EXHIBIT 2.6


                                [LOGO OMITTED]
                                    ZURICH
                       ZURICH EMERGING MARKETS SOLUTIONS
                      POLITICAL RISK AND CREDIT INSURANCE


              1201 F Street, NW, Suite 250, Washington, DC 20004
                   Tel: (202) 585-3100 Fax: (202) 628-2216

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                   APPLICATION FOR POLITICAL RISK INSURANCE
                       FOR CAPITAL MARKETS TRANSACTIONS



NOTE: ALL FINANCIALS SHOULD BE NOTED IN THE CURRENCY OF THE INVESTMENT OR LOAN.

1. APPLICANT

     A.   Name: The Bank of New York

          Authorized Representative: Miguel Barrios, Vice President

          Address: 101 Barclay Street, 21W

          City: New York   State: New York   Country: USA    Zip Code: 10286

          Telephone: (212) 815-5919     Telefax: (212) 815-5802


   FOREIGN ENTERPRISE (ISSUER)

     B.   Name: Companhia Brasileira de Bebidas

          Authorized Representative: Luis Felipe Pedreira Dutra Leite

          Address: Rua Dr. Renato Paes de Barros, 1017 - 4 andar

          City: Sao Paulo  State: Sao Paulo  Country: Brazil Zip Code: 04530-001

          Telephone: 55 11 2122-1408    Telefax: 55 11 2122-1540


2. DESCRIPTION OF ISSUE

     A.   Issue (project) Name: CBB 8.75% PRI Notes due 2013

     B.   Amount of Issue: US$ 500,000,000.00

     C.   Purpose of issue (Use of proceeds): Capital expenditures, repayment
          of short-term debt and general corporate purposes

     D.   Place and legal form of organization of Foreign Enterprise:

                        PRIVILEGED BUSINESS INFORMATION
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          CBB and AmBev are each a sociedade anonima organized and existing
          under the laws of the Federative Republic of Brazil, or Brazil

     E.   Foreign Currency Rating of Foreign Enterprise: B-/B2/B by S&P,
          Moody's and Fitch, respectively


     F.   Purpose/Business: Beverage business


     G.   New____________Expansion__________Privatization___________Other X


     H.   Describe how management control of the project is allocated: Please,
          refer to the Offering Memorandum

     I.   Describe the security measures that will be implemented to Foreign
          Enterprise's assets (If Political Violence Coverage is being
          requested): N/A


3. ISSUE DETAILS

                                 Principal Amount        Total Interest Amount
     A.   Issue:                 US$ 500,000,000         US$ 437,500,000

          Repayment terms: Semiannual Interest / Bullet Principal

          Interest Rate: 8.75%


     B.   Indicate whether the bonds will be issued by foreign enterprise or
          special purpose entity: Foreign Enterprise

     C.   If special purpose company is issuing the bonds, please describe
          ownership: N/A

     D.   Is the debt subordinated to any other financing? No

     E.   What type of bond issue: Both 144A/Reg S with registration rights

     F.   Have the purchasers of the bonds been identified. Initial purchasers
          are Citigroup Global Markets and JP Morgan Chase

4. INSURANCE COVERAGE


     A.   Select a coverage amount for each component of the bond issue


                                    Bond Issue            Other (please specify)
                                                          ----------------------

                                                          ----------------------

     Coveraqe
     --------

     Expropriation                   XXXXX                 US$ 65,625,000

     Inconvertibility                XXXXX                 US$ 65,625,000

     Political Violence
                                ----------------          ----------------------

                        PRIVILEGED BUSINESS INFORMATION
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                                                                            2.


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     B.   Will you have any other political risk insurance, including as part
          of your standard property policy, on the bond issue or the foreign
          enterprise? If yes, please explain.

          No.



5. FINANCIALS

     A.   Estimated date of issue: September 18, 2003

     B.   Projected start up date: N/A

     C.   Interest Rate and basis: 8.75% (30/360 basis) semiannual

     D.   Projected remittance schedule: (ANNUAL AVERAGE in the project/loan
          currency)


<TABLE>
<CAPTION>

                                        Years 1-2         Years 3-5            Years 6-10

<S>                                 <C>                <C>                   <C>
          1) Principal                                                       US$ 500,000,000

          2) Loan interest          US$ 87,500,000     US$ 131,250,000       US$ 218,750,000

          3) Other (specify)
                                    --------------     ---------------       ---------------
</TABLE>


     E.   1)   By what method will the foreign enterprise be making remittances
               out of the host country? Through Commercial Rate Exchange market
               in Brazil.

          2)   Is local currency legally and freely convertible into U.S.
               dollars?. Yes, it is legally convertible into U.S. dollars but
               it is not freely, since there are applicable rules and
               regulations (mainly issued by Central Bank of Brazil) to comply
               with.

          3)   What license/approvals are required by the host country to
               transfer amounts in (1) above out of the country and have they
               been received?
               It is necessary a previous eletronic registration / approval
               from Central Bank of Brazil, which, as of today, have been
               obtained by the foreign enterprise.

6. FOREIGN ENTERPRISE'S RELATIONS WITH HOST GOVERNMENT

     A.   Describe host government protection (import tariffs, duties, quotas,
          prohibitions, subsidies, tax e., concessions, etc.) for the foreign
          enterprise or the project:
          There is no specific protection to the foreign enterprise, and in
          general there is few government protection to the beverage industry.


          Identify all contracts or other agreements between the host country
          government and the Applicant or foreign enterprise and attach copies
          of these agreements (e.g., pricing, raw material supplies):
          Our principal agreements are with BNDES (Brazilian Economic and
          Social Development bank) and FINEP (Financing Fund for Studies and
          Projects). We also have several Tax Incentives agreements with
          diverse states within Brazil.


     C.   Please specify the arbitration procedures and mechanism for
          resolution of disputes in the contracts or agreements listed in (B)
          above:

                        PRIVILEGED BUSINESS INFORMATION
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<PAGE>


          None of the agreements listed can be solved via arbitration. All
          disputes shall be submitted to judgment bodies in Brazil.




     D.   Describe any specific host government decrees, laws, or directives
          which might affect foreign enterprise or project imports or exports
          (e.g. mandatory local procurement, minimum export requirements):
          The most important regulations are

          1)   FOR IMPORTS : Every import is subject in Brazil to the control
               of the following bodies : the Federal Tax Department, the
               Secretary of National Treasury (tax aspects); the Central Bank
               (exchange aspects); and the Department of Foreign Trade - DECEX
               (administrative aspects).

          In order to be entitled to import, the importer must be registered
          on DECEX's list of authorized exporters and importers and obtain an
          import permit issued by DECEX. Documentation evidencing the import
          transaction should accompany the applicant for the import permit.

          Imports are subject to the assessment of an import duty. Rates vary,
          but the basic rate for imports is currently 20% in Brazil and could
          be higher in specific cases.

          2)   FOE EXPORTS : A company willing to export is permitted to
               negotiate directly with importers and use the services of
               companies exclusively devoted to such activity, e.g., trading
               companies.

          Exporting companies may benefit from a form of pre-export financing,
          known in Brazil as ACC (Adiantamento de Contrato de Cambio - Exchange
          Contract Advance), under which all or part of the cost of the export
          is advanced by a financial institution in Brazilian currency.

          Exports are subject to export tax. The rate may vary according to
          the tax classification number of the product.


     E.   What authorizations (if any) are required from the host government
          before the bond issue can be made? Have such authorizations been
          obtained?
          As previously mentioned, an eletronic registration/authorization
          from Central Bank is required. This registration/authorization has
          already been obtained by the foreign enterprise.


     F.   List any circumstance which the Applicant is aware of that could
          give rise to a loss under the policy (including known existing or
          potential disputes or litigation involving the foreign enterprise,
          the Applicant and the host country):
          As of today, we are not aware of any circumstance that could give
          rise to a loss under the policy.


     G.   Is the Applicant involved in any other operations in the host
          country, and has the Applicant ever been expropriated before in the
          host country or in another country? Please explain.
          No other operations in the host country.

          Regarding expropriations, among others, two events could be mentioned:

          1)   On April 1990, by means of Federal Law No. 8,024, a new
               economic plan was established in Brazil, which was further
               known as Plano Collor, the balances above NCz$ 50,000.00 (fifty
               thousand Cruzados Novos) maintained with banks within the
               Brazilian territory, either as cash deposits or savings
               accounts, were transferred to the ownership of the Central Bank
               of Brazil and kept unavailable until September 1991, when the
               balances should be returned to the respective depositants on 12
               equal and succeeding monthly installments. The measures above,
               taken under Plano Collor, were actually a temporary
               expropriation on cash deposits and savings accounts.

                        PRIVILEGED BUSINESS INFORMATION
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<PAGE>


          2)   On Dec 17, 1997, CRBS was notified that INCRA (Instituto
               Nacional de Colonizacao e Reforma Agraria) was seeking to
               expropriate a piece of land that CRBS has on the State of
               Bahia. We still discussing such expropriation process through
               appropriate legal proceeding.


7. ENVIRONMENTAL IMPACT


     A.   Has or will an environmental assessment of the foreign enterprise be
          performed? Yes.

     B.   List key industrial, chemical and/or mechanical processes associated
          with this foreign enterprise or project:
          Basically, 5 processes. Malting (germination and roasting of barley
          to produce Malt), Malt Cleaning. Wort Production (enzymatic
          transformation of raw materials into Most), Fermentation
          (transformation of sugars into alcohol and carbon dioxide),
          Maturation (chemical stabilization) and Filtration.


     C.   During construction, operation and after closure, what potentially
          adverse effects could this foreign enterprise or project have on the
          environment and worker health and safety?
          Wastewater : we have waste water treatment plants to guarantee that
          water is treated to comply with environmental regulations.

          Solidwaste : we use solid waste form our processes as by-products :
          spentgrain, residual yeast, pulp from used labels, sludge from
          industrial wastewater plants, etc. (Please refer to the Offering
          Memorandum

     D.   During construction, operation and after closure, will the foreign
          enterprise have control over the design and operation of the project
          to mitigate any such adverse effects? Please explain.
          Environmental agencies provides us with a license to operate under
          certain parameters. We perform frequent monitoring to mitigate any
          new adverse effect that might come up and define further actions to
          taken.


     E.   Are there any pre-existing conditions on the site that will require
          site remediation? If so, what measures will be necessary or have
          been negotiated to satisfy applicable existing environmental
          guidelines and regulations?
          Please refer to the Offering Memorandum page 118.


     F.   Will the foreign enterprise or project comply with environmental,
          health and safety laws, regulations and guidelines of the:

<TABLE>
<CAPTION>
<S>                                       <C>         <C>

          1)  Host country:               Yes XXXX    No________

          2)  Applicant's country:        Yes XXXX    No________

          3)  World Bank:                 Yes XXXX    No________

          4)  Other:__________________    Yes         No__________(Example: EU Regulations)

</TABLE>

                        PRIVILEGED BUSINESS INFORMATION
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<PAGE>


REQUIRED ATTACHMENTS

Please attach the following documents with this application, or provide as
they become available:

We are providing you with the following public information:

o    Offering Memorandum, 20F

o    Form 20F

o    Form F4

o    Annual Report


The undersigned authorized officer of the Applicant declares that to the best
of his/her knowledge the statements set forth in this application are true and
no material information has been withheld.

The undersigned agrees that the existence of any policy that may be issued
will not be disclosed to the Host Government. All information in this
application will be treated confidentially by the Company.

Signing of this application does not bind the undersigned to purchase the
insurance, but it is agreed that this application shall be the basis of
insurance should a policy be issued and will be attached to form part of the
policy.


     APPLICANT (Investor or Lender):

     BY:/s/ Miguel Barrios                      DATE:
        ----------------------------
              (Signature)

     PRINTED NAME AND TITLE:  Miguel Barrios Vice President


     BROKER:

     BY:                                       DATE:
        ----------------------------
              (Signature)

      PRINTED NAME AND TITLE:









                        PRIVILEGED BUSINESS INFORMATION
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