Organic EBITDA margin up 296 basis points and EBITDA increases +20.8%

InBev (Euronext: INB), the world’s leading brewer by volume, announced today its results for the first half of 2005 (HY05):

- Organic beer volume growth of +5.5%; more than twice the industry average
- Challenging market conditions in Western Europe, more than offset by very good performances throughout the Americas and Russia/Ukraine
- Organic revenue increased by +6.8% yoy (year on year)
- EBITDA margin expanded to 26.1% versus 23.0% in the first half of 2004 (HY04)
- Profit attributable to InBev equity holders of 397 million euro versus 205 million euro in HY04
- Successful conclusion of the Mandatory Tender Offer (MTO) for AmBev’s common shares raised InBev’s economic interest in the company from 50.27% to 55.52%
- Significant progress made to drive value creation: improving capital structure through share buy-back and purchase of AmBev preferred shares, and improved deployment of invested capital via sales of German soft drinks and Spanish beer minority stake