<PAGE>
 
THESE WARRANTS HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES FEDERAL OR
APPLICABLE STATE SECURITIES LAWS AND INSTEAD ARE BEING ISSUED PURSUANT TO
EXEMPTIONS CONTAINED IN SAID LAWS.  THE WARRANTS REPRESENTED BY THIS CERTIFICATE
MAY NOT BE TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT WITH RESPECT TO SUCH
WARRANTS AND THE SHARES UNDERLYING SUCH WARRANTS SHALL BE EFFECTIVE UNDER THE
UNITED STATES SECURITIES ACT OF 1933 OR (2) AMERICAN CRAFT BREWING INTERNATIONAL
LIMITED SHALL HAVE RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT
THAT NO VIOLATION OF SUCH ACT OR SIMILAR STATE ACTS WILL BE INVOLVED IN SUCH
TRANSFER.


                                                         WARRANT NO. W-1

                              REDEEMABLE WARRANT

                      TO PURCHASE SHARES OF COMMON STOCK,

                          PAR VALUE $0.01 PER SHARE,

                                      OF

                 AMERICAN CRAFT BREWING INTERNATIONAL LIMITED
 


          THIS IS TO CERTIFY THAT Internacional de Mexico S.A. de C.V., or such
holder's registered assigns (the "Investor"), is the owner of 100,000 Warrants
(as defined below), each of which entitles the registered holder thereof to
purchase from American Craft Brewing International Limited, a Bermuda company
(the "Company"), one fully paid, duly authorized and nonassessable share of
Common Stock, par value $0.01 per share, of the Company (the "Common Stock"), at
any time or from time to time after the earlier of (a) November 23, 1997, and
(b) the repayment of a certain promissory note, dated the Issue Date (the
"Note"), made by Cerveceria Rio Bravo S.A. de C.V., in favor of the Investor, on
or before 5:00 p.m., New York City time, on September 24, 2002, at an exercise
price of fifty cents (US$0.50) per share (the "Exercise Price"), all on the
terms and subject to the conditions hereinafter set forth.

          The number of shares of Common Stock issuable upon exercise of each
such Warrant (the "Number Issuable"), which is initially one (1) share, is
subject to 
<PAGE>
 
adjustment from time to time pursuant to the provisions of Section 2
of this Warrant Certificate.  The Warrants evidenced by this certificate
constitute Class B Warrants being issued by the Company on the Issue Date (the
"Warrants").

          Capitalized terms used herein but not otherwise defined shall have the
meanings given them in Section 11 hereof.

          Section 1.  Exercise of Warrant.  Subject to the last paragraph of
this Section 1, the Warrants evidenced hereby may be exercised, in whole or in
part, by the registered holder hereof at any time or from time to time after the
earlier of (a) November 23, 1997, and (b) the repayment of the Note, on or
before 5:00 p.m., New York City time, on September 24, 2002, upon delivery to
the Company at the principal executive office of the Company in the United
States of America, of (a) this Warrant Certificate, (b) a written notice stating
that such holder elects to exercise the Warrants evidenced hereby in accordance
with the provisions of this Section 1 and specifying the name or names in which
such holder wishes the certificate or certificates for shares of Common Stock to
be issued and (c) payment of the Exercise Price for the shares of Common Stock
issuable upon exercise of such Warrants, which shall be payable by a certified
or official bank check payable to the order of the Company, (collectively, the
"Warrant Exercise Documentation").

          As promptly as practicable, and in any event within five Business Days
after receipt of the Warrant Exercise Documentation, the Company shall deliver
or cause to be delivered (a) certificates representing the number of validly
issued, fully paid and nonassessable shares of Common Stock specified in the
Warrant Exercise Documentation, (b) if applicable, cash in lieu of any fraction
of a share, as hereinafter provided, and (c) if less than the full number of
Warrants evidenced hereby are being exercised, a new Warrant Certificate or
Certificates, of like tenor, for the number of Warrants evidenced by this
Warrant Certificate, less the number of Warrants then being exercised.  Such
exercise shall be deemed to have been made at the close of business on the date
of delivery of the Warrant Exercise Documentation so that the Person entitled to
receive shares of Common Stock upon such exercise shall be treated for all
purposes as having become the record holder of such shares of Common Stock at
such time.  No such surrender shall be effective to constitute the Person
entitled to receive such shares as the record holder thereof while the transfer
books of the Company for the Common Stock are closed for any purpose (but not
for any period in excess of five days); but any such surrender of this Warrant
Certificate for exercise during any period while such books are so closed shall
become effective for exercise immediately upon the reopening of such books, as
if the exercise had been made on the date this Warrant Certificate was
surrendered and for the Number Issuable of Common Stock specified in the Warrant
Exercise Documentation and at the Exercise Price.

          The Company shall pay all expenses in connection with, and all taxes
and other governmental charges (other than income taxes of the holder) that may
be imposed in respect of, the issue or delivery of any shares of Common Stock
issuable upon the 

                                       2
<PAGE>
 
exercise of the Warrants evidenced hereby. The Company shall not be required,
however, to pay any tax or other charge imposed in connection with any transfer
involved in the issue of any certificate for shares of Common Stock in any name
other than that of the registered holder of the Warrants evidenced hereby.

          In connection with the exercise of any Warrants evidenced hereby, no
fractions of shares of Common Stock shall be issued, but in lieu thereof the
Company shall pay a cash adjustment in respect of such fractional interest in an
amount equal to such fractional interest multiplied by the Current Market Price
per share of Common Stock on the Business Day which next precedes the day of
exercise.  If more than one such Warrant shall be exercised by the holder
thereof at the same time, the number of full shares of Common Stock issuable on
such exercise shall be computed on the basis of the total number of Warrants so
exercised.

               Section 2.  Adjustments.  The Number Issuable shall be subject to
adjustment from time to time as follows:

               In case the Company shall at any time or from time to time after
     the Issue Date:

               (a) pay a dividend or make a distribution on the outstanding
     shares of Common Stock in capital stock of the Company;

               (b) subdivide the outstanding shares of Common Stock into a
     larger number of shares;

               (c) combine the outstanding shares of Common Stock into a smaller
     number of shares; or

               (d) issue any shares of its capital stock in a reclassification
     of the Common Stock;

     then, and in each such case, the Number Issuable in effect immediately
     prior to such event shall be adjusted (and any other appropriate actions
     shall be taken by the Company) so that the holder of any Warrant evidenced
     hereby thereafter exercised shall be entitled to receive the number of
     shares of Common Stock or other securities of the Company which such holder
     would have owned or had been entitled to receive upon or by reason of any
     of the events described above, had such Warrant been exercised immediately
     prior to the happening of such event.  An adjustment made pursuant to this
     Section 2 shall become effective retroactively (x) in the case of any such
     dividend or distribution, to a date immediately following the close of
     business on the record date for the determination of holders of shares of
     Common Stock entitled to receive such dividend or distribution, or (y) in
     the case 

                                       3
<PAGE>
 
     of any such subdivision, combination or reclassification, to the close of
     business on the date upon which such corporate action becomes effective.

          Section 3.  Redemption.  Commencing on the date that is six months
from the Issue Date, the Company may, on five days prior written notice, redeem
any or all of the Warrants at one cent (US$0.01) per Warrant.

          Section 4.  Certain Covenants.  The Company covenants and agrees that
all shares of capital stock of the Company which may be issued upon the exercise
of the Warrants evidenced hereby will be duly authorized, validly issued and
fully paid and nonassessable.  The Company shall at all times reserve and keep
available for issuance upon the exercise of the Warrants, such number of its
authorized but unissued shares of Common Stock as will from time to time be
sufficient to permit the exercise of all outstanding Warrants, and shall take
all action required to increase the authorized number of shares of Common Stock
if at any time there shall be insufficient authorized but unissued shares of
Common stock to permit such reservation or to permit the exercise of all
outstanding Warrants.

          Section 5.  Registered Holder.  The person in whose name this Warrant
Certificate is registered shall be deemed the owner hereof and of the Warrants
evidenced hereby for all purposes.

          Section 6.  Transfer of Warrants.  Any transfer of the rights
represented by this Warrant Certificate shall be effected by the surrender of
this Warrant Certificate, along with the form of assignment attached hereto,
properly completed and executed by the registered holder hereof, at the
principal executive office of the Company in the United States of America;
provided that (a) a registration statement with respect to the Warrants proposed
for transfer, and with respect to the shares of Common Stock underlying such
Warrants, shall be effective under the Securities Act or (b) the Company shall
have received an opinion of counsel reasonably satisfactory to it that no
violation of such act or similar state acts will be involved in such transfer.
Thereupon, the Company shall issue in the name or names specified by the
registered holder hereof and, in the event of a partial transfer, in the name of
the registered holder hereof, a new Warrant Certificate or Certificates
evidencing the right to purchase such number of shares of Common Stock as shall
be equal to the number of shares of Common Stock then purchasable hereunder.

          Section 7.  Denominations.  The Company covenants that it will, at its
expense, promptly upon surrender of this Warrant Certificate at the principal
executive office of the Company in the United States of America, execute and
deliver to the registered holder hereof a new Warrant Certificate or
Certificates in denominations specified by such holder for an aggregate number
of Warrants equal to the number of Warrants evidenced by this Warrant
Certificate.

          Section 8.  Replacement of Warrants.  Upon receipt of evidence
satisfactory to the Company of the loss, theft, destruction or mutilation of
this Warrant 

                                       4
<PAGE>
 
Certificate and, in the case of loss, theft or destruction, upon delivery of an
indemnity reasonably satisfactory to the Company (in the case of an
institutional investor, its own unsecured indemnity agreement shall be deemed to
be reasonably satisfactory), or, in the case of mutilation, upon surrender and
cancellation thereof, the Company will issue a new Warrant Certificate of like
tenor for a number of Warrants equal to the number of Warrants evidenced by this
Warrant Certificate.

          Section 9.  Governing Law.  THIS WARRANT CERTIFICATE SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (WITHOUT
GIVING EFFECT TO ANY CHOICE OR CONFLICT OF LAW PROVISIONS).

          Section 10.  Rights Inure to Registered Holder.  The Warrants
evidenced by this Warrant Certificate will inure to the benefit of and be
binding upon the registered holder thereof and the Company and their respective
successors and permitted assigns.  This Warrant Certificate shall be for the
sole benefit of the registered holder thereof.  Nothing in this Warrant
Certificate shall be construed to give the registered holder hereof any rights
as a holder of shares of Common Stock until such time, if any, as the Warrants
evidenced by this Warrant Certificate are exercised in accordance with the
provisions hereof.

          Section 11.  Definitions.  For the purposes of this Warrant
Certificate, the following terms shall have the meanings indicated below:

          "Business Day" shall mean any day other than a Saturday, Sunday or
other day on which commercial banks in the City of New York are authorized or
required by law or executive order to close.

          "Common Stock" shall have the meaning assigned to such term in the
Preamble hereof.

          "Company" shall have the meaning assigned to such term in the Preamble
hereof.

          "Current Market Price" per share shall mean, on any date specified
herein for the determination thereof, (a) if the Common Stock is then listed on
a national securities exchange, designated for quotation on the National Market
System or the Small Cap Market of the Nasdaq Stock Market or quoted in the over-
the-counter-market by a member firm of the NYSE, the average daily Market Price
of the Common Stock for those days during the period of 15 days, ending on such
date, on which the national securities exchanges were open for trading, and (b)
if the Common Stock is not then so listed, designated or quoted, the Market
Price on such date.

          "Exercise Price" shall have the meaning given it in the preamble
hereof.

                                       5
<PAGE>
 
          "Fair Market Value" shall mean the amount which a willing buyer, under
no compulsion to buy, would pay a willing seller, under no compulsion to sell,
in an arm's-length transaction.
 
          "Investor" shall have the meaning assigned to such term in the
Preamble hereof.

          "Issue Date" shall mean September 24, 1997.

          "Market Price" shall mean, per share of Common Stock, on any date
specified herein: (a) if the Common Stock is listed on any national securities
exchange designated for quotation on the National Market System or the Small Cap
Market of the Nasdaq Stock Market, the last trading price of the Common Stock on
such date as reported in the Wall Street Journal; or (b) if the Common Stock is
not so listed or designated, the average of the reported closing bid and ask
prices of the Common Stock in the over-the-counter-market, on such date as
reported by any member firm of the NYSE selected by the Company; or (c) if none
of (a) or (b) is applicable, the Fair Market Value per share determined in good
faith by the Board of Directors of the Company.

          "Number Issuable" shall have the meaning given it in the Preamble
hereof.

          "NYSE" shall mean the New York Stock Exchange, Inc.

          "Person" shall mean any individual, corporation, limited liability
company, partnership, trust, incorporated or unincorporated association, joint
venture, joint stock company, government (or an agency or political subdivision
thereof) or other entity of any kind.

          "Securities Act" shall mean the Securities Act of 1933.

          "Warrants" shall have the meaning assigned to such term in the
Preamble hereof.

          "Warrant Exercise Documentation" shall have the meaning given it in
Section 1 hereof.

          Section 12.  Notices.  All notices, demands and other communications
provided for or permitted hereunder shall be made in writing and shall be
sufficient if delivered personally or sent by telecopy (with confirmation of
receipt) or by registered or certified mail, postage prepaid, return receipt
requested, (a) if to the holder of a Warrant, at such holder's last known
address or telecopy number appearing on the books of the Company; and (b) if to
the Company, at its principal executive office, or the telecopy number of such
office, in the United States, or such other address or telecopy number as the
party to whom notice is to be given may have furnished to the other party.  Each
such 

                                       6
<PAGE>
 
notice, request or communication shall be effective when received or, if given
by mail, when delivered at the address specified in this Section or on the fifth
Business Day following the date on which such communication is posted, whichever
occurs first.

          Section 13.  Share Legend.  Each certificate representing shares of
Common Stock or any other securities issued upon exercise of this Warrant shall
bear the following legend unless such shares or other securities have been
registered under the Securities Act and any applicable state securities laws:

          "THESE SHARES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES FEDERAL
OR APPLICABLE STATE SECURITIES LAWS AND INSTEAD ARE BEING ISSUED PURSUANT TO
EXEMPTIONS CONTAINED IN SAID LAWS.  THE SHARES REPRESENTED BY THIS CERTIFICATE
MAY NOT BE TRANSFERRED UNLESS (A) REGISTRATION STATEMENT SHALL BE EFFECTIVE
UNDER THE UNITED STATES SECURITIES ACT OF 1933 OR (B) AMERICAN CRAFT BREWING
INTERNATIONAL LIMITED SHALL HAVE RECEIVED AN OPINION OF COUNSEL REASONABLY
SATISFACTORY TO IT THAT NO VIOLATION OF SUCH ACT OR SIMILAR STATE ACTS WILL BE
INVOLVED IN SUCH TRANSFER."

                                       7
<PAGE>
 
          IN WITNESS WHEREOF, the Company has caused this Warrant Certificate to
be duly executed as of the Issue Date.

                              AMERICAN CRAFT BREWING 
                              INTERNATIONAL LIMITED



                              By: 
                                 --------------------------------- 
                                 Name:
                                 Title:

                                       8
<PAGE>
 
                           [Form of Assignment Form]

                 [To be executed upon assignment of Warrants]

      The undersigned hereby assigns and transfers this Warrant Certificate to
____________________ whose Social Security Number or Tax ID Number is
_________________ and whose record address is
_____________________________________, and irrevocably appoints ________________
as agent to transfer this security on the books of the Company.  Such agent may
substitute another to act for such agent.

                              Signature:


                              ____________________________________


                              Signature Guarantee:


                              ____________________________________



Date: ___________________________

                                       9