<SEC-DOCUMENT>0001193125-13-282282.txt : 20131009
<SEC-HEADER>0001193125-13-282282.hdr.sgml : 20131009
<ACCEPTANCE-DATETIME>20130703123540
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-13-282282
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20130703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMBEV S.A.
		CENTRAL INDEX KEY:			0001565025
		STANDARD INDUSTRIAL CLASSIFICATION:	BEVERAGES [2080]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D5
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		RUA DR. RENATO PAES DE BARROS, 1017
		STREET 2:		3 ANDAR PARTE
		CITY:			SAO PAULO
		STATE:			D5
		ZIP:			04530-000
		BUSINESS PHONE:		55(11)2122-1414

	MAIL ADDRESS:	
		STREET 1:		RUA DR. RENATO PAES DE BARROS, 1017
		STREET 2:		3 ANDAR PARTE
		CITY:			SAO PAULO
		STATE:			D5
		ZIP:			04530-000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	InBev Corporate Holdings Inc.
		DATE OF NAME CHANGE:	20121219
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<TD VALIGN="top"> <P STYLE="font-size:0pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:21pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman" COLOR="#3f69be"><B><FONT
 COLOR="#9fb4de">GIBSON DUNN</FONT></B></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Franklin Gothic Book">Gibson,&nbsp;Dunn&nbsp;&amp;&nbsp;Crutcher&nbsp;LLP</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Franklin Gothic Book">200 Park Avenue</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Franklin Gothic Book">New York, NY 10166-0193</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Franklin Gothic Book">Tel 212.351.4000</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Franklin Gothic Book">www.gibsondunn.com</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Arial Narrow">Kevin Kelley</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Arial Narrow">Direct: +1 212.351.4022</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Arial Narrow">Fax: +1 212.351.5322</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Arial Narrow">KKelley@gibsondunn.com</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July&nbsp;3, 2013 </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>VIA EDGAR
CORRESPONDENCE </U></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E., </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549-3561 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention:&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;John Reynolds - Assistant Director </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"><B>Ambev S.A.</B> </TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Staff Comment Letters, dated June&nbsp;27 and 28, 2013 </B></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Amendment No.&nbsp;1 to the Registration Statement on Form F-4, filed herewith </B></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Registration Statement on Form F-4, filed on June&nbsp;28, 2013 </B></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>File: 377-00131 </B></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>CIK No.&nbsp;0001565025 </B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">By letters dated June&nbsp;27 and 28, 2013 (the &#147;<U>Third SEC Comment
Letter</U>&#148;), the staff (the &#147;<U>Staff</U>&#148;) of the U.S. Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;) issued comments to the second amended draft registration statement on Form F-4 (the &#147;<U>Second
Amended Draft F-4</U>&#148;) of Ambev S.A. (&#147;<U>Newbev</U>&#148; or the &#147;<U>Company</U>&#148;) that was confidentially submitted to the Staff by Newbev on June&nbsp;20, 2013 with respect to the stock swap merger (the &#147;<U>Stock Swap
Merger</U>&#148; or the &#147;<U>Transaction</U>&#148;) of Companhia de Bebidas das Am&eacute;ricas &#150; Ambev (&#147;<U>Ambev</U>&#148; and, together with Newbev, the &#147;<U>Companies</U>&#148;) with Newbev, as described in that draft F-4. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On behalf of Newbev, the issuer, and Ambev, the target of the Stock Swap Merger, we provide the Companies&#146; responses below to the comments contained in
the Third SEC Comment Letter. For your convenience, we have reproduced below in bold each of the Staff&#146;s comments and have provided the respective response immediately following each comment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Questions and Answers About the Stock Swap Merger, page 1 </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please clarify when the Contribution, discussed on page 2, occurred. </B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s
comment, page 2 and certain other sections of the Form F-4 publicly filed with the Commission on June&nbsp;28, 2013 under Registration No.&nbsp;333-189656 (the &#147;<U>Public F-4</U>&#148;) and of the Form F-4 that is being publicly filed with the
Commission on </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:72pt; margin-bottom:0pt; font-size:7pt; font-family:Franklin Gothic Book" ALIGN="center">Beijing <FONT
STYLE="font-family:WINGDINGS; font-size:7pt" COLOR="#000000">&#159;</FONT> Brussels <FONT STYLE="font-family:WINGDINGS; font-size:7pt" COLOR="#000000">&#159;</FONT><FONT STYLE="font-family:Franklin Gothic Book"> Century City </FONT><FONT
STYLE="font-family:WINGDINGS; font-size:7pt" COLOR="#000000">&#159;</FONT><FONT STYLE="font-family:Franklin Gothic Book"> Dallas </FONT><FONT STYLE="font-family:WINGDINGS; font-size:7pt" COLOR="#000000">&#159;</FONT><FONT
STYLE="font-family:Franklin Gothic Book"> Denver </FONT><FONT STYLE="font-family:WINGDINGS; font-size:7pt" COLOR="#000000">&#159;</FONT><FONT STYLE="font-family:Franklin Gothic Book"> Dubai </FONT><FONT
STYLE="font-family:WINGDINGS; font-size:7pt" COLOR="#000000">&#159;</FONT><FONT STYLE="font-family:Franklin Gothic Book"> Hong Kong </FONT><FONT STYLE="font-family:WINGDINGS; font-size:7pt" COLOR="#000000">&#159;</FONT><FONT
STYLE="font-family:Franklin Gothic Book"> London </FONT><FONT STYLE="font-family:WINGDINGS; font-size:7pt" COLOR="#000000">&#159;</FONT><FONT STYLE="font-family:Franklin Gothic Book"> Los Angeles </FONT><FONT
STYLE="font-family:WINGDINGS; font-size:7pt" COLOR="#000000">&#159;</FONT><FONT STYLE="font-family:Franklin Gothic Book"> Munich </FONT></P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:7pt; font-family:Franklin Gothic Book" ALIGN="center">New York <FONT STYLE="font-family:WINGDINGS; font-size:7pt" COLOR="#000000">&#159;</FONT> Orange County&nbsp;<FONT
STYLE="font-family:WINGDINGS; font-size:7pt" COLOR="#000000">&#159;</FONT><FONT STYLE="font-family:Franklin Gothic Book">&nbsp;Palo Alto &nbsp;</FONT><FONT STYLE="font-family:WINGDINGS; font-size:7pt" COLOR="#000000">&#159;</FONT><FONT
STYLE="font-family:Franklin Gothic Book">&nbsp;Paris&nbsp;</FONT><FONT STYLE="font-family:WINGDINGS; font-size:7pt" COLOR="#000000">&#159;</FONT><FONT STYLE="font-family:Franklin Gothic Book">&nbsp;San Francisco&nbsp;</FONT><FONT
STYLE="font-family:WINGDINGS; font-size:7pt" COLOR="#000000">&#159;</FONT><FONT STYLE="font-family:Franklin Gothic Book">&nbsp;S&atilde;o Paulo&nbsp;</FONT><FONT STYLE="font-family:WINGDINGS; font-size:7pt" COLOR="#000000">&#159;</FONT><FONT
STYLE="font-family:Franklin Gothic Book">&nbsp;Singapore&nbsp;</FONT><FONT STYLE="font-family:WINGDINGS; font-size:7pt" COLOR="#000000">&#159;</FONT><FONT STYLE="font-family:Franklin Gothic Book">&nbsp;Washington, D.C. </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:21pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman" COLOR="#3f69be"><B><FONT
STYLE="font-family:Times New Roman" COLOR="#9fb4de">GIBSON DUNN </FONT></B></FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange
Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;John Reynolds </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">July&nbsp;3, 2013 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"> Page
 2
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this date together with this correspondence (the &#147;<U>First Amended Public F-4</U>&#148;) now expressly state that the Contribution occurred on June&nbsp;17, 2013. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Newbev Unaudited Pro Forma Condensed Consolidated Financial Information under IFRS, page 38 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>3. Unaudited Proforma Income Statement Adjustments, page 44 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>iv) Earnings per share, page 45 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Consolidated Pro Forma, page 45 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We note your disclosure that the Stock Swap Merger would result in a total number of 15,659,436,120&nbsp;thousand of
shares of Newbev common stock being outstanding. It appears to us the total number of shares disclosed here should be revised to 15,659,436&nbsp;thousand of shares or 15,659,436,120 shares. Please revise or advise. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the word &#147;thousand&#148; is no longer present in the indicated excerpt of page 45 of the Public F-4 and of the
First Amended Public F-4. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Tax Considerations, page 117 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Material U.S. Federal Income Tax Considerations, page 117 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>The Proposed Stock Swap Merger, page 119 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Tax Treatment of the Proposed Stock Swap Merger, page 119 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please revise the tax opinions filed as exhibit 8.1 and 8.2 to clearly state that the disclosure in the tax
consequences section of the prospectus is the opinion of the named counsel. Similarly, the disclosure in the prospectus should clearly identify and articulate the opinion being rendered. Currently, the disclosure on page 103 states that the
transaction should qualify as a tax free exchange; however, such statement is not clearly identified as the opinion and is not attributed to named counsel. Please expand upon the statement regarding conflicting case law. Please add a risk factor
regarding </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:21pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman" COLOR="#3f69be"><B><FONT
STYLE="font-family:Times New Roman" COLOR="#9fb4de">GIBSON DUNN </FONT></B></FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange
Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;John Reynolds </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">July&nbsp;3, 2013 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>
the uncertainty of the tax treatment of this transaction. Lastly, please add a cross reference to page 25 to reflect where a more detailed discussion of the doubt concerning the opinion is
located. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the U.S. and Brazilian tax opinions have been revised to confirm that the tax disclosure contained
in the First Amended Public F-4 constitutes the opinion of named counsel. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, revisions are reflected on the First Amended Public F-4 to address
the Staff&#146;s comment as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top">Pages 13, 31 and 52: each now includes a cross-reference to the U.S. tax disclosure contained under the caption &#147;Part Five: Tax Considerations&#151;Material U.S. Federal Income Tax Considerations&#151;The Proposed
Stock Swap Merger&#151;Tax Treatment of the Proposed Stock Swap Merger,&#148; which presents a detailed discussion of the uncertainty to U.S. holders with respect to the expected tax-free treatment of the Stock Swap Merger under the U.S. federal
income tax law; </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top">Page 52: expands the U.S. tax risk factor to include a discussion of the uncertainty to U.S. holders with respect to the expected tax-free treatment of the Stock Swap Merger under the U.S. federal income tax law;
</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top">Page 122: now clarifies that the expected tax-free treatment of the Transaction under the U.S. federal income tax law, as discussed in that section, constitutes the opinion of Sullivan&nbsp;&amp; Cromwell LLP; and
</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD ALIGN="left" VALIGN="top">Page 131: now clarifies that the material Brazilian tax consequences of the Stock Swap Merger to non-Brazilian Holders, as discussed in that section, represents the opinion of Lefosse Advogados. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Combined financial statements of ABI&#146;s interests in Ambev S.A. and Ambev, page F-25 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notes to Ambev S.A. Predecessor Financial Statements, page F-32 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>1. Corporate information, page F-33 </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>(c)
Basis of Presentation of the Predecessor Financial Statements, page F-34</U> </B></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:21pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman" COLOR="#3f69be"><B><FONT
STYLE="font-family:Times New Roman" COLOR="#9fb4de">GIBSON DUNN </FONT></B></FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange
Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;John Reynolds </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">July&nbsp;3, 2013 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are continuing to evaluate your responses dated May&nbsp;21, 2013
and June&nbsp;26, 2013 to our prior comment 20 of our letter dated April&nbsp;16, 2013 and the related issues. We may have further comments upon completion of our review. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please see the Companies&#146; response to Staff comment no. 6(a) below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Share Ownership, page A-91 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We reissue comment 23 from our April&nbsp;16, 2013 letter. Please make clear the portion of each class of securities
held in the United States and state the number of United States record holders. See Item&nbsp;7.A.2 of Form 20-F. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We note that the additional
clarification on this topic that was promised by the Companies&#146; June&nbsp;20, 2013 response (the &#147;<U>Second Response Letter</U>&#148;) to Staff comment no. 5 of its comment letter dated June&nbsp;6, 2013 was included as part of footnote
(3)&nbsp;of the table on page 143 and in the first paragraph of page 150 of the Second Amended Draft F-4 that was confidentially submitted to the Commission together with the Second Response Letter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This same disclosure is reflected on pages 146 and 153 of the Public F-4 and the First Amended Public F-4. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Combined Financial Statements of ABI&#146;s Interests in Ambev S.A. and Ambev </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notes to Ambev S.A. Predecessor Financial Statements </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>1. Corporate Information </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>(c) Basis of
Presentation of the Predecessor Financial Statements, page F-34</U> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We note your responses dated
May&nbsp;21, 2013 and June&nbsp;26, 2013 to our prior comment 20 of our letter dated April&nbsp;16, 2013 and the related issues. Please address the following: </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>a)</B></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE="font-family:Times New Roman; font-size:10pt"><B>Please provide us with your analysis as to why you believe there is no analogous guidance in IFRS, per par. 11 of IAS&nbsp;8. Please address how
you </B></P></TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:21pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman" COLOR="#3f69be"><B><FONT
STYLE="font-family:Times New Roman" COLOR="#9fb4de">GIBSON DUNN </FONT></B></FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange
Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;John Reynolds </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">July&nbsp;3, 2013 </P>
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considered IAS 27 and other potentially analogous guidance in IFRS, as well as the concepts in the Framework. </B></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">There is currently no guidance under International Financial Reporting Standards (&#147;<U>IFRS</U>&#148;) regarding the accounting treatment
for combinations of entities under common control. As support for this assertion, attention is drawn to a reference on the website of the International Accounting Standards Board (the &#147;<U>IASB</U>&#148;) confirming that a research project for
the accounting of common control transactions is currently on hold (see: <U>http://www.ifrs.org/Current-Projects/IASB-Projects/Common-Control-Transactions/Pages/NEW-Common-Control-Transactions.aspx</U>). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">In addition, it should be noted that, in the minutes relating to the July 2011 meeting of the IFRS Interpretations Committee (the
&#147;<U>IFRIC</U>&#148;), two of the items on the agenda were &#147;<I>IAS 27 Consolidated and Separate Financial Statements&#151;group reorganizations in separate financial statements</I>&#148; and &#147;<I>IFRS 3 Business
Combinations&#151;business combinations involving newly formed entities: business combinations under common control.</I>&#148; In those minutes, the IFRIC concluded that &#147;<I>the accounting for business combinations under common control is too
broad to be addressed through an interpretation and that the Board has planned to address the accounting for business combinations under common control at a later stage</I>.&#148; See:
<U>http://www.ifrs.org/Updates/IFRIC-Updates/2011/Documents/IFRICUpdateJul11.pdf</U>. That is the IFRIC acknowledging that there is no guidance under IFRS for common control transactions and there is diversity in accounting practices when it comes
to those transactions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">It is also appropriate to point out that the discussion and reference to IAS 27 would not be applicable to the
Companies&#146; situation in connection with the Contribution (as defined in the registration statements filed by Newbev with the Commission) and the Stock Swap Merger. Such discussion and reference relate to the accounting treatment to be followed
in non-consolidated financial statements, <I>e.g.</I>, parent-only statements. It would not be applicable to consolidated statements, which is what is utilized by the Companies and is presented in the registration statements filed by Newbev with the
Commission. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Additionally, the Commission noted in its paper &#147;<I>A Comparison of US&nbsp;GAAP and IFRS</I>&#148; that was published
on November&nbsp;16, 2011 that IFRS does not provide </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:21pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman" COLOR="#3f69be"><B><FONT
STYLE="font-family:Times New Roman" COLOR="#9fb4de">GIBSON DUNN </FONT></B></FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange
Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;John Reynolds </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">July&nbsp;3, 2013 </P>
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 6
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">
guidance on common control transactions. See below a relevant excerpt from that paper: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman"><I>Combinations of entities under common control &#150; IFRS 3 and ASC Topic 805 are similar in that they both exclude combinations of
entities under common control from the application of the acquisition method of accounting. U.S. GAAP provides guidance requiring that such combinations be accounted for at carryover basis, whereas IFRS does not provide guidance. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">As previously indicated in the Companies&#146; response of June&nbsp;26, 2013, the Companies believe that predecessor accounting is the most
appropriate accounting to follow for this common control transaction. The accounting that was followed is consistent with certain other generally accepted accounting principles, such as those of the U.S. and the U.K., that permit predecessor
accounting to be used for group reconstructions and other common control transactions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Before the Companies looked to other standards,
they considered (consistent with IAS8 par 11) if there was any analogous guidance in IAS 27, as well as other Standards and Interpretations dealing with similar and related issues. Further, they also considered the concepts in the Framework. The
Companies do not believe that there is any other guidance in IFRS that would be appropriate to use as an analogy to determine the appropriate accounting. The accounting for common control transactions is a fundamental concept and based on the points
noted above, the Companies believe it is clear that there is not currently any guidance under IFRS that should be used as an analogy in this situation. There is simply no guidance under IFRS. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Further, as a follow-up to discussions on the accounting of the Contribution and the Stock Swap Merger with the Staff&#146;s accounting team,
the following additional observations are made. Notwithstanding certain associated complexities and adjustments, the concepts that the Companies followed in applying the accounting principles for the Contribution and the Stock Swap Merger are
relatively simple. The ultimate controlling shareholder of the Companies, Anheuser-Busch InBev N.V./S.A. (&#147;<U>ABI</U>&#148;), contributed its indirect controlling investment of Ambev shares into Newbev. The values recognized by Newbev are the
same as carried in the books of ABI. When ABI acquired a controlling interest in Ambev in 2004, it applied IFRS 3 and recorded assets and liabilities at their fair value. The carrying value of assets and liabilities in the financial statements that
will be presented as </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:21pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman" COLOR="#3f69be"><B><FONT
STYLE="font-family:Times New Roman" COLOR="#9fb4de">GIBSON DUNN </FONT></B></FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange
Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;John Reynolds </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">July&nbsp;3, 2013 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"> Page
 7
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">
Newbev would be the same as if ABI had contributed its interest in Ambev in 2004 and filed a registration statement at the time. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>b)</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Tell us if you have discussed, or plan to discuss the proposed accounting with the Brazilian regulator. </B></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Ambev has discussed the proposed accounting with the Brazilian Securities Commission (<I>Comiss&atilde;o de Valores Mobili&aacute;rios</I>)
(the &#147;<U>CVM</U>&#148;), including during a meeting held on July&nbsp;2, 2013, when representatives of Ambev and of its independent auditors met with staff members of the CVM. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Companies appreciate in advance the Staff&#146;s prompt time and attention to this response letter and reiterate the time sensitivity to keep the Ambev
shareholders&#146; meeting for the Stock Swap Merger on track for its July&nbsp;30, 2013 scheduled date that has already been publicly announced. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Should
you have any additional questions or comments, please feel free to call me at +1 212-351-4022. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>/s/ Kevin W. Kelley </U></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Kevin W. Kelley </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">KWK/FA </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">cc: Nelson Jos&eacute; Jamel - Chief Financial Officer
</P>
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