Document:

EX-4.3

Exhibit 4.3

GUARANTY

Dated as of July 24, 2007

Between

COMPANHIA DE BEBIDAS DAS AMÉRICAS-AMBEV

as Guarantor,

and

DEUTSCHE BANK TRUST COMPANY AMERICAS, as

Trustee for the Noteholders

Referred to Herein

 

 

EXECUTION VERSION

Table of Contents

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	SECTION 1.
	 	Definitions	 	 	2	 
	 
	 	 	 	 	 	 
	SECTION 2.
	 	Guaranty	 	 	9	 
	 
	 	 	 	 	 	 
	SECTION 3.
	 	Guaranty Absolute	 	 	9	 
	 
	 	 	 	 	 	 
	SECTION 4.
	 	Independent Obligation	 	 	11	 
	 
	 	 	 	 	 	 
	SECTION 5.
	 	Waivers and Acknowledgments	 	 	11	 
	 
	 	 	 	 	 	 
	SECTION 6.
	 	Claims Against the Issuer	 	 	12	 
	 
	 	 	 	 	 	 
	SECTION 7.
	 	Payments Free and Clear of Taxes, Etc.	 	 	12	 
	 
	 	 	 	 	 	 
	SECTION 8.
	 	Representations and Warranties	 	 	14	 
	 
	 	 	 	 	 	 
	SECTION 9.
	 	Covenants	 	 	15	 
	 
	 	 	 	 	 	 
	SECTION 10.
	 	Amendments, etc.	 	 	21	 
	 
	 	 	 	 	 	 
	SECTION 11.
	 	Notices, Etc.	 	 	21	 
	 
	 	 	 	 	 	 
	SECTION 12.
	 	No Waiver; Remedies	 	 	21	 
	 
	 	 	 	 	 	 
	SECTION 13.
	 	Indemnification	 	 	21	 
	 
	 	 	 	 	 	 
	SECTION 14.
	 	Subordination	 	 	22	 
	 
	 	 	 	 	 	 
	SECTION 15.
	 	Continuing Agreement; Assignment of Rights Under the Indenture and the Notes	 	 	23	 
	 
	 	 	 	 	 	 
	SECTION 16.
	 	Currency Rate Indemnity	 	 	23	 
	 
	 	 	 	 	 	 
	SECTION 17.
	 	Governing Law; Jurisdiction; Waiver of Immunity, Etc.	 	 	24	 
	 
	 	 	 	 	 	 
	SECTION 18.
	 	Execution in Counterparts	 	 	25	 
	 
	 	 	 	 	 	 
	SECTION 19.
	 	Entire Agreement	 	 	26	 
	 
	 	 	 	 	 	 
	SECTION 20.
	 	USA Patriot Act	 	 	26	 

i

 

GUARANTY

          GUARANTY (this “Guaranty”), dated as of July 24 , 2007, between COMPANHIA DE BEBIDAS
DAS AMÉRICAS-AMBEV (the “Guarantor”), a sociedade anônima organized and existing under the
laws of the Federative Republic of Brazil (“Brazil”), and DEUTSCHE BANK TRUST COMPANY
AMERICAS, as trustee for the holders of the Notes issued pursuant to the Indenture (as defined
below) (the “Trustee”).

WITNESSETH:

          WHEREAS, AmBev International Finance Co. Ltd., a company incorporated with limited liability
in the Cayman Islands and a wholly-owned subsidiary of the Guarantor (the “Issuer”), has
entered into an Indenture dated July 24, 2007 (the “Indenture”) with the Trustee;

          WHEREAS, the Issuer has duly authorized the issuance of its notes in such principal amount or
amounts as may from time to time be authorized in accordance with the Indenture and is, on the date
hereof, issuing R$300,000,000 its 9.500% Notes due 2017 under the Indenture (the “Initial
Notes”);

          WHEREAS, pursuant to the Registration Rights Agreement (the “Registration Rights
Agreement”), dated July 24, 2007 among the Issuer, the Guarantor and the Initial Purchasers,
the Issuer and the Guarantor have agreed to register the Initial Notes under the Securities Act and
to effect an exchange offer pursuant to which the Issuer will issue Exchange Notes (as defined
herein) in exchange for the Initial Notes;

          WHEREAS, the Guarantor is willing to enter into this Guaranty in order to provide the holders
of the Initial Notes and the Exchange Notes (together, the “Notes” and the holders thereof
being “Noteholders”) with an irrevocable and unconditional guaranty that, if the Issuer
shall fail to make any required payment of principal, interest or other amounts due in respect of
the Notes and the Indenture, the Guarantor will pay any such amounts whether at stated maturity, or
earlier or later by acceleration or otherwise;

          WHEREAS, the Guarantor agrees that it will derive substantial direct and indirect benefits
from the issuance of the Notes by the Issuer;

          WHEREAS, it is a condition precedent to the issuance of the Notes that the Guarantor shall
have executed this Guaranty.

          WHEREAS, each of the parties hereto is entering into this Guaranty for the benefit of the
other party and for the equal and ratable benefit of the Noteholders.

          NOW, THEREFORE, the Guarantor and the Trustee hereby agree as follows:

 

 

          SECTION
1. Definitions. (a) As used herein the following capitalized terms shall have the following
meanings:

          “Additional Amounts” has the meaning set forth in Section 7(a).

          “Affiliate” with respect to any Person, means any other Person that, directly or
indirectly, controls, is controlled by or is under common control with such Person; it being
understood that for purposes of this definition, the term “control” (including the terms
“controlling”, “controlled by” and “under common control with”) of a Person shall mean the
possession, direct or indirect, of the power to vote 10% or more of the equity or similar voting
interests of such Person or to direct or cause the direction of the management and policies of such
Person, whether through the ownership of such interests, by contract or otherwise.

          “Authorized Representative” of the Guarantor or any other Person means the person or
persons authorized to act on behalf of such entity by its chief executive officer, president, chief
operating officer, chief financial officer or any vice president or its Board of Directors or any
other governing body of such entity.

          “Bankruptcy Law” has the meaning specified in Section 14(a).

          “Board of Directors”, when used with respect to a corporation, means either the board
of directors of such corporation or any committee of that board duly authorized to act for it, and
when used with respect to a limited liability company, partnership or other entity other than a
corporation, any Person or body authorized by the organizational documents or by the voting equity
owners of such entity to act for them, including, in the case of a Brazilian corporation (sociedade
anônima) or limited liability company (sociedade limitada), such corporation’s conselho de
administração and diretoria, or such limited liability company’s administrador(es).

          “Brazilian GAAP” means the generally accepted accounting practices adopted in Brazil
determined in accordance with the Brazilian corporate law.

          “Business Day” means any day except a Saturday, a Sunday or a legal holiday or a day
on which banking institutions (including, without limitation, the members of the Federal Reserve
System) are authorized or required by law, regulation or executive order to close in The City of
New York or Brazil.

          “Closing Date” means July 24, 2007.

          “Consolidated Net Tangible Assets” means the total amount of assets of the Guarantor
and its consolidated Subsidiaries (less applicable depreciation, amortization and other valuation
reserves), except to the extent resulting from write-ups of capital assets, after deducting
therefrom (i) all current liabilities of the Guarantor and its consolidated Subsidiaries (excluding
intercompany items) and (ii) all goodwill, trade names, trademarks, patents, unamortized debt
discount and expense and other like intangibles, all as set forth on the most recent financial
statements delivered by the Guarantor to the Trustee pursuant to this Guaranty.

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          “Default” has the meaning set forth in the Indenture.

          “Denomination Currency” has the meaning specified in Section 16(b).

          “Electronic Registration” has the meaning specified in Section 8(c).

          “Event of Default” has the meaning specified in the Indenture.

          “Exchange Act” means the Securities Exchange Act of 1934, as amended.

          “Exchange Notes” means the securities registered, in accordance with the terms of the
Registration Rights Agreement, with the United States Securities and Exchange Commission under the
Securities Act, with identical terms as the Initial Notes (except restrictions on transfer).

          “Exchange Offer” means an offer by the Issuer, pursuant to the Registration Rights
Agreement, to holders of the Initial Notes to issue and deliver to such holders, in exchange for
their Initial Notes, a like aggregate principal amount of Exchange Notes registered under the
Securities Act.

          “Excluded Additional Amounts” has the meaning specified in the Indenture.

          “Final Memorandum” means the Offering Memorandum dated July  , 2007 prepared by the
Issuer and the Guarantor in connection with the issuance and sale of the Initial Notes.

          “Fitch” means Fitch, Inc.

          “Governmental Approval” means any authorization, consent, approval, order, license,
franchise, ruling, permit, certification, waiver, exemption, filing or registration by or with any
Governmental Authority (including, without limitation, environmental approvals, zoning variances,
special exceptions and non-conforming uses) relating to the execution, delivery or performance of
any Transaction Document.

          “Governmental Authority” means any regulatory, administrative or other legal body, any
court, tribunal or authority or any public legal entity or public agency of Brazil, the United
States of America or any other jurisdictions whether created by federal, provincial or local
government, or any other legal entity now existing or hereafter created, or now or hereafter
controlled, directly or indirectly, by any public legal entity or public agency of any of the
foregoing.

          “Guaranteed Obligations” has the meaning specified in Section 2.

          “Guarantor” has the meaning specified in the preamble of this Guaranty.

          “Guarantor Specified Property” means (i) any manufacturing facility, including land
and buildings and other improvements thereon and equipment located therein, (ii) any executive
offices, administrative buildings, and research and development facilities, including land and
buildings and other improvements thereon and equipment located therein, in each case of the
Guarantor or any of its Subsidiaries, and (iii) any intangible assets, including, without

3

 

limitation, any brand names, trademarks, copyrights, patents and similar rights and any income
(licensing or otherwise), proceeds of sale or other revenue therefrom. For the avoidance of doubt,
Guarantor Specified Property excludes any receivables or cash flow arising from the sales of goods
and services by the Guarantor or any of its subsidiaries in the ordinary course of business.

          “Hedge Agreements” means interest rate protection agreements, interest rate swaps, cap
or collar agreements, interest rate future or option contracts, currency swap agreements, currency
future or option contracts and other similar agreements.

          “Indebtedness” of any Person means, without duplication:

     (i) indebtedness of such Person for borrowed money;

     (ii) all obligations issued, undertaken or assumed as the deferred purchase price of
property or services (other than trade accounts payable for which there is no interest due
and payable (other than default interest) according to the terms of such obligations and
which are incurred in the ordinary course of such Person’s business but only if and for so
long as the same remain payable on customary trade terms);

     (iii) all reimbursement or payment obligations of such Person with respect to letters
of credit, bankers’ acceptances, surety bonds and similar instruments, except for
reimbursement or payment obligations with respect to letters of credit (including trade
letters of credit) securing obligations (other than obligations described in (i) above or
(iv), (vii) or (viii) below) entered into in the ordinary course of business of such Person
to the extent such letters of credit are not drawn upon or, if drawn upon, to the extent
such drawing is reimbursed no later than the fifth Business Day following receipt by such
Person of a demand for reimbursement);

     (iv) all obligations of such Person evidenced by notes, bonds, debentures or similar
instruments, including obligations so evidenced incurred in connection with the acquisition
of property, assets or businesses;

     (v) all indebtedness of such Person created or arising under any conditional sale or
other title retention agreement, or incurred as financing, in either case with respect to
property acquired by such Person (even though the rights and remedies of the seller or
lender under such agreement in the event of default are limited to repossession or sale of
such property);

     (vi) all net obligations of such Person with respect to Hedge Agreements;

     (vii) all direct or indirect guaranties in respect of, and all obligations (contingent
or otherwise) of such Person to purchase or otherwise acquire, or otherwise assure a
creditor against loss in respect of, any indebtedness referred to in clauses (i) through
(vi) above; and

     (viii) all indebtedness referred to in clauses (i) through (vii) above secured by (or
for which the holder of such Indebtedness has an existing right, contingent or

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otherwise, to be secured by) any Lien upon or in property (including accounts and
contract rights) owned by such Person, even though such Person has not assumed or become
liable for the payment of such indebtedness.

          “Indemnified Party” has the meaning specified in Section 13.

          “Indenture” has the meaning specified in the preamble to this Guaranty.

          “Initial Purchasers” means Citigroup Global Markets Inc. and Credit Suisse Securities
(USA) LLC, acting as such pursuant to the Purchase Agreement.

          “Issuer” has the meaning set forth in the preamble to this Guaranty.

          “Judgment Currency” has the meaning specified in Section 16(b).

          “Law” means any constitutional provision, law, statute, rule, regulation, ordinance,
treaty, order, decree, judgment, decision, certificate, holding, injunction, enforceable at law or
in equity, along with the interpretation and administration thereof by any Governmental Authority
charged with the interpretation or administration thereof.

          “Lien” means any mortgage, pledge, security interest, aval, encumbrance, lien or
charge of any kind (including, without limitation, any conditional sale or other title retention
agreement or lease in the nature thereof or any agreement to give any security interest).

          “Luxembourg Paying Agent” means Deutsche Bank Luxembourg S.A. as the Luxembourg Paying
Agent under the Indenture.

          “Material Adverse Effect” means a material adverse effect on (a) the condition
(financial or otherwise), results of operation, or prospects of the Guarantor and its Subsidiaries,
taken as a whole, (b) the ability of the Guarantor to perform its material obligations under this
Guaranty or any other Transaction Document, or (c) the rights of the Trustee, acting on behalf of
the holders of the Notes, or such holders, under any of the Transaction Documents.

          “Material Subsidiary” means any direct or indirect Subsidiary of the Guarantor with
total assets of more than U.S.$400,000,000 (or its equivalent in another currency) as set forth on
the consolidated financial statements of the Guarantor as of the end of the most recent fiscal
year.

          “Maturity Date” has the meaning specified in the Indenture.

          “Note Rate” has the meaning specified in the Indenture.

          “Noteholders” has the meaning specified in the preamble of this Guaranty.

          “Notes” has the meaning specified in the preamble of this Guaranty.

5

 

          “Officer’s Certificate” means a certificate of an Authorized Representative of the
Guarantor containing, in respect of each certificate furnished with respect to a particular
condition, covenant or provision of this Guaranty:

     (i) a statement that an Authorized Representative of the Guarantor has read such
covenant, condition or provision;

     (ii) a brief statement as to the nature and scope of the examination or investigation
upon which the statements or opinions contained in such certificate or opinion are based;

     (iii) a statement that, in the opinion of each such individual, such examination or
investigation has been made as is necessary to enable such individual to express an informed
opinion as to whether or not such covenant, condition or provision has been complied with;
and

     (iv) a statement as to whether, in the opinion of each such individual, such condition,
covenant or provision has been complied with.

          “Official Lender” means (a) any Brazilian governmental financial institution, agency
or development bank (or any other bank or financial institution representing or acting as agent for
any of such institutions, agencies or banks), including, without limitation, Banco Nacional de
Desenvolvimento Econômico e Social — BNDES and the related system, (b) any multilateral or foreign
governmental financial institution, agency or development bank (or any other bank or financial
institution representing or acting as agent for any such institutions, agencies or banks),
including, without limitation, the World Bank, the International Finance Corporation and the
Inter-American Development Bank and (c) any Governmental Authority of jurisdictions where the
Guarantor or any of its Subsidiaries conducts business (or any bank or financial institutions
representing or acting as agent for such Governmental Authority).

          “Opinion of Counsel” means a written opinion of United States counsel from any Person
either expressly referred to herein or otherwise reasonably satisfactory to the Trustee which may
include, without limitation, counsel for the Guarantor, whether or not such counsel is an employee
of the Guarantor, which opinion contains:

          (i) a statement that each individual signing such certificate or opinion has read such
covenant, condition or provision;

          (ii) a brief statement as to the nature and scope of the examination or investigation upon
which the statements or opinions contained in such certificate or opinion are based;

          (iii) a statement that, in the opinion of each such individual, such examination or
investigation has been made as is necessary to enable such individual to express an informed
opinion as to whether or not such covenant, condition or provision has been complied with; and

          (iv) a statement as to whether, in the opinion of each such individual, such condition,
covenant or provision has been complied with.

6

 

          “Payment Account” has the meaning set forth in the Indenture.

          “Person” means an individual, partnership, corporation, limited liability company,
business trust, joint stock company, trust, unincorporated association, joint venture or any nation
or government, any state, province or other political subdivision thereof, any central bank (or
similar monetary or regulatory authority) thereof, and any entity exercising executive,
legislative, judicial, regulatory or administrative functions of or pertaining to government.

          “Post Petition Interest” has the meaning specified in Section 14(b).

          “Purchase Agreement” means the Purchase Agreement dated as of July 24, 2007, among the
Guarantor, the Issuer and the Initial Purchasers.

          “Registration Rights Agreement” has the meaning specified in the preamble to this
Guaranty.

          “Securities Act” means the United States Securities Act of 1933, as amended.

          “S&P” means Standard & Poor’s.

          “Subordinated Obligations” has the meaning specified in Section 14.

          “Subsidiary” means, as to any Person, a corporation, company, partnership or other
entity of which shares of stock or other ownership interests having ordinary voting power (other
than stock or such other ownership interests having such power only by reason of the happening of a
contingency) to elect a majority of the board of directors (or similar governing body) of such
corporation, company, partnership or other entity are at the time owned, or the management of which
is otherwise controlled, directly or indirectly, through one or more intermediaries, or both, by
such Person. Unless otherwise qualified, all references to a “Subsidiary” or to
“Subsidiaries” in this Guaranty shall refer to a Subsidiary or Subsidiaries of the
Guarantor.

          “Successor Company” has the meaning specified in Section 9(l)(i)(A).

          “Tax” has the meaning specified in the Indenture.

          “Termination Date” means the later of (a) the payment in full in cash of the
Guaranteed Obligation and all other amounts payable under this Guaranty and (b) the date on which
all of the obligations of the Issuer under the Indenture and the Notes have been discharged in
full.

          “Transaction Documents” means, collectively, the Indenture, the Notes, this Guaranty,
the Registration Rights Agreement, the application for listing of the Notes with the Luxembourg
Stock Exchange and the DTC Letter of Representations completed by the Issuer in connection with the
Notes.

          “Trustee” has the meaning specified in the preamble of this Guaranty.

7

 

          “United States” or “U.S.” means the United States of America.

          “U.S. GAAP” means generally accepted accounting principles in effect in the United
States applied on a basis consistent with the principles, methods, procedures and practices
employed in the preparation of the Issuer’s audited financial statements, including, without
limitation, those set forth in the opinions and pronouncements of the Accounting Principles Board
of the American Institute of Certified Public Accountants and statements and pronouncements of the
Financial Accounting Standards Board or in such other statements by such other entity as approved
by a significant segment of the accounting profession.

          Construction. For all purposes of this Guaranty (and for all purposes of any other
Transaction Document or any other instrument or agreement that incorporates provisions of this
Guaranty by reference), except as otherwise expressly provided or unless the context otherwise
requires:

     (i) the terms defined in this Article have the meanings assigned to them in this
Article, and include the plural as well as the singular;

     (ii) except as otherwise expressly provided herein, (A) all accounting terms used
herein shall be interpreted, (B) all financial statements and all certificates and reports
as to financial matters required to be delivered to the Trustee hereunder shall be prepared
and (C) all calculations made for the purposes of determining compliance with this Guaranty
shall (except as otherwise expressly provided herein) be made in accordance with, or by
application of, Brazilian GAAP;

     (iii) all references in this Guaranty (including the Appendices and Schedules hereto)
to designated “Articles”, “Sections” and other subdivisions are to the designated Articles,
Sections and other subdivisions of this Guaranty;

     (iv) the words “herein”, “hereof” and “hereunder” and other words of similar import
refer to this Guaranty as a whole and not to any particular Article, Section or other
subdivision;

     (v) unless the context clearly indicates otherwise, pronouns having a masculine or
feminine gender shall be deemed to include the other;

     (vi) unless otherwise expressly specified, any agreement, contract or document defined
or referred to herein shall mean such agreement, contract or document as in effect as of the
date hereof, as the same may thereafter be amended, supplemented or otherwise modified from
time to time in accordance with the terms of this Guaranty and the other Transaction
Documents and shall include any agreement, contract, instrument or document in substitution
or replacement of any of the foregoing entered into in accordance with the terms of this
Guaranty and the other Transaction Documents;

     (vii) any reference to any Person shall include its permitted successors and assigns in
accordance with the terms of this Guaranty and the other Transaction

8

 

Documents including, in the case of any Governmental Authority, any Person succeeding
to its functions and capacities; and

     (viii) unless the context clearly requires otherwise, references to “Law” or to any
particular Law shall include Laws or such particular Law as in effect at each, every and any
of the times in question, including any amendments, replacements, supplements, extensions,
modifications, consolidations, restatements, revisions or reenactments thereto or thereof,
and whether or not in effect at the date of this Guaranty.

          SECTION
2. Guaranty. (a) The Guarantor hereby absolutely, unconditionally and irrevocably
guarantees the due and punctual payment when due, whether at the Maturity Date, or earlier or later
by acceleration or otherwise, of all obligations of the Issuer now or hereafter existing under the
Indenture and the Notes, whether for principal, interest, make-whole premium, fees, indemnities,
costs, expenses or otherwise (such obligations being the “Guaranteed Obligations”), and the
Guarantor agrees to pay any and all expenses (including reasonable and documented counsel fees and
expenses) incurred by the Trustee or any Noteholder in enforcing any rights under this Guaranty
with respect to such Guaranteed Obligations. Without limiting the generality of the foregoing, the
Guarantor’s liability shall extend to all amounts that constitute part of the Guaranteed
Obligations and would be owed by the Issuer to the Trustee or any Noteholder under the Indenture
and the Notes but for the fact that they are unenforceable or not allowable due to the existence of
a bankruptcy, insolvency, reorganization or similar proceeding involving the Issuer.

          (b) In the event that the Issuer does not make payments to the Trustee of all or any portion
of the Guaranteed Obligations, upon receipt of notice of such non-payment by the Trustee in
substantially the form of Exhibit A hereto, the Guarantor will make immediate payment to the
Trustee of any such amount or portion of the Guaranteed Obligations owing or payable under the
Indenture and the Notes. Such notice shall specify the amount or amounts under the Indenture and
the Notes that were not paid on the date that such amounts were required to be paid under the terms
of the Indenture and the Notes.

          (c) The obligation of the Guarantor under this Guaranty shall be absolute and unconditional
upon receipt by it of the notice contemplated herein absent manifest error. The Guarantor shall
not be relieved of its obligations hereunder unless and until the Trustee shall have indefeasibly
received all amounts required to be paid by the Guarantor hereunder and any Event of Default under
the Indenture has been cured, it being understood that the Guarantor’s obligations hereunder shall
terminate following payment by the Issuer and/or the Guarantor of the entire principal, all accrued
interest and all other amounts due and owing in respect of the Notes and the Indenture. All
amounts payable by the Guarantor hereunder shall be payable in U.S. dollars and in immediately
available funds to the Trustee.

          SECTION
3. Guaranty Absolute. (a) The Guarantor’s obligations under this Guaranty are absolute
and unconditional regardless of any law, regulation or order now or hereafter in effect in any
jurisdiction affecting any of such terms or the rights of any Noteholder under its Notes or
the Indenture. The obligations of the Guarantor under or in respect of this Guaranty are
independent of the Guaranteed Obligations or any other obligations of the Issuer or the Guarantor’s
Subsidiaries under or in respect of the Indenture and the Notes or any other

9

 

document or agreement, and a separate action or actions may be brought and prosecuted against the Guarantor to enforce
this Guaranty, irrespective of whether any action is brought against the Issuer or whether the
Issuer is joined in any such action or actions. The liability of the Guarantor under this Guaranty
shall be irrevocable, absolute and unconditional irrespective of, and the Guarantor hereby
irrevocably waives any defenses it may now have or hereafter acquire in any way relating to, any or
all of the following:

     (i) any lack of validity or enforceability of any of the Transaction Documents;

     (ii) any provision of applicable law or regulation purporting to prohibit the payment
by the Guarantor of any amount payable by it under this Guaranty;

     (iii) any change in the time, manner or place of payment of, or in any other term of,
all or any of the Guaranteed Obligations or any other obligations of any other person or
entity under or in respect of the Transaction Documents, or any other amendment or waiver of
or any consent to departure from any Transaction Document, including, without limitation,
any increase in the obligations of the Issuer under the Indenture and the Notes as a result
of the extension of additional credit, any rescheduling of the Issuer’s obligations under
the Notes of the Indenture or otherwise;

     (iv) any taking, release or amendment or waiver of, or consent to departure from, any
other guaranty or agreement similar in function to this Guaranty, for all or any of the
obligations of the Issuer under the Indenture or the Notes;

     (v) any manner of sale or other disposition of any assets of any Noteholder;

     (vi) any change, restructuring or termination of the corporate structure or existence
of the Issuer or the Guarantor or any Subsidiary thereof or any change in the name,
purposes, business, capital stock (including ownership thereof) or constitutive documents of
the Issuer or the Guarantor;

     (vii) any failure of the Trustee to disclose to the Guarantor any information relating
to the business, condition (financial or otherwise), operations, performance, properties or
prospects of the Issuer or any of its Subsidiaries (the Guarantor hereby waiving any duty on
the part of the Trustee or any Noteholders to disclose such information);

     (viii) the failure of any other person or entity to execute or deliver any other
guaranty or agreement or the release or reduction of liability of any other guarantor or
surety with respect to the Indenture;

     (ix) any other circumstance (including, without limitation, any statute of limitations)
or any existence of or reliance on any representation by the Trustee or any Noteholder that might otherwise constitute a defense available to, or a discharge of,
the Issuer or the Guarantor or any other party; or

10

 

     (x) any claim of set-off or other right which the Guarantor may have at any time
against the Issuer or the Trustee, whether in connection with this transaction or with any
unrelated transaction.

          (b) This Guaranty shall continue to be effective or be reinstated, as the case may be, if at
any time any payment of any of the Guaranteed Obligations is rescinded or must otherwise be
returned by any Noteholder or any other person or entity upon the insolvency, bankruptcy or
reorganization of the Issuer or the Guarantor or otherwise, all as though such payment had not been
made.

          SECTION
4. Independent Obligation. The obligations of the Guarantor hereunder are independent of the
Issuer’s obligations under the Notes and the Indenture. The Trustee, on behalf of itself and the
Noteholders, may neglect or forbear to enforce payment under the Indenture and the Notes, without
in any way affecting or impairing the liability of the Guarantor hereunder. The Trustee shall not
be obligated to exhaust recourse or remedies against the Issuer to recover payments required to be
made under the Indenture nor take any other action against the Issuer or, under any agreement,
purchase any security which the Trustee may hold before being entitled to payment from the
Guarantor of all amounts contemplated in Section 2 hereof owed hereunder or proceed against or have
resort to any balance of any deposit account or credit on the books of the Trustee in favor of the
Issuer or in favor of the Guarantor. Without limiting the generality of the foregoing, the Trustee
shall have the right to bring a suit directly against the Guarantor, either prior or subsequent to
or concurrently with any lawsuit against, or without bringing suit against, the Issuer.

          SECTION
5. Waivers and Acknowledgments. (a) The Guarantor hereby unconditionally and
irrevocably waives promptness, diligence, notice of acceptance, presentment, demand for
performance, notice of nonperformance, default, acceleration, protest or dishonor and any other
notice with respect to any of the Guaranteed Obligations and this Guaranty and any requirement that
the Trustee, on behalf of the Noteholders, protect, secure, perfect or insure any Lien or any
property subject thereto or exhaust any right, power or remedy or take any action against the
Issuer or any other Person.

          (b) The Guarantor hereby unconditionally and irrevocably waives any right to revoke this
Guaranty and acknowledges that this Guaranty is continuing in nature and applies to the Guaranteed
Obligations, whether the same is existing now or in the future.

          (c) The Guarantor hereby unconditionally and irrevocably waives (i) any defense arising by
reason of any claim or defense based upon an election of remedies by any Noteholder or the Trustee
on behalf of the Noteholders that in any manner impairs, reduces, releases or otherwise adversely
affects the subrogation, reimbursement, exoneration, contribution or indemnification rights of the
Guarantor or other rights of the Guarantor to proceed against the Issuer or any other person or entity and (ii) any defense based on any right of set-off or
counterclaim against or in respect of the Guaranteed Obligations of the Guarantor hereunder.

          (d) The Guarantor hereby unconditionally and irrevocably waives any duty on the part of the
Trustee or any Noteholder to disclose to the Guarantor any matter, fact or thing

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relating to the business, condition (financial or otherwise), operations, performance, properties or prospects of
the Issuer now or hereafter known by the Trustee or any Noteholder, as applicable.

          (e) The Guarantor hereby unconditionally and irrevocably waives the benefits to which it is
entitled under Articles 366, 821, 827, 830, 835, 837, 838 and 839 of the Brazilian Civil Code, and
Article 595 of the Brazilian Code of Civil Procedure, provided that nothing herein, including
specifically the mention to article 837, shall oblige AmBev to make any payment in relation to any
part of the Guaranteed Obligations that has already been paid in full by the Issuer.

          SECTION
6. Claims Against the Issuer. Until such time as the Trustee has irrevocably been paid
in full all amounts owing under the Guaranteed Obligations or this Guaranty, the Guarantor
irrevocably waives any claim or other rights it may acquire against the Issuer that arise from the
existence, payment, performance or enforcement of the Issuer’s obligations under the Guaranteed
Obligations or in respect to this Guaranty, including without limitation, any right of subrogation,
reimbursement, exoneration, contribution, or indemnification or any right to participate in any
claim or remedy of the Trustee against the Issuer, whether or not such claim, remedy or right
arises in equity, or under contract, statute or common law including, without limitation, the right
to take or receive from the Issuer, directly or indirectly, in cash or other property or in any
other manner, payment or security on account of such claim or other rights. If any amount shall be
paid to the Guarantor in violation of the preceding sentence and the amounts owing to the Trustee
under the Guaranteed Obligations or under this Guaranty shall not have been irrevocably paid in
full, then such amount shall be deemed to have been paid to the Guarantor for the benefit of, and
held in trust for the benefit of, the Trustee, and shall forthwith be paid to the Trustee. If
(i) the Guarantor shall make payment to any Noteholder or the Trustee, on behalf of the
Noteholders, of all or any part of the Guaranteed Obligations, (ii) all of the Guaranteed
Obligations and all other amounts payable under this Guaranty shall have been paid in full in cash
and (iii) the Termination Date shall have occurred, then the Trustee, on behalf of the Noteholders,
will, at the Guarantor’s request and expense, execute and deliver to the Guarantor appropriate
documents, without recourse and without representation or warranty, necessary to evidence the
transfer by subrogation to the Guarantor of an interest in the Guaranteed Obligations resulting
from such payment made by the Guarantor pursuant to this Guaranty.

          SECTION
7. Payments Free and Clear of Taxes, Etc. (a) Any and all payments by or on account of
any obligation of the Guarantor hereunder or under any other Transaction Document shall be made
free and clear of and without deduction for any Taxes imposed, levied, collected, withheld or
assessed by, within or on behalf of Brazil, the Cayman Islands or any political subdivision of the
foregoing, unless such withholding or deduction is required by law. In that event, the Guarantor
shall pay such additional amounts (the “Additional Amounts”) as may be necessary to ensure that the
amounts received by the Noteholders or the Trustee, as the case may be, after such withholding or
deduction shall equal the respective amounts that would have been receivable in respect of this
Guaranty, in the case of the Noteholders, or pursuant to Section 8.5 of the Indenture, in the case
of the Trustee, in the absence of such withholding or deduction. The Guarantor shall pay the full
amount deducted or withheld to the relevant Governmental Authority in accordance with applicable
law. The Guarantor will not, however, pay any Excluded Additional Amounts.

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          (b) Payment of Other Taxes by the Guarantor. The Guarantor shall promptly pay when
due any present or future stamp, court or documentary taxes or any other excise or property taxes,
charges or similar levies that arise in Brazil or Cayman Islands from the execution, delivery,
enforcement or registration of this Guaranty. The Guarantor shall indemnify and make whole the
Noteholders for any present or future stamp, court or documentary taxes or any other excise or
property taxes, charges or similar levies payable by the Guarantor as provided in this clause (b)
paid by such Noteholders.

          (c) Tax Indemnification. The Guarantor will, upon written request of any Noteholder
or beneficial owner of a Note, indemnify and hold harmless and reimburse such Noteholder for the
amount of Taxes of Brazil, the Cayman Islands or any political subdivision of the foregoing (other
than any such Taxes with respect to Excluded Additional Amounts for which the Noteholder would not
have been entitled to receive Additional Amounts pursuant to any of the conditions described in
Section 2.16(a) of the Indenture) so imposed and paid by such Noteholder as a result of payments
made under or with respect to this Guaranty, so that the net amount received by such Noteholder
after such reimbursement would not be less than the net amount the Noteholder would have received
if such Taxes of Brazil, the Cayman Islands or any political subdivision of the foregoing would not
have been imposed or levied.

          (d) Evidence of Payments. Upon written request from the Trustee, the Guarantor will
deliver to the Trustee, within five Business Days after the delivery of such written request,
certified copies of Tax receipts or, if such copies are not available, documentation evidencing the
payment of any such Taxes due pursuant to applicable law. Upon written request of the Noteholders
to the Trustee, copies of such receipts or other documentation, as the case may be, will be made
available to the Noteholder. At least ten Business Days prior to each date on which any payment
under or with respect to this Guaranty is due and payable, if the Guarantor is obligated to pay
Taxes with respect to such payment, the Guarantor will deliver to the Trustee an Officer’s
Certificate stating that Taxes will be payable, the amounts so payable and setting forth such other
information as the Trustee shall reasonably request for tax purposes.

          (e) Foreign Law. If the Trustee or a Noteholder is entitled to an exemption from or
reduction of Taxes, with respect to payments under this Guaranty, the Trustee or such Noteholder
(as applicable) shall provide to the Guarantor, as reasonably requested by the Guarantor (who shall
provide the Trustee or the Noteholder, as the case may be, the relevant documentation, forms and
instructions prescribed by applicable law), such documentation as will permit payments under this
Guaranty to be made without withholding or at a reduced rate; provided, however, if
any documentation or form referred to in this subsection (e) required the disclosure of information
that the Trustee or the Noteholder, as the case may be, reasonably considers to be confidential,
the Trustee or such Noteholder shall give notice thereof to the Guarantor and shall not be obligated to include in such documentation or form such
confidential information.

          (f) All references in this Guaranty to principal, interest, and other amounts payable
hereunder shall be deemed to include references to any Additional Amounts payable under this
Section 7 with respect to such principal, interest, or other amounts. The foregoing obligations
shall survive any termination, defeasance or discharge of the Notes and the Indenture.

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          (g) If the Guarantor shall at any time be required to pay Additional Amounts to Noteholders
pursuant to the terms of this Guaranty, the Guarantor will use its reasonable endeavors to obtain
an exemption from the payment of (or otherwise avoid the obligation to pay) the Tax which has
resulted in the requirement that it pay such Additional Amounts.

          SECTION
8. Representations and Warranties. The Guarantor makes the following representations and
warranties to the Trustee, on behalf of itself and the Noteholders, all of which shall survive the
execution and delivery of this Guaranty:

          (a) The Guarantor has been duly organized and is validly existing as a sociedade anônima in
good standing (if applicable) under the laws of Brazil. The Guarantor is licensed (if and to the
extent necessary) and has the full corporate power and authority to enter into and perform its
obligations under this Guaranty and the other Transaction Documents to which it is a party.

          (b) This Guaranty has been duly authorized, executed and delivered by the Guarantor; each of
this Guaranty and the Registration Rights Agreement and each other document executed and delivered
in connection therewith to which the Guarantor is party has been duly authorized and, assuming due
authorization, execution and delivery thereof by each other party to those Transaction Documents
(other than the Guarantor), when executed and delivered by the Guarantor, will constitute a legal,
valid and binding agreement of the Guarantor, enforceable against the Guarantor in accordance with
its terms (subject, as to the enforcement of remedies, to applicable bankruptcy, reorganization,
insolvency, moratorium or other similar laws affecting creditors’ rights generally from time to
time in effect and to general principles of equity).

          (c) No consent, approval, authorization, filing with or order of any Governmental Authority is
required for the execution, delivery or performance by the Guarantor of any of its obligations
under this Guaranty, including, without limitation, making any of the applicable payments required
to be made on or after the date hereof under or in respect of any of the Transaction Documents
other than any such authorization, approval, action, notice or filing which has been obtained or
made, as the case may be, prior to the date hereof and is in full force and effect on the date
hereof.

          (d) The Guarantor is currently not in violation of its charter, by-laws or comparable
organizational documents; neither the issuance and sale of the Notes, the execution and delivery of
any of the Transaction Documents nor the consummation of any of the transactions described or contemplated therein, nor the fulfillment of the terms thereof will
conflict with, or give rise to any right to accelerate the maturity or require the prepayment,
repurchase or redemption of any indebtedness under, or result in a breach or violation or
imposition of any lien, charge or encumbrance upon any property or assets of the Guarantor or any
of its subsidiaries pursuant to, (i) their respective charter, by-laws or comparable organizational
documents, (ii) the terms of any indenture, contract, lease, mortgage, deed of trust, note
agreement, loan agreement or other agreement, obligation, condition, covenant or instrument to
which they are a party or bound or to which any of their property or assets is subject or (iii) any
statute, law, rule, regulation, judgment, order or decree applicable to them,

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except in the case of clauses (ii) or (iii) such as could not reasonably be expected to have a Material Adverse Effect.

          SECTION 9. Covenants. For so long as the Notes remain outstanding or any amount remains unpaid
on the Notes and the Indenture, the Guarantor will comply with the terms and covenants set forth
below (except as otherwise provided in a duly authorized amendment to this Guaranty as provided
herein):

          (a) Performance of Obligations. The Guarantor shall cause the Issuer to pay all
amounts owed by it and comply with all its other obligations under the terms of the Notes, the
Indenture and the Registration Rights Agreement and itself shall comply with its obligations under
this Guaranty and the Registration Rights Agreement.

          (b) Maintenance of Corporate Existence. The Guarantor will, and will cause each of
its Subsidiaries to, (i) maintain in effect its corporate existence and all registrations necessary
therefor except as otherwise permitted by Section 9(l), and (ii) take all reasonable actions to
maintain all rights, privileges, titles to property, franchises, concessions and the like necessary
or desirable in the normal conduct of its business, activities or operations; provided that this
Section 9(b) shall not require the Guarantor to maintain or cause any Subsidiary thereof to
maintain any such right, privilege, title to property or franchise or the like or require the
Guarantor to preserve the corporate existence of any Subsidiary, if the failure to do so does not,
and will not, have a Material Adverse Effect.

          (c) Maintenance of Properties. The Guarantor will, and will cause each of its
Subsidiaries to, keep all its property used or useful in the conduct of its business in good
working order and condition, ordinary wear and tear excepted; provided that, this Section 9(c)
shall not require the Guarantor or any of its Subsidiaries to maintain any such right, privilege,
title to property or franchise if the failure to do so does not, and will not, have a Material
Adverse Effect.

          (d) Compliance with Laws. The Guarantor will comply, and will cause its Subsidiaries
to comply, at all times with all applicable Laws, rules, regulations, orders and directives of any
Governmental Authority having jurisdiction over the Guarantor and each Subsidiary thereof or their
businesses or any of the transactions contemplated herein, except where the failure so to comply
would not have a Material Adverse Effect.

          (e) Maintenance of Government Approvals. The Guarantor will, and will cause its
Subsidiaries to, duly obtain and maintain in full force and effect all Governmental Approvals,
consents or licenses of any Governmental Authority, which are necessary under the laws of Brazil or
any other jurisdiction having jurisdiction over the Guarantor and each Subsidiary thereof or
necessary in all cases for the Guarantor and the Issuer to perform its respective obligations under
this Guaranty and each of the other Transaction Documents to which it is a party (including,
without limitation, any authorization required to obtain and transfer U.S. dollars or any other
currency, which at that time is legal tender in the United States, out of Brazil or the Cayman
Islands, in connection with this Guaranty) or the validity or enforceability of any thereof, except
where the failure to do so would not have a Material Adverse Effect.

15

 

          (f) Payments of Taxes and Other Claims. The Guarantor will, and will cause each of
its Subsidiaries to, pay or discharge or cause to be paid or discharged, before the same shall
become delinquent, (i) all Taxes, assessments and governmental charges levied or imposed upon the
Guarantor or such Subsidiary, as the case may be, and (ii) all lawful claims for labor, materials
and supplies which, if unpaid, might by law become a lien upon the property of the Guarantor or
such Subsidiary, as the case may be; provided, however, that this Section 9(f) shall not require
the Guarantor to, or cause any Subsidiary thereof to, pay or discharge or cause to be paid or
discharged any such tax, assessment, charge or claim whose amount, applicability or validity is
being contested in good faith and, if appropriate, by appropriate legal proceedings, or where the
failure to do so would not have a Material Adverse Effect.

          (g) Maintenance of Ownership of the Issuer. The Guarantor will retain no less than
100% direct or indirect ownership of the outstanding voting and economic interests (equity or
otherwise) of and in the Issuer.

          (h) Maintenance of Books and Records. The Guarantor shall maintain books, accounts
and records in accordance with Brazilian GAAP, unless it is otherwise doing so under U.S. GAAP in
accordance with its status as a foreign private issuer under the Securities Act.

          (i) Maintenance of Office or Agency. The Guarantor will maintain in the Borough of
Manhattan, The City of New York, an office or agency where notices to and demands upon the
Guarantor in respect of this Guaranty may be served, and the Guarantor will not change the
designation of such office without prior notice to the Trustee and designation of a replacement
office in the same general location.

          (j) Ranking. The Guarantor will ensure at all times that its obligations under this
Guaranty will constitute the general unsecured and unsubordinated obligations of the Guarantor and
will rank pari passu, without any preferences among themselves, with all other present and future
unsecured and unsubordinated obligations of the Guarantor (other than obligations preferred by
statute or by operation of law).

          (k) Notice of Certain Events. The Guarantor will give notice to the Trustee, as soon
as is practicable and in any event within ten calendar days after the Guarantor becomes aware, or
should reasonably become aware, of the occurrence of any Default or any Event of Default, accompanied by a certificate of a responsible officer of the Guarantor setting forth
the details thereof and stating what action that the Guarantor proposes to take with respect
thereto.

          (l) Limitation on Consolidation, Merger, Sale or Conveyance. (i) The Guarantor will
not, in one or a series of transactions, consolidate or amalgamate with or merge into any
corporation or convey, lease or transfer all or substantially all of its properties, assets or net
sales to any Person (other than a direct or indirect Subsidiary of the Guarantor) or permit any
Person (other than a direct or indirect Subsidiary of the Guarantor) to merge with or into it
unless:

     (A) either the Guarantor is the continuing entity or the Person formed by such
consolidation or into which the Guarantor is merged or that acquired or leased such property
or assets of the Guarantor (the “Successor Company”) will be a company

16

 

organized and validly existing under the laws of Brazil, the United States or any country that is a member
of the European Union and shall assume (jointly and severally with the Guarantor unless the
Guarantor shall have ceased to exist as part of such merger, consolidation or amalgamation),
by an amendment to this Guaranty (the form and substance of which shall be previously
approved by the Trustee), all of the Guarantor’s obligations under this Guaranty;

     (B) the Successor Company (jointly and severally with the Guarantor unless the
Guarantor shall have ceased to exist as part of such merger, consolidation or amalgamation)
agrees to indemnify each Noteholder against any tax, assessment or governmental charge
thereafter imposed on such Noteholder solely as a consequence of such consolidation, merger,
conveyance, transfer or lease with respect to the payment of principal of, or interest on,
the Notes pursuant to this Guaranty;

     (C) immediately after giving effect to the transaction, no Event of Default, and no
Default has occurred and is continuing; and

     (D) the Guarantor has delivered to the Trustee an Officer’s Certificate and an Opinion
of Counsel, each stating that the transaction and the amendment to this Guaranty, if
applicable, comply with the terms of this Guaranty and that all conditions precedent
provided for in this Guaranty and relating to such transaction have been complied with.

          (ii) Notwithstanding anything to the contrary in the foregoing, so long as no Default or Event
of Default shall have occurred and be continuing at the time of such proposed transaction or would
result therefrom:

     (A) the Guarantor may merge or consolidate with or into, or convey, transfer, lease or
otherwise dispose of assets to a direct or indirect Subsidiary of the Guarantor in cases
when the Guarantor is the surviving entity in such transaction and such transaction would
not have a Material Adverse Effect on the Guarantor and its Subsidiaries taken as a whole,
it being understood that if the Guarantor is not the surviving entity, the Guarantor shall
be required to comply with the requirements set forth in clause (i) above; or

     (B) any direct or indirect Subsidiary of the Guarantor may merge or consolidate with or
into, or convey, transfer, lease or otherwise dispose of assets to, any Person in cases when
such transaction would not have a Material Adverse Effect on the Guarantor and its
Subsidiaries taken as a whole; or

     (C) any direct or indirect Subsidiary of the Guarantor may merge or consolidate with or
into, or convey, transfer, lease or otherwise dispose of assets to, any other direct or
indirect Subsidiary of the Guarantor; or

     (D) any direct or indirect Subsidiary of the Guarantor may liquidate or dissolve if the
Guarantor determines in good faith that such liquidation or dissolution is in the best
interests of the Guarantor, and would not result in a Material Adverse Effect on

17

 

the
Guarantor and its Subsidiaries taken as a whole and if such liquidation or dissolution is
part of a corporate reorganization of the Guarantor.

     (E) For the purpose of this Section 9(l)(ii), the term “Subsidiary” shall also
include any corporation, company, partnership or other entity of
which the Guarantor owns shares of stock or other ownership interests that have the ordinary voting power to elect at
least 50% of the Board of Directors (or similar governing body) of such corporation,
company, partnership or other entity, or the Guarantor, directly or indirectly through one
or more intermediaries, otherwise shares equal control of such corporation, company,
partnership or other entity with another Person.

          (m) Limitation on Liens. (i) The Guarantor will not, and will not cause or permit any
of its Subsidiaries to, issue, assume or guarantee any Indebtedness, if that Indebtedness is
secured by a Lien upon any Guarantor Specified Property now owned or hereafter acquired, unless,
together with the issuance, assumption or guarantee of such Indebtedness, the Notes shall be
secured equally and ratably with (or prior to) such Indebtedness.

          (ii) The foregoing restriction shall not apply to:

     (A) any Lien in existence on the Closing Date;

     (B) any Lien on any property acquired, constructed or improved by the Guarantor or any
of its Subsidiaries after the date of the Indenture which is created, incurred or assumed
contemporaneously with, or within 12 months after, that acquisition (or in the case of any
such property constructed or improved, after the completion or commencement of commercial
operation of such property, whichever is later) to secure or provide for the payment of any
part of the purchase price of such property or the costs of that construction or improvement
(including costs such as escalation, interest during construction and finance costs);
provided, that in the case of any such construction or improvement the Lien shall not apply
to any other property owned by the Guarantor or any of its Subsidiaries, other than any
unimproved real property on which the property so constructed, or the improvement, is
located;

     (C) any Lien on Guarantor Specified Property which secures Indebtedness owing to an
Official Lender;

     (D) any Lien on any property existing at the time of its acquisition and which is not
created as a result of or in connection with or in anticipation of that acquisition (unless
such Lien was created to secure or provide for the payment of any part of the purchase price
of that property);

     (E) any Lien on any property acquired from a corporation or any other Person which is
merged with or into the Guarantor or its Subsidiaries, or any Lien existing on property of a
corporation or any other Person, which existed at the time such corporation becomes a
subsidiary of the Guarantor and, in either case, which is not created as a result of or in
connection with or in anticipation of any such transaction (unless such Lien was created to
secure or provide for the payment of any part of the purchase price of such corporation);

18

 

     (F) any Lien which secures only Indebtedness owing by any of the Guarantor’s
Subsidiaries, to one or more of the Guarantor’s Subsidiaries or to the Guarantor and one or
more of the Guarantor’s Subsidiaries;

     (G) any Lien arising by operation of law and arising in the ordinary course of business
of the Guarantor or its Subsidiaries, such as tax, merchants’, maritime or other similar
liens (including any judicial liens);

     (H) any extension, renewal or replacement (or successive extensions, renewals or
replacements), in whole or in part, of any Lien referred to in the foregoing clauses (A)
through (G) inclusive; provided that the principal amount of Indebtedness secured thereby
shall not exceed the principal amount of Indebtedness so secured at the time of such
extension, renewal or replacement, and that such extension, renewal or replacement shall be
limited to all or a part of the property which secured the Lien so extended, renewed or
replaced (plus improvements on such property); and

     (I) any Lien of the Guarantor or any of its Subsidiaries that does not fall within
paragraphs (A) through (H) above and that secures an aggregate amount of Indebtedness which,
when aggregated with Indebtedness secured by all other Liens of the Guarantor and its
Subsidiaries permitted under this paragraph (I) at any time does not exceed 10% of
Consolidated Net Tangible Assets at the time any such Indebtedness is issued, assumed or
guaranteed by the Guarantor or any of its Subsidiaries or at the time any such Lien is
entered into.

          (n) Transactions with Affiliates. The Guarantor shall not, and shall not permit any
of its Subsidiaries to, enter into or carry out (or agree to enter into or carry out) any
transaction or arrangement with any Affiliate, except for any transaction or arrangement entered
into or carried out on terms no less favorable to the Guarantor or such Subsidiary than those which
could have been obtained on an arm’s-length basis with a Person that is not an Affiliate; provided,
however, that the foregoing shall not apply to transactions (i) between the Guarantor and the
Issuer or (ii) between or among the Guarantor, the Issuer and/or any of their respective
Subsidiaries not involving any other Person so long as consummation of any such transaction will
not have a Material Adverse Effect.

          (o) Provision of Financial Statements and Reports. (i) The Guarantor will provide to
the Trustee, in English or accompanied by an English translation thereof, (A) as soon as available
and in any case within 60 calendar days after the end of each fiscal quarter (other than the fourth
quarter), its unaudited and consolidated balance sheet and statement of income calculated in
accordance with Brazilian GAAP and accompanied by a report thereon by an independent public
accountant of recognized international standing (unless the Guarantor is preparing interim
financial statements under U.S. GAAP for purposes of filings under the United States securities
laws, in which case this clause (A) shall be deemed to apply to U.S. GAAP rather than Brazilian
GAAP and such financial statements shall be delivered as soon as available and in any case within
90 calendar days after the end of the fiscal quarter) and (B) as soon as available and in any case
within 180 calendar days after the end of each fiscal year, its audited and consolidated balance
sheet and statement of income calculated in accordance with U.S. GAAP or in accordance with
Brazilian GAAP, together with a reconciliation to U.S. GAAP in

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accordance with the rules and regulations of the United States securities laws, and either case accompanied by a report thereon
by an independent public accountant of recognized international standing.

          (ii) The Guarantor will provide, at least annually, together with the financial statements
delivered after the end of each fiscal year, an Officer’s Certificate stating that a review of the
Guarantor’s activities has been made during the period covered by such financial statements with a
view to determining whether the Guarantor has kept, observed, performed and fulfilled its covenants
and agreements under this Guaranty and that no Event of Default has occurred during such period.

          (iii) In satisfaction of the foregoing financial statement delivery requirement, the Guarantor
will furnish the links to the website where of all financial statements and financial reports,
promptly upon such statements and reports being publicly available, filed by the Guarantor with the
SEC or published or otherwise made publicly available in Brazil, the United States or elsewhere,
and in any case within 15 calendar days of such statements and reports becoming available.

          (p) Further Actions. The Guarantor will, at its own cost and expense, and will cause
its Subsidiaries to, at their own cost and expense, satisfy any condition or take any action
(including the obtaining or effecting of any necessary consent, approval, authorization, exemption,
filing, license, order, recording or registration) at any time required, as may be necessary or as
the Trustee may reasonably request, in accordance with applicable Laws to be taken, fulfilled or
done in order to (i) enable the Guarantor to lawfully enter into, exercise its rights and perform
and comply with its obligations under this Guaranty and each of the other Transaction Documents to
which it is a party (ii) ensure that the Guarantor’s obligations under this Guaranty and each of
the other Transaction Documents to which it is a party are legally binding and enforceable, (iii)
make this Guaranty and each of the other Transaction Documents to which it is a party admissible in
evidence in the courts of the State of New York or Brazil, (iv) enable the Trustee to the exercise
and enforce its rights under and carry out the terms, obligations, provisions and purposes of this
Guaranty and each of the other Transaction Documents, (v) take any and all action necessary to
preserve the enforceability of, and maintain the Trustee’s rights under this Guaranty and the other
Transaction Documents, including, without limitation, refraining from taking any action that
reasonably can be expected to have an adverse effect on the enforceability of, or any of the Trustee’s rights under, this Guaranty and each
of the other Transaction Documents, and (vi) assist the Trustee in the Trustee’s performance of its
obligations under this Guaranty and each of the other Transaction Documents.

          (q) Available Information. For as long as the Notes are “restricted securities”
within the meaning of Rule 144(a)(3) under the Securities Act, the Guarantor will, to the extent
required, furnish to any Noteholder of a Note issued under Rule 144A, or to any prospective
purchaser designated by such Noteholder, upon request of such Noteholder, financial and other
information described in paragraph (d)(4) of Rule 144A with respect to the Guarantor and the Issuer
to the extent required in order to permit such Noteholder to comply with Rule 144A (as amended from
time to time and including any successor provision) with respect to any resale of such Note,
unless, at the time of such request, the Issuer is subject to the reporting requirements of Section
13 or Section 15(d) of the Exchange Act or is exempt from such requirements

20

 

pursuant to Rule 12g3-2(b) under the Exchange Act (as amended from time to time and including any successor
provision) and no such information about the Issuer or the Guarantor is otherwise required pursuant
to Rule 144A.

          SECTION
10. Amendments, etc. No amendment or waiver of any provision of this Guaranty and no
consent to any departure by the Guarantor therefrom shall in any event be effective unless the same
shall be in writing and signed by the Trustee and the Guarantor and accompanied by an Officer’s
Certificate and Opinion of Counsel to the effect that such amendment or waiver or consent to
departure is allowed under this Guaranty and the Indenture and will not result in a Material
Adverse Effect, and then such waiver or consent shall be effective only in the specific instance
and for the specific purpose for which given.

          SECTION
11. Notices, Etc. All notices and other communications provided for hereunder shall be in
writing (including telegraphic or telecopy) and mailed, telecopied or delivered by hand to it, if
to the Guarantor, addressed to Companhia de Bebidas das Américas-AMBEV, Edifício Corporate Park,
Rua Dr. Renato Paes de Barros, 1017, 4° andar, 04530-001, São Paulo, SP, Brazil, Attention:
General Counsel (telefax: (55-11) 2122-1454 and (55-11) 2122-1540) and also addressed to the AmBev
International Finance Co. Ltd., PO Box 309GT, Ugland House, South Church Street, George Town, Grand
Cayman,Cayman Islands, if to the Trustee, at Deutsche Bank Trust Company Americas, 60 Wall Street,
MS-2710, New York, New York 10005, or, as to any party, at such other address as shall be
designated by such party in a written notice to each other party. The Guarantor shall forward
promptly copies of all notices and other communications given or received hereunder or under any of
the Transaction Documents to S&P at 55 Water Street, New York, New York 10041, Attention: Diane
Audino, Latin American Structured Finance and to Fitch at 55 E. Monroe, Suite 3500, Chicago,
Illinois 60603, Attention: Latin American Structured Surveillance. All such notices and other
communications shall, when telecopied be effective when transmitted. Delivery by telecopier of an
executed counterpart of a signature page to any amendment or waiver of any provision of this
Guaranty shall be effective as delivery of an original executed counterpart thereof.

          Copies of all written information provided by the Guarantor under the terms hereof, including
without limitation all such written information and financial statements provided to the Trustee
under Section 9 hereof, shall be sent by the Guarantor to the Luxembourg Paying Agent by first
class mail at its offices at Aerogolf Centre, 1A Hoehenhof, L-1736 Senningerberg, G.D., Luxembourg,
or such other address as shall be designated by the Luxembourg Paying Agent to the Trustee and the
Guarantor.

          SECTION
12. No Waiver; Remedies. No failure on the part of the Trustee to exercise, and no delay
in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or
partial exercise of any right hereunder preclude any other or further exercise thereof or the
exercise of any other right. The remedies herein provided are cumulative and not exclusive of any
remedies provided by law.

          SECTION
13. Indemnification. (a) Without limitation on any other obligations of the Guarantor or
remedies of the Trustee under this Guaranty, the Guarantor shall, to the fullest extent permitted
by law, indemnify, defend and save and hold harmless the Trustee and its officers, directors,
employees, agents and advisors (each, an “Indemnified Party”) from and

21

 

against, and shall pay on demand, any and all claims, damages, losses, liabilities and expenses (including, without
limitation, reasonable fees and expenses of counsel) that may be incurred by or asserted or awarded
against any Indemnified Party in connection with or as a result of any failure of any Guaranteed
Obligation to be the legal, valid and binding obligations of the Guarantor enforceable against it
in accordance with their terms.

          (b) The Guarantor hereby also agrees that none of the Indemnified Parties shall have any
liability (whether direct or indirect, in contract, tort or otherwise) to the Guarantor or any of
its Affiliates or any of their respective officers, directors, employees, agents and advisors, and
the Guarantor hereby agrees not to assert any claim against any Indemnified Party on any theory of
liability, for special, indirect, consequential or punitive damages arising out of or otherwise
relating to the Transaction Documents or any of the transactions contemplated by the Transaction
Documents.

          (c) Without prejudice to the survival of any of the other agreements of the Guarantor under
this Guaranty or any of the other Transaction Documents, the agreements and obligations of the
Guarantor contained in Sections 2 and 3 (with respect to the payment of all other amounts owed
under the Indenture), Section 8 and this Section 13 shall survive the payment in full of the
Guaranteed Obligations and all of the other amounts payable under this agreement.

          SECTION
14. Subordination. To the extent that the Guarantor is required to make any payment
hereunder, the Guarantor hereby subordinates, to the fullest extent allowed by applicable laws, any
and all debts, liabilities and other payment or financial or payment obligations (except for
dividends already declared on the date the Guarantor is required to make any payments by the Issuer
but not actually paid to the Guarantor) owed by the Issuer to the Guarantor, (the “Subordinated
Obligations”) to the Guaranteed Obligations and agrees that it shall not require the Issuer to
make any payments in respect thereof to the extent and in the manner hereinafter set forth in this
Section 14:

     (a) Prohibited Payments, Etc. Except during the continuance of a Default or
Event of Default (including the commencement and continuation of any proceeding under any
applicable bankruptcy, insolvency, receivership or similar law now or hereafter in effect
relating to the Issuer (each such law, a “Bankruptcy Law”)), the Guarantor may
receive any payments from the Issuer on account of the Subordinated Obligations. After the
occurrence and during the continuance of any Default (including the commencement and
continuation of any proceeding under any Bankruptcy Law relating to the Issuer), however,
unless the Trustee otherwise agrees, the Guarantor shall not demand, accept or take any
action to collect any payment on account of the Subordinated Obligations.

     (b) Prior Payment of Guaranteed Obligations. In any proceeding under any
Bankruptcy Law relating to the Issuer, the Guarantor agrees that the Trustee, on behalf of
itself and the Noteholders, shall be entitled to receive payment in full in cash of all
Guaranteed Obligations (including all interest and expenses accruing after the commencement
of a proceeding under any Bankruptcy Law, whether or not constituting an allowed claim in
such proceeding (“Post Petition Interest”)) before the Guarantor receives payment of
any Subordinated Obligations.

22

 

     (c) Turn-Over. After the occurrence and during the continuance of any Default
(including the commencement and continuation of any proceeding under any Bankruptcy Law
relating to the Issuer), the Guarantor shall, if the Trustee, on behalf of the Noteholders,
so requests, collect, enforce and receive payments on account of the Subordinated
Obligations as trustee for the Trustee and deliver such payments to the Trustee, on behalf
of the Noteholders, on account of the Guaranteed Obligations (including all Post Petition
Interest), together with any necessary endorsements or other instruments of transfer, but
without reducing or affecting in any manner the liability of the Guarantor under the other
provisions of this Guaranty.

     (d) Trustee Authorization. After the occurrence and during the continuance of
any Default (including the commencement and continuation of any proceeding under any
Bankruptcy Law relating to any of the Issuer, any Material Subsidiary thereof or any
Material Subsidiary of the Guarantor), the Trustee, at the direction of the Noteholders or
otherwise, is authorized and empowered (but without any obligation to so do), in its
discretion, (i) in the name of the Guarantor, to collect and enforce, and to submit claims
in respect of, Subordinated Obligations and to apply any amounts received thereon to the
Guaranteed Obligations (including any and all Post Petition Interest), and (ii) to require
the Guarantor (A) to collect and enforce, and to submit claims in respect of,
Subordinated Obligations and (B) to pay any amounts received on such obligations to the
Trustee for application to the Guaranteed Obligations (including any and all Post Petition
Interest).

          SECTION
15. Continuing Agreement; Assignment of Rights Under the Indenture and the Notes. This
Guaranty is a continuing guaranty and shall (a) remain in full force and effect until the later of
(i) the repayment in full by the Issuer of all amounts due and owing under the Indenture with
respect to the Notes and (ii) the repayment in full of all Guaranteed Obligations and all other
amounts payable under this Guaranty, (b) be binding upon the Guarantor, its successors and assigns
and (c) inure to the benefit of and be enforceable by the Trustee, on behalf of Noteholders, and
their successors, transferees and assigns. Without limiting the generality of clause (c) of the
immediately preceding sentence, any Noteholder may assign or otherwise transfer all or any portion
of its rights and obligations under the Indenture (including, without limitation, the Note or Notes
held by it) to any other person or entity, and such other person or entity shall thereupon become
vested with all the benefits in respect thereof granted to such Noteholder herein or otherwise, in
each case as and to the extent provided in the Indenture. The Guarantor shall not have the right
to assign its rights hereunder or any interest herein without the prior written consent of all of
the Noteholders.

          SECTION
16. Currency Rate Indemnity. (a) The Guarantor shall (to the extent lawful) indemnify
the Trustee and the Noteholders and keep them indemnified against:

     (i) in the case of nonpayment by the Guarantor of any amount due to the Trustee, on
behalf of the Noteholders, under this Guaranty any loss or damage incurred by any of them
arising by reason of any variation between the rates of exchange used for the purposes of
calculating the amount due under a judgment or order in respect thereof and those prevailing
at the date of actual payment by the Guarantor; and

23

 

     (ii) any deficiency arising or resulting from any variation in rates of exchange
between (i) the date as of which the local currency equivalent of the amounts due or
contingently due under this Guaranty or in respect of the Notes is calculated for the
purposes of any bankruptcy, insolvency or liquidation of the Guarantor, and (ii) the final
date for ascertaining the amount of claims in such bankruptcy, insolvency or liquidation.
The amount of such deficiency shall be deemed not to be increased or reduced by any
variation in rates of exchange occurring between the said final date and the date of any
bankruptcy, insolvency or liquidation or any distribution of assets in connection therewith.

          (b) The Guarantor agrees that, if a judgment or order given or made by any court for the
payment of any amount in respect of its obligations hereunder is expressed in a currency (the
“Judgment Currency”) other than U.S. dollars (the “Denomination Currency”), it will
indemnify the relevant Noteholder against any deficiency arising or resulting from any variation in
rates of exchange between the date at which the amount in the Denomination Currency is notionally converted into the amount in the Judgment Currency for the purposes of such
judgment or order and the date of actual payment thereof.

          (c) The above indemnities shall constitute separate and independent obligations of the
Guarantor from its obligations hereunder, will give rise to separate and independent causes of
action, will apply irrespective of any indulgence granted from time to time and will continue in
full force and effect notwithstanding any judgment or order for a liquidated sum or sums in respect
of amounts due in respect of the relevant Note or under any such judgment or order.

          SECTION
17. Governing Law; Jurisdiction; Waiver of Immunity, Etc. (a) This Guaranty shall be
governed by, and construed in accordance with, the laws of the State of New York.

          (b) The Guarantor hereby irrevocably and unconditionally submits to the nonexclusive
jurisdiction of any court of the State of New York or any United States Federal court sitting in
The City of New York, New York, United States, and any appellate court from any thereof, in any
action or proceeding arising out of or relating to this Guaranty or any of the other Transaction
Documents to which it is or is to be a party, or for recognition or enforcement of any judgment,
and the Guarantor hereby irrevocably and unconditionally agrees that all claims in respect of any
such action or proceeding may be heard and determined in any such court of the State of New York
or, to the extent permitted by law, in such Federal court. The Guarantor irrevocably waives, to
the fullest extent permitted by law, any objection to any suit, action, or proceeding that may be
brought in connection with this Guaranty in such courts whether on the grounds of venue, residence
or domicile or on the ground that any such suit, action or proceeding has been brought in an
inconvenient forum. The Guarantor agrees that a final judgment in any such suit, action or
proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment
or in any other manner provided by law. Nothing in this Guaranty or any other Transaction Document
shall affect any right that any party may otherwise have to bring any action or proceeding relating
to this Guaranty or any other Transaction Document in the courts of any jurisdiction.

24

 

          (c) The Guarantor hereby irrevocably appoints and empowers CT Corporation System, at its
offices located at 111 Eighth Avenue, New York, New York 10011 as its authorized agent (the
“Process Agent”) to accept and acknowledge for and on its behalf and on behalf of its
property service of any and all legal process, summons, notices and documents which may be served
in any such suit, action or proceedings in any New York State court or United States Federal court
sitting in The City of New York, New York, United States and any appellate court from any thereof,
which service may be made on such designee, appointee and agent in accordance with legal procedures
prescribed for such courts. The Guarantor will take any and all action necessary to continue such
designation in full force and effect and to advise the Trustee of any change of address of such
Process Agent; should such Process Agent become unavailable for this purpose for any reason, the
Guarantor will promptly and irrevocably designate a new Process Agent within New York, New York,
which will agree to act as such, with the powers and for the purposes specified in this subsection
(c). The Guarantor irrevocably consents and agrees to the service and any and all legal process,
summons, notices and documents out of any of the aforesaid courts in any such action, suit or
proceeding by hand delivery, to it at its address set forth in Section 11 or to any other address of which it
shall have given notice pursuant to Section 11 or to its Process Agent. Service upon the Guarantor
or the Process Agent as provided for herein will, to the fullest extent permitted by law,
constitute valid and effective personal service upon it and the failure of the Process Agent to
give any notice of such service to the Guarantor shall not impair or affect in any way the validity
of such service or any judgment rendered in any action or proceeding based thereon.

          (d) THE GUARANTOR HEREBY IRREVOCABLY WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR
RELATING TO THIS GUARANTY, ANY OF THE TRANSACTION DOCUMENTS OR THE ACTIONS OF ANY NOTEHOLDER IN THE
NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT THEREOF.

          (e) This Guaranty and any other documents delivered pursuant hereto, and any actions taken
hereunder, constitute commercial acts by the Guarantor. The Guarantor irrevocably and
unconditionally and to the fullest extent permitted by law, waives, and agrees not to plead or
claim, any immunity from jurisdiction of any court or from any legal process (whether through
service or notice, attachment prior to judgment, attachment in aid of execution, execution or
otherwise) for itself of any of its property, assets or revenues wherever located with respect to
its obligations, liabilities or any other matter under or arising out of or in connection with this
Guaranty or any document delivered pursuant hereto, in each case for the benefit of each assigns,
it being intended that the foregoing waiver and agreement will be effective, irrevocable and not
subject to withdrawal in any and all jurisdiction, and, without limiting the generality of the
foregoing, agrees that the waivers set forth in this subsection (f) shall have the fullest scope
permitted under the United States Foreign Sovereign Immunities Act of 1976 and are intended to be
irrevocable for the purposes of such act.

          SECTION
18. Execution in Counterparts. This Guaranty and each amendment, waiver and consent with
respect hereto may be executed in any number of counterparts and by different parties thereto in
separate counterparts, each of which when so executed shall be deemed to be an original and all of
which taken together shall constitute one and the same

25

 

agreement. Delivery of an executed counterpart of a signature page to this Guaranty by telecopier shall be effective as delivery of an
original executed counterpart of this Guaranty.

          SECTION
19. Entire Agreement. This Guaranty, together with the Indenture and the Notes, sets
forth the entire agreement of the parties hereto with respect to the subject matter hereof.

          SECTION
20. USA Patriot Act. The parties hereto acknowledge that in accordance with Section 326 of the
USA Patriot Act, the Trustee, like all financial institutions and to help fight the funding of
terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or
legal entity that establishes a relationship or opens an account with Deutsche Bank Trust Company
Americas. The parties to this Indenture agree that they will provide the Trustee with such
information as it may request in order for the Trustee to satisfy the requirements of the USA
Patriot Act.

26

 

          IN WITNESS WHEREOF, the Guarantor has caused this Guaranty to be duly executed and delivered
by its officer thereunto duly authorized as of the date first above written.

	 	 	 	 	 
	 	COMPANHIA DE BEBIDAS DAS AMÉRICAS-AMBEV

 	 
	 	By: 	 /s/ Graham
Staley	 
	 	 	Name:  	Graham Staley	 
	 	 	Title:  	Officer	 
	 
	 	 	 
	 	By: 	
 /s/ Pedro Mariani	 
	 	 	Name:  	Pedro Mariani	 
	 	 	Title:  	Officer	 
	 

ACKNOWLEDGED:

DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee and not
in its individual capacity

By Deutsche Bank National Trust Company

	 	 	 	 	 
	By:
	 	/s/ Cynthia J. Powell	 	 
	 

	 	 

Name: Cynthia J. Powell
	 	 
	 

	 	Title:   Vice President	 	 
	 
	 	 	 	 
	By:
	 	/s/ David Contino	 	 
	 

	 	 

Name: David Contino
	 	 
	 

	 	Title:   Assistant
Vice President	 	 

27

 

	 	 	 	 	 	 	 
	STATE
OF NEW JERSEY

	 	 	)	 	 	 
	 

	 	 	)	 	 	ss:
	COUNTY
OF ESSEX

	 	 	)	 	 	 

     On
this 23rd day of July, 2007 before me, a notary public within and for said county,
personally appeared David Contino and Cynthia J. Powell, to me personally known who being duly sworn, did say
that he is a Assistant Vice President and she is a Vice President of
Deutsche Bank National Trust Company, a person described in and
which executed the foregoing instrument, and acknowledges said instrument to be the free act and
deed of said corporation.

	 	 	 	 	 
	 	 	/s/ Michelle H. Y. Voon
	 

	 	 

Notary Public
	 	 
	 

	 	Michelle H. Y. Voon	 	 
	 	 	My Commission Expires June 4, 2012

[Notarial Seal]

 

 

EXHIBIT A

FORM OF NON-PAYMENT NOTICE

	 	 	 
	 

	 	[Date]

VIA FACSIMILE

AmBev International Finance Co. Ltd.

PO Box 309GT, Ugland House

South Church Street

George Town, Grand Cayman

Cayman Islands

Attention:                                          

AmBev International Finance Co. Ltd.

Dear Sirs:

          Reference is made to that certain Indenture (the “Indenture”) dated July 24, 2007
AmBev International Finance Co. Ltd (the “Company”) and Deutsche Bank Trust Company
Americas, as trustee (the “Trustee”) and Deutsche Bank Luxembourg S.A. as paying agent in
Luxembourg. Reference is also made to that certain Guaranty (the “Guaranty”) dated July
24, 2007 between the Trustee and Companhia de Bebidas das Américas-AMBEV (“AMBEV”) pursuant
to which AMBEV has undertaken to provide the holders of the Company’s 9.500% Notes due 2017 (the
“Notes”) with an irrevocable and unconditional guaranty of the Company’s obligations with
respect to the Notes. Capitalized terms not defined herein shall have the meanings set forth in
the Guaranty.

          By this notice, the undersigned, acting on behalf of the holders of the Notes, hereby advises
you as follows:

	 	1.	 	On [date], the Company was obligated to make a payment of
[principal] [interest] [other amounts under the Indenture] in an amount equal
to R$                 in respect of [principal] [interest] [other
amounts due under the Indenture] (the “Overdue Amount”).
	 
	 	2.	 	Pursuant to the Guaranty, you are obligated to immediately pay
the Overdue Amount to the Trustee, on behalf of the holders of the Notes.
	 
	 	3.	 	Pursuant to the Guaranty, you are hereby directed to pay the
Overdue Amount to the Trustee, on behalf of the holders of the Notes, in
respect of your obligations under the Guaranty.

 

 

	 	4.	 	You are hereby requested to pay the Overdue Amount to the
Payment Account established under the Indenture (Account No.           
) immediately upon receipt of this notice.
	 
	 	5.	 	AMBEV is requested to acknowledge receipt of this notice by
countersigning in the space provided below and returning a copy to the same at
the address provided in the Guaranty with a copy by facsimile to the Trustee at
Deutsche Bank Trust Company Americas, 60 Wall Street, MS-2710, New York, New
York 10005 (Attention: [       ]).

	 	 	 	 	 
	 	DEUTSCHE BANK TRUST
 COMPANY
AMERICAS, as Trustee

 	 
	 	By:  	                                             
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

ACKNOWLEDGED & AGREED

COMPANHIA DE BEBIDAS DAS AMÉRICAS-AMBEV

	 	 	 	 	 
	By:

	 	             
 

Name:
	 	                           
	 

	 	Title:	 	 
	 

	 	Date:	 	 

2EX-4.4

Exhibit 4.4

EXECUTION VERSION

REGISTRATION RIGHTS AGREEMENT

Dated
July 24, 2007

among

AMBEV INTERNATIONAL FINANCE CO. LTD.

as Issuer,

COMPANHIA DE BEBIDAS DAS AMÉRICAS — AMBEV

as Guarantor,

and

CITIGROUP GLOBAL MARKETS INC.,

CREDIT SUISSE SECURITIES (EUROPE) LIMITED and

CREDIT SUISSE SECURITIES (USA) LLC

as representatives on behalf of themselves and the other Initial Purchasers

 

 

REGISTRATION RIGHTS AGREEMENT

          THIS REGISTRATION RIGHTS AGREEMENT (the “Agreement”) dated as of July 24, 2007, among
(i) AmBev International Finance Co. Ltd. (the “Issuer”), a company incorporated with
limited liability in the Cayman Islands and a wholly-owned subsidiary of Companhia de Bebidas das
Américas — AMBEV, a sociedade anônima organized and existing under the laws of the Federative
Republic of Brazil (“AMBEV” and, collectively with the Issuer, the “Companies”),
(ii) AMBEV and (iii) Citigroup Global Markets Inc., Credit Suisse Securities (Europe) Limited and
Credit Suisse Securities (USA) LLC as representatives on behalf of the Initial Purchasers (as
defined below) of R$300,000,000 of the Issuer’s 9.500% Notes due 2017 (the “Notes”). Terms
not otherwise defined herein are used as defined in the Indenture (as defined below).

WITNESSETH

          WHEREAS, the Issuer is today entering into an Indenture dated as of July 24, 2007 with
Deutsche Bank Trust Company Americas as Trustee (the “Indenture”), pursuant to which it is
today issuing R$300,000,000 aggregate principal amount of its Notes;

          WHEREAS, to guarantee the Issuer’s obligations under the Notes, AMBEV is today entering into
the Guaranty dated as of July 24, 2007 (the “Guaranty”);

          WHEREAS, in order to provide additional liquidity to the holders of the Notes (the
“Holders”), the Issuer and AMBEV are willing to enter into this Registration Rights
Agreement providing for the registration of the Notes under the Securities Act of 1933, as amended;

          NOW, THEREFORE, the parties hereto agree as follows:

          SECTION 1. Definitions.

          As used in this Agreement, the following capitalized defined terms shall have the following
meanings:

     “Closing Date” shall mean the Closing Date as defined in the Purchase
Agreement.

     “Companies” shall have the meaning set forth in the preamble and shall also
include their successors and assigns.

     “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from
time to time.

 

2

     “Exchange Date” shall have the meaning set forth in section 2(a)(ii) hereof.

     “Exchange Offer” shall mean the exchange offer by the Companies of Exchange
Securities for Registrable Securities pursuant to Section 2(a) hereof.

     “Exchange Offer Registration” shall mean a registration under the Securities
Act effected pursuant to Section 2(a) hereof.

     “Exchange Offer Registration Statement” shall mean an exchange offer
registration statement on Form F-1, F-2, F-3 or F-4, as applicable, and all amendments and
supplements to such registration statement, in each case including the Prospectus contained
therein, all exhibits thereto and all material incorporated by reference therein.

     “Exchange Securities” shall mean securities issued by the Issuer, which are
unconditionally subject to an effective guaranty on a senior unsecured basis by AMBEV under
the Guaranty, containing terms identical in all material respects to the Notes (except that
the Exchange Securities will not bear legends restricting their transfer) and to be offered
to Holders of Notes in exchange for Notes pursuant to the Exchange Offer.

     “Holder” shall mean each person or entity that holds the Notes of the
Registrable Securities, and each of their successors, assigns and direct and indirect
transferees who become registered owners of Registrable Securities under the Indenture;
provided that, for purposes of Sections 4 and 5 of this Agreement, the term “Holder”
shall include Participating Broker-Dealers (as defined in Section 4(a)).

     “Indenture” shall mean the Indenture relating to the Notes dated the Closing
Date, among the Issuer, Deutsche Bank Trust Company Americas, as Trustee, and Deutsche Bank
Luxembourg S.A., as Luxembourg paying agent and Luxembourg transfer agent, as the same may
be amended from time to time in accordance with the terms thereof.

     “Initial Purchasers” shall mean Citigroup Global Markets Inc. and Credit Suisse
Securities (Europe) Limited and Credit Suisse Securities (USA) LLC.

     “Majority Holders” shall mean the Holders of a majority of the aggregate
principal amount of outstanding Registrable Securities; provided that, whenever the
consent or approval of Holders of a specified percentage of Registrable Securities is
required hereunder, Registrable Securities held by the Companies or any of their affiliates
(as such term is defined in Rule 405 under the Securities Act) (other than the Initial
Purchasers or subsequent Holders of Registrable Securities if such subsequent holders are
deemed to be such affiliates solely by reason of their holding of such Registrable
Securities) shall not be counted in determining whether such consent or approval was given
by the Holders of such required percentage or amount.

     “Person” means an individual, partnership, corporation, limited liability
company, business trust, joint stock company, trust, unincorporated association, joint
venture or any nation or government, any state, province or other political subdivision
thereof, any central bank (or similar monetary or regulatory authority) thereof, and any
entity

 

3

exercising executive, legislative, judicial, regulatory or administrative functions of
or pertaining to government.

     “Prospectus” shall mean the prospectus included in a Registration Statement,
including any preliminary prospectus, and any such prospectus as amended or supplemented by
any prospectus supplement and by all other amendments and supplements to such prospectus,
and in each case including all material incorporated by reference therein.

     “Purchase Agreement” shall mean the Purchase Agreement dated as of July 17,
2007 among the Companies and the Initial Purchasers relating to the purchase of the Notes by
the Initial Purchasers.

     “Registrable Securities” shall mean the Notes and the agreements in respect of
the obligations of AMBEV under the Guaranty (and the Guaranty itself to the extent necessary
or appropriate); provided, however, that the Notes and the agreements in
respect of obligations of AMBEV under the Guaranty (and the Guaranty itself to the extent
necessary or appropriate) shall cease to be Registrable Securities (i) when a Registration
Statement with respect to such Notes and the agreements in respect of obligations of AMBEV
under the Guaranty (and the Guaranty itself to the extent necessary or appropriate) shall
have been declared effective under the Securities Act and such Notes and the agreements in
respect of obligations of AMBEV under the Guaranty (and the Guaranty itself to the extent
necessary or appropriate) shall have been disposed of pursuant to such Registration
Statement, (ii) when such Notes and the agreements in respect of obligations of AMBEV under
the Guaranty (and the Guaranty itself to the extent necessary or appropriate) have been sold
to the public pursuant to Rule 144(k) (or any similar provision then in force, but not Rule
144A) under the Securities Act or (iii) when the Notes and the agreements in respect of
obligations of AMBEV under the Guaranty (and the Guaranty itself to the extent necessary or
appropriate) shall have ceased to be outstanding; provided further, that the
securities with respect to which the Issuer and AMBEV have caused to be filed and declared
effective an Exchange Offer Registration Statement and have commenced an Exchange Offer, in
each case pursuant to and in accordance with Section 2(a) hereof, and which have not been
tendered by the last Exchange Date (as defined in Section 2(a)(ii) hereof) by the Holder
thereof shall be deemed not be to Registrable Securities.

     “Registration Expenses” shall mean any and all expenses incident to performance
of or compliance by the Issuer and AMBEV with this Agreement, including without limitation:
(i) all SEC, stock exchange or National Association of Securities Dealers, Inc. registration
and filing fees, (ii) all fees and expenses incurred in connection with compliance with
state securities or blue sky laws (including reasonable fees and disbursements of counsel
for any underwriters or Holders in connection with blue sky qualification of any of the
Exchange Securities or Registrable Securities), (iii) all expenses of any Persons in
preparing or assisting in preparing, word processing, printing and distributing any
Registration Statement, any Prospectus, any amendments or supplements thereto, any
underwriting agreements, securities sales agreements and other documents relating to the
performance of and compliance with this Agreement, (iv) all

 

4

rating agency fees, (v) all fees and disbursements relating to the qualification of the
Indenture under applicable securities laws, (vi) the reasonable fees and disbursements of
the Trustee and its counsel, (vii) the reasonable fees and disbursements of counsel for the
Issuer and AMBEV and (viii) the reasonable fees and disbursements of the independent public
accountants of the Issuer and AMBEV, including the expenses of any special audits or “cold
comfort” letters required by or incident to such performance and compliance, but excluding
fees and expenses of counsel to the underwriters (other than reasonable fees and expenses
set forth in clause (ii) above) or the Holders and underwriting discounts and commissions
and transfer taxes, if any, relating to the sale or disposition of Registrable Securities by
a Holder.

     “Registration Statement” shall mean any registration statement of the Issuer
and AMBEV that covers any of the Exchange Securities or Registrable Securities pursuant to
the provisions of this Agreement and all amendments and supplements to any such Registration
Statement, including post-effective amendments, in each case including the Prospectus
contained therein, all exhibits thereto and all material incorporated by reference therein.

     “SEC” shall mean the United States Securities and Exchange Commission.

     “Securities Act” shall mean the Securities Act of 1933, as amended from time to
time.

     “Shelf Registration Statement” means a Registration Statement pursuant to Rule
415 under the Securities Act or any similar rule that may be adopted by the SEC.

     “Trustee” shall mean the trustee with respect to the Notes under the Indenture.

          SECTION 2. Registration Under the Securities Act.

          (a) To the extent not prohibited by any applicable law or applicable interpretation of the
staff of the SEC (the “Staff”), the Issuer and AMBEV shall use their reasonable best
efforts to cause to be filed an Exchange Offer Registration Statement covering the offer by the
Issuer and AMBEV to the Holders to exchange all of the Registrable Securities for Exchange
Securities and to have such Registration Statement remain effective until the closing of the
Exchange Offer. The Issuer and AMBEV shall commence the Exchange Offer promptly after the Exchange
Offer Registration Statement has been declared effective by the SEC and use their reasonable best
efforts to have the Exchange Offer consummated not later than 60 days after such effective date.
The Issuer and AMBEV shall commence the Exchange Offer by mailing the related exchange offer
Prospectus and accompanying documents to each Holder stating, in addition to such other disclosures
as are required by applicable law:

     (i) that the Exchange Offer is being made pursuant to this Agreement and that all
Registrable Securities validly tendered will be accepted for exchange;

     (ii) the dates of acceptance for exchange (which shall be a period of at least 20
business days from the date such notice is mailed (or longer if required by applicable law))
(the “Exchange Dates”);

 

5

     (iii) that any Registrable Security not tendered will remain outstanding and continue
to accrue interest, but will not retain any rights under this Agreement;

     (iv) that Holders electing to have a Registrable Security exchanged pursuant to the
Exchange Offer will be required to surrender such Registrable Security, together with the
enclosed letters of transmittal, to the institutions and at the addresses (located in the
Borough of Manhattan, the City of New York) specified in the notice prior to the close of
business on the last Exchange Date; and

     (v) that Holders will be entitled to withdraw their election, not later than the close
of business (New York time) on the last Exchange Date, by sending to the institutions and at
the addresses (located in the Borough of Manhattan, the City of New York) specified in the
notice a telegram, telex, facsimile transmission or letter setting forth the name of such
Holder, the principal amount of Registrable Securities delivered for exchange and a
statement that such Holder is withdrawing his election to have such Notes exchanged.

          (b) As soon as practicable after the last Exchange Date, the Issuer and AMBEV shall:

     (i) accept for exchange Registrable Securities or portions thereof tendered and not
validly withdrawn pursuant to the Exchange Offer; and

     (ii) deliver, or cause to be delivered, to the Trustee for cancellation all Registrable
Securities or portions thereof so accepted for exchange by the Issuer and AMBEV and issue,
and cause the Trustee to promptly authenticate and mail to each Holder, an Exchange Security
equal in principal amount to the principal amount of the Registrable Securities surrendered
by such Holder.

          (c) The Issuer and AMBEV shall use their reasonable best efforts to complete the Exchange
Offer as provided above and shall comply with the applicable requirements of the Securities Act,
the Exchange Act and other applicable laws and regulations in connection with the Exchange Offer.
The Exchange Offer shall not be subject to any conditions, other than that the Exchange Offer does
not violate applicable law or any applicable interpretation of the Staff. The Issuer and AMBEV
shall inform the Initial Purchasers of the names and addresses of the Holders to whom the Exchange
Offer is made, and the Initial Purchasers shall have the right, subject to applicable law, to
contact such Holders and otherwise facilitate the tender of Registrable Securities in the Exchange
Offer.

          (d) In the event that the Issuer and AMBEV determine that an Exchange Offer is not available
under applicable law or if applicable interpretations of the Staff do not permit the Issuer and
AMBEV to effect the Exchange Offer, or, if for any reason, the Issuer and AMBEV do not consummate
the Exchange Offer on or before November 30, 2008 or upon receipt of a written request from any of
the Initial Purchasers representing that it holds Notes that are ineligible to be exchanged in the
Exchange Offer of Notes, the Issuer and AMBEV shall use their reasonable best efforts to cause to
become effective a Shelf Registration Statement relating to resales of the Notes and to keep that
Shelf Registration Statement effective until the expiration

 

6

of the time period referred to in Rule 144(k) under the Securities Act, or such shorter period
that will terminate when all Notes covered by the Shelf Registration Statement have been sold. The
Issuer and AMBEV shall, in the event of such a registration, provide to each Holder copies of a
prospectus, notify each Holder when the Shelf Registration Statement has become effective and take
certain other actions to permit resales of the Notes.

          (e) The Issuer and AMBEV shall pay all Registration Expenses in connection with the
registration pursuant to Section 2(a). An Exchange Offer Registration Statement pursuant to
Section 2(a) hereof will not be deemed to have become effective unless it has been declared
effective by the SEC.

          (f) If the Exchange Offer is not completed (or, if required, the Shelf Registration Statement
is not declared effective) on or before November 30, 2008, the annual interest rate borne by the
Notes will be increased by 0.50% per annum until the Exchange Offer is completed, the Shelf
Registration Statement is declared effective or the Notes become freely tradable under the
Securities Act. If a Shelf Registration Statement is required to be filed pursuant to this
Agreement, has been declared effective and thereafter either ceases to be effective or the included
prospectus ceases to be usable at any time during the required effectiveness period, and such
failure to remain effective or be usable exists for more than 45 days (whether or not consecutive)
in any 3-month period or 90 days (whether or not consecutive) in any 12-month period, the interest
rate on the Notes will be increased by 0.50% per annum commencing on the 46th or 91st day, as
applicable in such 3-month or 12-month period and ending on such date that the Shelf Registration
Statement has again been declared effective or the prospectus again becomes usable.

          (g) If the Issuer and AMBEV effect the Exchange Offer, the Issuer and AMBEV shall be entitled
to close the Exchange Offer 20 business days after the date notice is mailed to Holders of the
Notes (or such longer time as required by applicable law) after its commencement, provided that the
Issuer and AMBEV have accepted all Notes validly surrendered in accordance with the terms of the
Exchange Offer.

          SECTION 3. Registration Procedures. In connection with the obligations of the Issuer
and AMBEV with respect to the Registration Statements pursuant to Section 2(a) and Section 2(b)
hereof, the Issuer and AMBEV shall as expeditiously as possible:

     (i) prepare and file with the SEC a Registration Statement on the appropriate form
under the Securities Act, which form (x) shall be selected by the Issuer and AMBEV and (y)
shall comply as to form in all material respects with the requirements of the applicable
form and include all financial statements required by the SEC to be filed therewith, and use
their reasonable best efforts to cause such Registration Statement to become effective and
remain effective in accordance with Section 2 hereof;

     (ii) prepare and file with the SEC such amendments and post-effective amendments to
each Registration Statement as may be necessary to keep such Registration Statement
effective for the applicable period and cause each Prospectus to be supplemented by any
required prospectus supplement and, as so supplemented, to be filed pursuant to Rule 424
under the Securities Act; to keep each Prospectus current during the

 

7

period described under Section 4(3) and Rule 174 under the Securities Act that is
applicable to transactions by brokers or dealers with respect to the Registrable Securities
or Exchange Securities;

     (iii) to the extent necessary or applicable, use their reasonable best efforts to
register or qualify the Registrable Securities under all applicable state securities or
“blue sky” laws of such jurisdictions as any Holder of Registrable Securities covered by a
Registration Statement shall reasonably request in writing by the time the applicable
Registration Statement is declared effective by the SEC, to cooperate with such Holders in
connection with any filings required to be made with the National Association of Securities
Dealers, Inc. and do any and all other acts and things which may be reasonably necessary or
advisable to enable such Holder to consummate the disposition in each such jurisdiction of
such Registrable Securities owned by such Holder; provided, however, that neither the Issuer
nor AMBEV shall be required to (A) qualify as a foreign corporation or as a dealer in
securities in any jurisdiction where it would not otherwise be required to qualify but for
this Section 3(a)(iii), (B) file any general consent to service of process or (C) subject
itself to taxation in any such jurisdiction if it is not so subject;

     (iv) make every reasonable effort to obtain the withdrawal of any order suspending the
effectiveness of a Registration Statement at the earliest possible moment;

     (v) a reasonable time prior to the filing of any Registration Statement, any
Prospectus, any amendment to a Registration Statement or amendment or supplement to a
Prospectus or any document which is to be incorporated by reference into a Registration
Statement or a Prospectus after the initial filing of a Registration Statement, provide
copies of such document to the Initial Purchasers and their counsel and make such
representatives of the Issuer and AMBEV as shall be reasonably requested by the Initial
Purchasers or their counsel available for discussion of such document, and shall not at any
time file or make any amendment to the Registration Statement, any Prospectus or any
amendment of or supplement to a Registration Statement or a Prospectus or any document which
is to be incorporated by reference into a Registration Statement or a Prospectus, of which
the Initial Purchasers and their counsel shall not have previously been advised and
furnished a copy or to which the Initial Purchasers or their counsel shall reasonably
object;

     (vi) obtain a CUSIP number for all Exchange Securities or Registrable Securities, as
the case may be, not later than the effective date of a Registration Statement;

     (vii) use their reasonable best efforts to cause the Indenture to be qualified under
the Trust Indenture Act of 1939, as amended (the “TIA”), in connection with the
registration of the Exchange Securities or Registrable Securities, as the case may be,
cooperate with the Trustee and the Holders to effect such changes to the Indenture as may be
required for the Indenture to be so qualified in accordance with the terms of the TIA and
execute, and use their best efforts to cause the Trustee to execute, all documents as may be
required to effect such changes and all other forms and documents required to be filed with
the SEC to enable the Indenture to be so qualified in a timely manner; and

 

8

     (viii) use their reasonable best efforts to cause the Exchange Securities to continue
to be rated by one nationally recognized statistical rating organization (as such term is
defined in Rule 436(g)(2) under the Securities Act), if the Registrable Securities have been
rated.

          SECTION 4. Participation of Broker-Dealers in Exchange Offer.

          (a) The parties hereto acknowledge that the Staff has taken the position that any
broker-dealer that receives Exchange Securities for its own account in the Exchange Offer in
exchange for Notes that were acquired by such broker-dealer as a result of market-making or other
trading activities (a “Participating Broker-Dealer”), may be deemed to be an “underwriter”
within the meaning of the Securities Act and must deliver a prospectus meeting the requirements of
the Securities Act in connection with any resale of such Exchange Securities. The Issuer and AMBEV
understand that it is the Staff’s position that if the Prospectus contained in the Exchange Offer
Registration Statement includes a plan of distribution containing a statement to the above effect
and the means by which Participating Broker-Dealers may resell the Exchange Securities, without
naming the Participating Broker-Dealers or specifying the amount of Exchange Securities owned by
them, such Prospectus may be delivered by Participating Broker-Dealers to satisfy their prospectus
delivery obligation under the Securities Act in connection with resales of Exchange Securities for
their own accounts, so long as the Prospectus otherwise meets the requirements of the Securities
Act.

          (b) In light of the above, notwithstanding the other provisions of this Agreement, the Issuer
and AMBEV agree to take all actions necessary to ensure the effectiveness of the Registration
Statement referred to in Section 2 as may be reasonably requested by the Initial Purchasers or by
one or more Participating Broker-Dealers, in each case as provided in clause (ii) below, in order
to expedite or facilitate the disposition of any Exchange Securities by Participating
Broker-Dealers consistent with the positions of the Staff recited in Section 4(a) above
provided that:

     (i) neither the Issuer nor AMBEV shall be required to amend or supplement the
Prospectus contained in the Exchange Offer Registration Statement for a period exceeding 180
days after the last Exchange Date (as such period may be extended pursuant to the
penultimate paragraph of Section 3 of this Agreement) and Participating Broker-Dealers shall
not be authorized by the Issuer or AMBEV to deliver and shall not deliver such Prospectus
after such period in connection with the resales contemplated by this Section 4; and

     (ii) any application of the procedures to an Exchange Offer Registration, to the extent
not required by the positions of the Staff or the Securities Act and the rules and
regulations thereunder, will be in conformity with the reasonable request to the Issuer and
AMBEV by the Initial Purchasers or with the reasonable request in writing to the Issuer and
AMBEV by one or more broker-dealers who certify to the Initial Purchasers and the Issuer and
AMBEV in writing that they anticipate that they will be Participating Broker-Dealers; and
provided further that, in connection with such application of any procedures
to an Exchange Offer Registration, the Issuer and AMBEV shall be obligated (x) to deal only
with one entity representing the Participating Broker-Dealers, which shall be

 

9

Citigroup Global Markets Inc., Credit Suisse Securities (Europe) Limited and Credit
Suisse Securities (USA) LLC unless they elect not to act as such representative, (y) to pay
the reasonable fees and expenses of only one counsel representing the Participating
Broker-Dealers, which shall be counsel to the Initial Purchasers unless such counsel elects
not to so act and (z) to cause to be delivered only one, if any, “cold comfort” letter with
respect to the Prospectus in the form existing on the last Exchange Date and with respect to
each subsequent amendment or supplement, if any, effected in connection therewith.

          (c) The Initial Purchasers shall have no liability to the Companies or any Holder with respect
to any request that they may make pursuant to Section 4(b) above.

          SECTION 5. Indemnification and Contribution.

          (a) Each of the Issuer and AMBEV, jointly and severally agrees to indemnify and hold harmless
the Initial Purchasers, each Holder and each Person, if any, who controls the Initial Purchasers or
any Holder within the meaning of either Section 15 of the Securities Act or Section 20 of the
Exchange Act, or is under common control with, or is controlled by, the Initial Purchasers or any
Holder, from and against all losses, claims, damages and liabilities (including, without
limitation, any legal or other expenses reasonably incurred by the Initial Purchasers, any Holder
or any such controlling or affiliated Person in connection with defending or investigating any such
action or claim) caused by any untrue statement or alleged untrue statement of a material fact
contained in any Registration Statement (or any amendment thereto) pursuant to which Exchange
Securities or Registrable Securities were registered under the Securities Act, including all
documents incorporated therein by reference, or caused by any omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the statements therein
not misleading, or caused by any untrue statement or alleged untrue statement of a material fact
contained in any Prospectus (as amended or supplemented if the Issuer or AMBEV shall have furnished
any amendments or supplements thereto), or caused by any omission or alleged omission to state
therein a material fact necessary to make the statements therein in light of the circumstances
under which they were made not misleading, except insofar as such losses, claims, damages or
liabilities are caused by any such untrue statement or omission or alleged untrue statement or
omission based upon information relating to the Initial Purchasers or any Holder furnished to the
Companies in writing through Citigroup Global Markets Inc., Credit Suisse Securities (Europe)
Limited or Credit Suisse Securities (USA) LLC or any selling Holder expressly for use therein;
provided that the foregoing indemnity agreement shall not inure to the benefit of any Holder or any
person controlling such Holder with respect to any sale or disposition of Registrable Securities by
such Holder in violation of Section 4 above; provided further that the foregoing indemnity
agreement shall not inure to the benefit of any Holder from whom the person asserting any such
losses, claims, damages or liabilities purchased Notes, or any person controlling such Holder, if a
copy of the final Prospectus (as then amended or supplemented if the Issuer and AMBEV shall have
furnished any amendments or supplements thereto) was not sent or given by or on behalf of such
Holder to such person, if required by law so to have been delivered, at or prior to the written
confirmation of the sale of the Notes to such person, and if the final Prospectus (as so amended or
supplemented) would have cured the defect giving rise to such loss, claim, damage or liability.

 

10

          (b) To the extent relevant with respect to a Registration Statement pursuant to Section 2(d),
each Holder agrees, severally and not jointly, to indemnify and hold harmless the Companies, the
Initial Purchasers and the other selling Holders, and each of their respective directors, officers
who sign the Registration Statement and each Person, if any, who controls the Issuer or AMBEV, the
Initial Purchasers and any other selling Holder within the meaning of either Section 15 of the
Securities Act or Section 20 of the Exchange Act to the same extent as the foregoing indemnity from
the Issuer and AMBEV to the Initial Purchasers and the Holders, but only with reference to
information relating to such Holder furnished to the Companies, the Issuer or AMBEV in writing by
or on behalf of such Holder expressly for use in any Registration Statement (or any amendment
thereto) or any Prospectus (or any amendment or supplement thereto).

          (c) In case any proceeding (including any governmental investigation) shall be instituted
involving any Person in respect of which indemnity may be sought pursuant to either paragraph (a)
or paragraph (b) above, such Person (the “Indemnified Party”) shall promptly notify the
Person against whom such indemnity may be sought (the “Indemnifying Party”) in writing (but
the failure to so notify an Indemnifying Party shall not relieve it from any liability which it may
have under this Section 5, except to the extent that such Indemnifying Party has been prejudiced in
any material respect by such failure, or from any liability it may otherwise have) and the
Indemnifying Party, upon request of the Indemnified Party, shall retain counsel reasonably
satisfactory to the Indemnified Party to represent the Indemnified Party and any others the
Indemnifying Party may designate in such proceeding and shall pay the fees and disbursements of
such counsel related to such proceeding. In any such proceeding, any Indemnified Party shall have
the right to retain its own counsel, but the fees and expenses of such counsel shall be at the
expense of such Indemnified Party unless (i) the Indemnifying Party and the Indemnified Party shall
have mutually agreed to the retention of such counsel or (ii) the named parties to any such
proceeding (including any impleaded parties) include both the Indemnifying Party and the
Indemnified Party and representation of both parties by the same counsel would be inappropriate due
to actual or potential differing interests between them. It is understood that the Indemnifying
Party shall not, in connection with any proceeding or related proceedings in the same jurisdiction,
be liable for (A) the reasonable fees and expenses of more than one separate firm (in addition to
any local counsel) for the Initial Purchasers and all Persons, if any, who control any of the
Initial Purchasers within the meaning of either Section 15 of the Securities Act or Section 20 of
the Exchange Act, (B) the reasonable fees and expenses of more than one separate firm (in addition
to any local counsel) for the Issuer, AMBEV, their respective directors and officers who sign the
Registration Statement and each Person, if any, who controls the Issuer and AMBEV within the
meaning of either such Section and (C) the reasonable fees and expenses of more than one separate
firm (in addition to any local counsel) for all Holders and all Persons, if any, who control any
Holders within the meaning of either such Section, and that all such fees and expenses shall be
reimbursed as they are incurred. In such case involving the Initial Purchasers and any Person who
controls any of the Initial Purchasers, such firm shall be designated in writing by Citigroup
Global Markets Inc., Credit Suisse Securities (Europe) Limited or Credit Suisse Securities (USA)
LLC. In such case involving the Holders and such Persons who control Holders, such firm shall be
designated in writing by the Majority Holders. In all other cases, such firm shall be designated
by the Companies. The Indemnifying Party shall not be liable for any settlement of any proceeding
effected without its written consent but, if settled with such consent or if there be a final

 

11

judgment for the plaintiff, the Indemnifying Party agrees to indemnify the Indemnified Party
from and against any loss or liability by reason of such settlement or judgment. Notwithstanding
the foregoing sentence, if at any time an Indemnified Party shall have requested an Indemnifying
Party to reimburse the Indemnified Party for fees and expenses of counsel as contemplated by the
second and third sentences of this paragraph, the Indemnifying Party agrees that it shall be liable
for any settlement of any proceeding effected without its written consent if (x) such settlement is
entered into more than 30 days after receipt by such Indemnifying Party of the aforesaid request
and (y) such Indemnifying Party shall not have reimbursed the Indemnified Party for such fees and
expenses of counsel in accordance with such request prior to the date of such settlement. No
Indemnifying Party shall, without the prior written consent of the Indemnified Party (which consent
shall not be unreasonably withheld), effect any settlement of any pending or threatened proceeding
in respect of which such Indemnified Party is or could have been a party and indemnity could have
been sought hereunder by such Indemnified Party, unless such settlement includes an unconditional
release of such Indemnified Party from all liability on claims that are the subject matter of such
proceeding.

          (d) To the extent the indemnification provided for in paragraph (a) or paragraph (b) of this
Section 5 is unavailable to an Indemnified Party or insufficient in respect of any losses, claims,
damages or liabilities referred to therein, then each Indemnifying Party under such paragraph, in
lieu of indemnifying such Indemnified Party thereunder, shall contribute to the amount paid or
payable by such Indemnified Party as a result of such losses, claims, damages or liabilities in
such proportion as is appropriate to reflect the relative fault of the Indemnifying Party or
parties on the one hand and of the Indemnified Party or parties on the other hand in connection
with the statements or omissions that resulted in such losses, claims, damages or liabilities, as
well as any other relevant equitable considerations. The relative fault of the Issuer, AMBEV and
the Holders shall be determined by reference to, among other things, whether the untrue or alleged
untrue statement of a material fact or the omission or alleged omission to state a material fact
relates to information supplied by the Issuer or AMBEV or by the Holders and the parties’ relative
intent, knowledge, access to information and opportunity to correct or prevent such statement or
omission. The Holders’ respective obligations to contribute pursuant to this Section 5(d) are
several in proportion to the respective principal amount of Registrable Securities of such Holder
that were registered pursuant to a Registration Statement.

          (e) The Issuer, AMBEV and each Holder agree that it would not be just or equitable if
contribution pursuant to this Section 5 were determined by pro rata allocation or
by any other method of allocation that does not take account of the equitable considerations
referred to in paragraph (d) above. The amount paid or payable by an Indemnifying Party as a
result of the losses, claims, damages and liabilities referred to in paragraph (d) above shall be
deemed to include, subject to the limitations set forth above, any legal or other expenses
reasonably incurred by such Indemnified Party in connection with investigating or defending any
such action or claim. Notwithstanding the provisions of this Section 5, no Holder shall be
required to indemnify or contribute any amount in excess of the amount by which the total price at
which Registrable Securities were sold by such Holder exceeds the amount of any damages that such
Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or
omission or alleged omission. No Person guilty of fraudulent misrepresentation (within the meaning
of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was
not guilty of such fraudulent misrepresentation. The remedies provided for in this

 

12

Section 5 are not exclusive and shall not limit any rights or remedies which may otherwise be
available to any Indemnified Party at law or in equity.

          (f) The indemnity and contribution provisions contained in this Section 5 shall remain
operative and in full force and effect regardless of (i) any termination of this Agreement,
(ii) any investigation made by or on behalf of the Initial Purchasers, any Holder or any Person
controlling any of the Initial Purchasers or any Holder, or by or on behalf of the Issuer or AMBEV,
their respective officers or directors, or any Person controlling the Issuer or AMBEV,
(iii) acceptance of any of the Exchange Securities and (iv) any sale of Registrable Securities
pursuant to any shelf or other Registration Statement.

          SECTION 6. Miscellaneous.

          (a) No Inconsistent Agreements. Neither the Issuer nor AMBEV has entered into, and on
or after the date of this Agreement will not enter into, any agreement which is inconsistent with
the rights granted to the Holders of Registrable Securities in this Agreement or otherwise
conflicts with the provisions hereof. The rights granted to the Holders hereunder do not in any
way conflict with and are not inconsistent with the rights granted to the holders of the Issuer’s
or any of AMBEV’s other issued and outstanding securities under any such agreements.

          (b) Amendments and Waivers. The provisions of this Agreement, including the
provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents
to departures from the provisions hereof may not be given unless the Issuer and AMBEV have obtained
the written consent of Holders of at least a majority in aggregate principal amount of the
outstanding Registrable Securities affected by such amendment, modification, supplement, waiver or
consent; provided, however, that no amendment, modification, supplement, waiver or
consent to any departure from the provisions of Section 5 hereof shall be effective as against any
Holder of Registrable Securities unless consented to in writing by such Holder.

          (c) Notices. All notices and other communications provided for or permitted hereunder
shall be made in writing by hand-delivery, registered first-class mail, telex, telecopier, or any
courier guaranteeing overnight delivery (i) if to a Holder, at the most current address given by
such Holder to the Companies by means of a notice given in accordance with the provisions of this
Section 6(c), which address initially is, with respect to the Initial Purchasers, the address set
forth in the Purchase Agreement; (ii) if to the Issuer, initially at the Issuer’s address set forth
in the Purchase Agreement and thereafter at such other address, notice of which is given in
accordance with the provisions of this Section 6(c); and (iii) if to AMBEV, initially at the
AMBEV’s address set forth in the Purchase Agreement and thereafter at such other address, notice of
which is given in accordance with the provisions of this Section 6(c). All such notices and
communications shall be deemed to have been duly given: at the time delivered by hand, if
personally delivered; five business days after being deposited in the mail, postage prepaid, if
mailed; when answered back, if telexed; when receipt is acknowledged, if telecopied; and on the
next business day if timely delivered to an air courier guaranteeing overnight delivery. Copies of
all such notices, demands, or other communications shall be concurrently delivered by the Person
giving the same to the Trustee, at the address specified in the Indenture.

 

13

          (d) Successors and Assigns. This Agreement shall inure to the benefit of and be
binding upon the successors, assigns and transferees of each of the parties, including, without
limitation and without the need for an express assignment, subsequent Holders; provided
that nothing herein shall be deemed to permit any assignment, transfer or other disposition of
Registrable Securities in violation of the terms of the Purchase Agreement. If any transferee of
any Holder shall acquire Registrable Securities, in any manner, whether by operation of law or
otherwise, such Registrable Securities shall be held subject to all of the terms of this Agreement,
and by taking and holding such Registrable Securities such Person shall be conclusively deemed to
have agreed to be bound by and to perform all of the terms and provisions of this Agreement and
such Person shall be entitled to receive the benefits hereof. The Initial Purchasers (in their
capacity as Initial Purchasers) shall have no liability or obligation to the Issuer or AMBEV with
respect to any failure by a Holder to comply with, or any breach by any Holder of, any of the
obligations of such Holder under this Agreement.

          (e) Purchases and Sales of Securities. The Issuer and AMBEV shall have the right to
purchase Registrable Securities only as contemplated in the Indenture; provided,
however, that, notwithstanding the foregoing, neither the Issuer nor AMBEV shall, and each
of the Issuer and AMBEV shall use their best efforts to cause their respective affiliates (as
defined in Rule 405 under the Securities Act) not to, purchase and then resell or otherwise
transfer any Registrable Securities, if doing so adversely affects the rights of the Holders
hereunder.

          (f) Third Party Beneficiary. The Holders shall be third party beneficiaries to the
agreements made hereunder between the Issuer and AMBEV, on the one hand, and the Initial
Purchasers, on the other hand, and shall have the right to enforce such agreements directly to the
extent it deems such enforcement necessary or advisable to protect its rights or the rights of
Holders hereunder.

          (g) Counterparts. This Agreement may be executed in any number of counterparts and by
the parties hereto in separate counterparts, each of which when so executed shall be deemed to be
an original and all of which taken together shall constitute one and the same agreement.

          (h) Headings. The headings in this Agreement are for convenience of reference only
and shall not limit or otherwise affect the meaning hereof.

          (i) Governing Law. This Agreement shall be governed by the laws of the State of New
York.

          (j) Severability. In the event that any one or more of the provisions contained
herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable,
the validity, legality and enforceability of any such provision in every other respect and of the
remaining provisions contained herein shall not be affected or impaired thereby.

          (k) Jurisdiction.

          (a) Each of the Issuer and AMBEV agrees that any legal suit, action or proceeding arising out
of or relating to this Agreement or the transactions contemplated herein may be instituted in any
U.S. federal or New York State court in the Borough of Manhattan in

 

14

the City of New York (each a “New York court”) and each of the Issuer and AMBEV hereby
waives any objection which it may now or hereafter have to the laying of venue of any such
proceeding, and irrevocably submits to the jurisdiction of such courts, with respect to actions
brought against it as defendant, in any suit, action or proceeding.

          (b) Each of the Issuer and AMBEV (A) irrevocably appoints CT Corporation System, at its
offices located at 111 Eighth Avenue, New York, New York 10011 (together with any successor, the
“Process Agent”), as its authorized agent in the Borough of Manhattan in The City of New
York upon which process may be served in any such suit, action or proceeding, acknowledges that the
Process Agent has accepted such designation and agrees that service of process upon the Process
Agent, and written notice of such service to the Companies, by the person serving the same to the
address set forth in the Purchase Agreement, shall be deemed in every respect effective service of
process upon the Companies in any such suit, action or proceeding and (B) agrees to take any and
all action, including the execution and filing of any and all such documents and instruments as may
be necessary to continue such designation and appointment of the Process Agent in full force and
effect so long as any of the Notes shall be outstanding.

          (l) Waiver of Immunity. To the extent that either of the Companies has or hereafter
may acquire any immunity from jurisdiction of any court or from any legal process (whether through
service of notice, attachment prior to judgment, attachment in aid of execution, execution or
otherwise) with respect to itself or its property, it hereby irrevocably waives such immunity in
respect of its obligations under this Agreement to the fullest extent permitted by law.

 

15

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

	 	 	 	 	 
	 	AMBEV INTERNATIONAL FINANCE CO. LTD.

 	 
	 	By:  	/s/
Graham Staley	 
	 	 	Name:  	Graham Staley	 
	 	 	Title:  	Director	 
	 
	 	 	 
	 	By:  	
/s/ Pedro Mariani	 
	 	 	Name:  	Pedro Mariani	 
	 	 	Title:  	Director	 
	 
	 	COMPANHIA DE BEBIDAS DAS AMERICAS — AMBEV

 	 
	 	By:  	/s/
Graham Staley	 
	 	 	Name:  	Graham Staley	 
	 	 	Title:  	Officer	 
	 
	 	 	 
	 	By:  	
/s/ Pedro Mariani	 
	 	 	Name:  	Pedro Mariani	 
	 	 	Title:  	Officer	 
	 

The foregoing Agreement is hereby
confirmed and accepted as of the
date first above written.

	 	 	 	 	 
	 	CITIGROUP GLOBAL MARKETS INC.,

as representative on behalf of the Initial Purchasers

 	 
	 	By:  	/s/
Alexander B. Severino	 
	 	 	Name:  	Alexander B. Severino	 
	 	 	Title:  	Managing Director	 
	 

 

16

The foregoing Agreement is hereby
confirmed and accepted as of the
date first above written.

	 	 	 	 	 
	 	CREDIT SUISSE SECURITIES (EUROPE) Limited,

as representative on behalf of the Initial Purchasers

 	 
	 	By: 	/s/
Charles Achoa Jr.	
	 	 	Name: Charles Achoa Jr.	 	 
	 	 	Title: Director	 	 
	 
	 	CREDIT SUISSE SECURITIES (USA) LLC,

as representative on behalf of the Initial Purchasers

 	 
	 	By:  	/s/
Charles Achoa Jr.	 
	 	 	Name: Charles Achoa Jr.	 	 
	 	 	Title: Director	 	 
	 

 

 

	 	 	 	 	 
	STATE OF NEW YORK

	 	) 	 	 
	 

	 	) 
	 	ss:
	COUNTY OF NEW YORK

	 	) 	 	 

     On this 24th day of July, 2007 before me, a notary public within and for
said county, personally appeared Alexander B. Severino, to me personally known who being duly
sworn, did say that [he/she] is a Managing Director of
Citigroup Global Markets Inc.,
one of the persons
described in and which executed the foregoing instrument, and acknowledge said instrument to
be the free act and deed of said corporation.

	 	 	 	 	 
	 	 	 

	 	/s/ John W.
Scannell               
                 
          	 	 
	 	John W. Scannell	 
	 	Notary Public, State of New York	 
	 	No. 02SC5075585	 
	 	Qualified in New York County	 
	 	Commission Expires April 7, 2011	 

[Notarial Seal]

 

 

	 	 	 	 	 
	STATE OF NEW YORK

	 	) 	 	 
	 

	 	) 
	 	ss:
	COUNTY OF NEW YORK

	 	) 	 	 

     On this 24th day of July, 2007 before me, a notary public within and for
said county, personally appeared Charles Achoa Jr., to
me personally known who being duly
sworn, did say that he is a Director of CREDIT SUISSE SECURITIES
(USA) LLC and authorized by power of attorney to sign for CREDIT
SUISSE SECURITIES (EUROPE) Limited, one of the persons which executed the foregoing instrument, and acknowledge said instrument to
be the free act and deed of said corporation.

	 	 	 	 	 
	 	 	 

	 	/s/ Seanna Beck Garrison                                         
    	 

 
    	 
	 	Seanna Beck Garrison	 
	 	Notary Public, State of New York	 
	 	No. 02GA8098305	 
	 	Qualified in New York County	 
	 	Commission Expires September 8, 2007	 

[Notarial Seal]

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