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

Where we operate: 13 countries through 4 business units

CANADA
Market Leader in Canada EBITDA Margin 10 - 41.1% 6 plants

HILA EX
Long-term strategy Growth potential 5 plants

BRAZIL
Market Leader in Brazil EBITDA Margin 10 49.9% 2nd player Soft Drinks and Nanc business EBITDA Margin 10 47.8% 37 plants

LAS
Market Leader in Argentina, Bolivia, Paraguay and Uruguay 2nd player in Chile EBITDA Margin 10 45.7% 25 plants

2010 consolidated figures:

Sales Volumes 165.1 mm Hl EBITDA R$ 11.7 billion EBITDA Margin 46.4%

and we have a world EBITDA Margin benchmark

4
Sources: Company data, Nielsen, Bloomberg

Market cap BRL 179.4 billion (USD 104.1 billion) @09-Feb-12

Regional breakdown: although majority of our results come from Brazil

we have relevant profitability contributions from Canada and LAS

5
Sources: Company data

Our portfolio is comprised of 4 Billion Dollar brands

# 4 brand in the world (volume) # 7 brand in the world (volume)

# 14 brand in the world (volume)

... and other local jewels

Sources: Plato 2010

How we have grown over time: a mix of nonorganic growth

LAN LAS CANADA +

Brahma
1989

Ambev
1999

Quinsa
2002

Hila-Ex
2003

Canada
2004

 organic growth and operational leverage

Sources: Company data

Brazil business
The largest market with ~1 million points of sale
68.9% Beer Market Share and 18.1% Soft Drinks Market Share (9M 2011) Very fragmented market: Distribution is key (~1 million points of sale, visited in avg. 1.5 x a week) Beer mostly consumed in on-premise outlets which represent ~65% of volume - Main presentation: 600 ml returnable glass bottles Supermarkets accounts for approx. 35% of volume - Main presentation is 350 ml aluminum cans Different realities within the same country - Beer preference / Per Capita / Population 75 Distribution Centers (>60% volume) 174 Third Party Distributors 37 Plants ~28,000 employees

Sources: Nielsen, Company data

Strong operation in Latin America South

A more premium market
Beer and CSD&NANC business
Bolivia Beer market (mm Hl): 3.7 Avg per capita (liters): 36.1 Market Share: 97.0% (3Q11) Paraguay Beer market (mm Hl): 2.7 Avg per capita (liters): 38.4 Market Share: 96.1% (3Q11)

Market Consumption: > 80% off premise & > 90% returnable presentations More than 70% distributed through independent distributors Market growth based on premium, specialties and innovation ~7,000 employees

Uruguay Beer market (mm Hl): 0.9 Avg per capita (liters): 26.4 Market Share: 97.3% (3Q11)

24 plants
USD CAGR 24,8%

LAS EBITDA
43,5%

45,9% 45,7%
998

Argentina Beer market (mm Hl): 17.9 Avg per capita (liters): 44.0 Market Share: 76.6% (3Q11) Chile Beer market (mm Hl): 6.5 Avg per capita (liters): 38.3 Market Share: 17.1% (3Q11)

40,4%

40,2% 40,3%
552

803

871

37,8% 32,6% 288 212 384

475

2003

2004

2005

2006

2007

2008

2009

2010

EBITDA (USD MM)

EBITDA MARGIN

10

Source: Plato 2010, Company estimates, Nielsen

Highly profitable operation in Canada

A more mature market
Number one beer producer in Canada (40.7% Market Share in 3Q11) Nearly 58% of volume of the market consumed in Ontario & Quebec Highly regulated market (minimum prices) Each province is governed by different regulatory and ownership of distribution and retail systems High contribution margin: 7% of Ambev volume and 13% of total EBITDA ~3,000 employees 6 plants Labatts EBITDA (CAD MM)
846 779 725 622 872 869 881

2004

2005

2006

2007

2008

2009

2010

11

What we believe in: Dream-People-Culture platform

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

12

Ambev Overview Brazil deep dive

13

Brazil Deep Dive

Market overview 2009-2011 results and learnings 2012 and beyond

14

Market Overview

Brazil Beer market is ranked #3 and has grown faster than global average...

World Beer Market

Country China USA Brazil Russia World Volume (M Hl) 5y CAGR 450 244 126 97 1851 8,1% 0,2% 6,2% 2,1% 3,2%

16

Sources: Plato 2010

We have a leadership position in the Brazilian Beer market...

2011 9M Average Market Share
68.9% 10.9% 2011 9M Average Share of Value 73.5%

9.4%
8.9% 6.9% 1.2%

10.3%
8.4% 1.5%

32.7%

2011 9M Market Share per Brand

19.3%
15.7% 9.6% 7.2% 4.6%

17

Sources: Nielsen

And this leadership translates into a profitable beer business

2011 9M -0.2%

2011 9M +12.7%

2011 9M +150bps

18

Source: Company data

Our soft drinks business also shows a track record of profitable growth

2011 9M +40bps 2011 9M +0.8%

2011 9M +5.6%

19

Sources: Company data, Nielsen

2009-2011 Results and Learnings

2009-2011 New and Old Initiatives: creating options for the future

Commercial Strategy
Liquid & Packaging Innovation Sports Platform Brand Health NENO & RGB strategies

Productivity
Cost/HI below inflation Sales force Execution Negative Working Capital

Relationship

Relationship
Industry Governments Antitrust NGOs

21

Commercial Strategy 2009-2011 Innovation Pipeline

1L Rollout 1L Rollout Brahma Fresh Rollout 300ml RGB

473 ml Sleek Skol can 360

300ml RGB

Brahma Fresh LN
Brahma Copao

1L RGB 1L Rollout Sub Zero Budweiser Stella Bohemia Artois 1L Oaken Bohemia Swiss Draft Original 300ml

22

Commercial Strategy Focus on sports platform

Strong Sports Agenda over the next years
Copa America (Argentina) Olympics (London)/ World Cup Qualifying Confed Cup (Brazil) World Cup (Brazil) Copa America (Brazil) Olympics (Brazil)

2011

2012

2013

2014

2015 Ambev Assets

2016

Opportunity Size

12%

13%

25% of total beer amount sold in Brazil are related to sports occasions

Media Pack Globo TV

FIFA

CBF

Americas Cup

5 Players + National Coach

Engenho Stadium RJ

26 local Teams

23

Source: Company data

Relationship
Social Environmental Legacy
Cyan Initiative
Responsible way to use water

Legal Drinking
LDA POC program

Brahma at Community
Infrastructure, professional training, culture and legal drinking to communities through soccer

Industry Governments Antitrust NGOs

NGO programs
Association with NGOs

Ambev Recycling +ID

LDA drinking program Recycling platform in stadiums

24

2012 and beyond

2012: How to achieve our results

OFF Trade

ON Trade
Premium
Reach short-term economic results sustaining market share and brand-equity positions Maintain balance and Influence trends to keep results sustainable in the long term

26

Where we are going to beyond 2012...

27

Premium Beer

Huge gap against other developed countries and below word index

% Weight in Overall Premium

Opportunity to develop Core Plus with an International Renowned Brand

28

Sources: Nielsen and Plato

Argentina Case: delivering growth in the premium segment

# 1 international beer < 5 years after launch Market Share Ratio Heineken:Stella
100%

80% 60%
40% 20%

Stella Artois market share in 2011 ~6%

0% 2004 2005 2006 2007 2008 2009 2010

Heineken

Stella Artois

29

Note: Market share figures are based upon each brands contribution (in Hl) to the overall market volume.

Where we are going to beyond 2012...

30

Per capita increase driven by income growth

2011E

31

Source: Plato 2011E

Per capita consumption by Region

29,8

48,7

64,8

80,4

74,9

65,4

Brazil 2010

Helped by minimum wage and social programs, Northeast and North regions beer market volume have grown ahead of other regions...

... but still are underdeveloped when compared to other regions in Brazil...

32

Source: LCA, Plato, Internal data and calculation

Wrapping up: we believe we have the people and the plans in place
Continue to focus on innovations (new news and rollouts)

Lead the way in growing premium

Keep investing in the fastest growing regions in the country (NENO)

Maintain brand equity momentum

Execute our pack price strategy

so its time to focus on execution

Q&A