_

1. Geografia

2. LATINAMERICA
SOUTH
From USD 200 million to USD
1.5 billion EBITDA in 10 years
2014 RESULTS
EBITDAR$
% consolidated EBITDA
LatinAmerica
South
3,099 MM
17%
Source: Company, 2014 figures

3. LATIN AMERICASOUTH
10 years of profitable growth with great long term opportunitiesSolid financial
performance
LAS EBITDA(USD)
Great long term
opportunities...
2nd player
37 liters
percap
2nd player
48 liters
per cap
Market leader
36liters
per cap
Market leader
33liters
per cap
Market leader
28liters
per cap
Market leader
42liters
per cap
2nd player
42 liters
per cap
... supported by a
complete portfolio
approach
High End
Premium
Mainstream
212
Source: Company data, Euromonitor
1,319
2003 2014

4. CANADAWhat is new
with Corona?
2014 RESULTS
EBITDAR$
% consolidated EBITDA
Canada
1,755 MM
10%
Source: Company, 2014 figures

5. CENTRAL
AMERICA
AND CARIBBEAN
USD 1 billion
EBITDApotential
2014 RESULTS
EBITDAR$
% consolidated EBITDA
CentralAmerica
and Caribbean
698 MM
4%
Source: Company, 2014 figures

6. … WITH REGIONAL OPPORTUNITIES TO REMAIN AS KEY PER CAPITA
GROWTH DRIVERS HDI VS. TOTAL PER
CAPITA CONSUMPTION
NNEE
10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0
0.0
0.70
NNOO
0.65
0.60
Source: Company estimates
0.75
0.80
MMWWSSEESS
0.85

7. Perfil público

8. BRAZIL
Strong structural drivers + new consumer trends create big top line opportunities
Positive
Demographics
Per Capita
Growth
AMBEV WELL POSITIONED
TO CAPTURE THESE
GROWTH OPPORTUNITIES
Strong brands
Local execution,
global expertise
Leading
market share Talented and
motivated people
Unparalleled
distribution footprint
Complete portfolio
mainstream to high end
Nimble and fast to react

9. Source: Roper 2013
Difficulty paying monthly bills
Difficulty paying off credit/debit
20
49
24
56
NEGATIVE EVENTS CONSUMER CONFIDENCE
23
54
36
27 30
11 12
3 2
2
Global (25) Brazil
Don´t Know
Not at all confident
Not very confident
More confident thannot
Veryconfident
66
67
52
54
41
19
28
10
11
22
23
25
32
39
PURCHASE INTENT
Home
Fine Watch/ Jewelry
Special Vacation
Car / Other Vehicle
Home Appliances
Homes Electronics
Personal Electronics
CUTBACKS
44
57
35
47
26
40
27
42
Dining outat
restaurants
Going out for entertainment(movies,
sports events, concerts, etc.)
Household energy
use
Going outfor
adrink
Global
Brazil
AND DESPITE THE SHORT TERM CHALLENGES…
THE BRAZILIAN CONSUMER REMAINS CONFIDENT WITH THE FUTURE…

10. …AND IT ALL STARTS WITH HAVING THE BEST PRODUCTS TO THEVARIOUS
TYPES OF CONSUMERS IN THEIR DIFFERENT NEED STATES
Source: Segmentation
Needstate
ConsumerType

11. Budweiser Market Share%
Taking Budweiser to a new level
during and after FWC
Strong increase since 2011 with
significant room for growth
ACCELERATE PREMIUM
A complete portfolio and targeted execution to lead the segment
48.4%
28.3%
22.9%
24.9%
13.2%
21.9%
vs other Beer Markets
2010 2011 2012 2013 2014
4.9%
Premium Weight Brazil
7.5%
Source: Company estimates, Nielsen

12. Perfil produtos

13. … AND OUR TARGETED INNOVATION CONTINUES: BRAHMA 0.0…
Refresh Myself
Out Of Home occasions
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2012 2013
Brahma 0.0 launch
Industry Non alcohol volume NAMS
+6.7pp
Sep12 Sep13
Source: Nielsen
+33.6%

14. … AND OUR TARGETED INNOVATION CONTINUES: SKOL BEATS
EXTREME Amp Up
Night Out
Beats relaunch
Extreme launch
NEW BOTTLE
NEW LIQUID
6.9%ABV

15. Source: Nielsen
YTD´132012
41%39%
20112010
13%9%
2009
Domestic International
GROWTH HAS BEEN DRIVEN PRIMARILY BY
INTERNATIONAL BRANDS…
WEIGHT WITHIN PREMIUM VOLUMES (%)
59%
61%77%
87%
91%98%99%
1%
2007
2%
2008
23%

16. … ALLOWING US TO LEAD THE GROWTH AMONG
INTERNATIONALBRANDS
30
20
J08 J09 J10 J11 J12 J13 M M J
40
50
60
70
51
48
67
29
41
59
Competition
Source: Nielsen Retail Index

17. … BUT THERE IS MORE TO COME WHEN WE LOOK AT THE NEED
STATES OF THE BRAZILIAN CONSUMER Amp Up
International Premium
Budweiser
Lead the international Segment
YTD
12
YTD
13
+47%

18. OUR APPROACH IN NON-ALCOHOLIC BEVERAGES IS SIMILAR AND
CONTINUES TO DRIVE BETTER PERFORMANCE…FULL PORTFOLIO
BLOCKBUSTER
PROMOTIONS
DIGITAL
CONNECTIONS
INVESTING BEHIND
BRAND EQUITY

19. OUR APPROACH IN NON-ALCOHOLIC BEVERAGES IS SIMILAR AND
CONTINUES TO DRIVE BETTER PERFORMANCE…
2008 2009 2010 2011 2012 YTD13
7,4
7,7
8,1
8,6
9,0
10,7
CLOSING GAPS
THROUGH INNOVATION
Consistent Guaraná Antarctica
Market SHARE GROWTH
9,6
Oct13
Source: Nielsen Source: Company data
INCREASING PRESENCE IN
New Categories
20132012
Volume OCT’13 YTD
2x

20. Investimentos

21. ..AND SO DOES THE INDUSTRY THAT CONTINUES TO INVEST
HEAVILY FOR THE FUTURECOLD BEVERAGES
INDUSTRY CAPEX
(BRL BILLION)
Source: CERVBRASIL, ABIR
Source: PWC, IBGE, BNDES, FGV
Cold beverages industry
represents 3% of Brazil’s
GDP
Generates over 3 million
jobs (direct and indirect)
Biggest GDP multiplier in the
economy
2.0
2.2
6.2
7.5
7.9

22. Estratégias

23. Brazil‟s medium and long-ter
opportunities are still out
there for the taking...
Commercial Strategies

24. THE EXECUTION OF OUR COMME
STRATEGIES AND THE CONTINU
FOCUS ON OUR CORE CAPABILI
HAVE MADE (AND WILL CONTI
TO MAKE) THE DIFFERENCE
COMMERCIAL STRATEGIES BUILDING BLOCKS
World Cup
Legacy

25. Source: Company data. Information until 2006 BRGAAP, 2007-2011IFRS
2012 was another year of EBITDA growth and EBITDA marginimprovement
8,794
9,174
2007
10,361
2008 2009 2010
11,707
2011
13,141
Consolidating Brahma
as #1
Creationof
Ambev
International
expansion
Organic Growth
Focus
Building &Exercising
Options
1997
662 667 903 1,505 1,990
2,710 3,072
4,537
6,305
7,445
1998 1999 2000 2001 2002 2003 2004 2005 2006
21.1%
23.8%
27.8% 28.7%
305%
37.0%
35.4%
37.8% 39.5%
42.3% 44.9% 44.3% 44.7%
46.4%
2012
48.4%
48.6%
15,679

26. Our current footprint give us an attractive
combination of profitability and growth…
Lead growth of
region with
profitability
Mature yet highly
profitable
business
#1 organic
growth
opportunity
Opportunity for
profitable growth and
M&A

27. 8
strategy of
driving industry growth with
profitability Share of
Throat
Premium
Innovation
Full Brand Portfolio
10
0
20
30
40
50
80
70
60
90
100
Per Capita(Liters)
27
44
BEER
WINE
Source: Beer (Ex Factory Volume). Wine:
Bodegas Argentinas.
Argentina
example

28. … and we are placing some big bets for the coming years…
Full brand portfolio across
demand landscape

29. Brazil‟s medium and long-ter
opportunities are still out
there for the taking...
Commercial Strategies

30. RELAX &
BONDING
FOOD &
SAVOR
MOOD
SHIFT
SOCIAL
CATALYST
Needstate
Occasion
OUT OFHOME IN HOME
Sub TotalOccasion
GDPS Total Inc.Vol.
´15
Consumer/
Channel
Consumer/
focused
Shopper/
Channel
Σ MM Hl Σ MM Hl TT MM Hl
Opportunity: MM Hl Opportunity: MM Hl
Opportunity: MM Hl Opportunity: MM Hl
Need StateInit. Occasion Init.
Σ
MM Hl
Σ
MM Hl
Σ
MM Hl
Σ
MM Hl
Need State Init. Occasion Init.
Opportunity: MM Hl
Need State Init. Occasion Init.
Opportunity: MM Hl
Need StateInit. Occasion Init.
Need StateInit. Occasion Init.
Need State Init. Occasion Init.
Opportunity: MM Hl
Need State Init. Occasion Init.
Opportunity: MM Hl
Need StateInit. Occasion Init.
GROWTH DRIVERS: INNOVATION
Quantifying the opportunities and turning it into action
New liquids, new packaging, enhancing the consumer experience

31. Talented
People
StrongCulture
Financial
Discipline
(eg, ZBB)
Consolidating
Brahma as #1
Brahma &
Antarctica
merger
synergies
Stronger
Portfolio &
Revenue
mgmt
Trade
Programs
Integrating
Quinsa &
Labatt
Preparing
HILA for the
future
Leveraging
Scale (eg,
Direct
distribution)
Creation ofAmBev
International
expansion
Organic Growth
Focus
Quinsa
Transaction
Labatt
Acquisition
HILA-ex
Start-ups
Building &
Exercising Options
Innovation
& Brand
building
Productivity
& Cash
generation
Relationship
& CSR
Our organic and non organic growth history has enabled us to build a winning
business, with several learnings over time that have made us who we are...