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Before making an investment decision, you should consider all of the information set forth in this site. In particular, you should consider the special features applicable to an investment in Brazil and applicable to an investment in AmBev, including those set forth below. In general, investing in the securities of issuers in emerging market countries, such as Brazil, involves a higher degree of risk than investing in the securities of issuers in the United States.

For purposes of this section, when AmBev states that a risk, uncertainty or problem may, could or would have an “adverse effect” on the Company, it means that the risk, uncertainty or problem may, could or would have an adverse effect on AmBev’s business, financial condition, liquidity, results of AmBev’s operations or prospects, except as otherwise indicated or as the context may otherwise require. You should view similar expressions in this section as having a similar meaning.

RISKS RELATING TO BRAZIL AND OTHER COUNTRIES IN WHICH THE COMPANY OPERATES

  • Economic uncertainty and volatility in Brazil may adversely affect AmBev’s business
  • Devaluation of the real relative the U.S. dollar may adversely affect the Company’s financial performance
  • Increases in taxes levied on beverage products in Brazil and high levels of tax evasion may adversely affect AmBev’s results and profitability
  • Quinsa is subject to substantial risks relating to its business and operations in Argentina and other countries in which it operates
  • U.S. investors may not be able to effect service of process upon, or to enforce judgments against the Company
  • Brazilian government has exercised, and continues to exercise, significant influence over the Brazilian economy; Brazilian economic and political conditions have a direct impact on AmBev’s business
  • Changes in Brazilian Labor Laws may affect the Company

RISKS RELATING TO AMBEV

  • The Company is subject to Brazilian and other antitrust regulations
  • The Company is subject to regulation on alcoholic beverages in the countries in which it operates
  • The Company is subject to more extensive regulations in Canada than in the other countries in which it operates

RISKS RELATING TO AMBEV’S SECURITIES

  • The relative volatility and illiquidity of securities of Brazilian companies may substantially limit your ability to sell AmBev’s securities at the price and time you desire
  • Deterioration in economic and market conditions in other emerging market countries may adversely affect the market price of AmBev’s securities
  • AmBev’s controlling shareholders are able to determine the outcome of many corporate actions without the approval of non-controlling shareholders
  • AmBev shareholders may not receive any dividends
  • Controls and restrictions on foreign currency remittance could harm the ability of AmBev to transfer dividend payments off-shore
  • If you exchange the AmBev ADSs for AmBev shares, you risk losing some foreign currency remittance and Brazilian tax advantages
  • AmBev ADSs have fewer and less well defined shareholders’ rights as compared to shareholders’ rights of similar U.S. companies
  • Some entitlements are not available to U.S. holders of AmBev shares and ADSs

RISKS RELATING TO THE NOTES

  • Possible extension of the expected maturity of the notes
  • Judgments of Brazilian courts enforcing AmBev’s obligations under the notes or the indenture would be payable only in reais
  • Controls and restrictions on foreign currency remittance could impede AmBev’s ability to make payments under the notes
  • Book-entry registration
  • Subordination to certain statutory liabilities
  • Possible voluntary cancellation of the insurance policy and the letter of credit and refunding of amounts on deposit in the reserve account

RISKS RELATING TO THE INSURANCE POLICY

  • Limited financial information concerning the insurer
  • Limitation on amount of coverage under the insurance policy
  • Conditional nature of the insurer’s obligation to pay under the insurance policy
  • Limitation on timing of payments under the insurance policy

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