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, 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.
 AMBEV
EBITDA (R$ MM) and EBITDA Margin Evolution
25.0 55%
Billions

20,148 50%

20.0

45%

42%
CND
40%
15.0

35%

10.0
30%

24%
25%

5.0

20%

660
- 15%

Source: Company reports 3

 AMBEV Today 2017 RESULTS
EBITDA R$
% consolidated EBITDA

R$ 20,148 MM EBITDA
42.1% EBITDA Margin

Canada
Central America 2,047 MM
and the Caribbean 10%
1,843 MM
9%

Latin America Brazil

South 11,391 MM
4,867 MM 57%
24%

Source: Company, 2017 figures

4
 BRAZIL 2017 RESULTS
Biggest EBITDA R$
% consolidated EBITDA
growth opportunity

Brazil
11,391 MM
57%

Source: Company, 2017 figures

5
BRAZIL IN 16 YEARS
Creating value in a sustainable way through the cycles

EBITDA
30% 15
R$ billion

25%

20% 10

15%

10% 5

5%

0% 0

-5%

-10% -5
EBITDA Quarterly GDP
(R$ billion) YoY (%)

Sources: Company results, Bloomberg

6
STRUCTURAL GROWTH DRIVERS: POSITIVE DEMOGRAPHICS
LDA Population to grow 1.4% CAGR in the next 5 years

LDA+ Population (MM)

CAGR 5 years
180 2018 to 2022 3%

160 167 169 171

162 164 166
156 158 160
140 149 151 153
2.0% 142 144 147
138 140
133 135
120 128 131 2%

100

80 1.0%
60 1%

40

20

0 0%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

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

Beer per capita consumption vs. personal income Real disposable income growth (yoy %)

Brazil Average
liters

110
Brazilian States
12

90

70
Regions in
0
different
50
maturity stages
-6

30

10
500 1,000 1,500 2,000

R$, monthly

Source: IBGE 2014, Nielsen, company estimates, , UN, LCA

8
DIFFERENT STRATEGIES ACROSS THE COUNTRY

Brazil’s regions in
different maturity
stages

INCREASE PENETRATION INCREASE FREQUENCY TO BE PRESENT IN NEW

MAKING BEER MORE AND DRIVE TRADE UP OCCASIONS MAKING BEER
AFFORDABLE MORE SOPHISTICATED

REGION 1 REGION 2 REGION 3

Classic Lager Classic Lager Easy Drinking Classic Lager Easy Drinking
Beer Styles
Other Styles Other Styles
Income per capita low / medium low medium / medium high high
Beer volume per capita low / medium low medium / medium high high
Alcohol Penetration low / medium low medium / medium high high
# occasions per year low / medium low medium / medium high high

Source: Company estimates

9
MAIN GROWTH PLATFORMS IN BRAZIL
Supporting our different strategies across the country
DREAM: “Bring people together for a better world”

Category Expansion Framework

Excellence in Client Service

Better World

Live and Breathe: Dream, People and Culture

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ENHANCING THE EQUITY OF OUR BRANDS ELEVATE
THE CORE
Through relevant marketing platforms, key selling moments and packaging

CLASSIC LAGER EASY DRINKING CORE PLUS NON ALCOHOLIC BEVERAGES

Providing the best trade up alternative
aligned with mother brand positioning

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DRIVING POSITIVE MIX ACELERATE
PREMIUM
Through a strong portfolio that addresses different consumer needs

PREMIUM WEIGHT NON ALCOHOLIC BEVERAGES

MARKET LEADER VOLUME >10%
WITH A COMPLETE CAGR LAST PREMIUM
PORTFOLIO OF 7 YEARS 5% PREFERENCE
GLOBAL AND DOUBLE DIGITS >30%
DOMESTIC BRANDS 2010 2017

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 BRAZIL: STRUCTURAL DRIVERS + SOLID GROWTH PLATFORMS
Significant growth opportunities ahead of us

Positive Disposable Growth

Demographics Income Platforms
Category Expansion Framework

Excellence in Client Serv ice

Better World

Live and Breathe: Dream, People and Culture

Strong brands AMBEV WELL POSITIONED TO Nimble and fast to react

CAPTURE THESE GROWTH
Local execution, Complete portfolio
OPPORTUNITIES mainstream to high end
global expertise

Leading Unparalleled
market share Talented and distribution footprint
motivated people
13
 LATIN AMERICA 2017 RESULTS
EBITDA R$
SOUTH % consolidated EBITDA

Latin America
South
4,867 MM
24%

Source: Company, 2017 figures

14
 LATIN AMERICA SOUTH
14 years of profitable growth with great long term opportunities

Solid financial Great long term ... supported by a

performance opportunities... complete portfolio
approach

Market leader
35 liters
per cap High End
1,520

Market leader
42 liters
per cap
2nd player
49 liters Premium
per cap

212

2003 2017 Market leader

29 liters
Market leader
LAS EBITDA (USD) 41 liters
per cap Mainstream
per cap

Source: Company data, Plato Logic Limited

15
 CENTRAL AMERICA 2017 RESULTS
AND THE EBITDA R$
% consolidated EBITDA
CARIBBEAN

Central America
and the Caribbean
1,843 MM
9%

Source: Company, 2017 figures

16
 CENTRAL AMERICA AND THE CARIBBEAN
USD 1 billion EBITDA opportunity through organic and non organic growth

EBITDA (USD Million)

18 million HL
beer market
50% 700.0 50%

market share 600.0

576
40%

500.0
427
30%
400.0 360
Panama 300.0 214
297
20%

as of 2017 200.0
105 10%

100.0

-14 00%
-

2011 2012 2013 2014 2015 2016 2017

(100.0) -10%

USD 1 BILLION
EBITDA
EBITDA Margin from -5% to roughly
39% with room to expand
OPPORTUNITY

Source: Company data and estimates. 17

 CANADA 2017 RESULTS
EBITDA R$
% consolidated EBITDA

Canada
2,047 MM
10%

Source: Company, 2017 figures

18
 CANADA
Solid EBITDA growth with strong cash conversion
#1 in #1
Canada Premium #1 Craft
EBITDA - (CAD million) #1 Core Import

CAGR 2003 to 2017

833

545

3.1% Fastest Fastest

#1 Non
Growing Growing
Alcoholic
Brand in Import
Canada Brand
2003 2017

Market leader with a

WINNING PORTFOLIO #1 RTD
#1 Cider
Company
#1 Radler
from mainstream to high end
and near beer

Source: Company data and estimates. 19

 AMBEV CREATING LONG 2017 RESULTS
TERM VALUE TO EBITDA R$
% consolidated EBITDA
SHAREHOLDERS
R$ 20,148 MM EBITDA
42.1% EBITDA Margin

Canada
Central America Strong
and the Caribbean operational
performance
with great
long term
opportunities,
coupled with...

Latin America Brazil

South

Source: Company, 2017 figures

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 A SOLID FINANCIAL DISCIPLINE
Creating long term shareholder value

EBITDA WORKING CAPITAL

(R$ billion) (R$ billion)
+
5.1%
2012 2013 2014 2015 2016 2017

22.2
18.3 19.5 20.1
15.7 17.5
-8.2 -8.0
-10.8
-12.8 -14.3
-15.4

2012 2013 2014 2015 2016 2017

ROIC (%) CASHFLOW FROM

OPERATING ACTIVIES
(R$ billion)
25.00
23.6
17.9
40% 20.00
14.3 15.3 15.9
15.00 12.3
30% 10.00

5.00

20% -

2012 2013 2014 2015 2016 2017 2012 2013 2014 2015 2016 2017

Source: Company, 2017 figures

21