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 2020 (3Q20). 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 the respective press release, both available on the U.S. Securities and Exchange Commission - SEC and the CVM 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 contained herein.
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.
Unless stated, percentage changes in this presentation are both organic and normalized in nature. Whenever used in this document, the term "normalized" refers to performance measures (EBITDA, EBIT, Profit, EPS) before exceptional items adjustments. Exceptional items are either income or expenses which do not occur regularly as part of the normal activities of the Company. They are presented separately because they are important for the understanding of the underlying sustainable performance of the Company due to their size or nature. Normalized measures are additional measures used by management and should not replace the measures determined in accordance with IFRS as indicators of the Company's performance. Comparisons, unless otherwise stated, refer to the third quarter of 2019 (3Q19). Values in this presentation may not add up due to rounding.
Thank you!
To the amazing people that have always been the foundation and driving force of our company
We continue to build momentum…
The V-shape volume recovery trend that started back in May continued throughout the quarter across all our markets. The trends by country also remained very similar to Q2
V-SHAPE VOLUME RECOVERY
+
(CONSOLIDATED)
12.0%
20%-
3.4%
10%
-
0%-
-5.6%
-9.4%
Beer volume Performance
BRA
GUA
CHL
PAR
CAN
ARG
URU
DOM
PAN
BOL
4Q19
1Q20
2Q20
3Q20
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AmBev SA published this content on 29 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 October 2020 13:59:09 UTC
Ambev SA, formerly Inbev Participacoes Societarias SA, is a Brazil-based company engaged in the brewing sector. The Company produces, distributes and sells beer, carbonated soft drinks (CSDs) and other non-alcoholic and non-carbonated (NANC) beverages across the Americas. The Company's activities are divided into three segments: Latin America North, including sell of beer, CSD and NANC drinks in Brazil, as well as operations in the Dominican Republic, Saint Vincent, Antigua, Dominica, Cuba, Guatemala, El Salvador, Honduras, Nicaragua, Barbados and Panama; Latin America South, distributing products in Argentina, Bolivia, Paraguay, Uruguay, Chile; and Canada, represented by Labattâs operations, which comprises sales in Canada and some exports to the U.S. market. The Company markets products under various brand names, such as Adriatica, Brahma, Leffe, Budweiser, Corona, PepsiCo and Lipton. It is a subsidiary of Interbrew International BV.
AMBEV S.A. 
