Companhia de Bebidas das Americas -- AmBev (''AmBev'') announced today that the Board of Directors of Companhia Cervejaria Brahma (''Brahma''), its wholly owned subsidiary, has approved a buyback program of the common and preferred share AmBev. The program calls for the acquisition of up to 396,368,782 common shares and 2,107,031,690 preferred shares issued by AmBev, representing 10% and 9.8% of the respective float in each class (i.e. 3,963,687,815 common shares and 21,607,581,900 preferred shares). As per Brazilian law, the buyback program is valid for 90 days. Should the number of shares actually acquired be below the established limit over the next 90 days, management intends to renew the buyback program in successive 90-day periods.

The program will be provided for by Brahma's unappropriated retained earnings account of the consolidated balance sheet as of December 31, 1999, up to the amount of R$ 400 million. Brahma's Board of Directors also approved following brokers in Brazil to implement the program: Deutsche Bank, Santander Brasil, Bradesco S.A. CTVM, Itau Corretora de Valores S.A.

Additionally, in a meeting of AmBev's Board of Directors on December 13, 2000, the distribution of interest on shareholders' equity in the amount of R$ 4.40 per thousand common shares and R$ 4.84 per thousand preferred shares was approved for shareholders of record on December 22, 2000. The shares will trade ex-rights as of December 23, 2000. Brazilian income tax of 15% will be withheld from this payment, resulting in a net distribution of R$ 3.740 per thousand common shares and R$ 4.114 per thousand preferred shares. Payment is scheduled to begin on February 20, 2001.