Ambev Investor Presentation — October 2018

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This presentation was prepared by Ambev S.A. (“Ambev” or “Company”) for the exclusive use in the earnings

conference call of the third quarter of 2018 (3Q18). This presentation should not be considered as a complete

document and should be analyzed together with the Company’s quarterly information form (ITR) for the third quarter

and respective press release, both available on the U.S. Securities and Exchange Commission - SEC website . This

presentation was prepared for informational purposes only and should not be considered as a solicitation or offer to

buy or sell any securities of the Company, or as advice or recommendation of any nature . This presentation is not

intended to be comprehensive, or to contain all the information that Ambev’s shareholders might need . No decisions

on investment, disposal or any other financial decisions or actions shall be made solely on the basis of the information

This presentation segregates the impact of organic changes from those arising from changes in scope or currency

translation . Scope changes represent the impact of acquisitions and divestitures, the start up or termination of

activities or the transfer of activities between segments, curtailment gains and losses and year over year changes in

accounting estimates and other assumptions that management does not consider as part of the underlying

performance of the business . Organic growth and normalized numbers are presented applying constant year -over -

year exchange rates to exclude the impact of the movement of foreign exchange rates, without any impact

resulting from Hyperinflation Accounting in Argentina .

Unless stated, percentage changes in this presentation are both organic and normalized in nature . Whenever used in