Exhibit 99.1

Piedras Negras Brewery Business

Carve-out Combined Financial Statements

December 31, 2012 and 2011 and January 1, 2011

Piedras Negras Brewery Business

Carve-out Combined Financial Statements

Index

December 31, 2012 and 2011 and January 1, 2011

Independent Auditor’s Report on Carve-Out Combined Financial Statements

Mexico City, April 29, 2013

To the directors and stockholders of

Grupo Modelo, S. A. B. de C. V.

We have audited the accompanying carve-out combined financial statements of the Compañía Cervecera de Coahuila, S. A. de C. V. and Servicios Modelo de Coahuila, S. A. de C. V. businesses (together the “Piedras Negras Brewery Business”) a component of Grupo Modelo, S. A. B. de C. V. as described in Note 1 (Background and basis of presentation), which comprise the carve-out combined statements of financial position as of December 31, 2012 and 2011 and January 1, 2011 and the carve-out combined statements of comprehensive income, changes in parent’s net investment in the business and cash flows for each of the years ended December 31, 2012 and 2011.

Management’s responsibility for the carve-out combined financial statements

Management is responsible for the preparation and fair presentation of these carve-out combined financial statements in accordance with International Financial Reporting Standards (“IFRS”), this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of carve-out combined financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s responsibility

Our responsibility is to express an opinion on the carve-out combined financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the carve-out combined financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the carve-out combined financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the carve-out combined financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the Piedras Negras Brewery Business preparation and fair presentation of the carve-out combined financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Piedras Negras Brewery Business internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the carve-out combined financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the carve-out combined financial statements referred to above present fairly, in all material respects, the financial position of the Piedras Negras Brewery Business as of December 31, 2012 and 2011 and January 1, 2011 and its financial performance and its cash flows for the years ended December 31, 2012 and 2011 in accordance with IFRS.

Emphasis of matter

Without qualifying our opinion, we draw attention to the fact that, as mentioned in Note 19 to the carve-out combined financial statements, significant portions of the Piedras Negras Brewery’s sales, purchases and financing are conducted with its related parties.

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Piedras Negras Brewery Business

Carve-out Combined Statements of Financial Position

As of December 31, 2012 and 2011 and January 1, 2011

(Amounts expressed in Mexican pesos, as explained in Notes 1, 2 and 21)

The accompanying notes are an integral part of these carve-out combined financial statements, which were authorized for issuance on April 29, 2013 by the undersigned.

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Piedras Negras Brewery Business

Carve-out Combined Statements of Comprehensive Income by Function of

Expenses

For the years ended December 31, 2012 and 2011

(Amounts in Mexican pesos, as explained in Notes 1, 2 and 21)

The accompanying notes are an integral part of these carve-out combined financial statements, which were authorized for issuance on April 29, 2013 by the undersigned.

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Piedras Negras Brewery Business

Carve-out Combined Statements of Changes in Parent’s Net Investment in

the Business

For the years ended December 31, 2012 and 2011

(Amounts in Mexican pesos, as explained in Notes 1, 2 and 21)

The accompanying notes are an integral part of these carve-out combined financial statements, which were authorized for issuance on April 29, 2013 by the undersigned.

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Piedras Negras Brewery Business

Carve-out Combined Statements of Cash Flows

For the years ended December 31, 2012 and 2011

(Amounts in Mexican pesos, as explained in Notes 1, 2 and 21)

The accompanying notes are an integral part of these carve-out combined financial statements, which were authorized for issuance on April 29, 2013 by undersigned officers.

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Piedras Negras Brewery Business

Notes to the Carve-out Combined Financial Statements

For the years ended December 31, 2012 and 2011 and January 1, 2011

(Amounts expressed in Mexican pesos, as explained in Notes 1, 2 and 21)

Note 1 - Background and basis of presentation:

(a) Background

Grupo Modelo, S. A. B. de C. V. (Sociedad Anónima Bursátil de Capital Variable) organized under the laws of Mexico (Modelo), is a publicly listed Company on the Mexican Stock Exchange that mainly engages in the production and sale of beer.

In June 2012, Anheuser-Busch InBev SA/NV, a public company organized under the laws of Belgium (“AB InBev”) announced a proposed plan to acquire the remaining 50% of Modelo that it does not currently own. Due to the United States Department of Justice anti-trust concerns, on February 13, 2013, AB InBev announced a revised proposed agreement to sell Modelo’s ongoing United States business to Constellation Brands, Inc. (Constellation), which consists of the remaining 50% interest in the U.S. import and distribution business, Crown Imports LLC, that it does not currently own, the assets, liabilities, revenues and expenses of Compañía Cervecera de Coahuila, S. A. de C. V., (sociedad anónima de capital variable) (CCC Company) organized under the laws of Mexico located in Piedras Negras, Mexico and Servicios Modelo de Coahuila, S. A. de C. V. (Servicios Company), together CCC Company and Servicios Company are hereafter referred to as the “Piedras Negras Brewery Business” or the “Business”, and the perpetual brand rights for the Modelo brands currently sold in the U.S. These carve-out combined financial statements reflect the assets, liabilities, revenues and expenses of the Piedras Negras Brewery Business as operated by Modelo.

Compañía Cervecera de Coahuila, S. A. de C. V. was constituted on February 13, 1992, it is a subsidiary of Diblo, S. A. de C. V. (Diblo), which is a subsidiary of the ultimate parent Modelo. Its main activity is the production, distribution and sale of beer for the U.S. market. The CCC Company has its domicile in Carretera 57 Km. 233 MAS 200 Nava, Coahuila, México, C. P. 26170.

Servicios Modelo de Coahuila, S. A. de C. V. was constituted on September 21, 2006. It is also a subsidiary of Diblo. Its main activity is the provision of employee services to CCC Company. Servicios Company has its domicile in Carretera 57 Km. 233 # 85 Nava, Coahuila, México, C. P. 26170.

(b) Basis of preparation

The Business has historically operated as part of Modelo and not as a separate stand-alone entity. The carve-out combined financial statements of the Business have been prepared on a “carve-out” basis from the consolidated financial statements of Modelo as well as from the statutory financial statements of the CCC Company and Servicios Company, to represent the financial position and performance of the Business as if the Business had existed on a stand-alone basis for each of the fiscal years ended December 31, 2012 and 2011 for the carve-out combined statements of comprehensive income and cash flows and as of December 31, 2012 and 2011 and January 1, 2011 for the carve-out combined statements of financial position. The carve-out combined financial statements have been prepared in conformity with International Financial Reporting Standards (“IFRS”), by aggregating financial information from the components of the Business described in Note 1 and include the assets, liabilities, revenues and expenses that management has determined are specifically attributable to the Business, and allocations of direct and indirect costs and expenses related to the operations of the Business. Indirect costs and expenses relate to certain support functions that are provided on a centralized basis within Modelo.

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Piedras Negras Brewery Business

Notes to the Carve-out Combined Financial Statements

For the years ended December 31, 2012 and 2011 and January 1, 2011

The carveout combined financial statements include the royalty revenues associated with the use of the Modelo brands on beer sales by the Business.

The support functions provided to the Business by Modelo include, but are not limited to:

These costs have been allocated to the Business for purposes of preparing the carve-out combined financial statements based on estimated usage of the resources by the Business. The estimated usage of central support resources by the Business has been determined by its portion of beer production volume. Management considers that such allocations have been made on a reasonable basis, but may not necessarily be indicative of the costs that would have been incurred if the Business had been operated on a stand-alone basis.

The amounts included in the carve-out combined financial statements are as follows:

Central support costs of the Business for the fiscal year ended December 31, 2012 amounted to $504.9 million (2011: $405.5 million).

Royalty revenue has been included in Other regular income; selling, general and administrative expenses have been included in Administrative expenses and marketing and advertising expenses have been included in sales and distribution expenses in the carve-out combined statements of comprehensive income.

The aforementioned adjustments are recognized in the relevant financial statement line items in the carve-out combined statements of financial position or comprehensive income, the net effect of which has been deemed settled in cash and recorded in net parent’s investment in the Business as a net distribution.

The tax amounts in the carve-out combined financial statements, have been calculated as if the Business was a separate taxable entity consistent with the asset and liability method prescribed in accounting guidance under IFRS. The total current tax attributable to the carve-out adjustments are $ 204,625,733 and $136,321,632, as of December 31, 2012 and 2011 respectively.

The carve-out combined financial statements of the Business are presented in Mexican Pesos ($), and have been prepared on a going concern basis.

(c) Adoption of IFRS

In accordance with the changes to the Rules for Public Companies and other participants of the Mexican Stock Market issued by the National Banking and Securities Commission on January 27, 2009, Modelo and by extension the Business was required to prepare its carve-out combined financial statements in

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Piedras Negras Brewery Business

Notes to the Carve-out Combined Financial Statements

For the years ended December 31, 2012 and 2011 and January 1, 2011

accordance with IFRS and its interpretations issued by the International Accounting Standards Board (IASB) from January 1, 2012. Accordingly, the Business carve-out combined financial statements have been prepared in accordance with IFRS as issued by the IASB.

The accompanying carve-out combined financial statements have been prepared in accordance with IFRS as issued by the IASB, subject to certain transition exemptions and exceptions disclosed in Note 21. The Business has consistently applied the accounting policies used in preparing its opening carve-out combined statement of financial position under IFRS as of January 1, 2011, throughout the periods presented, as if those policies had always been in effect. Note 21 discloses the impact of the transition to IFRS on the financial position and on comprehensive income, including the nature and the effect of significant changes in accounting policies, as compared to those used in the Business’ carve-out combined financial statements for the year ended December 31, 2011, prepared under Mexican Financial Reporting Standards (NIF for its Spanish acronym).

The carve-out combined financial statements have been prepared on a historical cost basis, except for the exemptions applied by the Business as disclosed in Note 21.

(d) Carve-out combined statements of comprehensive income classified items by function of expenses

The Business has prepared its carve-out combined statements of comprehensive income by classifying items by function. Grouping its costs and expenses allows the Business to disclose the different levels of profit.

Additionally, for a better analysis of the carve-out combined statement of comprehensive income, the Business has considered necessary to include operating profit separately in the carve-out combined statement of comprehensive income. This information is a common disclosure practice of the industry to which the Business belongs.

(e) Authorization for issuance

The accompanying carve-out combined financial statements were authorized for issuance on April 29, 2013 by the Business’ management.

Note 2 - Summary of significant accounting policies:

The accounting policies set out below have been applied consistently to all periods presented in these carve-out combined financial statements by the Business.

(A) Use of estimates and judgment

The preparation of the carve-out combined financial statements in conformity with IFRS requires the use of certain critical accounting estimates and judgment by management. Actual results may differ from these estimates and judgments. The areas involving a higher degree of judgment or complexity, and areas where assumptions and estimates are significant to the carve-out combined financial statements are disclosed in Notes 1 and 4.

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Piedras Negras Brewery Business

Notes to the Carve-out Combined Financial Statements

For the years ended December 31, 2012 and 2011 and January 1, 2011

(B) Foreign currencies

Functional and reporting currency

The carve-out combined financial statements are presented in Mexican pesos, which is the CCC Company, Servicios Company and the Business’ functional currency.

Foreign currency transactions and balances

Foreign currency transactions are accounted for at the exchange rates prevailing at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate at the date of the carve-out combined statement of financial position. Gains and losses resulting from the settlement of foreign currency transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the carve-out combined statement of comprehensive income. Non-monetary assets and liabilities denominated in foreign currencies are translated at the foreign exchange rate prevailing at the date of the transaction.

(C) Cash and cash equivalents

Cash and cash equivalents include all cash balances, bank deposits and other highly liquid short term investments with a maturity of three months or less from the date of acquisition, that are readily convertible to cash.

(D) Financial assets

Classification

The Business’ financial assets are comprised of accounts receivable. The classification of financial assets depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at the date of initial recognition.

Accounts receivable

Accounts receivable are non derivative financial assets that are entitled to fixed or determined charges which are not quoted in active markets. They are presented as current assets, except for those with a maturity greater than twelve months after the end of the reporting period, which, if any, are classified as non-current assets. Accounts receivable are disclosed in Notes 6 and 19.

Accounts receivable are initially recognized at fair value plus transaction costs and subsequently measured at their amortized cost, using the effective interest rate method, less the provision for impairment, if any. A provision for impairment of accounts receivable is established, if collection on any of such accounts becomes doubtful. The account receivable becomes doubtful when there is objective evidence that the Business will be unable to collect all of the amounts to which it is entitled, as established under the original terms thereof. The Business has not identified trade receivables subject to provision of impairment as of December 31, 2012 and 2011 and January 1, 2011.

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Piedras Negras Brewery Business

Notes to the Carve-out Combined Financial Statements

For the years ended December 31, 2012 and 2011 and January 1, 2011

(E) Inventories

The value of inventory is shown at the lower of its cost or net realizable value. The value of inventories is determined using the average cost method. The net realizable value is the estimated selling price in the ordinary course of business less the estimated selling expenses.

Likewise, the cost of sales is recognized at the average cost of purchases using the production values of inventories realized during the year.

Accessories and spare parts are recorded as inventory and recognized in the carve-out combined statement of comprehensive income in the year in which they are consumed. Significant accessories and spare parts that the Business expects to use for over a year and which are recognized as a component of property, plant and equipment, are excluded from inventories.

(F) Advanced payments

The Business records insurance and other prepaid services as advanced payments. These amounts are recorded for the contracted disbursement amount and are recognized in the carve-out combined statement of comprehensive income to the extent they are incurred and the services are received. Advanced payments for services that extent beyond 12 months are shown as non-current assets.

(G) Property, plant and equipment

Property, plant and equipment are recorded at cost, including the directly attributable expenses to the acquisition of those assets, where applicable, net of accumulated depreciation and reduced for impairment, where appropriate.

The Business allocates the amount initially recognized in respect of an item of property, plant and equipment at different significant parts (components) and depreciates separately each of these components.

The cost of a self constructed asset is determined using the same principles as that of an acquired asset. The depreciation methods, residual value, and the useful lives are reassessed and adjusted (if appropriate) annually.

The costs of expansion, remodeling or improvements leading to increased capacity and therefore an extension of the useful life of the assets are also capitalized. The costs of routine maintenance and repairs are charged to the carve-out combined statement of comprehensive income in the year they are incurred.

Interest costs incurred in the construction of qualifying assets, are capitalized during the time period necessary to complete and prepare the asset for its intended use. Other interest costs are recognized in the carve-out combined statement of comprehensive income in the year in which they are incurred.

Depreciation

Depreciation is calculated using the straight-line method based on estimated useful lives of the assets (except for land which is not subject to depreciation) determined based on estimates made by the internal technical maintenance department of the Business, which are reviewed every year along with the residual values and, if necessary, adjusted. The effect of any change in estimate is recognized on a prospective basis.

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Piedras Negras Brewery Business

Notes to the Carve-out Combined Financial Statements

For the years ended December 31, 2012 and 2011 and January 1, 2011

The useful lives of the assets are as follows:

The Business recognizes the cost of replacing a part of an item of property, plant and equipment in the carrying value of the said item when the cost is incurred if it is likely that the future economic benefits will flow to the Business and the said cost can be reliably measured. All other costs are expensed as incurred. The carrying value of replaced assets is expensed when the assets are replaced, the result of which is shown in the carve-out combined statement of comprehensive income.

Gains and losses on disposals of property, plant and equipment, resulting from the difference between the proceeds from the transaction and the carrying value of the assets are recognized in the carve-out combined statement of comprehensive income within other income (expense).

(H) Intangible assets with a finite useful life

Intangible assets are recognized when they are acquired individually, through a business acquisition, or generated internally through the normal course of business, only if they meet the following conditions: i) to be identifiable, ii) lack of physical substance, iii) provide future economic benefits, iv) there is control over such benefits, and v) they can be reliably measured.

These are recognized at cost less accumulated amortization.

Disbursements in developing activities are recognized as intangible assets when the costs can be estimated reliably, the product or process is technically and commercially viable, possible future economic benefits are obtained and the Business has enough resources to complete the development to use and sell the asset. Its amortization is recognized in the carve-out combined statement of comprehensive income based on the straight line method over the estimated useful life of the asset. Development expenses that do not qualify for capitalization and investigation expenses are recognized in the carve-out combined statement of comprehensive income as incurred.

Amortization

Intangible assets with a finite life are amortized using the straight-line method over their estimated useful lives which is the same as the expected period of future economic benefit. The estimated useful life of these assets is 10 years.

(I) Impairment of non financial assets

The Business applies impairment tests to its property, plant and equipment and definite life intangible assets when certain facts indicate that the carrying value may not be recovered.

Impairment losses correspond to the amount at which the carrying value of the asset exceeds its recoverable value. The recoverable value of an asset or cash generating unit is defined as the greater of the fair value of the asset, less selling expenses incurred and value in use. To determine the value in use,

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Piedras Negras Brewery Business

Notes to the Carve-out Combined Financial Statements

For the years ended December 31, 2012 and 2011 and January 1, 2011

estimated future cash flows are discounted at the present value using a discount rate before taxes that reflects the value over time considering the specific risks related to the asset. For the purpose of determining impairment, assets are grouped at the lowest levels where identifiable cash flows exist separately (cash generating unit) as management monitors their cash flows.

There were no impairment indicators for the years presented.

(J) Financial liabilities

Non derivative financial liabilities are initially recognized at fair value and subsequently measured at their amortized cost using the effective interest method. They are classified as short term liabilities when the payment obligation is due within the year following the one in which the goods or services were acquired or provided.

Suppliers and other payables represent liabilities payable related to the acquisition of goods or services that have been acquired in the ordinary course of business.

Any difference between the proceeds (net of transaction costs) received from borrowings and the redemption value is recognized in the carve-out combined statement of comprehensive income over the period of the borrowings using the effective interest method.

(K) Employee benefits

The benefits granted by the Business to its employees are described below:

The direct short-term benefits (salaries, overtime, vacation, performance bonuses, holidays and paid absences, etc.) are recognized in the carve-out combined statement of comprehensive income as incurred and liabilities are stated at their nominal value. The Business pays compensated absences for legal or contractual obligations such as vacation, holidays and paid absences, which are recognized as incurred and are not cumulative.

Employee’s statutory profit sharing (ESPS, PTU for its Spanish acronym), represents the employee’s right to participate in the profits of the Business and is determined in accordance with current legislation. It is presented in the carve-out combined statement of comprehensive income, within the related cost and operating expenses which give rise to it and it is considered a short-term employee benefit.

Direct long term benefits provided by the Business (such as retirement benefits and seniority premiums) are defined benefit plans, which represent the amount of benefit that an employee will receive on retirement date. At the date of these carve-out combined financial statements, no assets have been constituted in trust to fund these obligations.

The liability recognized in the carve-out combined statement of financial position in respect of long term defined benefit plans is measured at the present value of the defined benefit obligation at the date of the carve-out combined statement of financial position. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated cash flows using interest rates of government bonds denominated in the same currency in which the benefits will be paid and that have maturity terms approximating the terms of the retirement benefits and seniority premiums.

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Piedras Negras Brewery Business

Notes to the Carve-out Combined Financial Statements

For the years ended December 31, 2012 and 2011 and January 1, 2011

The cost of each benefit plan to employees is recognized as costs and operating expenses in the year it is accrued, which includes the current service cost and interest on the net defined benefit liability.

Actuarial gains and losses arising from experience-based adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income within Parent’s net investment in the Business.

Due to the early adoption of IAS 19 (modified) “Employee Benefits”, past service costs are recognized in the carve-out combined statement of comprehensive income.

Liabilities for termination benefits are recognized only in those cases where there is a demonstrable commitment: i) to terminate employment for an employee or group of employees before the normal retirement date, or ii) whenever an employee accepts voluntary redundancy in exchange for those benefits. Therefore, the Business will only recognize this liability when a detailed formal plan is in place and communicated to the employees affected. Termination benefits that do not meet this requirement are recognized in the carve-out combined statement of comprehensive income as incurred.

(L) Income tax

Income tax for the year comprises current and deferred taxes. Current tax is recognized in the carve-out combined statement of comprehensive income, the tax effect of items related to other comprehensive income are recognized within other comprehensive income.

i) Current taxes

Current taxes are the expected taxes payable on the taxable income for the year, using tax rates enacted or substantially enacted, at the date of the carve-out combined statement of financial position and any adjustment to taxes payable in respect of previous years.

Taxes to income consists of income tax and or the Business Flat Tax (ISR and or IETU for its Spanish acronyms), which are recorded in the carve-out combined statement of comprehensive income in the year they are incurred. The tax payable is the higher of the two. These are based on taxable income and cash flows for each year, respectively.

ii) Deferred income tax

In accordance with IAS 12 “Income Taxes”, deferred income tax, calculated on a separate return basis, are determined using the liability method. This means that, for all taxable and deductible differences between the tax bases of assets and liabilities and their carrying amounts in the carve-out combined statement of financial position, a liability or deferred tax asset is recognized. Under this method, a provision of deferred income tax is also determined by the difference between the fair values of assets and liabilities acquired in a business combination and its tax base. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using enacted or substantively enacted tax rates.

To recognize the basis of deferred income tax, based on its financial and tax projections the Business determines whether they will be a ISR or IETU payer and recognizes the deferred tax relating to the tax it will be paying in the following years.

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Piedras Negras Brewery Business

Notes to the Carve-out Combined Financial Statements

For the years ended December 31, 2012 and 2011 and January 1, 2011

Deferred tax assets and liabilities are offset if a legally enforceable right to offset current tax assets and liabilities exists and they relate to the taxes levied by the same tax authority.

Deferred tax assets are recognized only to the extent that it is probable that future taxable profits will be available against temporary liability differences that can be utilized.

iii) Income tax - Consolidation regime

The Business is controlled by Modelo, together with its direct and indirect subsidiaries in Mexico, it is authorized by the tax authorities by official communication 325-A-IX-C-5787 dated December 22, 1995, to determine income tax on a consolidated basis as per the Income Tax Law provisions. Tax consolidation does not affect the determination of the income taxes of the Business.

(M) Leases

Leases in which a significant portion of the risks and rewards of ownership of the leased assets are retained by the lessor are classified as operating leases. Payments made on operating leases (net of any incentives received from the lessor) are recognized in the carve-out combined statement of comprehensive income on a straight-line basis. At the date of these carve-out combined financial statements, the Business only has operating leases.

(N) Parent’s net investment in the business

Parent’s net investment in the business is comprised of capital stock, distribution to parent and retained earnings. Capital stock is stated at cost. In accordance with IAS 29 “Financial reporting in hyperinflationary economies”, an entity should recognize inflationary effects on its financial information when inflation is equal or greater than 100% in consecutive periods of three years. Mexico was a hyperinflationary economy until 1997, therefore all cumulative effects of inflation were recognized until that year.

Comprehensive income consists of net income for the year and items required by specific provision of IFRS to be reflected in other comprehensive income and they do not constitute contribution, reductions or distribution of capital stock, such as remeasurements of employee benefits.

(O) Revenue recognition

Income is recognized when it is probable that the economic benefits associated with the transaction will flow to the Business and the income can be measured reliably.

Sale of goods

With respect to the sale of beer and other products sold by the Business, revenue is recognized in the carve-out combined statement of comprehensive income when all of the following requirements are met: i) the risks and benefits of the goods have been transferred to the buyer and no significant control is retained, ii) income, costs incurred or to be incurred are determined on a reliable basis, and iii) the Business is likely to receive economic benefits from the sale.

Income from the sale of goods is measured by the fair value of the consideration received or to be received, net of returns and allowances, commercial discounts, volume discounts, discounts on cash payments and specific taxes on consumption.

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Piedras Negras Brewery Business

Notes to the Carve-out Combined Financial Statements

For the years ended December 31, 2012 and 2011 and January 1, 2011

Royalty revenues are attributable to the use of brands for the sale of beer exported to the U.S. Modelo also has entered into a strategic pricing initiative agreement (“SPI”) on certain Modelo brands sold in the US. Under the terms of the SPI, Modelo receives certain revenue dependent upon the market pricing being above pricing benchmarks defined in the SPI agreement. These revenues are recognized in the carve-out combined financial statements as earned when the following criteria are met: i) the amount of income can be measured reliably, and ii) it is probable that the economic benefits associated with the transaction will flow to the business.

Advances from customers are classified as short-term liabilities and are recognized in the carve-out combined statements of comprehensive income in the year the products are delivered.

(P) New standards and amendments:

Below are the new IFRS pronouncements that became effective after January 1, 2013, which have not been applied in preparing the carve-out combined financial statements. The new pronouncements are not expected to have a significant impact on the financial statements.

IFRS 9 “Financial instruments”: retains and simplifies the mixed measurement model and establishes two primary measurement categories for financial assets: amortized cost and fair value. The basis of classification depends on the entity’s business model and the contractual cash flows characteristics of the financial asset. For financial liabilities, the standard maintains most of the requirements of IAS 39. The guidance in IAS 39 on impairment of financial assets and hedge accounting continues to apply. The new standard is effective for periods beginning on or after January 1, 2015 with early adoption permitted.

Modification to IAS 1 - Presentation of other comprehensive income: this standard requires that items presented as other comprehensive income be shown in two separate groups: Whether or not they are potentially re-classifiable to income in the future. IAS 1 amendments are effective for annual periods beginning on or after 1 July 2012, with early adoption permitted.

IFRS 13 “Fair value measurement”: Aims to improve consistency and reduce complexity by providing a precise definition of fair value and a single source of fair value measurement and disclosure requirements for use across IFRSs. Under IFRS 13 it is mandatory to include credit risk in the fair value measurement of derivative financial instruments. This standard becomes effective on January 1, 2013 with early adoption permitted.

Note 3 - Financial Risk Management:

Financial risk factors

The Business’ activities expose it to a variety of financial risks, including: market risk (cash flow exposure to the U.S. dollar creates fluctuating prices for production inputs (“commodities”)), interest rate risk, credit risk and liquidity risk. As mentioned in Note 1, the Business is part of Modelo, and it is at the Modelo level where each of the mentioned risks are analyzed both individually and in the aggregate. Based on this analysis, strategies are defined to manage the economic impact on the operations of Modelo and the Business.

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Piedras Negras Brewery Business

Notes to the Carve-out Combined Financial Statements

For the years ended December 31, 2012 and 2011 and January 1, 2011

Market risks

a. Exchange rate risk

The Business conducts a significant portion of its operations in foreign currencies, principally U.S. dollars.

The principal risks in this regard arise from capital investments, sales and purchases when denominated in a currency other than the functional currency.

At December 31, 2012, and 2011 and January 1, 2011, there were no open positions in derivative financial instruments to cover the foreign currency exchange risk.

The exchange risk arises when future commercial transactions and recognized assets and liabilities are denominated in a currency other than the functional currency of the Business. Because the Business determined the Mexican peso as its functional currency, limits have been set on the foreign-currency position as a treasury policy to mitigate risk.

Foreign-currency position is shown as follows:

1. At the Carve-out Combined Statement of Financial Position date, the Business has the following positions in foreign currencies:

2. These amounts are valued at the following exchange rates:

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Piedras Negras Brewery Business

Notes to the Carve-out Combined Financial Statements

For the years ended December 31, 2012 and 2011 and January 1, 2011

The exchange rate at the date of approval of the carve-out combined financial statements was $12.12 to the U.S. dollar.

Exchange sensitivity analysis

The Business estimates the exchange risk to which it is exposed via a review of the volatility of open positions in currencies other than the functional currency:

Sensitivity is determined on the basis of annual volatility, using observable market information over 250 days at December 31, 2012 and 2011, respectively.

Had the U.S. dollar and the euro been weakened/strengthened against the peso in 2012 and 2011 as a result of the aforementioned estimated changes, with other variables remaining constant, the impact in 2012 and 2011 on carve-out combined statement of comprehensive income before taxes would be an increase/decrease approximately as follows:

b. Price risk of fluctuation for certain raw material for production (“commodities”)

Commodities markets continuously experience price fluctuations that affect the production and packaging costs of the Business. The risk management strategy is controlled at the Group level to which the Business belongs and is handled based on a case by case analysis.

The Business’ main price exposure is in the following commodities: natural gas, corn and rice. No derivative financial instruments have been entered into to cover possible significant changes in prices.

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Piedras Negras Brewery Business

Notes to the Carve-out Combined Financial Statements

For the years ended December 31, 2012 and 2011 and January 1, 2011

c. Interest rate risk

Interest rate risk mainly comes from financing sources of the Business. The main exposure is related to the borrowings described in Note 19, which takes into account the variable interest rates considering the interbank interest rate plus one percentage point.

At December 31, 2012, the Business had borrowings of $2,927,000,000 ($4,427,000,000 at December 31, 2011 and $4,477,000,000 at January 1, 2011). Consequently, at December 31, 2012 and 2011, the carve-out combined financing structure is composed of 100% in debt with variable interest rates.

The terms and conditions of borrowings with related parties are detailed in Note 19.

Interest rate sensitivity analysis

For the variable rate borrowing, an increase in interest rates would increase the interest cost. A hypothetical change of 100 base points in the interest rate at December 31, 2012 and 2011, would result in an increase or decrease in the profit of the Business of approximately $36.2 million and $46.2 million pesos, respectively; considering debt levels and the interest rate at that date, assuming that the rest of the variables remain constant.

Credit risk

Financial instruments that are potentially subject to concentration risk, consist primarily of accounts receivable. The Business has one related party customer which results in credit concentrations risk with respect to this customer. However, most receivables are collected in periods shorter than 30 days. At the date of the carve-out combined financial statements, there are no past due accounts, therefore there has been no need to recognize an impairment provision on accounts receivable.

Liquidity risk

The main cash flow source is the Business operations. Prudent management of liquidity risk requires sufficient cash and cash equivalents, the availability of financing in the form of an adequate amount of committed credit lines, and the capability to close market positions. Given the nature of the business in which the Business operates, the liquidity risk is low because financial liabilities related to working capital are covered in a period no longer than 45 days and accounts receivable derived from sales are collected in periods no longer than 30 days. Current assets, not considering inventories and advanced payments, show a high liquidity ratio, enough to cover short-term obligations, without considering the compromise of related party borrowings. In the case of short term and long term borrowings, they are with related parties.

Following is the expiration of contractual liabilities at nominal value:

Page 19

Piedras Negras Brewery Business

Notes to the Carve-out Combined Financial Statements

For the years ended December 31, 2012 and 2011 and January 1, 2011

Capital management

The strategy of Modelo in managing capital (which includes capital stock, working capital and cash and cash equivalents) is to maintain a flexible capital structure that will reduce the respective costs to an acceptable level of risk and protect the Business’ ability to continue in operation as a going concern.

Modelo manages its capital structure and adjusts it when changes in economic conditions and changes in the risk features of the underlying assets arise. Likewise, it has established corporate practices which allow Modelo and the Business to have sufficient liquidity to cover its obligations.

Investments strictly follow the guidelines established in the investment and financial risk management policies of Modelo, which establish that resources must be invested in counterparties with a high credit standing (AA and above) and in highly-liquid instruments.

Financial instruments by category

The carrying amounts of financial instruments by category are as follows:

Financial assets at amortized cost:

Page 20

Piedras Negras Brewery Business

Notes to the Carve-out Combined Financial Statements

For the years ended December 31, 2012 and 2011 and January 1, 2011

Financial liabilities at amortized cost:

Fair value of financial assets and liabilities

The amount of cash and cash equivalents, accounts receivable, accounts receivable from related parties, suppliers and other payables, accounts payable to related parties and short term borrowings, approximate their fair values due to their short maturity. The net carrying values of these accounts represent the expected cash flows.

The carrying values and estimated fair values of the long term financial liabilities valued at amortized cost are as follows:

The estimated fair values were determined based on level 2 inputs using the discounted cash flows method. These fair values do not consider the current portion of financial assets and liabilities, because they approximate to their fair values.

Note 4 - Use of judgment and estimates:

The estimates and underlying assumptions are continuously reviewed. Revisions of accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

Although each of the significant accounting policies requires judgments, valuations or estimates, the Business considers that the following accounting policies reflect the most critical judgments, estimates and assumptions that are important for its commercial operations and for proper understanding of its results: i) estimates of the useful lives and residual values of property, plant and equipment; ii) employee benefits; iii) determination of income taxes and iv) functional currency.

The Business reviews the useful lives and residual values of its property, plant and equipment at the end of each annual period. During the year-end closing, it was determined that these items should not be modified, because according to the evaluation conducted by the Business’ management, they adequately reflect the economic and operating conditions of the environment in which the Business operates. The Business does not expect modifications to these concepts in the following period.

Page 21

Piedras Negras Brewery Business

Notes to the Carve-out Combined Financial Statements

For the years ended December 31, 2012 and 2011 and January 1, 2011

The cost of employee benefits that qualify as defined benefit plans under IAS 19 (modified) “Employee Benefits” is determined based on actuarial valuations. The actuarial valuation involves actuarial assumptions in respect to discount rates, future salary increases, personnel rotation rates and mortality rates among others. Given the long-term nature of these plans, the estimates are subject to a high level of uncertainty. See Note 12.

In order to determine deferred income tax, the Business must carry out tax projections to determine whether it has incurred income tax or flat tax, on the basis of which, it determines the base for tax incurred and deferred tax. Likewise, there are certain calculations and transactions for which the final tax determination could be uncertain. The Business management estimates the effects not to be material.

The determination of the functional currency of the Business is subject to management judgment based on the currency of the environment in which the Business operates and mainly influences the pricing and costs of transactions carried out by each entity that form part of Modelo. Management considers several factors in determining its functional currency. In particular, considering the Business as a domestic operation of Modelo, where its activities are currently carried out as an extension of Modelo, therefore it was considered appropriate to use the same functional currency as its parent. Management reviews the determination of functional currency that most faithfully represents the economic effects of the underlying transactions whenever events and conditions change. Any changes in the current circumstances that could affect the Business’ functional currency would be considered prospectively.

Note 5 - Cash and cash equivalents:

The cash and cash equivalents balance is mainly comprised of cash funds, bank deposits, foreign currency balances, and highly liquid investments, all of which are not subject to material risk of changes in their value.

The balance of this item is made up as follows:

Page 22

Piedras Negras Brewery Business

Notes to the Carve-out Combined Financial Statements

For the years ended December 31, 2012 and 2011 and January 1, 2011

Note 6 - Accounts receivable:

The balance of this item is made up as follows:

Note 7 - Inventories:

The balance of this item is made up as follows:

Materials and direct labor costs recognized in the carve-out combined statement of comprehensive income and included in cost of sales amounts to $7,221,448,274 ($5,225,409,480 in 2011).

Page 23

Piedras Negras Brewery Business

Notes to the Carve-out Combined Financial Statements

For the years ended December 31, 2012 and 2011 and January 1, 2011

Note 8 - Property, plant and equipment: