Companhia de Bebidas das Americas - AmBev announced that Brahma and AmBev have scheduled extraordinary shareholders' meetings, in which common shareholders of both companies will be asked to approve a transaction under which Brahma will become a wholly owned subsidiary of AmBev. In that transaction, each share of Brahma will be exchanged for one share of the same type and class of AmBev. This exchange ratio is the same announced on the July 1, 1999 release that announced the merger of Brahma and Antarctica.

The issuance of AmBev shares and American Depositary Receipts (ADRs) in connection with that transaction is disclosed in a registration statement, which was registered with the SEC (Securities and Exchange Commission) today. AmBev will now proceed with the migration of Brahma's non-controlling shareholders to AmBev and conclude the corporate reorganization resulting from the merger of Brahma and Antarctica.

Brahma currently has 5.63 billion shares -- 79.4% of Brahma's total capital -- negotiated in the security markets in Brazil and in the United States. Approximately 1.8 billion shares of Brahma trade in the United States, in the form of ADRs (each ADR represents 20 Brahma shares). Brahma ADRs have been trading on the New York Stock Exchange since 1997.

AmBev's current shareholder structure comprises the former controlling shareholders of Brahma (ECAP and Braco), the former controlling shareholder of Antarctica (Fundacao Antonio e Helena Zerrenner), and the non-controlling shareholders of Antarctica, who became shareholders of AmBev on September 1999. Following completion of the migration process of the non-controlling shareholders of Brahma, Brahma and Antarctica will become wholly owned subsidiaries of AmBev. AmBev's shareholder structure will then be as follows (as percentage of the total capital): Ecap and Braco: 19.0%; Fundacao Zerrenner: 6.6%; Antarctica Non-controlling Shareholder: 1.6%; and Brahma Non-controlling Shareholder: 72.8%.

When this transaction is completed, AmBev is expected to have 3,195,267,239 common shares, 4,533,948,881 preferred shares, and a total of 7,729,216,120 shares.

Once AmBev's new shareholder structure is completed, the results of Brahma will be fully consolidated in the financial statements of AmBev. The financial statements of AmBev for the 4th quarter of 2000 will be the first to reflect this new structure during the entire period.

AmBev expects to list its ADRs on the New York Stock Exchange (NYSE) on September 15, 2000 under the ticker symbols ABV for preferred shares and ABVc for common shares.

For additional information, please contact Milton Cabral (Phone: +5511-3741-7560 and e-mail: or Vanessa Barion (phone: +5511-3741-7553 and e-mail: at AmBev Investor Relations.

This release contains forward-looking statements. Such statements are not statements of historical fact, and reflect the beliefs and expectations of the Company's management. The words "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "plans," "predicts," "projects" and "targets" and similar words are intended to identify these statements, which necessarily involve known and unknown risks and uncertainties. Known risks and uncertainties include, but are not limited to, the impact of competitive products and pricing, market acceptance of products, product transitions by the Company and its competitors, regulatory approval, currency fluctuations, production and supply difficulties, changes in product sales mix, and other risks described in the Company's registration statement and other Securities and Exchange Commission filings. Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them in light of new information or future developments.