1. Stock price evolution

2. Introduction Stock price evolution Reasons 2012 Reasons 2013 Financial ratios Overall forecast

3. Stock price evolution

4. Leap 1: March

5. Cash flow: Operating activities

6. Jump 2: June

7. Market focus

8. Crash 1: January

9. Grupo Modelo Incorporation US government Legal actions Unfair competition

10. Leap 3: February

11. Estimations 2013

12. Jump 4: July

13. Inflation Brazil

14. Mexico Incorporation Cost synergies

15. Dive 2: September

16. Central and Eastern Europe Total Volumes: -18,9% Ukraine destocking: -26,2% Russia: -13,4% EBITDA: -38,2%

17. Net Debt / EBITDA ratio

18. EPS - Dividend

19. EBITDA Sales - Debts

20. Thank you for listening!