Quilmes Industrial (Quinsa) announced today that, following the completion of its previous market purchase programme, its board of directors has authorised the purchase of additional American Depositary Shares (ADS) each of which represent 2 Class B shares.

Specifically, the board authorised the expenditure of up to an additional US$ 50m to make market purchases of ADSs, as, when and if market conditions are appropriate.

Based on the market price of Quinsa's ADSs on March 24, 2004, the new programme would allow Quinsa to purchase up to approximately 2,716,000 ADSs (or 8.9% of Quinsa's outstanding Class B shares).

The actual number of ADSs purchased by Quinsa will depend on the prices at which the purchases are made. Quinsa's capital stock currently consists of 61,004,905 Class B Shares and 634,581,688 Class A Shares.

Quinsa's management stated that the additional repurchase program is a result of the board's intention to acquire shares at prices that represent an attractive investment for the company and its shareholders.

Furthermore, the Company has continued to purchase its Class A shares from time to time through the Luxembourg Stock Exchange, pursuant to the authorisation provided at the Annual General Shareholders' Meeting held on June 27, 2003.

The Quinsa Class B Shares are listed on the Luxembourg Stock Exchange and on the New York Stock Exchange in the form of ADSs. The Quinsa Class A Shares are listed on the Luxembourg Stock Exchange.

Quinsa is the Luxembourg-based holding company that controls 87.6% of Quilmes International. The remaining 12.4% stake is held by Beverage Associates (BAC) Corp. and by Companhia de Bebidas das Americas - AmBev.