Interbrew

Extraordinary General Shareholders’ Meeting 27 August 2004

John F. Brock

Chief Executive Officer

Welcome to the proposed combination InterbrewAmBev

Extraordinary General MeetingBrussels, 27th August 2004

Interbrew + AmBev =

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

Shareholders' Agreement

26%

BRC EPS

PublicFloat

Stichting Interbrew

56%

InterbrewFounding families

17%

InterbrewFoundations

1%

Interbrew(under its new name of InBev)

Voting arrangements

Shareholders’ Structure

InBev: Board Composition

• Representatives of EPS and BRC

A. Chapin C.A. da Veiga Sicupira

Ph. de Spoelberch J.P. Lemann

A. de Pret Roose de Calesberg M.H. Telles

A. Van Damme R.M. Thompson Motta

• Independent Board members

J-L. Dehaene P. Harf

P.J. Everaert R. Laan

B. Hanon K. Storm

Shareholders’ Rights

• InBev: new companynew Board composition

new opportunities for growthbut …

• … rights of shareholders don’t change:– One single class of shares– One share = one vote