Ambev (ABEV): Launches Spaten Pro protein beer

Research evidence excerpt

Ambev (ABEV): Launches Spaten Pro protein beer

Goldman Sachs Ambev (ABEV)

Disclosure Appendix

Reg AC

We, Thiago Bortoluci and Nicolas Sussmann, hereby certify that all of the views expressed in this report accurately reflect our personal views about the

subject company or companies and its or their securities. We also certify that no part of our compensation was, is or will be, directly or indirectly,

related to the specific recommendations or views expressed in this report.

Unless otherwise stated, the individuals listed on the cover page of this report are analysts in Goldman Sachs’ Global Investment Research division.

Contributing Authors: Thiago Bortoluci Goldman Sachs do Brasil CTVM S.A., Nicolas Sussmann Goldman Sachs do Brasil CTVM S.A..

Unless otherwise stated, the individuals listed in the Contributing Authors disclosure of this report are analysts in Goldman Sachs’ Global Investment

Research division.

GS Factor Profile

The Goldman Sachs Factor Profile provides investment context for a stock by comparing key attributes to the market (i.e. our universe of rated stocks)

and its sector peers. The four key attributes depicted are: Growth, Financial Returns, Multiple (e.g. valuation) and Integrated (a composite of Growth,

Financial Returns and Multiple). Growth, Financial Returns and Multiple are calculated by using normalized ranks for specific metrics for each stock. The

normalized ranks for the metrics are then averaged and converted into percentiles for the relevant attribute. The precise calculation of each metric may

vary depending on the fiscal year, industry and region, but the standard approach is as follows:

Growth is based on a stock’s forward-looking sales growth, EBITDA growth and EPS growth (for financial stocks, only EPS and sales growth), with a