<SEC-DOCUMENT>0001292814-21-002351.txt : 20210518
<SEC-HEADER>0001292814-21-002351.hdr.sgml : 20210518
<ACCEPTANCE-DATETIME>20210518170603
ACCESSION NUMBER:		0001292814-21-002351
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20210331
FILED AS OF DATE:		20210518
DATE AS OF CHANGE:		20210518

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMBEV S.A.
		CENTRAL INDEX KEY:			0001565025
		STANDARD INDUSTRIAL CLASSIFICATION:	BEVERAGES [2080]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D5
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36165
		FILM NUMBER:		21937034

	BUSINESS ADDRESS:	
		STREET 1:		RUA DR. RENATO PAES DE BARROS, 1017
		STREET 2:		3 ANDAR PARTE
		CITY:			SAO PAULO
		STATE:			D5
		ZIP:			04530-000
		BUSINESS PHONE:		55(11)2122-1414

	MAIL ADDRESS:	
		STREET 1:		RUA DR. RENATO PAES DE BARROS, 1017
		STREET 2:		3 ANDAR PARTE
		CITY:			SAO PAULO
		STATE:			D5
		ZIP:			04530-000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	InBev Corporate Holdings Inc.
		DATE OF NAME CHANGE:	20121219
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>ambevsaitr1q21_6k.htm
<DESCRIPTION>AMBEVSAITR1Q21_6K
<TEXT>
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<HR SIZE="2" NOSHADE ALIGN="LEFT" COLOR="Black" STYLE="width: 100%">

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE="2" NOSHADE ALIGN="CENTER" COLOR="Black" STYLE="width: 21%">

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 6-K</B></P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Report of Foreign Private Issuer<BR>
Pursuant to Rule 13a-16 or 15d-16 of the</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Securities Exchange Act of 1934</P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>For the month of May, 2021</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Commission File Number 1565025</B></P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE="2" NOSHADE ALIGN="CENTER" COLOR="Black" STYLE="width: 21%">

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>AMBEV S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in its
charter)</P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>AMBEV S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Translation of Registrant's name into English)</P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Rua Dr. Renato Paes de Barros, 1017 - 3rd
Floor<BR>
04530-000 S&atilde;o Paulo, SP<BR>
Federative Republic of Brazil</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of principal executive office)</P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center">Indicate by check mark whether the
registrant files or will file annual reports under cover Form 20-F or Form 40-F.&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center"><BR>
Form 20-F ___X___ Form 40-F _______</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 13.5pt">&nbsp;</FONT><FONT STYLE="font-size: 12pt">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.&nbsp;</FONT><FONT STYLE="font-size: 13.5pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Yes _______ No ___X____</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 21pt Georgia, Times, Serif; margin: 0"><B>Ambev S.A.</B></P>

<P STYLE="font: 13pt Georgia, Times, Serif; margin: 0"><B>Unaudited interim consolidated</B></P>

<P STYLE="font: 13pt Georgia, Times, Serif; margin: 0"><B>financial statements at<BR>
March 31, 2021<BR>
and report on review </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 13pt/95% Georgia, Times, Serif; margin: 0"><IMG SRC="pwclogo_001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 13pt/95% Georgia, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 13pt/95% Georgia, Times, Serif; margin: 0"><B>Report on review of interim </B></P>

<P STYLE="font: 13pt/95% Georgia, Times, Serif; margin: 0"><B>consolidated financial statements</B></P>

<P STYLE="font: 10pt/95% Georgia, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/95% Georgia, Times, Serif; margin: 0">To the Board of Directors and Shareholders</P>

<P STYLE="font: 10pt/95% Georgia, Times, Serif; margin: 0">Ambev S.A.</P>

<P STYLE="font: 10pt/95% Georgia, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/95% Georgia, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/95% Georgia, Times, Serif; margin: 0"><B>Introduction</B></P>

<P STYLE="font: 10pt/95% Georgia, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/95% Georgia, Times, Serif; margin: 0">We have reviewed the accompanying interim consolidated balance sheet of Ambev
S.A. and its subsidiaries (&quot;Company&quot;) as at March 31, 2021 and the related interim consolidated statements of income, comprehensive
income, changes in equity and cash flows for the quarter then ended, and a summary of significant accounting policies and other explanatory
notes.</P>

<P STYLE="font: 10pt/95% Georgia, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/95% Georgia, Times, Serif; margin: 0">Management is responsible for the preparation and fair presentation of these
interim consolidated financial statements in accordance with International Accounting Standard (IAS) 34 - Interim Financial Reporting,
issued by the International Accounting Standards Board (IASB). Our responsibility is to express a conclusion on these interim consolidated
financial statements based on our review.</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/95% Georgia, Times, Serif; margin: 0"><B>Scope of review</B></P>

<P STYLE="font: 10pt/95% Georgia, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/95% Georgia, Times, Serif; margin: 0">We conducted our review in accordance with International Standards on Reviews
of Interim Financial Information (ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity).
A review of interim information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and
applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International
Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that
might be identified in an audit. Accordingly, we do not express an audit opinion.</P>

<P STYLE="font: 10pt/95% Georgia, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/95% Georgia, Times, Serif; margin: 0"><B>Conclusion </B></P>

<P STYLE="font: 10pt/95% Georgia, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">Based on our review, nothing has come to our attention that causes us to believe
that the accompanying interim consolidated financial statements is not prepared, in all material respects, in accordance with <FONT STYLE="background-color: white">International
Accounting Standard (IAS) 34 - Interim Financial Reporting issued by the International Accounting Standards Board (IASB)</FONT>.</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">S&atilde;o Paulo, May 18, 2021&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">PricewaterhouseCoopers</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">Auditores Independentes</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">CRC 2SP000160/O-5</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">Alessandro Marchesino de Oliveira</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">Contador CRC 1SP265450/O-8</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Georgia, Times, Serif; margin: 0"><I>PricewaterhouseCoopers, Av. Francisco Matarazzo 1400, Torre Torino, S&atilde;o
Paulo, SP, Brasil, 05001-903, Caixa Postal 60054, T: +55 (11) 3674 2000</I>, www.pwc.com.br</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: #E0E0E0"></P>




<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Interim Consolidated Balance Sheet</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand
of Brazilian Reais unless otherwise stated</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 56%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Note</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 20%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 17%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>12/31/2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">5</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">17,286,068</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">17,090,335</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Investment securities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">6</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,049,628</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,700,028</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">22</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">637,404</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">505,933</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Trade receivable</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3,357,889</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">4,303,138</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Inventories</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">7</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">9,698,229</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">7,605,905</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Income tax and social contributions recoverable</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,639,176</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,759,247</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Recoverable taxes</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">8</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,366,802</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,527,895</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Other assets</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,024,665</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">850,133</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>37,059,861</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>35,342,614</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Investment securities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">6</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">218,335</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">213,907</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">22</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">380</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3,403</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Income tax and social contributions recoverable</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">4,362,349</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">4,495,002</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Recoverable taxes</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">8</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">5,697,748</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">5,695,806</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Deferred tax assets</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">9</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">5,926,253</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">4,560,808</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Other assets</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,127,921</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,141,596</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Employee benefits</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">36,928</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">33,648</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Investments in joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">341,043</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">337,427</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Property, plant and equipment</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">10</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">26,676,905</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">24,768,355</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Intangible</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">8,363,842</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">7,580,556</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Goodwill</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">11</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">42,606,266</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">40,023,457</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Non-current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>96,357,970</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>89,853,965</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>133,417,831</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>125,196,579</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying notes are an integral part of these
interim consolidated financial statements.</P>

<P STYLE="font: 10pt/108% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/108% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/108% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Interim Consolidated Balance Sheet (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand
of Brazilian Reais unless otherwise stated</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 59%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Equity and liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Note</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 19%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 16%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>12/31/2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Trade payables</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">20,816,270</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">19,339,223</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">22</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">542,497</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">329,768</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Interest-bearing loans and borrowings</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">12</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,598,909</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,738,773</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Wages and salaries</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,287,634</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">925,531</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Dividends and interest on shareholders&rsquo; equity payable</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,325,042</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,454,741</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Income tax and social contribution payable</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,226,294</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,167,347</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Taxes and contributions payable</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,401,741</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">4,549,521</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Other liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,543,685</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,848,148</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Provisions</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">13</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">138,649</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">124,912</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>31,880,721</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>33,477,964</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Trade payables</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">693,280</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">655,872</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">22</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">20</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Interest-bearing loans and borrowings</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">12</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,428,252</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,053,455</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Deferred tax liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">9</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3,439,366</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3,043,362</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Income tax and social contribution payable</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,863,107</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,912,658</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Taxes and contributions payable</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">686,931</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">684,260</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Put option granted on subsidiaries and other liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">4,543,738</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">4,226,731</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Provisions</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">13</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">445,429</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">447,086</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Employee benefits</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3,806,612</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3,544,047</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>17,906,715</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>16,567,491</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>49,787,436</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>50,045,455</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Equity</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">14</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Issued capital</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">57,973,874</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">57,899,073</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Reserves</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">80,897,817</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">80,905,572</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Carrying value adjustments</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(60,048,273)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(64,989,017)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Retained earnings / (losses)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3,220,705</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Equity attributable to the equity holders of Ambev</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>82,044,123</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>73,815,628</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Non-controlling interests</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,586,272</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,335,496</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total equity</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>83,630,395</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>75,151,124</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total equity and liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>133,417,831</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>125,196,579</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying notes are an integral part of these
interim consolidated financial statements.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Interim Consolidated Statements of Income</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand
of Brazilian Reais unless otherwise stated</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 51%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Note</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 19%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 19%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Net sales</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">16</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">16,639,761</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">12,602,597</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Cost of sales</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(7,945,330)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(5,643,189)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>8,694,431</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>6,959,408</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Distribution expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2,129,593)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,851,313)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Sales and marketing expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,445,040)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,555,539)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&lt;root/&gt; Administrative expenses</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,234,059)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(665,346)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Other operating income/(expenses), net</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">17</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">177,940</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">171,269</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Exceptional items</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">18</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(71,425)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(24,075)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Income from operations</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>3,992,254</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>3,034,404</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Finance expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">19</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,444,395)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,782,643)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Finance income</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">19</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">380,095</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">245,776</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Net finance result</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(1,064,300)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(1,536,867)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Share of results of joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(12,546)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(6,617)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Income before income tax</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2,915,408</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,490,920</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Income tax expense</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">20</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(182,097)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(279,668)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Net income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2,733,311</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,211,252</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Attributable to:</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Equity holders of Ambev</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,625,412</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,091,784</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Non-controlling interest</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">107,899</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">119,468</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Basic earnings per share - common - R$</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">0.1668</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">0.0694</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Diluted earnings per share - common - R$</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">0.1654</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">0.0688</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/108% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying notes are an integral part of these
interim consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Interim Consolidated Statements of Comprehensive Income</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand
of Brazilian Reais unless otherwise stated</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 74%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Net income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2,733,311</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,211,252</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Items that will not be reclassified to profit or loss:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Recognition of actuarial gains/(losses)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(56,151)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(4,754)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Items that may be subsequently reclassified to profit or loss:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Exchange differences on the translation of foreign operations (gains/(losses))</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Investment hedge - put option granted on subsidiaries</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(163,002)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(574,974)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Gains/losses on translation of other foreign operations </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">4,687,468</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">8,054,805</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-indent: 36.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Gains/losses on translation of foreign operations </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>4,524,466</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>7,479,831</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Cash flow hedge - gains/(losses)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Recognized in Equity (Hedge reserve)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,048,776</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">898,514</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 30.2pt; layout-grid-mode: line; text-indent: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Reclassified from Equity (Hedge reserve) and included in profit or loss</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(391,456)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(355,682)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-indent: 36.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total cash flow hedge</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>657,320</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>542,832</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Other comprehensive (loss)/income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>5,125,635</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>8,017,909</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total comprehensive income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>7,858,946</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>9,229,161</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Attributable to:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;&nbsp;&nbsp;Equity holders of Ambev</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">7,565,774</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">8,734,835</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;&nbsp;&nbsp;Non-controlling interest</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">293,172</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">494,326</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying notes are an integral part of these
interim consolidated financial statements. The consolidated statements of comprehensive income are presented net of income tax. The income
tax effects of these items are disclosed in Note 9 - <I>Deferred income tax and social contribution.</I></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Interim Consolidated Statements of Changes in Equity</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian
Reais unless otherwise stated</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;Attributable to equity holders of Ambev </B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 30%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;Capital </B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;Capital reserves </B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;Net income reserves </B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;Retained earnings </B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Carrying value adjustments</B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;Total </B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 11%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Non-controlling interests</B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total equity</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>At January 1, 2020</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>57,866,759</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>54,811,462</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>20,874,268</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(72,274,464)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>61,278,025</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,277,980</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>62,556,005</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;Net Income </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,091,784</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,091,784</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">119,468</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,211,252</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><I>Comprehensive income:</I></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Gains/(losses) on the translation of foreign operations</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">7,103,805</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">7,103,805</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">376,026</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">7,479,831</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Cash flow hedges</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">543,944</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">543,944</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,112)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">542,832</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Actuarial gains/(losses)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(4,698)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(4,698)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(56)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(4,754)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total comprehensive income </B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,091,784</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>7,643,051</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>8,734,835</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>494,326</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>9,229,161</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Capital increase (Note 14)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">32,314</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(32,314)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Effect of application of IAS 29 (hyperinflation)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">300,195</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">300,195</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(566)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">299,629</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Gains/(losses) of controlling interest</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(756)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(756)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,109</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">353</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Tax on deemed dividends</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(772)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(772)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(772)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Dividends paid</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(23,685)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(23,685)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Purchases of shares and results from treasury shares</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2,150)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2,150)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2,150)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Share-based payments</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">50,529</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">50,529</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">50,529</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>At March 31, 2020</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>57,899,073</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>54,827,527</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>20,874,268</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,391,979</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(64,632,941)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>70,359,906</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,749,164</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>72,109,070</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;The accompanying notes are an integral part of these interim consolidated
financial statements.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Interim Consolidated Statements of Changes in Equity</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian
Reais unless otherwise stated</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;Attributable to equity holders of Ambev </B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 33%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Capital</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Capital reserves</B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Net income reserves</B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Retained earnings</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Carrying value adjustments</B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Non-controlling interests</B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total equity</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>At January 1, 2021</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>57,899,073</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>54,985,511</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>25,920,061</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(64,989,017)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>73,815,628</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,335,496</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>75,151,124</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;Net Income </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,625,412</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,625,412</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">107,899</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,733,311</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><I>Comprehensive income:</I></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Gains/(losses) on the translation of foreign operations</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">4,340,712</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">4,340,712</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">183,754</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">4,524,466</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Cash flow hedges</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">655,880</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">655,880</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,440</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">657,320</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Actuarial gains/(losses)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(56,230)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(56,230)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">79</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(56,151)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total comprehensive income </B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2,625,412</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>4,940,362</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>7,565,774</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>293,172</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>7,858,946</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Capital increase (Note 14)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">74,801</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(74,333)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">468</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">468</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Effect of application of IAS 29 (hyperinflation)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">595,293</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">595,293</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,236)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">594,057</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Gains/(losses) of controlling interest</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">382</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">382</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">382</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Dividends paid</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(41,160)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(41,160)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Purchases of shares and results from treasury shares</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(32,061)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(32,061)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(32,061)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Share-based payments</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">98,639</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">98,639</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">98,639</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>At March 31, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>57,973,874</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>54,977,756</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>25,920,061</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>3,220,705</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(60,048,273)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>82,044,123</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,586,272</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>83,630,395</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/108% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt/108% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt/108% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">The accompanying notes are
an integral part of these interim consolidated financial statements.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Interim Consolidated Statements of Cash Flows</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><B>For the period ended March 31</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian
Reais unless otherwise stated</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 72%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Note</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 11%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 11%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Net income</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,733,311</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,211,252</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Depreciation, amortization and impairment</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,263,530</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,174,012</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Impairment losses on receivables and inventory</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">27,251</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">53,540</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Additions/(reversals) in provisions and employee benefits</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">26,237</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">19,373</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Net finance costs</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">19</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,064,300</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,536,867</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Losses/(gains) on sale of property, plant and equipment and intangible assets</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(27,848)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(27,337)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Equity-settled share-based payment expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">21</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">105,142</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">51,797</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Income tax expense</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">20</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">182,097</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">279,668</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Share of result of joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">12,546</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">6,617</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Other non-cash items included in profit</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(427,211)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(346,778)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Cash flow from operating activities before changes in working capital and use of provisions</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>4,959,355</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>3,959,011</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(Increase)/decrease in trade and other receivables</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,464,781</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,665,860</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(Increase)/decrease in inventories</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,722,216)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,142,700)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Increase/(decrease) in trade and other payables</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(523,867)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2,518,292)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Cash generated from operations</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>4,178,053</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2,963,879</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Interest paid</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(56,234)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(132,971)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Interest received</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">54,250</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">133,746</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Dividends received</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,740</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">937</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Income tax paid</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,341,951)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,421,534)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Cash flow from operating activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2,836,858</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,544,057</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Proceeds from sales of property, plant and equipment and intangible assets</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">39,744</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">30,232</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Proceeds from sales of subsidiaries operations</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">382</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Acquisitions of property, plant and equipment and intangible assets</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,327,335)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,346,319)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Acquisitions of subsidiaries, net of cash acquired</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(89,036)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(279,327)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Acquisitions of other investments</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2,645)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Investments in short term debt securities and net proceeds/(acquisitions) of debt securities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(349,075)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(75,278)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Net proceeds/(acquisitions) of other assets</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">5,044</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Cash flow from investing activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(1,722,921)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(1,670,692)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Capital increase</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">468</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Capital increase/(decrease) of non-controlling interest</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">659</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Proceeds/(repurchases) of treasury shares</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(38,426)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(4,467)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Proceeds from borrowings</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">107,120</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">86,549</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Repayment of borrowings</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(434,663)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(46,938)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Cash net of finance costs other than interests</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">54,697</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(8,147)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Payment of lease liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(225,837)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(128,690)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Dividends and interest on shareholders equity paid</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,241,110)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(46,548)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Cash flow from financing activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(1,777,751)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(147,582)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Net increase/(decrease) in cash and cash equivalents</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(663,814)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(274,217)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Cash and cash equivalents less bank overdrafts at the beginning of the year <SUP>(i)</SUP></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>17,090,335</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>11,900,642</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Effect of exchange rate fluctuations on cash and cash equivalents</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>859,547</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,578,047</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Cash and cash equivalents less bank overdrafts at the end of the year <SUP>(i)</SUP></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>17,286,068</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>13,204,472</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">(i) Net of guaranteed account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The accompanying notes are an integral part of these interim consolidated
financial statements.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand
of Brazilian Reais unless otherwise stated</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 8pt/115% Cambria, Times, Serif; margin: 0; color: #365F91">&nbsp;</P>

<P STYLE="font: bold 8pt/115% Cambria, Times, Serif; margin: 0; color: #365F91">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; width: 10%; text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>1.</B>&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 80%; text-align: left; text-indent: 0; padding-top: 0in; padding-bottom: 5pt; padding-left: 0"><B>CORPORATE INFORMATION</B></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 5pt">11</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>2.</B>&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0; padding-top: 0in; padding-bottom: 5pt; padding-left: 0"><B>STATEMENT OF COMPLIANCE</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">15</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>3.</B>&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0; padding-top: 0in; padding-bottom: 5pt; padding-left: 0"><B>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">16</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>4.</B>&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0; padding-top: 0in; padding-bottom: 5pt; padding-left: 0"><B>USE OF ESTIMATES AND JUDGMENTS</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">16</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>5.</B>&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0; padding-top: 0in; padding-bottom: 5pt; padding-left: 0"><B>CASH AND CASH EQUIVALENTS</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">18</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>6.</B>&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0; padding-top: 0in; padding-bottom: 5pt; padding-left: 0"><B>INVESTMENT SECURITIES</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">18</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>7.</B>&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0; padding-top: 0in; padding-bottom: 5pt; padding-left: 0"><B>INVENTORY</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">19</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>8.</B>&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0; padding-top: 0in; padding-bottom: 5pt; padding-left: 0"><B>RECOVERABLE TAXES</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">19</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>9.</B>&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0; padding-top: 0in; padding-bottom: 5pt; padding-left: 0"><B>DEFERRED INCOME TAX AND SOCIAL CONTRIBUTION</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">19</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>10.</B>&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0; padding-top: 0in; padding-bottom: 5pt; padding-left: 0"><B>PROPERTY, PLANT AND EQUIPMENT</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">22</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>11.</B>&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0; padding-top: 0in; padding-bottom: 5pt; padding-left: 0"><B>GOODWILL</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">24</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>12.</B>&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0; padding-top: 0in; padding-bottom: 5pt; padding-left: 0"><B>INTEREST-BEARING LOANS AND BORROWING</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">25</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>13.</B>&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0; padding-top: 0in; padding-bottom: 5pt; padding-left: 0"><B>PROVISIONS</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">27</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>14.</B>&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0; padding-top: 0in; padding-bottom: 5pt; padding-left: 0"><B>CHANGES IN EQUITY</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">29</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>15.</B>&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0; padding-top: 0in; padding-bottom: 5pt; padding-left: 0"><B>SEGMENT REPORTING</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">34</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>16.</B>&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0; padding-top: 0in; padding-bottom: 5pt; padding-left: 0"><B>NET SALES</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">36</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>17.</B>&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0; padding-top: 0in; padding-bottom: 5pt; padding-left: 0"><B>OTHER OPERATING INCOME / (EXPENSES)</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">37</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>18.</B>&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0; padding-top: 0in; padding-bottom: 5pt; padding-left: 0"><B>EXCEPTIONAL ITEMS</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">37</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>19.</B>&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0; padding-top: 0in; padding-bottom: 5pt; padding-left: 0"><B>FINANCE EXPENSES AND INCOME</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">37</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>20.</B>&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0; padding-top: 0in; padding-bottom: 5pt; padding-left: 0"><B>INCOME TAX AND SOCIAL CONTRIBUTION</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">38</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>21.</B>&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0; padding-top: 0in; padding-bottom: 5pt; padding-left: 0"><B>SHARE-BASED PAYMENTS</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">40</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>22.</B>&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0; padding-top: 0in; padding-bottom: 5pt; padding-left: 0"><B>FINANCIAL INSTRUMENTS AND RISKS</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">42</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>23.</B>&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0; padding-top: 0in; padding-bottom: 5pt; padding-left: 0"><B>COLLATERAL AND CONTRACTUAL COMMITMENTS WITH SUPPLIERS, ADVANCES FROM CUSTOMERS AND OTHERS</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">57</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>24.</B>&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0; padding-top: 0in; padding-bottom: 5pt; padding-left: 0"><B>CONTINGENCIES</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">57</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>25.</B>&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0; padding-top: 0in; padding-bottom: 5pt; padding-left: 0"><B>NON-CASH ITEMS</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">61</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -35.45pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 35.45pt"><B>26.</B>&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0; padding-top: 0in; padding-bottom: 5pt; padding-left: 0"><B>RELATED PARTIES</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">61</TD></TR>
</TABLE>
<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 12pt"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>CORPORATE INFORMATION</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/110% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/110% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt"><B>(a)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>Description of business</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">Ambev S.A. (referred to as the &ldquo;Company&rdquo;
or &ldquo;Ambev&rdquo;) together with its subsidiaries (the &ldquo;Group&rdquo; or &ldquo;Consolidated&rdquo;), headquartered in S&atilde;o
Paulo - SP, Brazil, has as its purpose, either directly or through participation in other companies, the production and sale of beer,
draft beer, soft drinks, other non-alcoholic beverages, malt and food in general, as well as the advertising of its own and of third-party
products; the sale of promotional and advertising materials; and the direct or indirect exploitation of bars, restaurants, snack bars
and similar establishments, among others.</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&rsquo;s shares and American Depositary
Receipts (&ldquo;ADRs&rdquo;) are listed on the Brasil, Bolsa, Balc&atilde;o S.A. (&ldquo;B3&rdquo;) under the ticker &ldquo;ABEV3&rdquo;
and on the New York Stock Exchange (&ldquo;NYSE&rdquo;) under the ticker &ldquo;ABEV&rdquo;, respectively.</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&rsquo;s direct controlling shareholders
are Interbrew International B.V. (&ldquo;ITW International&rdquo;), AmBrew S.&agrave;.r.l (&ldquo;Ambrew&rdquo;), both of which are subsidiaries
of Anheuser-Busch InBev N.V. (&ldquo;AB InBev&rdquo;) and Funda&ccedil;&atilde;o Antonio e Helena Zerrenner Institui&ccedil;&atilde;o
Nacional de Benefic&ecirc;ncia (&ldquo;Funda&ccedil;&atilde;o Zerrenner&rdquo;).</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">The interim financial statements were approved,
in their final form, by the Board of Directors on May 05, 2021.</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/110% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt"><B>(b)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>Major corporate events in 2021 and 2020 </B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/110% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>COVID-19 impacts</B></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">The outbreak of the novel coronavirus (SARS-CoV-2
or &ldquo;COVID-19&rdquo;) on a global scale has increased the volatility of the national and international markets, affecting the economies
of the countries in which we operate and, consequently, the results of our operations. The response to the COVID-19 pandemic has evolved
rapidly across the globe in a fluid and uncertain manner, including voluntary and, in some cases, mandatory quarantines, restrictions
on travel, commercial and social activities, and ban on the distribution, sale and consumption of alcoholic beverages in some countries
where we operate. Many of these measures directly affect our sales, distribution and final consumer demand for our products.</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">The impact of the pandemic on our operations
and the restrictions imposed in response by national governments, especially since March 2020, have generated, significant changes in
market dynamics both in the off-trade sales channel, composed of supermarkets, and in the on-trade channel, which is composed of bars
and restaurants. In countries with higher levels of income, more mature beer markets and a greater weighting towards the off-trade sales
channel, such as Canada, the negative impact on the sales volume has&nbsp;been smaller. On the other hand, in countries with lower income
levels and less mature beer markets, volume has been impacted according to the market segmentation between the on-trade and off-trade
channels. In those cases, the reduction in volume is higher depending on the weighting of the on-trade channel. In all the cases, the
more severe the restrictions on the sale and consumption of our products, the greater the reduction in volume, which&nbsp;is why Bolivia
and Panama were among the worst-affected countries. On the other hand, we observed an increase in sales related to e-commerce in all countries;
although this channel represents a small portion of the Company's total volume.</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">During the first quarter
of 2021, the consistency in the implementation of the Company's strategy and the relaxation of restrictions in some regions during the
first two months of this first quarter, led to a gradual increase in volumes across most of our operations, especially in Brazil. However,
the restrictions imposed in March 2021, especially in Brazil, on commercial and operating activities, social distancing, production and
consumption of alcoholic beverages had a partially impact in the result of the second half of March. Although the restrictions are considered
temporary, there is some uncertainty regarding the duration and likelihood of further government interventions or increase in restrictions,
as well as the economic effects on financial markets and exchange rates. Those impacts may result in material adverse impacts on our business,
liquidity, financial condition, and the outcome of operations, as well as volatility in the trading prices of our shares. However, we
are continuing to manage our liquidity and capital resources in a disciplined manner. Management have concluded that there are no substantial
doubts regarding the Company's ability to continue as a going concern.</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">As required by IAS 1 -
<I>Presentation of Financial Statements</I>, the Company updated the analysis of the impact of COVID-19, as at March 31, 2021, which mainly
involved, (i) a review of the assumptions of the annual impairment test, as described in Note 11 - <I>Goodwill</I>, (ii) an analysis of
possible credit losses and inventory obsolescence, (iii) an analysis of the recoverability of deferred taxes, and (iv) the evaluation
of the relevant estimates used for the preparation of the interim financial statements, among other analyses.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">Any impacts arising from these analyses are reflected
in the interim financial statements and Explanatory Notes. In addition, due to the protective actions taken for our staff and the donations
made by our community, the Company incurred exceptional expenses of R$31,051, at March 31, 2021, as reported in Note 18 - <I>Exceptional
items</I>.</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>Share buyback program</B></P>

<P STYLE="font: 12pt/112% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board of Directors, in a meeting held on
March 18, 2021, approved, pursuant to article 30, Paragraph 1st, &ldquo;b&rdquo;, of Law 6,404/76 and CVM Instruction 567/15, a share
buyback program of shares issued by the Company (&ldquo;Program&rdquo;) up to the limit of 5,700,000 common shares, with the primary purpose
of covering any share delivery requirements contemplated in the Company's share-based compensation plans or to be held in treasury, canceled
and/or subsequently transferred. The program will be in effect until September 18, 2022, as detailed in the Notice Regarding the Negotiation
of Shares Issued by the Company, together with other information, in the form of Exhibit 30-XXXVI of CVM Instruction No. 480/09 as disclosed
at March 18, 2021. The Company has 4,357,308,131 outstanding shares as defined in CVM Instruction 567/15. The acquisition will occur as
per a deduction of the capital reserve account recorded in the balance sheet dated as at December 31, 2020. The transaction will be carried
out through one or more of the following financial institutions: UBS Brasil Corretora de C&acirc;mbio, T&iacute;tulos e Valores Mobili&aacute;rios
S.A. and Ita&uacute; Corretora de Valores S.A..</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>Renegotiation of Tenedora&rsquo;s shareholders agreement</B></P>

<P STYLE="font: 12pt/112% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company and E. Le&oacute;n Jimenes, S.A.
(&ldquo;ELJ&rdquo;), as the shareholders of Tenedora CND, S.A. (&ldquo;Tenedora&rdquo;), a holding company headquartered in the Dominican
Republic, the owner of almost the entire share capital of Cervecer&iacute;a Nacional Dominicana, S.A., on July 2, 2020, signed the second
amendment to Tenedora&rsquo;s Shareholders Agreement (the &ldquo;Shareholders Agreement&rdquo;), extending their partnership in the country
and postponing the terms of the put and call options defined in the original Agreement. ELJ is currently the owner of 15% of Tenedora&rsquo;s
shares, and its put option is now divided into two tranches: (i) Tranche A, corresponding to 12.11% of the shares, exercisable in 2022,
2023 and 2024; and (ii) Tranche B, corresponding to 2.89% of the shares, exercisable starting in 2026. The Company, on the other hand,
has a call option over the Tranche A shares exercisable starting in 2021 and of the Tranche B shares to be exercised starting in 2029.
Until March 31, 2021, there were no exercises for these options. The details of the assumptions used for this option are described in
Note 22 (Item IV (d)).</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
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<P STYLE="font: 6pt/112% Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/112% Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: justify"><B>Distribution agreement Cervecer&iacute;a
Chile S.A.</B></P>

<P STYLE="font: 12pt/112% Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: justify">On August 16, 2020, Cervecer&iacute;a
Chile S.A., a Chilean subsidiary of the Company, entered into a long-term distribution agreement with Embotelladora Andina S.A., Coca-Cola
Embonor S.A. and Embotelladora Iquique S.A. (the &ldquo;Distributors&rdquo;), by which the Distributors were granted the right to sell
and distribute certain products within the Company&rsquo;s portfolio, with exclusivity in specific zones and sales channels in Chile.</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Addendum to the agreement with PepsiCo Bolivia</B></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">The long-term agreement with PepsiCo, under which
the Cervecer&iacute;a Boliviana Nacional, a subsidiary of the Company in Bolivia, has the exclusive right to produce, sell and distribute
certain brands from PepsiCo&rsquo;s portfolio in Bolivia, was amended in June 1, 2020, extending the agreement for a further ten years
and reflecting certain changes in the trade agreement between the parties.</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>New acquisitions </B></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 22, 2020, the Company, through its
subsidiary Labatt Brewing Company Limited, acquired G&amp;W Distilling Inc., a company that produces a portfolio of ready-to-drink alcoholic
beverages.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><B>Exchange contracts for future
financial flows - Equity Swaps</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 19, 2019, the Board of Directors
of Ambev approved the execution, by the Company or its subsidiaries, of equity swap contracts through financial institutions to be defined
by the Company's management, having as an underlying asset the shares issued by the Company or American Depositary Receipts (ADRs), without
impacting the liquidation, within the regulatory term, of the contracts still in force. The settlement of the new approved equity-swap
contracts will occur within a maximum period of 18 months from the date of approval, and such contracts could result in exposure of up
to 80 million common shares (all or part of which may be in the form of ADRs), up to a value limit of R$1.5 billion.</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">On May 13, 2020, the Board of Directors of Ambev
approved new equity-swap contracts, without impact on the liquidation of the equity-swap contracts still in force over the applicable
terms. The settlement of the new approved equity-swap contracts will occur over a maximum term of 18 months from the date
of approval, and such contracts may lead to exposure of up to 65 million common shares (all or part of which may be in the form of ADRs),
up to a value limit of R$1.0 billion.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 6pt/110% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 9, 2020, the Board of Directors of
Ambev approved new equity-swap contracts, without impact on the liquidation, of the equity-swap contracts still in force over the applicable
terms. The settlement of the new approved equity-swap contracts will occur over a maximum term of 18 months from the date of approval,
and such contracts may lead to exposure of up to 80 million common shares (all or part of which may be in the form of ADRs), up to a value
limit of R$1.2 billion, in addition to contracts already executed in the context of the approvals of December 19, 2019 and May 13, 2020,
and which have not yet been settled as at the date of approval, may result in an exposure of up to 137,014,453 common shares (some or
all of which may be in the form of ADRs).</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/110% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 12pt"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>STATEMENT OF COMPLIANCE</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">The consolidated interim financial statements
have been prepared using the going-concern accounting basis and are being presented in accordance with IAS 34 - <I>Interim Financial Reporting</I>
as issued by the International Accounting Standards Board (&ldquo;IASB&rdquo;).</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">The information does not meet all disclosure
requirements for the presentation of full annual financial statements and thus should be read in conjunction with the consolidated financial
statements prepared in accordance with International Financial Reporting Standards (&ldquo;IFRS&rdquo;) for the year ended December 31,
2020. To avoid duplication of disclosures which are included in the annual financial statements, the following notes were not subject
to full filling:</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/110% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Summary of significant accounting policies (Note 3);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/110% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Trade receivables (Note 20);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/110% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Investments securities (Note 16);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/110% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Intangibles (Note 15);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/110% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Goodwill (Note 14);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/110% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Trade payables (Note 26);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/110% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Interest-bearing loans and borrowings (Note 23);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/110% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Employee benefits (Note 24);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/110% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Changes in equity (Note 22);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/110% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">(j)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Additional information on operating expenses by nature (Note 10);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/110% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">(k)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Payroll and related benefits (Note 09); </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/110% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">(l)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Contingencies (Note 30);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(m)</TD><TD STYLE="text-align: justify">Group companies (Note 33); and</TD></TR></TABLE>





<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/110% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">(n)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Insurance (Note 34)</FONT></TD></TR></TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/110% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 12pt"><B>3.</B></FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">There were no significant changes in the accounting
policies and calculation methods used for the interim financial statements as at March 31, 2021 compared to those presented in the financial
statements for the years ended December 31, 2020.</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt"><B>(a)</B></FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>Basis of preparation and measurement</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="color: windowtext">The interim
financial statements are presented in </FONT>thousands <FONT STYLE="color: windowtext">of Brazilian Reais (&ldquo;R$&rdquo;), unless otherwise
indicated, rounded to the nearest thousand. The measurement basis used in preparing the interim financial statements is the historical
cost, net realizable value, fair value or recoverable amount.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt"><B>(b)</B></FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>Recently issued IFRS</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">There were no new standards for the period ended
March 31, 2021 for the preparation of these interim financial statements.</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>Other Standards, Interpretations and
Amendments to Standards </B></P>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">There are no other Standards, Interpretations
and/or Amendments to Standards that are not in force and that the Company expects to have a material impact resulting from their application
in interim consolidated financial statements on the entity in the current or future reporting periods, or on foreseeable future transactions.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/110% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 12pt"><B>4.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>USE OF ESTIMATES AND JUDGMENTS</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The preparation of interim financial statements
in compliance with IFRS requires Management to make use of judgments, estimates and assumptions that affect the application of accounting
practices and the reported amounts of assets and liabilities, income and expenses. The estimates and assumptions are based on past experience
and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for decision-making
regarding judgments regarding the carrying amounts of assets and liabilities that are not readily evident from other sources. The actual
results may differ from these estimates.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The estimates and assumptions are reviewed
on a regular basis. Changes in accounting estimates may affect the period during which they are realized, or future periods.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Although each significant accounting policy
reflects judgments, assessments or estimates, the Company believes that the following accounting practices reflect the most critical judgments,
estimates and assumptions that are important to its business operations and the understanding of its results:</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">(i) Predecessor basis of accounting;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">(ii) Business combinations;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">(iii) Impairment;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">(iv) Provisions;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">(v) Share-based payments;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">(vi) Employee benefits;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">(vii) Current and deferred tax;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">(viii) Joint arrangements;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">(ix) Measurement of financial instruments, including
derivatives;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">(x) Assets and liabilities recognition related
to extemporaneous tax credits and&nbsp;debits;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">(xi) Accounting and financial reporting in hyperinflationary
economies; and</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">(xii) Leases.</P>

<P STYLE="font: 10pt Univers 45 Light, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">The fair values of acquired identifiable intangibles
with indefinite useful lives are based on an assessment of future cash flow. Impairment analyses of goodwill and intangible assets with
indefinite useful lives are performed at least annually, or whenever a triggering event occurs, to determine whether the carrying value
exceeds the recoverable amount.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company uses its judgment to choose between
a variety of methods including the net fair value of expenses approach and option valuation models and makes assumptions about the fair
value of financial instruments mainly based on the market conditions at each balance sheet date.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">Actuarial assumptions regarding future events
are used for the calculation of projected pension and other long-term employee benefit expenses and liabilities. These factors include
assumptions regarding interest rates, rates of increase in healthcare costs, rates of future compensation increases, turnover rates, and
life expectancy. Such estimates are reviewed annually by independent actuaries.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is subject to income tax&nbsp;in
numerous jurisdictions. Significant judgment is required to determine the Company&rsquo;s worldwide provision for income tax. There are
some transactions and calculations for which the ultimate tax determination is uncertain. Some of the subsidiaries of the Company are
involved in tax audits, usually in relation to prior years. These audits are ongoing in various jurisdictions
as at the balance sheet date, and by their nature, can take a considerable time to complete.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 6pt/110% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">To measure the amounts of extemporaneous tax
credits arising from lawsuits, the Company evaluates the documents for the period covered by the lawsuit, and applies the guidelines for
the final decision, applicable legislation or other elements that enable the amount to be estimated with sufficient reliability.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-size: 12pt"><B>5.</B></FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>CASH AND CASH EQUIVALENTS</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 62%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 19%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 19%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>12/31/2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Cash</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">208,444</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">261,426</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Current bank accounts</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">6,370,255</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">5,860,939</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Short term bank deposits <SUP>(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">10,707,369</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">10,967,970</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Cash and cash equivalents</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>17,286,068</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>17,090,335</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">(i) The balance refers mostly to Bank Deposit
Certificates - CDB, high liquidity, which are readily convertible into known amounts of cash and which are subject to an insignificant
risk of change in value.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The current account balance includes the amount of
R$492 million as at March 31, 2021 (R$449 million in 2020) which is held in Cuba and is not freely transferable to the parent company
due to remittance restrictions.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-size: 12pt"><B>6.</B></FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>INVESTMENT SECURITIES</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 62%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 21%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2021</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 17%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>12/31/2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Financial assets at fair value through profit or loss</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,049,628</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,700,028</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Current investment securities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2,049,628</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,700,028</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Investment on debt securities <SUP>(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">218,335</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">213,907</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Non-current investment securities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>218,335</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>213,907</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2,267,963</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,913,935</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/115% Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(i) The balance refers substantially to Bank Deposit
Certificates (&ldquo;CDBs&rdquo;) which are linked to tax incentives and do not have immediate&nbsp;convertibility into&nbsp;a known amount&nbsp;of&nbsp;cash.</P>


<!-- Field: Page; Sequence: 19 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-size: 12pt"><B>7.</B></FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>INVENTORY</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 58%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 21%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2021</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 21%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>12/31/2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Finished goods </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3,759,651</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,575,516</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Work in progress</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">612,236</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">518,345</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Raw materials and consumables</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">4,208,120</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3,513,022</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Spare parts and others</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">834,308</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">758,809</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Prepayments</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">438,859</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">381,361</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Impairment losses</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(154,945)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(141,148)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>9,698,229</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>7,605,905</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">Write-offs/losses on inventory recognized in
the income statement amounting to R$24,395 in period ended on March 31, 2021 (R$34,330 in the period ended on March 31, 2020).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-size: 12pt"><B>8.</B></FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>RECOVERABLE TAXES<BR>
<BR>
</B></FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 64%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 18%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 18%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>12/31/2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">PIS/COFINS exclusion of ICMS <SUP>(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">54,430</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">PIS/COFINS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">457,334</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">711,991</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">ICMS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">585,095</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">563,422</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">IPI</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">192,079</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">177,041</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Others</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">77,864</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">75,441</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Current</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,366,802</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,527,895</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">PIS/COFINS exclusion of ICMS <SUP>(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">5,143,506</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">5,183,354</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">ICMS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">298,656</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">266,528</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Others</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">255,586</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">245,924</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Non-current</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>5,697,748</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>5,695,806</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>7,064,550</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>7,223,701</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(i) As detailed in Note 24 - <I>Contingencies</I>,
the Company has been recognizing PIS and COFINS credits arising from the exclusion of ICMS from the calculation basis. The corresponding
entry for recognition is recorded in the item Recoverable PIS/COFINS - exclusion of ICMS, and of the values recognized in this line item,
those that still remain in assets amount to R$4.3 billion for the period called- REFRI; and R$0.9 billion referring mainly to the period
after the STF decision up to December 31, 2020.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-size: 12pt"><B>9.</B></FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>DEFERRED INCOME TAX AND SOCIAL CONTRIBUTION</B></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/115% Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">Deferred taxes for income tax and social contribution
taxes are calculated on temporary differences between the tax bases of these taxes and the accounting calculations of the Company, which
include tax losses. The tax rates in Brazil, which are expected to be applicable upon the realization of the deferred taxes, are 25% for
income tax and 9% for social contribution. For other regions in which the Company operates, the expected nominal rates are as follow:</P>

<P STYLE="font: 9pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 68%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Central America and the Caribbean</FONT></TD>
    <TD STYLE="width: 32%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">from 15% to 27%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Latin America - South <SUP>(i)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">from 10% to 30%</FONT></TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 68%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Canada</FONT></TD>
    <TD STYLE="width: 32%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">26.5% </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(i) Amendments to Argentine tax legislation approved
on December 29, 2017 affected the Company beginning in October 2018, reducing the income tax rate for the first two years from 35% to
30% and, in subsequent years, to 25%. Further, new amendments to the Argentine tax legislation approved on December 23, 2019 postponed
for one year the application of the income tax rate of 25%, and extended for a third year the application of the 30% rate.</P>

<P STYLE="font: 8pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">Deferred tax assets are recognized to the extent
that it is probable that future taxable profits are probable, which may be offset against currently recorded temporary differences, with
a particular emphasis on tax losses.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">The amount of deferred income tax and social contribution by
type of temporary difference is detailed as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>03/31/2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>12/31/2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 33%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 11%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>&nbsp;Assets </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 11%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>&nbsp;Liabilities </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 11%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>&nbsp;Net </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 11%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>&nbsp;Assets </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 11%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>&nbsp;Liabilities </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 11%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>&nbsp;Net </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Investment securities</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">12,409</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,345)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">10,064</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">10,113</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">10,113</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Intangible</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,406,901)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,406,901)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,253,015)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,253,015)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Employee benefits</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,097,296</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,968)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,094,328</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">971,180</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(3,004)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">968,176</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Trade payables</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,641,867</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(217,389)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,424,478</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,917,100</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(230,244)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,686,856</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Trade receivable</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">53,264</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(4)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">53,260</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">53,066</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(4)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">53,062</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Derivatives</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">30,307</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(148,641)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(118,334)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">36,331</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(118,744)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(82,413)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Interest-Bearing Loans and Borrowings</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,873)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,873)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,805)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,805)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Inventories</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">273,012</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(85,022)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">187,990</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">288,709</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(67,590)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">221,119</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Property, plant and equipment</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">455,145</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,662,158)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,207,013)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">430,760</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,608,996)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,178,236)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Withholding tax on undistributed profits and royalties</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,704,427)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,704,427)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,538,850)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,538,850)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Investments in joint ventures</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(421,589)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(421,589)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(421,589)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(421,589)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Interest on shareholders' equity</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">592,679</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">592,679</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Losses carried forward</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,730,036</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,730,036</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,739,680</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,739,680</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Provisions</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">606,272</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,973)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">604,299</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">636,030</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,266)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">634,764</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Complement of income tax of foreign subsidiaries due in Brazil</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(21,452)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(21,452)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Impact of the adoption of IFRS 16 (Leases)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">111,693</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,892)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">109,801</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">124,160</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,635)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">122,525</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">ICMS on the assessment bases of PIS/COFINS</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,465,011)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,465,011)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,460,795)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,460,795)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Other items</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">119,065</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(92,513)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">26,552</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">79,215</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(61,361)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">17,854</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Gross deferred tax assets / (liabilities)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>9,723,045</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(7,236,158)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2,486,887</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>8,286,344</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(6,768,898)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,517,446</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Netting by taxable entity</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(3,796,792)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,796,792</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(3,725,536)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,725,536</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Net deferred tax assets / (liabilities)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>5,926,253</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(3,439,366)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2,486,887</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>4,560,808</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(3,043,362)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,517,446</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">The Company only reclassifies the balances
of deferred income tax and social contribution assets against liabilities to a net presentation basis when the applicable compensation
criteria are met.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The critical estimates of Ambev&rsquo;s Management,
as well the main contingencies related to uncertainty about the tax treatment of income, are disclosed in Notes 4 (i) and 24, respectively.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">As at March 31, 2021 the deferred tax assets
and liabilities related to combined tax losses which are expected to be utilized or settled using temporary differences, as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>03/31/2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 52%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Deferred taxes not related to tax losses</B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>to be realized until 12 months</B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>to be realized after 12 months</B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Investment securities</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">10,064</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">10,064</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Intangible</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,689)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,405,212)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,406,901)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Employee benefits</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">97,493</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">996,835</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,094,328</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Trade payables</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(197,854)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,622,332</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,424,478</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Trade receivable</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">44,366</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">8,894</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">53,260</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Derivatives</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(108,606)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(9,728)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(118,334)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Interest-bearing loans and borrowings</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,641)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(232)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,873)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Inventories</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">225,236</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(37,246)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">187,990</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Property, plant and equipment</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">18,880</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,225,893)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,207,013)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Withholding tax on undistributed profits and royalties</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(145,516)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,558,911)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,704,427)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Investments in joint ventures</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(421,589)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(421,589)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Interest on shareholders' equity</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">592,679</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">592,679</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Provisions</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">310,719</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">293,580</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">604,299</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Complement of income tax of foreign subsidiaries due in Brazil</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(21,452)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(21,452)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Impact of the adoption of IFRS 16 (Leases)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(842)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">110,643</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">109,801</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">ICMS on the assessment bases of PIS/COFINS</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,465,011)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,465,011)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Other items</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">68,997</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(42,445)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">26,552</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>880,770</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(123,919)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>756,851</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">The majority of tax losses and negative social
contribution bases on which deferred income tax and social contribution were calculated do not have a statute of limitations. The use
of credits related to tax losses is based on the projected future existence of taxable profits, limited to 30% of taxable income for the
year, according to the actual figures for prior years, and the projections of the Company's business in the economies in which it is located,
and thus is in compliance with the applicable fiscal and accounting rules.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 83%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Deferred tax related to tax losses</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 17%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2021</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">604,223</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2022</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">329,589</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2023</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">156,810</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2024</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">270,636</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2025</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">106,248</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2026 to 2028</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">221,828</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2029 to 2030 <SUP>(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">40,702</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,730,036</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify">(i) There is no expectation of realization beyond
a term of ten years.</P>

<P STYLE="font: 7pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">As at March 31, 2021, the tax credits related
to tax losses in the amount of R$1,016,108 (R$969,966 in 2020) were not recorded, as realization is not probable.</P>

<P STYLE="font: 7pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 22 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">A significant portion of the deferred tax assets
related to tax losses amount do not have any limits on carrying forward or utilization, and the tax losses carried forward in relation
to credit are equivalent to R$4,064,333 at March 31, 2021 (R$3,879,773 in December 31, 2020).</P>

<P STYLE="font: 7pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">The net change in deferred income tax and social
contribution is detailed as follows:</P>

<P STYLE="font: 7pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 81%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>At December 31, 2020</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 19%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,517,446</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-indent: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Recognition of actuarial gains/(losses)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">12</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-indent: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Investment hedge - put option granted on subsidiaries</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">83,971</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-indent: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Cash flow hedge - gains/(losses)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(199,056)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-indent: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Gains/(losses) on translation of other foreign operations</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">627,676</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Recognized in other comprehensive income</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>512,603</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Recognized in the income statement</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>333,895</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Changes directly in the balance sheet</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>122,943</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Recognized in other group of balance sheet</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">122,943</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>At March 31, 2021</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2,486,887</B></FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-size: 12pt"><B>10.</B></FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>PROPERTY, PLANT AND EQUIPMENT</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 66%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 17%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2021</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 17%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>12/31/2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Property, plant and equipment</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">24,159,792</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">22,852,861</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Right of use assets</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,517,113</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,915,494</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>26,676,905</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>24,768,355</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 36%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Land and buildings</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 14%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Plant and equipment</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Fixtures and fittings</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 14%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Under construction</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Acquisition cost</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>At December 31, 2019</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>10,886,903</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>29,676,067</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>6,367,458</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2,184,297</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>49,114,725</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Effects of movements in foreign exchange in the balance sheet</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">724,849</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,811,929</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">392,109</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">173,154</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,102,041</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Effects of application of IAS 29 (hyperinflation)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">310,492</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,160,364</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">291,754</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">130,284</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,892,894</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Acquisition through business combinations</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,009</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">9,841</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,716</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">15,566</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Acquisitions </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">17,203</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">514,754</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">74,318</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,815,601</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,421,876</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Disposals and write-offs</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(23,714)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,422,230)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(247,003)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">153</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,692,794)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Transfers to other asset categories</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">465,366</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,286,586</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">338,800</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(3,472,946)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(382,194)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>At December 31, 2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>12,385,108</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>34,037,311</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>7,219,152</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2,830,543</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>56,472,114</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Effects of movements in foreign exchange in the balance sheet</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">406,076</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,140,285</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">278,488</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">90,578</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,915,427</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Effects of application of IAS 29 (hyperinflation)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">141,629</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,564,896)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(886,709)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">37,510</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,272,466)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Acquisitions </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,442</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">153,768</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(4,541)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,134,016</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,289,685</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Disposals and write-offs</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(195,294)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(19,567)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(27)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(214,888)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Transfers to other asset categories</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">145,475</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">273,563</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">121,605</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(639,837)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(99,194)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>At March 31, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>13,084,730</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>33,844,737</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>6,708,428</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>3,452,783</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>57,090,678</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 6pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 36%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Land and buildings</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 14%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Plant and equipment</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Fixtures and fittings</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 14%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Under construction</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Depreciation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>At December 31, 2019</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(3,400,533)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(20,381,204)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(4,785,318)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(28,567,055)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Effects of movements in foreign exchange in the balance sheet</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(174,260)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,205,742)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(278,491)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,658,493)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Effects of application of IAS 29 (hyperinflation)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(51,432)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(670,356)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(299,978)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,021,766)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(401,768)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,795,364)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(699,221)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(3,896,353)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Disposals and write-offs</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,825</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,409,014</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">245,876</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,662,715</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Transfers to other asset categories</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">29,822</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(3,578)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">22,026</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">48,270</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Others</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(3,092)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(183,195)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(284)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(186,571)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>At December 31, 2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(3,993,438)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(23,830,425)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(5,795,390)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(33,619,253)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Effects of movements in foreign exchange in the balance sheet</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(102,925)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(762,346)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(212,788)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,078,059)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Effects of application of IAS 29 (hyperinflation)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(16,421)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,727,387</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">908,564</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,619,530</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(102,084)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(740,086)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(160,502)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,002,672)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Disposals and write-offs</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">183,764</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">19,027</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">202,791</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Transfers to other asset categories</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(4,878)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,896</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(959)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Others</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(51)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(49,070)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(3,143)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(52,264)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>At March 31, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(4,219,797)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(23,466,880)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(5,244,209)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(32,930,886)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Carrying amount:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>At December 31, 2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>8,391,670</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>10,206,886</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,423,762</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2,830,543</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>22,852,861</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>At March 31, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>8,864,933</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>10,377,857</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,464,219</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>3,452,783</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>24,159,792</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">The balances of capitalized interests and fixed
assets provided as security are not material.</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>Right-of-use asset:</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 40%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 14%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Buildings</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 18%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Machinery and equipment</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 14%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Others</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 14%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Acquisition cost</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>At December 31, 2019 <SUP>(i)</SUP></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,339,771</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,865,109</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>156,221</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>3,361,101</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Effects of movements in foreign exchange in the balance sheet</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">131,765</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">8,215</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">9,284</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">149,264</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Additions</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">321,794</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">32,566</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">12,243</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">366,603</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Transfers from (to) other asset categories</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,812)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,207)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(4,019)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>At December 31, 2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,791,518</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,905,890</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>175,541</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>3,872,949</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Effects of movements in foreign exchange in the balance sheet</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">82,467</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,755</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,069</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">95,291</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Additions</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">118,084</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">578,282</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">696,366</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Write-offs</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(188,538)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(662,620)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(55,623)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(906,781)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Transfers from (to) other asset categories</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(9,269)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,315)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(406)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(11,990)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>At March 31, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,794,262</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,826,992</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>124,581</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>3,745,835</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 14%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 18%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 14%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 14%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Buildings</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Machinery and equipment</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Others</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Depreciation</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>At December 31, 2019</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(494,488)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(756,906)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(81,078)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(1,332,472)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Effects of movements in foreign exchange in the balance sheet</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(40,931)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(4,482)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(3,855)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(49,268)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Depreciation</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(280,672)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(256,519)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(43,416)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(580,607)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Transfers (from) to other asset categories</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,217</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,675</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,892</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>At December 31, 2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(812,874)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(1,017,907)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(126,674)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(1,957,455)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Effects of movements in foreign exchange in the balance sheet</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(33,387)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,987)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,693)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(39,067)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Depreciation</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(61,095)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(79,840)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(8,289)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(149,224)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Write-offs</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">188,538</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">662,620</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">54,317</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">905,475</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Transfers (from) to other asset categories</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(5,202)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,884</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">11,867</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">11,549</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>At March 31, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(724,020)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(433,230)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(71,472)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(1,228,722)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Carrying amount:</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>At December 31, 2020</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>978,644</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>887,983</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>48,867</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,915,494</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>At March 31, 2021</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,070,242</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,393,762</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>53,109</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2,517,113</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 8pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">(i) Adjusted balances for comparative purposes.</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>Term contracts and discount rate</B></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company estimated discount rates, based on
risk-free interest rates observed in the Brazilian market, for the terms of its contracts, adjusted to their reality (credit spread).
Spreads were obtained with financial institutions. The following table shows the rates applied:</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Lease Term</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Rate %</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>12/31/2020</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; width: 42%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2021-2025</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 31%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">8.53%</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 27%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">10.54%</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2026-2030</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">6.44%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">8.19%</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2031-2035</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">4.20%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">10.97%</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center">&nbsp;</TD>
    </TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-size: 12pt"><B>11.</B></FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>GOODWILL</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 62%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 19%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2021</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 19%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>12/31/2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Balance at the end of the previous year</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>40,023,457</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>35,009,909</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Effects of movements in foreign exchange in the balance sheet</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,249,903</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">4,006,854</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Effect of application of IAS 29 (hyperinflation)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">314,252</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">605,432</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Acquisitions, (write-offs) and disposal through business combinations</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">18,654</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">401,262</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Balance at the end of the year</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>42,606,266</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>40,023,457</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 25 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">The carrying amount of goodwill was allocated
to the different CGUs as follows:</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 60%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 16%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Functional currency</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2021</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>12/31/2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Brazil</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">BRL</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">17,696,645</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">17,696,645</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;&nbsp;Goodwill</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">102,939,278</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">102,939,278</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;&nbsp;Non-controlling transactions <SUP>(i)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(85,242,633)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(85,242,633)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>CAC:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Dominican Republic</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">DOP</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">4,570,630</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">4,080,709</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Panama</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">PAB</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,980,497</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,806,467</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Latin America - South:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Argentina</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">ARS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,755,054</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,415,231</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Bolivia</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">BOB</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,015,253</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,838,188</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Chile</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">CLP</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">68,058</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">63,904</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Paraguay</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">PYG</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,207,405</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">998,888</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Uruguay</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">UYU</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">191,223</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">182,023</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Canada</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">CAD</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">12,121,501</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">10,941,402</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>42,606,266</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>40,023,457</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(i) This refers to the shareholding exchange transaction
in 2013 as a result of the adoption of the predecessor basis of accounting.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>Impairment testing</B></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The impairment test was updated to the
base date of March 31, 2021 considering the most accurate estimates calculated by management. For the second year of the model, we used
the assumptions that were already considered for the projection of the other years, considering that they are still valid. The conclusion
of the revaluation is that there were no indications of impairment until March 31, 2021.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/110% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-size: 12pt"><B>12.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>INTEREST-BEARING LOANS AND BORROWING</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 64%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 18%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2021</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 18%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>12/31/2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Secured bank loans <SUP>(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,905,389</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,940,773</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Unsecured bank loans <SUP>(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,963</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">246,744</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Debentures and unsecured bond issues</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">109,032</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">108,548</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Other unsecured loans</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">33,453</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">36,702</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Lease liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">549,072</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">406,006</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2,598,909</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2,738,773</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Secured bank loans <SUP>(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">204,993</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">238,369</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Unsecured bank loans <SUP>(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,074</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Other unsecured loans</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">94,399</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">98,950</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Lease liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,128,860</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,715,062</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2,428,252</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2,053,455</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">(i) In the second quarter Ambev approved new loans
for working capital financing. These include the issuance of promissory notes and bank credit notes (CCB), among other types of loans,
for a total amount of R$1,906 million at March 31, 2021 (R$1,551 million at December 31, 2020).</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">Additional information regarding the exposure
of the Company to interest rate, foreign currency risk and debt repayment schedule are disclosed in Note 22 - <I>Financial instruments
and risks</I>.</P>

<P STYLE="font: 8pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Contractual clauses (Covenants)</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">As at March 31, 2021, the Company's loans
had equal rights to payment without subordination clauses. For the credit lines due to FINAME contracted by the Company with Banco Nacional
de Desenvolvimento Econ&ocirc;mico e Social (&ldquo;BNDES&rdquo;), the assets acquired using the credit granted were placed as collateral.
Other loans and financing contracted by the Company require only personal guarantees as collateral, or are unsecured. Most loan contracts
contain contractual covenants, including: financial covenants, including limitations on new indebtedness; going-concern basis; maintenance,
in use or in good condition for the business, of the Company's assets; restrictions on acquisitions, mergers, sales or disposals of its
assets; disclosure of financial statements and the balance sheet; no prohibitions related to new guarantees for loans contracted, except
if: (i) expressly authorized under the agreement; (ii) new loans contracted from financial institutions linked to the Brazilian government
including BNDES or foreign governments; or foreign governments, multilateral financial institutions (e.g. the World Bank) or in jurisdictions
in which the Company operates.</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Additionally, all agreements with BNDES
are subject to certain &ldquo;provisions applicable to agreements entered into with BNDES&rdquo; (&ldquo;Provisions&rdquo;). Such Provisions
require the borrower, to obtain prior consent from BNDES if they, for instance, wish to: (i) raise new loans (except for the loans described
in the Provisions); (ii) give preference and/or priority to other debts; and/or (iii) dispose of or encumber any items of their fixed
assets (except as provided for within the Provisions).</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">These clauses are applicable from the
date of execution and effectiveness of each contract, to the extent that the events mentioned in the contract occur. Depending on the
materiality of each event and its potential adverse effects on the Company and /or its subsidiaries or the rights of its creditors, contractual
penalties may be applied, including the early maturity of the respective contract. In certain contracts, in the event of occurrence of
any of the events set out in the restrictive clauses, the Company may be granted a grace period to resolve any contractual defaults, in
order to avoid any penalties resulting from the breach of its obligations.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">As at March 31, 2021, the Company was in compliance
with all of its contractual obligations for its loans and financing.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-size: 12pt"><B>13.</B></FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>PROVISIONS</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>(a) Provision changes </B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 28%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Balance as at December 31, 2019</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Effect of changes in foreign exchange rates</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Additions&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Provisions used </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Provisions reversed</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Balance as at December 31, 2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Provision for disputes and litigations</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Taxes on sales</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">182,339</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">204</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">49,303</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(17,178)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(30,472)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">184,196</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Labor</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">120,127</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(133)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">173,969</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(142,187)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(21,934)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">129,842</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Civil</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">64,023</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(788)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">167,280</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(132,175)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(11,484)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">86,856</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Other taxes</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">105,907</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">991</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">58,158</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(8,045)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(399)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">156,612</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total provision for disputes and litigations</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>472,396</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>274</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>448,710</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(299,585)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(64,289)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>557,506</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Restructuring</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">8,609</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,918</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,128</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(4,163)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">14,492</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total provisions</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>481,005</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>3,192</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>455,838</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(299,585)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(68,452)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>571,998</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 28%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Balance as at December 31, 2020</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Effect of changes in foreign exchange rates</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Additions&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Provisions used </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Provisions reversed</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Balance as at March 31, 2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Provision for disputes and litigations</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Taxes on sales</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">184,196</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,021</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(4,755)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,646)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">181,816</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Labor</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">129,842</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">625</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">31,840</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(29,281)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,581)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">130,445</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Civil</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">86,856</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,093</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">11,384</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,107)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(87)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">98,139</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Other taxes</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">156,612</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,727</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,769</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(3,570)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(915)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">160,623</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total provision for disputes and litigations</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>557,506</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>7,445</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>52,014</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(39,713)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(6,229)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>571,023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Restructuring</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">14,492</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,373</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,810)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">13,055</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total provisions</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>571,998</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>8,818</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>52,014</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(42,523)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(6,229)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>584,078</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 28 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt"><B>(b)</B></FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>Expected settlement</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 65%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 17%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Current</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 18%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Non-current</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Provision for disputes and litigations</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Taxes on sales</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">52.287</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">129.529</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Labor</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">31.791</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">98.654</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Civil</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">23.622</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">74.517</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Other taxes</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">21.626</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">138.997</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total provision for disputes and litigations</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>129.326</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>441.697</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Restructuring</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">9.323</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3.732</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total provisions</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>138.649</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>445.429</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The expected settlement of provisions
was based on management&rsquo;s best estimate at the balance sheet date.</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>(c) Main lawsuits with a probable likelihood
of loss:</B></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>(c.1) Sales taxes</B></P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">In Brazil, the Company and its subsidiaries are
parties to various administrative and judicial proceedings related to ICMS, IPI, PIS and COFINS taxes. Such proceedings include, among
others, tax offsetting, credits and judicial injunctions exempting the Company from the payment of the respective taxes.</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>(c.2) Labor</B></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company and its subsidiaries are parties
to labor proceedings with former employees or former employees of service providers. The main issues involve overtime and related effects
and respective charges.</P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>(c.3) Civil</B></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is involved in civil lawsuits considered
as representing a probable likelihood of loss. The most relevant portion of these lawsuits refers to former distributors, mainly in Brazil,
mostly claiming damages resulting from the termination of their contracts.</P>

<P STYLE="font: 8pt/110% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">The processes representing possible probabilities are disclosed in Note
24 <I>- <FONT STYLE="color: black">Contingencies</FONT></I>.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-size: 12pt"><B>14.</B></FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>CHANGES IN EQUITY</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0"><B>(a) Capital stock </B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 44%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 16%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>03/31/2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>03/31/2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Thousands of common shares</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Thousands of Real</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Thousands of common shares</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Thousands of Real</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Beginning balance</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">15,735,118</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">57,899,073</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">15,733,575</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">57,866,759</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Capital increase <SUP>(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,125</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">74,801</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,543</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">32,314</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Final balance <SUP>(ii)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>15,739,243</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>57,973,874</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>15,735,118</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>57,899,073</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt/115% Times New Roman, Times, Serif; margin: 0">(i) Capital increase related to the issue of shares.</P>

<P STYLE="font: 5pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">(ii) The capital stock is fully subscribed and paid up.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>(b) Capital reserves</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>&nbsp;Capital Reserves&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 43%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Treasury shares </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Share Premium </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Other capital reserves </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Share-based Payments </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>&nbsp;Total </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>At January 1, 2020</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(955,135)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>53,662,811</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>700,898</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,402,888</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>54,811,462</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Capital Increase</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(32,314)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(32,314)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Purchase of shares and results from treasury shares</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,150)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,150)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Share-based payments</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">50,529</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">50,529</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>At March 31, 2020</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(957,285)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>53,662,811</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>700,898</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,421,103</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>54,827,527</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>&nbsp;Capital Reserves&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 43%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Treasury shares </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Share Premium </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Other capital reserves </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Share-based Payments </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>&nbsp;Total </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>At January 1, 2021</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(941,637)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>53,662,811</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>700,898</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,563,439</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>54,985,511</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Capital Increase</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(74,333)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(74,333)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Purchase of shares and results from treasury shares</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(32,061)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(32,061)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Share-based payments</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">98,639</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">98,639</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>At March 31, 2021</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(973,698)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>53,662,811</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>700,898</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,587,745</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>54,977,756</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0"><B>(b.1) Purchase of shares and result of treasury shares</B></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Treasury shares represent the Company&rsquo;s
own issued shares reacquired by the Company, and the results of treasury shares related to gains and losses on share-based payment transactions
and others.</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">The changes in treasury shares are as follow:</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Acquisition /realization of shares</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Result on Treasury Shares</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total Treasury Shares</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 29%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; width: 16%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Thousands of&nbsp;&nbsp;shares</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; width: 19%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Thousands of&nbsp;&nbsp;Brazilian Reais</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; width: 16%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Thousands of shares</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; width: 17%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Thousands of Brazilian Reais</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>At January 1, 2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>3,622</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(68,017)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(887,118)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(955,135)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Changes during the year</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,590)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">30,953</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(33,103)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,150)</FONT></TD></TR>

  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 29%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>At March 31, 2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 16%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2,032</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 19%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(37,064)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 16%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(920,221)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 17%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(957,285)</B></FONT></TD></TR>
  </TABLE>

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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Acquisition /realization of shares</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Result on Treasury Shares</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total Treasury Shares</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; width: 29%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right; width: 16%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Thousands of&nbsp;&nbsp;shares</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right; width: 19%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Thousands of&nbsp;&nbsp;Brazilian Reais</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right; width: 16%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Thousands of shares</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right; width: 17%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Thousands of Brazilian Reais</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>At January 1, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>203</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(3,045)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(938,592)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(941,637)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Changes during the year</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,027</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(31,372)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(689)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(32,061)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>At March 31, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2,230</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(34,417)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(939,281)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(973,698)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0"><B>(b.2) Share premium</B></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">The share premium refers to the difference
between the subscription price that the shareholders paid for the shares and their nominal value. Since this is a capital reserve, it
can only be used to increase capital, offset losses, or redeem, re-emburse or repurchase shares.</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>(b.3) Share-based payment</B></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Different share-based payment programs
and stock purchase option plans allow the senior management from Ambev&rsquo;s economic group to acquire shares in the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The share-based payment reserve recorded a charge
of R$105,142 on March 31, 2021 (R$51,797 at March 31, 2020) (Note 21 - <I>Share-based payments</I>).</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>(c) Net income reserves</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Net income reserves</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 40%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Investments reserve</B></FONT></TD>
    <TD STYLE="width: 14%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Statutory reserve</B></FONT></TD>
    <TD STYLE="width: 17%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Fiscal incentive</B></FONT></TD>
    <TD STYLE="width: 12%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>At January 1, 2020</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>10,798,106</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>4,456</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>10,071,706</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>20,874,268</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>At March 31, 2020</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>10,798,106</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>4,456</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>10,071,706</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>20,874,268</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Net income reserves</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 40%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Investments reserve</B></FONT></TD>
    <TD STYLE="width: 14%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Statutory reserve</B></FONT></TD>
    <TD STYLE="width: 17%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Fiscal incentive</B></FONT></TD>
    <TD STYLE="width: 12%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>At January 1, 2021</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>14,511,147</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>4,456</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>11,404,458</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>25,920,061</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>At March 31, 2021</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>14,511,147</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>4,456</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>11,404,458</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>25,920,061</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0">There was no change in net income reserves in the first quarter of
2020 and 2021.</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>(c.1) Investments reserve</B></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">From the net income after applicable deductions,
there will be a target allocation of no more than 60% of the adjusted net profit to the investment reserve, to be used to support future
investments.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>(c.2) Statutory reserve</B></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">From the net income, 5% will be applied
before any other allocation, to the statutory reserve, which cannot exceed 20% of the capital stock. The Company is not required to supplement
the statutory reserve for the year when the balance of this reserve, plus the amount of the capital reserves, exceeds 30% of the capital
stock.&#9;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>(c.3) Tax incentives</B></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has tax incentives under certain
state and federal industrial development programs in the form of financing, the deferred payment of taxes or partial reductions in the
amount due. These programs aim to generate employment, promote regional decentralization, complement and diversify the industrial base
of the States. In these states, the grace periods, use and reductions are set out under the tax law.</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The portion of income for the period related
to tax incentives, which will be allocated to the profit reserve at the end of the fiscal year and therefore was not being used as a basis
for dividend distribution, was composed of:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 58%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 22%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 20%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;ICMS (brazilian state value-added tax)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">398,479</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">404,985</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;Income tax </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">43,188</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">15,136</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>441,667</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>420,121</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>(c.4) Interest on shareholders&rsquo;
equity / Dividends</B></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Brazilian companies are permitted to distribute
the interest attributed to shareholders&rsquo; equity calculated based on the long-term interest rate (&ldquo;TJLP&rdquo;), with such
interest being tax-deductible, in accordance with the applicable law and, when distributed, may be considered part of the minimum mandatory
dividends.</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">As determined by its by-laws, the Company
is required to distribute to its shareholders, as a minimum mandatory dividend in respect of each fiscal year ending December 31, an amount
of not less than 40% of its net income determined under Brazilian law, adjusted in accordance with the applicable law, unless the payment
of such amount would be incompatible with Ambev&rsquo;s financial situation. The minimum mandatory dividend includes amounts paid as interest
on shareholders&rsquo; equity.</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">There was no payment of dividends or interest
on shareholders' equity in the tree-month period ended March 31, 2020 and March 31, 2021.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>(d) Carrying value adjustments</B></P>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>&nbsp;Carrying value adjustments </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 31%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Translation reserves</B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Cash flow hedge</B></FONT></TD>
    <TD STYLE="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Actuarial gains/ (losses)</B></FONT></TD>
    <TD STYLE="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Options granted on subsidiaries</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Gains/(losses) of non-controlling interest's share</B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Business combination</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Accounting adjustments for transactions between shareholders</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>At January 1, 2020</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>3,583,386</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>644,965</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(1,220,882)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(120,083)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>84,434</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>156,091</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(75,402,375)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(72,274,464)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><I>Comprehensive income:</I></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Gains/(losses) on the translation of foreign operations</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,103,805</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,103,805</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Cash flow hedges</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">543,944</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">543,944</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Actuarial gains/(losses)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(4,698)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(4,698)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total Comprehensive income </B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>7,103,805</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>543,944</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(4,698)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>7,643,051</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Gains/(losses) of controlling interest</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(756)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(756)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Tax on deemed dividends</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(772)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(772)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>At March 31, 2020</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>10,687,191</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,188,909</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(1,225,580)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(120,083)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>82,906</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>156,091</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(75,402,375)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(64,632,941)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/108% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>&nbsp;Carrying value adjustments </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 31%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Translation reserves</B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Cash flow hedge</B></FONT></TD>
    <TD STYLE="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Actuarial gains/ (losses)</B></FONT></TD>
    <TD STYLE="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Options granted on subsidiaries</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Gains/(losses) of non-controlling interest's share</B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Business combination</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Accounting adjustments for transactions between shareholders</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>At January 1, 2021</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>11,076,439</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>744,441</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(1,473,230)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(4,783)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(73,777)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>156,091</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(75,414,198)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(64,989,017)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><I>Comprehensive income:</I></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Gains/(losses) on the translation of foreign operations</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,340,712</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,340,712</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Cash flow hedges</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">655,880</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">655,880</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Actuarial gains/(losses)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(56,230)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(56,230)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total Comprehensive income </B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>4,340,712</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>655,880</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(56,230)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>4,940,362</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Gains/(losses) of controlling interest</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">382</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">382</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>At March 31, 2021</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>15,417,151</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,400,321</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(1,529,460)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(4,783)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(73,395)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>156,091</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(75,414,198)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(60,048,273)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 6pt/13pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 33 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>(d.1) Translation reserves</B></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The translation reserves comprise all
foreign currency exchange differences arising from the translation of the financial statements with a functional currency different to
the Real.</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">The translation reserves also comprise the portion
of the gain or loss on the foreign currency liabilities and on the derivative financial instruments determined to be effective net investment
hedges.</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>(d.2) Cash flow hedge reserves</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">The hedging reserves represent the effective
portion of the cumulative net change in the fair value of cash flow hedges to the extent that the hedged risk has not yet impacted profit
or loss (for additional information, see Note 22 - <I>Financial instruments and risks)</I>.</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>(d.3) Actuarial gains and losses</B></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Actuarial gains and losses include expectations
regarding future pension plan obligations. Consequently, the results of actuarial gains and losses are recognized on a timely basis considering
the best estimates available to Management. Accordingly, the Company recognizes the results of these estimated actuarial gains and losses,
on a monthly basis, based on the expectations presented in the independent actuarial report.</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">In March, 2021, an actuarial loss of R$56,940
arising from deficit on the defined benefits plan was fully recorded under actuarial gains and losses as a counterpart to the balance
receivable originally recorded. There were no actuarial gains or losses arising from surplus or deficit in 2020.</P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>(d.4) <FONT STYLE="color: black">Accounting
adjustments for transactions between shareholders</FONT></B></P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">As determined by IFRS 10, any difference between
the amount paid (fair value) for the acquisition of a non-controlling interest and the carrying amount of such non-controlling interest
shall be recognized directly in the controlling shareholders&rsquo; equity. The acquisition of the non-controlling interest related to
Former Ambev, the abovementioned adjustment was recognized in Carrying value adjustments when applicable.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-size: 12pt"><B>15.</B></FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>SEGMENT REPORTING</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-size: 12pt">(a)</FONT></TD><TD><FONT STYLE="font-size: 12pt">Reportable segments &ndash; three-month period ended in:</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Brazil</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>CAC <SUP>(i)</SUP></B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Latin America - South <SUP>(ii)</SUP></B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Canada</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; width: 30%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>03/31/2021</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>03/31/2020</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>03/31/2021</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>03/31/2020</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>03/31/2021</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>03/31/2020</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>03/31/2021</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>03/31/2020</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>03/31/2021</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>03/31/2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Net sales</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">8,225,294</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,525,145</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,159,507</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,424,426</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,192,524</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,120,181</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,062,436</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,532,845</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">16,639,761</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">12,602,597</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Cost of sales</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(3,981,483)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,950,072)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,015,443)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(678,366)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,103,728)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,414,620)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(844,676)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(600,131)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(7,945,330)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(5,643,189)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>4,243,811</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>3,575,073</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,144,064</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>746,060</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2,088,796</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,705,561</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,217,760</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>932,714</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>8,694,431</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>6,959,408</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Distribution expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,069,112)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,018,005)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(209,541)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(153,968)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(469,921)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(366,246)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(381,019)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(313,094)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,129,593)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,851,313)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Sales and marketing expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(709,406)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(827,626)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(160,677)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(150,935)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(325,764)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(323,389)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(249,193)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(253,589)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,445,040)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,555,539)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Administrative expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(789,386)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(406,607)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(110,359)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(51,190)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(201,554)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(120,796)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(132,760)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(86,753)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,234,059)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(665,346)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">191,580</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">162,468</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">35</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,320</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(4,673)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">16,650</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(9,002)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(13,169)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">177,940</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">171,269</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Exceptional items</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(18,761)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(12,387)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(16,867)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(3,781)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(35,302)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(4,933)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(495)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,974)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(71,425)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(24,075)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Income from operations (EBIT)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,848,726</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,472,916</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>646,655</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>391,506</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,051,582</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>906,847</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>445,291</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>263,135</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>3,992,254</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>3,034,404</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Net finance costs</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(390,122)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,069,031)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(49,693)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">121,582</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(587,733)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(558,555)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(36,752)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(30,863)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,064,300)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,536,867)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Share of results of joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,600)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,660)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(3,282)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">212</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(7,664)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(5,169)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(12,546)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(6,617)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Income before income tax</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,457,004</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>402,225</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>593,680</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>513,300</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>463,849</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>348,292</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>400,875</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>227,103</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2,915,408</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,490,920</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Income tax expense</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">262,623</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">56,000</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(190,120)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(119,722)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(94,865)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(106,322)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(159,735)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(109,624)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(182,097)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(279,668)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Net income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,719,627</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>458,225</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>403,560</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>393,578</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>368,984</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>241,970</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>241,140</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>117,479</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2,733,311</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,211,252</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2,558,987</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2,178,017</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>839,304</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>523,107</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,370,791</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,168,978</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>558,127</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>362,389</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>5,327,209</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>4,232,491</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Exceptional items</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(18,761)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(12,387)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(16,867)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(3,781)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(35,302)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(4,933)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(495)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,974)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(71,425)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(24,075)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Depreciation. amortization and impairment</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(691,500)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(692,714)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(175,782)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(127,820)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(283,907)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(257,198)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(112,341)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(96,280)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,263,530)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,174,012)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Net finance cost</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(390,122)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,069,031)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(49,693)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">121,582</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(587,733)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(558,555)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(36,752)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(30,863)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,064,300)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,536,867)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Share of results of joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,600)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,660)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(3,282)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">212</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(7,664)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(5,169)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(12,546)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(6,617)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Income tax expense</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">262,623</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">56,000</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(190,120)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(119,722)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(94,865)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(106,322)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(159,735)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(109,624)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(182,097)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(279,668)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Net income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,719,627</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>458,225</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>403,560</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>393,578</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>368,984</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>241,970</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>241,140</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>117,479</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2,733,311</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,211,252</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Normalized EBITDA margin as a %</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>31.1%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>33.4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>38.9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>36.7%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>32.7%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>37.5%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>27.1%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>23.6%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>32.0%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>33.6%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Acquisition of property, plant and equipment</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">963,353</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,104,508</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">109,053</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">109,240</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">182,311</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">101,412</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">72,618</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">31,159</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,327,335</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,346,319</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">(continued)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Brazil</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>CAC <SUP>(i)</SUP></B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Latin America - South <SUP>(ii)</SUP></B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Canada</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; width: 26%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>03/31/2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 7%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>03/31/2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>03/31/2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>03/31/2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>03/31/2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>03/31/2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>03/31/2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>03/31/2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>03/31/2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>03/31/2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Segment assets</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">49,859,034</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">48,970,286</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">15,348,895</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">13,521,469</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">18,934,440</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">17,211,235</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">18,721,640</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">16,487,918</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">102,864,009</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">96,190,908</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Intersegment elimination</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,484,596)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,187,599)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Non-segmented assets</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">33,038,418</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">31,193,270</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>133,417,831</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>125,196,579</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Segment liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">22,553,945</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">25,032,608</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,742,167</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,114,212</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,840,017</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,156,535</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,590,193</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,256,608</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">39,726,322</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">40,559,963</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Intersegment elimination</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,484,895)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,187,353)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Non-segmented liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">96,176,404</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">86,823,969</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>133,417,831</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>125,196,579</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(i) CAC: includes the Dominican Republic, Panama, Guatemala,
Cuba, Barbados, Saint Vincent, Dominica, Nicaragua, Honduras and Antigua.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(ii) Latin America - South: includes operations in
Argentina, Bolivia, Chile, Paraguay and Uruguay.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-size: 12pt">(b)</FONT></TD><TD><FONT STYLE="font-size: 12pt">Additional information - by business unit:</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Brazil</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Beer</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Soft drink and <BR>
Non-alcoholic and <BR>
non-carbonated</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 36%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>03/31/2021</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>03/31/2020</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>03/31/2021</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>03/31/2020</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>03/31/2021</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>03/31/2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Net sales</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,124,812</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,454,627</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,100,482</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,070,518</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">8,225,294</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,525,145</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Cost of sales</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(3,401,491)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,401,356)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(579,992)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(548,716)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(3,981,483)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,950,072)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>3,723,321</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>3,053,271</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>520,490</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>521,802</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>4,243,811</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>3,575,073</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Distribution expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(891,668)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(824,826)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(177,444)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(193,179)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,069,112)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,018,005)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Sales and marketing expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(641,327)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(747,281)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(68,079)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(80,345)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(709,406)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(827,626)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Administrative expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(679,847)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(348,030)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(109,539)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(58,577)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(789,386)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(406,607)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">152,251</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">130,853</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">39,329</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">31,615</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">191,580</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">162,468</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Exceptional items</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(18,716)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(12,387)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(45)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(18,761)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(12,387)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Income from operations (EBIT)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,644,014</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,251,600</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>204,712</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>221,316</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,848,726</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,472,916</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Net finance costs</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(390,122)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,069,031)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(390,122)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,069,031)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Share of results of joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,600)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,660)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,600)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,660)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Income before income tax</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,252,292</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>180,909</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>204,712</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>221,316</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,457,004</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>402,225</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Income tax expense</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">262,623</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">56,000</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">262,623</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">56,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Net income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,514,915</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>236,909</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>204,712</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>221,316</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,719,627</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>458,225</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2,263,908</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,866,250</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>295,079</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>311,767</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2,558,987</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2,178,017</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Exceptional items</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(18,716)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(12,387)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(45)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(18,761)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(12,387)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Depreciation. amortization and impairment</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(601,178)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(602,263)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(90,322)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(90,451)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(691,500)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(692,714)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Net finance cost</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(390,122)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,069,031)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(390,122)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,069,031)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Share of results of joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,600)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,660)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,600)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,660)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Income tax expense</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">262,623</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">56,000</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">262,623</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">56,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Net income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,514,915</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>236,909</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>204,712</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>221,316</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,719,627</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>458,225</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Normalized EBITDA margin as a %</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>31.8%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>34.2%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>26.8%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>29.1%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>31.1%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>33.4%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 12pt"><B>16.</B></FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>NET SALES</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Reconciliation between gross sales and net sales:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 76%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Gross sales and/or services</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">24,544,855</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">18,742,618</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Excise duty</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(5,036,196)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(3,939,979)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Discounts</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2,868,898)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2,200,042)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>16,639,761</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>12,602,597</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 12pt"><B>17.</B></FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>OTHER OPERATING INCOME / (EXPENSES)</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 72%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 14%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 14%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Government grants/NPV of long-term fiscal incentives</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">171,638</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">156,556</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(Additions)/reversals of provisions</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(8,980)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2,550)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Gains/(losses) on disposals of property, plant and equipment, intangible assets and the operations of associates</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">12,667</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">15,951</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Other operating income/(expenses), net</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,615</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,312</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>177,940</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>171,269</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">Government grants are not recognized until there
is reasonable assurance that the Company will meet the respective conditions and that the grants will be received. Government grants are
systematically recognized in income during the periods when the Company recognizes as expenses the related costs that the grants are intended
to offset.</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 12pt"><B>18.</B></FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>EXCEPTIONAL ITEMS</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 75%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Restructuring <SUP>(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(39,185)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(13,880)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">COVID-19 impacts <SUP>(ii)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(31,051)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(10,195)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Effect of application of IAS 29 (hyperinflation)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,189)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(71,425)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(24,075)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(i) The restructuring expenses recognized refer mainly
to the realignment of the structures and processes in the Latin America geographical segment, CAC and Brazil.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">(ii) COVID-19 expenses refer to (a) additional
administrative expenses to ensure the safety of our people (increased frequency of cleaning at our facilities, providing alcohol gel and
masks for our employees); (b) donations; (c) Company initiatives providing support for some customer ecosystems, which were necessary
due to the COVID-19 pandemic.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-size: 12pt"><B>19.</B></FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>FINANCE EXPENSES AND INCOME</B></FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-size: 12pt"><B>(a)</B></FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>Finance expenses</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 76%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2021</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Interest expense</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(334,589)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(426,471)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Net Interest on pension plans</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(27,827)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(25,563)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Losses on hedging instruments and exclusive investment funds <SUP>(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(770,864)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(945,408)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Interest on provision for disputes and litigation</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(17,730)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(16,274)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Exchange variations</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(178,421)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(195,622)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Interest and foreign exchange rate on loans to/from related parties</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(8,608)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Financial instruments at fair value through profit or loss</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2,133)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Tax on financial transactions</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(11,369)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(86,603)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Bank guarantee expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(30,914)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(35,834)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Other financial results</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(72,681)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(40,127)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(1,444,395)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(1,782,643)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">(i) The variation refers, for the most part, to
the equity swap, which changes according to the changes in share price.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">Interest expenses are presented net of the effects
of interest rate derivative financial instruments which mitigate Ambev&rsquo;s interest rate risk (Note 22 - <I>Financial instruments
and risks</I>). The interest expenses are as follow:</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 76%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2021</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Financial instruments measured at amortized cost</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(190,744)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(116,103)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Financial instruments at fair value through profit or loss</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(143,845)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(310,368)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(334,589)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(426,471)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-size: 12pt"><B>(b)</B></FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>Finance income</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 76%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Interest income</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">107,353</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">147,575</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Interest and foreign exchange rate on loans to/from related parties</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">12,992</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Other financial results</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">7,957</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">18,060</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>128,302</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>165,635</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Effect of application of IAS 29 (hyperinflation)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">251,793</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">80,141</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>380,095</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>245,776</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">Interest income arises from the following financial assets:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 76%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2021</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">52,008</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">84,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Investment securities held for trading</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">9,697</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">124</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Other receivables <SUP>(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">45,648</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">63,451</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>107,353</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>147,575</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(i) Mainly related to monetary&nbsp;adjustments related
to the exclusion of ICMS (VAT tax) from the basis of PIS and COFINS calculation, more details in Note 24 - <I>Contingencies</I>.</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-size: 12pt"><B>20.</B></FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>INCOME TAX AND SOCIAL CONTRIBUTION</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 0 0 12pt">Income taxes reported in the income statement are analyzed
as follow:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 72%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 14%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 14%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Income tax expense - current</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(515,992)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(295,033)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Deferred tax expense on temporary differences</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">343,539</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(128,782)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Deferred tax over taxes losses carryforwards movements in the current period</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(9,644)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">144,147</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total deferred tax (expense)/income</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>333,895</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>15,365</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total income tax expenses</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(182,097)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(279,668)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">The reconciliation between the weighted nominal tax rate and
the effective tax rate is summarized as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 72%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 14%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 14%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Profit before tax</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2,915,408</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,490,920</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Government grants related to sales taxes </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(398,479)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(404,985)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Share of result of joint ventures</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">12,546</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">6,617</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Non-deductible expenses</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">15,522</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">12,006</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Worldwide Taxation</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(80,802)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(34,081)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2,464,195</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,070,477</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Aggregated weighted nominal tax rate</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">28.31%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">29.35%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Taxes payable &ndash; nominal rate </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(697,582)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(314,167)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Adjustment on tax expense</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Income tax Incentives</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">43,188</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">15,136</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Deductible interest on shareholders' equity</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">592,679</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">141,389</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Tax savings from goodwill amortization</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">19,366</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">19,366</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Withholding income tax</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(288,996)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(241,628)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Recognition/(write-off) of deferred charges on tax losses</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(52,361)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(46,070)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Effect of application of IAS 29 (hyperinflation)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(14,404)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(19,553)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Others with reduced taxation</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">216,013</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">165,859</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Income tax and social contribution expense</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(182,097)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(279,668)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Effective tax rate</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>6.25%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>18.76%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/110% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">The main events that impacted the effective tax
rate for the period were:</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol; font-size: 12pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Government subsidy for sales taxes:&nbsp;for regional incentives, these
are related primarily to local production, and, when reinvested, are not subject to income tax and social contribution purposes, which
explains the impact on the effective tax rate. The amount above is impacted by fluctuations in the volume, price and any eventual increases
in State VAT (&ldquo;ICMS&rdquo;).</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol; font-size: 12pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Complement of income tax on foreign subsidiaries due in Brazil: shows the
result of the calculation of universal taxation of profits, according to the regulations of Law 12,973/14.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/110% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol; font-size: 12pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Withholding income tax: the amount is mainly related to dividends already
distributed and to be distributed by subsidiaries located outside of Brazil, applicable according to local tax legislation. The increase
in the amount in 2021 is mainly due to the exchange rate variation of the balances held in liabilities.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/110% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol; font-size: 12pt; color: black">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Deductible interest on shareholders&rsquo; equity: under Brazilian law,
companies have an option to remunerate its shareholders&rsquo; through the payment of Interest on Capital (&ldquo;IOC&rdquo;), which is
deductible for income tax purposes.</FONT></TD></TR></TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/110% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-size: 12pt"><B>21.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>SHARE-BASED PAYMENTS</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">There are different stock option and share-based
payment programs which allow the employees and senior management of the Company and its subsidiaries to acquire (through the exercise
of stock options) or receive shares in the Company. For all stock option programs, the fair value of the shares is estimated as at the
option grant date, using the &ldquo;Hull Binomial&rdquo; pricing model, adjusted to reflect the IFRS 2 requirement that assumptions regarding
forfeiture before the end of the vesting period cannot impact the fair value of the option.</P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">This current model of stock options, ruled
by the Stock Option Plan of the Company (&ldquo;Stock Option Plan&rdquo;), includes two types of grants: (I) Grant 1- the beneficiary,
depending on&nbsp;the case, can be allocated 30%, 40%, 60%, 70% or 100% of the amount related to the profit share received by them during
the year, to the immediate exercise of options, thus acquiring the corresponding shares of the Company, which are transferred to third
parties, or the Company will only be allowed after the five-year&nbsp;period from the option exercise date; and (II) Grant 2 - the beneficiary
may exercise the options after a five-year grace period, and for a period of five years.</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">In addition, the Company has implemented
a Share-Based Payment Plan (&ldquo;Share-Based Plan&rdquo;) under which certain employees and members of the management of the Company
or its subsidiaries are eligible to receive shares in the Company including in the form of ADRs. The shares that are subject to the Share-Based
Plan are designated as &quot;restricted shares&quot;.</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Additionally, as a means of creating a
long term incentive (wealth incentive) for certain senior employees and members of management, considered as having &ldquo;high potential,&rdquo;
the Company grants, under the Share-Based Plan, shares to be delivered in the future divided into two separate lots - Lot A and Lot B,
which will be delivered to the participants in the relevant program, subject to maturity periods of five and ten years, respectively.</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The weighted average fair value of the
options and assumptions used to apply the Company&rsquo;s option pricing model for 2021 and 2020 was as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 65%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><I>In R$</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B><SUP>(i)</SUP></B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>12/31/2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B><SUP>(i)</SUP></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Fair value of options granted</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">4.04</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Share price</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">18.05</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Exercise price</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">18.05</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Expected volatility</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">22.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Vesting year</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">5</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Expected dividends</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">5%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">5%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Risk-free interest rate </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(ii)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">6.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>(ii)</SUP></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 8pt">(i)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 8pt">Information based on weighted average plans granted, except for the expected dividends and risk-free
interest rate.</FONT></P>

<P STYLE="font: 8pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">(ii) The percentages include the grants of stock
options and ADRs during the period, with the risk-free interest rate of ADRs are calculated in U.S. Dollar.</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 8pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The total number of outstanding options
developed was as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 69%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><I>Thousand options</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>12/31/2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Options outstanding at January 1st</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>127,265</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>141,736</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Options issued during the period</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">22</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Options exercised during the period</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(38)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(5,730)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Options forfeited during the period</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2,290)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(8,763)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Options outstanding&nbsp;&nbsp;at the end of the period</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>124,937</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>127,265</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">The range of exercise prices of the outstanding
options is from R$11.97 (R$11.97 in 2020) to R$46.08 (R$43.95 in 2020) and the weighted average remaining contractual life is approximately
6.41 years (6.43 years in 2020).</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">Of the 124,937 thousand outstanding options (127,265
thousand in 2020), 51,670 thousand options were vested in 2021 (36,459 thousand in 2020).</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">The weighted average exercise price of the options is as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 69%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><I>In R$ per share</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>12/31/2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Options outstanding at January 1st</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">19.81</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">18.53</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Options issued during the period</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">18.05</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Options forfeited during the period</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">18.17</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">22.96</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Options exercised during the period</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">11.97</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">8.30</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Options outstanding at the end of the period</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">20.03</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">19.81</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Options exercisable at the end of the period</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">22.60</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">23.70</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">For the options exercised during the period ended
March 31, 2021, the weighted average share price as at the exercise date was R$15.59 (R$15.23 in December 31, 2020).</P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">To settle the exercised stock options,
the Company may use treasury shares. The current limit on the authorized capital is considered sufficient to meet the Company&rsquo;s
obligations under all stock option plans if the issue of new shares is required to meet the grants awarded under the Programs.</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">During the period, the Company granted
30 thousand deferred shares under the stock option plan (153 thousand deferred shares in 2020) which are valued based on the share price
for the trading session immediately prior to the grant, which represents a fair value of R$462 in 2021 (R$2,401 in 2020). Such deferred
shares are subject to a grace period of five years from the grant date.</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">During the period, the Company granted
2,008 thousand restricted shares under the Share-Based Plan (21,066 thousand in 2020), which are valued based on the share price of the
trading session immediately prior to the granting
of the shares, representing a fair value of approximately R$28,450 in 2021 (R$315,399 in 2020). Such restricted share units are subject
to a grace period which can vary from three to five years counted from the grant date.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/110% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Stated below is the total number of shares
purchased by or granted to employees, as the case may be,&nbsp;under the Stock Option Plan and&nbsp;Share-Based Plan which will be delivered
in the future based on the fulfilment of certain conditions (deferred stock and restricted shares):</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 69%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><I>Thousand deferred shares</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>12/31/2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Deferred shares outstanding at January 1st</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>6,065</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>7,926</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">New deferred shares during the period</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">30</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">153</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Deferred shares granted during the period</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(4,010)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,901)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Deferred shares forfeited during the period</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(20)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(113)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Deferred shares outstanding at the end of the period</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2,065</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>6,065</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 69%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><I>Thousand restricted shares</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>12/31/2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Restricted shares outstanding at January 1st</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>43,458</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>23,836</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">New restricted shares during the period</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,008</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">21,066</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Restricted shares granted during the period</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Restricted shares forfeited during the period</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(747)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,444)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Restricted shares outstanding at the end of the period</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>44,719</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>43,458</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-size: 12pt">Additionally,
certain employees and managers of the Company received options to acquire AB-Inbev shares, the compensation costs of which are recognized
in the income statement against equity</FONT><FONT STYLE="font-size: 11pt">.</FONT></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The transactions with share-based payments
described above generated an expense of R$105,960 on March 31, 2021 (R$37,697 on March 31, 2020), recorded as administrative expenses.</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-size: 12pt"><B>22.</B></FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>FINANCIAL INSTRUMENTS AND RISKS</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Risk factors</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is exposed to foreign currency, interest
rate, commodity price, liquidity and credit risk in the ordinary course of its business. The Company analyzes each of these risks both
individually and on a consolidated basis, to define strategies to manage the economic impact on risk&rsquo;s performance consistent with
its Financial Risk Management Policy (the &ldquo;Policy&rdquo;).</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&rsquo;s use of derivatives strictly
follows the Financial Risk Management Policy approved by the Board of Directors. The policy is intended to provide guidelines for the
management of the financial risks inherent to the capital markets in which Ambev operates. The policy includes four main aspects: (i) capital structure; financing
and liquidity; (ii) transactional risks related to the business; (iii) financial statement translation risk; and (iv) credit risks of
financial counterparties.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 6pt/110% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The policy establishes that all the financial
assets and liabilities in each country in which Ambev operates must be denominated in their respective local currencies. The policy also
sets out the procedures and controls required to identify, measure and minimize market risks, such as variations in foreign exchange rates,
interest rates and commodities (mainly aluminum, wheat, corn and sugar) that may affect Ambev&rsquo;s revenue, costs and/or investment
amounts. The policy states that all of the known risks (e.g. foreign currency and interest) shall be hedged by contracting derivative
financial instruments. Existing risks which are not yet recorded (e.g. future contracts for the purchase of raw materials or property,
plant and equipment) shall be mitigated using projections for the period required for the Company to adapt to the new costs scenario,
which may vary from ten to fourteen months, also through the use of derivative financial instruments. Most translation risks are not hedged.
Any exceptions to the policy must be approved by the Board of Directors.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Derivative financial instruments</B></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">The derivative financial instruments authorized
under the Financial Risk Management Policy include futures contracts traded on exchanges, full deliverable forwards, non-deliverable forwards,
swaps and options. At March 31, 2021, the Company and its subsidiaries had no target forwards, swaps with currency verification, or any
other derivative transactions representing a risk level above the nominal value of the contracts. The derivative operations are managed
on a consolidated basis and classified based on the strategy according to their purposes, as follows:</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">i) Cash flow hedge derivative instruments - Highly
probable forecast transactions contracted to minimize the Company's exposure to fluctuations in exchange rates and the prices of raw materials,
investments, equipment and services to be procured, protected by cash flow hedges that shall occur at various different dates over the
next fourteen months. Gains and losses classified as hedging reserves in equity are recognized in the income statement in the period or
periods during which the forecast and hedged transaction affects the income statement.</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">ii) Fair value hedge derivative instruments - operations
contracted for the purpose of mitigating the Company&rsquo;s net indebtedness against foreign exchange and interest rate risk. Net cash
positions and foreign currency debts are continually assessed to identify new indications of exposure.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The results of these operations, measured according
to their fair value, are recognized in financial results.</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">iii) Net investment hedge derivative instruments
- transactions entered into to minimize the exposure to exchange differences arising from the conversion of net investments in the Company's
subsidiaries located abroad for the purpose of translating
the account balance. The effective portion of the hedge is allocated to equity, while the ineffective portion is recorded directly in
the financial income statement when identified.</P>


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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following tables summarize the exposure of the
Company identified and protected in accordance with the Company's Risk Policy. The following classifications have been applied:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Operational hedges: Refers to exposure arising from
the core business of the Company, such as purchases of inputs, purchases of fixed assets and service contracts linked to foreign currency,
which are protected using derivatives.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Financial hedge: Refers to exposure arising from cash
and financing activities, such as foreign currency cash and foreign currency debt, which is protected t using derivatives.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Investment hedges abroad: Refers mainly to exposure
arising from cash held in foreign currency in foreign subsidiaries, with a functional currency different from the consolidation currency.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">Investment hedge - put options granted on subsidiaries:
As detailed in item IV (d), the Company constituted a liability related to the acquisition of a non-controlling interest of the operations
in the Dominican Republic. This financial instrument is denominated in US Dollars (Tranche A) and Dominican Pesos (Tranche B) and is recorded
by an entity, whose functional currency is the Real. The Company assigned this financial instrument as a hedging instrument for a portion
of its net assets located in subsidiaries whose functional currency is the US Dollar and the Dominican Peso, in such a manner that the
hedge result can be recorded in other comprehensive income of the group, following the result of the hedged item.</P>


<!-- Field: Page; Sequence: 45 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><B>Transactions protected by derivative financial instruments in accordance
with the Financial Risk Management Policy</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;03/31/2021 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;Fair Value </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;Gain / (Losses) </B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 24%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Exposure</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 18%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Risk</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 9%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 8%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Notional</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 8%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 7%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Liability</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Finance Result</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Operational Result</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Equity</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Cost</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(18,718,097)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>18,444,627</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>598,517</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(476,167)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(565,405)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>380,447</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,180,937</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Commodities</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(3,866,958)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3,593,488</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">567,760</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(5,448)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(40,204)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">149,074</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">157,425</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;US Dollars </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(14,733,745)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">14,733,745</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3,144</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(465,927)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(524,149)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">248,358</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,049,036</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Euros</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(50,388)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">50,388</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">19,030</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2,651)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(72)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,120</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2,170)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Mexican Pesos</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(67,006)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">67,006</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">8,583</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2,141)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(980)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(18,105)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(23,354)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Fixed Assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(1,153,348)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,153,348</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>559</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(50,698)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(136,798)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>33,714</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>37,404</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">US Dollars</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,153,348)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,153,348</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">559</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(50,698)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(136,798)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">33,714</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">37,404</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Expenses</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(361,820)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>361,820</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>170</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(9,070)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(44,404)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>13,049</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>65,247</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">US Dollars</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(361,820)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">361,820</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">170</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(9,070)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(44,404)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">13,049</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">65,247</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Debts</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(213,386)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">US Dollars</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,709)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Interest rates</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(211,677)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Equity Instrument</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(1,645,019)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>796,181</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>38,538</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(6,562)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(55,339)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Stock exchange prices</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,645,019)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">796,181</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">38,538</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(6,562)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(55,339)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>March 31, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(22,091,670)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>20,755,976</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>637,784</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(542,497)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(801,946)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>427,210</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,283,588</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;03/31/2020 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;Fair Value </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&nbsp;Gain / (Losses) </B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 27%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Exposure</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Risk</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 9%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 8%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Notional</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 8%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 7%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Liability</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Finance Result</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Operational Result</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Equity</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Cost</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(15,837,905)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>15,588,464</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>364,496</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(287,838)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(288,837)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>314,270</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,132,072</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Commodities</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2,629,145)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,379,704</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">343,852</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(7,831)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(30,129)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(20,212)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(334,933)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;US Dollars </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(13,087,705)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">13,087,705</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">8,728</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(271,832)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(260,461)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">353,600</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,455,510</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Euros</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(50,817)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">50,817</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,942</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(287)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,923)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(521)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">13,108</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Mexican Pesos</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(70,238)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">70,238</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">9,974</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(7,888)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3,676</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(18,597)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,613)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Fixed Assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(1,042,485)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,042,485</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,733</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(31,276)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(98,847)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>32,031</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>36,645</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">US Dollars</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,042,485)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,042,485</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,733</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(31,276)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(98,847)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">32,031</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">36,645</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Expenses</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(345,832)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>345,832</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>473</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(10,674)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(481)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>474</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>178</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">US Dollars</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(345,832)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">345,832</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">473</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(10,674)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(481)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">474</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">178</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Debts</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(233,216)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">US Dollars</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(4,864)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Interest rates</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(228,352)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Equity Instrument</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(1,740,543)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>700,901</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>142,634</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(541,225)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Stock Exchange Prices</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,740,543)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">700,901</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">142,634</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(541,225)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(19,199,981)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>17,677,682</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>509,336</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(329,788)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(929,390)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>346,775</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,168,895</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 47 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/110% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -14.2pt"><FONT STYLE="font-size: 12pt"><B>I.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <FONT STYLE="font-size: 12pt">Market risk</FONT></B></P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>a.1) Foreign currency risk</I></B></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is exposed to foreign currency risk
on borrowings, investments, purchases, dividends and/or interest expenses or income where these are denominated in a currency other than
the functional currency of the subsidiary. The main derivative financial instruments used to manage foreign currency risk are futures
contracts, swaps, options, non-deliverable forwards and full deliverable forwards.</P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>a.2) Commodity Risk</I></B></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">A significant portion of the Company&rsquo;s
inputs is made up of commodities, which have historically experienced substantial price fluctuations. The Company therefore uses both
fixed price purchasing contracts and derivative financial instruments to minimize its exposure to volatility in the commodity prices of
aluminum, sugar, wheat and corn. These derivative financial instruments have been designated as cash flow hedges.</P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>a.3) Interest rate risk</I></B></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company applies a dynamic interest rate hedging
approach, whereby the target mix between fixed- and floating-rate debt is reviewed periodically. The purpose of the Company&rsquo;s policy
is to achieve an optimal balance between the cost of funding and the volatility of financial results, considering market conditions, as
well as the Company&rsquo;s overall business strategy, which is reviewed periodically.</P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The table below demonstrates the Company&rsquo;s exposure
related to debts, before and after the application of the interest rate hedging strategy, within the limits established by the risk policy.
As at March 31, 2021, the Company was not applying hedges to the exposure described below:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Risk</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; width: 61%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Interest rate</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Amount in Brazilian Real</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Brazilian Reais</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">5.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3,473,609</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Argentinean Pesos </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">22.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3,924</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Dominican Pesos</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">10.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">102,202</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Guatemalan Quetzal</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">8.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">16,909</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">7.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">59,796</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Bolivian&nbsp;Pesos</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">5.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">133,996</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">US Dollars</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">4.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,709</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Canadian Dollars</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">383,053</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Pre-fixed interest rate </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>4,175,198</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Brazilian Reais</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">851,963</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Post fixed interest rate </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>851,963</B></FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 48 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0"><BR STYLE="clear: both">
</P>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>12/31/2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Risk</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; width: 60%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Interest rate</B></FONT></TD>
    <TD STYLE="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Amount in Brazilian Real</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Brazilian Reais</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">5.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3,002,394</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Argentinean Pesos </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">23.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">4,468</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Dominican Pesos</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">9.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">342,684</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Guatemalan Quetzal</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">8.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">15,346</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">8.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">48,576</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Bolivian&nbsp;Pesos</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">5.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">178,919</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">US Dollars</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">4.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">4,864</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Canadian Dollars</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">342,553</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Pre-fixed interest rate </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>3,939,804</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Brazilian Reais</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">852,424</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Post fixed interest rate </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>852,424</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Sensitivity analysis</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company substantially mitigates the risks arising
from non-derivative financial assets and liabilities, through the use of derivative financial instruments. In this context, the Company
has identified the main risk factors that could generate losses from these derivative financial instruments, and has developed a sensitivity
analysis based on three scenarios, which may impact the Company&rsquo;s future results and/or cash flow, as described below:</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">1 - Probable scenario: Management&rsquo;s expectations
regarding the deterioration of each transaction&rsquo;s main risk factor. To measure the possible effects on the results of derivative
transactions, the Company uses the parametric Value at Risk (&ldquo;VaR&rdquo;), a statistical measure developed based on estimates of
standard deviation and correlation between the returns of several risk factors. This model gives in the loss limit expected for an asset
over a certain time period and confidence interval. Under this methodology, we used the potential exposure of each financial instrument,
a range of 95% and a horizon of 21 days after March 31, 2021 for the calculation, which are presented in the model.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">2 - Adverse scenario: 25% deterioration in each transaction&rsquo;s main
risk factor compared to the level observed as at March 31, 2021.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">3 - Remote scenario: 50% deterioration in each
transaction&rsquo;s main risk factor compared to the level observed as at March 31, 2021.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 27%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Transaction</B></FONT></TD>
    <TD STYLE="width: 21%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Risk</B></FONT></TD>
    <TD STYLE="width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Fair Value</B></FONT></TD>
    <TD STYLE="width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Probable scenario</B></FONT></TD>
    <TD STYLE="width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Adverse scenario</B></FONT></TD>
    <TD STYLE="width: 13%; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Remote</B></P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>scenario</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Commodities hedge</FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Decrease in commodities price</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">562,312</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">174,508</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(336,060)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,234,432)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Input purchases</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(562,312)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(145,500)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">404,428</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,371,167</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Foreign exchange hedge</FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Foreign currency decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(439,962)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(548,720)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(4,152,747)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(7,865,531)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Input purchases</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">439,962</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">548,720</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">4,152,747</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">7,865,531</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Cost effects</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>29,008</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>68,368</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>136,735</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Foreign exchange hedge</FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Foreign currency decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(50,139)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(53,366)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(338,476)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(626,813)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Capex Purchases</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">50,139</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">53,366</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">338,476</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">626,813</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Fixed asset effects</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Foreign exchange hedge</FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Foreign currency decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(8,900)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(10,008)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(99,355)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(189,810)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">8,900</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">10,008</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">99,355</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">189,810</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Expense effects</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">Debt</P></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Foreign currency decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">14</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">427</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">855</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Interest expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Increase in interest rate</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">615</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">9,567</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">17,997</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Debt effects</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>629</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>9,994</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>18,852</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Equity Instrument Hedge</FONT></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Stock exchange price decrease</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">31,976</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(14,106)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(167,069)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(366,115)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(31,976)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">54,944</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">379,279</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">790,533</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Equity effects</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>40,838</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>212,210</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>424,418</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>70,475</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>290,572</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>580,005</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">As at March 31, 2021 the Notional and Fair Value amounts per
instrument and maturity were as follow:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>&nbsp;Notional Value </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 16%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Exposure</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 21%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Risk</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 12%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2021</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 12%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 10%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2023</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 11%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 8%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>&gt;2024</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 10%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Cost</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>16,874,978</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,569,649</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>18,444,627</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;Commodities </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,850,729</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">742,759</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,593,488</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;US Dollars </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">13,927,240</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">806,505</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">14,733,745</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;Euros</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">45,991</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,397</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">50,388</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;Mexican Pesos </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">51,018</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">15,988</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">67,006</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Fixed assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,094,636</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>58,712</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,153,348</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;US Dollars </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,094,636</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">58,712</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,153,348</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Expenses</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>347,465</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>14,355</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>361,820</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;US Dollars </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">347,465</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">14,355</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">361,820</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Equity Instruments</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>796,181</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>796,181</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Stock prices </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">796,181</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">796,181</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>19,113,260</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,642,716</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>20,755,976</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 50 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>&nbsp;Fair Value </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 16%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Exposure</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 22%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Risk</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 12%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2021</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 12%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2022</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 10%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2023</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 10%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 8%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&gt;2024</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 10%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Costs</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>121,835</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>515</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>122,350</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Commodities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">549,979</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">12,333</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">562,312</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">US Dollars</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(451,139)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(11,644)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(462,783)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Euros</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">16,379</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">16,379</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Mexican Pesos</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">6,616</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(174)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">6,442</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Fixed assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(46,621)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(3,518)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(50,139)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">US Dollars</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(46,621)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(3,518)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(50,139)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Expenses</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(8,329)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(571)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(8,900)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">US Dollars</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(8,329)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(571)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(8,900)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Rupee</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Equity Instruments</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>31,976</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>31,976</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;Stock prices&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">31,976</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">31,976</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>98,861</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(3,574)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>95,287</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/110% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/110% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-size: 12pt"><B>II.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">Credit Risk</FONT></B></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B><I>Concentration of trade receivables credit risk</I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">A substantial portion of the Company&rsquo;s
sales is made to distributors, supermarkets and retailers, through a broad distribution network. Credit risk is reduced due to the widespread
number of customers and control procedures used to monitor risk. Historically, the Company has not incurred significant losses on receivables
from customers.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B><I>Concentration of counterparty credit risk </I></B></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">In order to minimize the credit risk of its investments,
the Company has adopted procedures for the allocation of cash and investments, taking into consideration the credit limits and credit
analysis of financial institutions, avoiding credit concentration, i.e. the credit risk is monitored and minimized by restricting negotiations
to a select group of highly rated counterparties.</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">The selection process for financial institutions
authorized to operate as counterparties of the Company is set forth in the Credit Risk Policy, which also establishes exposure limits
for each counterparty based on each counterparty's risk rating and capitalization.</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">In order to minimize the credit risk on significant
derivative transactions with its counterparties, the Company has adopted bilateral &ldquo;trigger&rdquo; clauses. According to these clauses,
where the fair value of an operation exceeds a certain percentage of its notional value (generally between 10% and 15%), the debtor must
settle the difference in favor of the creditor.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Any deposits or cash available must be
kept in accounts with top tier banks, or banks with a high credit rating in the respective country. Any position of a short-term nature
(less than six months) should be considered as a deposit or cash.</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Counterparty risk must be managed by the
Company globally, with product limits established by the treasury area, considering: (i) the counterparty&rsquo;s credit rating (ii) the
transaction term (iii) the amount; and (iv) the split between assets and liabilities, in the absence of a clearing clause in derivative
contracts.</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The counterparty risk is reassessed.</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The carrying amounts of cash and cash
equivalents, investment securities, trade receivables excluding prepaid expenses, recoverable taxes and derivative financial instruments
are disclosed net of provisions for impairment, and represent the maximum exposure to credit risk as at March 31, 2021. As at March 31,
2021, there was no concentration of credit risk on any counterparties in excess of the limits established by the Company's risk policy.</P>

<P STYLE="font: 11pt/110% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-size: 12pt"><B>III.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">Liquidity Risk</FONT></B></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">Historically, the Company&rsquo;s primary sources
of cash flow have been cash flow from operating activities, the issuance of debt, bank borrowings and equity securities. Ambev&rsquo;s
material cash requirements have included the following:</P>

<P STYLE="font: 6pt/110% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Debt servicing;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Capital expenditure;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Investments in companies;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Increases in the ownership of
Ambev&rsquo;s subsidiaries or companies in which it holds equity investments;</FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Share buyback programs; and</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Payments of dividends and interest on shareholders&rsquo;
equity.</FONT></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company believes that cash flows from operating
activities, cash and cash equivalents and short-term investments, together with derivatives and access to loan facilities are sufficient
to finance capital expenditures, financial liabilities and dividend payments in the future.</P>


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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;<B>03/31/2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: right; vertical-align: top; width: 33%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Carrying amount</B></FONT></TD>
    <TD STYLE="width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Contractual cash flows</B></FONT></TD>
    <TD STYLE="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Less than 1 year</B></FONT></TD>
    <TD STYLE="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1-2 years</B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2-3 years</B></FONT></TD>
    <TD STYLE="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>3-5 years</B></FONT></TD>
    <TD STYLE="text-align: right; width: 9%; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>More than</B></P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>5 years</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Trade and other payables (i)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">31,465,242</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">32,742,807</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">26,107,513</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,430,103</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,269,309</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,296,347</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,639,535</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Secured bank loans</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,110,382</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,279,024</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,005,768</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">69,338</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">52,341</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">50,851</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">100,726</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Unsecured bank loans</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,963</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,139</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,139</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Debentures and Bonds</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">109,032</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">124,888</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">124,888</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Unsecured other loans</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">127,852</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">263,237</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">46,638</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">43,321</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">28,912</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">18,556</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">125,810</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Lease liabilities </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,677,932</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,202,557</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">686,397</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">655,167</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">484,056</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">671,933</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">705,004</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>36,492,403</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>38,614,652</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>28,973,343</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>3,197,929</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,834,618</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2,037,687</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2,571,075</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;<B>12/31/2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: right; vertical-align: top; width: 33%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Carrying amount</B></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Contractual cash flows</B></FONT></TD>
    <TD STYLE="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Less than 1 year</B></FONT></TD>
    <TD STYLE="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1-2 years</B></FONT></TD>
    <TD STYLE="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2-3 years</B></FONT></TD>
    <TD STYLE="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>3-5 years</B></FONT></TD>
    <TD STYLE="text-align: right; width: 10%; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>More than</B></P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>5 years</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Trade and other payables (i)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">32,353,261</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">33,694,240</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">27,340,481</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,015,286</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">272,153</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">424,502</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,641,818</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Secured bank loans</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,179,142</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,360,153</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,038,391</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">82,611</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">61,674</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">51,568</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">125,909</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Unsecured bank loans</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">247,818</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">271,294</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">270,208</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,086</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Debentures and Bonds</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">108,548</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">124,404</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">124,404</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Unsecured other loans</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">135,652</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">307,674</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">52,872</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">42,065</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">31,236</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">19,126</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">162,375</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Lease liabilities </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,121,068</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,715,036</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">532,732</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">558,307</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">398,092</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">566,179</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">659,726</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>37,145,489</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>39,472,801</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>30,359,088</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>4,699,355</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>763,155</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,061,375</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2,589,828</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">(i) Mainly includes amounts related to suppliers,
taxes, fees and contributions payables, dividends and interest on equity payable, salaries and charges, put options related to our participation
in subsidiaries and other liabilities, except for related parties, with payment term of less than one year.</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/110% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-size: 12pt"><B>IV.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">Equity price risk</FONT></B></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">Through the equity swap transactions approved
on December 19, 2019, May 13, 2020 and December 9, 2020 by the Board of Directors of Ambev (see Note 1 - <I>Corporate information</I>),
the Company, or its subsidiaries, will receive price variations related to its shares traded on the stock exchange, or on its ADRs, thus
neutralizing the possible effects of the stock price fluctuations on the share-based payments made by the Company. As these derivative
instruments are not eligible for hedge accounting, they were not therefore allocated to any hedging arrangements.</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">In March 31, 2021, exposure equivalent to R$1.6
billion (R$1.7 billion as at December 31, 2020) in Ambev&rsquo;s shares (or ADRs) was partially hedged, resulting in a loss in the income
statement of R$55,329 (a loss in the income statement of R$541,225 as at March 31, 2020).</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/110% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-size: 12pt"><B>V.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">Capital management</FONT></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is continuously optimizing its capital
structure in order to maximize shareholder value while maintaining the desired financial flexibility to execute its strategic projects.
Besides the statutory minimum equity funding requirements applicable to the Company&rsquo;s subsidiaries in different countries, the Company
is not subject to any externally imposed capital requirements. When analyzing the capital structure, the Company uses
the same debt ratings and capital classifications applied to the interim financial statements.</P>


<!-- Field: Page; Sequence: 53 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 6pt/110% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Financial instruments</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>(a) Financial instrument categories</B></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">The financial instruments held by the Company
are managed through operational strategies and internal controls to assure liquidity, profitability, and transaction security. Transactions
involving financial instruments are regularly reviewed to assets the effectiveness of the risk exposure that management intends to cover
(foreign exchange, and interest rate, among others).</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">The table below shows all of the financial instruments
recognized in the financial statements, segregated by category:</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>&nbsp;03/31/2021 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 55%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Amortized cost</B></FONT></TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Fair value through profit or loss</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><U>Financial assets</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Cash and cash equivalents less bank overdrafts</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">17,286,068</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">17,286,068</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Trade receivables excluding prepaid expenses </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,805,197</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,805,197</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Investment securities</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">218,335</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,049,628</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,267,963</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Derivative financial instruments </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">38,538</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">38,538</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Derivatives hedges</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">599,246</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">599,246</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>23,309,600</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2,687,412</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>25,997,012</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><U>Financial liabilities</U></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Trade payables</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">21,509,550</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">21,509,550</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Put options granted on subsidiaries</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,783,049</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,783,049</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Derivative financial instruments </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,562</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,562</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Derivatives hedges</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">535,935</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">535,935</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Interest-bearing loans and borrowing</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,027,161</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,027,161</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Other liabilities</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,304,374</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,304,374</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>28,841,085</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>4,325,546</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>33,166,631</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 6pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>


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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 6pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>&nbsp;12/31/2020 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 47%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Amortized cost</B></FONT></TD>
    <TD STYLE="width: 23%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Fair value through profit or loss</B></FONT></TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><U>Financial assets</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Cash and cash equivalents less bank overdrafts</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">17,090,335</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">17,090,335</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Trade receivables excluding prepaid expenses </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,628,971</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,628,971</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Investment securities</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">213,907</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,700,028</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,913,935</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Derivative financial instruments </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">142,634</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">142,634</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Derivatives hedges</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">366,702</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">366,702</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>23,933,213</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2,209,364</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>26,142,577</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><U>Financial liabilities</U></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Trade payables</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">19,995,095</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">19,995,095</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Put options granted on subsidiaries</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,493,780</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,493,780</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Derivatives hedges</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">329,788</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">329,788</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Interest-bearing loans and borrowing</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,792,228</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,792,228</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Other liabilities</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,581,099</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,581,099</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>27,368,422</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>3,823,568</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>31,191,990</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>(b) Classification of financial instruments by type of fair
value measurement</B></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">IFRS 13 defines the fair value as the price that
would be received for the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the
measurement date.</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">Also pursuant to IFRS 13, financial instruments
measured at fair value shall be classified within the following categories<FONT STYLE="background-color: white">:</FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">Level 1
- quoted prices (unadjusted) in active markets available to the entity for identical assets or liabilities as at the valuation date;</FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="background-color: white">Level 2 - inputs other than quoted
prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">Level 3
-inputs which are not observable for the asset or liability.</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>03/31/2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>12/31/2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Level 1</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Level 2</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Level 3</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Level 1</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Level 2</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Level 3</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><U>Financial assets</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Financial asset at fair value through profit and loss</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,049,628</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,049,628</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,700,028</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,700,028</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Derivatives assets at fair value through profit and loss</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">38,538</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">38,538</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">142,634</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">142,634</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Derivatives - operational hedge</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">115,690</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">483,556</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">599,246</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">85,461</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">281,241</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">366,702</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2,165,318</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>522,094</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2,687,412</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,785,489</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>423,875</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2,209,364</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><U>Financial liabilities</U></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Financial liabilities at fair value through profit and loss</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,783,049</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,783,049</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,493,780</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,493,780</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Derivatives liabilities at fair value through profit and loss</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,562</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,562</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Derivatives - operational hedge</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">252,237</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">283,698</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">535,935</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">102,552</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">227,236</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">329,788</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>252,237</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>290,260</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>3,783,049</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>4,325,546</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>102,552</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>227,236</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>3,493,780</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>3,823,568</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 37%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Reconciliation of changes in the assets categorized at Level 3</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 85%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Financial liabilities at December 31, 2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>3,493,780</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Total gains and losses during the period</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">289,269</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;&nbsp;&nbsp;Losses/(gains) recognized in net income</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">42,295</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;&nbsp;&nbsp;Losses/(gains) recognized in equity</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">246,974</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Financial liabilities at March 31, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>3,783,049</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>(c) Fair value of financial liabilities measured at amortized cost</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&rsquo;s liabilities, interest-bearing
loans and borrowing, trade payables excluding tax payables, are recorded at amortized cost based on the effective rate method, plus indexation
and foreign exchange gains/losses, based on the closing indices for each exercise.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">The financial instruments recorded at amortized
cost are similar to the fair value and are not of sufficiently material to require disclosure.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>(d) Fair value of liabilities measured through
profit or loss</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">As part of the negotiations regarding the acquisition
of the shares of Tenedora, the Company signed the second amendment to the Shareholders' Agreement extending the partnership between the
Company and ELJ. ELJ is currently the owner of 15% of the shares of Tenedora, and its put options are now divided into two tranches: (i)
Tranche A, corresponding to 12.11% of the shares, exercisable in 2022, 2023 and 2024; and (ii) Tranche B, corresponding to 2.89% of the
shares, exercisable from 2026. The Company, on the other hand, has a call option over Tranche A shares, exercisable from 2021, and Tranche
B shares, exercisable from 2029. On March 31, 2021, the sum of the two ELJ tranches is R$3,778,349 (R$3,489,080 on December 31, 2020).</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">The fair value of (i) Tranche A is calculated
considering the interest under the contract, plus foreign exchange variations, less the dividends paid between the date of signature of
the amendment and the exercise of the option.</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">The fair value of (ii) Tranche B is calculated
based on the EBITDA multiple defined in the contract, less the net debt, brought to its present value, calculated using standard valuation
techniques (the present value of the principal amount and future interest, discounted by the local currency&rsquo;s WACC rate as at the
date of the calculation). The criteria used are based on market information from reliable sources and are categorized as &ldquo;Level
3&rdquo;.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Calculation of the fair value of derivatives</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company measures derivative financial instruments
by calculating their fair value, using market curves that impact the value of the instrument as at the computation date. In the case of
swaps, the asset and the liability positions are estimated independently and brought to their fair value, equivalent to the difference
between the results of the asset and liability amounts, which generates the swap&rsquo;s market value. For traded derivative financial
instruments, the fair value is calculated based on the exchange-listed price.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Margins pledged as guarantees</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In order to comply with the guarantee requirements
regarding derivative exchanges and/or counterparties to certain operations with derivative financial instruments, as at March 31, 2021
the Company held R$797,710 in highly liquid financial investments or in cash, classified as cash and cash equivalents and investment securities
(R$798,903 as at December 31, 2020).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Offsetting of financial assets and liabilities</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">For financial assets and liabilities subject
to settlement agreements on a net basis or similar agreements, each agreement between the Company and the counterparty allows this type
of settlement when both parties opt for this. In the absence of such a decision, the assets and liabilities will be settled at their gross
amounts, but each party shall have the option to settle on a net basis, in case of a default by the counterparty.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/110% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-size: 12pt"><B>23.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>COLLATERAL AND CONTRACTUAL COMMITMENTS WITH SUPPLIERS, ADVANCES FROM
CUSTOMERS AND OTHERS</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 66%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 17%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2021</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 17%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>12/31/2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Collateral given for the Company&rsquo;s own liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">797,818</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">799,011</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Other commitments</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,810,288</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,629,881</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2,608,106</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2,428,892</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Commitments to suppliers</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">19,861,140</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">17,768,463</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>19,861,140</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>17,768,463</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The collateral provided for liabilities
totaled approximately R$2,608,106 as at March 31, 2021 (R$2,428,892 as at December 31, 2020), including R$728,251 (R$729,174 as at December
31, 2020) of cash guarantees. The deposits in cash used as guarantees are presented as part of other assets. To provide the guarantees
required for derivatives exchanges and/or counterparties contracted in certain derivative financial instrument transactions, as at March
31, 2021, Ambev maintained R$797,710 (R$798,903 as at December 31, 20120) in highly liquid financial investments or in cash, classified
as cash and cash equivalents and investment securities (Note 22 - <I>Financial instruments and risks</I>).</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Most of the balance relates to commitments
to suppliers of packaging.</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">Future
contractual commitments as at March 31, 2021 and December 31, 2020 are as follow:</FONT></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 66%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 17%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2021</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 17%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>12/31/2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Less than 1 year</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">10,310,703</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">9,218,216</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Between 1 and 2 years</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3,418,303</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,934,802</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">More than 2 years</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">6,132,134</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">5,615,445</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>19,861,140</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>17,768,463</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/110% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-size: 12pt"><B>24.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>CONTINGENCIES</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has contingent liabilities related to
lawsuits arising in the normal course of its business. <FONT STYLE="background-color: white">Due to their nature, such legal proceedings
involve certain uncertainties including, but not limited to, court rulings, negotiations between affected parties and governmental actions,
and therefore the Company&rsquo;s management cannot estimate the likely timing of the resolution of these matters at this stage. </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Contingent liabilities with a probable outcome are
fully recorded as liabilities (Note 13 - <I>Provisions</I>).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has lawsuits related mainly to tax
for which the likelihood of loss is classified as possible by management, and for which there are no provisions, as the composition and
estimates of these amounts are as follow:</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
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<P STYLE="font: 6pt/110% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 59%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 21%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2021</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 20%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>12/31/2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Income tax and social contribution</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">54,209,525</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">53,898,046</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Value-added and excise taxes</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">23,418,352</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">23,299,284</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">PIS and COFINS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,741,892</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,746,286</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Others</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,608,973</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,603,508</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>81,978,742</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>81,547,124</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Principal lawsuits with a likelihood of possible loss</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">Except for monetary inflation and the cases described
below, there were no relevant changes in the main cases with possible chances of loss when compared to the period ending on December 31,
2020.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>Brazilian Federal Taxes</B></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><I>Goodwill InBev Holding</I></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">In December
2011, Ambev received a tax assessment related to the goodwill amortization resulting from InBev Holding Brasil S.A.&rsquo;s merger with
Ambev. At the administrative level, Ambev received partially favorable decisions in both the Lower and Upper Administrative Court. Ambev
filed judicial proceedings to discuss the unfavorable portion of the decisions of the Lower and the Upper Administrative Court and requested
injunctions to suspend the enforceability of the remaining tax credit, which were granted.</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">In June
2016, Ambev received a new tax assessment charging the remaining value of the goodwill amortization and filed a defense. Ambev received
partially favorable decisions at the first level administrative court and Lower Administrative Court. Ambev filed a Special Appeal which
was partially admitted and awaits judgment by the Upper Administrative Court. For the unfavorable portion of the decision which became
final at the administrative level, Ambev filed a judicial proceeding requesting an injunction to suspend the enforceability of the remaining
tax credit, which was granted.</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0"><FONT STYLE="color: black">The
updated amount related to this uncertain tax position as at March 31, 2021 was approximately R$10.3 billion (R$10.2 billion as at 31 December
2020). Ambev has not recorded any provisions for this </FONT><FONT STYLE="background-color: white">matter based on the probability of
the lawsuit.</FONT> <FONT STYLE="color: black">In the event Ambev is required to pay these amounts, AB-Inbev will reimburse Ambev the
amount proportional (70%) to the benefit received by the Company pursuant to the merger protocol, as well as the related costs.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><I>Disallowance of taxes paid abroad</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">Since 2014, Ambev has been receiving tax assessments
from the Brazilian Federal Tax Authorities related to the disallowance of
deductions associated with alleged unproven taxes paid abroad by its subsidiaries and has been filing defenses. The cases are being challenged
at the administrative and judicial levels. In November 2019, the Lower Administrative Court rendered a favorable decision to Ambev in
one of the cases (regarding the 2010 tax period), which became definitive.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
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<P STYLE="color: #666666; font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">In January 2020, the Lower Administrative Court
rendered unfavorable decisions regarding four of these assessments related to the periods of 2015 and 2016. In these cases, Ambev filed
Special Appeals to the Upper Administrative Court which are pending admission and judgment.</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">With respect to the cases related to the periods
of 2015 and 2016, tax assessments were filed to charge isolated fines due to the lack of monthly prepayments of income tax as a result
of allegedly undue deductions of taxes paid abroad. Ambev filed defenses to the first level administrative court. The 2016 isolated fine
case awaits judgment by the first level administrative court. With respect to the 2015 isolated fine case, Ambev received an unfavorable
decision from the first level administrative court and filed an appeal, which is pending judgment by the Lower Administrative Court.</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">The other cases are still awaiting final decisions
at both administrative and judicial courts.</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">The updated amount related to this uncertain
tax position as at March, 2021 was approximately R$11.9 billion (R$11.7 billion as at December 31, 2020). Ambev has not recorded any provisions
for this matter based on the probability of the lawsuit.</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Deductibility of IOC expenses</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">In November 2019, Ambev received a tax assessment
from the Brazilian Federal Tax Authorities related to the interest on capital (&ldquo;IOC&rdquo;) deduction in 2014. The assessment refers
primarily to the accounting and corporate effects of the restructuring carried out by the Company in 2013 and its impacts on the increase
in the deductibility of IOC expenses. In August 2020, Ambev received a partially favorable decision at the first level administrative
Court and filed an Appeal to the Lower Administrative Court.</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">In December 2020, Ambev received a new tax assessment
related to the deduction of the IOC in 2015 and 2016. The defense against such assessment was filed by Ambev in January 2021.</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company also distributed IOC in the years
following the assessed period. In a scenario where the IOC deductibility would also be questioned for the period after 2016, on the same
basis as the aforementioned tax assessments, Ambev management estimates that the outcome of such potential further assessments would be
similar to the abovementioned cases. Accordingly, the effects of the deductibility of IOC expenses on Ambev&rsquo;s
effective income tax rate for this period would be maintained.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 6pt/110% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="color: black">The updated amount
related to this uncertain tax position as at March 31, 2021 was approximately R$10.3 billion (R$10.2 billion as at December 31, 2020).
Ambev has not recorded any provisions for this </FONT><FONT STYLE="background-color: white">matter based on the probability of the lawsuit.</FONT></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Contingent assets</B></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">In March 2017, the Supreme Federal Court (&ldquo;STF&rdquo;)
decided for, in the judgment of RE 574,706/PR, with binding effects, the unconstitutionality of the inclusion of ICMS in the PIS and COFINS
calculation basis. Currently, the General Attorney's Office (PGFN), filed an amendment in order to supposedly clarify the criteria for
calculating the portion of the ICMS that shall be excluded from the calculation basis of the PIS and COFINS contributions (ICMS &ldquo;paid&rdquo;
versus &ldquo;ICMS declared on the invoice&rdquo;) and the modulation of the effects of the STF decision.</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company and its controlled companies have
several lawsuits related to the matter, some with final and unappealable favorable decisions. Due to the tax regime applicable to the
soft drinks and beer sector that has changed over time, the Company has lawsuits which refers to three different periods: (i) 1990 to
2009, (ii) 2009 to 2015 (period in which the &ldquo;REFRI Taxation Model&rdquo; was in effect - special soft drinks and beer regime, provided
for in article 58-J of Law No. 10,833, of 2003) and (iii) from 2015 onwards (also known as &ldquo;New Model Taxation&quot;).</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2018, 2019 and 2020, the Company and its controlled
companies recognized, in accordance with IAS 37, recoverable tax credits related to this matter in the total amount of R$5.4 billion,
being R$1.1 billion related to periods from 1990 to 2009 and after March 2017 (&ldquo;New Model&rdquo;) and R$4.3 billion, related to
2009 to 2015 (as explained below) as (i) the gain is virtually certain according to the specific circumstances of each specific case;
and (ii) the amounts could be estimated with sufficient reliability, by collecting the respective documents and quantifying the related
amount.</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">Regarding the amount of R$4.3 billion mentioned
above, the Company recorded a tax credit of R$4.3 billion (before tax effects), of which R$ 2.5 billion in Other Operating Income, as
described in Note 17 - <I>Other Operating Income (Expenses)</I>, and R$1.8 billion in Financial Income, as described in Note 19 - <I>Finance
Expenses and Income</I>. This amount is related to the lawsuit with final and unappealable decision that recognized the right of the Company
and its controlled companies to obtain refund of the overpaid amounts while REFRI taxation model was in place. In addition to the gain
being virtually certain due to the circumstances of this specific case, the amount related to this matter could be estimated with sufficient
reliability after several analysis made (with the assistance of our external consultants) that allowed: (i) the identification
of the total ICMS included per liter included in the retail selling prices that were verified by the Federal Government at the time and
that had impact in the reference prices used as calculation basis for determination of the PIS and COFINS; and (ii) the result of exclusion
of such total ICMS from the calculation basis of PIS and COFINS in the Company&rsquo;s operations in the period.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 6pt/110% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, with respect to transactions that
occurred after the decision of the STF, the Company and its controlled companies have judicial decisions in force (in the context of the
lawsuits filed prior to the decision rendered by the STF) that ensure the right to exclude the ICMS declared on the invoices from the
PIS and COFINS calculation basis, which corresponded to a total amount of R$2.9 billion, in addition to the values referred above. This
amount is a reduction of PIS and COFINS expenses as it does not refer to extemporaneous credits.</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">For the period of the New Model before the STF
decision, the Company estimates that the contingent asset corresponds to R$1.9 billion, which will be recognized once the gain is virtually
certain given the specific circumstances of the cases and upon confirmation of the estimated values with sufficient reliability.</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/110% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-size: 12pt"><B>25.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>NON-CASH ITEMS</B></FONT></TD></TR></TABLE>

<P STYLE="font: 8pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 70%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 14%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2021</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 16%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Fair value of option granted on a subsidiary</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2,133)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Effect of application of IAS 29 (hyperinflation)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(3,741)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(102,432)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Acquisition of investments payables</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">34,431</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 8pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-size: 12pt"><B>26.</B></FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>RELATED PARTIES</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Policy and practices regarding the realization of transactions with
related parties</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/108% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company adopts the corporate governance practices
recommended and/or required by the applicable laws.</P>

<P STYLE="font: 8pt/108% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/108% Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the Company&rsquo;s by-laws, the Board
of Directors is responsible for approving any transactions or agreements between the Company and/or any of its subsidiaries (except for
full subsidiaries), its directors and/or shareholders (including direct or indirect shareholders of the Company). The Antitrust Compliance
and Related Parties Committee of the Company is required to advise the Board of Directors of the Company on all transactions with related
parties.</P>

<P STYLE="font: 8pt/108% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/108% Times New Roman, Times, Serif; margin: 0; text-align: justify">Management is prohibited from interfering in
any transaction in which a conflict of interest exists, even in theory, with the Company&rsquo;s interests. Management also are not permitted
to interfere in decisions of any other members of management, and
the Minutes of Meeting of the Board are required to document any decision to abstain from the respective deliberations.</P>


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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->61<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 6pt/108% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 8pt/108% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/108% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&rsquo;s guidelines on related parties
require it to follow reasonable or commutative terms, similar to those prevailing in the market, or under which the Company would contract
similar transactions with third parties. These related parties transactions are clearly disclosed in the interim financial statements
as formalized in the written contracts.</P>

<P STYLE="font: 8pt/108% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Transactions with management members</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/108% Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition to short-term benefits (primarily
salaries), management members are entitled to participate in the Stock Option Plan and Share-Based Payments Plan (Note 21 - <I>Share-based
payments</I>).</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">Total expenses related to the Company&rsquo;s management members
are as follow:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 74%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2021</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2020</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Short-term benefits <SUP>(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">28,828</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">5,791</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Share-based payments <SUP>(ii)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">10,765</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">9,810</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total key Management remuneration </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>39,593</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>15,601</B></FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 8pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">(i) These mainly correspond to management&rsquo;s
salaries and profit sharing (including performance bonuses).</P>

<P STYLE="font: 7pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">(ii) These correspond to the compensation cost
of share options and restricted stocks granted to management. These amounts exclude remuneration paid to members of the Fiscal Council.</P>

<P STYLE="font: 8pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Excluding the above mentioned plan (Note
21 - <I>Share-based payments</I>), the Company no longer has any types of transaction with the Management members or pending balances
receivable or payable in its balance sheet.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Transactions with the Company's shareholders:</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><I>a) Medical, dental and other benefits</I></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Funda&ccedil;&atilde;o Zerrenner is one
of Ambev&rsquo;s shareholders, and at March 31, 2021 held 10.2% of its total share capital. Funda&ccedil;&atilde;o Zerrenner is also an
independent legal entity whose main goal is to provide Ambev&rsquo;s employees, both active and retired, with health care and dental assistance,
technical and higher education courses, facilities for assisting elderly people, either directly or through financial assistance agreements
with other entities. As at March 31, 2021 and December 31, 2020, actuarial obligations related to the benefits provided directly by Funda&ccedil;&atilde;o
Zerrenner were fully funded by plan assets, held for that purpose, which significantly exceeded the liabilities at these dates. Ambev
recognizes the assets (prepaid expenses) of this plan to the extent of the economic benefits available to the Company, arising from reimbursements
or from reductions in future contributions.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The expenses incurred by Funda&ccedil;&atilde;o
Zerrenner for providing these benefits totaled R$69,777 (R$62,153 as at March 31, 2020), of which R$62,224 and R$7,553 were related to
active employees and retirees respectively (R$54,857 and R$7,296 as at March 31, 2020 related to active employees and retirees respectively).</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><I>b) Leasing </I></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Ambev, through its subsidiary BSA (labeling),
has an asset leasing agreement with Funda&ccedil;&atilde;o Zerrenner, for R$22,439 maturing on December 31, 2022.</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">c) Leasing - Ambev. head office</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Ambev has a leasing agreement for two
sets of commercial premises with Funda&ccedil;&atilde;o Zerrenner, which is being re-negotiated, and currently the contract is in force
for an indefinite period.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>d) Licensing agreement</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has a licensing agreement with Anheuser-Busch,
Inc. to produce, bottle, sell and distribute Budweiser products in Brazil, Canada and Argentina, and sales and distribution agreements
for Budweiser products in Guatemala, the Dominican Republic, Paraguay, El Salvador, Nicaragua, Uruguay, Chile, Panama, Costa Rica and
Puerto Rico. In addition, the Company produces and distributes Stella Artois products under a license to ABI in Brazil and Canada and,
through a license granted to ABI, also distributes Brahma products in the United States and several other countries such as the United
Kingdom, Spain, Sweden, Finland and Greece. The amount recorded in relation to this agreement was R$326 <FONT STYLE="color: black">as
at March 31, 2021 </FONT>(R$382 as at March 31, 2020) and R$163,248 (R$109,355 as at March 31, 2020) as licensing income and expenses,
respectively.</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">Ambev has licensing agreements with the Group
Modelo, subsidiaries of ABI to import, promote and sell Corona products (Corona Extra, Corona Light, Coronita, Pacifico and Modelo) in
Latin America and Canada.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->63<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Transactions with related parties</B></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 31%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 17%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 16%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 17%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 19%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>03/31/2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Current</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Trade
    receivables <SUP>(i)</SUP></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Other
    trade receivables <SUP>(i)</SUP></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Trade
    payables <SUP>(i)</SUP></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Dividends receivables</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">AB Africa</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,309</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">AB InBev</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">17,641</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(122,784)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">AB Package</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(329,542)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">AB Services</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,592</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,712)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">AB USA</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">58,395</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">13,653</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(363,588)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Bavaria</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">500</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(16,899)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Cervecer&iacute;a Modelo</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,809</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(446,893)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Cervecer&iacute;as Peruanas</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">37,943</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(10,672)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Inbev</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">924</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">82,336</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(26,975)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Panama Holding</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">20,932</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(14,334)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,647</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Others</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">26,143</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,147</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(45,534)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>176,192</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>97,136</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(1,378,933)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,647</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 18%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 23%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 19%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 16%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 14%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>12/31/2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Current</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Trade receivables <SUP>(i)</SUP></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Other trade receivables <SUP>(i)</SUP></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Trade payables <SUP>(i)</SUP></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Dividends payables</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Dividends receivables</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">AB Africa</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,584</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">AB InBev</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">28,621</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(84,639)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-size: 8pt">AB Package</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(320,999)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">AB Services</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">11,250</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,743)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">AB USA</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">36,738</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,176</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(250,129)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Ambrew</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(98,709)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Bavaria</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">976</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(11,303)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Cervecer&iacute;a Modelo</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,081</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(400,033)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Cervecer&iacute;as Peruanas</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,394</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(10,907)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Inbev</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">865</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">79,144</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(19,419)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">ITW International</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(647,498)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Panama Holding</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">18,848</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(13,075)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,632</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Others</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">10,229</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,079</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(44,850)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>118,590</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>86,399</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(1,157,097)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(746,207)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,632</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 8pt/115% Times New Roman, Times, Serif; margin: 0">(i) The amount represents trading operations (purchase and sale) and
reimbursements between the companies of the group.</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 55%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 23%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>03/31/2021</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 22%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>12/31/2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Non-current</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Trade payables</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Trade payables</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">ITW International</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(447,733)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(420,495)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(447,733)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(420,495)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 65 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->64<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">The tables below represent transactions with
related parties, recognized in the income statement:</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 29%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Company</B></FONT></TD>
    <TD STYLE="width: 12%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Sales and others</B></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Service fees / Reimbursement of expenses and other receivables</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Product purchases and others</B></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Service fees / reimbursement of expenses and other payables</B></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Net finance cost</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AB InBev</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(32,193)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AB Package</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(72,608)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AB Procurement </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(16,104)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AB USA</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">5,205</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(294,923)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(825)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-size: 9pt">Ambev Peru</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,368</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bavaria</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,894</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(19,558)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cervecer&iacute;a Modelo</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(436,422)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cervecer&iacute;as Peruanas</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3,539</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(9,605)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">GCC India</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,896)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inbev</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(32,903)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITW International</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">12,992</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Others</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">4,344</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">38</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(28,302)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>16,350</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>38</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(926,514)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(18,825)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>12,992</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2020</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 29%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Company</B></FONT></TD>
    <TD STYLE="width: 12%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Sales and others</B></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Service fees / Reimbursement of expenses and other receivables</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Product purchases and others</B></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Service fees / reimbursement of expenses and other payables</B></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Net finance cost</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AB InBev</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">68</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(25,236)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">6</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AB Package</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(23,718)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AB USA</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">5,420</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(284,719)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(660)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cervecer&iacute;a Modelo</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(301,194)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cervecer&iacute;as Peruanas</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(8,852)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GCC India</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,368)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inbev</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(32,795)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITW International</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(8,614)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Oriental Brewery</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,542</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Others</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">162</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">38</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(6,988)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>8,192</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>38</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(683,502)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(2,028)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(8,608)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><U>List of companies included in the tables above</U>:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">AB InBev Procurement GmbH (&ldquo;AB Procurement&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Ambrew S.A.R.L. (&ldquo;Ambrew&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Anheuser-Busch Inbev Africa (Pty) Ltd. (&ldquo;AB Africa&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Anheuser-Busch InBev N.V. (&ldquo;AB InBev&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Anheuser-Busch Inbev Services LLC (&ldquo;AB Services&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Anheuser-Busch Inbev USA LLC (&ldquo;AB USA&rdquo;)</FONT></TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2021</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">All amounts in thousand of Brazilian Reais unless otherwise stated</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Anheuser-Busch Packaging Group Inc. (&ldquo;AB Package&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Bavaria S.A. (&ldquo;Bavaria&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Cervecer&iacute;a Modelo de Mexico S. de R.L. de C.V. (&ldquo;Cervecer&iacute;a Modelo&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Cerveceria Nacional S de RL (&ldquo;Panam&aacute; Holding&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Compa&ntilde;ia Cervecera Ambev Peru S.A.C. (&ldquo;Ambev Peru&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">GCC Services India Private Ltd. (&ldquo;GCC India&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Inbev Belgium N.V. (&ldquo;Inbev&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Interbrew International B.V. (&ldquo;ITW International&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0">Oriental Brewery Co. Ltd. (&ldquo;Oriental Brewery&rdquo;)</P>
    <P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0">Uni&oacute;n de Cervecerias Peruanas Backus Y Johnston S.A.A. (&ldquo;Cervecer&iacute;as
    Peruanas&rdquo;)</P></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/110% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>



<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><BR>
<BR>
</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">Date:&nbsp;May 18, 2021</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 48%">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">AMBEV S.A.</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">/s/&nbsp;Lucas Machado Lira</FONT></TD></TR>
<TR>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Lucas Machado Lira</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Chief Financial and Investor Relations Officer</P></TD></TR>
</TABLE>
<HR SIZE="2" NOSHADE ALIGN="LEFT" COLOR="Black" STYLE="width: 100%">



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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
