AmBev Announces a Proposed Distribution of Dividends and Interest on Capital and a Proposed Stock Bonus.

SAO PAULO -- Companhia de Bebidas das Americas - AmBev (NYSE:ABV) (NYSE: ABVc) (BOVESPA: AMBV4) (BOVESPA: AMBV3) today announced the payment of dividends and interest on its capital in the aggregate amount of R$900,000,000.00, based on profits generated in the current fiscal year. The payment will be made on February 15, 2005 to shareholders of record as of January 14, 2005 for the Sao Paulo Stock Exchange and January 19, 2005 for the New York Stock Exchange. The ex-dividend date would be January 17, 2005 for both stock exchanges. Based on the schedule for the mandatory tender offer (MTO) for AmBev common shares that InBev will be conducting in accordance with Brazilian law, the record dates for the payment of dividends and interest will occur before the date on which AmBev common shareholders who want to participate in the MTO would have to tender their shares.

The net distribution per each common and preferred share is intended to maximize the payment of interest on AmBev's capital.

AmBev today also announced that it has asked its board of directors to approve the payment of a stock bonus to AmBev shareholders of one common share for every five outstanding preferred or common shares. The stock bonus would result in the capitalization of existing capital reserves as of September 30, 2004. The stock bonus is intended to maintain the liquidity of AmBev's common shares following the completion of the MTO, regardless of how many shares are actually tendered in the MTO. Any fractional shares would be treated in accordance with article 169 of the Brazilian Law number 6,404/76.

Once approved by AmBev's board of directors, the stock bonus will be paid following the completion of the MTO. The announcement of the distribution of dividends and interest and the stock bonus is being made to provide shareholders with relevant information in line with AmBev's disclosure policy.

With respect to the buyback program announced on September 14, 2004, AmBev also reported that it has repurchased an aggregate amount of 565,931,465 preferred shares for an aggregate consideration of R$374,593,102.56, corresponding to approximately 1.0% of the company's total shares. Pursuant to article 16 of CVM (the Brazilian securities commission) Instruction number 10, shares in treasury as of the record dates for both the distribution of dividends and interest as well as the stock bonus will not be counted for purposes of either the distribution of dividends and interest or the stock bonus.

The distribution of dividends and interest on capital, the share buy-back program and the stock bonus reflect AmBev's commitment to enhancing shareholder value through active management of the capital structure, focusing on the right balance of debt and equity.