AMBEV ANNOUNCES PROPOSED NOTES ISSUANCE

São Paulo, September 03, 2003 -- Companhia de Bedidas das Americas -- AmBev (AmBev") (NYSE:ABV) (NYSE:ABVc) (BOVESPA:AMBV4) (BOVESPA:AMBV3) announced today that its principal operating subsidiary, Companhia Brasileira de Bebidas (CBB"), intends to issue notes due 2013.

São Paulo, September 03, 2003 -- Companhia de Bedidas das Americas -- AmBev (AmBev") (NYSE:ABV) (NYSE:ABVc) (BOVESPA:AMBV4) (BOVESPA:AMBV3) announced today that its principal operating subsidiary, Companhia Brasileira de Bebidas (CBB"), intends to issue notes due 2013 (the Notes"), payments under which will be unconditionally guaranteed by AmBev, in a private placement pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended (the Securities Act"). CBB currently expects the aggregate principal amount of the Notes will be U.S. $300 million and intends to use the net proceeds of the Notes to fund capital expenditures, repay short-term debt and for general corporate purposes.

The Notes have not been, and will not be, registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release is not an offer of the Notes for sale in the United States.

For additional information, please contact Tobias Stingelin, Head of IR (phone: 5511-2122-1415 and e-mail: acts@ambev.com.br) or Fernando Vichi (phone: 5511-2122-1414 and e-mail: acfgv@ambev.com.br) at AmBev Investor Relations.
www.ambev-ir.com