Document:

CONFORMED COPY

                                    LICENSE AGREEMENT dated as of January 31,
                                    2003, between QUILMES INDUSTRIAL (QUINSA)
                                    SOCIETE ANONYME, a Luxembourg
                                    corporation ("QUINSA"), and COMPANHIA DE
                                    BEBIDAS DAS AMERICAS - AMBEV, a
                                    Brazilian sociedade anonima ("AMBEV").

      WHEREAS, pursuant to the Share Exchange Agreement dated as of May 1, 2002
(the "SHARE EXCHANGE AGREEMENT"), AmBev agreed to grant to Quinsa a perpetual,
royalty free, exclusive license to the AmBev beer brands in the Territory
pursuant to certain conditions set forth in this Agreement;

      WHEREAS, AmBev and Quinsa recognize that the success of this License
Agreement depends upon the fulfillment of the needs of retailers and consumers
in the Territory, upon the execution of aggressive, sound and ethical marketing
efforts, and upon a conscientious regard for customer service; and

      WHEREAS, certain terms used in this Agreement are defined in Section 16
and all other capitalized terms used herein and not otherwise defined have the
meanings set forth in the Share Exchange Agreement.

      NOW, THEREFORE, in consideration of the mutual covenants set forth
herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, AmBev and Quinsa hereby agree as
follows:

1.    GRANT OF LICENSE TO PRODUCE LICENSED AMBEV BEER.

1.1.  License.  Subject to any applicable legal restrictions, AmBev hereby
grants to Quinsa, on the terms and conditions set forth in this License
Agreement, the exclusive right and license to produce, have produced, bottle,
have bottled, distribute, have distributed, sell and have sold, Licensed AmBev
Beer (as defined below) under the Marks in the Territory.

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1.2.  Inspection and Control.

a)    All Beer produced by or under contract for Quinsa or its Affiliates for
      sale in the Territory under the Marks (the "LICENSED AMBEV BEER") shall
      be in conformance with the Technical Industrial Information and shall be
      of a substantially uniform quality within reasonably designated
      specifications as determined from time to time by AmBev.

b)    Every month during the term of this License Agreement, Quinsa, at
      Quinsa's expense, shall deliver to AmBev at a specified test facility
      located in Brazil, representative product samples of recently produced
      Licensed AmBev Beer from each brewery at which it is produced by or on
      behalf of the Quinsa, to enable AmBev or its Affiliates to determine
      compliance with Section 1.2.a). Quinsa shall also supply to AmBev monthly
      reports substantially in the form of Attachment D hereto.

a)    At all reasonable times during normal business hours, upon at least
      seventy-two (72) hours prior notice to Quinsa, Quinsa agrees to permit
      AmBev and/or its duly authorized representatives to (i) visit and inspect
      any of the properties or facilities at which Licensed AmBev Beer is
      produced, bottled, processed, packaged or stored by or for Quinsa or its
      Subsidiaries, and (ii) inspect the brewing facilities, brewing
      procedures, brewing laboratories, packaging and storage and quality
      control procedures relating to Licensed AmBev Beer. Quinsa will fully
      cooperate with AmBev with respect to such inspection and will keep AmBev
      advised of each location at which the activities related to the
      production, bottling, distribution, marketing or sale of Licensed AmBev
      Beer are taking place.

1.3.  Permitted Breweries. Prior to the commencement of Commercial Brewing of
Licensed AmBev Beer at a brewery, Quinsa shall obtain AmBev's written approval
of the brewery as a brewery for the production of Licensed AmBev Beer, except
that Quinsa shall have the right to brew Licensed AmBev Beer at any brewery
owned or operated by Quinsa as of the date of this License Agreement as listed
on Attachment B hereto for so long as the relevant brewery continues to be
owned or operated by Quinsa. In the exercise of its approval right, AmBev may
require, as a condition for such approval, modifications to each brewery at
which Licensed AmBev Beer is to be brewed and at related storage facilities.
Further, with respect to each brewery at which Licensed AmBev

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Beer is to be brewed, Quinsa (after consultation with, and inspection by,
AmBev) will conduct or cause to be conducted commercial scale brew tests of the
particular Licensed AmBev Beer to be produced at that brewery; provided that,
with respect to the breweries located at Quilmes, Zarate, Corrientes,
Mendoza, Tucuman, and Ipane AmBev shall complete its inspection within 30
(thirty) days after the date hereof.

1.4.  Licensed AmBev Beer Ingredients.

a)    AmBev will sell to Quinsa, and Quinsa will purchase only from AmBev (or
      its designee), the culture yeast needed for the production of Licensed
      AmBev Beer pursuant to this License Agreement.

b)    Culture yeast purchased by Quinsa from AmBev (or its designee) shall be
      handled as prescribed by AmBev. Quinsa shall not propagate, or permit any
      other Person to propagate, such culture yeast (other than in the
      production of Licensed AmBev Beer), nor shall Quinsa disclose the details
      of, or use, or allow any other Person to use, such culture yeast for any
      purpose other than the production of Licensed AmBev Beer in accordance
      with the terms of this License Agreement. Quinsa shall not sell, transfer
      or deliver any such culture yeast to any Person other than AmBev or a
      Person designated by AmBev (or otherwise permit any such other Person to
      obtain the same) without the prior written consent of AmBev.

c)    All sales of culture yeast by AmBev (or its designee) to Quinsa for use
      in connection with Licensed AmBev Beer shall be (i) in the event that
      AmBev does not produce such product, at the same price and upon the same
      terms as purchases of such product are made by AmBev from its suppliers,
      or (ii) in the event that AmBev produces such product, at a price equal
      to AmBev's cost of production; provided that Quinsa, will pay to such
      suppliers or reimburse AmBev, as the case may be, for any incremental
      costs arising in connection with the delivery of such product to the
      facility or facilities at which Licensed AmBev Beer is being produced,
      including but not limited to transportation costs and any and all import
      or other taxes. Unless otherwise agreed, the prices shall be F.O.B.
      AmBev's designated facility.

d)    All payments by Quinsa for cultured yeast, unless otherwise directed by
      AmBev, shall be made within sixty (60) days of the appropriate shipment
      by AmBev (or its designee), in U.S. Dollars by such means as are
      specified in written instructions provided by AmBev (or its designee)
      from time to time. Amounts expressed in a currency other

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      than U.S. Dollars shall be converted into U.S. Dollars at the exchange
      rate prevailing on the due date for such payment.

e)    Quinsa shall obtain such licenses and approvals as may be necessary in
      connection with the import into and use of the culture yeast in the
      Territory.

2. EXCLUSIVITY.

2.1.  Restrictions on Quinsa.

a)    Other Brazilian Brands.  Quinsa will not, without the express written
      approval of AmBev, in any manner produce, sell or distribute any Beer
      that is marketed or sold in Brazil under a trademark or trade name that
      is of Brazilian origin (a "BRAZILIAN BEER") unless such trademark or
      tradename is owned by, or licensed to, AmBev.

b)    Licensed AmBev Beer Outside of Territory. Except to the extent that
      Quinsa and AmBev hereafter agree in writing to extend beyond the
      Territory the markets in which Quinsa may produce, have produced, bottle,
      have bottled, distribute, have distributed, sell or have sold, Licensed
      AmBev Beer, Quinsa will not, and shall insure that its Affiliates will
      not, directly or indirectly:

      (i)   actively solicit orders for Licensed AmBev Beer, or establish any
      branch or maintain any distribution depot for the sale of Licensed AmBev
      Beer outside of the Territory;

      (ii)  accept any order for Licensed AmBev Beer for delivery outside of
      the Territory; or

      (iii) sell, distribute or resell Licensed AmBev or any Brazilian Beer to
      any purchaser located in a country outside of the Territory, or to a
      purchaser located in the Territory if Quinsa knows or reasonably should
      have known that the purchaser intends to directly or indirectly sell,
      distribute or resell Licensed AmBev Beer outside of the Territory.

c)    Notwithstanding anything to the contrary contained herein, AmBev agrees
      that Quinsa may continue to produce, sell and distribute Beer both inside
      and outside of the Territory under the Heineken trademark and tradename
      and otherwise comply with the terms and conditions of the trademark
      license, technical assistance and other related agreements currently in
      effect between Heineken International BV, on

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      the one hand, and Quinsa and its affiliates, on the other hand. AmBev
      further agrees that neither Quinsa nor any of its Affiliates shall be
      required, by reason of this License Agreement, to take any actions which
      violate the terms of such agreements. Quinsa represents and warrants that
      the execution, delivery and performance of this Agreement do not
      contravene, conflict with, constitute a breach or default under, or give
      rise to any right of termination or loss of material benefit under, any
      of the agreements between Quinsa or any of its Affiliates and Heineken
      N.V. or any of its Affiliates, except for any such contraventions,
      conflicts, breaches, defaults, rights of termination and losses of
      material benefit as have been unconditionally and unrevocably released
      pursuant to the terms of the Memorandum of Agreement dated as of January
      13, 2003 between Quinsa and Heineken International B.V. or the terms of
      the releases contemplated thereby.

2.2.  Restrictions on and Rights of AmBev.

a)    Sales in the Territory.  Until such time, if any, as this License
      Agreement is terminated pursuant to the Section 9, AmBev will not:

      (i)   produce, sell, bottle, distribute or resell Licensed AmBev Beer
            inside the Territory, except as may otherwise be expressly
            contemplated by this License Agreement;

      (ii)  sell, distribute or resell Licensed AmBev Beer to any purchaser
            located in a country outside the Territory, if AmBev knows or
            reasonably should have known that the purchaser intends to directly
            or indirectly sell, distribute or resell Licensed AmBev Beer inside
            the Territory;

      (iii) grant to any other Person any license or other right to produce,
            sell, distribute or resell or have produced, sold, distributed or
            resold Licensed AmBev Beer inside the Territory.

b)    Sales by AmBev Outside the Territory.  Subject to this Section 2.2, AmBev
      retains the right to produce, bottle, sell, distribute or resell or
      direct or license others to produce, bottle, sell, distribute or resell
      Beer or any other AmBev product outside of the Territory, including, but
      not limited to, Beer using Marks identical to those used for Licensed
      AmBev Beer.

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3. MARKETING ADVERTISING AND PROMOTION

3.1.  Overall Brand Strategy.  Quinsa (or, if Quinsa enters into a sublicense
pursuant to Section 13.11 with respect to any portion of the Territory, the
Quinsa Subsidiary holding the sub-license), after consultation with AmBev,
shall develop the overall policies and present to Quinsa Board of Directors (or
to the board of directors of such Quinsa Subsidiary) for approval, the overall
policies and strategies relating to the market positioning of Licensed AmBev
Beer, including, without limitation, the policies and strategies relating to
image, class and target price and shall determine the fit and placement of
Licensed AmBev Beer within Quinsa's brand portfolio. Such overall policies and
strategies must be consistent with AmBev's policies and strategies for Licensed
AmBev Beer outside the Territory.

3.2.  Marketing Manager.

a)    AmBev shall have the exclusive right to nominate a person familiar with
      the AmBev marketing policies, standards and procedures to act as the
      marketing manager for the Territory (the "MARKETING MANAGER"); provided
      that, if at any time, Quinsa advises AmBev that the nature or scope of
      sales of Licensed AmBev Beer in any portion of the Territory covered by
      the Marketing Manager are such that it is not practicable or advisable
      for the Marketing Manager to continue to be the marketing manager for the
      entire Territory, AmBev will nominate another such person or persons to
      act as marketing managers for the portion or portions of the Territory as
      to which Quinsa provides such advice (all such persons so designated by
      AmBev being referred to herein collectively as the "MARKETING MANAGERS").
      The appointment of any Marketing Manager shall require the mutual consent
      of AmBev and Quinsa; provided Quinsa shall hire each of the Marketing
      Managers as its own employee, pay the salary of, and all other employee
      compensation for, each of the Marketing Managers and for up to two
      additional persons selected by the Marketing Managers to assist them in
      the performance of their duties under this License Agreement. The
      Marketing Managers shall report to Quinsa's marketing director (the
      "QUINSA MARKETING DIRECTOR") and shall have the responsibilities and
      authority set forth below in this Section 3.2.  AmBev and Quinsa shall
      each have the right to propose the removal of any Marketing Manager so
      long as such proposal is made in good faith and based on the failure or
      alleged failure of such Marketing Manager to competently perform his/her
      duties. The Party proposing the removal of any Marketing Manager shall
      notify the other Party of the reasons why such removal

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      is requested and the Party receiving such notice shall consider in good
      faith the removal of such Marketing Manager. The removal of any Marketing
      Manager shall require the mutual agreement of AmBev and Quinsa; provided
      that neither Party may unreasonably withhold its consent to a removal
      proposed by the other Party. Notwithstanding the foregoing, AmBev shall
      have the right to promote any individual in the position of Marketing
      Manager at any time within AmBev's organization without Quinsa's prior
      approval. Upon removal of a Marketing Manager, AmBev shall designate and
      Quinsa shall appoint a new Marketing Manager in place of the removed
      Marketing Manager.

b)    Each Marketing Manager, with respect to the portion of the Territory for
      which such Marketing Manger shall:

      (i)   work with the Quinsa Marketing Director in developing, using
      criteria and a format substantially similar to those used by Quinsa in
      connection with Beer produced and sold by Quinsa other than the AmBev
      Licensed Beer (the "QUINSA BRANDS"), and presenting for approval pursuant
      to Section 3.4, a proposed annual marketing plan for Licensed AmBev Beer;

      (ii)  work with the Quinsa Marketing Director in overseeing and managing
      the implementation of the Marketing Plan provided that Quinsa shall fully
      cooperate with and assist the Marketing Manager in so implementing the
      Marketing Plan;

      (iii) act as a liaison between AmBev and Quinsa with respect to
      marketing, advertising and promotional materials, plans and activities
      relating to Licensed AmBev Beer and, as such, provide to Quinsa all
      information reasonably requested by Quinsa concerning AmBev's brand
      design parameters, bottles, labels, cans and closures; and

      (iv)  submit to Quinsa Board of Directors' prior approval, any material
      modifications to any Marketing Plan.

3.3. Sales Manager.  AmBev shall have the exclusive right to nominate a person
familiar with the AmBev sales policies, standards and procedures to act as the
sale manager for the Territory (the "SALES MANAGER"); provided that, if at any
time, Quinsa advises AmBev that the nature or scope of sales of Licensed AmBev
Beer in any portion of the Territory covered by the Sales Manager are such that
it is not practicable or advisable for the Sales Manager to continue to be the
sales manager for the entire Territory, AmBev will nominate another such person
or persons to act as sales managers for

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the portion or portions of the Territory as to which Quinsa provides such
advice (all such persons so designated by AmBev being referred to herein
collectively as the "SALES MANAGERS"). The appointment of any Sales Manager
shall require the mutual consent of AmBev and Quinsa; provided Quinsa shall
hire each of the Sales Managers as its own employee, pay the salary of, and all
other employee compensation for, each of the Sales Managers and for up to two
additional persons selected by the Sales Managers to assist them in the
performance of their duties under this License Agreement. The Sales Managers
shall report to Quinsa's director of sales and shall be in charge of
interacting with regional sales managers in order to oversee regional sales
strategies and promotions for Licensed AmBev Beer. AmBev and Quinsa shall each
have the right to propose the removal of any Marketing Manager so long as such
proposal is made in good faith and based on the failure or alleged failure of
such Marketing Manager to competently perform his/her duties. The Party
proposing the removal of any Marketing Manager shall notify the other Party of
the reasons why such removal is requested and the Party receiving such notice
shall consider in good faith the removal of such Marketing Manager. The removal
of any Marketing Manager shall require the mutual agreement of AmBev and
Quinsa; provided that neither Party may unreasonably withhold its consent to a
removal proposed by the other Party. Notwithstanding the foregoing, AmBev shall
have the right to promote any individual in the position of Sales Manager at
any time within AmBev's organization without Quinsa's prior approval. Upon
removal of a Sales Manager, AmBev shall designate and Quinsa shall appoint a
new Sales Manager in place of the removed Sales Manager.

3.4.  Annual Marketing Plans.

a)    The Parties shall use their respective best efforts to cause each
      Marketing Manager to (i) develop for each Agreement Year a Marketing Plan
      for the Territory or portion of the Territory for which such Marketing
      Manager is responsible and (ii) submit such Marketing Plan to the Quinsa
      Board of Directors for its approval as early as practicable prior to the
      beginning of such Agreement Year. If the Quinsa Board of Directors fails
      to approve any proposed Marketing Plan with respect to any portion of the
      Territory for any Agreement Year, then, until such time as the Quinsa
      Board of Directors approves such a Marketing Plan, the Marketing Plan for
      such portion of the Territory for such Agreement Year will be the last
      Marketing Plan for such portion of the Territory that was approved by the
      Quinsa Board of Directors, and the Parties shall use their best efforts
      to cause a revised Marketing Plan to be

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      presented to the Quinsa Board of Directors for its approval as promptly
      as practicable after the date of the meeting at which the Marketing Plan
      failed to be approved.

b)    Quinsa and AmBev will use their best efforts to cause each Marketing
      Manager, on at least a quarterly basis, to meet with the Quinsa Marketing
      Director to discuss the applicable Marketing Plan, to review progress in
      implementing such Marketing Plan and to consider possible modifications
      to such Marketing Plan.

3.5.  Advertising and Promotional Agencies.  Quinsa, after appropriate
consultation with, and approval by, AmBev, shall have the right to select and
appoint any outside agencies to handle the advertising and promotion of
Licensed AmBev Beer.

3.6.  Advertising Materials.

a)    Quinsa agrees not to use, in connection with the sale or distribution of
      AmBev Licensed Beer, any marketing, advertising or promotional material
      or program unless such material or program has been approved by AmBev.
      All electronic communications materials or programs involving the
      Licensed AmBev Beer shall be submitted to AmBev for approval at each
      stage of development and production of such material or program (i.e.,
      briefing, copy and offline) prior to use by Quinsa, such approval rights
      to be exercised by AmBev in good faith.

b)    The Parties agree to use their best efforts to ensure that all marketing,
      advertising and promotional materials and programs used in connection
      with the production, bottling, distribution, marketing or sale by Quinsa
      of Licensed AmBev Beer:

      (i)   are truthful and in accordance with the highest standards of
      commercial ethics;

      (ii)  are in good taste;

      (iii) do not disparage or impair the Marks, AmBev and its Affiliates,
      Quinsa or their respective Affiliates or Licensed AmBev Beer; and

      (iv)  do not knowingly undermine or damage any of the overall marketing
      strategies contemplated by the Marketing Plan  (in particular, but not
      limited to, product positioning and brand image strategies).

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3.7.  Marketing Cost Obligation.  Notwithstanding anything to the contrary set
forth herein, unless the Parties otherwise agree, Quinsa agrees that it will
incur in each Budget Year, in respect of Marketing Costs in support of Licensed
AmBev Beer, an amount, computed on a country by country basis, at least equal
to the aggregate amount of all sales of Licensed AmBev Beer in that country
during the Budget Year multiplied by the same percentage that the Marketing
Cost expenditures made by Quinsa in such country during such Budget Year in
support of the Quinsa Brands represented as a percentage of the aggregate
amount of all sales by Quinsa of the Quinsa Brands in such country during such
Budget Year. In the event of a product launch in any country or portion of the
Territory, the Quinsa Board of Directors shall determine, at its discretion, an
incremental amount of Marketing Costs in support of such product launch to be
added to the Marketing Plan for that country or portion of the Territory during
such Budget Year.

3.8.  Certain Acknowledgements.

a)    Quinsa agrees that nothing in this License Agreement shall require AmBev
      or any of its Affiliates now or at any time during the term of this
      License Agreement to:

      (i)   maintain or alter the formula, ingredients or packaging of Licensed
            AmBev Beer or the container thereof;

      (ii)  restrict AmBev's or its Affiliates' production and/or sale of any
            brands of Beer other than Licensed AmBev Beer and/or other products
            outside the Territory; or

      (iii) restrict its conduct of any other business; or

b)    Quinsa agrees that nothing in this License Agreement shall permit Quinsa
      to alter the formula, ingredients, packaging or labeling of Licensed
      AmBev Beer.

4. AMBEV MARKS.

a.1.Ownership of Marks. Quinsa hereby agrees that:

a)    The Marks and the appurtenant goodwill and Intellectual Property are the
      sole property of AmBev in the Territory and elsewhere. Quinsa
      acknowledges the validity and enforceability of the Marks and the sole
      and exclusive ownership of those Marks and other related Intellectual

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      Property by AmBev. Quinsa agrees that it shall not, at any time during
      this License Agreement or thereafter, challenge said validity or
      enforceability of the Marks or other related Intellectual Property for
      any reason or AmBev's sole and exclusive ownership thereof.

b)    Any registration of the Marks shall be made in the name and at the
      expense of AmBev or its Affiliates as the sole owner of such Marks and
      shall remain the property of AmBev or its Affiliates. AmBev shall
      continue to be the owner of the Marks in the Territory; provided that,
      until such time, if any, as this Agreement is terminated pursuant to
      Section 9 hereof, AmBev will not take any action with respect to any of
      the Marks in the Territory that is inconsistent with, or materially and
      adversely affects, the rights of Quinsa under this License Agreement.

c)    Quinsa will not, by virtue of any activities hereunder, obtain any
      ownership interest in or title to the Marks or in any registrations
      thereof; and any uses it makes of such Marks shall inure only to the
      benefit of AmBev. If by operation of law, or otherwise, Quinsa shall
      obtain any ownership interest in or to any of the Marks, upon written
      request by AmBev or not, Quinsa shall promptly assign such ownership
      interest in the Marks to AmBev or its designee (or if AmBev so requests,
      grant a perpetual, royalty-free license to AmBev or its designee to use
      the Marks) without any charge. Each Party agrees to sign (at Ambev's
      expense) all agreements (and cancellation agreements) that the other may
      reasonably require relating to Licensed AmBev Beer in the Territory,
      provided that the terms of such agreement shall be consistent with the
      terms of this License Agreement.

d)    Quinsa shall have no right to take or require any action with respect to
      registering or otherwise obtaining, maintaining or enforcing rights in
      and to the Marks, including, without limitation, any action with respect
      to the registration of any Mark or variation thereon as a trademark,
      service mark, trade name, business name or internet domain name in any
      national, state or local registry established for the purpose of
      recording the same, but shall cooperate (at AmBev's expense) in any such
      actions as requested by AmBev or its designee.

e)    Except as permitted herein, Quinsa shall not, at any time during this
      License Agreement and thereafter, use or attempt to register (i) any mark
      confusingly similar to the Marks, or (ii) any label, package or product
      ornamentation confusingly similar to those used in connection with
      Licensed AmBev Beer, for any type of product.

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f)    Quinsa shall not combine any Mark with any other matter in any way (or
      use such Mark in any other manner) that may adversely affect its function
      as an indication of origin.

g)    Quinsa shall have the right to use the Marks solely pursuant to this
      License Agreement.

4.2.  Trademark Usage.  All labels, containers, packaging and materials bearing
a Mark shall be of a quality that conforms to the specifications approved by
AmBev.

 4.3. Limitations on License. Quinsa shall not, directly or indirectly, use, or
authorize the use of, any of the Marks in connection with the production,
bottling, distribution, marketing, sale or resale of Licensed AmBev Beer that
does not meet the requirements set forth in Section 1.2.a) of this License
Agreement or is otherwise not in compliance with this License Agreement.

5. DISCLOSURE OF TECHNICAL INDUSTRIAL INFORMATION BY AMBEV.

5.1.  Disclosure by AmBev of Technical Industrial Information. In furtherance
of this License Agreement, AmBev shall disclose, to the extent not previously
disclosed, as soon as practicable after the date hereof, to Quinsa such
Technical Industrial Information as shall be necessary for Quinsa to fulfill
its obligations and exercise its rights under this License Agreement.  To the
extent that AmBev acquires subsequent to the execution of this License
Agreement new information or knowledge that would fall within the definition of
Technical Industrial Information and would be necessary for Quinsa to fulfill
its obligations or exercise its rights under this License Agreement, AmBev
shall promptly disclose such information to Quinsa. AmBev shall not have any
obligation to obtain patent protection on the Technical Industrial Information
in the Territory, or, except as set forth in this License Agreement, to
disclose to Quinsa any other technology used by AmBev either outside the
Territory or that is held by AmBev under a confidentiality or similar agreement
with a third party. The Technical Industrial Information shall be used by
Quinsa exclusively in connection with Licensed AmBev Beer, unless otherwise
agreed.

5.2.  Grant of Rights in Technical Industrial Information. Subject to the
confidentiality obligations set forth in Section 7, Quinsa shall have the right
to use the Technical Industrial Information only to produce Licensed AmBev Beer
pursuant to the terms of this License Agreement. No other right or

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benefit to use the Technical Industrial Information is hereby granted or
intended, either directly or by implication, and no other right or benefit will
be claimed by Quinsa except as herein provided (or otherwise agreed to by AmBev
in writing).

5.3.  Form of Technical Industrial Information. The Technical Industrial
Information to be disclosed or made available by AmBev hereunder shall be
delivered in English and shall be in accordance with technical standards used
by AmBev at the time of preparation thereof.

6. UNDERTAKINGS OF THE PARTIES.

6.1.  Quinsa's Undertakings.   Except as otherwise expressly provided herein,
Quinsa shall, at any and all times during the term of this License Agreement,
and thereafter to the extent set forth in to Section 9.8, in addition to its
other covenants set forth in this License Agreement:

a)    maintain appropriate sales and delivery forces and a proper system for
      recording orders, deliveries and other pertinent matters customary in the
      marketing and distribution of Licensed AmBev Beer in the Territory (which
      records shall be available for discussion with AmBev's representatives,
      during Quinsa's regular business hours);

b)    maintain, or cause others to maintain at all times, in warehouses that
      are suitable for such purposes, an inventory of Licensed AmBev Beer which
      it reasonably believes to be sufficient to meet anticipated demand;

c)    apply to the production, bottling, distribution, marketing and sale of
      Licensed AmBev Beer, practices, procedures and standards consistent with
      the practices, procedures and standards applied by Quinsa and its
      Subsidiaries in connection with the production, bottling, distribution,
      marketing and sale of the Quinsa Brands;

d)    to the extent available and commercially reasonable, obtain and maintain
      at all times during the term of this License Agreement and thereafter for
      so long as any Licensed AmBev Beer remains in distribution, product
      liability insurance covering its activities hereunder in amounts and on
      terms considered reasonable by Quinsa Board of Directors from time to
      time;

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e)    obtain such approvals, licenses and permits as may be required from time
      to time under the laws and regulations in the Territory in connection
      with the production, bottling, distribution, marketing and sale of
      Licensed AmBev Beer contemplated by this License Agreement;

f)    (i) report to AmBev any non-routine or otherwise material correspondence
      or communications that it receives from (x) any Governmental Entity
      concerning Licensed AmBev Beer, or (y) any other Person if such
      correspondence or communications pertain to any claims, including,
      without limitation, (A) claims for product liability or infringement of
      Intellectual Property, or (B) material consumer complaints that
      reasonably would be expected to (i) result in material legal action
      against either Quinsa or AmBev, or (ii) materially adversely affect the
      reputation of Quinsa or AmBev, or (iii) result in the disclosure by
      Quinsa or AmBev of any product defects or the implementation  by Quinsa
      or AmBev of any product recalls; and (ii) promptly provide to AmBev
      copies of such correspondence or communications;

g)    comply in all material respects with the manual "Padrao de Processos
      Tecnicos" to be provided by AmBev to Quinsa. If any changes are made
      to such manual, Quinsa shall be given a reasonable amount of time to
      adhere to such changes;

h)    adhere to all conditions that may be reasonably prescribed by AmBev in
      relation to the storage of Licensed AmBev Beer including:

      (i)   ensuring that Licensed AmBev Beer that exceeds the expiration date
      referred to below is not sold in the marketplace;

      (ii)  ensuring that all Licensed AmBev Beer that it produces or has
      produced is coded with an appropriate expiration date, such date to be
      based on an appropriate period between production and expiration of
      Licensed AmBev Beer to be agreed upon by the Parties promptly after the
      Effective Date; and

      (iii) follow with respect to the Licensed AmBev Beer practices and
      procedures relating to outdated, damaged or otherwise unmarketable
      inventory that are consistent with the practices and procedures followed
      by Quinsa and its Subsidiaries with respect to the Quinsa Brands in the
      Territory.

                                                                             14

<PAGE>

i)    upon the occurrence of any material quality problem, (i) suspend the
      production, bottling, distribution, marketing, sale and resale (or cause
      the suspension of the production, bottling, distribution, marketing, sale
      and resale) of Licensed AmBev Beer immediately upon discovery by Quinsa
      of such problem or receipt by Quinsa of a request from AmBev for such
      suspension that is reasonable under the prevailing circumstances, (ii)
      promptly destroy any product with any such quality problem, and (iii)
      immediately notify AmBev and provide full details pertaining to such
      event, and provide written reports and other assistance as may reasonably
      required by AmBev in order to gain information pertaining to the event
      and to take any other appropriate action in response thereto;

j)    promptly after any general manager of Quinsa or its Subsidiaries becomes
      aware of or has reason to believe that (i) any of AmBev's trade secrets,
      Marks, Intellectual Property, Technical Industrial Information or other
      Confidential Information or details pertaining thereto, or any of the
      terms, conditions or other facts contained in this License Agreement or
      with respect to Licensed AmBev Beer, have inadvertently or otherwise been
      disclosed to or obtained by or are being used by any unauthorized third
      party, or (ii) an unauthorized Person has gained access to culture yeast
      or any other ingredient supplied by AmBev or its designee for use in
      connection with this License Agreement or details pertaining thereto,
      immediately notify AmBev and provide full details pertaining to such
      event, and shall provide written reports and other assistance as may
      reasonably required by AmBev in order to gain information pertaining to
      the event and to take appropriate action in response thereto; and

k)    use its best efforts and fully cooperate with AmBev in connection with
      the registration or obtaining, maintenance and enforcement of AmBev's or
      any of its Affiliate's rights in any to the Marks both inside and outside
      of the Territory.

6.2.  AmBev's Undertakings. AmBev will, at any and all times during this
License Agreement:

a)    conduct AmBev's business in a manner that will reflect favorably upon
      Licensed AmBev Beer so as to preserve the goodwill of retailers and
      consumer acceptance of Licensed AmBev Beer in the Territory;

                                                                             15

<PAGE>

b)    provide Quinsa with freshness and storage guidelines as well as other
      information useful in monitoring and maintaining the quality of Licensed
      AmBev Beer in the marketplace;

c)    obtain such approvals, licenses and permits as it may require from time
      to time under the laws and regulations of Brazil in connection with the
      production, exportation, distribution, marketing and sale of Licensed
      AmBev Beer ingredients referred to in Section 1.3;

d)    take all such actions in such manner as it may determine is appropriate
      in registering, obtaining, maintaining and enforcing its rights and/or
      its Affiliates' rights to the Marks both inside and outside of the
      Territory;

e)    provide all necessary formulae, recipes, technical guidelines and process
      information to produce Licensed AmBev Beer in accordance with the terms
      of this License Agreement;

f)    provide all necessary guidelines regarding packaging materials and their
      subsequent changes and improvements in due time to ensure an adequate
      chain of supply time to Quinsa's production facilities; and

g)    provide the "Padra~o de Processos Te'cnicos" manual to be used in the
      production of the Licensed AmBev Beer pursuant to the terms of this
      License Agreement.

7. CONFIDENTIALITY.

7.1.  Confidential Information. Quinsa acknowledges that AmBev, during the term
of this License Agreement, may make available to Quinsa directly or to its
Representatives certain Confidential Information.

7.2.  Ownership of Confidential Information. All Confidential Information shall
remain the sole property of AmBev.  Quinsa shall not obtain any intellectual
property rights in, nor have the right to use, except as stated herein, any
such Confidential Information disclosed to it by or on behalf of AmBev.

7.3.  Treatment of Confidential Information. Quinsa shall use the Confidential
Information solely in connection with the performance of its obligations and
the exercise of its rights under this License Agreement, and except as set
forth in Section 7.4, will not, without AmBev's prior written consent, disclose
the Confidential Information to any Person directly

                                                                             16

<PAGE>

or indirectly, other than its Representatives who need to know such information
in connection with performance by Quinsa of its obligations or the exercise by
Quinsa of its rights hereunder; provided that Quinsa will advise its
Representatives of the terms of this Section 7 and, if such Representatives are
external advisors or agents, will further require such Representatives to
acknowledge, in a manner acceptable to AmBev, the confidentiality of the
Confidential Information. Quinsa will be responsible for any breach of this
Section 7 by its Representatives. Upon any termination of this License
Agreement, Quinsa shall return to AmBev all of AmBev's Confidential
Information, including all magnetic, computer-resident and other electronic
data, photostatic, or other copies, or derivatives thereof, provided pursuant
to this License Agreement. All other analyses, compilations and documents
containing or reflecting any of the Confidential Information prepared by or on
behalf of Quinsa shall be destroyed, such destruction to be confirmed in
writing.

7.4.  Disclosure Due to Requirements of Law. In the event that Quinsa is
legally compelled, requested or required (by legal, administrative, or similar
process, including but not limited to oral questions, interrogatories, requests
for information or documents in legal proceedings, subpoena, civil
investigative demand or other similar process) to disclose to any third party
any of the Confidential Information, it shall provide AmBev with prompt written
notice of any such request or requirement so that AmBev may seek a protective
order or other appropriate remedy and/or waive compliance with the provisions
of this License Agreement. If in the absence of a protective order or other
remedy or the receipt from AmBev of a waiver, Quinsa is nonetheless legally
compelled, as evidenced by receipt by AmBev of a written opinion of legal
counsel to Quinsa reasonably acceptable to AmBev, to so disclose Confidential
Information (including to any tribunal or administrative agency), Quinsa may,
without liability hereunder, so disclose to the third party (including a
tribunal or administrative agency) only that portion of the Confidential
Information which such counsel advises is legally required to be disclosed, and
will exercise its best efforts to preserve the confidentiality of the
Confidential Information, including, without limitation, by cooperating with
AmBev to obtain an appropriate protective order or other reliable assurance
that confidential treatment will be accorded to the Confidential Information
(including by such tribunal or administrative agency).

7.5.  Specific Performance. It is further understood and agreed that money
damages would not be a sufficient remedy for any breach of this Section 7 by
Quinsa and that, with respect only to Quinsa's confidentiality obligations

                                                                             17

<PAGE>

under this Section 7, AmBev, subject to applicable law, shall be entitled to
equitable relief, including, without limitation, provisional or injunctive
relief, and/or specific performance, as a remedy for any such breach. Such
remedies shall not be deemed to be the exclusive remedies for a breach by
Quinsa of this Section 7, but shall be in addition to all other remedies
available at law to AmBev. Quinsa agrees not to oppose the granting of such
equitable relief on the ground that an adequate remedy exists at law, and to
waive, and to cause its Representatives to waive, any requirement for the
securing or posting of any bond in connection with such remedy. In the event of
litigation relating to this Section 7, if Quinsa has breached a provision of
this Section 7, then Quinsa shall be liable and shall pay to AmBev the
reasonable legal fees and any other expenses, in U.S. Dollars, that AmBev has
incurred in connection with such litigation, including any appeal therefrom.
Amounts expressed in a currency other than U.S. Dollars shall be converted into
U.S. Dollars at the exchange rate prevailing on the due date for such payment.

8. LATE PAYMENT PENALTY.

8.1.  Penalties for Late Payment. Irrespective of the manner according to which
any payments are made pursuant to this License Agreement, any amount overdue
shall be payable in U.S. Dollars and shall bear interest calculated pro rata
temporis, to the extent permitted by law, at a rate per annum equal to the Fed
Funds rate plus a spread of 2% (two per cent) p.a., as such rate is available
on the Bloomberg page "BTMM".

9. TERM; DEFAULT; REMEDIES.

9.1.  Term. Subject to Sections 9.2, 9.3, 9.4 and 9.5, this License Agreement
shall continue in effect indefinitely.

9.2.  Termination Upon a Change of Control. This License Agreement may be
terminated at any time by either AmBev or Quinsa upon a Change of Control.

9.3.  Termination Prior to First Stage Closing Date. Except as otherwise
provided in Section 9.2 above, prior to the First Stage Closing Date (as
defined in the Stock Purchase Agreement), this License Agreement may be
terminated only:

a)    by the mutual written agreement of the Parties; or

                                                                             18

<PAGE>

b)    by AmBev, upon the occurrence of a Bankruptcy Event with respect to
      Quinsa, and by Quinsa, upon the occurrence of an Bankruptcy Event with
      respect to AmBev; or

a)    subject to Section 9.5, by either Party in the event a circumstance of
      Force Majeure causes the continuous interruption of any of the
      production, bottling, distribution, or sale of Licensed AmBev Beer by
      Quinsa contemplated by this License Agreement for a period of twelve (12)
      consecutive months.

9.4. Termination Following First Stage Closing Date. Except as otherwise
provided in Section 9.2 above, for so long as any Person other than AmBev and
its Affiliates hold any shares of Quinsa capital stock, this License Agreement
may not be terminated at any time  after the First Stage Closing Date (as
defined in the Stock Purchase Agreement) by any Person for any reason unless
such termination is approved by both Parties and by at least one Person who is
a member of the Board of Directors and who is not an Affiliate of AmBev;
provided that if the Quinsa Board of Directors does not include, at the time of
any proposed termination pursuant to this Section 9.4, at least one Person who
is not an Affiliate of AmBev, then, this License Agreement may not be
terminated pursuant to this Section 9.4.

9.5.  Force Majeure. The failure of a Party to perform any of its obligations
under this License Agreement, if caused by Acts of God or the public enemy,
fire, explosion, perils of the sea, flood, drought, war, riots, hostilities not
amounting to war, sabotage, accident, embargo, government priority, requisition
or allocation, or other action of any government authority, or by interruption
of or delay in transportation, shortage or failure of supply of materials or
equipment from normal sources for manufacture of the products specified herein,
labor strikes, or by compliance with any order or request of any government or
any officer, department, agency, or committee thereof, or any other
circumstances of like character beyond the reasonable control of that Party
("FORCE MAJEURE"), shall not subject that Party to any liability to the other.
Upon the occurrence of any event of Force Majeure, the Parties shall use their
respective best efforts to minimize the effects of such event and to overcome
such event as soon as practicable.  In the event that this License Agreement is
terminated by AmBev pursuant to Section 9.3 (c), then (i) AmBev shall enter
into such other arrangements with Quinsa as Quinsa may reasonably request in
order to permit Quinsa to continue to obtain the benefits of, and to assume its
obligations under, this License Agreement and (ii) immediately upon elimination
or termination of the circumstances giving rise to such event of Force Majeure,
this License Agreement automatically

                                                                             19

<PAGE>

shall be reinstated and each Party shall execute and deliver such documents as
the other Party may reasonably request to evidence such reinstatement. If there
should occur an event of Force Majeure and this License Agreement remains in
effect, AmBev shall have the right to supply Licensed AmBev Beer to existing
customers in the Territory; provided that AmBev shall use its best efforts to
provide to Quinsa the economic benefit of such sales of Licensed AmBev Beer and
Quinsa shall use its best efforts to reimburse AmBev for any costs of such
sales that were borne by AmBev but that, in the absence of such event of Force
Majeure, would have been borne by Quinsa under the terms of this License
Agreement.

9.6.  Termination and Winding Up.

      a)    Repurchase of Inventory. Upon any termination of this License
      Agreement pursuant to Sections 9.2, 9.3 or 9.4, Quinsa will promptly sell
      and deliver to AmBev (or AmBev's designee), and AmBev will purchase (or
      cause to be purchased by its designee) from Quinsa, Quinsa's inventory of
      applicable culture yeast purchased from AmBev or its designee and, if
      AmBev so requests in writing within thirty (30) days of such termination,
      Quinsa will promptly sell and deliver to AmBev (or AmBev's designee) and
      AmBev will purchase (or cause to be purchased by its designee) from
      Quinsa the inventory of Licensed AmBev Beer which is still in Quinsa's
      possession on the date of such request and which Quinsa has not yet sold
      or committed to a third party as of the date of such request.

b)    The purchase price for such products shall be the cost to Quinsa of
      purchasing or producing such products plus government taxes and duties,
      transportation and other expenses, if any, paid or incurred by Quinsa
      thereon which are not refundable to Quinsa (as advised in writing by
      Quinsa to AmBev). AmBev shall be obligated to purchase only such products
      as are of marketable or usable quality and shall not purchase any out-of-
      date products or products that have an expiration date occurring within
      the following thirty (30) days.  To the extent that AmBev does not
      purchase any inventory of Licensed AmBev Beer, Quinsa shall retain the
      non-exclusive right to sell, in the Territory, for a period of ninety
      (90) days following the date of termination of this License Agreement,
      all Licensed AmBev Beer produced prior to the termination of this License
      Agreement and all Licensed AmBev Beer in process that was finalized after
      the termination of this License Agreement as contemplated by this Section
      9.6.b).  All Licensed AmBev Beer in process as of the date of any
      termination of this

                                                                             20

<PAGE>

      License Agreement will be finalized and bottled and shall be incorporated
      as part of the inventory to be purchased by AmBev or sold by Quinsa, as
      the case may be, in accordance with the terms of this License Agreement.

c)    Upon termination of this License Agreement, all unfilled orders shall be
      deemed canceled.

9.7.  Effect of Termination.  If this License Agreement is terminated pursuant
to Sections 9.2, 9.3 or 9.4, then, subject to Sections 9.5 and 9.6, Quinsa's
right to produce Licensed AmBev Beer shall be automatically and immediately
terminated. Promptly after such termination, subject to Sections 9.5 and 9.6,
(i) at AmBev's option, Quinsa shall resell to AmBev and AmBev shall purchase
from Quinsa at cost the cultured yeast purchased from AmBev hereunder, or
Quinsa shall destroy such cultured yeast at AmBev's expense and AmBev shall
reimburse Quinsa for the cost thereof previously paid by Quinsa, and (ii)
Quinsa shall not use or make any reference to the Marks, nor use any label,
package, promotional item, or product ornamentation with respect to the sale of
any product of any kind whatsoever that is confusingly similar to the labels,
packages, promotional items, or product ornamentation used in connection with
Licensed AmBev Beer. Subject to Sections 9.5 and 9.6, upon termination of this
License Agreement, (i) all rights granted to Quinsa to use the Marks shall
terminate immediately and Quinsa agrees that it shall make no further use of
the Marks; (ii) Quinsa shall return to AmBev all Technical Industrial
Information, as well as all unused labeling, packaging, product ornamentation,
advertising, promotional items and the like bearing any of the Marks; and (iii)
Quinsa shall take whatever action may reasonably be requested by AmBev to
confirm that all rights to use the Marks have reverted to AmBev or its
designee, including, where appropriate, the execution of such assignments and
confirmatory documents as may be reasonably requested by AmBev. In addition,
subject to Sections 9.5 and 9.6, Quinsa shall return to AmBev all Confidential
Information as required pursuant to Section 7.3, and not thereafter use any
Confidential Information.  Subject to Sections 9.5 and 9.6, AmBev shall be
entitled to take all steps necessary for the removal of the name of Quinsa as
an authorized user of the Marks from all governmental registries, if
applicable, without opposition or hindrance from Quinsa, and Quinsa shall
cooperate by signing all necessary documentation submitted by AmBev and taking
all necessary action to this effect.

                                                                             21

<PAGE>

9.8.  Survival of Certain Obligations. Upon termination of this License
Agreement in accordance with its terms, the rights and obligations of the
Parties to each other hereunder shall terminate; provided that:

a)    the provisions of Sections 4, 6.1 (d), 7.2 through 7.5, 9.5, 9.6, 9.7,
      10.1, 10.2, 10.3, 11.1, 12.1 and 13.1 through 13.8 shall survive such
      termination;

b)    any and all rights as to which a Party shall have provided written notice
      to the other Party prior to such termination (including in respect of
      alleged breaches of representations or covenants herein shall survive.

10.   INDEMNIFICATION.

10.1. Each Party shall indemnify the other Party and its Representatives
("OTHER INDEMNIFIED PERSONS") from, and shall hold the other party and the
Other Indemnified Persons harmless against all loss, cost, liability, damage or
expense (each, a "LOSS") which may be imposed upon or reasonably incurred by
such other Party or Other Indemnified Person, including reasonable attorney's
fees and disbursements and reasonable settlement payments, in connection with
any claim, action or other proceeding or threat thereof (including fines and
other governmentally imposed charges), made or instituted in which the other
Party or any Other Indemnified Person may be involved by reason of:

      In the case of AmBev:

a)    any Loss, including, without limitation, a Loss arising from a product
      liability claim, arising out of Quinsa's production, bottling,
      distribution, marketing, sale and/or resale of Licensed AmBev Beer,
      except where, and only to the extent that, such Loss is primarily caused
      by any defect in the AmBev Recipes;

b)    any Loss caused primarily by any advice or determination made by Quinsa
      under this License Agreement or in connection with the production,
      bottling, distribution, marketing, sale and/or resale by Quinsa of
      Licensed AmBev Beer which is knowingly false or misleading; or

c)    any tortious act on the part of Quinsa.

                                                                             22

<PAGE>

      In the case of Quinsa:

a)    any Loss, including, without limitation, a Loss arising from a product
      liability claim relating to Licensed AmBev Beer to the extent, but only
      to the extent, that such Loss is primarily caused by any defect in the
      AmBev Recipes; or

b)    any tortious act on the part of AmBev.

10.2. Notwithstanding anything to the contrary set forth herein, Quinsa shall
have no liability to AmBev for any breach by Quinsa of any provision hereof (a)
to the extent that such breach is solely and directly attributable to any
decision, action, failure to decide or failure to act by any person or persons
who serve as directors of Quinsa and who were nominated or elected, directly or
indirectly, by AmBev or its Affiliates (collectively, the "AMBEV DIRECTORS") or
(b) to the extent that such breach occurs or continues after the First Stage
Closing Date.

11.NOTICES.

11.1. All notices or other communications required or permitted to be given
hereunder shall be in writing and shall be delivered by hand or sent by fax or
sent, postage prepaid, by registered, certified or express mail or overnight
courier service and shall be deemed given when so delivered by hand or fax, or
if mailed, three days after mailing (one business day in the case of express
mail or overnight courier service), as follows:

                  (i) if to Quinsa,

                  Teniente General Peron 667
                  Buenos Aires, Argentina, 1038

                  Attention: Chief Executive Officer

                  with a copy to:

                  Davis Polk & Wardwell
                  450 Lexington Avenue
                  New York, New York, 10017,

                  Attention: Diane Kerr; and

                                                                             23

<PAGE>

                  (ii) if to AmBev,

                  Companhia de Bebidas das Americas - AmBev
                  Rua Dr. Renato Paes de Barros, no 1.017, 3o andar cjs. 31 e
                  32
                  04530-000 Sao Paulo, SP
                  Brazil

                  Attention: Chief Financial Officer

                  with a copy to:

                  Cravath, Swaine & Moore
                  Worldwide Plaza
                  825 Eighth Avenue
                  New York, New York  10019

                  Attention: David Mercado

12.   GOVERNING LAW.

12.1. Governing Law.  This License 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 performed entirely within such State, without regard
to the conflicts of law principles of such State.

13.   MISCELLANEOUS.

13.1. Severability.  If any provision of this License Agreement (or any portion
thereof) or the application of any such provision (or any portion thereof) to
any Person or circumstance shall be held invalid, illegal or unenforceable in
any respect by a court of competent jurisdiction, such invalidity, illegality
or unenforceability shall not affect any other provision hereof (or the
remaining portion thereof) or the application of such provision to any other
persons or circumstances.

13.2. Assignment.  Except as contemplated by Section 13.11, neither Party may
assign this License Agreement or any of its rights or obligations hereunder to
any Person without the prior written consent of the other Party, and any
assignment without such consent of AmBev shall be void; except that AmBev shall
have the unrestricted right to assign this License

                                                                             24

<PAGE>

Agreement to any of its Affiliates without the prior written consent of Quinsa,
provided that no such assignment shall relieve AmBev of its obligations
hereunder.

13.3. No Waiver.  No failure or delay by any Party in exercising any right,
power or privilege hereunder shall operate as a waiver thereof nor shall any
single or partial exercise thereof preclude any other or future exercise
thereof or the exercise of any other right, power or privilege. The rights and
remedies herein provided shall be cumulative and not exclusive of any rights or
remedies provided by law.

13.4. Further Assurances. Each Party agrees to do all acts and things and to
make, execute and deliver such further written instruments, as may from time to
time be reasonably required to carry out the terms and provisions of this
License Agreement.

13.5. No Agency. No provision of this License Agreement shall be construed as
authorizing any Party to act as an agent for the other, or to make
representations on behalf of the other nor bind any other Party in any manner
whatsoever.

13.6. Amendment. This License Agreement may not be amended except by an
instrument in writing signed on behalf of each of the Parties hereto.

13.7. No Third Party Beneficiaries. Subject to the provisions of Section 7.1.h)
and except for the Quinsa Licensees, CBB and any other Subsidiary of AmBev
contemplated in Section 13.12, this Agreement shall be binding upon and for the
sole benefit of the Parties hereto and their respective legal representatives
and permitted successors and assigns and nothing herein expressed or implied
shall give or be construed to give to any Person, other than the Parties hereto
and such legal representatives and permitted successors and assigns, any legal
or equitable rights hereunder.

13.8. Arbitration.

a)    Any and all differences, controversies and disputes of any nature
      whatsoever arising out of or relating to this License Agreement,
      including without limitation any dispute relating to its validity,
      interpretation, performance or termination, shall be finally settled
      under the Rules of Arbitration of the International Chamber of Commerce
      by three arbitrators appointed in accordance with said Rules. The
      arbitration proceedings shall be conducted in the English language and
      the seat of the arbitration shall be New York City. The

                                                                             25

<PAGE>

      arbitrators appointed in connection herewith shall be knowledgeable in
      the laws of the State of New York and fluent in the English language.

b)    All submissions and awards in relation to arbitration under this
      Agreement shall be made in English, and all arbitration proceedings and
      all pleadings shall be in English. Witnesses not fluent in English may
      give evidence in their native tongue (with appropriate translation).
      Original documents in a language other than English shall be submitted as
      evidence in English translation accompanied by the original or true copy
      thereof.

c)    The procedural rules governing arbitration hereunder shall be established
      by the arbitrators; provided that (i) each party may call upon the other
      party to supply the arbitrators with documents in such other party's
      control relevant to the dispute; (ii) each party shall be entitled to
      present the oral testimony of witnesses as to fact and expert witnesses;
      (iii) each party shall be entitled to question directly any witnesses who
      present testimony to the arbitrators; and (iv) at the request of any
      party, a written transcript in English shall be made of each hearing
      before the arbitrators and shall be furnished to the parties. The
      arbitrators may, at the request of any party, order provisional or
      conservatory measures; provided that to the extent necessary to prevent
      irreparable damage any party may petition any court of competent
      jurisdiction for a preliminary injunction, temporary restraining order or
      other interim equitably relief pending the appointment of the arbitrators
      in accordance with Section 13.8.a) and action by the arbitrators upon any
      request for provisional or conservatory measures.

d)    Each party participating in such arbitration shall pay its own legal fees
      and expenses incurred in connection with the arbitration and the expense
      of any witness produced by it. The cost of any stenographic record and
      all transcripts thereof shall be prorated equally among all parties
      ordering copies and shall be paid by the parties directly to the
      reporting agency. All other expenses of the arbitration, including
      required traveling and other expenses and fees of the arbitrators and the
      expenses of any witness or the cost of any proof produced at the request
      of the arbitrators, shall be borne as determined by the arbitrators.

e)    Any award shall be final and not subject to appeal and the parties waive
      all rights to challenge any award of the arbitrators under this Section
      13.8. Any award may be entered or presented by any of the

                                                                             26

<PAGE>

      parties for enforcement in any court of competent jurisdiction sitting in
      New York City, and the parties hereby consent to the jurisdiction of such
      court solely for purposes of enforcement of any award. Each party further
      agrees that service of any process, summons, notice or document in the
      manner provided for notices in Section 11 shall be effective service for
      purposes of any such enforcement action.

13.9.  Counterparts. This License Agreement may be executed in one or more
counterparts, all of which shall be considered one and the same agreement, and
shall become effective when one or more such counterparts have been signed by
each of the parties and delivered to the other parties. An executed counterpart
of this License Agreement delivered by fax shall be deemed to be an original
and shall be as effective for all purposes as delivery of a manually executed
counterpart.

13.10.  Liability for Representatives. Each Party shall ensure that it, and its
Representatives observe and perform all of such Party's covenants,
representations or warranties set forth in this License Agreement and each such
Party shall, at its sole expense, take all reasonable measures (including but
not limited to court proceedings) to restrain its Representatives from
breaching such covenants, representations or warranties, including, but not
limited to, any prohibited or unauthorized disclosure or use of Confidential
Information.

13.11.  Sub-License.  AmBev hereby grants to Quinsa the right to sub-license
the rights granted to Quinsa pursuant to this License Agreement to, and only
to, Quinsa International (Bermuda) Ltd and its Subsidiaries, including any such
Subsidiary that is acquired or created after the date hereof and that does
business in any portion of the Territory (the "QUINSA LICENSEES") in the
relevant jurisdiction or jurisdictions within the Territory in which such
Quinsa Licensee is incorporated or does business; provided, however, that:

a)    each Quinsa Licensee shall enter into a sub-license agreement with Quinsa
      and AmBev and/or one or more of its Subsidiaries as intervening parties
      (a "SUB-LICENSE AGREEMENT"), and each such Sub-License Agreement shall:
      (i) have terms and conditions identical to those set forth in this
      License Agreement, including, without limitation, governing law and
      arbitration, except for such terms and conditions that would not be valid
      or enforceable in accordance with the laws of the jurisdiction of
      incorporation of the relevant Quinsa Licensee or the jurisdiction or
      jurisdictions in which the relevant Quinsa Licensee does business, the
      relevant Quinsa Licensee. In the

                                                                             27

<PAGE>

      event that any provision of this License Agreement shall be deemed
      invalid or unenforceable in any such jurisdiction, AmBev and Quinsa (on
      behalf of such Quinsa Licensee) shall negotiate in good faith to replace
      the invalid or unenforceable provision to the greatest extent possible
      with another valid provision that will achieve the economic effect
      intended by this License Agreement; (ii) grant AmBev and Quinsa (or the
      Quinsa Licensees) rights at least identical to those granted to them
      pursuant to this License Agreement in the relevant portion of the
      Territory to be covered by the respective Sub-License Agreement; and
      (iii) be immediately and automatically terminated, without any liability
      on the part of AmBev arising out of such termination, in the event of
      termination of this License Agreement for any reason whatsoever, or in
      case the relevant Quinsa Licensee ceases to be a Subsidiary of Quinsa;
      provided that AmBev shall not be liable to any Quinsa Licensees because
      of such termination;

b)    no Quinsa Licensee shall have the right to sub-license the rights granted
      to it pursuant to the relevant Sub-License Agreement;

c)    Quinsa shall provide AmBev with a copy of all communications and other
      correspondence exchanged with the Quinsa Licensees relating to the
      performance by the Quinsa Licensees of their obligations or the exercise
      by the Quinsa Licensees of their rights, under the applicable Sub-License
      Agreement, with this License Agreement or any of the Sub-License
      Agreements;

d)    (i) no Sub-License Agreement shall limit or affect Quinsa's obligations
      hereunder, and Quinsa shall remain liable for all of its obligations
      hereunder, and (ii) Quinsa shall be jointly and severally liable for the
      performance of all obligations of any Quinsa Licensee under the relevant
      Sub-License Agreement; and

e)    it is understood and agreed that the obligations of Quinsa arising under
      this License Agreement may be carried out directly by Quinsa or
      indirectly through the Quinsa Licensees pursuant to the Sub-License
      Agreements.

13.12.  AmBev Rights and Obligations.  It is understood and agreed that,
notwithstanding any provision of this License Agreement to the contrary, all
intellectual property rights licensed by AmBev to Quinsa hereunder, including,
without limitation, the rights to the Marks, AmBev Recipes and Technical
Industrial Information, are owned by Subsidiaries of AmBev, and that the rights
and obligations of AmBev arising under this License

                                                                             28

<PAGE>

Agreement may be carried out directly by AmBev or indirectly through its
Subsidiaries. By executing this Agreement, Companhia Brasileira de Bebidas
("CBB"), a Subsidiary of AmBev, hereby agrees to carry out the rights and
obligations of AmBev under this License Agreement to the extent that CBB is the
owner of the Marks and the other Intellectual Property licensed hereby. In
addition, unless the context otherwise requires, any reference contained in
this License Agreement to AmBev shall be deemed to include AmBev and its
Subsidiaries; provided that AmBev shall remain responsible for the performance
of its obligations hereunder.

13.13.  Representations And Warranties

13.13.1.  AmBev represents and warrants that:

(a)   it has all requisite corporate power and authority to execute and deliver
this License Agreement and to consummate the transactions contemplated hereby;

(b)   AmBev's execution and delivery of, and performance of its obligations
under, this License Agreement has been duly and validly authorized by all
requisite action on the part of the AmBev, and this License Agreement
constitutes a valid and binding obligation of AmBev, enforceable against it in
accordance with its terms, except as enforceability hereof may be limited by
any applicable bankruptcy, reorganization, insolvency or other laws affecting
creditors' rights generally or by general principles of equity;

(c)   the execution, delivery and performance by AmBev of this License
Agreement, the consummation of the transactions contemplated hereby and
compliance with the provisions hereof do not (a) violate in any material
respect any constitution, law, statute, treaty, rule, ordinance, permit,
certificate directive, requirement regulation or order of any federal, state,
municipal, or other government, governmental department, commission, board,
bureau, agency or instrumentality, or any court or tribunal, to which AmBev or
any of its Subsidiaries or any of its assets is subject, (b) violate any
provision of the memorandum and articles of association and other
organizational documents of AmBev or any of its Subsidiaries, (c) conflict
with, result in a material breach of, constitute a material default under,
result in the acceleration of, create in any party the right to accelerate,
terminate, modify or cancel, or require any notice under any material contract
or agreement to which the AmBev or any of its Subsidiaries is a party or by
which any of its respective assets is bound or (d) result in the imposition of
any security interest, pledge, lien, bailment (in the nature of a pledge or for
purposes of security), mortgage, deed of trust, the grant of a

                                                                             29

<PAGE>

power to confess judgment, conditional sale or title retention agreement
(including any lease in the nature thereof), charge, encumbrance, easement,
reservation, restriction, right of first refusal or first offer, option,
commitment or other similar arrangement or interest in real or personal
property, whether oral or written, upon any of the assets of AmBev or any of
its Subsidiaries; and

(d)   no approval, authorization, order or consent of, declaration to, or
registration or filing with, any Governmental Entity is required for the valid
execution and delivery by it of this License Agreement or the performance of
its obligations hereunder.

13.13.2.  Quinsa represents and warrants that:

(a)   it has all requisite corporate power and authority to execute and deliver
this License Agreement and to consummate the transactions contemplated hereby;

(b)   Quinsa's execution and delivery of, and performance of its obligations
under, this License Agreement has been duly and validly authorized by all
requisite action on the part of Quinsa, and this License Agreement constitutes
a valid and binding obligation of Quinsa, enforceable against it in accordance
with their terms, except as enforceability thereof may be limited by any
applicable bankruptcy, reorganization, insolvency or other laws affecting
creditors' rights generally or by general principles of equity;

(c)   the execution, delivery and performance by Quinsa of this License
Agreement, the consummation of the transactions contemplated hereby and thereby
and compliance with the provisions hereof do not (a) violate in any material
respect any constitution, law, statute, treaty, rule, ordinance, permit,
certificate directive, requirement regulation or order of any federal, state,
municipal, or other government, governmental department, commission, board,
bureau, agency or instrumentality, or any court or tribunal, to which the
Quinsa or any of its Subsidiaries or any of its assets is subject, (b) violate
any provision of the memorandum and articles of association and other
organizational documents of Quinsa or any of its Subsidiaries, (c) assuming
that Quinsa enters into a Sub License Agreement with its Subsidiary Quilmes
International (Bermuda) Limited ("QIB") as contemplated by Section 13.11
conflict with is impaired by, result in a material breach of, constitute a
material default under, result in the acceleration of, create in any party the
right to accelerate, terminate, modify or cancel, or require any notice under
any material contract or agreement to which the Quinsa or any of its
Subsidiaries is a party or by which any of its

                                                                             30

<PAGE>

respective assets is bound or (d) assuming that Quinsa enters into a Sub
License Agreement with QIB as contemplated by Section 13.11 result in the
imposition of any security interest, pledge, lien, bailment (in the nature of a
pledge or for purposes of security), mortgage, deed of trust, the grant of a
power to confess judgment, conditional sale or title retention agreement
(including any lease in the nature thereof), charge, encumbrance, easement,
reservation, restriction, right of first refusal or first offer, option,
commitment or other similar arrangement or interest in real or personal
property, whether oral or written, upon any of the assets of Quinsa or any of
its Subsidiaries; and

(d)   no approval, authorization, order or consent of, declaration to, or
registration or filing with, any Governmental Entity is required for the valid
execution and delivery by it of this License Agreement or the performance of
its obligations hereunder; and

(e) it has all material permits and licenses necessary to perform its
obligations pursuant to this License Agreement as in existence on the date
hereof.

14.   DEFINITIONS.

14.1. As used herein, the following terms, which may not be otherwise defined
herein, shall have the meanings specified below (equally applicable to both the
singular and plural forms):

a)    "AFFILIATE" of any Person means another Person that directly or
      indirectly, through one or more intermediaries, controls, is controlled
      by, or is under common control with, such first Person.

b)    "AGREEMENT YEAR" means: (a) for the year 2003, the period commencing on
      the Effective Date and ending on December 31, 2003; and (b) for each
      subsequent year after 2003, the twelve-month period commencing on January
      1 of such year and ending on December 31 of such year; provided, however,
      that in the event of termination of this License agreement, the Agreement
      Year shall end on the date of termination.

c)    "AMBEV DIRECTORS" has the meaning ascribed to it in Section 11.3.

d)    "AMBEV RECIPES" means those Beer-related formulae and processes specified
      by AmBev for use by Quinsa in connection with the production of Licensed
      AmBev Beer.

                                                                             31

<PAGE>

e)    "ATTACHMENT" means an attachment to this License Agreement, as amended
      from time to time in accordance with the provisions of this License
      Agreement. The list of Attachments to this License Agreement is the
      following:

      Attachment A - Marks

      Attachment B - List of breweries currently operated or owned by Quinsa

      Attachment C - List of Quinsa Licensees

      Attachment D - Form of monthly reports

f)    "BAC" means Beverage Associates (BAC) Corp., a British Virgin Islands
      corporation.

g)    "BANKRUPTCY EVENT" means with respect to either Party (a) a declaration,
      judgment or order of bankruptcy by a court against such Party under any
      applicable bankruptcy or insolvency laws, including laws applicable in
      the Territory, as now existing or as hereafter amended or becoming
      effective, or (b) the dissolution or liquidation of such Party.

h)    "BRAZILIAN BEER" has the meaning ascribed to it in Section 2.1.a).

i)    "BEER" means any fermented alcoholic or non-alcoholic malt beverage.

j)    "BUDGET YEAR" means: (a) for the year 2003, the period commencing on the
      date of approval of the budget for Quinsa for the year 2003 by the Board
      of Directors and ending on December 31, 2003; and (b) for each subsequent
      year after 2003, the twelve-month period commencing on January 1 of such
      year and ending on December 31 of such year.

k)    "CHANGE OF CONTROL" means that the Permitted Holders cease to be the
      "beneficial owner" (as defined in Rules 13d-3 and 13d-5 under the
      Securities Exchange Act of 1934), directly or indirectly, of a majority
      in the aggregate of the total voting power of the voting stock of Quinsa,
      whether as a result of issuance of securities of Quinsa, any merger,
      consolidation, liquidation or dissolution of Quinsa, any direct or
      indirect transfer of securities by any Permitted Holder or otherwise;
      provided that for purposes of this definition, (i) the Permitted Holders
      shall be

                                                                             32

<PAGE>

      deemed to beneficially own any voting stock of an entity (the "specified
      entity") held by any other entity (the "parent entity") so long as the
      Permitted Holders beneficially own (as so defined), directly or
      indirectly, in the aggregate a majority of the total voting power of the
      voting stock of the parent entity; and (ii) BAC shall be deemed to own,
      without duplication, all Remaining Shares (as defined in the Stock
      Purchase Agreement) held by the Escrow Agent (as defined in the Escrow
      Agreement dated as of January 31, 2003 among AmBev, Quinsa and BAC,
      hereinafter the "ESCROW AGREEMENT") from time to time under the Escrow
      Agreement and all Remaining Shares pledged to AmBev under the Share
      Pledge Agreement dated as of January 31, 2003 among AmBev, BAC and Quinsa
      (the "SHARE PLEDGE AGREEMENT").

l)    "COMMERCIAL BREWING" means production of Licensed AmBev Beer for sale.

m)    "CONFIDENTIAL INFORMATION" refers to confidential, non-public or
      proprietary information disclosed by or on behalf of AmBev to or for the
      benefit of Quinsa, including information generated by computer and stored
      on hard disk, floppy diskettes or any other electronic medium, including,
      without limitation, any such information relating to: (i) the Marks and
      Intellectual Property, (ii) Licensed AmBev Beer, (iii) Technical
      Industrial Information; and (iv) any information covered by the following
      categories and not by the three categories aforementioned: AmBev's or any
      of its Affiliates' research, strategic plans, development, product
      design, engineering data, specifications, processes, formulations,
      production operations or techniques, equipment layout, planning,
      purchasing, accounting, finance, selling, marketing, market research,
      promotional plans, customers, suppliers, and other information of a
      similar nature. Confidential Information may include designs,
      specifications and know-how in which AmBev, its Affiliates or their
      suppliers or subcontractors have proprietary interests, or with respect
      to which AmBev or any of its Affiliates has an obligation to third
      parties to maintain in confidence. Confidential Information also refers
      to any analyses, compilations and documents containing any of the
      information referred to above, whether prepared by the Parties or others.
      Notwithstanding the foregoing, Confidential Information shall not include
      information which: (a) is widely known in the industry at the time of
      disclosure (other than as a result of disclosure by Quinsa or its
      Representatives); (b) is lawfully in the possession of Quinsa prior to
      its disclosure, as evidenced by Quinsa's

                                                                             33

<PAGE>

      written materials; or (c) has been lawfully obtained by Quinsa from a
      third party or third parties who were not in breach of any nondisclosure
      obligation to Quinsa or AmBev or any of AmBev's Affiliates.

n)    "EFFECTIVE DATE" means the date upon which this License Agreement is duly
      executed by both Parties.

o)    "F.O.B." shall have the meaning attributed to in the Incoterms published
      by the International Chamber of Commerce.

p)    "FORCE MAJEURE" has the meaning ascribed to it in Section 9.5.

q)    "GOVERNMENTAL ENTITY" means any national, state, local or foreign
      government or any court of competent jurisdiction, administrative agency
      or commission or other governmental authority or instrumentality,
      domestic or foreign;

r)    "INTELLECTUAL PROPERTY" means all matters and things involving
      intellectual property as the term is used and understood in the trade
      pertaining to Beer or the method of manufacture or advertising and
      promotion of Beer, including but not limited to the Marks, AmBev Recipes,
      Confidential Information and Technical Industrial Information as well as
      any related patents, copyrights (including copyright rights in the
      packaging, labeling, ornamentation, advertising and promotional
      activities, plans and materials , including any marketing plans, for
      Beer) and other related intellectual property rights.

s)    "LICENSED AMBEV BEER" has the meaning ascribed to it in Section 1.2.a).

t)    "LOSS" has the meaning ascribed to it in Section 10.

u)    "MARKETING MANAGER" has the meaning ascribed to it in Section 3.2.

v)    "MARKETING PLAN" means the marketing plan approved in accordance with the
      provisions set forth in Section 3.4 of this License Agreement.

w)    "MARKETING COSTS" means all payments by Quinsa to third parties in
      connection with: (i) the advertisement and development of name
      recognition of Licensed AmBev Beer in the Territory; (ii) the development
      and implementation of polices regarding the position of Licensed AmBev
      Beer and the general creative strategy to be used for the marketing and
      promotion of Licensed AmBev Beer in the Territory;

                                                                             34

<PAGE>

      (iii) the promotion of actual sales of, and consumer interest in,
      Licensed AmBev Beer in the Territory; and (iv) the implementation of
      trade and promotional activities relating to Licensed AmBev Beer
      including, without limitation, UTC promotional activities, POS material,
      sponsorships, merchandisers and IDA's related to supermarket costs;
      provided that, Marketing Costs shall include only net expenses and shall
      not include value added taxes and other recoverable taxes, or, in
      relation to Quinsa, except to the extent expressly permitted in the
      Marketing Plan, the costs of employees or other overhead costs, costs of
      price promotions such as bonuses and discounts, or costs of head office
      promotional support, commissions or rebates.

x)    "MARKS" means all trademarks, service marks or trade names owned by,
      AmBev and its Affiliates and used in connection with the production,
      marketing, distribution or sale of Beer now or at any time prior to the
      termination of this License Agreement, including but not limited to those
      listed on Attachment A hereto.  In addition, for purposes of Sections
      4.1(c), 4.1(g), 4.3, 9.7, the term "Marks" shall also include any
      variations on the Marks, including variations not permitted by this
      License Agreement, any marks confusingly similar to the Marks and any
      Intellectual Property.

y)    "OTHER INDEMNIFIED PERSONS" has the meaning ascribed to it in Section 10.

z)    "PARTY" or "PARTIES" means either or both of the signatories of this
      License Agreement.

aa)   "PERMITTED HOLDERS" means either AmBev and its Affiliates, as a group, or
      AmBev together with BAC; provided that for purposes of this definition,
      (i) the Permitted Holders shall be deemed to beneficially own any voting
      stock of an entity (the "specified entity") held by any other entity (the
      "parent entity") so long as the Permitted Holders beneficially own (as so
      defined), directly or indirectly, in the aggregate a majority of the
      total voting power of the voting stock of the parent entity; and (ii) BAC
      shall be deemed to own, without duplication, all Remaining Shares (as
      defined in the Stock Purchase Agreement) held by the Escrow Agent (as
      defined in the Escrow Agreement) from time to time under the Escrow
      Agreement and all Remaining Shares pledged to AmBev under the Share
      Pledge Agreement.

                                                                             35

<PAGE>

bb)   "PERSON" means any individual, firm, corporation, partnership, limited
      liability company, trust, joint venture, Governmental Entity or other
      entity.

cc)   "QUINSA LICENSEES" has the meaning ascribed to it in Section 13.11.

dd)   "QUINSA BOARD OF DIRECTORS" means the board of directors of Quinsa at any
      time, and from time to time.

ee)   "REPRESENTATIVES" of any Person means the Affiliates, directors,
      officers, employees, agents, advisors and representatives of such Person.

ff)   "SALES MANAGER" has the meaning ascribed to it in Section 3.3.

gg)   "SHARE EXCHANGE AGREEMENT" has the meaning ascribed to it in the preamble
      of this License Agreement.

hh)   "SHAREHOLDERS' AGREEMENT" means the shareholders' agreement to be
      executed among Quinsa, AmBev and Beverage Associates Corporation, as
      provided in Exhibit F to the Stock Purchase Agreement.

ii)   "STOCK PURCHASE AGREEMENT" means the stock purchase agreement dated as of
      May 1st, 2002, between AmBev and BAC.

jj)   "SUB-LICENSE AGREEMENTS" has the meaning ascribed to it in Section
      13.11.a).

kk)   "SUBSIDIARY" of any Person means another Person, an amount of the voting
      securities, other voting ownership or voting partnership interests of
      which is sufficient to elect at least a majority of its Board of
      Directors or other governing body (or, if there are no such voting
      interests, fifty percent (50%) or more of the equity interests of which)
      is owned directly or indirectly by such first Person or by another
      subsidiary of such first Person.

ll)   "TECHNICAL INDUSTRIAL INFORMATION" refers to information or data
      disclosed by or on behalf of AmBev to or for the benefit of Quinsa and
      its Affiliates relating to: (i) the manufacturing processes related to
      the production of Licensed AmBev Beer and (ii) the AmBev Recipes; and
      (iii) in the event AmBev licenses new products to Quinsa, such new
      products of AmBev or its Affiliates and their formulation, as soon as
      commercially marketed by AmBev or its Affiliates.  It is understood,

                                                                             36

<PAGE>

      however, that Technical Industrial Information does not include the
      following: (a) information and data which AmBev or its Affiliates does
      not have a right to disclose or the disclosure of which would require the
      payment of compensation to a third party; and (b) any other technology
      used by AmBev or its Affiliates in Brazil or elsewhere or held by AmBev
      or its Affiliates under a confidentiality or similar agreement with a
      third party.

mm)   "TERRITORY" means Argentina, Paraguay, Uruguay, Bolivia and Chile and any
      other country or region in which the Parties hereafter mutually agree to
      do business together and jointly decide to include in the definition of
      Territory.

nn)   "U.S." means all that geographical area encompassing the United States of
      America, including its territories, dependencies and possessions.

                                                                             37

<PAGE>

            IN WITNESS WHEREOF, the Parties have executed this License
Agreement as of the day and year first written above.

Quilmes Industrial (Quinsa) Societe Anonyme

/s/ Jacques-Louis de Montalembert       /s/ Agusti'n Garci'a Mansilla
Name:Jacques-Louis de Montalembert      Name: Agusti'n Garci'a Mansilla
Title:Chairman                          CEO Quinsa

Companhia de Bebidas das Americas - AmBev

/s/ Magim Rodriguez Jr.                 /s/ Luis Felipe Dutra Leite
Name: Magim Rodriguez Jr.               Name: Luis Felipe Dutra Leite
Title:CEO                               Title: CFO

Companhia Brasileira de Bebidas - CBB

/s/ Magim Rodriguez Jr.                 /s/ Luis Felipe Dutra Leite
Name: Magim Rodriguez Jr.               Name: Luis Felipe Dutra Leite
Title:                                  Title:CONFORMED COPY

      DISTRIBUTION AGREEMENT DATED AS OF JANUARY 31, 2003, BETWEEN QUILMES
INDUSTRIAL (QUINSA) SOCIETE ANONYME, A LUXEMBOURG CORPORATION ("QUINSA"),
AND COMPANHIA DE BEBIDAS DAS AMERICAS - AMBEV, A BRAZILIAN SOCIEDADE
ANONIMA ("AMBEV").

WHEREAS, pursuant to the Share Exchange Agreement dated as of May 1, 2002 (the
"Share Exchange Agreement"), AmBev agreed to distribute all of Quinsa's beer
products in the Territory on terms substantially similar to those provided
under existing distribution agreements with certain other beer producers;

WHEREAS, AmBev and Quinsa recognize that the success of this Distribution
Agreement depends upon the fulfillment of the needs of retailers and consumers
in the Territory, upon the execution of aggressive, sound and ethical marketing
efforts, and upon a conscientious regard for customer service; and

WHEREAS, certain terms used in this Agreement are defined in Section 1 and all
other capitalized terms used herein and not otherwise defined have the meanings
set forth in the Share Exchange Agreement.

      NOW, THEREFORE, in consideration of the mutual covenants set forth
herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, AmBev and Quinsa hereby agree as
follows:

I.    DEFINITIONS - As used herein, the following terms, which may not be
otherwise defined herein, shall have the meanings specified below (equally
applicable to both the singular and plural forms):

"AFFILIATE" of any Person means another Person that directly or indirectly,
through one or more intermediaries, controls, is controlled by, or is under
common control with, such first Person.

<PAGE>

"AGREEMENT"  shall mean this document, the schedules attached hereto, and any
written addenda that expressly purport to vary or supplement the terms of this
document and are signed by authorized signatories of both parties;

"BEER" means any fermented alcoholic malt beverage.

"BREWED QUINSA BEER"shall mean the beer designated on Schedule A to this
Distribution Agreement imported, distributed and sold by AmBev hereunder;

"CONFIDENTIAL INFORMATION"refers to confidential, non-public or proprietary
information disclosed by or on behalf of Quinsa to or for the benefit of AmBev,
including information generated by computer and stored on hard disk, floppy
diskettes or any other electronic medium, including, without limitation, any
such information relating to: (i) the Marks and Intellectual Property, (ii)
Brewed Quinsa Beer, (iii) Technical Industrial Information and (iv) any
information covered by the following categories and not by the three categories
aforementioned: Quinsa's or any of its Affiliates' research, strategic plans,
development, product design, engineering data, specifications, processes,
formulations, production operations or techniques, equipment layout, planning,
purchasing, accounting, finance, selling, marketing, market research,
promotional plans, customers, suppliers, and other information of a similar
nature.  Confidential Information may include designs, specifications and know-
how in which Quinsa, its Affiliates or their suppliers or subcontractors have
proprietary interests, or with respect to which Quinsa or any of its Affiliates
has an obligation to third parties to maintain in confidence. Confidential
Information also refers to any analyses, compilations and documents containing
any of the information referred to above, whether prepared by the Parties or
others. Notwithstanding the foregoing, Confidential Information shall not
include information which: (a) is widely known in the industry at the time of
disclosure (other than as a result of disclosure by AmBev or its
Representatives); (b) is lawfully in the possession of AmBev prior to its
disclosure, as evidenced by AmBev's written materials; or (c) has been lawfully
obtained by AmBev from a third party or third parties who were not in breach of
any nondisclosure obligation to AmBev or Quinsa or any of Quinsa's Affiliates.

"CONTRACT YEAR"    shall mean: (a) for the year 2003, the period commencing on
the Effective Date and ending on December 31, 2003; and (b) for each subsequent
year after 2003, the twelve-month period commencing on January 1 of such year
and ending on December 31 of such year; provided, however, that in the event of
termination of this

<PAGE>

Distribution Agreement, the Contract Year shall end on the date of termination.

"CURRENT RATE OF EXCHANGE" means the Brazilian currency/United States dollar
closing midpoint exchange rate as published in the Wall Street Journal
newspaper for the last business day of the accounting period to which it
applies.

"EFFECTIVE DATE" means the date upon which this Distribution Agreement is duly
executed by both Parties.

"GOVERNMENTAL ENTITY" means any national, state, local or foreign government or
any court of competent jurisdiction, administrative agency or commission or
other governmental authority or instrumentality, domestic or foreign;

"INTELLECTUAL PROPERTY" means all matters and things involving intellectual
property as the term is used and understood in the trade pertaining to Beer or
the method of manufacture or advertising and promotion of Beer, including, but
not limited to the Marks, Quinsa Recipes, Confidential Information, Technical
Industrial Information as well as any related patents, copyrights (including
copyright rights in the packaging, labeling, ornamentation, advertising and
promotional activities, plans and materials , including any marketing plans,
for Beer) and other related intellectual property rights.

"LICENSED QUINSA BEER" means, to the extent that the board resolution
contemplated by Section 2.1.3 is adopted, Beer produced by or under contract
for AmBev or its Affiliates in the Territory under the Marks designated in
Schedule C pursuant to the terms of this Distribution Agreement.

"MARKS" means all trademarks, service marks or trade names owned by Quinsa and
its Affiliates and used in connection with the production, marketing,
importing, distribution or sale of Beer now or at any time prior to the
termination of this Distribution Agreement, including but not limited to those
listed on Schedule C hereto.  In addition, for purposes of Section 4.4, the
term "Marks" shall also include any variations on the Marks, including
variations not permitted by this Distribution Agreement, any marks confusingly
similar to the Marks and any Intellectual Property.

"PARTY" or "PARTIES" means either or both of the signatories of this License
Agreement.

<PAGE>

"PERSON" means any individual, firm, corporation, partnership, limited
liability company, trust, joint venture, Governmental Entity or other entity.

"QUINSA RECIPES" means those Beer-related formulae and processes specified by
Quinsa for use by AmBev in connection with the production of Licensed Quinsa
Beer.

 "REPRESENTATIVES" of any Person means the Affiliates, directors, officers,
employees, agents, advisors and representatives of such Person.

"TECHNICAL INDUSTRIAL INFORMATION" means the information or data disclosed by
or on behalf of Quinsa to or for the benefit of AmBev and its Affiliates
relating to: (i) the manufacturing processes related to the production of
Licensed Quinsa Beer; and (ii) the Quinsa Recipes; and (iii) in the event
Quinsa licenses new products to AmBev, such new products of Quinsa or its
Affiliates' and their formulation, as soon as commercially marketed by Quinsa
or its Affiliates.  It is understood, however, that Technical Industrial
Information does not include the following: (a) information and data which
Quinsa or its Affiliates does not have a right to disclose or the disclosure of
which would require the payment of compensation to a third party; and (b) any
other technology used by Quinsa or its Affiliates in Argentina or elsewhere or
held by Quinsa or its Affiliates under a confidentiality or similar agreement
with a third party.

 "TERRITORY" means Brazil and any other country or region in which the Parties
hereafter mutually agree to do business together and jointly decide to include
in the definition of Territory

II.   DISTRIBUTION

2.1   Importation, Distribution and Sales Rights

2.1.1  Each party understands that all its rights and obligations with respect
to the distribution of Imported Quinsa Beer are fully set forth herein.

2.1.2  Quinsa hereby grants to AmBev, on the terms set out in this Distribution
Agreement and subject to the limitations herein, the exclusive right to
purchase from Quinsa for import into and to distribute, directly or through its
distribution network, Brewed Quinsa Beer under the Marks in the Territory.
Subject to the limitations below (in clause 2.3), Quinsa agrees that it shall
not, directly or through its

<PAGE>

Affiliates, nor shall it authorize others besides AmBev or its Affiliates to,
produce, purchase, import, distribute and sell Brewed Quinsa Beer for or within
the Territory, or:

             (a)   appoint any other person, firm or company as a distributor
of the brands listed in Schedule A in the Territory;

             (b)   supply Brewed Quinsa Beer to any person, firm or company
(other than AmBev or its Affiliates) in the Territory whether for resale,
distribution or other purposes;

2.1.3  At any time during the term of this Distribution Agreement  and subject
to a written previous approval of the board of directors of Quinsa, AmBev and
its Affiliates shall have the exclusive right to produce, have produced,
bottle, have bottled, distribute, have distributed, sell and have sold Licensed
Quinsa Beer in the Territory.

2.1.4  All Licensed Quinsa Beer produced by or under contract for AmBev and its
Affiliates for sale in the Territory under the Marks designated on Schedule C
hereto pursuant to this Distribution Agreement shall be in conformance with the
Technical Industrial Information and shall be of a substantially uniform
quality within reasonably designated specifications as determined from time to
time by Quinsa.

2.1.5  Every month during the term of this Distribution Agreement, AmBev, at
AmBev's expense, shall deliver to Quinsa at a specified test facility located
in Argentina, representative product samples of recently produced Licensed
Quinsa Beer from each brewery at which it is produced by or on behalf of AmBev
or its Affiliates, to enable Quinsa to determine compliance with Section 2.1.4.
AmBev shall also supply to Quinsa monthly quality control reports substantially
in the form of Schedule B.

2.1.6  At all reasonable times during normal business hours, upon at least
seventy-two (72) hours prior notice to AmBev, AmBev agrees to permit Quinsa
and/or its duly authorized representatives to (i) visit and inspect any of the
properties or facilities at which Licensed Quinsa Beer or related promotional
items are is produced, bottled, processed, packaged or stored by or for AmBev
or its Affiliates, and (ii) inspect the brewing facilities, brewing procedures,
brewing laboratories, packaging and storage and quality control procedures
relating to Licensed Quinsa Beer. AmBev will fully cooperate with Quinsa with
respect to such inspection and will keep Quinsa advised of each location at
which the activities related to the production, bottling, distribution,
marketing, or sale of Licensed Quinsa Beer, are taking place.

<PAGE>

2.1.7  Permitted Breweries. Prior to the commencement of commercial brewing of
Licensed Quinsa Beer at a brewery, AmBev shall obtain Quinsa's written approval
of the brewery as a brewery for the production of Licensed Quinsa Beer, except
that AmBev shall have the right to brew Licensed Quinsa Beer at any brewery
owned or operated by AmBev as of the date of this Distribution Agreement for so
long as the relevant brewery continues to be owned or operated by AmBev. In the
exercise of its approval right, Quinsa may require, as a condition for such
approval, modifications to each brewery at which Licensed Quinsa Beer is to be
brewed and at related storage facilities. Further, with respect to each brewery
at which Licensed Quinsa Beer is to be brewed, AmBev (after consultation with,
and inspection by, Quinsa) will conduct or cause to be conducted commercial
scale brew tests of the particular Licensed Quinsa Beer to be produced at that
brewery.

2.2   Territory

2.2.1  AmBev shall insure that neither it nor any of its Affiliates will,
except as Quinsa may otherwise agree in writing:

             (a)  actively seek customers, or actively solicit orders, or
establish any branch or maintain any distribution depot for Brewed Quinsa Beer
or Licensed Quinsa Beer outside the Territory; nor

             (b)  fill any order for Brewed Quinsa Beer or Licensed Quinsa Beer
for delivery outside of the Territory (or where it has reason to know or
reasonably should know that the purchaser intends to, directly or indirectly,
distribute the Brewed Quinsa Beer or Licensed Quinsa Beer outside the
Territory).

2.2   Exclusive Rights

2.2.1  Quinsa agrees not to produce, sell or distribute, directly or
indirectly, in the Territory any brand of beer owned by or licensed to Quinsa
or its Affiliates during the Distribution Agreement term except through AmBev.

2.3   Licensed Quinsa Beer Ingredients.

2.3.1  Quinsa will sell to AmBev, and AmBev will purchase only from Quinsa (or
its designee), the culture yeast needed for the production of Licensed Quinsa
Beer pursuant to this Distribution Agreement.

<PAGE>

2.3.2  Culture yeast purchased by AmBev from Quinsa (or its designee) shall be
handled as prescribed by Quinsa. AmBev shall not propagate, or permit any other
Person to propagate, such culture yeast (other than in the production of
Licensed Quinsa Beer), nor shall AmBev disclose the details of, or use, or
allow any other Person to use, such culture yeast for any purpose other than
the production of the Licensed Quinsa Beer in accordance with the terms of this
Distribution Agreement. AmBev shall not sell, transfer or deliver any such
culture yeast supplied by Quinsa or its designee to any Person other |than
Quinsa or a Person designated by Quinsa (or otherwise permit any such other
Person to obtain the same) without the prior written consent of Quinsa.

2.3.3  All sales of culture yeast by Quinsa (or its designee) to AmBev for use
in connection with Licensed Quinsa Beer shall be (i) in the event that Quinsa
does not produce such product, at the same price and upon the same terms as
purchases of such product are made by Quinsa from its suppliers, or (ii) in the
event that Quinsa produces such product, at a price equal to Quinsa's cost of
production; provided that AmBev will pay to such suppliers or reimburse Quinsa,
as the case may be, for any incremental costs arising in connection with the
delivery of such product to the facility or facilities at which Licensed Quinsa
Beer is being produced, including but not limited to transportation costs and
any and all import or other taxes. Unless otherwise agreed, the prices shall be
F.O.B. Quinsa's designated facility.

2.3.4  All such payments by AmBev for cultured yeast, unless otherwise directed
by Quinsa, shall be made within sixty (60) days of the appropriate shipment by
Quinsa (or its designee), in U.S. Dollars by such means as are specified in
written instructions to be provided by Quinsa (or its designee) from time to
time. Amounts expressed in a currency other than U.S. Dollars shall be
converted into U.S. Dollars at the exchange rate prevailing on the due date for
such payment.

2.3.5  AmBev shall obtain such licenses and approvals as may be necessary in
connection with the import into and use of the culture yeast supplied by Quinsa
or its designee in the Territory.

2.4   Sales Volume Targets

2.4.1  AmBev shall use its best efforts within the budget agreed to by both
parties for each Contract Year, to achieve in the Territory, for each such
Contract Year, the sales volume targets for Brewed Quinsa Beer or Licensed
Quinsa Beer.  Sales volume targets will be fixed in good faith from time to
time by mutual consent of the Parties. However in the event AmBev does not meet
the sales volume target, Quinsa shall have no right to any penalty or
indemnification of any nature against AmBev

<PAGE>

or its Affiliates relating thereto, and such fact shall not constitute a just
cause to terminate this Distribution Agreement.

2.4.2  Within thirty days after each Contract Year (or if later when such data
becomes available), the parties shall use A. C. Neilsen data with respect to
on-premise and off-premise volumes in the Territory to determine the market
share of the Brewed Quinsa Beer or Licensed Quinsa Beer for the Territory.
Where the market size has significantly changed from that applicable in the
previous year, the parties shall consider in good faith whether proportional
modifications to the sales volume targets for future years are appropriate in
light thereof.

2.4.3  Certain Acknowledgements.

      a)     AmBev agrees that nothing in this Distribution Agreement shall
require Quinsa or any of its Affiliates now or at any time during the term of
this Distribution Agreement to:

      (i)    maintain or alter the formula, ingredients or packaging of
Licensed Quinsa Beer or the container thereof;

      (ii)   restrict Quinsa's or its Affiliates' production and/or sale of any
brands of Beer other than Licensed Quinsa Beer and/or other products outside
the Territory; or

      (iii)  restrict its conduct of any other business.

      b)     AmBev agrees that nothing in this License Agreement shall permit
AmBev to alter the formula, ingredients, packaging or labeling of Licensed
Quinsa Beer.

III.  PARTIES' UNDERTAKINGS

3.1   During the term of this Distribution Agreement, AmBev shall:

(a)   distribute and sell, directly or indirectly, Brewed Quinsa Beer
throughout the Territory and purchase and import Brewed Quinsa Beer into the
Territory;

(b)   to the extent that the board resolution contemplated by Section 2.1.3 is
adopted, produce, have produced, bottle, have bottled, distribute, have
distributed, sell and have sold Licensed Quinsa Beer throughout the Territory;

(c)   to the extent available and commercially reasonable, obtain and maintain
at all times during the term of this Distribution Agreement and

<PAGE>

thereafter for so long as any Brewed Quinsa Beer or Licensed Quinsa Beer
remains in distribution by AmBev, product liability insurance covering its
activities hereunder in amounts and on terms considered reasonable by the AmBev
board of directors from time to time;

(d)   obtain such material approvals, licenses and permits as may be required
from time to time under the laws and regulations in the Territory in connection
with the production, bottling, distribution, marketing and sale of Brewed
Quinsa Beer or Licensed Quinsa Beer contemplated by this Distribution
Agreement;

(e)   maintain, or cause others to maintain at all times, in warehouses that
are suitable for such purposes, an inventory of Brewed Quinsa Beer and, to the
extent that the board resolution contemplated by Section 2.1.3 is adopted,
Licensed Quinsa Beer which it reasonably believes to be sufficient to meet
anticipated demand and;

(f)   maintain an appropriate sales and delivery force and a proper system for
recording orders, deliveries and other pertinent matters helpful in the
marketing and distribution of Brewed Quinsa Beer and, to the extent that the
board resolution contemplated by Section 2.1.3 is adopted, Licensed Quinsa Beer
in the Territory (which records shall be available for discussion with Quinsa
representatives during the regular hours of business);

(g)   supply Quinsa with regular written reports (on a monthly basis)
describing the sales of Brewed Quinsa Beer in the Territory;

(h)   adhere to all conditions that may be reasonably prescribed by Quinsa in
relation to the storage of Brewed Quinsa Beer or Licensed Quinsa Beer
including:

      (i)    ensuring that Brewed Quinsa Beer and Licensed Quinsa Beer that
exceeds the expiration date referred to below is not sold in the marketplace;

      (ii)   ensuring that all Licensed Quinsa Beer that it produces or has
produced is coded with an appropriate expiration date, such date to be based on
an appropriate period between production and expiration of Licensed Quinsa Beer
to be agreed upon by the Parties promptly after the Effective Date; and

      (iii)  follow with respect to Brewed Quinsa Beer and Licensed Quinsa Beer
practices and procedures relating to outdated, damaged or otherwise
unmarketable inventory that are consistent with the practices

<PAGE>

and procedures followed by AmBev and its Subsidiaries with respect to the AmBev
brands in the Territory.

i)    upon the occurrence of any material quality problem, (i) suspend the
production, bottling, distribution, marketing, sale and resale (or cause the
suspension of the production, bottling, distribution, marketing, sale and
resale) of Licensed Quinsa Beer immediately upon discovery by AmBev of such
problem or receipt by AmBev of a request from Quinsa for such suspension that
is reasonable under the prevailing circumstances, (ii) promptly destroy any
product with any such quality problem, and (iii) immediately notify Quinsa and
provide full details pertaining to such event, and provide written reports and
other assistance as may reasonably required by Quinsa in order to gain
information pertaining to the event and to take any other appropriate action in
response thereto;

j)    promptly after any general manager of AmBev or its Subsidiaries becomes
aware of or has reason to believe that (i) any of Quinsa's trade secrets,
Marks, Intellectual Property, Technical Industrial Information or other
Confidential Information or details pertaining thereto, or any of the terms,
conditions or other facts contained in this Distribution Agreement or with
respect to Licensed Quinsa Beer, have inadvertently or otherwise been disclosed
to or obtained by or are being used by any unauthorized third party, or (ii) an
unauthorized person has gained access to culture yeast or any other ingredient
supplied by Quinsa or its designee for use in connection with this Distribution
Agreement or details pertaining thereto, immediately notify Quinsa and provide
full details pertaining to such event, and shall provide written reports and
other assistance as may reasonably required by Quinsa in order to gain
information pertaining to the event and to take appropriate action in response
thereto; and

k)    use its best efforts and fully cooperate with Quinsa in connection with
the registration or obtaining, maintenance and enforcement of Quinsa's or any
of its Affiliate's rights in and to the Marks both inside and outside of the
Territory.

l)    to the extent that the board resolution contemplated by Section 2.1.3 is
adopted, apply to the production, bottling, distribution, marketing and sale of
Licensed Quinsa Beer, practices, procedures and standards consistent with the
practices, procedures and standards applied by AmBev and its Subsidiaries in
connection with the production, bottling, distribution, marketing and sale of
AmBev's brands;

<PAGE>

m)    (i) report to Quinsa any non-routine or otherwise material correspondence
or communications that it receives from (x) any Governmental Entity concerning
Brewed Quinsa Beer or Licensed Quinsa Beer, or (y) any other Person if such
correspondence or communications pertain to any claims, including, without
limitation, (A) claims for product liability or infringement of Intellectual
Property, or (B) material consumer complaints that reasonably would be expected
to (i) result in material legal action against either Quinsa or AmBev, or (ii)
materially adversely affect the reputation of Quinsa or AmBev, or (iii) result
in the disclosure by Quinsa or AmBev of any product defects or the
implementation  by Quinsa or AmBev of any product recalls; and (ii) promptly
provide to Quinsa copies of such correspondence or communications;

3.2   During the term of this Distribution Agreement, Quinsa shall

(a)   maintain and protect the rights in those Marks as prescribed in Clause IV
below;

(b)   provide AmBev with freshness and storage guidelines as well as other
information useful in monitoring and maintaining the quality of  Brewed Quinsa
Beer and, to the extent that the board resolution contemplated by Section 2.1.3
is adopted, Licensed Quinsa Beer in the marketplace;

(c)   obtain such approvals, licenses and permits as it may require from time
to time under the laws and regulations of the Republic of Argentina in
connection with (i) the exportation of Brewed Quinsa Beer and (ii) to the
extent that the board resolution contemplated by Section 2.1.3 is adopted, the
production, exportation, distribution, marketing and sale of Licensed Quinsa
Beer ingredients referred to in Section 2.3;

(d)   ensure that all Brewed Quinsa Beer is exported to Brazil within 30 days
from the date of its production by Quinsa or its Affiliates;

(e)   to the extent that the board resolution contemplated by Section 2.1.3 is
adopted, provide all necessary formulae, recipes, technical guidelines and
process information to produce Licensed Quinsa Beer in accordance with the
terms of this Distribution Agreement;

(f)   to the extent that the board resolution contemplated by Section 2.1.3 is
adopted, provide all necessary guidelines regarding packaging materials and
their subsequent changes and improvements in due time to ensure an adequate
chain of supply time to AmBev's production facilities;

<PAGE>

(g)   conduct Quinsa's business in a manner that will reflect favorably upon
Brewed Quinsa Beer and Licensed Quinsa Beer so as to preserve the goodwill of
retailers and consumer acceptance of Brewed Quinsa Beer and Licensed Quinsa
Beer in the Territory;

IV.   Marks

4.1   The Marks and the appurtenant goodwill and Intellectual Property are the
sole property of Quinsa in the Territory and elsewhere. AmBev acknowledges the
validity and enforceability of the Marks and the sole and exclusive ownership
of those Marks and other related Intellectual Property by Quinsa. AmBev agrees
that it shall not, at any time during this Distribution Agreement or
thereafter, challenge said validity or enforceability of the Marks or other
related Intellectual Property for any reason or Quinsa's sole and exclusive
ownership thereof. Any registration of the Marks shall be made in the name and
at the expense of Quinsa or its Affiliates as the sole owner of such Marks and
shall remain the property of Quinsa or its Affiliates.  Quinsa shall continue
to be the owner of the Marks in the Territory; provided that, until such time,
if any, as this Distribution Agreement is terminated pursuant to Section 15
hereof, Quinsa will not take any action with respect to any of the Marks in the
Territory that is inconsistent with, or materially and adversely affects, the
rights of AmBev under this Distribution Agreement.

4.2   Quinsa hereby appoints AmBev as an authorized importer and distributor
for the Territory.

4.3   AmBev hereby agrees that the Marks and the appurtenant goodwill are the
sole property of Quinsa in the Territory and elsewhere.

4.4   AmBev agrees that it will not, by virtue of any of its activities
hereunder, obtain any ownership interest in or title to the Marks, or in any
registrations thereof, and that any uses of such Marks that it makes shall
inure only to the benefit of Quinsa.  If by operation of law or otherwise AmBev
shall obtain any ownership interest in or to the Marks, upon written request by
Quinsa, AmBev shall promptly assign such ownership interest in the Marks to
Quinsa or its designee (or if Quinsa so requests, grant a perpetual royalty-
free license to Quinsa or its designee to use the Marks) without charge.  Each
Party agrees to sign (at Quinsa's expense) all agreements (and cancellation
agreements) that the other may reasonably require relating to Brewed Quinsa
Beer or Licensed Quinsa Beer in the Territory, provided that the terms of such
agreement shall be consistent with the terms of this Distribution Agreement.

<PAGE>

4.5   AmBev shall have no right to take or require any action with respect to
registering or otherwise obtaining, maintaining, or enforcing rights in and to
the Marks, including, without limitation, any action with respect to the
registration of any Mark or variation thereon as a trademark, service mark,
trade name, business name or internet domain name in any national, state or
local registry established for the purpose of recording the same, but shall
cooperate (at Quinsa's expense) in any such actions as requested by Quinsa or
its designee.

4.6   AmBev agrees that except as permitted herein, during the Distribution
Agreement term and thereafter, it will not (either alone or in concert with
others) use or attempt to register any (i) mark confusingly similar to the
Marks or (ii) any label, package or product ornamentation confusingly similar
to those used in connection with Brewed Quinsa Beer or Licensed Quinsa Beer,
for any type of product.

4.7.  Trademark Usage.  All labels, containers, packaging and materials bearing
a Mark shall be of a quality that conforms to the specifications approved by
Quinsa.

4.8.  Limitations on License. AmBev shall not, directly or indirectly, use, or
authorize the use of, any of the Marks in connection with the production,
bottling, distribution, marketing, sale or resale of Brewed Quinsa Beer or
Licensed Quinsa Beer that does not meet the requirements of this Distribution
Agreement.

V - PURCHASE PRICE AND PAYMENT

5.1  The price to paid for each order of Brewed Quinsa Beer sold by Quinsa to
AmBev shall be determined such that Quinsa receives a net amount equivalent to
3% of the Net Revenues (as defined in Section 7.1) of the sales by AmBev and
its Affiliates of Brewed Quinsa Beer, and all importation fees, taxes, duties
and licenses shall be the responsibility of AmBev

5.2.  Purchase price payments to Quinsa for Brewed Quinsa Beer shall be made
within 30 (thirty) days of date of shipment. Such payments shall be made at a
bank selected by Quinsa.

VI - DELIVERY, TITLE, RISK OF LOSS AND TRANSPORTATION

6.1  Brewed Quinsa Beer sold to AmBev shall become the property of AmBev, with
title passing and the risk of loss being assumed by AmBev as it passes the
ship's rail at the port of exit from Argentina

<PAGE>

6.2  Subject to the AmBev complying with such reasonable ordering procedures as
are agreed between the parties, delivery of Brewed Quinsa Beer shall be made
within thirty (30) days of Quinsa's receipt of the relevant order for the same.
Such orders may be cancelled without penalty up to two (2) days prior to
commencement of production pursuant to such order.

6.3  Brewed Quinsa Beer shall be transported and packed for shipment from the
place of manufacture to an Argentine port of exit in a manner mutually agreed
by the parties. Unless otherwise agreed by the parties, Quinsa (or its
designee) shall have responsibility for arranging and paying for the
transportation with respect to the delivery of Brewed Quinsa Beer to the port
of exit in Argentina. AmBev shall be responsible for arranging and paying for
the transportation from the port of exit in Brazil to the port of entry in
Brazil.

VII.  ROYALTY

7.1 AmBev hereby agrees to pay Quinsa a royalty of 3% (three per cent) of the
Net Revenues AmBev receives due to sales of Licensed Quinsa Beer sold by AmBev
in the Territory.  "Net Revenues" shall mean gross revenues due to sales of
Licensed Quinsa Beer by AmBev hereunder, minus any applicable value added or
other recoverable taxes thereon, less sums returned to the customer due to
returns thereof, less sums returned to the customer due to discounts thereon,
less sums of any import goods, parts or components.  Where revenues or expenses
are in other than a Brazilian currency, they shall be converted to Brazilian
currency amounts using the exchange rates applicable as of the last business
day of the calendar quarter.  Royalties hereunder shall then be paid on a
calendar quarterly basis within fifteen days after each quarter, at the Current
Rate of Exchange.

7.2 Payments under clause 7 shall be made in U.S. Dollars at a bank selected by
Quinsa, and each such payment shall be accompanied by a statement from AmBev
giving explanatory details of sales and computation of royalties as may be
reasonably requested by Quinsa.  Records of and relating to royalties due shall
be maintained and retained by AmBev.

7.3  AmBev shall maintain records of all papers, correspondence, proof of
payment, ledgers, books, accounts and other information relating to its
services hereunder or performance hereunder.  Quinsa or its designee may
inspect, examine and review such records (and make copies thereof) at any time
upon at least five days' notice during normal

<PAGE>

business hours during the Distribution Agreement and for two years thereafter.

7.5  All royalty payments to be made hereunder by AmBev to Quinsa shall be
without deduction of any kind whatsoever, including, but not limited to, taxes,
fees, registration or recording taxes, stamp charges, any other similar
governmental or quasi-governmental charge, or any setoffs or counterclaims.  If
AmBev shall pay any taxes on behalf of Quinsa, it shall obtain official tax
receipts evidencing such payment and deliver such receipts to Quinsa within
thirty days after such receipts are made available to AmBev.  In the event that
the government of the Territory imposes a withholding tax, the parties shall,
if Quinsa so requests, then promptly negotiate increases to the royalty rate so
that after the withholding tax is applied Quinsa will thereafter receive from
AmBev the amount it would have received if the withholding tax had not existed.
If any taxes, during the term of this Distribution Agreement, are imposed or
required to be withheld from any payment, AmBev shall (a) increase the amount
of such payment so that Quinsa will receive a net amount (after deduction of
all taxes) equal to the amount due hereunder and (b) pay all taxes to the
appropriate taxing authority for the account of Quinsa and, as promptly as
possible thereafter, send Lender an original receipt showing payment thereof.

VIII. INDEMNIFICATION

8.1  Each Party shall indemnify the other Party and its Representatives ("OTHER
INDEMNIFIED PERSONS") from, and shall hold the other party and the Other
Indemnified Persons harmless against all loss, cost, liability, damage or
expense (each, a "LOSS") which may be imposed upon or reasonably incurred by
such other Party or Other Indemnified Person, including reasonable attorney's
fees and disbursements and reasonable settlement payments, in connection with
any claim, action or other proceeding or threat thereof (including fines and
other governmentally imposed charges), made or instituted in which the other
Party or any Other Indemnified Person may be involved by reason of:

In the case of Quinsa:

a)    any Loss, including, without limitation, a Loss arising from a product
liability claim, arising out of (i) Ambev's distribution, storage and sale of
Brewed Quinsa Beer, or except where, and only to the extent that, such Loss is
primarily caused by any defect in the Quinsa manufacture or (ii) AmBev's
production, bottling, distribution, marketing, sale and/or resale of Licensed
Quinsa Beer, except where,

<PAGE>

and only to the extent that, such Loss is primarily caused by any defect in the
Quinsa Recipes;

b)    any Loss caused primarily by any advice or determination made by AmBev
under this Distribution Agreement or in connection with the production,
bottling, distribution, marketing, sale and/or resale by AmBev of Brewed Quinsa
Beer or Licensed Quinsa Beer which is knowingly false or misleading; or

c)    any tortious act on the part of AmBev.

In the case of Ambev:

a)    any Loss, including, without limitation, a Loss arising from a product
liability claim relating to (i) Brewed Quinsa Beer to the extent, but only to
the extent, that such Loss is primarily caused by any defect in the manufacture
or transportation to the port of exit of Argentina by Quinsa, its Affiliates or
any of their assignees, contractors, or vendors  of the Brewed Quinsa Beer (ii)
Licensed Quinsa Beer to the extent, but only to the extent, that such Loss is
primarily caused by any defect in the Quinsa Recipes; or

b)    any tortious act on the part of Quinsa.

8.2.  Notwithstanding anything to the contrary set forth herein, Quinsa shall
have no liability to AmBev for any breach by Quinsa of any provision hereof (a)
to the extent that such breach is solely and directly attributable to any
decision, action, failure to decide or failure to act by any person or persons
who serve as directors of Quinsa and who were nominated or elected, directly or
indirectly, by AmBev or its Affiliates or (b) to the extent that such breach
occurs or continues after the First Stage Closing Date (as defined in the Stock
Purchase Agreement dated May 1, 2002, between Beverage Associates (BAC) Corp.,
a British Virgin Islands corporation and AmBev)).

IX. REPRESENTATIONS AND WARRANTIES

9.1  AmBev represents and warrants that:

(a)   it has all requisite corporate power and authority to execute and deliver
this Distribution Agreement and to consummate the transactions contemplated
hereby;

<PAGE>

(b)   AmBev's execution and delivery of, and performance of its obligations
under, this Distribution Agreement has been duly and validly authorized by all
requisite action on the part of the AmBev, and this Distribution Agreement
constitutes a valid and binding obligation of AmBev, enforceable against it in
accordance with its terms, except as enforceability hereof may be limited by
any applicable bankruptcy, reorganization, insolvency or other laws affecting
creditors' rights generally or by general principles of equity;

(c)   the execution, delivery and performance by AmBev of this Distribution
Agreement, the consummation of the transactions contemplated hereby and
compliance with the provisions hereof do not (a) violate in any material
respect any constitution, law, statute, treaty, rule, ordinance, permit,
certificate, directive, requirement, regulation or order of any federal, state,
municipal, or other government, governmental department, commission, board,
bureau, agency or instrumentality, or any court or tribunal, to which AmBev or
any of its Subsidiaries or any of its assets is subject, (b) violate any
provision of the memorandum and articles of association and other
organizational documents of AmBev or any of its Subsidiaries, (c) conflict
with, result in a material breach of, constitute a material default under,
result in the acceleration of, create in any party the right to accelerate,
terminate, modify or cancel, or require any notice under any material contract
or agreement to which AmBev or any of its Subsidiaries is a party or by which
any of its respective assets is bound or (d) result in the imposition of any
security interest, pledge, lien, bailment (in the nature of a pledge or for
purposes of security), mortgage, deed of trust, the grant of a power to confess
judgment, conditional sale or title retention agreement (including any lease in
the nature thereof), charge, encumbrance, easement, reservation, restriction,
right of first refusal or first offer, option, commitment or other similar
arrangement or interest in real or personal property, whether oral or written,
upon any of the assets of AmBev or any of its Subsidiaries; and

(d)   Other than approvals required by Central Bank of Brazil, INPI (National
Institute of Industry Property) and the Brazilian antitrust authorities, no
approval, authorization, order or consent of, declaration to, or registration
or filing with, any governmental or regulatory authority in the Territory is
required for the valid execution and delivery by it of this Distribution
Agreement, or for the performance of its obligations hereunder and thereunder.

9.2  Quinsa represents and warrants that:

<PAGE>

(a)   it has all requisite corporate power and authority to execute and deliver
this Distribution Agreement and to consummate the transactions contemplated
hereby;

(b)   Quinsa's execution and delivery of, and performance of its obligations
under, this Distribution Agreement has been duly and validly authorized by all
requisite action on the part of Quinsa, and this Distribution Agreement
constitutes a valid and binding obligation of Quinsa, enforceable against it in
accordance with their terms, except as enforceability thereof may be limited by
any applicable bankruptcy, reorganization, insolvency or other laws affecting
creditors' rights generally or by general principles of equity;

(c)   the execution, delivery and performance by Quinsa of this Distribution
Agreement, the consummation of the transactions contemplated hereby and thereby
and compliance with the provisions hereof do not (a) violate in any material
respect any constitution, law, statute, treaty, rule, ordinance, permit,
certificate, directive, requirement, regulation or order of any federal, state,
municipal, or other government, governmental department, commission, board,
bureau, agency or instrumentality, or any court or tribunal, to which the
Quinsa or any of its Subsidiaries or any of its assets is subject, (b) violate
any provision of the memorandum and articles of association and other
organizational documents of Quinsa or any of its Subsidiaries, or (c) result in
the imposition of any security interest, pledge, lien, bailment (in the nature
of a pledge or for purposes of security), mortgage, deed of trust, the grant of
a power to confess judgment, conditional sale or title retention agreement
(including any lease in the nature thereof), charge, encumbrance, easement,
reservation, restriction, right of first refusal or first offer, option,
commitment or other similar arrangement or interest in real or personal
property, whether oral or written, upon any of the assets of Quinsa or any of
its Subsidiaries; and

(d) it has all material permits and licenses necessary to perform its
obligations pursuant to this Distribution Agreement as in existence on the date
hereof.

(e) no approval, authorization, order or consent of, declaration to, or
registration or filing with, any governmental or regulatory authority in the
Territory is required for the valid execution and delivery by it of this
Distribution Agreement to which it is a party, or for the performance of its
obligations hereunder and thereunder.

X.  COMPLAINT PROCEDURES

<PAGE>

10.1   AmBev shall promptly notify Quinsa of any complaints and/or litigation
relating to the Brewed Quinsa Beer or Licensed Quinsa Beer, and where such
complaint or litigation may reflect unfavorably on the reputation of Brewed
Quinsa Beer or Licensed Quinsa Beer shall afford to Quinsa (at its expense)
reasonable facilities to investigate the same.

XI.  MARKETING

11.1   AmBev shall, after consultation with Quinsa, develop, and present to the
Quinsa board or directors for approval, the overall policies regarding brand
positioning of Brewed Quinsa Beer and Licensed Quinsa Beer including, without
limitation, the policies and strategies relating to image, class and target
price and shall determine the fit and placement of Brewed Quinsa Beer and
Licensed Quinsa Beer within AmBev's brand portfolio.  Such overall policies and
strategies must be consistent with Quinsa's policies and strategies for Brewed
Quinsa Beer and Licensed Quinsa Beer outside the Territory.

11.2  Advertising Materials

11.2.1 The Parties agree to used their best efforts to insure that all
promotional, marketing and advertising activities, plans and materials
involving the use of the Marks as contemplated herein:

             (a)   are truthful and in accordance with recognized standards of
                   commercial ethics;

             (b)   are in good taste;

             (c)   do not disparage or impair the Marks, Quinsa and its
                   Affiliates, AmBev and its Affiliates or Brewed Quinsa Beer
                   or Licensed Quinsa Beer sold in connection therewith;

             (d)   do not knowingly undermine or damage any of the overall
                   marketing strategies developed by Quinsa (in particular but
                   without limitation product positioning and brand image
                   strategies); and

11.2.2  AmBev agrees not to use, in connection with the sale or distribution of
Brewed Quinsa Beer or Licensed Quinsa Beer, any marketing, advertising or
promotional material or program unless such material or program has been
approved by Quinsa. All electronic communications materials or programs
involving Brewed Quinsa Beer or

<PAGE>

Licensed Quinsa Beer shall be submitted to Quinsa for approval at each stage of
development and production of such material or program (i.e., briefing, copy
and offline) prior to use by AmBev, such approval rights to be exercised by
Quinsa in good faith.

11.3  Advertising

11.3.1  Quinsa shall use reasonable efforts to make available to AmBev samples
of its advertising which has been publicly used in Argentina for advertising
Brewed Quinsa Beer and Licensed Quinsa Beer for adaptation by AmBev, at its
expense, during this Distribution Agreement to advertise Brewed Quinsa Beer and
Licensed Quinsa Beer in the Territory.  In connection with such activities,
AmBev shall take all precautions necessary to protect Quinsa's copyrights in
Quinsa's advertising, including using appropriate international copyright
notices.  For the avoidance of doubt, all advertising expenses for Brewed
Quinsa Beer and Licensed Quinsa Beer hereunder shall be paid by Ambev.

XII.  CONFIDENTIALITY

12.1  Confidential Information. AmBev acknowledges that Quinsa, during the term
of this Distribution Agreement, may make available to AmBev directly or to its
Representatives certain Confidential Information.

12.2  Ownership of Confidential Information. All Confidential Information shall
remain the sole property of Quinsa.  AmBev shall not obtain any intellectual
property rights in, nor have the right to use, except as stated herein, any
such Confidential Information disclosed to it by or on behalf of Quinsa.

12.3  Treatment of Confidential Information. AmBev shall use the Confidential
Information solely in connection with the performance of its obligations and
the exercise of its rights under this Distribution Agreement, and except as set
forth in Section 12.4, will not, without Quinsa's prior written consent,
disclose the Confidential Information to any Person directly or indirectly,
other than its Representatives who need to know such information in connection
with performance by AmBev of its obligations or the exercise by Ambev of its
rights hereunder; provided that AmBev will advise its Representatives of the
terms of this Section 12 and, if such Representatives are external advisors or
agents, will further require such Representatives to acknowledge, in a  manner
acceptable to Quinsa, the confidentiality of

<PAGE>

the Confidential Information. AmBev will be responsible for any breach of this
Section 12 by its Representatives. Upon any termination of this Distribution
Agreement, AmBev shall return to Quinsa all of Quinsa's Confidential
Information, including all magnetic, computer-resident and other electronic
data, photostatic, or other copies, or derivatives thereof, provided pursuant
to this Distribution Agreement. All other analyses, compilations and documents
containing or reflecting any of the Confidential Information prepared by or on
behalf of AmBev shall be destroyed, such destruction to be confirmed in
writing.

12.4  Disclosure Due to Requirements of Law. In the event that AmBev is legally
compelled, requested or required (by legal, administrative, or similar process,
including but not limited to oral questions, interrogatories, requests for
information or documents in legal proceedings, subpoena, civil investigative
demand or other similar process) to disclose to any third party any of the
Confidential Information, it shall provide Quinsa with prompt written notice of
any such request or requirement so that Quinsa may seek a protective order or
other appropriate remedy and/or waive compliance with the provisions of this
Distribution Agreement. If in the absence of a protective order or other remedy
or the receipt from Quinsa of a waiver, AmBev is nonetheless legally compelled,
as evidenced by receipt by Quinsa of a written opinion of legal counsel to
AmBev reasonably acceptable to Quinsa, to so disclose Confidential Information
(including to any tribunal or administrative agency), AmBev may, without
liability hereunder, so disclose to the third party (including a tribunal or
administrative agency) only that portion of the Confidential Information which
such counsel advises is legally required to be disclosed, and will exercise its
best efforts to preserve the confidentiality of the Confidential Information,
including, without limitation, by cooperating with Quinsa to obtain an
appropriate protective order or other reliable assurance that confidential
treatment will be accorded to the Confidential Information (including by such
tribunal or administrative agency).

12.5  Specific Performance. It is further understood and agreed that money
damages would not be a sufficient remedy for any breach of this Section 12 by
AmBev and that, with respect only to AmBev's confidentiality obligations under
this Section 12, Quinsa, subject to applicable law, shall be entitled to
equitable relief, including, without limitation, provisional or injunctive
relief, and/or specific performance, as a remedy for any such breach. Such
remedies shall not be deemed to be the exclusive remedies for a breach by AmBev
of this Section 12, but shall be in addition to all other remedies available at
law to Quinsa. AmBev agrees not to oppose the granting of such equitable relief
on the ground that an adequate remedy exists at law, and to waive, and to

<PAGE>

cause its Representatives to waive, any requirement for the securing or posting
of any bond in connection with such remedy. In the event of litigation relating
to this Section 12, if AmBev has breached a provision of this Section 12, then
AmBev shall be liable and shall pay to Quinsa the reasonable legal fees and any
other expenses, in U.S. Dollars, that Quinsa has incurred in connection with
such litigation, including any appeal therefrom. Amounts expressed in a
currency other than U.S. Dollars shall be converted into U.S. Dollars at the
exchange rate prevailing on the due date for such payment.

XIII. FORCE MAJEURE

13.1  The failure of a Party to perform any of its obligations under this
Distribution Agreement, if caused by acts of God or the public enemy, fire,
explosion, perils of the sea, flood, drought, war, riots, hostilities not
amounting to war, sabotage, accident, embargo, government priority, requisition
or allocation, or other action of any government authority, or by interruption
of or delay in transportation, shortage or failure of supply of materials or
equipment from normal sources for manufacture of the products specified herein,
labor strikes, or by compliance with any order or request of any government or
any officer, department, agency, or committee thereof, or any other
circumstances of like character beyond the reasonable control of that Party
("FORCE MAJEURE"), shall not subject that Party to any liability to the other.
Upon the occurrence of any event of Force Majeure, the Parties shall use their
respective best efforts to minimize the effects of such event and to overcome
such event as soon as practicable.  In the event that this Distribution
Agreement is terminated by Quinsa pursuant to Section 15.2.d), then (i) Quinsa
shall enter into such other arrangements with AmBev as AmBev may reasonably
request in order to permit AmBev to continue to obtain the benefits of, and to
assume its obligations under, this Distribution Agreement and (ii) immediately
upon elimination or termination of the circumstances giving rise to such event
of Force Majeure, this Distribution Agreement automatically shall be reinstated
and each Party shall execute and deliver such documents as the other Party may
reasonably request to evidence such reinstatement.  If there should occur an
event of Force Majeure and this Distribution Agreement remains in effect,
Quinsa shall have the right to supply Brewed Quinsa Beer and Licensed Quinsa
Beer to existing customers in the Territory; provided that Quinsa shall use its
best efforts to provide to AmBev the economic benefit of such sales of Brewed
Quinsa Beer and Licensed Quinsa Beer and AmBev shall use its best efforts to
reimburse Quinsa for any costs of such sales that were borne by Quinsa but
that, in the absence of such event of Force Majeure, would have been borne by
AmBev under the terms of this Distribution Agreement.

<PAGE>

XIV.  RELATIONSHIP OF PARTIES

14.1  Nothing herein shall authorize either party to act as an agent for the
other, or to make representations on behalf of the other, nor bind the other in
any manner whatsoever.  Nothing in this Distribution Agreement shall be deemed
to create a partnership between the parties.

XV.  TERM AND TERMINATION

15.1   Term of Distribution Agreement

15.1.1  Upon execution by both parties, this Distribution Agreement shall be
deemed effective and shall remain in force through December 31, 2013, renewable
for an additional period of 10 years upon agreement of both parties unless
terminated earlier as provided below.

15.2  Termination

15.2.1  This Distribution Agreement may be terminated with immediate effect at
either party's sole discretion upon the occurrence of any of the following
events, any of which both parties agree constitutes good and just cause for
termination:

(a)   to the maximum extent permitted by applicable law, where any action,
application or proceeding is taken by the other party for a voluntary
arrangement or composition or restructuring of its debts; the presentation of
an administrative petition; its winding up or dissolution; the appointment of a
liquidator, trustee, receiver, administrative receiver or similar officers; a
petition for a bankruptcy order or an application for a voluntary arrangement;
or

(b)   the other party is unable to pay its debts when due;

(c)   there is a material default, breach or failure of the other party to
perform any term of this Distribution Agreement which is not cured within
thirty days after such party receives notice of default, breach or failure from
the aggrieved party; or

(d)   subject to Section 13.1, by either Party in the event a circumstance of
Force Majeure causes the continuous interruption of (i) any of the import,
distribution, or sale of Brewed Quinsa Beer or (ii) to

<PAGE>

the extent that the board resolution contemplated by Section 2.1.3 is adopted,
any of the production, bottling, distribution, or sale of Licensed Quinsa Beer
by AmBev contemplated by this Distribution Agreement for a period of twelve
(12) consecutive months.

15.2.3  Other than as a result of a change in control of Quinsa that is the
result of the Exchange (as defined in Section 1.04 of the Stock Purchase
Agreement), this Distribution Agreement may also be terminated at a party's
sole discretion upon giving at least sixty days written notice to the other
party if there is a change of ownership of the other party (or any Affiliate of
the other party) which results in a change of control of the other party which
the first party deems in good faith adverse to its interest.  Within thirty
days of any such change, the other party will provide the first party with
written notice as to the details of the change.

15.2.4  This Distribution Agreement may also be terminated at a party's sole
discretion upon giving at least sixty days' written notice to the other party
if there is an adverse communication by a governmental authority of the
Territory indicating that the present form of the Distribution Agreement is
unlawful.

15.3   Purchase Of Inventory

(a)   If this Distribution Agreement is terminated, then, subject to Section
13.1, AmBev will promptly sell and deliver to Quinsa (or Quinsa's designee),
and Quinsa will purchase (or cause to be purchased by its designee) from AmBev,
AmBev's inventory of applicable culture yeast purchased from Quinsa or its
designee and, if Quinsa so requests in writing within thirty (30) days of such
termination, AmBev will promptly sell and deliver to Quinsa (or Quinsa's
designee) and Quinsa will purchase (or cause to be purchased by its designee)
from AmBev the inventory of Brewed Quinsa Beer and Licensed Quinsa Beer which
is still in AmBev's possession on the date of such request and which AmBev has
not yet sold or committed to a third party as of the date of such request.

(b)   The purchase price for such products shall be the cost to AmBev of
purchasing or producing such products plus government taxes and duties,
transportation and other expenses, if any, paid or incurred by AmBev thereon
which are not refundable to AmBev (as advised in writing by Ambev to Quinsa).
Quinsa shall be obligated to purchase only such products as are of marketable
or usable quality and shall not purchase any out-of-date products or products
that have an expiration

<PAGE>

date occurring within the following thirty (30) days. To the extent that Quinsa
does not purchase any inventory of Brewed Quinsa Beer or Licensed Quinsa Beer,
AmBev shall retain the non-exclusive right to sell, in the Territory, for a
period of ninety (90) days following the date of termination of this
Distribution Agreement, all Licensed Quinsa Beer produced prior to the
termination of this Distribution Agreement and all Licensed Quinsa Beer in
process that was finalized after the termination of this Distribution Agreement
as contemplated by this Section 15.3.b). All Licensed Quinsa Beer in process as
of the date of any termination of this Distribution Agreement will be finalized
and bottled and shall be incorporated as part of the inventory to be purchased
by Quinsa or sold by AmBev, as the case may be, in accordance with the terms of
this Distribution Agreement.

15.4.  Effect of Termination.

15.4.1  If this Distribution Agreement is terminated, then, subject to Sections
13.1 and 15.3, AmBev's right to produce Licensed Quinsa Beer shall be
automatically and immediately terminated.  Promptly after such termination,
subject to Sections 13.1 and 15.3, (i) at Quinsa's option, AmBev shall resell
to Quinsa and Quinsa shall purchase from AmBev at cost any cultured yeast
purchased from Quinsa hereunder, or AmBev shall destroy such cultured yeast at
Quinsa's expense and Quinsa shall reimburse AmBev for the cost thereof
previously paid by AmBev, and (ii) AmBev shall not use or make any reference to
the Marks, nor use any label, package, promotional item, or product
ornamentation with respect to the sale of any product of any kind whatsoever
that is confusingly similar to the labels, packages, promotional items, or
product ornamentation used in connection with Brewed Quinsa Beer or Licensed
Quinsa Beer. Subject to Sections 13.1 and 15.3, upon termination of this
Distribution Agreement, (i) all rights granted to AmBev to use the Marks shall
terminate immediately and AmBev agrees that it shall make no further use of the
Marks; (ii) AmBev shall return to Quinsa all Technical Industrial Information,
as well as all unused labeling, packaging, product ornamentation, advertising,
promotional items and the like bearing any of the Marks; and (iii) AmBev shall
take whatever action may reasonably be requested by Quinsa to confirm that all
rights to use the Marks have reverted to Quinsa or its designee, including,
where appropriate, the execution of such assignments and confirmatory documents
as may be reasonably requested by Quinsa. In addition, subject to Sections 13.1
and 15.3, AmBev shall return to Quinsa all Confidential Information as required
pursuant to Section 12.3, and not thereafter use any Confidential Information.
Subject to Sections 13.1 and 15.3, Quinsa shall be entitled to take all steps
necessary for the removal of the name of AmBev as an authorized user of the
Marks from all governmental registries, if applicable, without

<PAGE>

opposition or hindrance from AmBev, and AmBev shall cooperate by signing all
necessary documentation submitted by Quinsa and taking all necessary action to
this effect.

15.5  Survival of Certain Obligations

      Upon termination of this Distribution Agreement in accordance with its
terms, the rights and obligations of the Parties to each other hereunder shall
terminate and all unfilled orders shall be deemed canceled; provided that:

a)    the provisions of Sections 4, 3.1 (c), 8.1, 12.2 through 12.5, 13.1,
15.4, 15.5, 16.1, 17.1 and 18.1 through 18.7 shall survive such termination;

b)    any and all rights as to which a Party shall have provided written notice
to the other Party prior to such termination (including in respect of alleged
breaches of representations or covenants herein) shall survive.

XVI. NOTICES

16.1  All notices or other communications required or permitted to be given
hereunder shall be in writing and shall be delivered by hand or sent by fax or
sent, postage prepaid, by registered, certified or express mail or overnight
courier service and shall be deemed given when so delivered by hand or fax, or
if mailed, three days after mailing (one business day in the case of express
mail or overnight courier service), as follows:

(i) if to Quinsa,
Teniente General Peron 667
Buenos Aires, Argentina, 1038

Attention: Chief Executive Officer

with a copy to:

Davis Polk & Wardwell
450 Lexington Avenue
New York, New York, 10017,

Attention: Diane Kerr; and

(ii) if to AmBev,
Companhia de Bebidas das Americas - AmBev

<PAGE>

Rua Dr. Renato Paes de Barros, no. 1.017,
3o andar cjs. 31 e 32
04530-000 Sao Paulo, SP
Brazil

Attention: Chief Financial Officer

with a copy to:
Cravath, Swaine & Moore
Worldwide Plaza
825 Eighth Avenue
New York, New York  10019

Attention: David Mercado

The address or number at which a party is to receive such notices may be
changed by that party by notice to the other party given as herein provided.

XVII.  GOVERNING LAW.

17.1  Governing Law.  This Distribution 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 performed entirely within such State,
without regard to the conflicts of law principles of such State.

XVIII.  MISCELLANEOUS PROVISIONS

18.1  All Agreements Incorporated Herein; Amendments; Waivers

      This Distribution Agreement sets forth the entire agreement and
understanding of the parties with respect to this subject matter, and
supersedes all prior agreements, arrangements, and understandings between them
relating to the subject matter hereof.  No representation, promise, inducement
or statement of intention has been made by Quinsa or AmBev which is not set
forth in this Distribution Agreement, and neither Quinsa nor AmBev shall be
bound by or liable for any alleged representation, promise, inducement or
statement of intention not so set forth in this Distribution Agreement.  This
Distribution Agreement may be amended, modified, or superseded only by a
written agreement signed by both parties.  The failure of a party at any time
or times to require the performance of any provision hereof shall not affect

<PAGE>

the right of such party to require performance of the same at a later date.

18.2  Severability.  If any provision of this License Agreement (or any portion
thereof) or the application of any such provision (or any portion thereof) to
any Person or circumstance shall be held invalid, illegal or unenforceable in
any respect by a court of competent jurisdiction, such invalidity, illegality
or unenforceability shall not affect any other provision hereof (or the
remaining portion thereof) or the application of such provision to any other
persons or circumstances.

18.3  Assignment.  Neither Party may assign this Distribution Agreement or any
of its rights or obligations hereunder to any Person without the prior written
consent of the other Party, and any assignment without such consent of the
other Party shall be void; except that each Party shall have the unrestricted
right to assign this Distribution Agreement to any of its Affiliates without
the prior written consent of the other Party, provided that no such assignment
shall relieve the assigning Party of its obligations hereunder.

18.4  No Waiver.  No failure or delay by any party in exercising any right,
power or privilege hereunder shall operate as a waiver thereof nor shall any
single or partial exercise thereof preclude any other or future exercise
thereof or the exercise of any other right, power or privilege. The rights and
remedies herein provided shall be cumulative and not exclusive of any rights or
remedies provided by law.

18.4  Further Assurances. Each party agrees to do all acts and things and to
make, execute and deliver such further written instruments, as may from time to
time be reasonably required to carry out the terms and provisions of this
Distribution Agreement.

18.5  No Agency. No provision of this Distribution Agreement shall be construed
as authorizing any party to act as an agent for the other, or to make
representations on behalf of the other nor bind any other party in any manner
whatsoever.

18.6  No Third Party Beneficiaries. This Distribution Agreement shall be
binding upon and for the sole benefit of the parties hereto and their
respective legal representatives and permitted successors and assigns and
nothing herein expressed or implied shall give or be construed to give to any
Person, other than the Parties hereto and such legal representatives and
permitted successors and assigns, any legal or equitable rights hereunder.

18.7. Arbitration.

<PAGE>

a)    Any and all differences, controversies and disputes of any nature
whatsoever arising out of or relating to this Distribution Agreement, including
without limitation any dispute relating to its validity, interpretation,
performance or termination, shall be finally settled under the Rules of
Arbitration of the International Chamber of Commerce by three arbitrators
appointed in accordance with said Rules. The arbitration proceedings shall be
conducted in the English language and the seat of the arbitration shall be New
York City. The arbitrators appointed in connection herewith shall be
knowledgeable in the laws of the State of New York and fluent in the English
language.

b)    All submissions and awards in relation to arbitration under this
Distribution Agreement shall be made in English, and all arbitration
proceedings and all pleadings shall be in English. Witnesses not fluent in
English may give evidence in their native tongue (with appropriate
translation). Original documents in a language other than English shall be
submitted as evidence in English translation accompanied by the original or
true copy thereof.

c)    The procedural rules governing arbitration hereunder shall be established
by the arbitrators; provided that (i) each party may call upon the other party
to supply the arbitrators with documents in such other party's control relevant
to the dispute; (ii) each party shall be entitled to present the oral testimony
of witnesses as to fact and expert witnesses; (iii) each party shall be
entitled to question directly any witnesses who present testimony to the
arbitrators; and (iv) at the request of any party, a written transcript in
English shall be made of each hearing before the arbitrators and shall be
furnished to the parties. The arbitrators may, at the request of any party,
order provisional or conservatory measures; provided that to the extent
necessary to prevent irreparable damage any party may petition any court of
competent jurisdiction for a preliminary injunction, temporary restraining
order or other interim equitably relief pending the appointment of the
arbitrators in accordance with Section 18.7.a) and action by the arbitrators
upon any request for provisional or conservatory measures.

d)    Each party participating in such arbitration shall pay its own legal fees
and expenses incurred in connection with the arbitration and the expense of any
witness produced by it. The cost of any stenographic record and all transcripts
thereof shall be prorated equally among all parties ordering copies and shall
be paid by the parties directly to the reporting agency. All other expenses of
the arbitration, including required traveling and other expenses and fees of
the arbitrators and the expenses of any witness or the cost of any proof
produced at the

<PAGE>

request of the arbitrators, shall be borne as determined by the arbitrators.

e)    Any award shall be final and not subject to appeal and the parties waive
all rights to challenge any award of the arbitrators under this Section 18.8.
Any award may be entered or presented by any of the parties for enforcement in
any court of competent jurisdiction sitting in New York City, and the parties
hereby consent to the jurisdiction of such court solely for purposes of
enforcement of any award. Each party further agrees that service of any
process, summons, notice or document in the manner provided for notices in
Section 16 shall be effective service for purposes of any such enforcement
action.

18.9  Counterparts. This Distribution Agreement may be executed in one or more
counterparts, all of which shall be considered one and the same agreement, and
shall become effective when one or more such counterparts have been signed by
each of the parties and delivered to the other parties. An executed counterpart
of this Distribution Agreement delivered by fax shall be deemed to be an
original and shall be as effective for all purposes as delivery of a manually
executed counterpart.

18.10  Liability for Representatives. Each Party shall ensure that it, and its
Representatives observe and perform all of such Party's covenants,
representations or warranties set forth in this Distribution Agreement and each
such Party shall, at its sole expense, take all reasonable measures (including
but not limited to court proceedings) to restrain its Representatives from
breaching such covenants, representations or warranties, including, but not
limited to, any prohibited or unauthorized disclosure or use of Confidential
Information.

<PAGE>

      IN WITNESS WHEREOF, the Parties have executed this Distribution Agreement
as of the day and year first written above.

Quilmes Industrial (Quinsa) Societe Anonyme

/s/ Jacques-Louis de Montalembert       /s/ Agustin Garcia Mansilla
Name: Jacques-Louis de Montalembert     Name: Agustin Garcia Mansilla
Title:Chairman                          CEO Quinsa

Companhia de Bebidas das Americas - AmBev

/s/ Marcel Herrmann Telles              /s/ Victorio Carlos de Marchi
Name: Marcel Herrmann Telles            Name: Victorio Carlos de Marchi
Title:                                  Title:

Companhia Brasileira de Bebidas - CBB

/s/ Marcel Herrmann Telles              /s/ Victorio Carlos de Marchi
Name: Marcel Herrmann Telles            Name: Victorio Carlos de Marchi
Title:                                  Title:

<PAGE>

SCHEDULE A

BREWED QUINSA BEER

Quilmes
Pilsen
Iguana
Pacena
Baviera
any other brand that the Quinsa Board agrees upon

<PAGE>

SCHEDULE B

<PAGE>

SCHEDULE C

MARKS

<TABLE>
<CAPTION>
Trademark       Number          Class           Form of Presentation
<S>             <C>             <C>             <C>

</TABLE>

 Quinsa undertakes to produce Schedule C within a reasonable period of time of
                               the date hereof.

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