2012

Statements contained in this presentation may contain information that is forward-lookingand 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 notdescribe historical facts, such as statements regarding the declarations or payment ofdividends, the directions of future operations, the implementation of principal operating andfinancing strategies and capital expenditure plans, the factors or trends affecting financialcondition, liquidity or results of operations are forward-looking statements and involve anumber 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 andmarket conditions, industry conditions, and operating factors. Any changes in suchassumptions or factors could cause actual results to differ materially from currentexpectations.

Ambev Overview

Brazil deep dive

3

Where we operate: 13 countries through 4

business units…

… and we have a world

EBITDA Margin benchmark

LAS

Market Leader in Argentina, Bolivia, Paraguay and Uruguay

2nd player in Chile

EBITDA Margin 10 – 45.7%

25 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 Nancbusiness

EBITDA Margin 10 – 47.8%

37 plants

CANADA

Market Leader in Canada

EBITDA Margin 10 - 41.1%

6 plants

2010 consolidated figures:Sales Volumes – 165.1 mm HlEBITDA – R$ 11.7 billionEBITDA Margin – 46.4%

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

4 Sources: Company data, Nielsen, Bloomberg

Regional breakdown: although majority of our

results come from Brazil…

… we have relevant profitability

contributions from Canada and LAS

5 Sources: Company data

... and other local jewels

Our portfolio is comprised of 4 “Billion Dollar”

brands…

# 4 brand in the

world (volume)

6 Sources: Plato 2010

# 14 brand in the

world (volume)

# 7 brand in the

world (volume)

How we have grown over time: a mix of non-

organic growth…

Ambev1999

Quinsa2002

Hila-Ex2003

Canada2004

LAN

LAS

CANADA

+

Brahma1989

7

… organic growth and operational

leverage

8Sources: Company data

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

Brazil business

9Sources: Nielsen, Company data

BoliviaBeer market (mm Hl): 3.7Avg per capita (liters): 36.1Market Share: 97.0% (3Q11)

ParaguayBeer market (mm Hl): 2.7Avg per capita (liters): 38.4Market Share: 96.1% (3Q11)

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

ArgentinaBeer market (mm Hl): 17.9Avg per capita (liters): 44.0Market Share: 76.6% (3Q11)

ChileBeer market (mm Hl): 6.5Avg per capita (liters): 38.3Market Share: 17.1% (3Q11)

Source: Plato 2010, Company estimates, Nielsen

Strong operation in Latin America South

10

Beer and CSD&NANC business

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

24 plants

A more premium market

212288

384475

552

803871

998

32,6%

37,8%

40,4%40,2% 40,3%

43,5%

45,9% 45,7%

2003 2004 2005 2006 2007 2008 2009 2010

EBITDA (USD MM) EBITDA MARGIN

USD CAGR

24,8%

LAS EBITDA

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

Highly profitable operation in CanadaA more mature market

11

622

725

779

846872 869 881

2004 2005 2006 2007 2008 2009 2010

Labatt’s EBITDA (CAD MM)

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

What we believe in:Dream-People-Culture platform

12

13

Ambev Overview

Brazil deep dive

14

Brazil Deep Dive

Market overview

2009-2011 – results and learnings

2012 and beyond

Market Overview

Brazil Beer market is ranked #3 and has grown

faster than global average...

Sources: Plato 2010

World Beer Market

Country Volume (M Hl) 5y CAGR

China 450 8,1%

USA 244 0,2%

Brazil 126 6,2%

Russia 97 2,1%

World 1851 3,2%

16

We have a leadership position in the Brazilian

Beer market...

Sources: Nielsen17

68.9%

10.9%

10.3%

8.4%

1.5%

2011 9M Average Market Share 2011 9M Average Share of Value

2011 9M Market Share per Brand32.7%

19.3%15.7%

9.4%

73.5%

8.9%

6.9%

1.2%

9.6%7.2% 4.6%

And this leadership translates into a profitable

beer business

18 Source: Company data

2011 9M

-0.2%

2011 9M

+12.7%

2011 9M

+150bps

Our soft drinks business also shows a track

record of profitable growth

Sources: Company data, Nielsen19

2011 9M

+40bps

2011 9M

+0.8%

2011 9M

+5.6%

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

• Industry

• Governments

• Antitrust

• NGO’s

Relationship

21

Commercial Strategy -

2009-2011 Innovation Pipeline

1L Rollout

300ml

RGBSleek

can

Bohemia

OakenBohemia

Swiss

Draft

Original

300ml

Stella

Artois 1L

1L Rollout

Sub Zero

1L Rollout

300ml

RGB

Brahma

Fresh

Rollout

Brahma

Fresh LN

Skol

360473 ml

Budweiser

22

1L RGB

Brahma

Copaço

Copa America

(Argentina)

2011

Olympics (London)/

World Cup Qualifying

2012

Confed Cup

(Brazil)

2013

World Cup (Brazil)

2014

Copa America

(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%

Commercial Strategy – Focus on sports platform

23 Source: Company data

Social Environmental Legacy

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

in stadiums

Industry

Governments

Antitrust

NGO´s

Relationship

24

2012 and beyond

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

2012: How to achieve our results

OFF Trade

ON Trade

Premium

26

Where we are going to beyond 2012...

27

Premium Beer

Sources: Nielsen and Plato

Huge gap against other

developed countries and

below word index

Opportunity to develop

Core Plus with an

International Renowned

Brand

28

% Weight in Overall Premium

0%

20%

40%

60%

80%

100%

2004 2005 2006 2007 2008 2009 2010

Heineken Stella Artois

# 1 international beer < 5 years after launch

Market Share Ratio – Heineken:Stella

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

Stella Artois market

share in 2011 ~6%

Argentina Case: delivering growth in the premium segment

29

Where we are going to beyond 2012...

30

Per capita increase driven by income growth

Source: Plato 2011E31

2011E

Per capita consumption by Region

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...

Source: LCA, Plato, Internal data and calculation

80,4

48,7

29,8

64,8

74,965,4

32

Brazil

2010

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

Wrapping up: we believe we have the people and

the plans in place…

… so it’s time to focus on execution

Q&A