1 Copyright © 2005 InBev – All rights reserved

Trends in Beer Consumptionand InBev’s Approach

Steve Cahillane, Chief Commercial Officer

Copyright © 2005 InBev – All rights reserved2

140 Markets140 MarketsLeader in 20 major marketsLeader in 20 major markets

GearedGeared toto growthgrowth

Copyright © 2005 InBev – All rights reserved3

China

USA

Germany

Brazil

Russia

Argentina

UKBelgium

Serbia

Czech

Canada

Hungary

South Korea

Ukraine

RomaniaParaguay

Venezuela

Bolivia

Netherlands

DECLINE GROWTH

INCONSISTENT

CONSISTENTBeer – Absolute per Capita Consumption

Copyright © 2005 InBev – All rights reserved4

Carbonates

Still Drinks

Squash/Syrups

Fruit Powders

Pk. Water

Juices_

Iced/Rtd Tea

Sports Drinks

Milk_

CoffeeTea

Beer

Wine

Spirits

DECLINE GROWTH

INCONSISTENT

CONSISTENTWorld – Share of Throat

Copyright © 2005 InBev – All rights reserved5

Pk. Water

Carbonates

Juices_

Still Drinks

Iced/Rtd TeaMilk_

Coffee

Tea

Beer

Spirits

DECLINE GROWTH

INCONSISTENT

CONSISTENTChina – Share of Throat

Copyright © 2005 InBev – All rights reserved6

Pk. Water

Carbonates

Juices_

Milk_

Coffee

Tea Beer

Wine

Spirits

FAB

DECLINE GROWTH

INCONSISTENT

CONSISTENTRussia – Share of Throat

Copyright © 2005 InBev – All rights reserved7

Diversified Geographic ReachInBev is in 7 of the 10highest contributing

markets…2005 2020

44%

16%

9%

5% 4% 4% 3% 3% 3% 3%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

China Russia Mexico Thailand Poland USA Brazil Spain Vietnam Ukraine

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

% of the Growth Cumulative Growth %

Copyright © 2005 InBev – All rights reserved8

Western Europe

25%

North America

17%

Asia Pacific

7%

Central & Eastern

Europe

12%

Latin America

39%

Holding Cies &

Global Export

0%

Geared to Growth3Q05: % of EBITDA

Copyright © 2005 InBev – All rights reserved9

Winning BrandPortfolio

Winning at thePoint of

Connection

World ClassEfficiency

TargetedMergers &

Acquisitions

Innovation

People / Culture

Financial Discipline

Strategic Pillars and Enablers

InBev Strategy

Copyright © 2005 InBev – All rights reserved10

Optimal brand portfolio by countryDevelop sustainable core domestic brandsDrive global premium brands

Revenue Management

Global roll-out of Brahma

Broaden consumer appeal for InBev portfolio

WinningBrand

Portfolio

Winning at thePoint of

Connection

World ClassEfficiency

TargetedMergers &

Acquisitions

Innovation

People / Culture

Financial Discipline

Strategic Pillars and Enablers

InBev Strategy

Copyright © 2005 InBev – All rights reserved11

WinningBrand

Portfolio

Winning at thePoint of

Connection

World ClassEfficiency

TargetedMergers &

Acquisitions

Innovation

People / Culture

Financial Discipline

Strategic Pillars and Enablers

Cost-discipline rollout• Ownership culture• Zero-Based Budgeting (ZBB)• Plant Optimization

World Class Commercial Program:Secure and customize route-to-marketValues based brandsBest in class with management and selling systemsOptimize Margin Pool Split6

Performance-based culture enables improvements

InBev Strategy

Copyright © 2005 InBev – All rights reserved12

Commitment to value creation builton margin expansion and EBITDAgrowth

New operating model

Increase marketing

and sales

1 4Grow

volumes

Reducecost base

Effective portfolio

2 3

investmentsmanagement

Increase marketing

and sales

1 4Grow

volumes

Reducecost base

2 3

investments

Copyright © 2005 InBev – All rights reserved13

Progress Report – YTD Performance

Operating Targets YTD 05

• Organic volume + 4 to 5% +5.6%

• Price/mix + 1% +1.7%

• EBITDA margin expansion +2.6%

EBITDA margin of 27.7% vs 25.1% YTD 04

• EBITDA organic growth +17.0%

Copyright © 2005 InBev – All rights reserved14

Premium Growth

Volume Progress in 3Q05:

Beck’s +10.2%

Brahma +14.6%

Stella Artois + 8.4%

Total InBev + 6.0%

Copyright © 2005 InBev – All rights reserved15