ABEV Ambev SA

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. 

Form 20-F ___X___ Form 40-F _______

  Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.  

AMBEV S.A.

CNPJ No. 07.526.557/0001-00

NIRE 35.300.368.941

NOTICE TO SHAREHOLDERS

Ambev S.A. (the “ Company ”) hereby informs the shareholders and the market in general, in accordance with the guidelines established in the Circular Letter CVM/SEP/ Nº01/2017 , that it received from the minority shareholder Gaspart Participações S.A. the appointment of Mr. Aloisio Macário Ferreira de Souza, Brazilian citizen, married, bachelor of Science in Accounting, retired, bearer of the identity card RG No. 04.565.759-0, enrolled with the Individual Taxpayers’ Registry of the Ministry of Finance under No. 540.678.557-53, as a candidate for the position in the Board of Directors provided for in Article 141, § 4 ^th , I of Law No. 6,404/76.  The information and curriculum vitae of Mr. Aloisio Macário Ferreira de Souza sent by the mentioned shareholder are included in Annex I to this notice.

According to the call notice published on the date hereof, the ordinary and extraordinary general meetings that will deliberate on the election of the Board of Directors will be held, on first call, on April 28, 2017, at 2:00 p.m., at the Company’s headquarters.  Further information can be obtained with the Investor Relations Department, by telephone (11) 2122-1414 or email at ri@ambev.com.br .

São Paulo, March 29, 2017.

Ambev S.A.

Ricardo Rittes de Oliveira Silva

Chief Financial Officer and Investor Relations Officer