<SEC-DOCUMENT>0001292814-22-002378.txt : 20220518
<SEC-HEADER>0001292814-22-002378.hdr.sgml : 20220518
<ACCEPTANCE-DATETIME>20220518170130
ACCESSION NUMBER:		0001292814-22-002378
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20220331
FILED AS OF DATE:		20220518
DATE AS OF CHANGE:		20220518

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:		22939974

	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>abevsaitr1q22_6k.htm
<DESCRIPTION>FORM 6-K
<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, 2022</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: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</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>Consolidated<BR>
interim financial statements at<BR>
March 31, 2022<BR>
and report on review </B></P>

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

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

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

<P STYLE="font: 13pt/95% Georgia, Times, Serif; margin: 0"><B>Report on review of consolidated<BR>
interim 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">&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">&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 consolidated interim balance sheet of Ambev
S.A. and its subsidiaries (&quot;Company&quot;) as at March 31, 2022 and the related consolidated statements of income, comprehensive
income, changes in equity and cash flows for the quarter then ended, and notes, comprising significant accounting policies and other explanatory
information.</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
consolidated interim financial statements in accordance with the accounting standard International Accounting Standard (IAS) 34 - Interim
Financial Reporting, of the International Accounting Standards Board (IASB). Our responsibility is to express a conclusion on these interim
financial statements based on our review.</P>

<P STYLE="font: 10pt/95% 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,
respectively). 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 Brazilian and 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/95% Georgia, Times, Serif; margin: 0">Based on our review, nothing has come to our attention that causes us to believe
that the accompanying consolidated interim financial statements referred to above do not present fairly, in all material respects, the
financial position of Ambev S.A. and its subsidiaries as at March 31, 2022, and the consolidated financial performance and cash flows
for the quarter then ended, in accordance with IAS 34.</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 Georgia, Times, Serif; margin: 0">S&atilde;o Paulo, May 18, 2022&nbsp;&nbsp;&nbsp;</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">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt/110% 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: 10pt Georgia, Times, Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 12pt 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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<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: 12pt/107% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>CONTENTS</B></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><B>INTERIM CONSOLIDATED BALANCE SHEET</B></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 5pt">2</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><B>INTERIM CONSOLIDATED INCOME STATEMENT</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">4</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><B>INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">5</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><B>INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">6</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><B>INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">8</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><B>1.</B>&nbsp;&nbsp;&nbsp;<B>CORPORATE INFORMATION</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">9</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><B>2.</B>&nbsp;&nbsp;&nbsp;<B>STATEMENT OF COMPLIANCE</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">11</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><B>3.</B>&nbsp;&nbsp;&nbsp;<B>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">12</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><B>4.</B>&nbsp;&nbsp;&nbsp;<B>USE OF ESTIMATES AND JUDGMENTS</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">14</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><B>5.</B>&nbsp;&nbsp;&nbsp;<B>CASH AND CASH EQUIVALENTS</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: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><B>6.</B>&nbsp;&nbsp;&nbsp;<B>INVESTMENT SECURITIES</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: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><B>7.</B>&nbsp;&nbsp;&nbsp;<B>INVENTORY</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: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><B>8.</B>&nbsp;&nbsp;&nbsp;<B>RECOVERABLE TAXES</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">17</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><B>9.</B>&nbsp;&nbsp;&nbsp;<B>DEFERRED INCOME TAX AND SOCIAL CONTRIBUTION</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">17</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><B>10.</B>&nbsp;&nbsp;&nbsp;<B>PROPERTY, PLANT AND EQUIPMENT</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">20</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><B>11.</B>&nbsp;&nbsp;&nbsp;<B>GOODWILL</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">23</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><B>12.</B>&nbsp;&nbsp;&nbsp;<B>TRADE PAYABLES</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: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><B>13.</B>&nbsp;&nbsp;&nbsp;<B>INTEREST-BEARING LOANS AND BORROWINGS</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: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><B>14.</B>&nbsp;&nbsp;&nbsp;<B>PROVISIONS</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: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><B>15.</B>&nbsp;&nbsp;&nbsp;<B>CHANGES IN EQUITY</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">28</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><B>16.</B>&nbsp;&nbsp;&nbsp;<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: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><B>17.</B>&nbsp;&nbsp;&nbsp;<B>NET SALES</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: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><B>18.</B>&nbsp;&nbsp;&nbsp;<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: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><B>19.</B>&nbsp;&nbsp;&nbsp;<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: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><B>20.</B>&nbsp;&nbsp;&nbsp;<B>FINANCE EXPENSES AND INCOME</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: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><B>21.</B>&nbsp;&nbsp;&nbsp;<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: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><B>22.</B>&nbsp;&nbsp;&nbsp;<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: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><B>23.</B>&nbsp;&nbsp;&nbsp;<B>FINANCIAL INSTRUMENTS AND RISKS</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">43</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 0in; padding-bottom: 5pt; padding-left: 28.35pt"><B>24.</B>&nbsp;&nbsp;&nbsp;<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: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><B>25.</B>&nbsp;&nbsp;&nbsp;<B>CONTINGENCIES</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">58</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 0in"><B>26.</B>&nbsp;&nbsp;&nbsp;<B>RELATED PARTIES</B></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt">60</TD></TR>
</TABLE>
<P STYLE="font: 8pt 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: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">All amounts in thousands of Brazilian Reais unless otherwise stated</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; padding: 0.25pt 3.4pt; 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 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 20%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>12/31/2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">5</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">12,887,922&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">16,627,698&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Investment securities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">6</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,345,730&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,914,607&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">23</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">624,271&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">597,392&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Trade receivable</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">4,383,951&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">4,791,634&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Inventories</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">7</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">11,426,297&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">11,000,346&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,388,737&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">631,524&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Recoverable taxes</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">8</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,201,139&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,981,149&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Other assets</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,221,750&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,082,791&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>34,479,797&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>38,627,141&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Investment securities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">6</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">206,949&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">192,877&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">23</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">481&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,581&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">5,819,918&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">6,326,908&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Recoverable taxes</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">8</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">6,068,835&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">6,005,396&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Deferred tax assets</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">9</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">4,090,340&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">4,727,749&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Other assets</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,014,472&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,063,265&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Employee benefits</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">22,983&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">27,850&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Investments in joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">276,299&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">305,180&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Property, plant and equipment</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">10</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">27,494,375&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">29,224,261&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Intangible</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">7,732,029&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">8,689,015&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Goodwill</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">39,193,442&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">42,411,260&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>92,920,123&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>99,975,342&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>127,399,920&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>138,602,483&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&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: 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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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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">All amounts in thousands of Brazilian Reais unless
otherwise stated</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%; padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt; 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 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 20%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>12/31/2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Trade payables</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">12</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">21,954,834&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">25,077,911&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">23</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">187,310&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">492,546&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">13</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">815,861&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">847,118&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Bank overdrafts</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">5</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">91,463&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">30,514&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Wages and salaries</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,553,475&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,439,448&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Dividends and interest on shareholders&#8217; equity payable</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,293,733&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,425,045&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,200,766&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,491,037&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Taxes and contributions payable</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3,839,341&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">4,585,923&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Other liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,059,293&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,304,546&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Provisions</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">14</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">183,070&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">172,318&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>33,179,146&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>38,866,406&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Trade payables</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">12</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">558,414&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">617,056&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">13</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,170,483&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,253,406&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Deferred tax liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">9</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,940,481&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3,213,967&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,659,555&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,686,925&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Taxes and contributions payable</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">693,750&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">704,160&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,695,807&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3,445,223&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Provisions</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">14</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">581,498&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">603,772&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Employee benefits</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,724,345&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3,193,951&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>14,024,333&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>15,718,460&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>47,203,479&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>54,584,866&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Equity</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">15</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Issued capital</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">58,130,517&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">58,042,464&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Reserves</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">86,345,820&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">86,378,828&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Carrying value adjustments</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(69,689,891)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(61,778,261)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Retained earnings/(losses)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">4,136,652&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>78,923,098&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>82,643,031&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Non-controlling interests</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,273,343&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,374,586&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total equity</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>80,196,441&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>84,017,617&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>127,399,920&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>138,602,483&nbsp;</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">&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 Arial, Helvetica, Sans-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: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>INTERIM CONSOLIDATED INCOME STATEMENT</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/108% Times New Roman, Times, Serif; margin: 0; text-align: justify">All amounts in thousands of Brazilian Reais unless
otherwise stated</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 46%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%; padding: 0.25pt 3.4pt; 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: 21%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 21%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Net sales</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">17</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">18,439,152&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">16,639,761&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Cost of sales</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(9,414,486)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(7,945,330)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>9,024,666&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>8,694,431&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Distribution expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2,529,019)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2,129,593)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Sales and marketing expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,516,976)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,445,040)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Administrative expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,173,436)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,234,059)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">18</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">386,722&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">177,940&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Exceptional items</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(27,226)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(71,425)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>4,164,731&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>3,992,254&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Finance expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">20</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,623,093)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,444,395)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Finance income</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,026,380&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">380,095&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Net finance result</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(596,713)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(1,064,300)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt"><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; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2,404)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(12,546)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>3,565,614&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2,915,408&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Income tax expense</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">21</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(36,776)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(182,097)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Net income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>3,528,838&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2,733,311&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Attributable to:</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Equity holders of Ambev</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3,412,772&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,625,412&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Non-controlling interest</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">116,066&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">107,899&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Basic earnings per share - common - R$</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">0.2168&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">0.1668&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Diluted earnings per share - common - R$</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">0.2153&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">0.1654&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/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>


<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>INTERIM CONSOLIDATED STATEMENT 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">All amounts in thousands of Brazilian Reais unless otherwise stated</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 70%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Net income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>3,528,838&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2,733,311&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt; background-color: white"><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: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 51.8pt"><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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">311,179&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(163,002)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 51.8pt"><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 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(7,309,774)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">4,687,468&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 57.5pt"><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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(6,998,595)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>4,524,466&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 57.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Cash flow hedge - gains/(losses)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 51.8pt; background-color: white"><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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(685,748)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,048,776&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 51.8pt; background-color: white"><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 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(429,423)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(391,456)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 57.5pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total cash flow hedge</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(1,115,171)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>657,320&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 57.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,226&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt; background-color: white"><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; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(8,112,540)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>5,125,635&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt; background-color: white"><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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(4,583,702)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>7,858,946&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Attributable to:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;&nbsp; Equity holders of Ambev</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(4,496,599)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">7,565,774&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;&nbsp; Non-controlling interest</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(87,103)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">293,172&nbsp;</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">&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 statement of comprehensive income is 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>

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


<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>INTERIM CONSOLIDATED STATEMENT 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; text-align: justify">All amounts in thousands of Brazilian Reais unless
otherwise stated</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Attributable to equity holders of Ambev</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 45%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Capital</B></FONT></TD>
    <TD STYLE="width: 6%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Capital reserves</B></FONT></TD>
    <TD STYLE="width: 6%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Net income reserves</B></FONT></TD>
    <TD STYLE="width: 5%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Retained earnings</B></FONT></TD>
    <TD STYLE="width: 10%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Carrying value adjustments</B></FONT></TD>
    <TD STYLE="width: 6%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 8%; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Non-controlling interests</B></FONT></TD>
    <TD STYLE="width: 6%; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Total equity</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>At January 1, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>57,899,073&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>54,985,511&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>25,920,061&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>(64,989,017)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>73,815,628&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>1,335,496&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>75,151,124&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">&nbsp;Net Income </FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">2,625,412&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">2,625,412&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">107,899&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">2,733,311&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><I>Comprehensive income:</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">Gains/(losses) on the translation of foreign operations</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">4,340,712&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">4,340,712&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">183,754&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">4,524,466&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">Cash flow hedges</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">655,880&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">655,880&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">1,440&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">657,320&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">Actuarial gains/(losses)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">(56,230)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">(56,230)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">79&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">(56,151)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Total comprehensive income </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>2,625,412&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>4,940,362&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>7,565,774&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>293,172&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>7,858,946&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">Capital increase (Note 15)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">74,801&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">(74,333)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">468&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">468&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">Effect of application of IAS 29 (hyperinflation)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">595,293&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">595,293&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">(1,236)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">594,057&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">Gains/(losses) of controlling interest</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">382&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">382&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">382&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">Dividends paid</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">(41,160)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">(41,160)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">Purchases of shares and results from treasury shares</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">(32,061)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">(32,061)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">(32,061)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">Share-based payments</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">98,639&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">98,639&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">98,639&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>At March 31, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>57,973,874&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>54,977,756&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>25,920,061&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>3,220,705&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>(60,048,273)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>82,044,123&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>1,586,272&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>83,630,395&nbsp;</B></FONT></TD></TR>
  </TABLE>
<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: 12pt Times New Roman, Times, Serif; margin: 0">&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>


<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>INTERIM CONSOLIDATED STATEMENT 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/108% Times New Roman, Times, Serif; margin: 0; text-align: justify">All amounts in thousands of Brazilian Reais unless
otherwise stated</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Attributable to equity holders of Ambev</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 45%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Capital</B></FONT></TD>
    <TD STYLE="width: 6%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Capital reserves</B></FONT></TD>
    <TD STYLE="width: 6%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Net income reserves</B></FONT></TD>
    <TD STYLE="width: 5%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Retained earnings</B></FONT></TD>
    <TD STYLE="width: 10%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Carrying value adjustments</B></FONT></TD>
    <TD STYLE="width: 6%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 8%; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Non-controlling interests</B></FONT></TD>
    <TD STYLE="width: 6%; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Total equity</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>At January 1, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>58,042,464&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>55,187,188&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>31,191,640&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>(61,778,261)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>82,643,031&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>1,374,586&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>84,017,617&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">&nbsp;Net Income </FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">3,412,772&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">3,412,772&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">116,066&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">3,528,838&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">Comprehensive income:</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">Gains/(losses) on the translation of foreign operations</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">(6,793,284)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">(6,793,284)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">(205,311)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">(6,998,595)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">Cash flow hedges</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">(1,117,137)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">(1,117,137)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">1,966&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">(1,115,171)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">Actuarial gains/(losses)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">1,050&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">1,050&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">176&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">1,226&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Total comprehensive income </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>3,412,772&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>(7,909,371)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>(4,496,599)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>(87,103)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>(4,583,702)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">Capital increase (Note 15)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">88,053&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">(64,289)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">23,764&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">23,764&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">Effect of application of IAS 29 (hyperinflation)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">723,880&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">723,880&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">2,081&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">725,961&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">Gains/(losses) of controlling interest</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">(2,259)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">(2,259)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">(110)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">(2,369)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">Dividends paid</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">(16,111)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">(16,111)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">Purchases of shares and results from treasury shares</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">6,540&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">6,540&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">6,540&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">Share-based payments</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">24,741&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">24,741&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">24,741&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>At March 31, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>58,130,517&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>55,154,180&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>31,191,640&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>4,136,652&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>(69,689,891)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>78,923,098&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>1,273,343&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>80,196,441&nbsp;</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: 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">The accompanying notes are an integral part of these
interim consolidated financial statements.</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: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS</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">All amounts in thousands of Brazilian Reais unless otherwise stated</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 72%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 4%; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Note</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 13%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 11%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Net income</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,528,838&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,733,311&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Depreciation, amortization and impairment</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,330,963&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,263,530&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Impairment losses on receivables and inventory</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">72,104&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">27,251&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Additions/(reversals) in provisions and employee benefits</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">10,438&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">26,237&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Net finance costs</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">20</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">596,713&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,064,300&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Losses/(gains) on sale of property, plant and equipment and intangible assets</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(33,423)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(27,848)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Equity-settled share-based payment expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">22</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">77,929&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">105,142&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Income tax expense</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">21</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">36,776&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">182,097&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Share of result of joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,404&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">12,546&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Other non-cash items included in profit</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(370,609)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(427,211)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Cash flow from operating activities before changes in working capital and use of provisions</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>5,252,133&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>4,959,355&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(Increase)/decrease in trade and other receivables</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">857,142&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,464,781&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(Increase)/decrease in inventories</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,252,106)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,722,216)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Increase/(decrease) in trade and other payables</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,637,607)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(523,867)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Cash generated from operations</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2,219,562&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>4,178,053&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Interest paid</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(76,241)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(56,234)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Interest received</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">119,532&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">54,250&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Dividends received</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,098&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,740&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Income tax paid</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,745,195)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,341,951)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Cash flow from operating activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>519,756&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2,836,858&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Proceeds from sales of property, plant and equipment and intangible assets</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">37,271&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">39,744&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Proceeds from sales of subsidiaries' operations</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">382&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Acquisitions of property, plant and equipment and intangible assets</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(888,537)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,327,335)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Acquisitions of subsidiaries, net of cash acquired</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,376)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(89,036)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Acquisitions of other investments</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,645)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Investments in short-term debt securities and net proceeds/(acquisitions) of debt securities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">546,444&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(349,075)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Net proceeds/(acquisitions) of other assets</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,044&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Cash flow from investing activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(307,198)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(1,722,921)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Capital increase</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">23,764&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">468&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Proceeds/(repurchases) of treasury shares</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(7,791)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(38,426)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Proceeds from borrowings</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">58,976&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">107,120&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Repayment of borrowings</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(46,359)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(434,663)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Cash net of finance costs other than interests</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,560,803)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">54,697&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Payment of lease liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(165,401)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(225,837)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Dividends and interest on shareholders' equity paid</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(22,006)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,241,110)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Cash flow from financing activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(2,719,620)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(1,777,751)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Net increase/(decrease) in cash and cash equivalents</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(2,507,062)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(663,814)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Cash and cash equivalents less bank overdrafts at the beginning of the year</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>16,597,184&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>17,090,335&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Effect of exchange rate fluctuations on cash and cash equivalents</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(1,293,663)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>859,547&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Cash and cash equivalents less bank overdrafts at the end of the year</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>12,796,459&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>17,286,068&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt 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>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; line-height: 115%"><B><BR STYLE="clear: both">
</B></FONT></P>


<!-- Field: Page; Sequence: 12; Options: NewSection -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-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: 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 &#8220;Company&#8221;
or &#8220;Ambev&#8221;) together with its subsidiaries (the &#8220;Group&#8221; or &#8220;Consolidated&#8221;), 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&#8217;s shares and American Depositary
Receipts (&#8220;ADRs&#8221;) are listed on the Brasil, Bolsa, Balc&atilde;o S.A. (&#8220;B3&#8221;) under the ticker &#8220;ABEV3&#8221;
and on the New York Stock Exchange (&#8220;NYSE&#8221;) under the ticker &#8220;ABEV&#8221;, 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&#8217;s direct controlling shareholders
are Interbrew International B.V. (&#8220;ITW International&#8221;), AmBrew S.&agrave;.r.l (&#8220;Ambrew&#8221;), both of which are subsidiaries
of Anheuser-Busch InBev N.V. (&#8220;AB InBev&#8221;), and Funda&ccedil;&atilde;o Antonio e Helena Zerrenner Institui&ccedil;&atilde;o
Nacional de Benefic&ecirc;ncia (&#8220;Funda&ccedil;&atilde;o Zerrenner&#8221;).</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 04, 2022.</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: 0.25in"><FONT STYLE="font-size: 12pt"><B>(b)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>Risks of climate change and the sustainability strategy</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Considering the nature of the Company&#8217;s operations,
there is an inherent exposure to certain risks related to climate change.</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">There was no significant change in the main risks
considered by management related to those stated in the annual financial statements as of December 31, 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>(c)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>Major corporate events in 2022 and 2021 </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 &#8220;COVID-19&#8221;) 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 have directly affected our sales, distribution and final consumer demand for our products.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-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">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&#8217;s total volume.</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">In the beginning of the
first quarter, our operations, especially in Brazil, were impacted by the wave of the COVID-19 variant Omicron which added to factors
such as unfavorable climate, negatively impacted our sales. Through the remaining period, the consistency in the implementation of the
Company&#8217;s strategy and the relaxation of restrictions in some regions, we observed a gradual increase in volumes across most of
our operations, especially in Brazil, where there was a volume and net revenue increase related to the same period in 2021, mainly in
March. However, there is still some uncertainty regarding the likelihood of new variants 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. 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&#8217;s ability to continue as a going concern.</P>

<P STYLE="color: #666666; font: 12pt/115% Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><FONT STYLE="color: windowtext">As
required by International Accounting Standard (&#8220;IAS&#8221;) 1 - <I>Presentation of Financial
Statements</I>, the Company updated the analysis of the impact of COVID-19, as at March 31, 2022, 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.</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></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 disclosed in 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$10,668, at March 31, 2022, as reported in Note
19 - <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 Times New Roman, Times, Serif; margin: 0"><B>Share buyback program</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</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, &#8220;b&#8221;, of Law 6,404/76 and Brazilian Securities and Exchange
Commission (&#8220;CVM&#8221;) Instruction 567/15, a share buyback program of shares issued by the Company (&#8220;Program&#8221;) up
to the limit of 5,700,000 common shares, with the primary purpose of covering any share delivery requirements contemplated in the Company&#8217;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 was carried out in 2021, within the scope of the Program, as per a deduction
of the capital reserve account recorded in the balance sheet dated as at December 31, 2020. The transaction was carried out, in 2021,
through 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>

<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 (&#8220;IASB&#8221;).</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 (&#8220;IFRS&#8221;) for the year ended December 31,
2021. To avoid duplication of disclosures which are included in the annual financial
statements, the following notes were not subject to full filling:</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/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>

<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">Investment 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">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">(g)</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">(h)</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">(i)</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">(j)</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">(k)</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: 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">Group companies (Note 33); and</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">Insurance (Note 34).</TD></TR></TABLE>

<P STYLE="font: 11pt/110% Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 12pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt/110% Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 12pt"><B>3.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</FONT></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">There were no significant changes in the accounting
policies and calculation methods used for the interim financial statements as at March 31, 2022 compared to those presented in the financial
statements for the years ended December 31, 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/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 (&#8220;R$&#8221;), 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, 2022 for the preparation of these interim financial statements.</P>

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

<P STYLE="font: 12pt 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 the interim consolidated financial statements on the entity in the current or future reporting periods, or on foreseeable future transactions.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, 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: 0.25in"><FONT STYLE="font-size: 12pt"><B>(c)</B></FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>Foreign currency conversion</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"><B>Exchange rates</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; text-align: justify">The main exchange rates used in the preparation of
the Company&#8217;s interim financial statements are as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"><B>Closing rate</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"><B>Average rate</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 11%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"><B>Currency</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 17%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"><B>Name</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 23%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"><B>Country</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 12%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"><B>03/31/2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 11%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"><B>12/31/2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 1%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 13%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"><B>03/31/2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 12%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"><B>03/31/2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">CAD</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Canadian Dollar</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Canada</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">3.7848&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">4.3914&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">4.2043&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">4.2960&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">DOP</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Dominican Peso</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Dominican Republic</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">0.0859&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">0.0970&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">0.0944&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">0.0938&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">USD</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">US Dollar</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-style: normal; font-weight: normal">Panam&aacute; and Cuba </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: normal"><SUP>(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">4.7378&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">5.5805&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">5.3549&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">5.3687&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">GTQ</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Quetzal</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Guatemala</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">0.6182&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">0.7201&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">0.6915&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">0.6954&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">ARS</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Argentinean Peso </FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Argentina</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">0.0427&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">0.0543&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">0.0511&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">0.0568&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">BOB</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Bolivian Peso</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Bolivia</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">0.6807&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">0.8018&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">0.7694&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">0.7714&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">PYG</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Guarani</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Paraguay</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">0.0007&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">0.0008&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">0.0008&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">0.0008&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">UYU</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Uruguayan Peso</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Uruguay</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">0.1152&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">0.1249&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">0.1224&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">0.1236&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">CLP</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Chilean Peso</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Chile</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">0.0060&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">0.0066&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">0.0065&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">0.0071&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">BBD</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Barbadian Dollar</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Barbados</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">2.3355&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">2.7510&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">2.6397&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">2.6465&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt 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 functional currency of Cuba has parity
with the US dollar (&#8220;USD&#8221;) on the financial statement date.</P>

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

<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, including tax contingencies;</P>

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


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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&#8217;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>

<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.<BR STYLE="clear: both">
</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-indent: -21.3pt"><FONT STYLE="font-size: 12pt"><B>5.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">CASH AND CASH EQUIVALENTS</FONT></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 60%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 20%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 20%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>12/31/2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Cash</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">259,819&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">651,160&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Current bank accounts</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">4,818,822&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">4,582,937&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: normal">Short-term bank deposits </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11.5pt; font-style: normal; font-weight: normal"><SUP>(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">7,809,281&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">11,393,601&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 3.4pt"><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; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>12,887,922&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>16,627,698&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Bank overdrafts</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(91,463)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(30,514)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Cash and cash equivalents less bank overdraft</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>12,796,459&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>16,597,184&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></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 (&#8220;CDBs&#8221;), of 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 cash and cash equivalents balance include the
amount of R$1,022 million as at March 31, 2022 (R$975 million in 2021) held in Cuba and Argentina, which 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>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-indent: -21.3pt"><FONT STYLE="font-size: 12pt"><B>6.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">INVESTMENT SECURITIES</FONT></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 56%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 22%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 22%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>12/31/2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,345,730&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,914,607&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,345,730&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,914,607&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: normal">Investment on debt securities </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11.5pt; font-style: normal; font-weight: normal"><SUP>(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">206,949&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">192,877&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>206,949&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>192,877&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,552,679&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2,107,484&nbsp;</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 (&#8220;CDBs&#8221;) which are linked to tax incentives and do not have immediate&nbsp;convertibility into&nbsp;a known amount&nbsp;of&nbsp;cash.</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-indent: -21.3pt"><FONT STYLE="font-size: 12pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-indent: -21.3pt"><FONT STYLE="font-size: 12pt"><B>7.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">INVENTORY</FONT></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 64%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 19%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 17%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>12/31/2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Finished goods </FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3,921,562&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3,626,651&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Work in progress</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">796,218&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">672,542&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Raw materials and consumables</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">5,429,155&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">5,306,223&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Spare parts and others</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">865,139&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">906,805&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Prepayments</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">533,432&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">645,899&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Impairment losses</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(119,209)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(157,774)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>11,426,297&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>11,000,346&nbsp;</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">The changes in impairment losses on inventory are as follows:<BR STYLE="clear: both">
</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 77%; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>At December 31, 2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 23%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(141,148)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2,015)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Provisions</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(191,575)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Write-off</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">176,964&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>At December 31, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(157,774)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">16,553&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Provisions</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(53,740)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Write-off</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">75,752&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>At March 31, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(119,209)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-indent: -21.3pt"><FONT STYLE="font-size: 12pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-indent: -21.3pt"><FONT STYLE="font-size: 12pt"><B>8.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">RECOVERABLE TAXES<BR>
<BR>
</FONT></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 48%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 26%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 26%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>12/31/2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: normal">PIS/COFINS exclusion of ICMS </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11.5pt; font-style: normal; font-weight: normal"><SUP>(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">28,627&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">516,982&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">PIS/COFINS</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">367,969&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">648,587&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">ICMS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">585,466&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">565,551&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">IPI</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">168,128&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">168,584&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">50,949&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">81,445&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Current</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,201,139&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,981,149&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: normal">PIS/COFINS exclusion of ICMS </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11.5pt; font-style: normal; font-weight: normal"><SUP>(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">5,438,874&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">5,360,021&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">ICMS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">377,030&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">383,617&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">252,931&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">261,758&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Non-current</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>6,068,835&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>6,005,396&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>7,269,974&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>7,986,545&nbsp;</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) As detailed in Note 25 - <I>Contingencies</I>,
the Company recognized 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, according to the table above.</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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Central America and the Caribbean</FONT></TD>
    <TD STYLE="width: 30%; padding-right: 5.4pt; padding-left: 5.4pt; 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"><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; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">from 10% to 35%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Canada</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; 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 enacted
in June, 2021 and applicable from January, 2021 increased the income tax rate from 30% to 35%.</P>

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


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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 recorded temporary differences at March 31,
2022.</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">The amount of deferred income tax and social contribution by type
of temporary difference is detailed as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>03/31/2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>12/31/2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 43%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Assets</B></FONT></TD>
    <TD STYLE="width: 10%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="width: 9%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Net</B></FONT></TD>
    <TD STYLE="width: 2%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Assets</B></FONT></TD>
    <TD STYLE="width: 10%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="width: 8%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Net</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Investment securities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">11,958&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(3,404)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">8,554&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">12,535&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,451)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">10,084&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Intangible</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,448,244)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,448,244)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,634,450)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,634,450)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Employee benefits</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">907,412&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(606)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">906,806&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,278,221&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,953)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,276,268&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Trade payables</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,056,758&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,052)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,054,706&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,113,285&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,104)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,112,181&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Trade receivable</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">53,047&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">53,047&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">50,583&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">50,583&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Derivatives</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">177,087&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(111,538)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">65,549&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">232,159&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(72,381)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">159,778&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Interest-bearing loans and borrowings</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,294)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,294)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,646)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,646)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Inventories</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">273,478&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(78,691)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">194,787&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">328,187&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(49,136)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">279,051&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Property, plant and equipment</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">586,559&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,869,208)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,282,649)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">645,372&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,026,973)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,381,601)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Withholding tax on undistributed profits and royalties</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">87,625&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,514,132)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,426,507)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,079,452)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,079,452)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Investments in joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; 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: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; 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="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Interest on shareholders' equity</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">746,607&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">746,607&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Losses carried forward</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,302,966&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,302,966&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,298,807&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,298,807&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Provisions</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">645,565&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(3,726)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">641,839&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">696,879&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(217)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">696,662&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(7,090)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(7,090)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Impact of the adoption of IFRS 16 (Leases)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">70,760&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(391)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">70,369&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">78,610&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(343)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">78,267&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">ICMS on the assessment bases of PIS/COFINS</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,019,595)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,019,595)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,019,608)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,019,608)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Other items</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">100,833&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(389,236)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(288,403)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">110,417&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(19,970)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">90,447&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Gross deferred tax assets/(liabilities)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>8,020,655&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(6,870,796)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,149,859&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>8,845,055&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(7,331,273)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,513,782&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Netting by taxable entity</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(3,930,315)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,930,315&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(4,117,306)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,117,306&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Net deferred tax assets/(liabilities)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>4,090,340&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(2,940,481)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,149,859&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>4,727,749&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(3,213,967)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,513,782&nbsp;</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&#8217;s Management,
as well the main contingencies related to uncertainty about the tax treatment of income, are disclosed in Notes 4 (i) and 25, respectively.</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 at March 31, 2022 the deferred tax assets
and liabilities related to combined tax losses which are expected to be utilized or settled using temporary differences, as follows:<BR STYLE="clear: both">
</P>


<!-- Field: Page; Sequence: 21 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>03/31/2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 54%; padding: 0.25pt 3.4pt"><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: 15%; padding: 0.25pt 3.4pt; 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: 18%; padding: 0.25pt 3.4pt; 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: 13%; padding: 0.25pt 3.4pt; 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="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Investment securities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">8,554&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">8,554&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Intangible</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,281)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,446,963)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,448,244)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Employee benefits</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">83,922&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">822,884&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">906,806&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Trade payables</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(208,888)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,263,594&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,054,706&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Trade receivable</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">42,112&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">10,935&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">53,047&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Derivatives</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(178,555)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">244,104&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">65,549&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Interest-bearing loans and borrowings</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,294)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,294)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Inventories</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">230,842&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(36,055)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">194,787&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Property, plant and equipment</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">9,063&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,291,712)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,282,649)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Withholding tax on undistributed profits and royalties</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(91,403)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,335,104)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,426,507)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Investments in joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; 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: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Interest on shareholders' equity</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">746,607&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">746,607&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Provisions</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">327,281&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">314,558&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">641,839&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt"><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="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(7,090)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(7,090)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Impact of the adoption of IFRS 16 (Leases)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">45&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">70,324&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">70,369&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">ICMS on the assessment bases of PIS/COFINS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,019,595)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,019,595)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Other items</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">90,221&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(378,624)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(288,403)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,041,582&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(1,194,689)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(153,107)</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/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&#8217;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: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 78%; padding: 0.25pt 3.4pt"><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: 22%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2022</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">178,700&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2023</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">223,234&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2024</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">111,433&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2025</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">230,320&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2026 to 2028</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">119,613&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2029 to 2030</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">383,719&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: normal">2030 to 2031 </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11.5pt; font-style: normal; font-weight: normal"><SUP>(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">55,947&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,302,966&nbsp;</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/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: 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">As at March 31, 2022, the tax credits related
to tax losses in the amount of R$898,482 (R$1,055,557 in 2021) were not recorded, as realization is not probable.</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">A significant portion of the deferred tax assets
related to the 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$3,488,396 at March 31, 2022 (R$4,122,454 in December 31, 2021).</P>

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


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 81%; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>At December 31, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 19%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,513,782&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 38.95pt"><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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">23&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 38.95pt"><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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(160,304)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 38.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Cash flow hedge - gains/(losses)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">359,257&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 38.95pt"><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 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(652,776)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Recognized in other comprehensive income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(453,800)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Recognized in the income statement</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>225,600&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Changes directly in the balance sheet</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(135,723)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Recognized in deferred tax</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(136,741)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 38.95pt"><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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(136,741)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Recognized in other balance sheet group</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,018&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>At March 31, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,149,859&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-indent: -21.3pt"><FONT STYLE="font-size: 12pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-indent: -21.3pt"><FONT STYLE="font-size: 12pt"><B>10.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">PROPERTY, PLANT AND EQUIPMENT</FONT></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 52%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 24%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 24%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>12/31/2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Property, plant and equipment</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">25,003,039&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">26,664,070&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Right of use assets</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,491,336&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,560,191&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>27,494,375&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>29,224,261&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 23 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 42%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 11%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Land and buildings</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Plant and equipment</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Fixtures and fittings</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Under construction</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Acquisition cost</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>At December 31, 2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>12,385,108&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>34,037,311&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>7,219,152&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2,830,543&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>56,472,114&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">54,109&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">128,963&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">4,295&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">6,031&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">193,398&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Effects of application of IAS 29 (hyperinflation)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">544,167&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,170,073&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">216,392&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">148,722&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,079,354&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Acquisition through business combinations</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">859&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">8,558&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">549&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,134&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">11,100&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Acquisitions </FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">11,291&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">960,138&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">45,213&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">6,294,391&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">7,311,033&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Disposals and write-offs</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(117,681)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,238,356)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(360,415)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(3,382)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,719,834)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Transfers to other asset categories</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">662,036&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,402,864&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">401,544&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(3,872,918)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(406,474)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>At December 31, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>13,539,889&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>37,469,551&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>7,526,730&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>5,404,521&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>63,940,691&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(900,575)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2,685,177)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(657,301)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(277,280)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(4,520,333)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Effects of application of IAS 29 (hyperinflation)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">204,084&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">655,859&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">171,261&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">49,850&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,081,054&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Acquisitions </FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">113&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">200,146&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">7,619&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">661,713&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">869,591&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Disposals and write-offs</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(27)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(204,784)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(139,967)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(344,778)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Transfers to other asset categories</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">230,780&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">742,389&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">112,038&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,130,560)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(45,353)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>At March 31, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>13,074,264&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>36,177,984&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>7,020,380&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>4,708,244&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>60,980,872&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Land and buildings</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Plant and equipment</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Fixtures and fittings</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Under construction</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Depreciation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>At December 31, 2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(3,993,438)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(23,830,425)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(5,795,390)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(33,619,253)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(39,654)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(52,366)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">10,586&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(81,434)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Effects of application of IAS 29 (hyperinflation)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(94,101)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(557,581)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(146,594)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(798,276)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Acquisition through business combinations</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(258)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,065)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(196)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,519)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(398,116)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(3,098,465)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(634,431)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(4,131,012)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Disposals and write-offs</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">46,584&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,222,553&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">320,579&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,589,716&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Transfers to other asset categories</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">36,617&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,303&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">5,398&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">43,318&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Others</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(7,115)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(268,996)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2,050)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(278,161)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>At December 31, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(4,449,481)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(26,585,042)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(6,242,098)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(37,276,621)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">221,891&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,842,155&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">561,842&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,625,888&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Effects of application of IAS 29 (hyperinflation)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(37,874)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(430,529)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(154,127)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(622,530)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(102,701)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(760,228)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(145,553)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,008,482)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Disposals and write-offs</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">207,921&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">132,389&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">340,310&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Transfers to other asset categories</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">9,350&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">11,975&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,175&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">22,500&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Others</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">223&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(59,121)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(58,898)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>At March 31, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(4,358,592)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(25,772,869)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(5,846,372)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(35,977,833)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Carrying amount:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>At December 31, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>9,090,408&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>10,884,509&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,284,632&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>5,404,521&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>26,664,070&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>At March 31, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>8,715,672&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>10,405,115&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,174,008&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>4,708,244&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>25,003,039&nbsp;</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; text-align: justify">The balances of fixed assets provided as security
are not material.</P>


<!-- Field: Page; Sequence: 24 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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"><B>Right-of-use assets:</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 52%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Buildings</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 18%; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Machinery, equipment and vehicles</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Others</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Acquisition cost</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>At December 31, 2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,791,518&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,905,890&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>175,541&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>3,872,949&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">51,838&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">6,659&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3,556&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">62,053&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Additions</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">803,868&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,419,365&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">61,411&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,284,644&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Write-offs</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(312,351)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,327,771)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(122,748)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,762,870)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Transfers from (to) other asset categories</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(27,692)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">19,747&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(6,055)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(14,000)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>At December 31, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2,307,181&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2,023,890&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>111,705&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>4,442,776&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(135,053)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(16,728)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(7,119)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(158,900)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Additions</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">83,690&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">170,656&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">5,290&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">259,636&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Write-offs</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(392)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(82,670)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(83,062)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Transfers from (to) other asset categories</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(25,384)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">17,152&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(336)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(8,568)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>At March 31, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2,230,042&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2,112,300&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>109,540&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>4,451,882&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Buildings</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Machinery, equipment and vehicles</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Others</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Depreciation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>At December 31, 2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(812,874)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(1,017,907)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(126,674)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(1,957,455)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(19,328)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2,840)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2,265)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(24,433)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(476,324)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(497,286)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(50,782)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,024,392)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Write-offs</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">205,790&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">794,893&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">109,604&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,110,287&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Transfers (from) to other asset categories</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,537&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,043)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">12,914&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">13,408&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>At December 31, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(1,101,199)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(724,183)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(57,203)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(1,882,585)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">59,537&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">7,095&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3,650&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">70,282&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(72,970)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(89,383)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(8,888)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(171,241)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Write-offs</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">129&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">6,520&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">6,649&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Transfers (from) to other asset categories</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,721&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">10,270&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3,358&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">16,349&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>At March 31, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(1,111,782)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(789,681)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(59,083)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(1,960,546)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Carrying amount:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>At December 31, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,205,982&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,299,707&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>54,502&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2,560,191&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>At March 31, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,118,260&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,322,619&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>50,457&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2,491,336&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</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:<BR STYLE="clear: both">
</P>


<!-- Field: Page; Sequence: 25 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-right: white 1.5pt solid; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Rate %</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 68%; border-right: white 1.5pt solid; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Lease Term</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 16%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; border-right: white 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 16%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; border-right: white 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>12/31/2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2021-2025</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">7.46%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">7.29%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2026-2030</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">9.47%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">9.78%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2031-2035</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">13.22%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">14.47%</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">&nbsp;</P>

<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: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 68%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 16%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 16%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>12/31/2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>42,411,260&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>40,023,457&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(3,609,412)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,255,314&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">391,594&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,092,437&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">40,052&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>39,193,442&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>42,411,260&nbsp;</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; text-align: justify">The carrying amount of goodwill was allocated
to the different cash-generating units as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 61%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 13%; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Functional currency</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>12/31/2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Brazil</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">BRL</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">17,702,415&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">17,702,415&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Goodwill</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">102,945,048&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">102,945,048&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: normal">&nbsp;Non-controlling transactions </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11.5pt; font-style: normal; font-weight: normal"><SUP>(i)</SUP></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(85,242,633)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>CAC:</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Dominican Republic</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">DOP</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3,928,809&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">4,439,344&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Panama</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">PAB</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,646,931&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,939,896&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Latin America - South:</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Argentina</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">ARS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,778,297&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3,232,649&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Bolivia</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">BOB</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,675,858&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,973,945&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Chile</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">CLP</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">52,613&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">57,371&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Paraguay</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">PYG</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,069,702&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,083,196&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Uruguay</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">UYU</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">170,897&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">185,166&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Canada</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">CAD</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">10,167,920&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">11,797,278&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>39,193,442&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>42,411,260&nbsp;</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 is updated annually
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. There are no indications
of impairment until March 31, 2022.</P>


<!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/110% Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/13pt 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>12.</B></FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>TRADE PAYABLES</B></FONT></TD></TR></TABLE>

<P STYLE="font: 8pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 45%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 28%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 27%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>12/31/2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: normal">Trade payables </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11.5pt; font-style: normal; font-weight: normal"><SUP>(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">20,847,248&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">23,867,688&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Related parties (Note 26)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,107,586&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,210,223&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Current</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>21,954,834&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>25,077,911&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: normal">Trade payables </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11.5pt; font-style: normal; font-weight: normal"><SUP>(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">215,238&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">209,140&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Related parties (Note 26)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">343,176&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">407,916&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Non-current</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>558,414&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>617,056&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>22,513,248&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>25,694,967&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(i) The nominal contractual amounts, including
interest, amount to R$23,527 million at March 31, 2022 (R$29,103 million at December 31, 2021).&nbsp;</P>

<P STYLE="font: 8pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 11pt/110% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt"><FONT STYLE="font-size: 12pt"><B>13.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">INTEREST-BEARING LOANS AND BORROWINGS</FONT></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: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 54%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 20%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 26%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>12/31/2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Secured bank loans</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">66,513&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">72,760&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Unsecured bank loans</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">85,782&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">84,070&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Other unsecured loans</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">36,338&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">37,250&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Lease liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">627,228&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">653,038&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>815,861&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>847,118&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Secured bank loans</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">152,341&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">174,279&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Other unsecured loans</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">94,491&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">92,858&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Lease liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,923,651&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,986,269&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2,170,483&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2,253,406&nbsp;</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">Additional information regarding the exposure
of the Company to interest rate risk, foreign currency risk and debt repayment schedule risk are disclosed in Note 23 - <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 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, 2022, the Company&#8217;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 (&#8220;BNDES&#8221;), 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&#8217;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>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/110% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"></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 &#8220;provisions applicable to agreements entered into with BNDES&#8221; (&#8220;Provisions&#8221;). 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>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">As at March 31, 2022, the Company was in compliance
with all of its contractual obligations for its loans and financing.<BR STYLE="clear: both">
</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-indent: -21.3pt"><FONT STYLE="font-size: 12pt"><B>14.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">PROVISIONS</FONT></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"><B>(a) Provision changes </B></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: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 34%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Balance as at December 31, 2020</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Effect of changes in foreign exchange rates</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Additions</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Provisions used </B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Provisions reversed</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Balance as at December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Provision for disputes and litigation</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Taxes on sales</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">184,196&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">198,519&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(57,308)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(106,854)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">218,553&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Labor</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">129,842&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(820)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">163,142&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(147,167)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(20,809)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">124,188&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Civil</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">86,856&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2,207)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">273,888&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(71,838)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(33,745)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">252,954&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Other taxes</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">156,612&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,000&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">14,562&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(5,159)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(5,026)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">162,989&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total provision for disputes and litigation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>557,506&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(1,027)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>650,111&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(281,472)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(166,434)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>758,684&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Restructuring</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">14,492&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,153&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">6,796&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(5,035)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">17,406&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total provisions</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>571,998&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>126&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>656,907&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(286,507)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(166,434)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>776,090&nbsp;</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 Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 34%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 14%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Balance as at December 31, 2021</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Effect of changes in foreign exchange rates</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Additions</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Provisions used </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Provisions reversed</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Balance as at March 31, 2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Provision for disputes and litigation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Taxes on sales</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">218,553&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">24,985&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(12,944)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(834)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">229,760&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Labor</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">124,188&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2,726)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">35,743&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(28,108)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(3,478)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">125,619&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Civil</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">252,954&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(8,250)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">13,265&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,826)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(11,811)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">244,332&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Other taxes</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">162,989&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(10,110)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">494&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(457)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(273)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">152,643&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total provision for disputes and litigation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>758,684&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(21,086)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>74,487&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(43,335)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(16,396)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>752,354&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Restructuring</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">17,406&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2,093)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(3,099)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">12,214&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total provisions</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>776,090&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(23,179)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>74,487&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(46,434)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(16,396)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>764,568&nbsp;</B></FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 29 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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: 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: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 39%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 17%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2022</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 3%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 12%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>12/31/2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Current</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Non-current</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Current</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Non-current</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Provision for disputes and litigation</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Taxes on sales</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">62,355&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">167,405&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">55,390&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">163,163&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Labor</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">30,370&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">95,249&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">27,967&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">96,221&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Civil</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">62,699&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">181,633&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">58,835&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">194,119&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Other taxes</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">22,502&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">130,141&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">20,922&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">142,067&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total provision for disputes and litigation</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>177,926&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>574,428&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>163,114&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>595,570&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Restructuring</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">5,144&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">7,070&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">9,204&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">8,202&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total provisions</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>183,070&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>581,498&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>172,318&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>603,772&nbsp;</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&#8217;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, appropriation of tax credits and alleged insufficient payment of the respective taxes.</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"><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
25 <I>- <FONT STYLE="color: black">Contingencies</FONT></I>.<BR STYLE="clear: both">
</P>


<!-- Field: Page; Sequence: 30 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-indent: -21.3pt"><FONT STYLE="font-size: 12pt"><B>15.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">CHANGES IN EQUITY</FONT></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 40%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>03/31/2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 17%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; 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: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Thousands&nbsp; of common shares</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Thousands&nbsp; of Real</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Thousands&nbsp; of common shares</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Thousands&nbsp; of Real</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Beginning balance</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">15,744,452&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">58,042,464&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">15,735,118&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">57,899,073&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: normal">Capital increase </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: normal"><SUP>(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,765&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">88,053&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,125&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">74,801&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal"><B>Final balance </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal"><SUP>(ii)</SUP></FONT></B></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>15,750,217&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>58,130,517&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>15,739,243&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>57,973,874&nbsp;</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/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: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Capital Reserves </B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 40%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Treasury shares </B></FONT></TD>
    <TD STYLE="width: 12%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Share Premium </B></FONT></TD>
    <TD STYLE="width: 12%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Other capital reserves </B></FONT></TD>
    <TD STYLE="width: 12%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Share-based Payments </B></FONT></TD>
    <TD STYLE="width: 12%; padding: 0.25pt 3.4pt; 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="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>At January 1, 2021</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(941,637)</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>53,662,811&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>700,898&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,563,439&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>54,985,511&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Capital increase</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(74,333)</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; 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="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Purchases of shares and results from treasury shares</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(32,061)</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; 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="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Share-based payments</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">98,639&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">98,639&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>At March 31, 2021</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(973,698)</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>53,662,811&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>700,898&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,587,745&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>54,977,756&nbsp;</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>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Capital Reserves </B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 40%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Treasury shares </B></FONT></TD>
    <TD STYLE="width: 12%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Share Premium </B></FONT></TD>
    <TD STYLE="width: 12%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Other capital reserves </B></FONT></TD>
    <TD STYLE="width: 12%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Share-based Payments </B></FONT></TD>
    <TD STYLE="width: 12%; padding: 0.25pt 3.4pt; 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="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>At January 1, 2022</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(1,037,711)</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>53,662,811&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>700,898&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,861,190&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>55,187,188&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Capital increase</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(64,289)</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(64,289)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Purchases of shares and results from treasury shares</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,540&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,540&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Share-based payments</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">24,741&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">24,741&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>At March 31, 2022</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(1,031,171)</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>53,662,811&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>700,898&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,821,642&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>55,154,180&nbsp;</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>(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&#8217;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: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; 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="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; 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="vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; 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: bottom; width: 37%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 13%; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Thousands of&nbsp; shares</B></FONT></TD>
    <TD STYLE="width: 1%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 15%; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Thousands of&nbsp; Brazilian Reais</B></FONT></TD>
    <TD STYLE="width: 1%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Thousands of shares</B></FONT></TD>
    <TD STYLE="width: 1%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 15%; padding: 0.75pt 3.4pt 0.25pt; 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 STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>At January 1, 2021</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>203&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(3,045)</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(938,592)</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt; 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="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Changes during the year</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,027&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(31,372)</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(689)</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; 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="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>At March 31, 2021</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2,230&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(34,417)</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(939,281)</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(973,698)</B></FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 31 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/110% 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">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; 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="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; 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: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; 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: bottom; width: 37%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 13%; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Thousands of&nbsp; shares</B></FONT></TD>
    <TD STYLE="width: 1%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 15%; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Thousands of&nbsp; Brazilian Reais</B></FONT></TD>
    <TD STYLE="width: 1%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Thousands of shares</B></FONT></TD>
    <TD STYLE="width: 1%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 15%; padding: 0.75pt 3.4pt 0.25pt; 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 STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>At January 1, 2022</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>5,783&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(98,140)</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(939,571)</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(1,037,711)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Changes during the year</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(452)</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">8,606&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,066)</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,540&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>At March 31, 2022</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>5,331&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(89,534)</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(941,637)</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(1,031,171)</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/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, reimburse 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&#8217;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$77,929 on March 31, 2022 (R$105,142 at March 31, 2021) (Note 22 - <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>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Net income reserves</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 31%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 18%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Investments reserve </B></FONT></TD>
    <TD STYLE="width: 17%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>&nbsp;Legal reserve </B></FONT></TD>
    <TD STYLE="width: 16%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>&nbsp;Fiscal incentive </B></FONT></TD>
    <TD STYLE="width: 18%; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>At January 1, 2021</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>14,511,147&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>4,456&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>11,404,458&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>25,920,061&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>At March 31, 2021</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>14,511,147&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>4,456&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>11,404,458&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>25,920,061&nbsp;</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: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Net income reserves</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 31%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 18%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Investments reserve </B></FONT></TD>
    <TD STYLE="width: 17%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>&nbsp;Legal reserve </B></FONT></TD>
    <TD STYLE="width: 16%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>&nbsp;Fiscal incentive </B></FONT></TD>
    <TD STYLE="width: 18%; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>At January 1, 2022</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>18,359,259&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>4,456&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>12,827,925&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>31,191,640&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>At March 31, 2022</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>18,359,259&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>4,456&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>12,827,925&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>31,191,640&nbsp;</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
2021 and 2022.</P>

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

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>(c.2) Legal 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 legal reserve, which cannot exceed 20% of the capital stock. The Company is not required to supplement
the legal 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>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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; 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 the following:</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: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 56%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 23%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>03/31/2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 21%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; 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: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;ICMS (Brazilian state value-added tax)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">486,336&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">398,479&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;Income tax </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">21,379&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">43,188&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>507,715&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>441,667&nbsp;</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 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>(c.4) Interest on shareholders&#8217;
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&#8217; equity calculated based on the long-term interest rate (&#8220;TJLP&#8221;), 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&#8217;s financial situation. The minimum mandatory dividend includes amounts paid as interest
on shareholders&#8217; 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&#8217; equity in the three-month periods ended March 31, 2021 and March 31, 2022.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></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: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Carrying value adjustments</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 29%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 8%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Translation reserves</B></FONT></TD>
    <TD STYLE="width: 7%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Cash flow hedge</B></FONT></TD>
    <TD STYLE="width: 7%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Actuarial gains/ (losses)</B></FONT></TD>
    <TD STYLE="width: 9%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Put option granted on subsidiary</B></FONT></TD>
    <TD STYLE="width: 9%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Gains/(losses) of non-controlling interest&acute;s share</B></FONT></TD>
    <TD STYLE="width: 7%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Business combination</B></FONT></TD>
    <TD STYLE="width: 16%; padding: 0.25pt 3.4pt; text-align: right"><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: 8%; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>At January 1, 2021</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>11,076,439&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>744,441&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(4,783)</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(73,777)</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>156,091&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; 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="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><I>Comprehensive income:</I></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: normal">Gains/(losses) on the translation of foreign operations</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,340,712&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,340,712&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Cash flow hedges</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">655,880&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">655,880&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Actuarial gains/(losses)</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(56,230)</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; 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="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total Comprehensive income </B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>4,340,712&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>655,880&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(56,230)</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>4,940,362&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Gains/(losses) of controlling interest</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">382&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">382&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>At March 31, 2021</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>15,417,151&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,400,321&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(1,529,460)</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(4,783)</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(73,395)</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>156,091&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(75,414,198)</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; 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: 8pt/108% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Carrying value adjustments</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 29%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 8%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Translation reserves</B></FONT></TD>
    <TD STYLE="width: 7%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Cash flow hedge</B></FONT></TD>
    <TD STYLE="width: 7%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Actuarial gains/ (losses)</B></FONT></TD>
    <TD STYLE="width: 9%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Put option granted on subsidiary</B></FONT></TD>
    <TD STYLE="width: 9%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Gains/(losses) of non-controlling interest&acute;s share</B></FONT></TD>
    <TD STYLE="width: 7%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Business combination</B></FONT></TD>
    <TD STYLE="width: 16%; padding: 0.25pt 3.4pt; text-align: right"><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: 8%; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>At January 1, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>13,526,157&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,225,253&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(1,131,476)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(6,666)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(121,599)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>156,091&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(75,426,021)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(61,778,261)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><I>Comprehensive income:</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Gains/(losses) on the translation of foreign operations</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(6,793,284)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(6,793,284)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Cash flow hedges</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,117,137)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,117,137)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Actuarial gains/(losses)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,050&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,050&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total Comprehensive income </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(6,793,284)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(1,117,137)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,050&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(7,909,371)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Gains/(losses) of controlling interest</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,259)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,259)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>At March 31, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>6,732,873&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>108,116&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(1,130,426)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(6,666)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(123,858)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>156,091&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(75,426,021)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(69,689,891)</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"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/13pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></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 23 - <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 the 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 2022.</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&#8217; equity. The acquisition of the non-controlling interest related to
Companhia de Bebidas das Am&eacute;ricas (&#8220;Former Ambev&#8221;), and the abovementioned adjustment was recognized in carrying value
adjustments when applicable.</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-indent: -21.3pt"><FONT STYLE="font-size: 12pt"><B>16.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">SEGMENT REPORTING</FONT></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt 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">(a)</FONT></TD><TD><FONT STYLE="font-size: 12pt">Reportable segments &#8211; three-month period ended in:</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Brazil</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal"><B>CAC </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal"><SUP>(i)</SUP></FONT></B></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal"><B>Latin America - South</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal"><SUP>&nbsp;(ii)</SUP></FONT></B></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Canada</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; 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: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 7%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>03/31/2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 7%; padding: 0.25pt 3.4pt; 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: 7%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>03/31/2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 7%; padding: 0.25pt 3.4pt; 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: 7%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>03/31/2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 7%; padding: 0.25pt 3.4pt; 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: 7%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>03/31/2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 7%; padding: 0.25pt 3.4pt; 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: 7%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>03/31/2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 7%; padding: 0.25pt 3.4pt; text-align: right"><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: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Net sales</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">9,598,205&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">8,225,294&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,282,858&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,159,507&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,602,596&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,192,524&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,955,493&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,062,436&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">18,439,152&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">16,639,761&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Cost of sales</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(5,098,063)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,165,775)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,336,126)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(814,522)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(9,414,486)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(7,945,330)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>4,500,142&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>4,243,811&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,117,083&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,144,064&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2,266,470&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2,088,796&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,140,971&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,217,760&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>9,024,666&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>8,694,431&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Distribution expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,384,892)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(193,618)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(525,671)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(424,838)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,529,019)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,129,593)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Sales and marketing expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(766,879)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(143,061)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(343,880)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(263,156)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,516,976)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,445,040)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Administrative expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(754,896)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(57,525)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(198,632)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(162,383)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,173,436)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,234,059)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">336,793&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">191,580&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">24,125&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">35&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">22,928&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,876&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">386,722&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">177,940&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Exceptional items</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(13,209)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(4,364)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(9,653)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(495)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(27,226)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(71,425)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Income from operations</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,917,059&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,848,726&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>742,640&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>646,655&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,211,562&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,051,582&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>293,470&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>445,291&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>4,164,731&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>3,992,254&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Net finance costs</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(300,644)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(12,743)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(266,813)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(16,513)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(596,713)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,064,300)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,392)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(163)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">151&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,404)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(12,546)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,614,023&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,457,004&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>729,734&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>593,680&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>944,749&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>463,849&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>277,108&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>400,875&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>3,565,614&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2,915,408&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">637,668&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">262,623&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(234,645)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; 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 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(323,612)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; 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 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(116,187)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; 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 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(36,776)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(182,097)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Net income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2,251,691&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,719,627&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>495,089&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>403,560&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>621,137&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>368,984&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>160,921&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>241,140&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>3,528,838&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2,733,311&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal"><B>EBITDA </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal"><SUP>(iii)</SUP></FONT></B></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2,694,120&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2,538,626&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>888,006&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>819,155&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,494,052&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,335,489&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>417,112&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>549,968&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>5,493,290&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>5,243,238&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Depreciation. amortization and impairment</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(779,453)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(145,529)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(282,490)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(123,491)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,330,963)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,263,530)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Net finance costs</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(300,644)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(12,743)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(266,813)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(16,513)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(596,713)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,064,300)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">637,668&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">262,623&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(234,645)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; 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 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(323,612)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; 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 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(116,187)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; 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 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(36,776)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(182,097)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Net income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2,251,691&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,719,627&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>495,089&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>403,560&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>621,137&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>368,984&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>160,921&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>241,140&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>3,528,838&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2,733,311&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal"><B>EBITDA margin as a %</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal"><SUP>&nbsp;(iii)</SUP></FONT></B></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>28.1%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>30.9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>37.9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>32.5%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>31.9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>21.3%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>26.7%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>29.8%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>31.5%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">539,833&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">963,353&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">176,408&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">109,053&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">134,899&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">182,311&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">37,397&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">72,618&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">888,537&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,327,335&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Brazil</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal"><B>CAC </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal"><SUP>(i)</SUP></FONT></B></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal"><B>Latin America - South</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal"><SUP>&nbsp;(ii)</SUP></FONT></B></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Canada</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; 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: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 7%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>03/31/2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>12/31/2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>03/31/2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>12/31/2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>03/31/2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>12/31/2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>03/31/2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>12/31/2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>03/31/2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>12/31/2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Segment assets</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">54,237,671&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">54,609,401&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">13,504,759&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">15,351,934&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">19,017,807&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">21,582,950&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">15,800,085&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">18,016,562&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">102,560,322&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">109,560,847&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Intersegment elimination</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,314,387)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,868,475)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">27,153,985&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">31,910,111&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>127,399,920&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>138,602,483&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Segment liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">24,187,339&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">27,611,116&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,418,501&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,414,414&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,475,469&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,843,612&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,023,048&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,156,510&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">40,104,357&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">47,025,652&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Intersegment elimination</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,314,527)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,869,056)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">89,610,090&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">94,445,887&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>127,399,920&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>138,602,483&nbsp;</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">(iii) From 2021 onwards, the Adjusted EBITDA metric
was changed to EBITDA, for presentation purposes, including for comparative purposes.</P>

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


<!-- Field: Page; Sequence: 37 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-indent: -21.3pt"><FONT STYLE="font-size: 12pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <FONT STYLE="font-size: 12pt">Additional information - by business unit:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Brazil</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 3.4pt 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Beer</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Soft drinks and <BR>
Non-alcoholic and <BR>
non-carbonated</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: center"><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; width: 36%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 11%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>03/31/2022</B></FONT></TD>
    <TD STYLE="width: 11%; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>03/31/2022</B></FONT></TD>
    <TD STYLE="width: 10%; padding: 0.25pt 3.4pt; 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: 11%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>03/31/2022</B></FONT></TD>
    <TD STYLE="width: 11%; padding: 0.25pt 3.4pt; text-align: right"><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; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Net sales</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">8,100,187&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,124,812&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,498,018&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,100,482&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">9,598,205&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">8,225,294&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Cost of sales</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(4,192,167)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(905,896)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(5,098,063)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(3,981,483)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>3,908,020&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>3,723,321&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>592,122&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>520,490&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>4,500,142&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>4,243,811&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Distribution expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,142,543)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(242,349)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,384,892)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,069,112)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Sales and marketing expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(708,630)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(58,249)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(766,879)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(709,406)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Administrative expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(660,146)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(94,750)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(754,896)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(789,386)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">282,053&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">152,251&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">54,740&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">39,329&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">336,793&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">191,580&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Exceptional items</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(12,641)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(568)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(45)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(13,209)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(18,761)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Income from operations</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,666,113&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,644,014&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>250,946&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>204,712&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,917,059&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,848,726&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Net finance costs</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(300,644)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(300,644)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(390,122)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,392)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,392)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,600)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,363,077&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,252,292&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>250,946&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>204,712&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,614,023&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,457,004&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">637,668&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">262,623&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">637,668&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">262,623&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Net income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2,000,745&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,514,915&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>250,946&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>204,712&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2,251,691&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,719,627&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal"><B>EBITDA </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal"><SUP>(i)</SUP></FONT></B></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2,349,714&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2,243,592&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>344,406&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>295,034&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2,694,120&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2,538,626&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Depreciation. amortization and impairment</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(685,993)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(93,460)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(779,453)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(691,500)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Net finance costs</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(300,644)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(300,644)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(390,122)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">637,668&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">262,623&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">637,668&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">262,623&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Net income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2,000,745&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,514,915&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>250,946&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>204,712&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2,251,691&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,719,627&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal"><B>EBITDA margin as a % </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal"><SUP>(i)</SUP></FONT></B></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>29.0%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>31.5%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>23.0%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>28.1%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>30.9%</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">&nbsp;(i) From 2021 onwards, the Adjusted EBITDA metric
was changed to EBITDA, for presentation purposes, including for comparative purposes.</P>

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

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


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 12pt"><B>17.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">NET SALES</FONT></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; 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: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 52%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 23%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 25%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; 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="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">29,307,546&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">24,544,855&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Excise duty</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(5,612,468)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(5,036,196)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Discounts</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(5,255,926)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2,868,898)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>18,439,152&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>16,639,761&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-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: 14.2pt"><FONT STYLE="font-size: 12pt"><B>18.</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: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; 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="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Government grants/net present value of long-term fiscal incentives</FONT></TD>
    <TD STYLE="padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">232,355&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">171,638&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: normal">Extemporaneous credits/(debits) </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11.5pt; font-style: normal; font-weight: normal"><SUP>(i)</SUP></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">91,456&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(Additions)/reversals of provisions</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(12,594)</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(8,980)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">33,423&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">12,667&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Other operating income/(expenses), net</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">42,082&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,615&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>386,722&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>177,940&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/13pt 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) As detailed in Note 25 &#8211; <I>Contingencies</I>,
the Company has recognized PIS and COFINS credits arising from the exclusion of ICMS from its calculation basis, in the item Other operating
income/(expenses).</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">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>19.</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: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 61%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 18%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2022</B></FONT></TD>
    <TD STYLE="width: 21%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; 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: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: normal">COVID-19 impacts </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11.5pt; font-style: normal; font-weight: normal"><SUP>(ii)</SUP></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(10,668)</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(31,051)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: normal">Restructuring </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11.5pt; font-style: normal; font-weight: normal"><SUP>(i)</SUP></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(16,558)</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(39,185)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Effect of application of IAS 29 (hyperinflation)</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,189)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(27,226)</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(71,425)</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 primarily related to
centralized projects and resizing in the Latin America 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 the Company&#8217;s 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>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-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>20.</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: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 66%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 17%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 17%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; 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="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Interest expense</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(397,762)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(334,589)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(27,943)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(27,827)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Losses on hedging instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(707,748)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(770,864)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(39,023)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(17,730)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Exchange variations</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(125,463)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(178,421)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Tax on financial transactions</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(60,688)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(11,369)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Bank guarantee expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(39,155)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(30,914)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(225,311)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(72,681)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(1,623,093)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(1,444,395)</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/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&#8217;s interest rate risk (Note 23 - <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: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 66%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 17%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 17%; padding: 0.25pt 3.4pt; 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="padding: 0.25pt 3.4pt"><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; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(110,554)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(190,744)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(287,208)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(143,845)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(397,762)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(334,589)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/115% 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: 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: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 66%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 17%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 17%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; 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="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Interest income</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">397,268&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">107,353&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3,322&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">12,992&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">294,664&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">7,957&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>695,254&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>128,302&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">331,126&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">251,793&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,026,380&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>380,095&nbsp;</B></FONT></TD></TR>
  </TABLE>
<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">Interest income arises from the following financial assets:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 66%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 17%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 17%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; 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="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">77,507&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">52,008&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">46,390&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">9,697&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Other receivables</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">273,371&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">45,648&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>397,268&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>107,353&nbsp;</B></FONT></TD></TR>
  </TABLE>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-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: 10pt"><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><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: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 72%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; 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; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Income tax expense - current</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(262,376)</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(515,992)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Deferred tax expense on temporary differences</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">221,441&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">343,539&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Deferred tax on taxes losses carryforwards movements in the current period</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">4,159&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(9,644)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total deferred tax (expense)/income</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>225,600&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>333,895&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total income tax expenses</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(36,776)</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(182,097)</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">The reconciliation between the weighted nominal tax rate and the effective
tax rate is summarized as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 72%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; 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; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Profit before tax</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>3,565,614&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2,915,408&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Adjustment on a taxable basis</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Others non-taxable income</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(81,135)</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Government grants related to sales taxes </FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(486,336)</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(398,479)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Share of results of joint ventures</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,404&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">12,546&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Non-deductible expenses</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">7,404&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">15,522&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Worldwide Taxation</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">145,900&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(80,802)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>3,153,851&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2,464,195&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Aggregated weighted nominal tax rate</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">28.95%</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">28.31%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Taxes payable &#8211; nominal rate </B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(913,040)</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(697,582)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Adjustment on tax expense</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Income tax incentives</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">21,379&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">43,188&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Deductible interest on shareholders&#8217; equity</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">746,607&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">592,679&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Tax savings from goodwill amortization</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">14,340&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">19,366&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Withholding income tax</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">170,625&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(288,996)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(4,416)</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(52,361)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Effect of application of IAS 29 (hyperinflation)</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(37,501)</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(14,404)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Others with reduced taxation</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(34,770)</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">216,013&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(36,776)</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(182,097)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Effective tax rate</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1.03%</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>6.25%</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/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">&middot;</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, 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
ICMS.</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">&middot;</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>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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">&middot;</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 amount
recognized in 2022 is mainly due to the exchange rate variation of the deferred income tax balances.</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">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Deductible interest on shareholders&#8217; equity: under Brazilian law,
companies have an option to remunerate their shareholders through the payment of Interest on Capital (&#8220;IOC&#8221;), which is deductible
for income tax purposes.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt/110% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt"><FONT STYLE="font-size: 12pt"><B>22.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">SHARE-BASED PAYMENTS</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/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">Currently the Company has two plans of share-based
payment programs: (i) Stock Option Plan, approved in the Extraordinary General Meeting of July 30, 2013 (&#8220;Stock Option Plan&#8221;)
and (ii) Share-based Payment Plan approved in the Extraordinary General Meeting of April 29, 2016, as amended in the Extraordinary General
Meeting of July 30, 2013 (&#8220;Share-Based Plan&#8221;). The programs are issued for each plan and 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 of the Company.</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>(i) Stock Option Plan</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">There are three models of stock options that
may be granted under the Stock Option Plan.</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">1. Under the first model, beneficiaries, in accordance
with their internal category, may choose between allocating (a) 30% or 100%, (b)&nbsp;40% or 100%, and (c) 60% or 100% of the amounts
received by them as profit sharing regarding the immediate year to the exercise of stock options, thereby allowing them to acquire the
corresponding amount of Ambev shares. Under this model, a substantial part of the shares acquired is to be delivered only within five
years from the corresponding stock option grant date. During such five-year period, the beneficiary must remain employed at Ambev or any
other company of its group.</P>

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

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">2. Under the second model, the beneficiary may
exercise the stock options granted only after a period of up to five years from the corresponding grant date. Vesting of the stock options
granted under the second model is not subject to the Company&#8217;s performance measures; however, the right to exercise such options
may be forfeited in certain circumstances, including the beneficiary&#8217;s resignation or dismissal prior to the stock options&#8217;
vesting.</P>

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

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0">3. Under the third model, the beneficiaries, in accordance with their
internal category, may choose between allocating (a) 20% or 100%, (b) 30% or 100%, and (c) 50% or 100%, of the amounts received by them
as profit sharing regarding the immediate year to the exercise of stock options, thereby allowing them to acquire the corresponding amount of Ambev
shares. The totality of the shares acquired is to be delivered to the beneficiary within forty-five days from the corresponding exercising
date (which shall not be later than forty-five days from the stock option grant date). The beneficiaries are under a five-year lock-up
period.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/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">For all stock option programs, the fair value
of the shares is estimated as at the option grant date, using the &#8220;Hull Binomial&#8221; 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. The
fair value of the share options is estimated at the grant date, using an option pricing model. Based on the expected number of options
that will be exercised, the fair value of the options granted is recognized as an expense over the vesting period with a corresponding
credit to equity. When the options are exercised, the equity is increased by the amount of the proceeds received.</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>(ii) Share-Based Plan</B></P>

<P STYLE="font: 12pt 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">In this plan, certain employees and members of
the management of the Company or its subsidiaries are eligible to receive shares of the Company, including in the form of ADRs. The shares
that are subject to the Share-Based Plan are designated as &#8220;restricted shares&#8221;.</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 delivery of restricted shares is made free,
and the waiting period may vary between three and five years from the corresponding share-based plan grant date, during which the beneficiary
must remain employed at Ambev or any other company of its group.</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 restricted shares give to participants the
right to receive additional shares with the same conditions, such as compensation dividends and Interest on shareholder&#8217;s equity
paid by the Company during the waiting period. The right to receive restricted and additional shares can be fully or partially lost depending
on circumstances, including resignation or resignation during the grace period.</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">Under the Share-Based Plan, the reference price
per restricted share is defined on the grant date based on the share price of the trading session on B3 S.A. immediately prior to the
granting of the shares and based on the number of grant shares. During the grace period the amount is recorded as expense against equity.
The shares are transferred to attendees according to terms and periods by the respective programs.</P>

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


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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 total number of outstanding options developed
was as follows:</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: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 66%; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><I>Thousand options</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 4%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 16%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>12/31/2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Options outstanding at January</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>113,760&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>127,265&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(5,247)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2,003)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(8,258)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Options outstanding at the end of the period</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>111,757&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>113,760&nbsp;</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/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">The range of exercise prices of the outstanding
options is from R$15.95 (R$15.95 in 2021) to R$45.85 (R$45.97 in 2021) and the weighted average remaining contractual life is approximately
6.68 years (6.70 years in 2021).</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">Of the 111,757 thousand outstanding options (113,760
thousand in 2021), 62,164 thousand options were vested in 2022 (59,250 thousand in 2021).</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">The weighted average exercise price of the options is as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 66%; padding: 0.25pt 3.4pt"><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: 14%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 4%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 16%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>12/31/2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Options outstanding at January 1</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">19.92&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">19.81&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">19.44&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">25.27&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">13.16&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">19.92&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">19.92&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">20.89&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">21.14&nbsp;</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">For the period ended in March 31, 2022 there
were no options exercised (in December 31, 2021 the weighted average share price as at the exercise date was R$17.87).</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 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&#8217;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/115% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">During the period, the Company did not
grant deferred shares under the Stock Option Plan (in 2021 110 thousand deferred shares have been granted, which are valued based on the
share price for the trading session immediately prior to the grant, which represented a fair value of R$1,690). Such deferred shares are
subject to a grace period of five years from the grant date.</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 12pt; line-height: 115%">During
the period, the Company granted </FONT>19,481 <FONT STYLE="font-size: 12pt; line-height: 115%">thousand restricted shares under the Share-Based
Plan (</FONT>20,629 <FONT STYLE="font-size: 12pt; line-height: 115%">thousand in </FONT>2021<FONT STYLE="font-size: 12pt; line-height: 115%">),
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$</FONT>296,111 <FONT STYLE="font-size: 12pt; line-height: 115%">in </FONT>2022 <FONT STYLE="font-size: 12pt; line-height: 115%">(R$</FONT>325,735
<FONT STYLE="font-size: 12pt; line-height: 115%">in </FONT>2021<FONT STYLE="font-size: 12pt; line-height: 115%">). Such restricted share
units are subject to a grace period which can vary from three to five years counted from the grant date.</FONT></P>


<!-- Field: Page; Sequence: 44 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<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"><B>Deferred shares</B></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: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 66%; padding: 0.25pt 3.4pt"><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: 14%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 4%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 16%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>12/31/2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Deferred shares outstanding at January 1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,168&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>6,065&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">110&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(214)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(4,964)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(43)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>950&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,168&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/115% 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"><B>Restricted shares</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 66%; padding: 0.25pt 3.4pt"><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: 14%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 4%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 16%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>12/31/2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Restricted shares outstanding at January</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>62,545&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>43,458&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">19,481&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">20,629&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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="padding: 0.25pt 3.4pt"><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 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(509)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,520)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>81,517&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>62,545&nbsp;</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: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 12pt; 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/115% 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$78,796 on March 31, 2022 (R$105,960 on March 31, 2021), recorded as administrative expenses.</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 12pt 0 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>23.</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"><B>&nbsp;</B></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&#8217;s performance consistent with
its Financial Risk Management Policy (the &#8220;Policy&#8221;).</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&#8217;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="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/110% 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">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&#8217;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.
The exceptions to the policy must be approved by the Operations, Finance and Compensation Committee (COF).</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"><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, 2022, 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&#8217;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/115% 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&#8217;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/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 results of these operations, measured according
to their fair value, are recognized in financial results.</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">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.</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">In accordance with the hedge accounting, the
effective hedge amount is recorded in equity and, in the event of an ineffective portion this result is recorded immediately in finance
result during the period ineffectiveness was identified, for cash flow hedge and net investment hedge.</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 following tables summarize the exposure identified
and protected in accordance with the Company&#8217;s Risk Policy.</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>Non-derivative financial instruments</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">Put options granted on subsidiaries: 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>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></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: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>03/31/2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Fair Value</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Gain / (Losses)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 13%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Exposure</B></FONT></TD>
    <TD STYLE="width: 1%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 19%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Risk</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 11%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 1%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Notional</B></FONT></TD>
    <TD STYLE="width: 1%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Assets</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; padding: 0.75pt 3.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="width: 1%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Finance Result</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Operational Result</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Equity</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Cost</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(20,047,668)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>20,047,668&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>623,045&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(162,592)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(564,476)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>339,502&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(1,329,314)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Commodities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,781,277)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,781,277&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">591,322&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(9,523)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(25,586)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">291,817&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">331,487&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">US Dollars</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(17,080,116)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">17,080,116&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">28,865&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(151,045)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(536,355)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">39,007&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,730,526)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Euros</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(30,032)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">30,032&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,444)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(350)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">274&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,740)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Mexican Pesos</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(156,243)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">156,243&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,858&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(580)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,185)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">8,404&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">71,465&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Fixed Assets</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(421,672)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>421,672&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,329&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(16,251)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(33,373)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>8,989&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>10,748&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">US Dollars</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(421,672)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">421,672&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,329&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(16,251)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(33,373)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">8,989&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">10,748&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Expenses</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(316,311)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>316,311&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>378&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(8,467)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(34,411)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>7,244&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>199,874&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">US Dollars</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(316,311)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">316,311&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">378&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(8,467)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(34,411)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,244&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">199,874&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(20,785,651)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>20,785,651&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>624,752&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(187,310)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(632,260)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>355,735&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(1,118,692)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 48 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>12/31/2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>03/31/2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Fair Value</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1.5pt solid; padding: 0.75pt 3.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Gain / (Losses)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 13%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Exposure</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 17%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Risk</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 11%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 1%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Notional</B></FONT></TD>
    <TD STYLE="width: 1%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Assets</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; padding: 0.75pt 3.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 1%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Finance Result</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Operational Result</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Equity</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Cost</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(18,911,847)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>18,911,847&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>597,455&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(421,087)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(565,405)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>380,447&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,180,937&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Commodities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(3,179,859)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,179,859&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">455,294&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(41,244)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(40,204)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">149,074&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">157,425&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">US Dollars </FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(15,516,386)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">15,516,386&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">136,243&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(378,396)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(524,149)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">248,358&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,049,036&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Euros</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(31,839)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">31,839&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(787)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(72)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,120&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,170)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Mexican Pesos</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(183,763)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">183,763&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,918&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(660)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(980)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(18,105)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(23,354)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Fixed Assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(1,111,350)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,111,350&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,065&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(53,327)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(136,798)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>33,714&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>37,404&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">US Dollars</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,111,350)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,111,350&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,065&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(53,327)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(136,798)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">33,714&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">37,404&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Expenses</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(365,752)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>365,752&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>453&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(18,132)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(44,404)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>13,049&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>65,247&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">US Dollars</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(365,752)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">365,752&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">453&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(18,132)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(44,404)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">13,049&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">65,247&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Equity Instrument</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(55,339)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>-&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Stock Exchange Prices</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(55,339)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(20,388,949)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>20,388,949&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>598,973&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(492,546)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(801,946)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>427,210&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1,283,588&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

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


<!-- Field: Page; Sequence: 49 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt/110% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-size: 12pt"><B>I.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>Market risk</B></FONT></TD></TR></TABLE>

<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&#8217;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&#8217;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&#8217;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&#8217;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, 2022, 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: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; padding: 0.75pt 3.4pt; 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: 49%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 18%; padding: 0.25pt 3.4pt; 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: 33%; padding: 0.25pt 3.4pt; 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="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Brazilian Reais</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">7.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,301,351&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Working capital in Argentinean Peso </FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">36.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">91,463&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">222,367&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">US Dollars</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">14.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">11,631&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Canadian Dollars</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">365,213&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2,992,025&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Brazilian Reais</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">14.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">85,782&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>85,782&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 50 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>12/31/2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; padding: 0.75pt 3.4pt; 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: 49%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 18%; padding: 0.25pt 3.4pt; 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: 33%; padding: 0.25pt 3.4pt; 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="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Brazilian Reais</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">7.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,343,257&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Working capital in Argentinean Peso </FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">34.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">30,514&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">11.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">226,037&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">US Dollars</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">13.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">17,450&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Canadian Dollars</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">430,781&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>3,048,039&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Brazilian Reais</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">11.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">82,999&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>82,999&nbsp;</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"><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&#8217;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&#8217;s expectations
regarding the deterioration of each transaction&#8217;s main risk factor. To measure the possible effects on the results of derivative
transactions, the Company uses the parametric Value at Risk (&#8220;VaR&#8221;), a statistical measure developed based on estimates of
standard deviation and correlation between the returns of several risk factors. This model provides 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, 2022 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&#8217;s main
risk factor compared to the level observed as at March 31, 2022.</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&#8217;s main risk factor compared to the level observed as at March 31, 2022.</P>


<!-- Field: Page; Sequence: 51 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 20%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Transaction</B></FONT></TD>
    <TD STYLE="width: 25%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Risk</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Fair Value</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Probable scenario</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Adverse scenario</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Remote scenario</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Commodities hedge</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Decrease in commodities price</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">581,799&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">479,964&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(113,520)</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(808,839)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Input purchases</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(581,799)</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(479,964)</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">113,520&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">808,839&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Foreign exchange hedge</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Foreign currency decrease</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(121,346)</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(329,072)</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(4,437,944)</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(8,754,542)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Input purchases</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">121,346&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">329,072&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">4,437,944&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">8,754,542&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Cost effects</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Foreign exchange hedge</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Foreign currency decrease</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(14,922)</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(16,394)</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(120,340)</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(225,758)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Capex Purchases</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">14,922&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">16,394&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">120,340&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">225,758&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Fixed asset effects</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Foreign exchange hedge</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Foreign currency decrease</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(8,089)</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(8,811)</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(87,167)</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(166,244)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Expenses</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">8,089&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">8,811&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">87,167&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">166,244&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Expense effects</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-&nbsp;</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">As at March 31, 2022 the Notional and Fair Value amounts per instrument
and maturity were as follow:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Notional Value</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 24%; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Exposure</B></FONT></TD>
    <TD STYLE="width: 20%; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Risk</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2023</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2024</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2025</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&gt;2025</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Cost</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>19,065,964&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>981,704&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>20,047,668&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;Commodities </FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,553,251&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">228,026&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,781,277&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;US Dollars </FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">16,371,277&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">708,839&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">17,080,116&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;Euros</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">27,346&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,686&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">30,032&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;Mexican Pesos </FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">114,090&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">42,153&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">156,243&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Fixed assets</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>379,824&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>41,848&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>421,672&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;US Dollars </FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">379,824&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">41,848&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">421,672&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Expenses</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>296,673&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>19,638&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>316,311&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;US Dollars </FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">296,673&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">19,638&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">316,311&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>19,742,461&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,043,190&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>20,785,651&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 52 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Fair Value</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 22%; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Exposure</B></FONT></TD>
    <TD STYLE="width: 20%; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Risk</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2023</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2024</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2025</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>&gt;2025</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; 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: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Costs</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>459,545&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>908&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>460,453&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Commodities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">566,577&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">15,222&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">581,799&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">US Dollars</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(107,613)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(14,567)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(122,180)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Euros</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,434)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(10)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; 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="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Mexican Pesos</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,015&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">263&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,278&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Fixed assets</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(13,730)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(1,192)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(14,922)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">US Dollars</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(13,730)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,192)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(14,922)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Expenses</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(7,356)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(733)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(8,089)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">US Dollars</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(7,356)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(733)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(8,089)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>438,459&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(1,017)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>437,442&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt/110% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-size: 12pt"><B>II.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>Credit Risk</B></FONT></TD></TR></TABLE>

<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&#8217;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 &#8220;trigger&#8221; 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>

<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">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>


<!-- Field: Page; Sequence: 53 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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&#8217;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, 2022. As at March 31,
2022, there was no concentration of credit risk on any counterparties in excess of the limits established by the Company&#8217;s risk
policy.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt/110% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-size: 12pt"><B>III.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>Liquidity Risk</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">Historically, the Company&#8217;s primary sources
of cash flow have been cash flow from operating activities, the issuance of debt, bank borrowings and equity securities. Ambev&#8217;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">&middot;</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">&middot;</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">&middot;</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">&middot;</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&#8217;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">&middot;</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">&middot;</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&#8217;
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>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 29%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Carrying amount</B></FONT></TD>
    <TD STYLE="padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Contractual cash flows</B></FONT></TD>
    <TD STYLE="padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Less than 1 year</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1-2 years</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2-3 years</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>3-5 years</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>More than<BR>
5 years</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: normal">Trade and other payables </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11.5pt; font-style: normal; font-weight: normal"><SUP>(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">33,193,331&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">34,492,492&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">29,765,587&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">392,844&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,017,951&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">924,556&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,391,554&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Secured bank loans</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">247,039&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">285,213&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">81,226&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">52,409&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">25,670&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">50,363&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">75,545&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Unsecured bank loans</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">84,070&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">85,782&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">85,782&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Debentures and bonds</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(116,554)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(116,554)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Other unsecured loans</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">130,108&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">286,473&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">47,638&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">42,140&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">32,544&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">21,459&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">142,692&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Lease liabilities </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,639,307&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,969,700&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">760,861&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">767,069&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">506,699&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">611,773&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">323,298&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>36,293,855&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>38,003,106&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>30,741,094&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,254,462&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2,582,864&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,491,597&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,933,089&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 54 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 28%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>12/31/2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 28%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt 3.4pt 0.25pt; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Carrying amount</B></FONT></TD>
    <TD STYLE="padding: 0.75pt 3.4pt 0.25pt; width: 13%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Contractual cash flows</B></FONT></TD>
    <TD STYLE="padding: 0.75pt 3.4pt 0.25pt; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Less than 1 year</B></FONT></TD>
    <TD STYLE="width: 9%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1-2 years</B></FONT></TD>
    <TD STYLE="width: 10%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2-3 years</B></FONT></TD>
    <TD STYLE="width: 10%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>3-5 years</B></FONT></TD>
    <TD STYLE="width: 10%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>More than<BR>
5 years</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: normal">Trade and other payables </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11.5pt; font-style: normal; font-weight: normal"><SUP>(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">38,976,332&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">40,186,347&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">34,690,647&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,279,731&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,248,841&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">327,195&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,639,933&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Secured bank loans</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">247,039&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">328,023&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">88,883&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">61,671&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">26,380&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">50,363&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">100,726&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Unsecured bank loans</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">84,070&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">84,079&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">84,079&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Other unsecured loans</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">130,108&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">234,594&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">46,448&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">48,104&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">29,095&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">20,719&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">90,228&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Lease liabilities </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,639,307&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3,070,913&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">788,514&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">756,146&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">550,688&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">422,406&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">553,159&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>42,076,856&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>43,903,956&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>35,698,571&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2,145,652&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2,855,004&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>820,683&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2,384,046&nbsp;</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">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt/110% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-size: 12pt"><B>IV.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>Equity price risk</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">Through the equity swap transactions approved
on May 13, 2020 and December 9, 2020 by the Board of Directors of Ambev, 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">On March 31, 2022, the Company does not have
equity swap positions (on March 31, 2021 equity swap operations resulted in a loss of R$55,339).</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt/110% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-size: 12pt"><B>V.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>Capital management</B></FONT></TD></TR></TABLE>

<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&#8217;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>

<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"><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 assess 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 the financial instruments
recognized in the financial statements, segregated by category:</P>


<!-- Field: Page; Sequence: 55 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; width: 44%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 24%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Amortized cost</B></FONT></TD>
    <TD STYLE="width: 18%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Fair value through profit or loss</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B><U>Financial assets</U></B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Cash and cash equivalents less bank overdrafts</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">12,796,459&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">12,796,459&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Trade receivables excluding prepaid expenses </FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">6,703,375&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">6,703,375&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Investment securities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">206,949&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,345,730&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,552,679&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Derivatives hedges</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">624,752&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">624,752&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>19,706,783&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,970,482&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>21,677,265&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B><U>Financial liabilities</U></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Trade payables</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">22,513,248&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">22,513,248&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Put options granted on subsidiaries</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,860,907&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,860,907&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Derivatives hedges</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">187,310&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">187,310&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Interest-bearing loans and borrowing</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,986,344&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,986,344&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Other liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,894,193&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,894,193&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>27,393,785&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>3,048,217&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>30,442,002&nbsp;</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: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>12/31/2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; width: 44%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 24%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Amortized cost</B></FONT></TD>
    <TD STYLE="width: 18%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Fair value through profit or loss</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B><U>Financial assets</U></B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Cash and cash equivalents less bank overdrafts</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">16,597,184&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">16,597,184&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Trade receivables excluding prepaid expenses </FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">7,084,660&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">7,084,660&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Investment securities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">192,877&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,914,607&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,107,484&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Derivatives hedges</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">598,973&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">598,973&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>23,874,721&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2,513,580&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>26,388,301&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B><U>Financial liabilities</U></B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Trade payables</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">25,694,967&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">25,694,967&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Put options granted on subsidiaries</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3,291,388&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3,291,388&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Derivatives hedges</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">492,546&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">492,546&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Interest-bearing loans and borrowing</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3,100,524&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3,100,524&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Other liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,458,381&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,458,381&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>31,253,872&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>3,783,934&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>35,037,806&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&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>


<!-- Field: Page; Sequence: 56 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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/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>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; padding: 0.75pt 3.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; padding: 0.75pt 3.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>12/31/2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 31%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 7%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 8%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 8%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 8%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Level 1</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Level 2</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Level 3</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Level 1</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Level 2</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Level 3</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B><U>Financial assets</U></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Financial asset at fair value through profit and loss</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,345,730&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,345,730&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,914,607&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,914,607&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Derivatives - operational hedge</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">166,494&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">458,258&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">624,752&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">159,081&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">439,892&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">598,973&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,512,224&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>458,258&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,970,482&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2,073,688&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>439,892&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>-&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2,513,580&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B><U>Financial liabilities</U></B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Financial liabilities at fair value through profit and loss</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,860,907&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,860,907&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3,291,388&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3,291,388&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Derivatives - operational hedge</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">33,327&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">153,983&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">187,310&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">193,386&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">299,160&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">492,546&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>33,327&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>153,983&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2,860,907&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>3,048,217&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>193,386&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>299,160&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>3,291,388&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; padding: 0.75pt 3.4pt 0.25pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>3,783,934&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</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: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 78%; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Financial liabilities at December 31, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 22%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>3,291,388&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt"><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; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(430,481)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;&nbsp; Losses/(gains) recognized in net income</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">29,461&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;&nbsp; Losses/(gains) recognized in equity</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(459,942)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Financial liabilities at March 31, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2,860,907&nbsp;</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&#8217;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/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 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&#8217; 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 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 the Tranche A shares, exercisable from 2021, and
Tranche B shares, exercisable from 2029, whereas until March 31, 2022, no options were exercised. On March 31, 2022, the sum of the two
ELJ tranches is R$2,854,324 (R$3,284,805 on December 31, 2021).</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; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">The fair value of 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 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&#8217;s weighted average cost of capital
rate as at the date of the calculation). The criteria used are based on market information from reliable sources and are categorized as
&#8220;Level 3&#8221;.</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/110% 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&#8217;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, 2022
the Company held R$1,052,972 in highly liquid financial investments or in cash, classified as cash and cash equivalents and investment
securities (R$1,152,769 as at December 31, 2021).</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.<BR STYLE="clear: both">
</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt/110% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt"><FONT STYLE="font-size: 12pt"><B>24.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">COLLATERAL AND CONTRACTUAL COMMITMENTS WITH SUPPLIERS, ADVANCES FROM CUSTOMERS AND OTHERS</FONT></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: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 57%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 21%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 22%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>12/31/2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Collateral given for the Company&#8217;s own liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">739,788&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">788,709&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Other commitments</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,435,415&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,718,968&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2,175,203&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>2,507,677&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">45,866,280&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">51,561,982&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>45,866,280&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>51,561,982&nbsp;</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 0 12pt; text-align: justify">The collateral provided for liabilities
totaled approximately R$2,175,203 as at March 31, 2022 (R$2,507,677 as at December 31, 2021), including R$688,752 (R$682,636 as at December
31, 2021) 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, 2022, Ambev maintained R$1,052,972 (R$1,152,769 as at December 31, 2021) in highly liquid financial investments or in cash, classified
as cash and cash equivalents and investment securities (Note 23 - <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">Future contractual commitments as at March 31,
2022 and December 31, 2021 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: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 57%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 21%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 22%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>12/31/2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Less than 1 year</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">10,500,213&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">11,559,858&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">9,494,831&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">9,982,233&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">25,871,236&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">30,019,891&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>45,866,280&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>51,561,982&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 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>25.</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&#8217;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 14 - <I>Provisions</I>).</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; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company and its subsidiaries have 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>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 52%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 24%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 24%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>12/31/2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">55,034,341&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">54,258,733&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">24,537,488&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">23,912,359&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">PIS and COFINS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3,014,826&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,667,560&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Others</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,667,963&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,606,253&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>84,254,618&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>82,444,905&nbsp;</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 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, there were no
relevant changes in the main cases with possible chances of loss when compared to the period ended December 31, 2021.</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"><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 2017, the STF decided for, in the judgment
of RE No. 574,706/PR, with binding effects, the unconstitutionality of the inclusion of ICMS in the taxable basis of PIS and COFINS. Such
decision was ratified by the STF in May 2021, within the judgement of the amendment presented by the General Attorney's Office (PGFN),
when the Court confirmed that the ICMS to be excluded from the PIS and COFINS taxable basis is that declared in the invoice and determined
that the decision should produce effects only as of March 15, 2017 (date on which RE 574,706/PR was ruled), except for taxpayers who had
judicial and administrative claims filed until that date (which is the case for the Company and its subsidiaries).</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 subsidiaries have several
lawsuits related to this matter, some with final and unappealable favorable decisions. As the federal tax regime applicable to the soft
drinks and beer sector has changed over time, the Company and its subsidiaries have lawsuits which refer to three different periods: (i)
1990 to 2009, (ii) 2009 to 2015 (period in which the &#8220;REFRI Taxation Model&#8221; was in force - special soft drinks and beer regime,
provided for Article 58-J of Law No. 10,833 of 2003) and (iii) from 2015 onwards (also known as &#8220;New Model Taxation&#8221;).</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">From 2018 to 2022, the Company and its subsidiaries
recognized, in accordance with IAS 37, recoverable tax credits related to this matter in the total amount of R$7.6 billion, of which (i)
R$0.7 billion is related to the period from 1990 to 2009 and R$2.4 billion refers to New Model Taxation, being R$1.7 billion related to
the period from 05/2015 to 02/2017 and R$0.7 related to the period from 03/2017 to 12/2018 when the Company and its subsidiaries implemented
the judicial decisions authorizing the exclusion of the ICMS from the PIS and COFINS taxable basis in its regular transactions and which
right of recovery is protected considering the decision rendered by the STF in the context of the judgment of RE 574.706/PR and (ii) R$4.45
billion is related to periods from 2009 to 2015, during which the REFRI Taxation
Model was in effect. Part of these amounts has already been offset by the Company and its subsidiaries, according to the final and unappealable
decision of the respective judicial lawsuit and the necessary administrative procedures. Amounts yet to be offset remain registered in
the asset account (see Note 8 &#8211; <I>Recoverable Taxes</I>).</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/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">The accounting recognition of the amounts mentioned
above occurred as a result of (i) the realization of the gain being virtually certain according to the decision provided by the STF in
RE 574,706/PR and the specific circumstances of each case; and (ii) the fact that the amount could be estimated with sufficient reliability,
by collecting the respective documents and quantifying the related amount. As to the tax credit related to the period in which the REFRI
was in force, the amount could be estimated with sufficient reliability after several analyses made (with the assistance of our external
consultants) that allowed (i) the identification of the total ICMS included per liter in the retail selling prices that were verified
by the Federal Government at the time and that had an impact on the reference prices used as the basis for determination of the PIS and
COFINS; and (ii) the calculation of the exclusion of such total ICMS from the taxable basis of PIS and COFINS in the transactions carried
out by the Company and its subsidiaries.</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 realized
after the implementation of the individual judicial decisions authorizing the exclusion of the ICMS from the PIS and COFINS taxable basis,
the Company and its subsidiaries had a positive impact of R$4.1 billion, net of the amounts mentioned above, which represented a reduction
in the PIS and COFINS expense.</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 additional matters related to the New Model
Taxation, the Company estimates that the contingent asset corresponds to R$0.2 billion, which will be recognized once the realization
of the gain is virtually certain given the specific circumstances of the case and upon confirmation of the estimated values with sufficient
reliability.</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-indent: -21.3pt"><FONT STYLE="font-size: 12pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-indent: -21.3pt"><FONT STYLE="font-size: 12pt"><B>26.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">RELATED PARTIES</FONT></B></P>

<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&#8217;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&#8217;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="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/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&#8217;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 22 - <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&#8217;s management members
are as follow:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 58%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 21%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 21%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; 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: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: normal">Short-term benefits</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11.5pt; font-style: normal; font-weight: normal"><SUP>&nbsp;(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">16,086&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">28,828&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: normal">Share-based payments </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11.5pt; font-style: normal; font-weight: normal"><SUP>(ii)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">11,708&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">10,765&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>27,794&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>39,593&nbsp;</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&#8217;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 abovementioned plan (Note
22 - <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&#8217;s shareholders, and at March 31, 2022 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&#8217;s employees, both active and retired, with health care and dental assistance,
technical and higher education courses, and facilities for assisting elderly people, either directly or through financial assistance agreements
with other entities. As at March 31, 2022 and December 31, 2021, 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; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 12pt; line-height: 110%">The
expenses incurred by Funda&ccedil;&atilde;o Zerrenner with third parties, for providing these benefits totaled R$</FONT>73,726 <FONT STYLE="font-size: 12pt; line-height: 110%">(R$</FONT>69,777
<FONT STYLE="font-size: 12pt; line-height: 110%">as at March 31, 2021), of which R$64,646 and R$9,080 were related to active employees
and retirees respectively (R$62,224 and R$7,553 as at March 31, 2021 related to active employees and retirees respectively).</FONT></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$23,964, for four years and with monthly payments until 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, for R$5,277, for five years and with monthly payments until December
31, 2025.</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 AB InBev in Brazil and Canada
and, through a license granted to AB InBev, 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$3,195 as at March 31, 2022
(R$326 as at March 31, 2021) and R$164,041 (R$163,248 as at March 31, 2022) 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 AB InBev, to import, promote and sell Corona products (Corona Extra, Corona Light, Coronita, Pacifico and Modelo)
in Latin America and Canada.<BR STYLE="clear: both">
</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Transactions with related parties</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 21%; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Current</B></FONT></TD>
    <TD STYLE="width: 24%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal"><B>Trade receivables </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11.5pt; font-style: normal"><SUP>(i)</SUP></FONT></B></TD>
    <TD STYLE="width: 20%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal"><B>Other trade receivables </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11.5pt; font-style: normal"><SUP>(i)</SUP></FONT></B></TD>
    <TD STYLE="width: 16%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal"><B>Trade payables</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11.5pt; font-style: normal"><SUP>&nbsp;(i)</SUP></FONT></B></TD>
    <TD STYLE="width: 19%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Dividends receivables</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">AB Africa</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">4,087&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">AB InBev</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">118,172&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(197,352)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">AB Package</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(110,269)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">AB Services</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">22,803&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(3,113)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">AB USA</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">45,801&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">6,355&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(280,060)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Bavaria</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">9,006&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(13,962)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Cervecer&iacute;a Modelo</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">13,279&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(403,305)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Cervecer&iacute;as Peruanas</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">316&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(7,838)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Inbev</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">656&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">21,968&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(52,526)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Panama Holding</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3,473&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,364&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">10,825&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">907&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(39,161)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>228,418&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>29,230&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(1,107,586)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,364&nbsp;</B></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/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/110% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>12/31/2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 21%; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Current</B></FONT></TD>
    <TD STYLE="width: 24%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal"><B>Trade receivables </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11.5pt; font-style: normal"><SUP>(i)</SUP></FONT></B></TD>
    <TD STYLE="width: 20%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal"><B>Other trade receivables </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11.5pt; font-style: normal"><SUP>(i)</SUP></FONT></B></TD>
    <TD STYLE="width: 16%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal"><B>Trade payables </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11.5pt; font-style: normal"><SUP>(i)</SUP></FONT></B></TD>
    <TD STYLE="width: 19%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Dividends receivables</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">AB Africa</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">5,282&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">AB InBev</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">45,423&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(167,018)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">AB Package</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(63,117)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">AB Services</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">32,698&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(3,024)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">AB USA</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">34,498&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">11,454&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(330,678)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Bavaria</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3,604&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(11,046)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Cervecer&iacute;a Modelo</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">6,133&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(548,431)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Cervecer&iacute;as Peruanas</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3,362&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(16,594)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Inbev</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">813&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">26,412&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(26,448)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Panama Holding</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">4,643&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,512&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">16,627&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,093&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(43,867)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>153,083&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>38,959&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(1,210,223)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>1,512&nbsp;</B></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/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: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 32%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 36%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 32%; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>12/31/2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Non-current</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Trade payables</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Trade payables</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">ITW International</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(343,176)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(407,916)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(343,176)</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(407,916)</B></FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 64 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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 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: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>03/31/2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 16%; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Company</B></FONT></TD>
    <TD STYLE="width: 14%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Sales and other</B></FONT></TD>
    <TD STYLE="width: 18%; padding: 0.25pt 3.4pt; 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: 5%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Product purchases and other</B></FONT></TD>
    <TD STYLE="width: 23%; padding: 0.25pt 3.4pt; 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: 12%; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">AB InBev</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(42,554)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">AB Package</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(86,608)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">AB USA</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">6,453&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(257,936)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(816)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Ambev Peru</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">331&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Bavaria</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">50,109&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(14,790)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Cervecer&iacute;a Modelo</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">630&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(398,328)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Cervecer&iacute;as Peruanas</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(7,607)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">GCC India</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,990)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Inbev</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(68,066)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">ITW International</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3,322&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">849&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3,259&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(37,326)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>58,372&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>3,259&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(913,215)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(2,806)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>3,322&nbsp;</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: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; 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="width: 16%; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Company</B></FONT></TD>
    <TD STYLE="width: 14%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Sales and other</B></FONT></TD>
    <TD STYLE="width: 15%; padding: 0.25pt 3.4pt; 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: 5%; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Product purchases and other</B></FONT></TD>
    <TD STYLE="width: 23%; padding: 0.25pt 3.4pt; 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: 0.25pt 3.4pt; 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="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">AB InBev</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(32,193)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">AB Package</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(72,608)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">AB Procurement </FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(16,104)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">AB USA</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">5,205&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(294,923)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(825)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Ambev Peru</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,368&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Bavaria</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,894&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(19,558)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Cervecer&iacute;a Modelo</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(436,422)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Cervecer&iacute;as Peruanas</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3,539&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(9,605)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">GCC India</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,896)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Inbev</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(32,903)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">ITW International</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">12,992&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">4,344&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">38&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(28,302)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; padding: 0.25pt 3.4pt 0.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>16,350&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>38&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(926,514)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>(18,825)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding: 0.25pt 3.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>12,992&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Notes to the interim consolidated financial statements </B></P><P STYLE="text-align: left; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the period ended March 31, 2022</B></P><P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">All amounts in thousands of Brazilian Reais unless otherwise stated</P></TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&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: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">AB InBev Procurement GmbH (&#8220;AB Procurement&#8221;)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Ambrew S.A.R.L. (&#8220;Ambrew&#8221;)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Anheuser-Busch Inbev Africa (Pty) Ltd. (&#8220;AB Africa&#8221;)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Anheuser-Busch InBev N.V. (&#8220;AB InBev&#8221;)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Anheuser-Busch Inbev Services LLC (&#8220;AB Services&#8221;)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Anheuser-Busch Inbev USA LLC (&#8220;AB USA&#8221;)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Anheuser-Busch Packaging Group Inc. (&#8220;AB Package&#8221;)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Bavaria S.A. (&#8220;Bavaria&#8221;)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><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. (&#8220;Cervecer&iacute;a Modelo&#8221;)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Cerveceria Nacional S de RL (&#8220;Panam&aacute; Holding&#8221;)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Compa&ntilde;ia Cervecera Ambev Peru S.A.C. (&#8220;Ambev Peru&#8221;)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">GCC Services India Private Ltd. (&#8220;GCC India&#8221;)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Inbev Belgium N.V. (&#8220;Inbev&#8221;)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Interbrew International B.V. (&#8220;ITW International&#8221;)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Oriental Brewery Co. Ltd. (&#8220;Oriental Brewery&#8221;)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt 3.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Uni&oacute;n de Cervecerias Peruanas Backus Y Johnston S.A.A. (&#8220;Cervecer&iacute;as Peruanas&#8221;)</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: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></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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<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 17, 2022</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>
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