**AMBEV’S**
**CODE      OF BUSINESS CONDUCT**

**A      MANUAL FOR BUSINESS CONDUCT AND PROFESSIONALISM**

**AMBEV’S      CULTURE **

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**COMPLIANCE      WITH APPLICABLE LAWS**

| ·   |                      your legal department |
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| ·   |                      the General Counsel of AmBev |
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**ABOUT      OUR RELATIONSHIPS**

**AmBev’s      People**

**At      the working environment**

| ·   |                  To use your position in order to ask for personal favors or services                from                subordinates. |
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| ·   |                  All and every form of racial, sexual or religious discrimination,                or those                related to disabilities. |
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| ·   |                  To offend your working colleagues or provoke a situation that may                lead to                physical confrontation. |
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| ·   |                  Hiring 1st                degree relatives, such as: father, mother, sons, daughters, brothers,                sisters, spouses. |
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| ·   |                  To have working at the Company a couple that maintains a steady                relationship or people whose 1st                degree relatives work with our                 competitors. |
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| **This is for you, our leader**! You must be an example of ethical behavior                  for all of                  AmBev’s People! Acknowledge each person’s merits and propitiate                  professional development equality according to the value and contribution                  of each employee. We do not admit decisions which affect employees’                  professional careers that are based solely on personal relationships.                  Make                  sure your team receives continuous and adequate training, and updated                  information regarding AmBev’s                  policies.   |
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**Individual      responsibilities**

**As      an “owner”, you are compelled to:**

| ·                   | Respect                the needs, integrity, expectations and privacy of our clients, consumers,                shareholders, colleagues, third parties, suppliers, financial                institutions, and local, national and international communities,                not to                mention governments. |
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| ·                   | Comply                with the legislation in instances, norms and regulations internal                or                external. |
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| ·                   | Protect                AmBev’s property and zeal over its                image. |
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| ·                   | Take                care of what is yours. Keep the documents that relate to your activities                well. Do not leave confidential material on your desk, fax machines                or                copiers. When you finish work, keep papers in drawers or files. When                they                are no longer necessary, destroy                them. |
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| ·                   | Keep                strict secrecy about any type of information, fact or operation that                involves AmBev’s strategic nature. Keep the confidentiality of non-public                information. |
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| ·                   | Do                not disclose non-official (rumors) information of any                kind. |
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| ·                   | Do                not take advantage of information in order to obtain personal benefits.                In                case you have access to confidential information, respect the rules                of                AmBev’s Manual of Disclosure and Use of Information and Policy on Trading                with Securities Issued by AmBev. (http://portal - Useful                Links). |
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| ·                   | Zeal                over our image, avoiding improper public behavior when using a piece                of                clothing or a vehicle bearing the company’s trademark, or one of our                brands. |
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**Without      the authorization of your superior, you cannot:**

| ·                  | Take                internal material out of AmBev, including information related to                the                company’s operations, even when you have participated in their                development. |
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| ·                  | Make                copies in printed form, magnetic or any other media, of documents                that may                contain AmBev’s confidential information, including information about its                clients, suppliers, or any subject that has been destined to serve                the                activities that are performed within your                area. |
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| ·                  | Give                lectures, seminars or write academic works about AmBev or about matters                that include your performance area within the                Company. |
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| ·                  | Senior                managers who wish to be candidate for municipal, state or federal                elections are requested to notify AmBev’s Board of Directors of their                intentions. |
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**Use      of Company’s assets**

| **Internet, AmBev’s Portal and                e-mail.** Our Internet systems, AmBev’s Portal (Intranet) and                e-mail belong exclusively to the company. The systems cannot, at                any given                time, be used to end or receive discriminatory or harassing messages,                to                forward messages, to handle obscene or distasteful material, to deal                with                commercial requests, nor may it in any other form infringe this Code                of                Business Conduct. All messages that are sent or received through                these                means belong to AmBev, having thus the legal right to use and disclose                them in case of litigation or legal                investigations.  |
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**CLIENTS,      SUPPLIERS, RESELLERS, COMPETITORS AND SHAREHOLDERS**

**Gifts      and payments**

**Conduct:**

| ·                  | Do                not accept gifts, favors, loans, special services, payments or special                treatment of any kind from people or organizations that do or try                to do                business with the Company. The following are exceptions: corporate                gifts                that are compatible with good business practices;; and when they                have a                symbolic value of up to US$10 (ten American                dollars). |
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| ·                  | In                case you receive a gifts, send the standard gratefulness letter that                is                available in the Code of Business Conduct at AmBev’s Portal (Useful                Links), and forward the gift to your manager. It must be preferably                returned or, if this is impossible, given to a charity institution                as                defined by the People & Management area at your Unit. For the cases                related to AC [Main Administration], send them to the Internal Corporative                Communication area, which will follow the same                procedure. |
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| ·                  | Expenses                with clients, suppliers, resellers, and shareholders, such as: meals,                transportation, lodging or entertainment can only be accepted in                case of                events related to the Company, for which the costs have already been                foreseen or approved. |
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**Conflicts      of Interest**

**The      employee must refrain from participating in any decision involving conflicts      of      interest, such as:**

| ·                  | Having                individual or familiar (1st                degree relatives: parents, brothers, sisters, spouses and sons or                daughters) participation in the business of any of the company’s suppliers                or clients,                unless an exception is authorized after full written disclosure of                the                facts to the AmBev Board of Directors. |
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| ·                  | Having                a substantial, individual or familiar participation in an organization                that negotiates or is willing to negotiate with the company, except                with                regard to shares in publicly traded companies, which may be held                by                employees for personal investment purposes.Employees                cannot seek to profit from confidential information or business                opportunities that are available to them as a result of their position                within the AmBev group. Neither should they use this information                in a                manner which can be detrimental to the AmBev                group. |
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| In case you have potential conflicts                of                interest, declare your impediment in the commitment agreement attached                to                this code and send an e-mail to                ouvidor@ambev.com.br. |
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**Clients      and Consumers**

**Our      Conduct:**

| ·                  | Our                clients deserve attention and                respect. |
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| ·                  | Do                not use AmBev’s name for your own benefit when dealing with                clients. |
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| ·                  | We                encourage consumers to drink                responsibly. |
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| ·                  | Consumers                are the company’s reason for existing. We must service them courteously,                efficiently and sincerely. |
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**Suppliers      and Resellers**

**Our      Conduct:**

| ·                  | Expect                from suppliers and resellers continuous quality improvement in their                services and relations with AmBev. |
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| ·                  | Allow                equal opportunities for all partners, regardless of their size or                geographic location. |
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| ·                  | Follow                the standards of the Supply area to contract                suppliers. |
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| ·                  | Be                an example! Stimulate your suppliers and resellers to adopt managing                practices that respect human dignity, ethics, and the preservation                of the                environment. |
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| ·                  | Look                for partners who are aligned with the ethical standards of the                Company. |
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| ·                  | All                requests from suppliers or resellers to use AmBev’s name or brands in                internal or external communication channels must be forwarded to                Institutional Marketing (AC). E-mail:                mktinstitucional@ambev.com.br. |
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**Competitors**

**Our      Conduct:**

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|         ·                    | Have                bravery and integrity! |
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| ·                   | Be                ethical. Do not comment with third parties, directly or indirectly,                things                that are related to competitors’ products or services which are not based                on real and proven facts, or which aim to tarnish competitors’ image                publicly. |
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| ·                   | Reject                all actions that may be interpreted as anticompetitive, monopolistic                or                contrary to international, national or local laws that regulate the                competitive practices of the                market. |
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**Shareholders**

**Our      Conduct:**

| ·                  | Contact                the Investor Relations area (ir@ambev.com.br) whenever there is a                request                for communication with shareholders or investors. This area is prepared                to                communicate in a precise, transparent and opportune manner, allowing                shareholders and investors to follow up the company’s activities and                performance. |
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| ·                  | Be                aware: protect and ensure the secrecy of information that has not                been                disclosed to the public yet, and which may interfere with the quotations                of our shares or have an influence on market movements and investment                decisions. |
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| ·                  | Respect                the rules of AmBev’s Manual of Disclosure and Use of Information and                Policy on Trading of Securities Issued by AmBev, designed to coordinate                the conduct of officers and collaborators of the company. (http://portal                -                Useful Links). |
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**GOVERNMENTAL      AND REGULATORY DEPARTMENTS, SOCIETY AND COMMUNITY, ACCOUNTING AND FINANCIAL      RECORDS**

**Governmental      and Regulatory Departments**

**Our      Conduct:**

| ·                  | Keep                yourself informed. Comply with the laws and rules. |
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| ·                  | Do                not allow any type of contribution, donation, favors or sending of                gifts                to public entities or government servants which aim at influencing                decision making. |
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**Press**

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**Our      Conduct:**

| ·                  | Never                give information and/or interviews without prior authorization of                the                External Communication area (e-mail: ~Comunicação                Externa(AC)/accomext@ambev.com.br). Besides being forbidden by the                Public                Relations Policy of the Company, inadequate communication may result                in                serious damage to AmBev’s name and                image. |
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| ·                  | Every                time you are contacted by the press, forward the call to External                Communication, which will handle the requests according to the Public                Relations Policy of the Company. |
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| ·                  | Inform                your team about the procedures to deal with the press. Remind them                that                nobody in the company is authorized to give information and/or interviews                without prior authorization of the External Communication                area. |
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| ·                  | Direct                your suppliers not to disclose any project made or being made with                the                Company. No service provider is authorized to talk about AmBev’s projects                without prior authorization of the External Communication area and                the                contracting area. |
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| ·                  | Limit                Company matters to the working environment. Do not talk about the                company’s projects in airplanes, restaurants or bars. You never know who                is standing beside you. |
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| ·                  | Whenever                an inadequate disclosure of news or information that affects AmBev’s image                is identified, inform the External Communication area                immediately. |
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| ·                  | For                the relations with mass communication media, and in case of interviews                related to your personal life, do not expose the Company’s name so as not                to associate AmBev’s image to your own                opinion. |
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**Class      representation associations and entities**

**Our      Conduct:**

| ·                  | We                are a democratic company. Our employees have all the right to participate                in the political activities and parties of their choice. But in order                to                do that, they cannot use their working hours, the company’s resources and                assets, or our trademark. |
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| ·                  | AmBev’s                People must respect differences! Politics- and political party-related                opinions must not be used to influence the career development of                any                employee. |
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| ·                  | Any                direct or indirect contribution by the Company to any political party,                committee or candidate for public office is strictly forbidden, unless                the                formal approval of AmBev’s Board of Directors has been obtained in                advance. |
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| ·                  | ()                We support actions that are directed to citizenship formation by                means of                sustainable development in the segments where the company acts, defending                human rights, social justice principles, and the                environment. |
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| ·                  | We                develop, promote and support environment awareness and education                programs                together with clients, suppliers, employees and the                community. |
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| ·                  | We                are an example within our own Company. In productive activities,                we                promote the rational use of natural resources, the preservation of                the                environment, recycling, and the reduction of waste. We also keep                our team                aware, trained and qualified so as to promote the continuous improvement                of our environmental performance. |
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| ·                  | We                guarantee compliance with the laws in force in the                country. |
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| ·                  | We                do not tolerate child labor or any other form of compulsory labor                in our                business or our suppliers. |
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| ·                  | We                guarantee the safety of our People. |
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| **Society, community and                  environment** AmBev always tries to awaken the interest of                  pro-active                  involvement of its People in our activities and actions that are                  directed                  to the social welfare of the communities that are close to our                  units, the                  protection of the environment, and the safety of our own                  premises.  |
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**Books,      Records and Controls**

**Our      Conduct:**

| ·                  | Our                books, records and controls must reflect all the components of the                transactions. Present the facts honestly and frankly: no transaction                shall                be entered into with the intention of it being documented or recorded                in a                deceptive manner, and no false or artificial documentation or book                entry                shall be made for any transaction. |
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| ·                  | The                involved employees are responsible for the quality of the disclosed                information, who must also zeal for the improvement and veracity                of all                transactions. |
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| ·                  | Any                employee having knowledge of, or information concerning, any unrecorded                fund or asset, any misappropriation of Company assets or any act                prohibited hereby shall report such matter promptly to his supervisor,                the                General Counsel or the Committee                for Business Conduct. |
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| ·                  | Do                not present forged data in order to fulfill individual performance                or                operational unit goals. |
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| ·                  | Fully                cooperate with our external and internal auditors. Information cannot                be                falsified or hidden under any                circumstance. |
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**FINANCIAL      MATTERS**

**Professionalism      and Credibility**

**Our      Conduct:**

| ·                  | Keep                proper professional standards for the documentation of accounting                and                financial affairs. |
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| ·                  | Keep                current on laws and regulations. Ask for legal advice when                necessary. |
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| ·                  | Do                not use any process or artifice in your personal operations that                is                destined to manipulate the quotations of assets or securities, whether                directly or indirectly, misleading third parties and aiming to obtain                financial advantage for yourself or someone                else. |
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| ·                  | When                detecting any type of violation to AmBev’s policy in the financial data                and business operations, report it immediately to the Committee for                Business Conduct. |
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**Disclosure**

| ·                  | As                a publicly-held company, AmBev must timely send all compulsory or                requested documents to the Brazilian Securities and Exchange Commission                (CMV) or the Securities and Exchange Commission                (SEC). |
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| ·                  | Remember                that imprecise or dishonest presentation of reports, inside and outside                AmBev, is absolutely forbidden, and may result in civil and criminal                damage to all employees and the company. This includes the presentation                of                information that has been intentionally organized in a dubious                manner. |
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| ·                  | Do                not present forged financial data in order to fulfill individual                performance or operational unit                goals. |
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**Confidential      Information**

| ·                  | The                following are confidential and proprietary information of AmBev:                its                financial information, programs, documents that refer to financial                models                and products, software, hardware and applications developed or being                used                by AmBev, even when the employee took part in its                development. |
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| ·                  | Keep                the secrecy. Restricted information cannot be transmitted to third                parties, or to employees in other areas in AmBev, regardless of their                hierarchical level. |
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| ·                  | Keep                all the documents of the area filed during the period as determined                by                law, according to the Document, Report and Back-Up Safekeeping Standard                of                the Financial Area. |
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**Without      your superior’s authorization, it is forbidden to:**

| ·                  | Transmit                to third parties via Internet confidential information that is related                to                the activities of the Financial                Area. |
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| ·                  | Allow                access to other information or operational systems, and databanks                that are                under your responsibility. |
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| **Responsibilities of our                leaders** The leaders of the Financial Area are responsible                for                keeping work teams with a variety of financial and operational skills,                such as: accounting and internal controls, financial planning, financial                analysis, treasury and taxes. The leaders must not exert pressure                on the                accounting team with regard to accounting estimates, aiming to have                influence on the financial results in an improper                manner. |
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**APPLICATION      AND RESPONSIBILITIES**

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**VIOLATIONS      OF THE CODE OF BUSINESS CONDUCT**

**IF      DOUBTS ARISE**

**CONTACTS**

**AmBev**

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**COMMITMENT      AGREEMENT**

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