Sample ReportConsolidated Balance Sheet Analysis

SERASA - INFORMATION SOLUTIONSCONSOLIDATED BALANCE-SHEETS ANALYSIS REPORT

CONFIDENTIAL TO CIA MODELO DATE: 99/99/9999 HOUR: 15:00:14REPORT - 3.000 IN: 99/99/9999 IDENTIFICATION (UPDATED IN 99/99/9999)CNPJ: 61616161/0001-06 CIA BEBIDAS BRASILEIRAS LTDA

IDENTIFICATION (UPDATED IN 99/99/9999)CNPJ: 61616161/0001-06 CIA BEBIDAS BRASILEIRAS LTDATRD. NAME: CIA BEBIDAS FOUNDATION:

99/99/9999ECONOMIC GROUP : BEBIDAS REGISTRY: 99.000 IN: 99/99/9999PREDECESSOR: CIA BEBIDAS ME UNTIL: 99/99/9999TYPE OF PARTNERSHIP: PRIVATE LIMITES LIABILITY COMPANYNB BRANCH: 00001 CITIES: DIADEMA

LOCALIZATION (UPDATED IN 99/99/9999)HEAD ADD: RUA BARAO DE LADARIO 34 VILA FLORIDAPORTO ALEGRE ST: RS ZIP: 340600-100 PHONE:( 031) 206-2526MAILBOX: 021001 ZIP MAILBOX: 340600-101 FAX : ( 031) 206-2000ADD INTERNET E-MAIL: WWW.BRASI.COM.BR

ACTIVITY (UPDATED IN 99/99/9999)SERASA ACTIVITY CODE: I-34.01.00 BEER, DRAFT BEER AND MALT INDUSTRY

FINANCIAL STATEMENTS (ANALYSIS IN 99/99/9999)LAST FINANCIAL STATEM: BAL SHEET CURR: DOLLAR (LS)VALUES IN UNITIES OF DOLLARS

BALANCE SHEETS (LS) (LS) (LS)ASSETS 99/99/99 % 99/99/99 % 99/99/99 %CASH & MARK SECURITIES 20.373 33.643 1 30.638 1

TRADE BILLS RECEIVABLE 305.091 7 294.306 5 169.110 3INVENTORIES 331.207 7 338.838 6 318.409 6WAREHOUSE 41.478 1 44.495 1 47.709 1

MARKETA SECURI INVEST 1.060.653 23 1.663.772 31 1.644.356 31ACC RECEIVABLE 73.684 2 134.265 2 155.497 3PREPAID TAXES 102.825 2 193.702 4 182.607 3OTHER CREDITS 23.892 1 20.089 53.374 1

CURR ASSETS 1.959.203 42 2.723.110 50 2.601.700 49REAL ESTATE FOR SALE 14.767 39.944 1 13.336ACCOUNTS RECEIVAB 76.835 2 89.038 2 145.067 3

CUR AC SH/PT/AFFIL 37.063 1 95.173 2 139.519 3

OTHER CREDITS 173.972 4 290.192 5 302.142 6LONG T ASSETS 302.637 6 514.347 9 600.064 11TOT INVESTMENTS 79.495 2 99.908 2 95.080 2

PROPERTY & EQUIPMENT 2.115.962 45 1.898.580 35 1.821.908 34DEFERRED ASSETS 212.025 5 189.917 4 177.730 3FIXED ASSETS 2.407.482 52 2.188.405 40 2.094.718 40TOTAL ASSETS 4.669.322 100 5.425.862 100 5.296.482 100

LIABILITIES 99/99/99 % 99/99/99 % 99/99/99 %SUPPLIERS 255.093 5 315.774 6 195.595 4WORK CAPITAL FINAN 16.008 24.522PROP & EQUIP FINANC 199.370 4 226.563 4LOAN IN FOR CURRENCY 679.170 15 791.843 15 714.766 13FINANCINGS 4.201 248.624 5SAL TAX & CONT 249.564 5 359.144 7 234.905 4OTHER DEBITS 169.713 4 171.277 3 160.393 3CURR LIABILITIES 1.573.119 34 1.889.123 35 1.554.283 29

Sample ReportConsolidated Balance Sheet Analysis

PROP & EQUIP FINANC 626.906 13 655.319 12FINANCINGS 354.263 8 283.344 5 909.843 17TAX PAYMENT IN INSTALLM 315.613 7 463.670 9 474.641 9OTHER DEBITS 320.555 7 470.312 9 491.363 9LONG T LIABILITIES 1.617.337 35 1.872.645 35 1.875.847 35MINORITY INTERESTS 50.450 1 57.719 1 75.943 1CAPITAL 975.029 21 990.327 18 1.067.265 20RESERVES 453.387 10 616.048 11 598.006 11RETAINED EARNINGS/ LOSSES 125.138 2STOCKHOLDERS’ EQUITY 1.478.866 32 1.664.094 31 1.866.352 35TOT LIAB 4.669.322 100 5.425.862 100 5.296.482 100

INCOME STATEMENTS 99/99/99 % 99/99/99 % 99/99/99 %NET SALES 3.155.674 100 3.248.274 100 877.498 100GROSS PROFIT/ LOSS 1.355.948 43 1.343.221 41 400.170 ADM EXPENSES -211.511 -7 -393.417 -12 -175.809 -20SALES EXPENSES -695.622 -22 -576.236 -18 -150.987 -17ACTIVITY PROFIT/ LOSS 448.815 14 373.568 12 73.374 8INTEREST EXPENSES -346.413 -11 -804.426 -25 -64.284 -7INTEREST INCOME 213.043 7 732.383 23 50.493 OTH OPERAT INCOME 9.042 23.484 3PARTIAL OPER PROFIT/LOSS 315.445 10 310.567 10 83.067 9OPERATING PROFIT/LOSS 315.445 10 310.567 10 83.067 NON OPERATING INCOME/EXP 37.324 1 -19.876 -1 -3.383PROFIT/LOSS BEF INC TAX 352.769 11 290.691 9 79.684 9NET PROFIT/ LOSS 318.395 10 290.691 9 79.684 9DIVIDENDS -144.290 -5 -178.169 -5 -47.296 -5MINORITY INTERESTS 10.703 14.019 3.697

STOC EQUI EVOLUTION 99/99/9999 99/99/9999 99/99/9999BEGINNING STOCKH EQUITY 1.634.564 1.478.866 1.664.094NET PROFIT/LOSS 100.569 126.541 36.085CAPITAL INCRE IN CASH 56.145 64.316 76.938CAPITAL INCREASE 12.658 15.298 16.894ADJUSTMENT 56.982 43.389 89.235STOCKHOLDERS’ EQUITY 1.498.354 1.664.094 1.866.352

WORKING CAPITAL 99/99/9999 99/99/9999 99/99/9999OWN WORK CAPITAL -1.231.253 -1.038.658 -828.430NET FLOAT CAPITAL 386.084 833.987 1.047.417WORK CAP NEEDS 295.628 226.027 354.041

NOTES ON FINANCIAL STATEMENTSTHE VALUE US$ -178169000 CONCERNING RETURN TO OWNERS WAS RECLASSIFIED FROM INTEREST

EXPENSE TO DIVIDENDS, INCREASING NET PROFIT/LOSS BEFORE DIVIDENDS IN THE SAME AMOUNT. THEFINANCIAL STATEMENTS WERE AUDITED BY INDEPENDENT AUDITORS PRICE WATERHOUSE AUDITORESINDEPENDENTES.

FINANCIAL RATIOSCAPITAL STRUCTURE 9999 9999 9999 DEBT TO EQUITY 216% 226% 184%PERC OF CURR LIABIL TO TOTAL LIABIL 49% 50% 45%PERC OF FIXED ASSETS TO STOCKH EQUI 163% 132% 112%OBSOLESCENCE OF PROPERTY & EQUIPMEN 40% 47% 49%

RELATIONSHIP WITH FINANCIAL INSTIT 9999 9999 9999BANK DEBT TO TOTAL ASSETS 40% 37% 35%BANK DEBT TO STOCKHOLDERS EQUITY 127% 119% 100%BANK DEBT TO TOTAL LIABILITIES 59% 53% 55%SHORT TERM BANK DEBT TO CURR ASSETS 46% 38% 37%PERC OF TRADE BILLS DISCOUNT 0% 0% 0%

LIQUIDITY 9999 9999 9999GENERAL LIQUIDITY 0,71 0,86 0,93CURRENT RATIO 1,25 1,44 1,67QUICK RATIO 0,88 1,05 1,19AVERAGE COLLECTION PERIOD (DAYS) 25 24 17AVERAGE DAYS SALES IN INVENTORIES 61 63 62AVERAGE PAYABLE PERIOD (DAYS) 80 93 65

Sample ReportConsolidated Balance Sheet Analysis

OPERATING CYCLE 22 16 36

RESULTS 9999 9999 9999ASSET TURNOVER 1,03 0,91 0,66RETURN ON ASSETS 7% 5% 6%RETURN ON AVERAGE EQUITY - 18% 18%NET PROFIT MARGIN 6% 6% 9%REAL SALES EVOLUTION - -8% -2%

COMPANIES CONSTITUENT OF CONSOLIDATIONCNPJ CO NAME 9999 9999 9999 MALTE S/A YES YES CALIX S/A YES YES TRADING EUROPA S/A YES YES ESTELAR PARTICIPACOES YES CIA URUGUAY S/A YES00.666.444 PILSEN PARTICIPACOES S/A YES YES YES

00.333.222 BRANER DO BRASIL LTDA YES YES YES

07.454.254 MALTARIA S/A YES YES

08.550.005 BEBIDAS AROMATICAS S/A YES

02.999.001 MALTARIA DA SERRA S/A YES YES YES

01.888.466 DISTRIBUIDORA NORTE DE BEBIDAS S/A YES YES YES

23.111.321 DESTILARIA DE MINAS LTDA YES52.222.446 MALTARIA GROSNER S/A YES YES YES

66.777.552 ENGARRAFADORA ATLAS S/A YES YES YES