Statements contained in this presentation may contain information that is forward-looking and reflects management's current view and estimates of

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1 September

Statements contained in this presentation may contain information that is forward-looking and reflects management's current view and estimates of future economic circumstances, industry conditions,

2 Statements contained in this presentation may contain information that is forward-looking and reflects management's current view and estimates of future economic circumstances, industry conditions, company performance, and financial results. Any statements, expectations, capabilities, plans and assumptions contained in this presentations that do not describe historical facts, such as statements regarding the declarations or payment of dividends, the directions of future operations, the implementation of principal operating and financing strategies and capital expenditure plans, the factors or trends affecting financial condition, liquidity or results of operations are forward-looking statements and involve a number of risks and uncertainties. There is no guarantee that these results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.

3 25 20 AMBEV EBITDA (R$ MM) and EBITDA Margin Evolution 22,210 55% 50% 48% 45% 15 CND 40% 35% 10 24% 30% 25% % 15% 10% Source: Company reports. 3

4 AMBEV Today R$ 22.2 bn EBITDA 47.5% EBITDA Margin Central America and Caribbean 1,174 MM 5% 2015 RESULTS EBITDA R$ % consolidated EBITDA Canada 2,057 MM 9% Latin America South 4,878 MM 22% Brazil 14,101 MM 64% Source: Company, 2015 figures 4

5 BRAZIL Biggest growth opportunity 2015 RESULTS EBITDA R$ % consolidated EBITDA Brazil 14,101 MM 64% Source: Company, 2015 figures 5

6 BRAZIL IN 15 YEARS Creating value in a sustainable way through the cycles 30% 25% 20% 15% 10% 5% 0% -5% EBITDA R$ billion -10% EBITDA Quarterly GDP YoY -5 Sources: Company results, LCA 6

7 STRUCTURAL GROWTH DRIVERS: POSITIVE DEMOGRAPHICS LDA Population to grow 1.5% CAGR in the next 5 years LDA+ Population (MM) YoY Growth CAGR 5 years 2016 to % 2.1% % 1.1% 2% 1% % Source: IBGE, company estimates. 7

STRUCTURAL GROWTH DRIVERS: DISPOSABLE INCOME Brazil, land of disparities, significant room for per capita consumption growth despite short term pressure liters Beer per capita consumption vs.

8 STRUCTURAL GROWTH DRIVERS: DISPOSABLE INCOME Brazil, land of disparities, significant room for per capita consumption growth despite short term pressure liters Beer per capita consumption vs. personal income Real disposable income growth (yoy %) 110 Brazil Average Brazilian States Around 1/3 Brazilian population ,000 1,500 2,000 R$, monthly 2016 YTD volumes strongly impacted by a negative real disposable income growth Source: IBGE 2014, Nielsen, company estimates,, UN, LCA 8

BRAZIL: SOLID STRUCTURAL DRIVERS + NEW CONSUMER TRENDS Significant

Growth Strong brands Local execution, global expertise AMBEV WELL

react Complete portfolio mainstream to high end 9 Leading market

9 BRAZIL: SOLID STRUCTURAL DRIVERS + NEW CONSUMER TRENDS Significant growth opportunities ahead of us Positive Demographics Per Capita Growth Strong brands Local execution, global expertise AMBEV WELL POSITIONED TO CAPTURE THESE GROWTH OPPORTUNITIES Nimble and fast to react Complete portfolio mainstream to high end 9 Leading market share Talented and motivated people Unparalleled distribution footprint

10 FIVE MAIN COMMERCIAL PLATFORMS IN BRAZIL BEER Driving short and long term performance Dream Be the Best Beverage Company, bringing people together for a Better World Elevate The Core Accelerate Premium Near Beer Shape In Home Boost Out ofhome Better World Operational Excellence 10

11 Elevate The Core ENHANCING THE EQUITY OF OUR BRANDS AND PROVIDING AFFORDABILITY THROUGH RGBs Delivering great experiences through relevant marketing platforms Innovating through new liquids and new packaging

12 DRIVING POSITIVE PRICE MIX THROUGH BETTER EXECUTION AND PORTFOLIO EXPANSION Accelerate Premium Volume CAGR Last 5 Years DOUBLE DIGITS 5% 9% Premium Weight Brazil Global average weight Mid Teens

13 TARGETTING VOLUME OPPORTUNITIES BEYOND TRADITIONAL BEER OCCASIONS Near Beer SENSES >1% beer volumes in 18 months millions of hectoliters full opportunity 85% Incremental

BRAZIL CSD and NANC Solid commercial initiatives driving market

8% 19.1% EBITDA R$ Million CAGR 2010 to 2015 +8.

49% 51% 51% 53% 2010 2011 2012 2013 2014 2015 2010 2011 2012

14 BRAZIL CSD and NANC Solid commercial initiatives driving market share and EBITDA growth Market Share 17.7% 18.0% 18.1% 18.4% 18.8% 19.1% EBITDA R$ Million CAGR 2010 to % 1,371 1,434 1,670 1,853 1,981 2,062 EBITDA Margin 48% 49% 49% 51% 51% 53% Source: Company data, Euromonitor 14

15 LATIN AMERICA SOUTH 2015 RESULTS EBITDA R$ % consolidated EBITDA Latin America South 4,878 MM 22% Source: Company, 2015 figures 15

LATIN AMERICA SOUTH 12 years of profitable growth with

performance Great long term opportunities.

Market leader 35 liters per cap High End Market leader

cap 2003 2015 LAS EBITDA (USD) Market leader 43 liters

16 LATIN AMERICA SOUTH 12 years of profitable growth with great long term opportunities Solid financial performance Great long term opportunities supported by a complete portfolio approach 1,496 Market leader 35 liters per cap High End Market leader 36 liters per cap Premium 212 2nd player 46 liters per cap LAS EBITDA (USD) Market leader 43 liters per cap Market leader 30 liters per cap Mainstream Source: Company data, Euromonitor 16

17 CENTRAL AMERICA AND CARIBBEAN 2015 RESULTS EBITDA R$ % consolidated EBITDA Central America and Caribbean 1,174 MM 5% Source: Company, 2015 figures 17

CENTRAL AMERICA AND CARIBBEAN USD 1 billion EBITDA opportunity through organic and

EBITDA Margin from -5% to above 30% 10% with room to expand 00% -10% 2015 Results

18 CENTRAL AMERICA AND CARIBBEAN USD 1 billion EBITDA opportunity through organic and non organic growth 15 million HL beer market 45% beer market share (50.0) EBITDA (USD) & Margin % 30% 20% EBITDA Margin from -5% to above 30% 10% with room to expand 00% -10% 2015 Results Source: Company data and estimates. USD 1 BILLION EBITDA OPPORTUNITY Beer Volume Revenue EBITDA EBITDA Margin 7,0 MM hl USD 1,021 MM USD 360 MM 35.3% 18

19 CANADA 2015 RESULTS EBITDA R$ % consolidated EBITDA Canada 2,057 MM 9% Source: Company, 2015 figures 19

20 CANADA Solid EBITDA growth with strong cash conversion EBITDA - (CAD million) CAGR 2003 to % 802 Strengthening portfolio from mainstream to high end and near beer #1 # Market Share (%) 42.1% 42.2% 41.0% 41.0% 40.6% 40.1% Source: Company data and estimates 20

5% EBITDA Margin Central America and Caribbean Latin America South

21 AMBEV CREATING LONG TERM VALUE TO SHAREHOLDERS 2015 RESULTS R$ 22.2 bn EBITDA 47.5% EBITDA Margin Central America and Caribbean Latin America South Strong operational performance with great long term opportunities, coupled with... Canada Brazil Source: Company, 2015 figures 21

22 A SOLID FINANCIAL DISCIPLINE Creating long term shareholder value EBITDA - (BRL billion) % WORKING CAPITAL - (BRL billion) (3.6) (7.8) (8.2) (8.0) (10.8) (15.4) ROIC (%) 40% 30% PAYOUT - (BRL billion) % % Source: Company, 2015 figures 22

23 2016

INSTITUTIONAL PRESENTATION. May 2018

INSTITUTIONAL PRESENTATION. May 2018 INSTITUTIONAL PRESENTATION May 2018 Statements contained in this presentation may contain information that is forward-looking and reflects management's current view and estimates of future economic circumstances,