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Investor Presentaiton

Conclusions JTi E □ We are seeing initial signs of recovery, evidenced by more stable industry volumes and signs that down-trading is slowing. We expect a 3% market contraction in 2010. As leaders on the market, we pursue pricing opportunities to increase profitability We will continue to invest in our brands with a particular emphasis in the Sub-Premium and above segments in preparation for the resumption of up-trading □ Continuous improvement and innovation in products, at point of sales and in business processes 34

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