Data do último fechamento disponível 12/30/1986 12/30/1987 12/29/1988 12/28/1989 12/28/1990 12/30/1991

IBOV 9.2599993897E-06 1.2489998779E-05 0.00033082 0.0061615 0.025156 0.60776

Ambev S/A ON
Em R$ Real
Nao Consolidado 12/31/1986 12/31/1987 12/31/1988 12/31/1989 12/31/1990 12/31/1991
Meses 12 12 12 12 12 12
Preco / Lucro x - - 8.1 8.8 4.3 23.2
Preco / Valor Patrim x - - 0.7 1.1 1.2 3.3
Price Sales Ratio x - - 0.6 0.8 0.7 3.9
Preco / EBITDA x - - 12.3 - 2.7 14.7
Preco / Flx Cx Livre x - - - - - -
Lucro / Preco % - - 12.3 11.4 23.4 4.3
Valor de Mercado $ 1.0531108366 3.7611102813 43.027726758 1478.5257912 16870.707243 529010.92736
Enterprise Value $ 0.6233413821 3.6521888268 40.058311485 1456.6112457 12005.474515 475694.65063
Estr Cap (D/D+Val Merc)% 1.5 10.8 8.2 1.8 4.4 0.4
EV / EBITDA da empresa x 3.5 3.4 11.1 - 1.8 10.6
EV / EBITDA da classe x - - 11.5 - 2.0 13.5
EV / EBIT da empresa x 4.7 4.8 147.4 20.1 1.9 12.7
EV / EBIT da classe x - - 152.5 17.9 2.1 16.2

Consolidado 12/31/1986 12/31/1987 12/31/1988 12/31/1989 12/31/1990 12/31/1991

Meses 12 12 12 12 12 12
Preco / Lucro x - - 8.1 8.8 4.3 23.2
Preco / Valor Patrim x - - 0.7 1.1 1.2 3.2
Price Sales Ratio x - - 0.3 0.4 0.3 1.8
Preco / EBITDA x - - 9.6 - 1.7 9.0
Preco / Flx Cx Livre x - - - - - -
Lucro / Preco % - - 12.3 11.4 23.4 4.3
Valor de Mercado $ 1.0531108366 3.7611102813 43.027726758 1478.5257912 16870.707243 529010.92736
Enterprise Value $ 0.28056356391 3.5804022813 56.636606394 1569.5923366 9666.8748793 462688.07281
Estr Cap (D/D+Val Merc)% 7.9 28.7 41.2 13.1 14.4 2.7
EV / EBITDA da empresa x 1.8 -11.3 12.3 - 0.9 6.4
EV / EBITDA da classe x - - 12.5 - 1.1 8.2
EV / EBIT da empresa x 4.0 -5.0 -20.5 47.1 1.1 10.1
EV / EBIT da classe x - - -20.7 42.0 1.3 13.0
12/30/1992 12/30/1993 12/29/1994 12/28/1995 12/30/1996 12/30/1997 12/30/1998 12/30/1999 12/28/2000
6.7805 375.44998169 4353.9 4299 7039.9 10196 6784 17091 15259

12/31/1992 12/31/1993 12/31/1994 12/31/1995 12/31/1996 12/31/1997 12/31/1998 12/31/1999 12/31/2000

12 12 12 12 12 12 12 12 12
17.4 14.3 15.9 11.1 12.8 11.0 11.3 -18.4 36.1
1.8 2.2 2.0 2.8 3.4 3.6 2.6 4.1 5.9
2.4 3.1 2.3 2.1 2.8 2.7 1.8 - -
15.7 10.3 9.2 6.6 6.4 5.9 5.0 -20.9 32.3
- - - - - - - - -
5.8 7.0 6.3 9.0 7.8 9.1 8.9 -5.4 2.8
4485353.0392 169960355.9 1861948624.8 2760132761.1 4191067504.3 5119656249 3636725381.9 7755083429.6 18163657558
3860305.0392 156799483.9 1846572624.8 3020867761.1 4823139504.4 6098362249 4993841381.9 7755083429.6 18163629558
3.6 4.4 7.4 12.5 15.2 18.9 27.2 0.0 0.0
12.2 9.7 9.1 7.2 7.4 7.2 6.7 -28.4 34.5
13.8 9.6 9.2 7.2 7.4 7.1 6.8 -20.9 32.3
16.9 10.9 11.4 8.8 9.2 9.3 9.5 -24.7 41.0
19.1 10.7 11.5 8.8 9.1 9.3 9.7 -18.2 38.3

12/31/1992 12/31/1993 12/31/1994 12/31/1995 12/31/1996 12/31/1997 12/31/1998 12/31/1999 12/31/2000

12 12 12 12 12 12 12 12 12
17.4 14.3 15.9 11.1 12.8 11.0 11.3 -18.4 36.1
1.7 2.2 2.0 2.8 3.4 3.6 2.6 4.1 5.9
1.1 1.3 1.2 1.2 1.8 1.8 1.2 2.3 3.2
5.7 7.9 5.8 5.4 6.2 5.8 4.5 13.0 12.2
- - - - - - - - -
5.8 7.0 6.3 9.0 7.8 9.1 8.9 -5.4 2.8
4485353.0392 169960355.9 1861948624.8 2760132761.1 4191067504.3 5119656249 3636725381.9 7755083429.6 18163657558
3539021.7665 133142703.9 1505382624.8 2547985761.1 4452169504.4 5871860249 4486067381.9 11343461429 19840710558
11.8 14.8 12.1 16.2 19.6 23.6 34.1 31.6 10.8
4.1 6.3 4.7 5.0 6.7 6.8 5.5 25.8 14.3
4.7 6.3 4.7 5.0 6.6 6.7 5.6 21.2 13.3
7.3 11.0 6.7 6.7 9.2 9.9 9.2 82.5 28.0
8.4 11.0 6.8 6.7 9.1 9.8 9.4 67.7 26.2
12/28/2001 12/30/2002 12/30/2003 12/30/2004 12/29/2005 12/28/2006 12/28/2007 12/30/2008 12/30/2009
13577 11268 22236 26196 33455 44473 63886 37550 68588

12/31/2001 12/31/2002 12/31/2003 12/31/2004 12/31/2005 12/31/2006 12/31/2007 12/31/2008 12/31/2009

12 12 12 12 12 12 12 12 12
21.0 12.2 17.2 51.4 30.6 21.8 27.9 17.0 15.2
4.6 4.3 5.5 4.4 2.5 3.1 4.4 3.0 4.7
- - - - 8.2 5.9 6.7 4.6 8.1
18.5 11.6 17.1 47.4 15.9 12.6 15.0 7.8 12.2
- - - - - - - 18.0 14.2
4.8 8.2 5.8 1.9 3.3 4.6 3.6 5.9 6.6
17424971035 19685615545 26391777998 55180719972 53645514494 63334183397 77936433100 56506644370 98213284000
17425356035 19685556545 26391770998 55179100972 56993006494 68778829397 82970772100 62948139370 101220830000
0.0 0.0 0.0 0.0 6.6 8.7 7.1 11.4 4.3
19.5 12.4 18.6 43.8 19.1 14.2 15.8 9.5 13.6
18.5 11.6 17.1 47.4 17.0 13.8 16.0 8.8 12.6
21.6 12.9 19.8 47.0 23.9 16.8 19.6 11.4 14.7
20.4 12.1 18.1 50.8 21.2 16.3 19.7 10.6 13.6

12/31/2001 12/31/2002 12/31/2003 12/31/2004 12/31/2005 12/31/2006 12/31/2007 12/31/2008 12/31/2009

12 12 12 12 12 12 12 12 12
21.0 12.2 17.2 51.4 30.6 21.8 27.9 17.0 15.2
4.9 4.4 5.6 4.4 2.5 3.1 4.4 3.0 4.1
2.5 2.5 2.8 5.0 3.0 3.5 4.0 2.5 3.9
7.5 6.6 8.7 13.8 7.6 7.8 9.0 5.7 8.3
- - - - 17.6 30.3 13.2 12.5 12.6
4.8 8.2 5.8 1.9 3.3 4.6 3.6 5.9 6.6
17424971035 19685615545 26391777998 55180719972 53645514494 63334183397 77936433100 56506644370 98213284000
19544207035 20746526545 30034440998 61684335972 59875426494 71358397397 85492903100 64369365370 101636944000
20.8 18.6 18.5 12.4 11.8 13.1 11.2 16.3 6.9
8.9 7.4 10.8 14.3 9.6 9.1 9.8 7.1 9.2
8.4 6.9 10.1 15.1 8.6 8.9 9.8 6.6 8.6
13.1 10.1 17.0 23.7 16.3 13.2 14.8 11.1 10.6
12.4 9.5 15.7 24.9 14.6 12.9 14.9 10.4 9.8
12/30/2010 12/29/2011 12/28/2012 12/30/2013 12/30/2014 12/30/2015 12/29/2016 12/28/2017 5/28/2018
69304 56754 60952 51507 50007 43349 60227 76402.08 75355.84

12/31/2010 12/31/2011 12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 5/28/2018

12 12 12 12 12 12 12 12 12
17.8 19.6 24.9 28.4 21.1 22.6 20.5 45.6 40.6
5.5 6.6 9.1 6.3 6.0 5.8 5.7 7.3 6.4
10.5 12.3 20.0 - 12.7 12.7 12.5 15.4 14.4
14.3 15.6 20.8 31.1 16.5 17.8 16.7 24.6 22.8
30.3 24.2 39.6 128.2 26.3 24.3 29.1 29.9 19.9
5.6 5.1 4.0 3.5 4.7 4.4 4.9 2.2 2.5
144362370280 187553882200 264301506060 270935478320 254851916440 279978927900 257498089200 334313502880 310574816240
146011825280 188236340200 263498283060 270884872320 251212038440 277153214900 256806686200 332748612880 310056459240
2.9 1.8 1.0 0.0 0.9 0.6 0.5 0.3 0.3
15.6 17.3 21.0 31.1 16.3 17.6 16.6 24.5 22.8
14.5 15.6 20.7 31.1 16.2 17.6 16.6 24.5 22.8
17.0 18.5 22.5 31.1 17.9 19.7 19.2 29.2 27.2
15.9 16.8 22.3 31.1 17.9 19.8 19.2 29.2 27.2

12/31/2010 12/31/2011 12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 5/28/2018

12 12 12 12 12 12 12 12 12
17.8 19.6 24.9 28.4 21.1 22.6 20.5 45.6 40.6
5.5 6.6 9.1 6.3 6.0 5.8 5.7 7.3 6.4
5.3 6.3 8.1 7.8 6.7 6.0 5.6 7.0 6.4
11.6 12.9 16.7 15.5 13.9 12.8 12.5 16.7 15.3
17.2 17.9 30.0 24.0 22.0 15.2 39.7 22.5 28.2
5.6 5.1 4.0 3.5 4.7 4.4 4.9 2.2 2.5
144362370280 187553882200 264301506060 270935478320 254851916440 279978927900 257498089200 334313502880 310574816240
144357175280 183604067200 259102536060 263413716320 248462589440 271744886900 256561004200 328474183880 308021192240
4.5 2.1 1.2 1.1 1.0 1.3 2.1 0.8 1.4
12.5 13.9 16.6 15.1 13.6 12.4 12.4 16.4 15.1
11.6 12.6 16.4 15.1 13.6 12.4 12.4 16.4 15.1
14.4 15.7 18.7 17.1 15.7 14.5 15.0 20.0 18.5
13.4 14.2 18.5 17.1 15.6 14.5 15.0 20.0 18.4
Data do últi 12/29/1988 12/28/1989 12/28/1990 12/30/1991 12/30/1992 12/30/1993 12/29/1994 12/28/1995 12/30/1996
P/L 8.1 8.8 4.3 23.2 17.4 14.3 15.9 11.1 12.8
ABEV3 R$ 0.00 R$ 0.00 R$ 0.00 R$ 0.00 R$ 0.00 R$ 0.01 R$ 0.08 R$ 0.12 R$ 0.20

ABEV x P/L
R$25.00

R$20.00

R$15.00

R$10.00

R$5.00

R$-

ABEV3 P/L
12/30/1997 12/30/1998 12/30/1999 12/28/2000 12/28/2001 12/30/2002 12/30/2003 12/30/2004 12/29/2005 12/28/2006
11.0 11.3 -18.4 36.1 21.0 12.2 17.2 51.4 30.6 21.8
R$ 0.24 R$ 0.18 R$ 0.31 R$ 0.88 R$ 0.81 R$ 0.92 R$ 1.29 R$ 2.81 R$ 1.93 R$ 2.49

60.0

50.0

40.0

30.0

20.0

10.0

0.0

-10.0

-20.0

-30.0
12/28/2007 12/30/2008 12/30/2009 12/30/2010 12/29/2011 12/28/2012 12/30/2013 12/30/2014 12/30/2015 12/29/2016
27.9 17.0 15.2 17.8 19.6 24.9 28.4 21.1 22.6 20.5
R$ 3.39 R$ 2.42 R$ 4.41 R$ 6.77 R$ 8.87 R$ 14.14 R$ 14.86 R$ 14.69 R$ 16.70 R$ 15.90
12/28/2017 5/28/2018
45.6 40.6
R$ 21.21 R$ 19.69