Dividend and IOC

Shareholders are entitled to the mandatory dividend in each fiscal year, pursuant to Article 202 of the Brazilian Corporations Law and the Company’s Bylaws, corresponding to 40% (forty percent) of the net income for the fiscal year, adjusted in accordance with applicable law.

The dividend is declared by the Annual Shareholders’ Meeting based on management’s proposal and is paid on the dates and under the conditions established by such meeting.

Additionally, the Board of Directors may approve the distribution of dividends or interest on equity (JCP) based on profits determined in semiannual financial statements or in financial statements covering shorter periods, as well as from retained earnings or profit reserves reflected in the most recent annual or semiannual financial statements, in accordance with Article 204 of the Brazilian Corporations Law. Such distributions may be treated as an advance payment of the minimum mandatory dividend.

For further information, please refer to the Company’s Policy on Allocation of Results.

The following table shows the cash dividends and interest on shareholders’ equity paid by Ambev to its preferred and common shareholders since 2006:

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