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 are present: 14 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 11 – 45.9%

25 plants

HILA EX

Long-term strategy

Growth potential

5 plants

BRAZIL

Market Leader in Beer

EBITDA Margin 11 – 52.4%

2nd player Soft Drinks and Nancbusiness

EBITDA Margin 11 – 48.6%

37 plants

CANADA

Market Leader in Canada

EBITDA Margin 11 – 41.5%

6 plants

2011 consolidated figures:Sales Volumes – 165.0 mm HlEBITDA – R$ 13.1 billionEBITDA Margin – 48.4%

Market cap – BRL 209.3 billion(USD 116.2 billion) @15-Mar-12

4 Sources: Company data, Nielsen, Bloomberg

18%

51%

6%

21%

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

Regional breakdown: although majority of our

results come from Brazil…

… we have relevant profitability

contributions from Canada and LAS

5 Sources: Company data

Net Sales FY 2011

11% 63%

11%

16%Brazil Beer

Brazil CSD

LAS

Canada

EBITDA FY 2011Volume FY 2011

Total

165 mmHL

Total

R$ 27.1 Bi

Total

R$ 13.1 Bi

... and other local jewels

Our portfolio is comprised of 4 “Billion Dollar”

brands…

# 5 brand in the

world (volume)

6 Sources: Plato 2011

# 13 brand in the

world (volume)

# 8 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 profitability

improvement

8Sources: Company data

The largest market with ~1 million points of sale

69.0% Beer Market Share and 18.0% Soft Drinks Market Share (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

~29,700 employees

Brazil business

9Sources: Nielsen, Company data

HILALong-term strategy with improving operational performance

10

3.554

3.0633.432

3.649 3.7513.992 3.986

9,7% -13 ,8% 12,0% 6,3% 2,8% 6,4% -0,1%

- 20, 0%

199980, 0%

399980, 0%

599980, 0%

799980, 0%

999980, 0%

0

500

1. 000

1. 500

2. 000

2. 500

3. 000

3. 500

4. 000

4. 500

5. 000

2006 2007 2008 2009 2010 2011 2012

CSD VOLUME- HL.000 | HILA

1.233 1.4731.853 1.848 2.062

2.386

6.408

16,8% 19,5% 25,8% -0,3% 11,6% 15,7% 168,6%

- 10, 0%

199990, 0%

399990, 0%

599990, 0%

799990, 0%

999990, 0%

0

1. 000

2. 000

3. 000

4. 000

5. 000

6. 000

7. 000

2006 2007 2008 2009 2010 2011 2012

BEER VOLUME - HL.000 | HILA

2002 Guatemala: JV with Cabcorp

2003 Ecuador: Acquisition of Cervecería Suramericana

2003 Peru: Pepsi franchise and greenfield brewery

2004 Dominican Republic: Pepsi franchise and greenfieldbrewery

2010 Venezuela: strategic alliance with Cervecería Regional

Different realities per country

- Beer preference / Per Capita / Population

5 Plants

~3,400 employees

BoliviaBeer market (mm Hl): 3.7

ParaguayBeer market (mm Hl): 2.7

UruguayBeer market (mm Hl): 0.9

ArgentinaBeer market (mm Hl): 17.9

ChileBeer market (mm Hl): 6.5

Source: Plato 2010, Company estimates, Nielsen

Strong operation in Latin America South

11

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

~8,600 employees

24 plants

A more premium market

LAS EBITDA (USD MM) and Margin

212288

384475

552

803871

998

1240

45,9%45,9% 45,7%

32,6%

37,8%40,4% 40,2%

40,3%43,5%

2003 2004 2005 2006 2007 2008 2009 2010 2011

Number one beer producer in Canada (40.7% Market Share in 2011)

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: 6% of Ambev volume and 11% of total EBITDA

~4,800 employees

6 plants

Highly profitable operation in CanadaA more mature market

12

725

779

846872 869 881

859,7

41,5%

36,0%38,5%

40,1% 39,6% 38,6%41,1%

2005 2006 2007 2008 2009 2010 2011

Labatt’s EBITDA (CAD MM) and Margin

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

13

14

Ambev Overview

Brazil deep dive

15

Brazil deep dive

Market overview

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%

17

We have a leadership position in the Brazilian

Beer market...

Sources: Nielsen18

69.0%

10.7%

10.4%

8.5%

1.4%

2011 Average Market Share 2011 Average Share of Value

2011 Market Share per Brand32.4%

19.4%15.8%

9.3%

73.5%

9.0%

6.9%

1.3%

9.4%7.2% 4.6%

And this leadership translates into a profitable

beer business

19 Source: Company data

Our non-alcoholic beverages business also shows

a track record of profitable growth

Sources: Company data, Nielsen20

2012 and beyond

2009-2011 Strategic focus remains the same

Commercial Strategy

• Liquid & Packaging Innovation

• Sports Platform

• Brand Health

• NENO & RGB strategies

Productivity

• Cost/HI below inflation

• ZBB focus

• Negative Working Capital

Relationship

• Industry

• Governments

• Antitrust

• NGO’s

Relationship

22

Resume volume growthduring the year (low to mid-single digits in Q1)

NR/Hl growth in line withinflation for FY (belowaverage in Q1)

2012 COGS/Hl growthbelow inflation in Brazil

Up to R$ 2.5 billion ofCAPEX in Brazil

Transitioning into 2012…

23

Decelerated industry and

low volume growth

Strong pricing andtax increase

2011 COGS/Hl growthbelow inflation in Brazil

R$ 2.6 billion ofCAPEX in Brazil

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

25

2008 2010 2011

Beer Brazil main innovations

2009

1L RGB Antarctica SubzeroSleek can Skol 360 300 ml

RGB

Budweiser Gran

Bohemia

“Copaço”

2012: Leveraging major events to connect with

consumers

26

Where we are going to beyond 2012...

27

Lead with domestic

and premium portfolioDevelop N/NE and

innovate further

Be ready

Q&A