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

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

and we have a world

EBITDA Margin benchmark
4

Sources: Company data, Nielsen, Bloomberg

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

2010 consolidated figures:

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

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

Ambev

Quinsa

Hila-Ex

Canada

1989

1999

2002

2003

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

45,9% 45,7%
43,5%
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)

10

Source: Plato 2010, Company estimates, Nielsen

40,4%

40,2% 40,3%

803

871

37,8%
32,6% 288
212

2003

2004

384

2005

475

2006

EBITDA (USD MM)

552

2007

2008

2009

EBITDA MARGIN

2010

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

872

869

2008

2009

881

779
725
622

2004

11

2005

2006

2007

2010

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

12

Ownership
Long term commitment
Candor

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

16

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%

Sources: Plato 2010

We have a leadership position in the Brazilian

Beer market...
2011 9M Average Share of Value

2011 9M Average Market Share

73.5%

68.9%
10.9%

9.4%

10.3%

8.9%

8.4%

6.9%

1.5%

1.2%

32.7%

2011 9M Market Share per Brand

19.3%
15.7%

17

Sources: Nielsen

9.6%

7.2%

4.6%

And this leadership translates into a profitable

beer business

2011 9M
-0.2%

18

Source: Company data

2011 9M
+12.7%

2011 9M
+150bps

Our soft drinks business also shows a track

record of profitable growth

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

19

Sources: Company data, Nielsen

2011 9M
+5.6%

2009-2011 Results and Learnings

2009-2011 New and Old Initiatives: creating

options for the future

Productivity

Commercial Strategy

Cost/HI below inflation

Sales force Execution
Negative Working Capital

Liquid & Packaging Innovation

Sports Platform
Brand Health
NENO & RGB strategies

Relationship

Relationship
Industry
Governments
Antitrust
NGOs

21

Commercial Strategy 2009-2011 Innovation Pipeline

1L Rollout

Brahma
Fresh
Rollout

1L Rollout

300ml
RGB

300ml
RGB

473 ml Sleek Skol

can 360

Brahma
Fresh LN
Brahma
Copao

1L RGB 1L Rollout
Stella Bohemia
Artois 1L Oaken

Sub Zero
Budweiser

Bohemia
Swiss
Draft
Original
300ml

22

Commercial Strategy Focus on sports platform

Strong Sports Agenda over the next years
Copa America
(Argentina)

2011

Olympics (London)/
World Cup Qualifying

2012

Confed Cup
(Brazil)

World Cup (Brazil)

Copa America
(Brazil)

Olympics
(Brazil)

2013

2014

2015

2016

Ambev Assets

Opportunity Size

12%

13%

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

Media Pack Globo TV

5 Players +
National Coach

23

Source: Company data

FIFA

CBF

Engenho Stadium RJ

Americas Cup

26 local
Teams

Relationship
Social Environmental Legacy
Cyan
Initiative

Legal
Drinking

Responsible
way to use
water

LDA POC
program

Industry
Governments
Antitrust
NGOs

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

NGO
programs
Association with
NGOs

Ambev
Recycling
+ID
LDA drinking program

24

Recycling platform
in stadiums

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

26

Maintain balance and Influence

trends to keep results sustainable
in the long term

Where we are going to beyond 2012...

27

Premium Beer

Huge gap against other

developed countries and
below word index

% Weight in Overall Premium

28

Sources: Nielsen and Plato

Opportunity to develop
Core Plus with an
International Renowned
Brand

Argentina Case: delivering growth in the premium segment

# 1 international beer < 5 years after launch

Market Share Ratio Heineken:Stella
100%
Stella Artois market
share in 2011 ~6%

80%
60%
40%
20%

0%
2004

2005

2006

Heineken

29

2007

2008

Stella Artois

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

2009

2010

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...

32

Source: LCA, Plato, Internal data and calculation

... but still are underdeveloped when

compared to other regions in Brazil...

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