<SEC-DOCUMENT>0001292814-13-002701.txt : 20131206
<SEC-HEADER>0001292814-13-002701.hdr.sgml : 20131206
<ACCEPTANCE-DATETIME>20131206062506
ACCESSION NUMBER:		0001292814-13-002701
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20131231
FILED AS OF DATE:		20131206
DATE AS OF CHANGE:		20131206

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMBEV S.A.
		CENTRAL INDEX KEY:			0001565025
		STANDARD INDUSTRIAL CLASSIFICATION:	BEVERAGES [2080]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D5
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36165
		FILM NUMBER:		131261102

	BUSINESS ADDRESS:	
		STREET 1:		RUA DR. RENATO PAES DE BARROS, 1017
		STREET 2:		3 ANDAR PARTE
		CITY:			SAO PAULO
		STATE:			D5
		ZIP:			04530-000
		BUSINESS PHONE:		55(11)2122-1414

	MAIL ADDRESS:	
		STREET 1:		RUA DR. RENATO PAES DE BARROS, 1017
		STREET 2:		3 ANDAR PARTE
		CITY:			SAO PAULO
		STATE:			D5
		ZIP:			04530-000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	InBev Corporate Holdings Inc.
		DATE OF NAME CHANGE:	20121219
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>ambevsa20131205_6k1.htm
<DESCRIPTION>PROTOCOL AND JUSTIFICATION OF MERGER OF COMPANHIA DE BEBIDAS DAS AMERICAS AMBEV WITH AND INTO AMBEV S.A.
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<DIV align=center><FONT color=#000000 size=5 face="Times New Roman"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></DIV>

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>Washington, D.C. 20549 </B></FONT></DIV>

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<DIV align=center><FONT color=#000000 size=5 face="Times New Roman"><B>FORM 6-K</B></FONT></DIV>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman">Report of Foreign Private Issuer<BR>Pursuant to Rule 13a-16 or 15d-16 of the</FONT></DIV>

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman">Securities Exchange Act of 1934</FONT></DIV>

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<DIV><FONT color=#000000 size=3 face="Times New Roman"><B>For the month of December, 2013 </B></FONT></DIV>

<P align=justify></P><FONT color=#000000 size=3 face="Times New Roman"><B>Commission File Number 1565025</B></FONT></DIV>

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<DIV align=center><FONT color=#000000 size=5 face="Times New Roman"><B>AMBEV S.A. </B></FONT></DIV>

<DIV align=center><FONT color=#000000 size=2 face="Times New Roman">(Exact name of registrant as specified in its charter) </FONT></DIV>

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<DIV align=center><FONT color=#000000 size=5 face="Times New Roman"><B>AMBEV S.A. </B></FONT></DIV>

<DIV align=center><FONT color=#000000 size=2 face="Times New Roman">(Translation of Registrant's name into English)</FONT></DIV>

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<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>Rua Dr. Renato Paes de Barros, 1017 - 3rd Floor <BR>04530-000 S&#227;o Paulo, SP<BR>Federative Republic of Brazil </B></FONT></DIV>

<DIV align=center><FONT color=#000000 size=2 face="Times New Roman">(Address of principal executive office)</FONT></DIV>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

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<P><FONT color=#000000 size=3 face="Times New Roman">Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.&nbsp; </FONT></P>

<P><FONT size=3 face="Times New Roman, Times, Serif"><BR>Form 20-F ___X___ Form 40-F _______</FONT> </P>

<P align=left>&nbsp;<FONT size=3 face="Times New Roman, Times, Serif">Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. </FONT>&nbsp;</P><FONT size=3 face="Times New Roman, Times, Serif">Yes _______ No ___X____</FONT>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 13pt" lang=EN-US face="Times New Roman">PROTOCOL and justification of MERGER OF companhia de bebidas das am&#233;ricas &#8211; AMBEV with and into ambev S.A.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 13pt" lang=EN-US face="Times New Roman">between THE MANAGEMENT OF </FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 13pt" lang=PT-BR face="Times New Roman">companhia de bebidas das am&#233;ricas &#8211; AMBEV</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 13pt" lang=EN-US face="Times New Roman">AND THE MANAGEMENT OF </FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 13pt" lang=EN-US face="Times New Roman">ambev S.A.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 13pt" lang=EN-US face="Times New Roman">DATED DECEMBER 3, 2013</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The management of </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">COMPANHIA DE BEBIDAS DAS AM&#201;RICAS - AMBEV</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, a company with headquarters in the city of S&#227;o Paulo, State of S&#227;o Paulo, at Rua Dr. Renato Paes de Barros, 1,017, 4<SUP>th</SUP> floor (part), suites 41 and 42, Itaim Bibi, enrolled with the Registry of Commerce under NIRE 35.300.157.770 and enrolled with the </FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Brazilian National Taxpayer&#8217;s Registry</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> under CNPJ No. 02.808.708/0001-07 (&#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Companhia de Bebidas</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;); and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The management of </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">AMBEV S.A.</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">, a company with headquarters in the city of S&#227;o Paulo, State of S&#227;o Paulo, at Rua Dr. Renato Paes de Barros, 1,017, 3<SUP>rd</SUP> floor, Itaim Bibi, enrolled with the Registry of Commerce under NIRE 35.300.368.941, and enrolled with the </FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Brazilian National Taxpayer&#8217;s Registry under </FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">CNPJ No. 07.526.557/0001-00 (&#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Ambev</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; and, together with Companhia de Bebidas, the &#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Companies</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;);&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">due to the reasons and for the purposes detailed hereinafter and according to the material fact notice first disclosed by Companhia de Bebidas on December 7, 2012 (&#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Material Fact Notice</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;), the Parties agree to enter into this Protocol and Justification of Merger of Companhia de Bebidas with and into Ambev, in accordance with sections 224 and 225 of Law No. 6,404/76, which shall be submitted for the approval of their respective shareholders at the Extraordinary General Shareholders&#8217; Meetings, pursuant to the terms and conditions set forth below (the &#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Protocol and Justification</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;): &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 12pt 0cm"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">1. The merger of Companhia de Bebidas with and into Ambev is part of a corporate reorganization disclosed in the Material Fact Notice, aiming at further simplifying the corporate structure of the group and reducing the administrative costs, which, as a consequence, is expected to result in benefits to the Ambev shareholders (&#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Merger</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;). &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 12pt 0cm"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2. In addition, a goodwill in the amount of R$105,453,572.24 that existed at the Ambev level prior to the stock swap merger approved on July 30, will be available for amortization, pursuant to applicable legislation, the resulting benefits of which shall be shared by all Ambev&#8217;s current shareholders observing the previous situations.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 12pt 0cm"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">3. </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">Ambev will continue to develop the production </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">and trading of beer, concentrates, soft drinks and other beverages, but after the Merger, Ambev will also develop these activities directly and not only through its controlled companies and wholly owned subsidiaries. After the Merger, Ambev will remain as a reporting corporation registered with the CVM.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 12pt 0cm"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">4. The Merger will be carried out so that Ambev receives - at their respective book values - all assets, rights and obligations of Companhia de Bebidas (including the properties appointed in a specific list, filed at the Company&#8217;s headquarters), which will be succeeded by Ambev pursuant to applicable law, based on Companhia de Bebidas&#8217;s audited balance sheet as of December 31, 2012 (&#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Reference Date</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;). Any equity fluctuation from the Reference Date until the date of consummation of the Merger will be borne by Ambev.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 12pt 0cm"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">5. The management of Ambev retained APSIS Consultoria Empresarial Ltda. (CNPJ No. 27.281.922/0001-70) (the &#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Specialized Firm&#8221;)</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> to prepare a valuation report of Companhia de Bebidas&#8217; net equity to be transferred to Ambev due to the Merger, and the Specialized Firm prepared the valuation report attached herein as </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Exhibit 5</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> (the &#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Valuation Report</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;). The retention of the Specialized Firm will be confirmed by the </FONT>


<FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Shareholders&#8217; Meeting of Ambev resolving on this Protocol and Justification, as provided in section 227, item 1 of Law No. 6,404/76.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 12pt 0cm"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">5.1. </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">The Specialized Firm declared that (</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">i</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">) there is no conflict of interest, actual or potential, with shareholders of Companhia de Bebidas or of Ambev or with regards to the Merger; and (</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">ii</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">) neither the shareholders nor the managers of Companhia de Bebidas or Ambev directed, limited, prevented or performed any acts that compromised or may have compromised the Specialized Firm&#8217;s access to, or use or knowledge of information, assets, documents or work methodology relevant to the accuracy of such firm&#8217;s conclusions.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 12pt 0cm"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">6. Merger will not result in an increase or decrease to the net equity or capital stock of Ambev because the net equity of Companhia de Bebidas, given its status as a wholly-owned subsidiary of Ambev, is already fully reflected in the net equity of Ambev, due to Ambev&#8217;s observance of the equity accounting method of accounting, which causes Ambev to fully consolidate the results of operation and financial position of Companhia de Bebidas.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 12pt 0cm"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">7. </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;Also, because Companhia de Bebidas is a wholly-owned subsidiary of Ambev, there are no shareholders, minority or otherwise, in Companhia de Bebidas, other than Ambev. Therefore, with the liquidation of Companhia de Bebidas as a result of the Merger, the shares of Companhia de Bebidas will be cancelled, pursuant to item 1 of section 226 of Law No. 6,404/76.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 12pt 0cm"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">8. Therefore, exchange ratios and withdrawal rights are inapplicable to the Merger.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 12pt 0cm"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">9. Notwithstanding, and in order to comply with all applicable legal formalities, the Specialized Firm also prepared the valuation report required under section 264 of Law No. 6,404/76 (&#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">Net Equity Valuation Report</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">&#8221;), which will be made available to the Companies&#8217; shareholders.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 12pt 0cm"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">10. The managers shall perform all other acts necessary for the consummation of the Merger, including the termination of all registrations of Companhia de Bebidas with the competent federal, </FONT><FONT style="FONT-SIZE: 12pt" lang=EN color=#222222 face="Times New Roman">state and municipal </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">bodies, as well as the safekeeping of the accounting books of Companhia de Bebidas for the duration of the applicable legal term. The costs and expenses in connection with the consummation of the Merger shall be borne by Ambev.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 12pt 0cm"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">11. The consummation of the Merger will depend on the following corporate acts: (</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">i</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">) Extraordinary General Meeting of Companhia de Bebidas in order to approve the Protocol and Justification and Merger; and (</FONT><B><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">ii</FONT></I></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">) Extraordinary General Meeting of Ambev in order to (a) approve the Protocol and Justification; (b) confirm the appointment of the Specialized Firm; and (c) approve the Valuation Report and the implementation of Merger.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 12pt 0cm"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">12. All documents referred herein will be available to the Companies&#8217; shareholders from the date hereof at the headquarters of the Companies or on the Investor Relations website of Companhia de Bebidas and Ambev (www.ambev-ir.com), as well as on the websites of the CVM, the S&#227;o Paulo Stock, Commodities and Futures Exchange (&#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">BM&amp;FBOVESPA</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;) and the SEC.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 12pt 0cm"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">13. This Protocol and Justification shall not be amended unless the amendment is made in writing and shall </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">be governed by the Laws of the Federative Republic of Brazil and the Parties elect the Central Court of the City of S&#227;o Paulo, to the exclusion of all other fora, however privileged they may be, to decide any issues related to this </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Protocol and Justification</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">IN WITNESS WHEREOF, the Parties execute this Protocol and Justification in three (3) counterparts of identical content and form in the presence of two witnesses identified below. </FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm" align=center><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman">S&#227;o Paulo, December 3, 2013.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm" align=center><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman">[</FONT><I><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman">signature pages follow</FONT></I><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman">]&nbsp;</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">[</FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">signature page of the Protocol and Justification of Merger of Companhia de Bebidas das Am&#233;ricas &#8211; Ambev</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">with and into Ambev S.A.</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">]&nbsp;</FONT></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0cm" align=center><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman">Management of Companhia de Bebidas das Am&#233;ricas &#8211; Ambev:</FONT></P>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 30pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Victorio Carlos De Marchi</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 30pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Carlos Alves de Brito</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Director</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Director</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 30pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Marcel Herrmann Telles</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 30pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Roberto Moses Thompson Motta</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 30pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Vicente Falconi Campos</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 30pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Jos&#233; Heitor Attilio Gracioso</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 30pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Luis Felipe Pedreira Dutra Leite</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 30pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Luiz Fernando Ziegler de Saint Edmond</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Director</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 30pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">&#193;lvaro Ant&#244;nio Cardoso de Souza</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 30pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Paulo Alberto Lemann</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 30pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Jo&#227;o Maur&#237;cio Giffoni de Castro Neves</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Chief Executive Officer</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 30pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Nelson Jos&#233; Jamel </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 30pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Pedro de Abreu Mariani</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Chief Financial and Investor Relations Officer</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">General Counsel </FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 30pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Alexandre M&#233;dicis da Silveira</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 30pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Marcel Martins R&#233;gis</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Sales Executive Officer </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Soft </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Drinks&nbsp;</FONT><FONT style="FONT-SIZE: 12pt" face="Times New Roman"> Executive Officer</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 30pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">M&#225;rcio Fr&#243;es Torres</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 30pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Milton Seligman</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Industrial Executive Officer</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Corporate Affairs Executive Officer</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">[</FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">continuation of&nbsp; signature page of the Protocol and Justification of Merger of Companhia de Bebidas das Am&#233;ricas &#8211; Ambev</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">with and into Ambev S.A.</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">]&nbsp;</FONT></P>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 30pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Sandro de Oliveira Bassili</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 30pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Vin&#237;cius Guimar&#227;es Barbosa</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">People and Management Executive Officer</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Logistics Executive Officer</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 30pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Jorge Pedro Victor Mastroizzi</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 30pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Ricardo Rittes de Oliveira Silva</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 32.25pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Marketing Executive Officer</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 32.25pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Shared Services and Information Technology Executive Officer</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 24pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 24pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">[</FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">continuation of &nbsp;signature page of the Protocol and Justification of Merger of Companhia de Bebidas das Am&#233;ricas &#8211; Ambev</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">with and into Ambev S.A.</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">]&nbsp;</FONT></P>

<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0cm" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Management of Ambev S.A.:</FONT></P>

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<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 30pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Victorio Carlos De Marchi</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 30pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Carlos Alves de Brito</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Director</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Director</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 30pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Marcel Herrmann Telles</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 30pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Roberto Moses Thompson Motta</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Director</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Director</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 30pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Luiz Fernando Ziegler de Saint Edmond</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 30pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Vicente Falconi Campos</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Director</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Director</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 30pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Luis Felipe Pedreira Dutra Leite</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 30pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Roberto Moses Thompson Motta</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Director</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Director</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 30pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">&#193;lvaro Ant&#244;nio Cardoso de Souza</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 30pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Paulo Alberto Lemann</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Director</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Director</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

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   <P style="TEXT-ALIGN: center; MARGIN: 30pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Jo&#227;o Maur&#237;cio Giffoni de Castro Neves</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Chief Executive Officer</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 30pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Nelson Jos&#233; Jamel </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 30pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Pedro de Abreu Mariani</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Chief Financial and Investor Relations Officer</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">General Counsel </FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 30pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Alexandre M&#233;dicis da Silveira</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 30pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Marcel Martins R&#233;gis</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Sales Executive Officer</FONT><FONT style="FONT-SIZE: 12pt" face="Times New Roman"> &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Soft </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Drinks&nbsp;</FONT><FONT style="FONT-SIZE: 12pt" face="Times New Roman"> Executive Officer</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 30pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">M&#225;rcio Fr&#243;es Torres</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 30pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Milton Seligman</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Industrial Executive Officer</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Corporate Affairs Executive Officer</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">[</FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">continuation of&nbsp; signature page of the Protocol and Justification of Merger of Companhia de Bebidas das Am&#233;ricas &#8211; Ambev</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">with and into Ambev S.A.</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">]&nbsp;</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 30pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Sandro de Oliveira Bassili</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 30pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Vin&#237;cius Guimar&#227;es Barbosa</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">People and Management Executive Officer</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Logistics Executive Officer</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 30pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Jorge Pedro Victor Mastroizzi</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 30pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Ricardo Rittes de Oliveira Silva</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Marketing Executive Officer</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Shared Services and Information Technology Executive Officer</FONT></P></TD></TR></TABLE></DIV>

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   <TD width="50%" colSpan=2>Name:</TD>

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   <TD width="50%" colSpan=2>CPF/MF:</TD>

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<P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm 0pt" align=center><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Exhibit 5</FONT></U></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Valuation Report</FONT></P>

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<DIV style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block"><FONT style="DISPLAY: inline; FONT-FAMILY: 'Times New Roman; FONT-SIZE: 10pt"><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">SIGNATURE</FONT></FONT></FONT></DIV><FONT style="FONT-SIZE: 9pt" face="Times New Roman"><BR></FONT>

<DIV style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-FAMILY: 'Times New Roman; FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</FONT></FONT></DIV>

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<DIV style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-FAMILY: 'Times New Roman; FONT-SIZE: 10pt"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Date:&nbsp;December 6, 2013</FONT></FONT></DIV>

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   <DIV style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-FAMILY: 'Times New Roman; FONT-SIZE: 10pt">By:&nbsp; </FONT></DIV></TD>

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   <DIV style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-FAMILY: 'Times New Roman; FONT-SIZE: 10pt">/s/ <FONT style="DISPLAY: inline; FONT-FAMILY: 'Times New Roman; FONT-SIZE: 10pt"><FONT style="DISPLAY: inline; FONT-FAMILY: 'Times New Roman; FONT-SIZE: 10pt">Nelson Jose Jamel</FONT></FONT></FONT></DIV></TD></TR>

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   <DIV style="TEXT-INDENT: 0pt; DISPLAY: block"><FONT style="DISPLAY: inline; FONT-FAMILY: 'Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal">Nelson Jose Jamel</FONT></DIV>

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