Sleek

can

Antarctica

Sub Zero

Skol 360

Budweise

r

Ambev total RGB MACO/hl evolution

(2007 set as 100)

SERVICE LEVEL

Innovation: RGB Strategy

Increasing product differentiation through innovations

Exploring different consumption occasions

Creating new demand through pack price strategy

1L RGB share – Brazil beer market

Source: Company data. Nielsen

16

SERVICE LEVEL

Innovation: Route to market

Pit Stop Nosso Bar

Franchise with value proposition

adapted to class C

Improving consumer bar experience

150 franchises in 2011 (São Paulo only)

Reinforcing RGB presentations

in the supermarkets

Improving consumer experience

~500 stores in 2011

17

18 ¹Source: Milward Brown

Innovation: Brand health

6th BRAND IN VALUE GROWTH IN THE WORLD

18

19

Ambev Core Working Capital evolution

(as % of Net revenue)

Productivity: Production cost and working capital evolution

Source: Company data. 2007-2008 BRGAAP, 2009-2011 IFRS

SERVICE LEVEL

Brazil Beer COGs/Hl organic growth

19

20

Brahma at

Community

Cyan

Initiative

+ID

Ambev

Recycling

NGO

programs

Legal

Drinking

Infrastructure,

professional training,

culture and legal

drinking to communities

through soccer

Responsible

way to use

water

LDA drinking program

LDA POC

program

Association with

NGOs

Recycling platform

CSR Agenda

Relationship: Social Responsibility

SERVICE LEVEL

Service Level: Investments in Supply Chain

All time high investments – plant & warehouse footprint, returnable glass bottles and

IT/systems

Inventories management – right SKU, in the right place, at the

right time

SERVICE LEVEL

AMBEV CAPEX EVOLUTION

(R$ bi)

Source: Company data

1,62,0

1,4

2,3

3,2

2007 2008 2009 2010 2011

21

22

Beer Category: Industry association

SERVICE LEVEL

2012 and beyond

24

2012 Highlights: 1Q12 Brazil Financials

+6.8%

+7.2%

+10.0%

+5.9%

+4.8%

+1.9%

+2.2%

+6.1%

+3.4%

+10.5%

+6.4%

+4.0%

+2.1%

-0.5%

+10.3%

+21.2%

+7.0%

+2.8%

+7.4%

+2.7%

+12.9%

Net revenue

Volume

Net Rev/Hl

COGS

COGS/Hl

SG&A

EBITDA

Beer CSD/NANC Brazil More balanced top line

between pricing and volumes,

which should resume growth

in 2012

Outlook*

COGS/Hl should grow below

inflation in Brazil for the year

NR/Hl should grow in line with

inflation for the year

Different phasing of sales &

marketing expenses

* As of April 30, 2012

2012 Highlights: Leveraging major events to

connect with consumers

25

2012 Highlights: International Premium

Launch in 2012

Launch in 2011

Stella volume growth in Brazil (1Q10 set as 100)

Source: Company data

Stella Artois volume growth Budweiser launch and roll-out

Volume +73%

(1Q12)

Continued market

share gains (1Q12)

26

27

2012 Highlights: Bud’s “The Great Preparation” ad

2012 Highlights: Federal excise tax in Brazil

Presidential

Decree

Effective Oct 1, 2012

May 31 – June 4 Updated price

reference table

Adjusted

multiplier

(2012-2015)

Reduced tax

incentives

BEER CSD

Pass through to consumer in Ambev products:

Beer ~4% CSD ~8% 28

29

Where we are going to beyond 2012...

Premium Beer Weight per country

0,8%

1,1%

3,5%

4,1%

4,7%

14,7%

15,3%

12,6%

Peru

Venezuela

Mexico

Uruguay

Brazil

Chile

Argentina

WORLD

Source: Plato 2010

Lead with domestic and international premium portfolio

30

Develop North and Northeast

Sources: Plato 2011E and LCA

Where we are going to beyond 2012...

66.9

51.7

30.5

82.4 66.3

76.6

Beer per capita by region 2011E

(l/year)

Beer per capita evolution in Brazil

(l/year)

Develop beer per capita consumption across regions

31

Where we are going to beyond 2012...

2013

Confed Cup

(Brazil)

2014

World Cup (Brazil)

2015 2016

Olympics

(Brazil)

25% of total

beer amount

sold in Brazil

are related to

sports

occasions

Media Pack Globo TV FIFA CBF America’s Cup

5 Players +

National Coach Engenhão Stadium -

RJ

26 local

Teams

Strong Sports Agenda over the next years

Opportunity size Ambev assets

13%

12%

Source: Company data

Copa America (Chile)

Soccer Platform

Q&A