2. Interbrew Extraordinary General Shareholders Meeting 27 August 2004

3. John F. Brock Chief Executive Officer

4. Welcome to the proposed combination InterbrewAmBev Extraordinary General Meeting Brussels, 27 th August 2004

5. Interbrew + AmBev =

6. InBev Consolidated Pro Forma 2003 Key Figures Volume 189 million hl beer Net Turnover 9,287 million EBITDA 2,287 million Net Financial Debt 3,500 million EPS before goodwill 1.40 70,000 employees

7. Shareholders' Agreement 26% BRCEPS Public Float Stichting Interbrew 56% Interbrew Founding families 17% Interbrew Foundations 1% Interbrew (under its new name of InBev) Voting arrangements Shareholders Structure

8. InBev: Board Composition Representatives of EPS and BRC A. ChapinC.A. da Veiga Sicupira Ph. de SpoelberchJ.P. Lemann A. de Pret Roose de CalesbergM.H. Telles A. Van DammeR.M. Thompson Motta Independent Board members J-L. DehaeneP. Harf P.J. Everaert R. Laan B. Hanon K. Storm

9. Shareholders Rights InBev:new company new Board composition new opportunities for growth but … … rights of shareholders dont change: –One single class of shares –One share = one vote