Document:

<PAGE>

                                                                   EXHIBIT 4(ff)

                                                                     TRANSLATION

This Stock Purchase Agreement (the "Agreement") dated November 22, 2005 is made
and entered into by and among Maxcom Telecomunicaciones, S.A. de C.V.
("Maxcom"), Maxcom SF, S.A. de C.V. ("MSF" and collectively with Maxcom the
"Sellers"), Tiendas Comercial Mexicana, S.A. de C.V. ("TCM") and Controladora
Comercial Mexicana, S.A. de C.V. ("CCM" and collectively with TCM the "Buyers"),
in respect of shares representing the capital stock of MIJOLIFE, S.A. de C.V.
(the "Issuer"), in accordance with the following recitals and clauses:

                                    RECITALS

I. MAXCOM STATES, IN ITS CAPACITY AS SELLER, THAT:

1) Maxcom is a business stock corporation with variable capital (Sociedad
anonima de capital variable) duly organized under the laws of the United Mexican
States, originally under the corporate name of Amaritel, S.A. de C.V., as
evidenced in Public Instrument No. 86,115 dated February 28, 1996, which public
instrument was granted before Ignacio Soto Borja, Esq., Notary Public No. 129 in
and for the Federal District, and registered on the 11th day of June, 1996 with
the Public Registry of Commerce of the Federal District under Commercial Folio
No. 210585.

2) On February 9, 1999 Maxcom changed its corporate name to Maxcom
Telecomunicaciones, S.A. de C.V., as evidenced in Public Instrument No. 55,145
dated February 9, 1999, which public instrument was granted before Miguel
Alessio Robles, Esq., Notary Public No. 19 in and for the Federal District, and
registered on the 16th day of March, 1999 with the Public Registry of Commerce
of the Federal District under Commercial Folio No. 210585.

3) Mr. Jose Antonio Solbes is the legal representative of Maxcom and has been
vested with powers enough to assume obligations on behalf of Maxcom under this
Agreement, as evidenced in Public Instrument No. 111,911 dated August 7, 2001,
which public instrument was granted before Ignacio R. Morales Lechuga, Esq.,
Notary Public No. 116 in and for the Federal District, and registered with the
Public Registry of Commerce of the Federal District under Commercial Folio No.
210585.

4) Maxcom is the registered holder of 11'808,049 registered common shares, with
no par value, that represent 99.9970% of the capital stock of the Issuer (the
"Maxcom Shares"), out of the 11'808,400 outstanding and registered common
shares, with no par value, that represent 100% of the capital stock of the
Issuer.

5) Maxcom is interested in selling the Maxcom Shares to Buyers, together with
all the economic and corporate rights inherent thereto, including everything
legally or factually corresponding to such Maxcom Shares, upon the terms and
subject to the conditions set forth in this Agreement.

II. MSF STATES, IN ITS CAPACITY AS SELLER, THAT:

<PAGE>

1) MSF is a business stock corporation with variable capital (sociedad anonima
De capital variable) duly organized under the laws of the United Mexican States,
as evidenced in Public Instrument No. 58,185 dated February 28, 2005, which
public instrument was granted before Carlos Catano Muro Sandoval, Esq., Notary
Public No. 51 in and for the Federal District, and registered on the 4th day of
May, 2005 with the Public Registry of Commerce of the Federal District under
Commercial Folio No. 332691.

2) Mr. Jose Antonio Solbes is the legal representative of MSF and has been
vested with powers enough to assume obligations on behalf of MSF under this
Agreement, as evidenced in Public Instrument No. 58,185 dated February 28, 2005,
which public instrument was granted before Carlos Catano Muro Sandoval, Esq.,
Notary Public No. 51 in and for the Federal District, and registered on the 4th
day of May, 2005 with the Public Registry of Commerce of the Federal District
under Commercial Folio No. 332691.

3) MSF is the registered holder of 351 registered common shares, with no par
value, that represent 0.0030% of the capital stock of the Issuer (the "MSF
Shares" and collectively with the Maxcom Shares the "Issuer Shares"), out of the
11'808,400 outstanding and registered common shares, with no par value, that
represent 100% of the capital stock of the Issuer.

4) MSF is interested in selling the MSF Shares to Buyers, together with all the
economic and corporate rights inherent thereto, including everything legally or
factually corresponding to such MSF Shares, upon the terms and subject to the
conditions set forth in this Agreement.

III. TCM STATES, IN ITS CAPACITY AS BUYER, THAT:

1) TCM is a business stock corporation with variable capital (Sociedad anonima
de capital variable) duly organized under the laws of the United Mexican States,
originally under the corporate name of Auchan, S.A. de C.V., as evidenced in
Public Instrument No. 44,006 dated October 30, 1995, which public instrument was
granted before Enrique Almanza Pedraza, Esq., Notary Public No. 198 in and for
the Federal District, and registered with the Public Registry of Commerce of the
Federal District under Commercial Folio No. 204519. By means of a General
Extraordinary Shareholders Meeting held on the 11th day of March, 2003, TCM
changed its corporate name to Tiendas Comercial Mexicana, S.A. de C.V., and
amended its by-laws in their entirety, as evidenced in Public Instrument No.
82,648 dated March 17, 2003, which public instrument was granted before Enrique
Almanza Pedraza, Esq., Notary Public No. 198 in and for the Federal District.

2) Mr. Francisco Martinez de la Vega Quiroz is the legal representative of TCM
and has been vested with powers enough to assume obligations on behalf of TCM
under this Agreement, as evidenced in the public instrument referred to in the
last sentence of the preceding paragraph.

                                        2
<PAGE>

3) TCM is interested in buying the Issuer Shares, upon the terms and subject to
the conditions set forth in this Agreement, and has the funds necessary to make
the corresponding payment.

IV. CCM STATES, IN ITS CAPACITY AS BUYER, THAT:

1) CCM is a business stock corporation with variable capital (sociedad anonima
de capital variable) duly organized under the laws of the United Mexican States,
originally under the corporate name of Antonio Gonzalez e Hijo, Sociedad en
Comandita, as evidenced in Public Instrument No. 21,305 dated January 28, 1944,
which public instrument was granted before Julio Senties Garcia, Esq., Notary
Public No. 59 in and for the Federal District, and registered with the Public
Registry of Property, Commerce Section, under Book III, Volume 179, Page 84,
Entry No. 59. CCM became Comercial Mexicana, S.A., as evidenced in Public
Instrument No. 7,242 dated July 1, 1957, which public instrument was granted
before Julio Senties Garcia, Esq., the then Notary Public No. 104 in and for the
Federal District, and registered under Book III, Volume 392, Page 303, Entry No.
119. CCM became a business stock corporation with variable capital (sociedad
anonima de capital variable), as evidenced in Public Instrument No. 60,659 dated
March 5, 1982, which public instrument was granted before Mario D. Reynoso
Obregon, Esq., Notary Public No. 58 in and for the Federal District, and
registered under Commercial Folio No. 15,103. CCM changed its corporate name to
Controladora Comercial Mexicana, S.A. de C.V., as evidenced in Public Instrument
No. 60,562 dated December 9, 1988, which public instrument was granted before
Julio Senties Garcia, Esq., Notary Public No. 104 in and for the Federal
District, and registered under Commercial Folio No. 15,103.

2) Mr. Francisco Martinez de la Vega Quiroz is the legal representative of CCM
and has been vested with powers enough to assume obligations on behalf of CCM
under this Agreement, as evidenced in the public instrument referred to in the
last sentence of the preceding paragraph.

3) CCM is interested in buying the Issuer Shares, upon the terms and subject to
the conditions set forth in this Agreement, and has the funds necessary to make
the corresponding payment.

NOW, THEREFORE, the parties recognize the capacity and authority of each other
to execute this Agreement, and therefore grant the following:

                                     CLAUSES

1. PURPOSE.

Sellers hereby sell to Buyers, and Buyers hereby buy from Sellers, all the
Issuer Shares, upon the terms and subject to the conditions set forth in this
Agreement, including everything legally or factually corresponding to such
Issuer Shares, which are subject to no current or contingent litigation, claim,
liability or obligation whatsoever, as follows:

                                        3
<PAGE>

1) Maxcom sells to CCM, and CCM buys from Maxcom, 11'808,049 registered common
shares, with no par value, that represent 99.9970% of the capital stock of the
Issuer, comprised as follows:

a. 15 registered common Series B Class I shares, with no par value, represented
by Stock Certificate No. 47.

b. 11'697,111 registered common Series A Class II shares, with no par value,
represented by Stock Certificate No. 91.

c. 110,923 registered common Series B Class II shares, with no par value,
represented by Stock Certificate No. 80.

2) MSF sells to TCM, and TCM buys from MSF, 351 registered common shares, with
no par value, that represent 0.0030% of the capital stock of the Issuer,
comprised as follows:

a. 1 registered common Series A Class I share, with no par value, represented by
Stock Certificate No. 46.

b. 350 registered common Series A Class II shares, with no par value,
represented by Stock Certificates Nos. 90 and 92.

2. PURCHASE PRICE.

The parties agree that the total price for the Issuer Shares subject matter of
this purchase amounts to Pesos $ 214'594,170.84 (the "Purchase Price").

The Purchase Price is paid by Buyers to Sellers against delivery of the stock
certificates that represent the Issuer Shares, duly endorsed, as follows:

1) CCM pays to Maxcom the amount of Pesos $ 214'587,792.84 as consideration for
the Maxcom Shares acquired in accordance with Clause 1, subparagraph 1), above.

a. Concerning the aforementioned portion of the Purchase Price, the amount of
Pesos $ 21'459,417.00 shall be paid out of the Guarantee Deposit pursuant to the
Conditional Deposit Agreement No. 15262-3 dated October 18, 2005 by and among
Maxcom, TCM and Banco Nacional de Mexico, S.A., Institucion de Banca Multiple
("Banamex"), which amount shall be delivered by Banamex to Maxcom through the
Inter-bank Electronic Payment System (SPEI) managed by Banamex and by crediting
the bank account of Maxcom referred to herein below.

The remaining amount, this is, the amount of Pesos $ 193'128,375.11 is paid by
means of a wire transfer of funds through the Inter-bank Electronic Payment
System (SPEI) managed by Banamex and by crediting the following bank account of
Maxcom:

                                        4
<PAGE>

Beneficiary:  Maxcom Telecomunicaciones, S.A. de C.V.
Bank:         IXE Banco, S.A.
Account:      30001154961-0
CLABE:        032180000115496109
Branch:       Santa Fe
City:         Mexico City, Federal District

2) TCM shall pay to MSF the amount of Pesos $ 6,378.73 as consideration for the
MSF Shares acquired in accordance with Clause 1, subparagraph 2), above. This
amount shall be paid by means of a check issued to the order of Maxcom SF, S.A.
de C.V., bearing the legend "only for deposit to the beneficiary's bank
account".

3. CLOSING DATE.

Transfer of title to the Issuer Shares and delivery of the stock certificates
duly endorsed in full in favor of Buyers are carried out on the execution date
of this Agreement.

As of the date hereof, the Sole Administrator of Issuer delivers to Buyers the
corporate books of Issuer and any other documentation related to Issuer,
including the corresponding tax and legal documentation produced from the
incorporation of Issuer to the date hereof.

4. REPRESENTATIONS AND WARRANTIES OF SELLERS.

Sellers hereby represent and warrant to Buyers that:

1. Title to Shares.

Sellers are, and will continue to be until the Closing Date, the sole and lawful
holders of the Issuer Shares.

2. Corporate Existence and Financial Statements of Issuer.

Issuer is a business stock corporation with variable capital (sociedad anonima
de capital variable) duly organized under the laws of the United Mexican States,
as evidenced in Public Instrument No. 64,673 dated September 22, 2005, which
public instrument was granted before Luis Antonio Montes de Oca Mayagoitia,
Esq., Notary Public No. 29 in and for the Federal District.

Sellers represent that the financial statements of Issuer as at October 31,
2005, as well as the balance of the capital contributions account, the net tax
profit account and the losses to be amortized account existing as of the date
hereof are those set forth in Exhibit "A" to this Agreement, all of which truly
reflect the financial condition of Issuer; and that, from such date to the
execution date of this Agreement, no adverse effect on the financial condition
or business of Issuer has occurred other than such reflected in the
aforementioned Financial Statements. Sellers further represent that Issuer has
timely and properly paid any taxes and contributions accrued until the execution
date of this Agreement,

                                        5
<PAGE>

since Issuer has filed its tax returns and stated its income and tax liabilities
in a complete and accurate manner, provided that Sellers are not aware of any
existing audit or visit relating its tax condition by tax authorities.

Sellers represent that, as of the execution date of this Agreement, Issuer has
no contractual or otherwise relationship, and is not subject to any claim or
litigation, provided that Sellers expressly represent that Issuer is not a party
to any collective bargaining or otherwise labor or service agreement.

There is no action, claim, proceeding or lawsuit whatsoever before any court,
arbitration panel, or governmental authority, whether Mexican or foreign, that
shall have been serviced, in process or outstanding, which may have an adverse
effect on the prospectuses, financial condition, operation or results of Issuer
or the Financial Assets. On the Closing Date, Issuer is delivered free from any
contingent liabilities derived from guarantees or securities granted in favor of
third parties.

3. Authority and Capacity.

Sellers have authority and capacity to enter into this Agreement, sell the
Issuer Shares and perform their obligations derived from this Agreement.

The execution and performance of this Agreement, and the closing of the
transaction established herein, have been duly authorized by the corporate
bodies of Sellers and require no other corporate action by Sellers in order to
authorize this Agreement and the closing of the transaction established herein.

The execution and performance of this Agreement by Sellers, the closing of the
transaction established herein, and the performance of the obligations derived
from this Agreement by Sellers will not constitute: (i) a violation, conflict or
breach or default, under the articles of incorporation or by-laws of Sellers, or
any promissory note, guarantee, mortgage, trust, indenture, license, lease,
agreement, contract or otherwise material instrument executed, or obligation
assumed, by Sellers, except for such violations, conflicts, breaches or
defaults, etc. that in the aggregate have no material adverse effect on the
prospectuses, financial condition, operation or results of Sellers; or (ii) to
the best of Buyer's knowledge, a violation of any judgment, order, decree,
ordinance, law, rule, or regulation having binding effects upon Sellers.

To the best of Sellers' knowledge, no notice, registration, authorization,
consent or approval from any public entity or authority is necessary in
connection with the closing by Buyers of the transaction established in this
Agreement, other than compliance with applicable provisions of the Business
Corporations Act.

4. Capital Stock.

The capital stock of Issuer amounts to Pesos $ 6,390,000.00 and is represented
by 11'808,400 registered common shares, with no par value, fully subscribed and
paid-up, all of which shall be maintained until the Closing Date.

                                        6
<PAGE>

5. Treasury Shares.

As of the execution date of this Agreement, there are no treasury shares issued
by Issuer.

6. Options.

No agreement, contract, option, financial instrument or right whatsoever has
been executed with, or granted in favor of, any person in respect of the
purchase of shares, whether by operation of law or under a contractual
relationship.

None person, other than the current shareholders of Issuer, is entitled to
receive a share of the profits of Issuer or hold an equity interest in its
capital stock, subscribe shares of Issuer, or otherwise become a shareholder of
Issuer.

5. REPRESENTATIONS AND WARRANTIES OF BUYERS.

Buyers hereby represent and warrant to Sellers that:

1. Authority and Capacity.

Buyers have authority and capacity to enter into this Agreement.

The execution and performance of this Agreement, and the closing of the
transaction established herein, have been duly authorized by the corporate
bodies of Buyers and require no other corporate action by Buyers in order to
authorize this Agreement and the closing of the transaction established herein.

The execution and performance of this Agreement by Buyers, the closing of the
transaction established herein, and the performance of the obligations derived
from this Agreement by Buyers will not constitute: (i) a violation, conflict or
breach or default, under the articles of incorporation or by-laws of Buyers, or
any promissory note, guarantee, mortgage, trust, indenture, license, lease,
agreement, contract or otherwise material instrument executed, or obligation
assumed, by Buyers, except for such violations, conflicts, breaches or defaults,
etc. that in the aggregate have no material adverse effect on the prospectuses,
financial condition, operation or results of Buyers; or (ii) to the best of
Buyers' knowledge, a violation of any judgment, order, decree, ordinance, law,
rule, or regulation having binding effects upon Buyers.

To the best of Buyers' knowledge, no notice, registration, authorization,
consent or approval from any public entity or authority is necessary in
connection with the closing by Buyers of the transaction established in this
Agreement, other than compliance with applicable provisions of the Business
Corporations Act.

2. Change of Management Body.

Buyers agree to hold a general ordinary shareholders meeting within a
3-calendar-day period from the execution date of this Agreement in accordance

                                        7
<PAGE>

with Article 188 of the Business Corporation Act, in order to adopt the
necessary resolutions to: i) designate a new Sole Administrator, taking into
account the resignation to be rendered by Mr. Jose Antonio Sobes Alvarez on the
date hereof, provided that Buyers, in their capacity as shareholders of Issuer,
agree to release Mr. Jose Antonio Solbes Alvarez from any liability arising out
of the performance of his duties, ii) designate a new Statutory Auditor of
Issuer, releasing Mr. Jorge Lopez Aguado Jimeno from any liability arising out
of the performance of his duties, and iii) revoke all the powers of attorney
granted by Issuer before the date hereof.

6. INDEMNITIES.

Sellers agree to be liable vis-a-vis Buyers should any third party bring an
action claiming title to the shares sold hereunder (saneamiento para el caso de
eviccion), and pay any obligation or liability of Issuer, whether current,
contingent or otherwise nature, accrued on or before the Closing Date, even if
the effects thereof occur later, provided that Sellers expressly agree that any
debts and obligations assumed by Issuer as of the Closing Date shall be borne by
such Issuer, if the same were assumed by the attorneys-in-fact designated by
Buyers at the Shareholders Meeting held on the Closing Date.

Concerning all the obligations of Issuer derived from federal, state or local
contributions, duties, and social security quotas, Sellers shall remain obliged
in accordance with statute of limitation provisions established in applicable
tax laws. Seller shall be further remain liable for any commercial, civil or
otherwise obligations accrued before the Closing Date, in accordance with
statute of limitation provisions established in applicable laws.

If any claim is made in connection with the obligations referred to in this
clause, whether on grounds of a direct or joint and several obligation of Issuer
due to events occurred before the Closing Date, Buyers shall immediately give a
notice to Mr. Jose Antonio Solbes Alvarez, who is designated by Sellers as
common representative to respond any claim brought against them, and shall
respond the same within a 15-day period, being obliged to hold Buyers free and
harmless from and against any claim brought in that regard, at no charge. Buyers
are hereby authorized by Sellers to settle any claim brought against them and
later obtain a reimbursement from Sellers upon completing the entire legal
proceeding.

Sellers expressly represent that the spin-off from which Issuer resulted has
come into effect for all applicable legal purposes as of the execution date of
this Agreement, in accordance with Article 224 Bis, paragraph d), of the
Business Corporations Act. Issuer shall not be jointly and severally obliged in
respect of any of the obligations of the spun-off company. Sellers further
represent that Issuer is fully entitled to amortize losses in the future for
income tax purposes, in accordance with applicable laws, in the amount set forth
in Exhibit A, resulting from the right originally held by Maxcom, which
transferred the same to Issuer by virtue of the spin-off. In this regard,
Sellers expressly agree to reimburse to Buyers, out of the total consideration
of the transaction, any portion pro-rata rejected by tax authorities, should
such authorities determine in

                                        8
<PAGE>

the future any differences in connection with the losses originally declared by
Maxcom; provided that, if any such differences are determined by tax
authorities, the pro-rata share of the price shall be reimbursed only and
exclusively if a final judgment is rendered by a court of competent jurisdiction
confirming the determination made by tax authorities.

7. MISCELLANEOUS.

a) Each of the parties shall bear its corresponding taxes in accordance with
applicable laws.

b) This Agreement shall be maintained in confidence by the parties until the
execution date hereof.

Notwithstanding the above, the parties acknowledge that they are subject to
certain regulatory obligations to disclose material information, and therefore,
agree that any disclosure of such information shall be permitted upon the terms
prior agreed by the parties in good faith, provided that such disclosure is
strictly necessary.

c) The parties agree that this Agreement contains the entire agreement as to the
subject matter hereof, and therefore, supersedes any prior agreement, contract
or commitment, whether verbal or written, as to the subject matter hereof. No
amendment to this Agreement shall become effective, unless if in writing and
signed by the parties.

8. NOTICES.

Any notices and communications to be given under this Agreement shall be given
in writing via fax, by hand, or overnight courier, with acknowledgment of
receipt at the following addresses:

If to Sellers:

Maxcom Telecomunicaciones, S.A. de C.V.
Guillermo Gonzalez Camarena No. 2000 - PH
Col. Centro de Ciudad Santa Fe, Mexico, D.F.
C.P. 05120 Mexico
Attention: Vice-president for Financial Affairs
Telephone: 11631005
Fax: 51471310
E-mail: jose.solbes@maxcom.com

If to Buyers:

Modulo No. 2, Conjunto Comercial Mega Mixcoac
Av. Revolucion No. 780, Colonia San Juan
Delegacion Benito Juarez, C.P. 03730, Mexico, D.F.
Attention: Rodolfo Garcia Gomez de Parada
Telephone: 52709366

                                        9
<PAGE>

Fax: 52709379
E-mail: rgarcia09@prodigy.net.mx

9. GOVERNING LAW AND JURISDICTION.

This Agreement shall be governed by and construed in accordance with the laws of
Mexico. For everything relating to the construction and performance of the
obligations derived from this Agreement, the parties expressly submit to the
jurisdiction of the courts sitting in the Federal District, waiving any other
jurisdiction they may be entitled to by reason of their present or future
domicile.

IN WITNESS WHEREOF, the parties caused their representatives to execute this
Agreement in Mexico City, Federal District, on the date first written above.

           BUYERS                                       SELLERS

TIENDAS COMERCIAL MEXICANA,                MAXCOM TELECOMUNICACIONES,
S.A. DE C.V.                               S.A. DE C.V.
CONTROLADORA COMERCIAL MEXICANA,           MAXCOM SF, S.A. DE C.V.
S.A. de C.V.

/s/ Francisco Martinez de la Vega Quiroz    /s/ Jose Antonio Solbes Alvarez
______________________________________     ____________________________________
Francisco Martinez de la Vega Quiroz       Jose Antonio Solbes Alvarez

                                       10
<PAGE>

                                    EXHIBIT A

To the Stock Purchase Agreement entered into by and among Maxcom
Telecomunicaciones, S.A. de C.V., Maxcom SF, S.A. de C.V, Tiendas Comercial
Mexicana, S.A. de C.V., and Controladora Comercial Mexicana, S.A. de C.V. in
respect of shares representing the capital stock of MIJOLIFE, S.A. de C.V.

MIJOLIFE, S.A. DE C.V.

STATEMENT OF FINANCIAL CONDITION AS AT NOVEMBER 22, 2005

<TABLE>
<CAPTION>
                                             (Pesos)
<S>                                         <C>
Assets
Current Assets                                 937,799
TOTAL ASSETS                                   937,799

Liabilities
Short-term liabilities                         107,830
TOTAL LIABILITIES                              107,830

Stockholders' Equity
Capital stock                                6'390,000
Accumulated Losses                          -5'560,031
TOTAL STOCKHOLDERS' EQUITY                     829,969

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY     937,799
</TABLE>

                                OTHER INFORMATION

<TABLE>
<CAPTION>
                                               (PESOS)
MIJOLIFE, S.A. DE C.V.
<S>                                         <C>
CAPITAL CONTRIBUTIONS ACCOUNT (CUCA)            7'220,738.59
NET TAX PROFIT ACCOUNT (CUFIN)                             -
LOSSES TO BE AMORTIZED ACCOUNT              3,065'631,087.00
(UPDATED AS AT JUNE, 2005)
</TABLE>

                                       11<PAGE>

                                                                    Exhibit 4.10

                                                                  August 3, 2005

Beverage Associates (BAC) Corp.
Craigmuir Chambers (c/o Harney Westwood & Riegels)
Road Town, Tortola, British Virgin Islands (BVI)
Attention: Christian Baillet

Companhia de Bebidas das Americas-AmBev
Rua Dr Renato Paes de Barros 1017, 4(degree) andar
04530-001 Sao Paulo, SP, Brazil
Attention: Joao M. Castro Neves

Quilmes Industrial (Quinsa) Societe Anonyme
84, Grand-rue
L-1660 Luxembourg
Grand Duchy of Luxembourg

     and-

Av Libertador 498 - Piso 26 (1001)
Buenos Aires, Argentina
Attention: Agustin Garcia Mansilla

Ladies and Gentlemen:

     Reference is made to (a) the Stock Purchase Agreement dated as of May 1,
2002, as amended by an Amendment dated as of January 31, 2003 (the "Stock
Purchase Agreement"), between Beverage Associates (BAC) Corp., a British Virgin
Islands corporation ("BAC"), and Companhia de Bebidas das Americas-AmBev, a
Brazilian corporation ("AmBev"), and (b) the letter agreement dated as of
January 13, 2003 (the "QIB Letter Agreement"), among BAC, AmBev and Quilmes
Industrial (Quinsa) Societe Anonyme, a Luxembourg corporation ("Quinsa"),
concerning the purchase by BAC and AmBev of shares of Quilmes International
(Bermuda) Ltd., a Bermuda corporation and a subsidiary of Quinsa ("QIB"), from
Heineken International B.V. and its affiliates. Capitalized terms used herein
and not otherwise defined have the meanings assigned to them in the Stock
Purchase Agreement.

     The purpose of this letter agreement is to set forth certain agreements
between BAC and AmBev with respect to (1) the sale by BAC and the purchase by
Quinsa of all the shares of QIB owned by BAC ("BAC's QIB Shares") and (2) the
exercise of the Seller's Option or the AmBev Option pursuant to the Stock
Purchase Agreement in 2006 or thereafter.

<PAGE>

                                                                               2

     Notwithstanding any provision in the Stock Purchase Agreement or the QIB
Letter Agreement to the contrary, BAC, AmBev and Quinsa hereby agree as follows:

1.   BAC's QIB Shares.

     (a)  Upon the terms and subject to the conditions of this letter agreement,
          BAC will sell, assign, transfer and deliver to Quinsa, and Quinsa will
          purchase and accept from BAC, BAC's QIB Shares on the Transfer Date
          (as defined below) in exchange for a cash purchase price, payable as
          provided in this letter agreement, of $110 million (the "Base Purchase
          Price"), subject to adjustment as described in paragraph 2 below (as
          so adjusted, the "Purchase Price"), plus interest on the Purchase
          Price from and including the Transfer Date to but excluding the
          Distribution Date (as defined below) at a rate per annum calculated on
          the basis of a year of 360 days and actual days elapsed equal to LIBOR
          (as defined below) plus 2%. BAC's obligation to transfer BAC's QIB
          Shares to Quinsa, and Quinsa's obligation to pay the Purchase Price,
          will be subject to the receipt by the Board of Directors of Quinsa of
          an opinion of an independent investment banking firm of recognized
          international standing selected by a majority of the members of the
          Board of Directors of Quinsa confirming that the consideration to be
          paid by Quinsa for BAC's QIB Shares is fair from a financial point of
          view to Quinsa (the "Fairness Opinion") and the approval of Quinsa's
          acquisition of BAC's QIB shares by the Board of Directors of Quinsa.
          The "Transfer Date" will be the fifth business day after the date on
          which the Board of Directors of Quinsa shall have received the
          Fairness Opinion and approved the acquisition of BAC's QIB Shares.
          "LIBOR" means, for each monthly Interest Period (as defined below)
          during the applicable calculation period, the rate appearing on Page
          3750 of the Dow Jones Market Service (or on any successor or
          substitute page of such Service, or any successor to or substitute for
          such Service, providing rate quotations comparable to those currently
          provided on such page of such Service) at approximately 11:00 a.m.,
          London time, two business days prior to the beginning of such Interest
          Period, as the rate for dollar deposits with a maturity of six months.
          "Interest Period" means each period of six months during the
          applicable calculation period determined as follows: the first such
          period will begin on the first day of such calculation period and end
          on the numerically corresponding day in the calendar month that is six
          months thereafter (or, if there is no numerically corresponding day in
          such calendar month, the last day of such calendar month); each
          successive period will begin on the last day of the preceding period
          and end on (x) the numerically corresponding day in the next calendar
          month (or, if there is no numerically corresponding day in the next
          calendar month, the last day of such calendar month) or (y) in the
          case of the last such period, the last day of the calculation period;
          provided, if any interest would end on a day that is not a business
          day, such interest period shall be extended to the next succeeding
          business day unless such next succeeding business day would fall in
          the next calendar month in which case such interest period will end on
          the next preceding business day.
<PAGE>

                                                                               3

     (b)  On the Transfer Date, BAC will sell, assign, transfer and deliver
          BAC's QIB Shares to Quinsa, and not later than 30 days from the date
          hereof, Quinsa will deliver the Base Purchase Price to an escrow agent
          mutually acceptable to BAC and Quinsa (the "Escrow Agent") pursuant to
          an escrow agreement or similar arrangement (the "Escrow Agreement")
          among, and mutually acceptable to, BAC, Quinsa and the Escrow Agent.
          The Escrow Agreement will provide that the Escrow Agent will hold the
          Base Purchase Price in an escrow account (the "Escrow Account") and
          invest the Base Purchase Price in such investments as are specified in
          the Escrow Agreement or are otherwise acceptable to Quinsa. Subject to
          the provisions of paragraph 2 below, all investment income will be
          retained and reinvested by the Escrow Agent until the Distribution
          Date. The funds held by the Escrow Agent in the Escrow Account,
          including any investment income in respect thereof, are hereinafter
          referred to as the "Escrowed Funds". The fees and costs of the Escrow
          Agent will be paid by Quinsa.

     (c)  BAC represents and warrants to Quinsa that BAC has good and valid
          title to BAC's QIB Shares, free and clear of all Liens, other than any
          Lien contemplated by the Bye-Laws of QIB or any agreement between BAC
          and AmBev, and, assuming Quinsa has the requisite power and authority
          to be the lawful owner of BAC's QIB Shares, upon the execution and
          delivery of such instruments of transfer and other documents as may be
          required under Bermuda law to effect the transfer of BAC's QIB Shares
          to Quinsa and the registration of Quinsa as the owner of BAC's QIB
          Shares on the Register of Members of QIB, good and valid title to
          BAC's QIB Shares will pass to Quinsa, free and clear of any Liens. BAC
          agrees to execute and deliver any instruments of transfer or other
          documents and to take any actions required under Bermuda law
          (including obtaining, or cooperating with Quinsa in obtaining, the
          approval of the Bermuda Monetary Authority) to effect the transfer of
          BAC's QIB Shares to Quinsa and the registration of Quinsa as the owner
          of BAC's QIB Shares on the Register of Members of QIB. Any dividends
          or other distributions paid or payable in respect of BAC's QIB Shares
          for which the record date is on or after the Transfer Date will be for
          the account of Quinsa.

     (d)  On the Distribution Date, (1) the Escrow Agent will distribute to BAC
          an amount equal to the lesser of (x) the Purchase Price plus the
          interest accrued and payable thereon and (y) the Escrowed Funds then
          held by the Escrow Agent in the Escrow Account under the Escrow
          Agreement (the "Total Escrow Amount"), (2) if the Total Escrow Amount
          is greater than the Purchase Price plus the interest accrued and
          payable thereon, the Escrow Agent will distribute the excess to Quinsa
          and (3) if the Total Escrow Amount is less than the Purchase Price
          plus the interest accrued and payable thereon, Quinsa will pay the
          difference to BAC in cash. The "Distribution Date" shall be the first
          business day falling on or after the earlier of (i) the fourth
          anniversary of the Transfer Date and (ii) the 120th day after the date
          on which the pending injunction (the "Pending Injunction") suspending
          the implementation of the decision of the Argentine Comision Nacional
          de Defensa

<PAGE>

                                                                               4

          de la Competencia ("CNDC") issued in connection with the closing on
          January 31, 2003, of the Transactions contemplated by the Stock
          Purchase Agreement and the Share Exchange Agreement dated as of May 1,
          2002, between AmBev and Quinsa (as so issued, the "CNDC Decision"), is
          lifted or removed; provided that if any further injunctions or other
          restrictions ("Additional Restrictions") suspending the implementation
          of the CNDC Decision are issued prior to the lifting or removal of the
          Pending Injunction, the 120-day period will start to run only after
          the date on which all Additional Restrictions are lifted or removed;
          and provided farther that if, prior to the end of such 120-day period,
          (a) there is any further injunction or other restriction suspending
          the implementation of the CNDC Decision, (b) the CNDC Decision is
          amended to permit the sale of assets specified in such decision by the
          deletion of the first unlettered paragraph of Article 1 of Annex I of
          such decision or the deletion of Article 2 of Annex I of such decision
          (or, in either case, an amendment with the same effect) (a "Specified
          Modification"), and there is an injunction or other restriction
          suspending the implementation of the CNDC Decision as modified by such
          Specified Modification or (c) the CNDC Decision is amended in various
          respects and there is any injunction or other restriction suspending
          the implementation of the CNDC Decision and the basis for such
          injunction or other restriction is either a claim challenging a
          Specified Modification or a claim challenging any non-amended portion
          of the CNDC Decision (or both), then the 120-day period will be
          suspended and will start running again (taking into consideration the
          number of days already elapsed) once the injunctions or other
          restrictions referred to in clause (a), (b) or (c) ("Subsequent
          Tolling Actions") are lifted or removed. BAC agrees to cooperate in
          any reasonable manner requested by AmBev in connection with efforts to
          unlock the CNDC process through the lifting or removal of the Pending
          Injunction, any Additional Restrictions and any Subsequent Tolling
          Actions. Upon the consummation of the transfer of BAC's QIB Shares to
          Quinsa, paragraph 6 of the QIB Letter Agreement will cease to be in
          effect.

2.   Adjustments. The Base Purchase Price will be subject to adjustment as
     follows (as so adjusted, the "Purchase Price"); provided that the Purchase
     Price will not exceed $130 million (the "Upper End Value") or be less than
     $80 million (the "Lower End Value"):

     (a)  On or before March 1, 2006, Quinsa will calculate "BAC's QIB Equity
          Value" (as defined below) and will deliver a statement setting forth
          the calculation of BAC's QIB Equity Value to BAC and AmBev. Quinsa's
          calculation of BAC's QIB Equity Value will be binding and conclusive
          on BAC and AmBev.

     (b)  "BAC's QIB Equity Value" means an amount equal to (x) EBITDA (as
          defined in paragraph 4 below) of QIB (calculated in the same manner as
          "Quinsa's First Stage EBITDA" under the Stock Purchase Agreement) for
          the year ended December 31, 2005 ("QIB's 2005 EBITDA") multiplied by
          6.0 minus the Net Debt (as defined in Schedule 1.04 of the Stock
          Purchase Agreement) of QIB as of December 31, 2005 multiplied by (y) a
          fraction, the numerator of which is the

<PAGE>

                                                                               5

          number of BAC's QIB Shares sold to Quinsa on the Transfer Date and the
          denominator of which is the total number of QIB's shares outstanding,
          on a fully-diluted basis, as of the last business day prior to the
          Transfer Date.

     (c)  If BAC's QIB Equity Value is greater than the Base Purchase Price,
          then Quinsa will deposit into the Escrow Account an amount equal to
          the sum of (x) an amount equal to (1) the lower of BAC's QIB Equity
          Value and the Upper End Value minus (2) the Base Purchase Price, plus
          (y) the amount of investment income that would have been earned on the
          amount determined pursuant to clause (x) in the Escrow Account from
          and including the Transfer Date through but not including the date of
          such deposit.

     (d)  If BAC's QIB Equity Value is less than the Base Purchase Price, then
          the Escrow Agent will distribute to Quinsa from the Escrow Account
          (such distribution to occur not earlier than April 1, 2006) an amount
          equal to the sum of (x) (1) the Base Purchase Price minus (2) the
          higher of the Lower End Value and BAC's QIB Equity Value, plus (y) the
          allocable amount of investment income earned on such difference in the
          Escrow Account from and including the Transfer Date through but not
          including the date of such distribution.

3.   For purposes of the Exchange and all calculations pursuant to Schedule 1.04
     of the Stock Purchase Agreement, AmBev's audited financial statements will
     be prepared, at AmBev's option, either in accordance with International
     Financial Reporting Standards ("IFRS") or United States generally accepted
     accounting principles ("US GAAP"). AmBev will advise BAC not later than
     March 1, 2006, as to whether IFRS or US GAAP will be used for these
     purposes until 2009; provided, however, that if AmBev chooses IFRS and
     InBev S.A./N.V. subsequently ceases to be required to report under IFRS,
     AmBev may thereafter use US GAAP for the above purposes. (For the avoidance
     of doubt, beginning in 2009 AmBev may change from IFRS to US GAAP or vice
     versa.) Provided that Quinsa delivers to AmBev its audited financial
     statements by March 1st of each year (in IFRS or US GAAP, as determined by
     AmBev), AmBev will deliver to BAC not later than March 10th of each year
     (i) AmBev's audited financial statements in either IFRS or US GAAP (as
     applicable), (ii) an estimate of AmBev's shares outstanding as of March 1st
     of such year and (iii) estimates of the First Stage Formula Multiple and
     AmBev's Net Debt as of March 31st of such year. BAC acknowledges and agrees
     that these estimates will be estimates only and that AmBev will not
     represent or warrant the accuracy of these estimates, the conformity of the
     estimates to the provisions of the Stock Purchase Agreement or the
     sufficiency of the estimates for BAC's purposes. BAC agrees that AmBev will
     have no liability, and hereby releases and discharges AmBev from any and
     all liability of any kind or nature, relating to the estimates, including,
     without limitation, any inaccuracy or incompleteness of the estimates, the
     failure of the estimates to conform to the provisions of the Stock Purchase
     Agreement or the insufficiency of the estimates for BAC's purposes. If
     AmBev delivers such information to BAC later than March 10th in any year,
     the time period specified for the exercise of the Seller's Option pursuant
     to the Stock Purchase Agreement will be

<PAGE>

                                                                               6

     extended by a number of days equal to the number of days in the period
     beginning on March 10th of such year and ending on the date AmBev delivers
     such information to BAC. For the avoidance of doubt, notwithstanding any
     delay by AmBev in delivering the information set forth above to BAC, the
     relevant dates for the calculation of the formula pursuant to Schedule 1.04
     shall remain unchanged.

4.   The definition of "EBITDA" in the Stock Purchase Agreement is hereby
     amended and restated in its entirety to read as follows:

               "EBITDA" means, for any person for any period, the aggregate
          amount of the consolidated operating income of such person for such
          period (determined in accordance with International Financial
          Reporting Standards or United Stated GAAP and as reflected in such
          person's audited financial statements for such period) plus the
          aggregate amount of the consolidated depreciation and amortization
          expenses of such person for such period (determined in accordance with
          International Financial Reporting Standards or United States GAAP),
          plus (minus) loss (gain) on disposal and/or impairment (including,
          when the applicable financial statements are prepared in accordance
          with International Financial Reporting Standards, reversal of
          provisions) of property, plant and equipment (determined in accordance
          with International Financial Reporting Standards or United States
          GAAP). For the avoidance of doubt, operating income includes profit
          sharing, non-recurring extraordinary operating expenses, profits and
          losses on disposal and/or impairment (including, when the applicable
          financial statements are prepared in accordance with International
          Financial Reporting Standards, reversal of provisions) of property,
          plant and equipment, operating leases, effective hedging transactions
          with respect to operating costs, impairment of tangible assets and
          reversal of provisions relating to operating items, and operating
          income excludes profits and losses on disposal and/or impairment of
          intangible assets, reversal of provisions relating to non-operating
          items, equity in earnings (losses) of affiliates and non-effective
          hedging transactions (other than those related to non-operating
          costs), as well as taxes on debits and credits with banks.

5.   If, at the time of either the First Stage Closing Date or the Second Stage
     Closing Date, persons other than BAC and AmBev shall own any shares of
     Quinsa, for purposes of the formula in Schedule 1.04, (a) Quinsa's First
     Stage Shares Outstanding and Quinsa's Second Stage Shares Outstanding, as
     applicable, shall be calculated as if all shares of Quinsa (excluding
     treasury shares) owned by persons other than BAC and AmBev had been
     repurchased by Quinsa on the last business day preceding the March 31
     immediately preceding the Option Date (the "Measurement Date") and (b)
     there shall be added to the otherwise applicable amount of Quinsa's First
     Stage Net Debt and Quinsa's Second Stage Net Debt an amount equal to (x)
     Quinsa's EBITDA for the fiscal year immediately preceding the Measurement
     Date multiplied by 6.0 minus Quinsa's Net Debt as of the end of such
     immediately preceding fiscal year multiplied by (y) a fraction, the
     numerator of which is the number of shares of Quinsa (excluding treasury
     shares) owned by persons other than BAC and AmBev as of the Measurement
     Date and the denominator of which is the total number of Quinsa's

<PAGE>

                                                                               7

     shares outstanding, on a fully-diluted basis, as of the Measurement Date,
     calculated as if such debt had been incurred as of the Measurement Date;
     provided, however, that if Quinsa has actually repurchased shares between
     the Measurement Date and the March 31 next preceding the Second Stage
     Closing Date, for purposes of the calculations in respect of the Second
     Stage Closing Date, the amount that would otherwise be added pursuant to
     this clause (b) to Quinsa's Net Debt as of the March 31 next preceding the
     Second Stage Closing Date shall be reduced by an amount equal to the
     additional debt actually incurred to repurchase such shares.

6.   If the Seller's Option is exercised in 2006, the actual EBITDA associated
     with Quinsa's operations in Chile for 2005 will be excluded from Quinsa's
     EBITDA and, in lieu thereof, the amount of $1.3 million shall be included
     in Quinsa's EBITDA for the purposes of calculations pursuant to Section
     1.04 and Schedule 1.04 of the Stock Purchase Agreement.

7.   On the First Stage Closing Date, in consideration of the agreements
     contained in this letter agreement and as additional consideration for the
     Exchange, AmBev will pay BAC an amount in cash equal to QIB's 2005 EBITDA
     multiplied by 0.0638544 (the amount calculated pursuant to the foregoing
     formula, the "Additional Amount"), plus interest on the Additional Amount
     from and including the Transfer Date to but excluding the date of payment
     of the Additional Amount at a rate per annum calculated on the basis of a
     year of 360 days and actual days elapsed equal to LIBOR plus 2%. In
     connection with the First Stage Closing Date and the Second Stage Closing
     Date, for purposes of the formula in Schedule 1.04, the Additional Amount
     plus the interest accrued on the Additional Amount from and including the
     Transfer Date to but excluding the Measurement Date shall be added to the
     otherwise applicable amount of Quinsa's First Stage Net Debt and Quinsa's
     Second Stage Net Debt.

8.   In the third line of Section 1.04(g) of the Stock Purchase Agreement, the
     reference to Section 5.01(f) is hereby corrected to refer to Section
     1.04(f). In the definition of "First Stage Closing Date" in Schedule 1.04
     of the Stock Purchase Agreement, the reference to Section 1.04(f) is hereby
     corrected to refer to Section 1.04(g).

9.   The First Stage AmBev Shares and the Second Stage AmBev Shares may be
     either newly-issued shares or treasury shares.

10.  BAC and AmBev shall execute and deliver any other agreements, instruments
     or other documents and shall take all other lawful action reasonably
     requested by either of them in order to carry out and implement the
     agreements contained herein.

11.  Except as otherwise set forth herein or amended hereby, all provisions of
     the Stock Purchase Agreement will remain in full force and effect.

12.  This letter agreement shall be governed by and construed in accordance with
     the internal laws of the State of New York applicable to agreements made
     and to be

<PAGE>

                                                                               8

     performed entirely within such State, without regard to the conflicts of
     law principles of such State, Any and all differences, controversies and
     disputes of any nature whatsoever arising out of or relating to this letter
     agreement shall be settled by arbitration in the manner prescribed in the
     Stock Purchase Agreement,

          IN WITNESS WHEREOF, the parties have duly executed this letter
agreement as of the date first above written.

                                        BEVERAGE ASSOCIATES (BAC) CORP.

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

                                        COMPANHIA DE BEBIDAS DAS AMERICAS-AMBEV

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

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

                                        QUILMES INDUSTRIAL (QUINSA)
                                        SOCIETE ANONYME

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

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

cc: William Engels
    Mark Bergman
    Diane Kerr
    David Mercado

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}]]