Ambev S.A. ("Company") informs its shareholders and the public that in a meeting held today, according to the minutes disclosed and available on the CVM and Investor Relations Department's websites, the Company's Board of Directors approved the execution of equity swaps, by and between the Company, or a controlled entity, and financial institutions, to be approved by the Board of Executive Officers, having as underlying asset the shares issued by the Company or American Depositary Receipts ("ADRs") representing these shares. Additional information is attached to the referred minutes of the Board of Directors' meeting.
The settlement of the equity swap will take place within a maximum period of 18 months as from this date and the agreements may result in an exposure of up to 80 million common shares (of which all or part may be through ADRs), with a limit value of up to R$1,2 billion and, together with the balance of the agreements still in force which executions were approved by the Company's Board of Directors and not yet settled, do not exceed the limit set forth on article 8 of CVM Regulation No. 567/15.
The equity swap will allow the Company or its controlled entities to receive the price variation related to its shares traded on the stock exchange or ADRs and pay CDI or LIBOR plus a fee, during the term of the agreement, as applicable.
The purpose of the transaction is to neutralize the possible effects of the stock prices oscillation in view of the future delivery of shares or ADRs by the Company within the scope of its share-based payment programs.
São Paulo, December 9th, 2020.
Ambev S.A.
Lucas Machado Lira
Chief Financial and Investor Relations Officer
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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. 
