<SEC-DOCUMENT>0001292814-23-001230.txt : 20230329
<SEC-HEADER>0001292814-23-001230.hdr.sgml : 20230329
<ACCEPTANCE-DATETIME>20230329062541
ACCESSION NUMBER:		0001292814-23-001230
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20230331
FILED AS OF DATE:		20230329
DATE AS OF CHANGE:		20230329

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:		23771672

	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>abev20230322_6k4.htm
<DESCRIPTION>6-K
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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 March, 2023</B></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 13.5pt">&nbsp;</FONT><FONT STYLE="font-size: 12pt">Indicate
by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information
to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.&nbsp;</FONT><FONT STYLE="font-size: 13.5pt">&nbsp;</FONT></P>

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


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

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

<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><IMG SRC="abev202303226k4_001.jpg" ALT=""><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; line-height: 120%"></FONT></P>

<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 16pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 16pt/120% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: center; text-indent: -0.5in"><B>MANUAL FOR THE
ORDINARY AND EXTRAORDINARY</B></P>

<P STYLE="font: 16pt/120% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: center; text-indent: -0.5in"><B>GENERAL SHAREHOLDERS&#8217;
MEETINGS</B></P>

<P STYLE="font: 16pt/120% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: center; text-indent: -0.5in"><B>TO BE HELD ON
APRIL 28, 2023</B></P>

<P STYLE="font: 16pt/120% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 16pt/120% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 16pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 16pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INDEX</B></P>

<P STYLE="font: 16pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 16pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 16pt"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 16pt"><B>Message from the Co-Chairman of the Board of Directors</B></FONT></TD></TR></TABLE>

<P STYLE="font: 16pt/120% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 16pt"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 16pt"><B>General Information &#8211; Procedures and Deadlines</B></FONT></TD></TR></TABLE>

<P STYLE="font: 16pt/120% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 16pt"><B>3.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 16pt"><B>Call Notice</B></FONT></TD></TR></TABLE>

<P STYLE="font: 16pt/120% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 16pt"><B>4.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 16pt"><B>Information Regarding the Matters in the Agenda</B></FONT></TD></TR></TABLE>

<P STYLE="font: 16pt/120% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 16pt/120% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ordinary
Shareholders&#8217; Meeting</B></P>

<P STYLE="font: 16pt/120% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extraordinary
Shareholders&#8217; Meeting</B></P>

<P STYLE="font: 16pt/120% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Published
Documents to the Shareholders</B></P>

<P STYLE="font: 16pt/120% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 16pt"><B>5.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 16pt"><B>Exhibit - Management Proposal</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>






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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>1.</B></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt; line-height: 120%"><B>MESSAGE FROM </B></FONT><B>THE CO-CHAIRMAN OF THE
BOARD OF DIRECTORS</B></TD></TR></TABLE>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">S&atilde;o Paulo, March 28, 2023.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">To the Shareholders,</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">We are delighted to invite you to read our Manual
(&#8220;<U>Manual</U>&#8221;) for the Ordinary and Extraordinary General Shareholders&#8217; Meetings of Ambev S.A. (&#8220;<U>Company</U>&#8221;)
to be held, cumulatively, on April 28, 2023, at 2:00 p.m., <B><U>in an exclusively digital form</U></B>, through Zoom digital platform
(&#8220;<U>Digital Platform</U>&#8221;), to be considered held, for the purposes of article 5, &sect; 2, item I, &sect; 3, and article
28, &sect;&sect; 2 and 3, of the Brazilian Securities Commission (&#8220;<U>CVM</U>&#8221;) Resolution No. 81, of March 29, 2022 (&#8220;<U>CVM
Resolution 81/22</U>&#8221;), at the Company&#8217;s headquarters (&#8220;<U>AGOE&#8221; or &#8220;Shareholders&#8217; Meetings</U>&#8221;).</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The main matters in the agenda for the AGOE are,
in short: in the <U>Ordinary Shareholders&rsquo; Meeting</U>, <B>(i)</B> analysis and approval of the Management accounts and examination,
discussion and voting on the financial statements of the Company for the fiscal year ended December 31, 2022; <B>(ii)</B> resolution on
the allocation of the net profits for the year ended December 31, 2022; <B>(iii)</B> definition of the number of members of the Board
of Directors and election of the effective and alternate members of the Board of Directors for a term in office of three (3) years, which
shall end on the Ordinary Shareholders&rsquo; Meeting to be held in 2026; <B>(iv)</B> election of the effective and alternate members
of the Fiscal Council for a term in office of one (1) year, which shall end on the Ordinary Shareholders&rsquo; Meeting to be held in
2024; <B>(v)</B> establishment of the global compensation of the Management for the fiscal year of 2023; <B>(vi)</B>&nbsp;establishment
of the compensation of the members of the Fiscal Council for the fiscal year of 2023; and, in the <U>Extraordinary Shareholders&rsquo;
Meeting</U>, <B>(vii)</B>&nbsp;amendment of the Company's By-laws to: (a)&nbsp;include item &ldquo;r&rdquo;, of article 3 of the Bylaws,
to detail in the corporate purpose the ancillary activities related to the main activities carried out by the Company; (b) amend the heading
of article 5 of the Bylaws, in order to reflect the capital increases approved by the Board of Directors up to the date of the AGOE, within
the authorized capital limit; (c) amend &sect; 5 of article 15, in order to adapt it to the provisions of CVM Resolution 80, of March
29, 2022 (&ldquo;<U>CVM Resolution 80/22</U>&rdquo;); (d) amend the wording of item &ldquo;c&rdquo; of article 21 of the Bylaws, in order
to clarify that all the Company&rsquo;s annual long-term strategic plans shall be approved by the Board of Directors; and <B>(viii)</B>&nbsp;consolidation
of the Company&rsquo;s Bylaws.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Call Notice included in item 3 of this Manual
describes in detail the matters included in the agenda to be resolved on the AGOE. Additional information may be found in the Management
Proposal, an exhibit to this Manual.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company will hold the AGOE <U>in an exclusively
digital form</U> in accordance with the provisions of CVM Resolution 81/22. Accordingly, the shareholders may: (i) send the distance voting
instrument prior to the AGOE, or (ii) participate and vote remotely during the AGOE through the electronic system provided by the Company,
as indicated in this Manual.</P>


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<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">We emphasize that the information and guidelines
contained in this Manual do not replace or change the legislation or regulation applicable to general meetings and shareholders&#8217;
participation, which must be fully complied with.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">We require everyone to carefully examine the
documents related to the AGOE that are available to shareholders at the Company&#8217;s headquarters, as well as on the web pages of the
Company (http://ri.ambev.com.br), of CVM (www.cvm.gov.br) and B3 S.A. - Brasil, Bolsa, Balc&atilde;o (&#8220;<U>B3</U>&#8221;) (www.b3.com.br)
on the world wide web.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">Sincerely,</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">Victorio Carlos De Marchi</P>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>2.</B></TD><TD STYLE="text-align: justify"><B>GENERAL INFORMATION &#8211; PROCEDURES AND DEADLINES</B></TD></TR></TABLE>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The participation of the shareholders in the
AGOE is of great importance.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Ordinary Shareholders&#8217; Meeting will
be declared open upon a first call with the attendance of shareholders representing at least 1/4 of the corporate capital. The Extraordinary
Shareholders&#8217; Meeting will be declared open upon a first call with the attendance of shareholders representing at least 2/3 of the
corporate capital. We note that, should there not be sufficient quorum for declaring the Shareholders&#8217; Meetings open, a new call
will take place. Upon a second call, the Shareholders&#8217; Meetings will be declared open with any number of shareholders present.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The shareholders may: (i) send a distance voting
instrument prior to the Shareholders&#8217; Meetings; or (ii) upon prior registration, participate and vote remotely during the Shareholders&#8217;
Meetings through the electronic platform Zoom made available by the Company (&#8220;<U>Electronic System</U>&#8221;), as detailed below.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The shareholders who wish to do so may also simply
participate in the Shareholders&#8217; Meetings through the Electronic System, whether or not they have sent a distance voting instrument.
It is noted that, under the terms of the applicable regulations, the presiding board will disregard the distance voting instruments sent
by shareholders who participate in the Shareholders&#8217; Meetings through the Electronic System and at that moment choose to vote during
the Shareholders&#8217; Meeting.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><B>2.1.</B></TD><TD STYLE="text-align: justify"><B>PARTICIPATION THROUGH THE ELECTRONIC SYSTEM </B></TD></TR></TABLE>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Required documentation</U>: </B></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">In order to be admitted to participate in the
AGOE, the shareholder, or shareholder&#8217;s representative, must prove its position, upon prior deposit of the following documents:</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>2.1.1.</B></TD><TD STYLE="text-align: justify"><B>Individuals</B></TD></TR></TABLE>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Identity document with photo of the shareholder
(Identity Card (RG), Foreigner&#8217;s Identity Card (RNE), Driver&#8217;s License (CNH), passport or a document issued by a duly recognized
professional association); and proof issued by the depository financial institution or custodian of the book-entry shares or in custody
pursuant to article 41 of Law No. 6,404/76.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>2.1.2.</B></TD><TD STYLE="text-align: justify"><B>Legal Entities</B></TD></TR></TABLE>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>(a)</B> Last consolidated bylaws or articles
of association, as the case may be; <B>(b)</B> other documents that evidence the powers granted to the legal representative(s) of the
shareholder, pursuant to its bylaws or articles of association, including, without limitation, minutes of election of directors, officers,
powers of attorney etc.; <B>(c)</B> identity document with photo of the legal representative(s); and <B>(d)</B> proof issued by the depository financial institution
of the book-entry shares or in custody pursuant to article 41 of Law No. 6,404/76.</P>


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<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>2.1.3.</B></TD><TD STYLE="text-align: justify"><B>Investment Funds </B></TD></TR></TABLE>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>(a)</B> Last consolidated regulations of the
fund; <B>(b)</B> bylaws or articles of association of its administrator or manager, as the case may be, subject to the voting policy of
the fund; <B>(c)</B> other documents that evidence the powers granted to the legal representative(s) of the manager or administrator of
the fund, as the case may be; <B>(d)</B> identity document with photo of the legal representative(s); and <B>(e)</B> proof issued by the
depository financial institution of the book-entry shares or in custody pursuant to article 41 of Law No. 6,404/76.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><B>2.2.</B></TD><TD STYLE="text-align: justify"><B>PROXY</B></TD></TR></TABLE>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The shareholders may be represented by a proxy
granted within less than one year, pursuant to article 126, &sect;1 of Law No. 6,404/76. In this case, in order to take part in the AGOE,
the shareholder&#8217;s representative must bear an instrument attesting the respective powers of representation at the AGOE.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Exceptionally, in order to facilitate the participation
in the AGOE, the Company waives the formalities of signature certification and notarization, consularization and sworn translation of
the proxies granted by shareholders, as applicable, which may be signed via digital certificate.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">It is requested that the powers of attorney with
special powers for representation in the AGOE be sent to the email of the Company&#8217;s Investor Relations Department (ri@ambev.com.br)
by <B>April 26, 2023, at 2:00 p.m., Bras&iacute;lia time</B>, along with the other required documents for prior registration as indicated
in this Manual.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Procedure for participation and voting
through the Electronic System</U></B></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Considering that participation in the AGOE will
be <U>in an exclusively digital form</U>, shareholders, or their representatives, who wish to participate in the AGOE must register by
sending an email to the Investor Relations Department (ri@ambev.com.br) by <B>April 26, 2023, at 2:00 p.m., Bras&iacute;lia time</B>,
attaching all the documents listed above.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">As provided for in the regulations in effect,
those who do not register, along with the requested documentation, within the aforementioned period will not have access to the Electronic
System on the date of the Shareholders&#8217; Meetings.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">After sending the email containing the requested
documents for participation, the Company will analyze the registration, and the shareholders, or their representatives, as the case may
be, will receive, through the email address used for the registration request, a message informing about the approval of their registration
to participate in the AGOE or the reason for their rejection.</P>


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<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The shareholders, or their representatives, whose
registration has been rejected, will be allowed to settle the pending issue identified until 10:00 a.m., Bras&iacute;lia time, on April
28, 2023.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The message approving the registration of the
shareholders, or their representatives, will contain the guidelines for access to the Electronic System on the date of the Shareholders&#8217;
Meetings, emphasizing that the registered password is individual and non-transferable.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">On the date of the Shareholders&#8217; Meetings,
the electronic address (link) to access the Electronic System will be available forty (40) minutes before the start time of the Shareholders&#8217;
Meetings. After procedures of the AGOE have started, it will not be possible for any person to enter the Shareholders&#8217; Meetings,
regardless of previous registration.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company recommends that shareholders, or
their qualified representatives, familiarize themselves with the Electronic System in advance and verify the compatibility of their equipment
with the use of the Electronic System, as well as that, on the date of the AGOE, they enter the Electronic System in advance of the schedule
start time, with the purpose of ensuring the registration of their access and their participation in the AGOE.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The shareholders who participate through the
Electronic System will be considered present at the AGOE and signatory of the respective minutes, pursuant to article 47, &sect; 1, of
CVM Resolution 81/22. It should be noted that only the shareholders, or their representatives, who register in advance and access the
Electronic System on the date of the Shareholders&#8217; Meetings, in the manner and period set forth in this Manual, will be considered
present.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Upon carrying out the previous registration,
the shareholders, or their authorized representatives, undertake: (i) to use the received access data to the Electronic System solely
and exclusively for participation and distance voting during the AGOE; (ii) not to transfer or disclose, in whole or in part, the access
data to any third party, whether shareholder or not, recognizing that these are for individual use and non-transferable; and (iii) not
to record or reproduce, in whole or in part, nor transfer, to any third party, whether shareholder or not, the content or any information
transmitted by digital means during the AGOE.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Additionally, the Company recommends that, during
the AGOE, participants use headphones, keep their microphones muted and their cameras turned off, except when speaking, in order to avoid
instability in the connection and improve audio quality, it being hereby permitted to the members of the presiding board of the Shareholders&#8217;
Meetings to turn off cameras and microphones, when the floor is not open to the participants.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Notwithstanding the foregoing, the Electronic
System will provide a written and instant dialogue box for communication with the presiding board and among the participants. Shareholders,
or their representatives, who wish to take the floor to make a statement on any matter not related to the Shareholders&#8217; Meetings agenda must use
the usual channels of contact with the Company, through the Investor Relations Department.</P>


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<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company emphasizes that it will be the sole
responsibility of the shareholders, or their representatives, to ensure the compatibility of their equipment with the use of the Electronic
System. Under the terms of the applicable regulations, the Company will not be responsible for any operational or connection problem that
the shareholders, or their representatives, may face that makes it difficult or impossible for them to participate in the AGOE that is
not under the control of the Company, such as Internet connection instability or incompatibilities with the shareholders&#8217; equipment,
or their representative&#8217;s equipment.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The electronic platform Zoom provided by the
Company complies with the requirements set forth in article 28, &sect; 1, of CVM Resolution 81/22, namely: (a) the possibility of making
statements and simultaneous access to documents presented during the AGOE that were not previously made available; (b) the full recording
of the Shareholders&#8217; Meetings; and (c) the possibility of communication among the shareholders.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The shareholders, or their representatives, who
are present at the Shareholders&#8217; Meeting, hereby authorize the Company to use any information recorded at the AGOE to register the
possibility of making statements and visualization of the documents presented during the AGOE; register the authenticity and security
of communications during the Shareholders&#8217; Meetings; register the attendance and vote cast; comply with a legal order from competent
authorities; and defend the Company, its managers and contracted third parties, in any judicial, arbitration, regulatory or administrative
level. Finally, the Company informs that the AGOE will be fully recorded, pursuant to the applicable regulations.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>2.3.</B></TD><TD STYLE="text-align: justify"><B>DISTANCE VOTING</B></TD></TR></TABLE>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The shareholder that elects to exercise its distance
voting right may do so by sending its voting instrument to the services providers that are able to collect and transmit instructions for
filling out the instrument, or directly to the Company.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The shareholders may send the instructions for
completion of the distance voting instrument to service providers which provide services of collection and transmission of instructions
for completion of the distance voting instrument, such as:</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(i)</TD><TD STYLE="text-align: justify">the shareholder&#8217;s custodian, in case the shares are deposited in a central depository; or</TD></TR></TABLE>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(ii)</TD><TD STYLE="text-align: justify">Banco Bradesco S.A., as the financial institution hired by the Company to provide securities bookkeeping
services, in case the shares are not deposited in a central depository.</TD></TR></TABLE>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">If the shareholder wishes to vote at distance
by sending the voting instrument directly to the Company, it shall send the documents below directly to the Company. <FONT STYLE="font-family: Times New Roman, Times, Serif">In
this case, they shall send the instrument filled out, together with the documents indicated below, to the email of the Company&#8217;s
Investor Relations Department (ri@ambev.com.br), or physically, to the Company&#8217;s address, at Rua Dr. Renato Paes de Barros, 1017,
4<SUP>th</SUP> floor, ZIP Code 04530-001, S&atilde;o Paulo/SP, to the attention of the Investor Relations Department (<I>Departamento
de Rela&ccedil;&otilde;es com Investidores</I>), pursuant to article 27 of CVM Resolution 81/22:</FONT></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">(i)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>distance voting instrument concerning the general meeting, duly filled out and signed, with all its pages initialed, being allowed
signatures by digital certificate;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">(ii)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>extract containing their respective stock ownership; and</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">(iii)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>copy of the following documents:</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">for individuals - identity document with photo of the shareholder;</FONT></P>

<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">for legal entities - (a) last consolidated bylaws or articles of association,
as the case may be, (b) other documents that evidence the powers granted to the legal representative(s) of the shareholder, pursuant to
its bylaws or articles of association, including, without limitation, minutes of election of directors, officers, powers of attorney etc.,
and (c) identity document with photo of the legal representative(s);</FONT></P>

<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">for investment funds - (a) last consolidated regulations of the fund,
(b) bylaws or articles of association of its administrator or manager, as the case may be, subject to the voting policy of the fund, (c)
other documents that evidence the powers granted to the legal representative(s) of the manager or administrator of the fund, as the case
may be, and (d) identity document with photo of the legal representative(s).</FONT></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The following identity documents will be accepted,
provided they have a photo of the bearer: Identity Card (RG), Foreigner&#8217;s Identity Card (RNE), Driver&#8217;s License (CNH), passport
or a document issued by a duly recognized professional association.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Exceptionally, the Company waives the formalities
of signature certification and notarization, consularization and sworn translation for items (i) to (iii) above, with the free translation
of documents sufficient for the purposes of accepting distance voting instruments sent directly to the Company.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The distance voting instruments, along with their
respective documentation under the terms of this Manual, will only be considered at the AGOE if received by the Company, in good order
and in compliance with the provisions above, with at least 7 days in advance of the date of the AGOE, therefore, until <B>April 21, 2023,
included</B>. Pursuant to Article 46 of CVM Resolution 81/22, the Company will inform the shareholder whether the documents received are
sufficient for the vote to be deemed valid or the procedures and terms for any rectification or for resending, if necessary.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">If any shareholder wishes to include proposals
for candidates to be members of the board of directors or the fiscal council in the distance voting instruments, it will be required to
submit such proposals by mail to Rua Dr. Renato Paes de Barros, 1017, 4<SUP>th</SUP> floor, ZIP Code 04530-001, S&atilde;o Paulo/SP, to
the attention of the Investor Relations Department (<I>Departamento de Rela&ccedil;&otilde;es com Investidores</I>), along with the documents
concerning the proposal (including the information mentioned in Article 38 of CVM Resolution 81/22) and the status and interest of the
shareholder, within the terms and in the manner established in the applicable regulation.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><B>2.4.</B></TD><TD STYLE="text-align: justify"><B>MECHANISMS FOR CONFLICT OF INTERESTS MANAGEMENT</B></TD></TR></TABLE>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">According to the practice recommended in item
5.2.3 of the Brazilian Code of Corporate Governance (<I>C&oacute;digo Brasileiro de Governan&ccedil;a Corporativa</I>), the Company has
mechanisms for managing conflicts of interests in the voting submitted to the Shareholders&#8217; Meetings.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Article 115, &sect;1 of Law No. 6,404/76 provides
that the shareholder may not vote on the resolutions at the shareholders&#8217; meeting that relate to the appraisal report of assets
to which the shareholder may contribute on the formation of the capital stock and to the approval of its accounts as manager, nor in any
other resolutions that might benefit the shareholder in a particular way, or in which the shareholder has a conflicting interest with
the Company&#8217;s interest.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">During the AGOE, in case of allegation, by any
of the shareholders present at the meeting, of an alleged conflict of interest of another shareholder that impedes him of voting at the
meeting, or, even, in case of occurrence of another legal hypothesis of voting impediment (including, as the case may be, of participation
in a separate voting for the election of a member of the Board of Directors or Fiscal Council), and if the shareholder himself has not
declared an impediment, the chairman or secretary of the meeting shall postpone the resolution in order to listen and receive such allegation
(which shall include the name of the shareholder in potential conflict, the matter to be resolved and the alleged existent conflict),
with the possible manifestation in contrary from the relevant shareholder, before putting the matter to a vote. The chairman of the meeting
himself may, in identifying a potential voting impediment, request clarifications on the situation from the shareholder, before putting
the matter to a vote. If an impediment is confirmed, the relevant shareholder must be immediately absent from the discussions on the matter
and abstain from voting.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">If a conflict situation is identified by a shareholder
and such situation is not informed as set forth above, such shareholder must inform the Company of the situation within fifteen days as
of the date of the AGOE, so that the Management of the Company can take the appropriate measures with regard to the resolution.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Aligned with the understandings of CVM, in situations
in which the voting impediment is clear and the shareholder does not abstain from voting, the chairman of the meeting has the power to
declare such impediment, not being allowed to impede the voting in other situations, notwithstanding the legal provisions on the potential
nullity of the casted vote.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><BR STYLE="clear: both">
</B></FONT></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><B>3.<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> CALL NOTICE</B></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The shareholders of the Company are invited to
attend the AGOE, to be held, cumulatively, on April 28, 2023, at 2:00 p.m., <B><U>in an exclusively digital form</U></B>, through the
Digital Platform, to be considered held, for the purposes of article 5, &sect; 2, item I, &sect; 3, and article 28, &sect;&sect; 2 and
3, of CVM Resolution 81/22, at its headquarters, to resolve on the following agenda:</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify"><U>Ordinary General Meeting</U>:</TD></TR></TABLE>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 11pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">analyze and approve the Management accounts, with examination, discussion and voting
on the Company&rsquo;s financial statements related to the fiscal year ended December 31, 2022;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0 0 0 53.85pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 11pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">discuss the allocation of the net profits for the fiscal year ended December
31, 2022;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0 0 0 53.85pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 36pt">(iii)</TD><TD STYLE="text-align: justify">define the number of members of the Board of Directors and elect the effective and alternate members of
the Board of Directors for a term in office of three (3) years, which shall end on the Ordinary General Meeting to be held in 2026;</TD></TR></TABLE>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 36pt">(iv)</TD><TD STYLE="text-align: justify">elect the effective and alternate members of the Fiscal Council for a term in office of one (1) year,
which shall end on the Ordinary General Meeting to be held in 2024;</TD></TR></TABLE>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">establish the Management overall compensation for the fiscal year of 2023;</TD></TR></TABLE>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">establish the compensation of the members of the Fiscal Council for the fiscal year of 2023.</TD></TR></TABLE>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0 0 0 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify"><U>Extraordinary General Meeting</U>:</TD></TR></TABLE>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">amend the Company's Bylaws to:</TD></TR></TABLE>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD STYLE="text-align: justify">add item &#8220;r&#8221;, of article 3, to detail in the corporate purpose of the Company ancillary activities
related to the main activities carried out by the Company;</TD></TR></TABLE>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0 0 0 74.7pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD STYLE="text-align: justify">amend the heading of article 5, in order to reflect the capital increases approved by the Board of Directors
up to the date of the AGOE, within the authorized capital limit;</TD></TR></TABLE>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0 0 0 74.7pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 18pt">(c)</TD><TD STYLE="text-align: justify">amend &sect; 5 of article 15, in order to adapt it to the provisions of CVM Resolution 80/22;</TD></TR></TABLE>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 18pt">(d)</TD><TD STYLE="text-align: justify">amend the wording of item &ldquo;c&rdquo; of article 21, in order to clarify
that all the Company&rsquo;s annual long-term strategic plans shall be approved by the Board of Directors; and</TD></TR></TABLE>


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<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(viii)</TD><TD STYLE="text-align: justify">consolidate the Company&#8217;s
Bylaws.</TD></TR></TABLE>
<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0 0 0 3pt; text-align: justify"><B>General Information:</B></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0 0 0 3pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% 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"><B>1.</B></TD><TD STYLE="text-align: justify">On March 2, 2023, the following documents were published on the newspaper &#8220;Valor Econ&ocirc;mico&#8221;:
(i) the annual management report; (ii) the financial statements regarding the fiscal year ended on December 31, 2022; (iii) the report
of the independent accountant&#8217;s opinion; and (iv) the Fiscal Council&#8217;s opinion.</TD></TR></TABLE>

<P STYLE="font: 11pt/120% 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/120% 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"><B>2.</B></TD><TD STYLE="text-align: justify">The documents and information referred to above and those listed in CVM Resolution 81/22 were presented
to the CVM by means of its information system <I>Empresas.Net</I>, in accordance with Article 7 of such rule, and are available to the
shareholders at the Company&#8217;s headquarters, on its Investor Relations website (ri.ambev.com.br), and on the websites of B3 (<U>www.b3.com.br</U>)
and CVM (www.cvm.gov.br).</TD></TR></TABLE>

<P STYLE="font: 11pt/120% 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/120% 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"><B>3.</B></TD><TD STYLE="text-align: justify">The AGOE shall be held in an exclusively digital form, through the Digital Platform, under the terms of
CVM Resolution 81/22 and in accordance with the instructions detailed in the Call Notice (&#8220;<U>Notice</U>&#8221;), the Management
Proposal and the Manual disclosed by the Company.</TD></TR></TABLE>

<P STYLE="font: 11pt/120% 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/120% 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"><B>4.</B></TD><TD STYLE="text-align: justify">Subject to the procedures described in the Notice, in the Management Proposal and in the Manual, the shareholders
who choose to participate in the AGOE shall send to the Company email to the Investor Relations Department (ri@ambev.com.br), by <B>April
26, 2023, at 2:00 p.m., Brasilia time</B> (according to the term provided for in article 6, &sect; 3, of CVM Resolution 81/22): (i) statement
attesting their respective stock ownership, issued by the custodian institution, for shareholders participants in the Registered Stocks
Fungible Custody of B3; and (ii) scanned copies of the following documents:</TD></TR></TABLE>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">Individuals: identity document with photo of the shareholder;</FONT></P>

<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">Legal Entities: <B>(a)</B> last consolidated bylaws or articles of association,
as the case may be; <B>(b)</B> other documents that evidence the powers granted to the legal representative(s) of the shareholder, pursuant
to its bylaws or articles of association, including, without limitation, minutes of election of directors, officers, powers of attorney
etc.; and <B>(c)</B> identity document with photo of the legal representative(s);</FONT></P>

<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">Investment Funds: <B>(a)</B> last consolidated regulations of the fund;
<B>(b)</B> bylaws or articles of association of its administrator or manager, as the case may be, subject to the voting policy of the
fund; <B>(c)</B> other documents that evidence the powers granted to the legal representative(s) of the manager or administrator of the
fund, as the case may be; and <B>(d)</B> identity document with photo of the legal representative(s).</FONT></P>

<P STYLE="font: 11pt/120% 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/120% 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"><B>5.</B></TD><TD STYLE="text-align: justify">The Digital Platform to be made available by the Company will allow shareholders registered within the
aforementioned period to participate, express themselves and vote at the Shareholders&#8217; Meetings without
being physically present, under the terms established by CVM Resolution 81/22. Detailed rules and guidelines, as well as the procedures
and additional information for shareholders&#8217; participation in the AGOE through the Digital Platform are included in the Manual.</TD></TR></TABLE>


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<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify">After receiving the documents by the
means indicated above and confirming their validity and completeness, the Company will accredit the shareholder to participate in the
AGOE through the Digital Platform and will send detailed instructions for its use, as well as the access link. Only duly accredited shareholders
may participate in the AGOE, in accordance with the term and procedures indicated above.</P>

<P STYLE="font: 11pt/120% 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/120% 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"><B>6.</B></TD><TD STYLE="text-align: justify">Shareholders may exercise their voting right by means of: (i) distance voting instrument, sending voting
instructions prior to the AGOE; or (ii) participation through the Digital Platform, at the time of the AGOE.</TD></TR></TABLE>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Shareholders who choose to vote by means of a
distance voting instrument shall send it, under the terms of CVM Resolution 81/22: 1) to the bookkeeper of the shares issued by the Company;
2) to their custody agents who provide this service, in the case of shareholders holding shares deposited in a central depository; or
3) directly to the Company. For additional information, the shareholder should observe the rules set forth in article 27 of CVM Resolution
81/22 and the procedures described in the Management Proposal and in the Manual. Participation through the Digital Platform will be restricted
to the shareholders, their representatives or attorneys-in-fact, as the case may be, who are accredited under the terms described in item
4 above, of the Notice, under the terms of the Manual, and who enter the system until the opening of the proceedings of the Shareholders&#8217;
Meetings.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">S&atilde;o Paulo, March 28, 2023.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">Victorio Carlos De Marchi</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">Co-Chairman of the Board of Directors</P>


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<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>4.<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B></FONT><B> INFORMATION REGARDING THE MATTERS IN THE AGENDA</B></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><B>4.1 ANNUAL
SHAREHOLDERS&#8217; MEETING</B></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><I>1.<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Analysis of the management accounts, examination, discussion and voting on the financial statements for the fiscal year ended December
31, 2022.</I></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">We propose that the Management accounts are approved
and the financial statements relating to the fiscal year ended December 31, 2022, as disclosed on March 2, 2023 on the websites of the
CVM and the B3, through the Periodic Information System (<I>Sistema de Informa&ccedil;&otilde;es Peri&oacute;dicas</I>), on the Company&rsquo;s
website (www.ri.ambev.com.br) and on the newspaper <I>Valor Econ&ocirc;mico</I>.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">We stress that, under the terms of article 10,
item III, of CVM Resolution 81/22, the information disclosed in <U>Exhibit A.I</U> to the Management Proposal reflect our comments on
the financial situation of the Company.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><I>2.<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Allocation of the net profits for the year ended December 31, 2022 and ratification of the payment of interest on own capital for
the year ended December 31, 2022, approved by the Board of Directors at the meeting held on December 6, 2022;</I></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">We propose that the net profit for the fiscal
year ended December 31, 2022 be allocated as indicated below, which is defined in detail in <U>Exhibit A.II</U> of the Management Proposal,
prepared in accordance with article 10, sole paragraph, item II, of CVM Resolution 81/22. It is further proposed to ratify the payment
of interest on own capital relating to the fiscal year ended December 31, 2022, approved by the Board of Directors at the meeting held
on December 6, 2022.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 63%; border: Black 1pt solid; font: 11pt/120% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net Profits</FONT></TD>
    <TD STYLE="width: 37%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt/120% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">R$&nbsp;14,457,942,696.43</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt/120% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Amount allocated to the Tax Incentives Reserve</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt/120% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">R$&nbsp;2,018,618,239.04</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt/120% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Amount allocated to payment of interest on own capital (gross), declared based on the net profit relating to the fiscal year ended December 31, 2022</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: right">R$&nbsp;11,999,808,024.92</P>
    <P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt/120% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Amount allocated to the Investments Reserve<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt/120% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">R$&nbsp;3,696,641,677.77</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt/120% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 120%"><SUP>(1) </SUP>Including values relating to (i) reversion of effects of the revaluation of fixed assets in the amount of R$ 11,823,167.53; (ii) effect of application of IAS 29/CPC 42 (hyperinflation) in the amount of R$3,224,451,000.00; and (iii) expired dividends in the amount of R$ 20,851,077.77, as detailed in <U>Exhibit A.II</U> to the Management Proposal.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><I>3.<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Define the number of members of the Board of Directors and elect the effective and alternate members for a term in office ending
at the Ordinary Shareholders&#8217; Meeting to be held in 2026, under the terms of the Company&#8217;s Bylaws.</I></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s Bylaws provides that the
Board of Directors will be composed of 5 (five) to 11 (eleven) effective members, and it might have from 2 (two) to 11 (eleven) alternates.</P>


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<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Management proposes setting the number of
seats of the Board of Directors at 11 (eleven) effective seats and 2 (two) alternates, with or without a separate election.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Shareholders representing at least 5% of the
Company&#8217;s capital stock may request the adoption of the multiple voting process in the election of the Board of Directors, provided
that such request is sent with at least 48 hours in advance of the date and time set for the Ordinary General Meeting, or within the regular
term, in case they opt for doing so through distance voting instrument. In the election of board members through the multiple voting process,
each share equals to as many votes as the number of members to be elected, and shareholders are allowed to cumulate all of its votes in
one candidate or distribute them among more than one.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The controlling shareholders of the Company have
appointed 11 (eleven) effective members and 2 (two) alternates for the positions of members of the Board of Directors, which have diverse
educational backgrounds and professional experiences, enabling plurality of arguments and more precise decision making by the body, and
includes 3 (three) independent members and 3 (three) women (provided that 2 (two) of them are independent members). The following candidates
will be put to the vote:</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0"><U>Effective Members</U> -</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(i)</TD><TD STYLE="text-align: justify">by reelection, <B>Michel Dimitrios Doukeris</B>, Brazilian, married, chemical engineer, bearer of Identity
Card RG No. 2.595.585 (SSP/SC), enrolled with the CPF/ME under No.&nbsp;810.940.279-87, resident and domiciled in the City of New York,
State of New York, United States of America, to take office as an effective member of the Board of Directors;</TD></TR></TABLE>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(ii)</TD><TD STYLE="text-align: justify">by reelection, <B>Victorio Carlos De Marchi</B>, Brazilian, married, lawyer, bearer of Identity Card RG
No. 2.702.087 (SSP/SP), enrolled with the CPF/ME under No.&nbsp;008.600.938-91, resident and domiciled in the City of S&atilde;o Paulo,
State of S&atilde;o Paulo, to take office as an effective member of the Board of Directors;</TD></TR></TABLE>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(iii)</TD><TD STYLE="text-align: justify">by reelection, <B>Milton Seligman</B>, Brazilian, married, engineer, bearer of Identity Card RG No. 965.908
(SSP/DF), enrolled with the CPF/ME under No.&nbsp;093.165.740-72, resident and domiciled in the City of S&atilde;o Paulo, State of S&atilde;o
Paulo, to take office as an effective member of the Board of Directors;</TD></TR></TABLE>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(iv)</TD><TD STYLE="text-align: justify">by reelection, <B>Fabio Colleti Barbosa</B>, Brazilian, married, business administrator, bearer of Identity
Card RG No. 5.654.446-7 (SSP/SP), enrolled with the CPF/ME under No. 771.733.258-20, resident and domiciled in the City of S&atilde;o
Paulo, State of S&atilde;o Paulo, to take office as an effective member of the Board of Directors;</TD></TR></TABLE>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(v)</TD><TD STYLE="text-align: justify">by reelection, <B>Fernando Mommensohn Tennenbaum</B>, Brazilian, married, production engineer, bearer
of Identity Card RG No. 18.433.610-7 (SSP/SP), enrolled with the CPF/ME under No. 245.809.418-02, resident and domiciled in the City of
New York, State of New York, United States of America, to take office as an effective member of the Board of Directors;</TD></TR></TABLE>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(vi)</TD><TD STYLE="text-align: justify">by reelection, <B>Lia Machado de Matos</B>, Brazilian, stable union, physicist, bearer of Identity Card
RG No. 66.707.627-X (SSP/SP), enrolled with the CPF/ME under No. 071.991.147-88, resident and domiciled in the City of S&atilde;o Paulo,
State of S&atilde;o Paulo, to take office as an effective member of the Board of Directors;</TD></TR></TABLE>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(vii)</TD><TD STYLE="text-align: justify">by reelection, <B>Nelson Jos&eacute; Jamel</B>, Brazilian, married, engineer, bearer of Identity Card
RG No. 37.990.760-4 (SSP/SP), enrolled with the CPF/ME under No. 025.217.577-80, resident and domiciled in the City of New York, State
of New York, United States of America, to take office as an effective member of the Board of Directors;</TD></TR></TABLE>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(viii)</TD><TD STYLE="text-align: justify"><B>Carlos Eduardo Klutzenschell Lisboa</B>, Brazilian, married, administrator, bearer of Identity Card
RG No. 54.929.337-1 (SSP-SP), enrolled with the CPF/ME under No. 694.514.864-53, resident and domiciled in the City of Mexico, Federal
District, Mexico, to take office as an effective member of the Board of Directors;</TD></TR></TABLE>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(ix)</TD><TD STYLE="text-align: justify">by reelection, <B>Claudia Quintella Woods</B>, Brazilian, economist, bearer of Identity Card RG No. 020.462.491-0
(Detran/RJ), enrolled with the CPF/ME under No. 098.823.117-41, resident and domiciled in the City of S&atilde;o Paulo, State of S&atilde;o
Paulo, to take office as an effective member of the Board of Directors, as an Independent Director;</TD></TR></TABLE>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(x)</TD><TD STYLE="text-align: justify">by reelection, <B>Marcos de Barros Lisboa</B>, Brazilian, divorced, economist, bearer of Identity Card
RG No. 006.653.074-2 (IFP/RJ), enrolled with the CPF/ME under No. 806.030.257-49, resident and domiciled in the City of S&atilde;o Paulo,
State of S&atilde;o Paulo, to take office as an effective member of the Board of Directors, as an Independent Director;</TD></TR></TABLE>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(xi)</TD><TD STYLE="text-align: justify"><B>Luciana Pires Dias</B>, Brazilian, lawyer, bearer of Identity Card RG No.&nbsp; 26.180.321-9
(SSP/SP), enrolled with the CPF/ME under No. 251.151.348-02, resident and domiciled in the City of S&atilde;o Paulo, State of S&atilde;o
Paulo, to take office as an effective member of the Board of Directors, as an Independent Director;</TD></TR></TABLE>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0"><U>Alternate Members</U> (not linked to any specific member, pursuant
to the Company&rsquo;s Bylaws) -</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(xii)</TD><TD STYLE="text-align: justify"><B>Ricardo Tadeu Almeida Cabral de Soares</B>, Brazilian, married, lawyer, bearer of Identity Card RG
No. 09993497 (SSP/RJ), enrolled with the CPF/ME under No. 430.148.771-90, resident and domiciled in the City of New York, State of New
York, United States of America, to take office as an alternate member of the Board of Directors; and</TD></TR></TABLE>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(xiii)</TD><TD STYLE="text-align: justify"><B>David Henrique Galatro de Almeida</B>, Brazilian, economist, bearer of Identity Card RG No. 10.800.879-8
(IFP/RJ), enrolled with the CPF/ME under No. 217.625.768-56, resident and domiciled in the City of New York, State of New York, United
States of America, to take office as an alternate member of the Board of Directors.</TD></TR></TABLE>

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

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


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<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 28.35pt; text-align: justify"></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The controlling shareholders of the Company declare
that the appointment order of the members of the Board of Directors set forth above shall be observed if any of the events described in
article 141 of Law No. 6,404/76 occurs.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">As per the qualification statements on the independence
requirements provided by the candidates, and pursuant to the favorable opinion the Company&#8217;s Board of Directors, we inform that
the candidates appointed as independent directors comply with the independency requirements set forth in the regulation in force.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">We clarify that, under the terms of article 11,
item I, of CVM Resolution 81/22, the information referring to the candidates nominated as members of the Board of Directors indicated
above are further detailed in <U>Exhibit A.III</U> to the Management Proposal.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><I>4.<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Election of the effective and alternate members of the Fiscal Council for a term in office ending at the Ordinary Shareholders&#8217;
Meeting to be held in 2024, pursuant to the terms of the Company's Bylaws. </I></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The controlling shareholders appoint as members
of the Fiscal Council the individuals qualified below, which compose the &#8220;Controller Appointment &#8211; Fiscal Council&#8221; block:</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(i)</TD><TD STYLE="text-align: justify">by reelection, <B>Jos&eacute; Ronaldo Vilela Rezende</B>, Brazilian, married, accountant, bearer of Identity
Card RG No. M-2.399.128 (SSP/MG), enrolled with the CPF/ME under No. 501.889.846-15, resident and domiciled in the City of S&atilde;o
Paulo, State of S&atilde;o Paulo, to take office as an effective member of the Fiscal Council of the Company;</TD></TR></TABLE>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(ii)</TD><TD STYLE="text-align: justify">by reelection, <B>Elidie Palma Bifano</B>, Brazilian, married, lawyer, bearer of Identity Card RG No.
3.076.167 (SSP/SP), enrolled with the CPF/ME under No. 395.907.558-87, resident and domiciled in the City of S&atilde;o Paulo, State of
S&atilde;o Paulo, to take office as an effective member of the Fiscal Council of the Company;</TD></TR></TABLE>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(iii)</TD><TD STYLE="text-align: justify">by reelection, <B>Emanuel Sotelino Schifferle</B>, Brazilian, married, engineer, bearer of Identity Card
RG No. 01.433.665-5 (IFP/RJ), enrolled with the CPF/ME under No. 009.251.367-00, resident and domiciled in the City of Rio de Janeiro,
State of Rio de Janeiro, to take office as an alternate member of the Fiscal Council of the Company; and</TD></TR></TABLE>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(iv)</TD><TD STYLE="text-align: justify">by reelection, <B>Eduardo Rogatto Luque</B>, Brazilian, married, accountant, bearer of the Identity Card
RG No. 17.841.962-X (SSP/SP), enrolled with the CPF/ME under No. 142.773.658-84, resident and domiciled in the City of S&atilde;o Paulo,
State of S&atilde;o Paulo, to take office as an alternate member of the Fiscal Council of the Company.</TD></TR></TABLE>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Additionally, <I>Caixa de Previd&ecirc;ncia dos
Funcion&aacute;rios do Banco do Brasil - PREVI</I>, pursuant to article 37, item I, of CVM Resolution 81/22, informed the Company's Management
that it will appoint for the position of members of the Fiscal Council:</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(i)</TD><TD STYLE="text-align: justify"><B>Fabio de Oliveira Moser</B>, Brazilian citizen, married, administrator, bearer of Identity Card RG
No. 061.802.773 (IFP/RJ), enrolled with the CPF/ME under No. 777.109.677-87, resident and domiciled in the City of Rio de Janeiro, State
of Rio de Janeiro, to take office as an effective member of the Company's Fiscal Council; and</TD></TR></TABLE>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(ii)</TD><TD STYLE="text-align: justify"><B>Nilson Martiniano Moreira</B>, Brazilian, divorced, economist, bearer of Identity Card RG No. 044.383.967-97
(Detran/DF), enrolled with the CPF/ME under No. 583.491.386-53, resident and domiciled in the City of Brasilia, Federal District, to take
office as an alternate member of the Company&#8217;s Fiscal Council.</TD></TR></TABLE>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">We clarify that, under the terms of article 11,
item I, of CVM Resolution 81/22, the information referring to the candidates nominated as members of the Fiscal Council of the Company
listed above are further detailed in <U>Exhibit A.IV</U> of the Management Proposal.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><I>5.<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Establishment of the global compensation of the managers for year 2023.</I></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">We propose that the global compensation of the
managers for the year 2023 (that is, between January 1, 2023 and December 31, 2023) be established in the global amount of up to R$ 173.606.830,00.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The abovementioned proposed amount for the year
2023 refers to the amount to be recognized in the Company&rsquo;s books results in the case of overall achievement of the individual and
collective targets of the Company, not necessarily having a disbursement by the Company throughout the year.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The increase of the proposed amount for the year
2023 substantially results due to the following: (i) modification of the grace period of some of the share-based compensation programs
of the Company, resulting in an accounting recognition of a higher amount throughout the year; and (ii) higher achievement of individual
and collective targets of the Company in the years of 2021 and 2022, causing the recognition of expenses of share-based compensation programs,
which grace period varies up to 5 years, with proportional recognitions in each year.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, the proposed compensation of the
managers is affected by adjustments related to inflation and benchmarking exercises performed with other publicly-held companies, as well
as studies performed by external consultants.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Therefore, factors as the change of the grace
period in new share-based compensation programs, adjustment by the inflation and performance of the previous years explain the difference
between the proposed global compensation for the years 2022 and 2023.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: yellow"></FONT></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&rsquo;s Management understand that
the proposed compensation amount is consistent to the compensation of other publicly-held companies, considering size, territorial reach
and number of Management seats.</P>
<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: yellow"></FONT></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">According to the CVM guidance (item 3.4.5 of
Circular-Notice/Annual-2023-CVM/SEP - &#8220;Circular <U>Notice</U>&#8221;), the global amount of managers&#8217; compensation to be approved
in the Ordinary Shareholders&#8217; Meeting according to article 152 of Law No. 6,404/76 must include, besides the fixed compensation
and short-term variable of the managers, the expenses relating to the recognition of the fair value of the stock options and/or the shares
that the Company intends to grant in the fiscal year.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">We stress that in the global amount of managers&#8217;
compensation are included (i) the expenses associated with the recognition of the fair value of the stock options the Company intends
to grant in this fiscal year based on the Stock Option Plan, dated as of June 30, 2013 (&#8220;<U>Option Plan</U>&#8221;); and (ii) the
expenses associated with the recognition of the fair value of the share-based compensation the Company intends to enforce in this fiscal
year based on the Share-Based Compensation Plan, dated as of April 29, 2016, as amended on April 24, 2020 (&#8220;<U>Stock Plan</U>&#8221;
and, together with the Option Plan, the &#8220;<U>Plans</U>&#8221;), in both cases with accounting, and not financial, effects set forth
in CPC 10. Additionally, it should be noted that the global compensation proposed for 2023 considers the current structure of the board
of executive officers, as approved by the Board of Directors at a meeting held on December 23, 2022.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The model adopted to define the compensation
of the Board of Directors is aligned with market best practices for companies with businesses, risks and complexity similar to those of
the Company.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The compensation of the members of the Board
of Directors is divided into: (i) fixed compensation, which is aligned with the market average; and (ii) variable compensation, considering
the sustainable growth of the Company and its businesses in the long term, with the purpose of stimulating and rewarding significant results
through profit sharing. As mentioned above, the Company also has the Option Plan and the Stock Plan, as detailed in <U>Exhibit V</U> of
the Management Proposal.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The compensation of the Board of Executive Officers
is divided into fixed and variable components, with the base salary (fixed component) in line with the market average and variable compensation
(profit sharing) the main long-term incentive. The members of the Board of Executive Officers are offered options and/or shares granted
within the scope of the Plans approved by General Shareholders&#8217; Meeting and, eventually, in the case of executives identified as
having high potential for the long term, Share Appreciation Rights are granted. The purpose is to promote the alignment of executives&#8217;
interests to generate long-term value for the Company.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The definition of the compensation of the Company&#8217;s
Board of Executive Officers observes the following principles: (i) the compensation is an instrument for attracting and retaining talent;
(ii) the compensation must be competitive in relation to companies that operate in the same market in which the Company operates; (iii) the compensation
must be aligned with the Company&#8217;s performance culture, with greater emphasis on its variable component, based on results and exceptional
performance; (iv) the compensation must provide long-term value construction; (v) the compensation must take into account organizational
and individual performance; (vi) the compensation must involve the cascading of goals, in order to create alignment across the organization;
and (vii) the compensation must be linked to the Company&#8217;s success in the medium and long term.</P>


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<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The members of the Board of Executive Officers
are entitled to receive the benefits set forth in the Company&#8217;s benefit policy, as described in the Company&#8217;s Reference Form
and available on the CVM website and the Company&#8217;s investor relations website.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, the People Committee annually assesses
the retention of the Company&#8217;s talent, which includes an analysis of the need to adapt the compensation practices adopted by the
Company. If such committee deems it necessary, adjustments to these practices are proposed to the Board of Directors.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">We inform that the amount paid as global compensation
attributed to the managers of the Company for the year 2022 was R$&nbsp;118.179.455,00. Such amount is inferior to the limit approved
by the Ordinary Shareholders&rsquo; Meeting held on April 29, 2022, of R$&nbsp;121,572,686.14 for the managers. The difference verified
between the limits approved by the Ordinary Shareholders&rsquo; Meeting of the Company on April 29, 2022 and the amounts actually paid
as per the global compensation attributed to the managers is justified, mainly, due to the variable component of the compensation, which
is linked to specific performance goals of the managers and the Company, that were not entirely met.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Finally, according to the understanding of the
CVM&rsquo;s Collective Body in a meeting held on 12/08/2020 in Proceeding No. 19957.007457/2018-10, included in the Circular Notice, the
overall compensation of the Management must be net of employer&rsquo;s payroll charges, which are not covered by the definition of &ldquo;benefit
of any kind&rdquo; set forth in article 152 of Law No. 6,404/76. Please note that the information required for the necessary analysis
of the proposal of compensation of the managers, as provided in article 13 of CVM Resolution 81/22, is set forth in <U>Exhibit A.V</U>
to the Management Proposal, more specifically in item 8.2.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">6.<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Establish the compensation of the Fiscal Council </I></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">We propose that the global compensation of the
Fiscal Council, for year 2023 (that is, between January 1, 2023 and December 31, 2023), be established in the global amount of up to R$&nbsp;2.209.282,00,
with the compensation of the alternate members corresponding to half the amount received by effective members, which complies with the
provisions of article 152 of Law No. 6,404/76.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">We inform that the amount paid to the global
compensation account attributed to the members of the Company&rsquo;s Fiscal Council, for year 2022, was R$ 1.996.508,00.</P>

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<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><B>4.2 EXTRAORDINARY
SHAREHOLDERS&#8217; MEETING</B></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><I>7.<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Amendments to the Company&#8217;s Bylaws.</I></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">We propose that the Company&#8217;s Bylaws be
amended, as detailed in <U>Exhibit B.I</U> to the Management Proposal, in order to:</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: 0in"><I>(a)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>approve the inclusion of item &#8220;r&#8221; of article 3.</I></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Management proposes detailing the corporate
purpose, with the inclusion of activities related to the main activities developed by the Company, notably with regard to the development
of softwares and other technological initiatives related to commerce and/or service.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company clarifies that the detailing of the
proposed corporate purpose does not modify its operating segment and its predominant activities, representing only an addition of ancillary
or integrated activities with those already performed by the Company, compatible with its purposes, and, therefore, if approved, will
not give rise to shareholders&#8217; right to withdrawal pursuant to the terms of articles 136, item VI, and 137, item I, of Law No. 6,404/76.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Once this proposal is approved, the wording of
item &#8220;r&#8221; of article 3 of the Company&#8217;s Bylaws will be the one indicated in <U>Exhibit B.I</U> to the Management Proposal.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify"><I>(b) amend the heading of article
5 to reflect the capital increases approved by the Company&#8217;s Board of Directors, within the authorized capital limit until the date
of the Shareholders&#8217; Meeting.</I></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">If the proposal is approved, the language of
the heading of article 5 of the Company&#8217;s Bylaws of the Company shall be that indicated in <U>Exhibit B.I</U> of the Management
Proposal.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify"><I>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;amend
paragraph 5 of article 15, in order to adapt it to the provisions of CVM Resolution 80, of March 29, 2022 (&#8220;<U>CVM Resolution 80/22</u>&rdquo;).</I></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The purpose of the amendment is to adapt the
Company&#8217;s Bylaws to the requirements imposed by CVM Resolution 80/22, in particular, regarding: (i) the minimum number of independent
members of the Board of Directors of publicly-held companies listed on the stock exchange; and (ii) the respective requirements for setting
the independence of such directors.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Once this proposal is approved, the wording of
paragraph 5 of article 15 of the Company&#8217;s Bylaws will be the one indicated in <U>Exhibit B.I</U> to the Management Proposal.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify"><I>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;amend
the wording of item &#8220;c&#8221; of article 21, in order to detail the matters for resolution within the competence of the Board of
Directors.</I></P>
<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The purpose of the amendment is to clarify, in
the Company&rsquo;s Bylaws, that all the Company&rsquo;s annual long-term strategic plans shall be approved by the Board of Directors.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Once this proposal is approved, the wording of
article 21 of the Company&#8217;s Bylaws will be the one indicated in <U>Exhibit B.I</U> to the Management Proposal.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">8.<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Approve the consolidation of the Company&#8217;s Bylaws.</I></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">In order to reflect the foregoing amendments,
the Management proposes the restatement of the Company&#8217;s Bylaws, under the terms of the <U>Exhibit B.I</U> to the Management Proposal.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify"><B>4.3 DOCUMENTS DISCLOSED TO SHAREHOLDERS</B></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The following documents were published on March
2, 2023 on the newspaper &#8220;Valor Econ&ocirc;mico&#8221;: (i) the annual management report; (ii) the financial statements regarding
the fiscal year ended on December 31, 2022; (iii) the report of the independent accountant&#8217;s opinion; and (iv) the Fiscal Council&#8217;s
opinion.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">The documents and information referred to above
and those listed in CVM Resolution 81/22 were presented by means of its information system <I>Empresas.Net</I>, in accordance with Article
7 of such Resolution, and are available to the shareholders at the Company&#8217;s headquarters, on its Investor Relations website (ri.ambev.com.br),
and on the websites of B3 (www.b3.com.br) and CVM (www.cvm.gov.br).</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">* * *</P>


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<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 16pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EXHIBIT</B></P>

<P STYLE="font: 16pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 16pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 16pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 16pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 16pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 16pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 16pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 16pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 16pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>AMBEV S.A.</B></P>

<P STYLE="font: 16pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 16pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 16pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>MANAGEMENT PROPOSAL</B></P>

<P STYLE="font: 16pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 16pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 16pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ORDINARY AND EXTRAORDINARY </B></P>

<P STYLE="font: 16pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SHAREHOLDERS&#8217; MEETINGS</B></P>

<P STYLE="font: 16pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 16pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 16pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 16pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>MARCH 28, 2023</B></P>

<P STYLE="font: 16pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>AMBEV S.A.</B></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">CNPJ/ME [National Corporate Taxpayers Register
of the Ministry of Economy] No. 07.526.557/0001-00</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">NIRE [Corporate Registration Identification Number]
35.300.368.941</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the Shareholders,</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We hereby present the following Management Proposal
regarding the matters set forth in the agenda for the Ordinary and Extraordinary Shareholders&rsquo; Meetings of Ambev S.A. (&ldquo;<U>Company</U>&rdquo;
and &ldquo;<U>AGOE</U>&rdquo;, respectively) to be held, cumulatively, on April 28, 2023, at 2:00 p.m. (&ldquo;<U>Proposal</U>&rdquo;):</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>A.</B></TD><TD STYLE="text-align: justify"><B>Annual Shareholders&rsquo; Meeting:</B></TD></TR></TABLE>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><I>1.<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Analysis of the management accounts, examination, discussion and voting on the financial statements for the fiscal year ended December
31, 2022.</I></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We propose that the Management accounts are approved
and the financial statements relating to the fiscal year ended December 31, 2022, as disclosed on March 2, 2023 on the websites of the
Brazilian Securities Commission (&ldquo;<U>CVM</U>&rdquo;) and the B3 S.A. &ndash; Brasil, Bolsa, Balc&atilde;o, through the Periodic
Information System (<I>Sistema de Informa&ccedil;&otilde;es Peri&oacute;dicas</I>), on the Company&rsquo;s website (www.ri.ambev.com.br)
and on the newspaper <I>Valor Econ&ocirc;mico</I>.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We stress that, under the terms of article 10,
item III, of CVM Resolution No. 81, of March 29, 2022 (&ldquo;<U>CVM Resolution 81/22</U>&rdquo;), the information disclosed in <U>Exhibit
A.I</U> to the Proposal reflect our comments on the financial situation of the Company.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><I>2.<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Allocation of the net profits for the year ended December 31, 2022 and ratification of the payment of interest on own capital for
the year ended December 31, 2022, approved by the Board of Directors at the meeting held on December 6, 2022.</I></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We propose that the net profit for the fiscal
year ended December 31, 2022 be allocated as indicated below, which is defined in detail in <U>Exhibit A.II</U> of the Proposal, prepared
in accordance with article 10, sole paragraph, item II, of CVM Resolution 81/22. It is further proposed to ratify the payment of interest
on own capital relating to the fiscal year ended December 31, 2022, approved by the Board of Directors at the meeting held on December
6, 2022.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 63%; border: Black 1pt solid; font: 11pt/14pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net Profits</FONT></TD>
    <TD STYLE="width: 37%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt/14pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">R$&nbsp;14,457,942,696.43</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt/14pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Amount allocated to the Tax Incentives Reserve</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt/14pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">R$&nbsp;2,018,618,239.04</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt/14pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Amount allocated to payment of interest on own capital (gross), declared based on the net profit relating to the fiscal year ended December 31, 2022</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: right">R$&nbsp;11,999,808,024.92</P>
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt/14pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Amount allocated to the Investments Reserve<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt/14pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">R$&nbsp;3,696,641,677.77</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt/14pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(1) </SUP>Including values relating to (i) reversion of effects of the revaluation of fixed assets in the amount of R$ 11,823,167.53; (ii) effect of application of IAS 29/CPC 42 (hyperinflation) in the amount of R$3,224,451,000.00; and (iii) expired dividends in the amount of R$ 20,851,077.77, as detailed in <U>Exhibit A.II</U> to the Proposal.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><I>3.<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Define the number of members of the Board of Directors and elect the effective and alternate members for a term in office ending
at the Ordinary Shareholders&rsquo; Meeting to be held in 2026, under the terms of the Company&rsquo;s Bylaws.</I></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&rsquo;s Bylaws provides that the
Board of Directors will be composed of 5 (five) to 11 (eleven) effective members, and it might have from 2 (two) to 11 (eleven) alternates.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Management proposes setting the number of
seats of the Board of Directors at 11 (eleven) effective seats and 2 (two) alternates, with or without a separate election.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Shareholders representing at least 5% of the
Company&rsquo;s capital stock may request the adoption of the multiple voting process in the election of the Board of Directors, provided
that such request is sent with at least 48 hours in advance of the date and time set for the Ordinary General Meeting, or within the regular
term, in case they opt for doing so through distance voting instrument. In the election of board members through the multiple voting process,
each share equals to as many votes as the number of members to be elected, and shareholders are allowed to cumulate all of its votes in
one candidate or distribute them among more than one.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The controlling shareholders of the Company have
appointed 11 (eleven) effective members and 2 (two) alternates for the positions of members of the Board of Directors, which have diverse
educational backgrounds and professional experiences, enabling plurality of arguments and more precise decision making by the body, and
includes 3 (three) independent members and 3 (three) women (provided that 2 (two) of them are independent members). The following candidates
will be put to the vote:</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/15pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify"><U>Effective Members</U> -</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 31.5pt">(i)</TD><TD STYLE="text-align: justify">by reelection, <B>Michel Dimitrios Doukeris</B>, Brazilian, married, chemical engineer, bearer of Identity
Card RG No. 2.595.585 (SSP/SC), enrolled with the CPF/ME under No.&nbsp;810.940.279-87, resident and domiciled in the City of New York,
State of New York, United States of America, to take office as an effective member of the Board of Directors;</TD></TR></TABLE>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(ii)</TD><TD STYLE="text-align: justify">by reelection, <B>Victorio Carlos De Marchi</B>, Brazilian, married, lawyer, bearer of Identity Card RG
No. 2.702.087 (SSP/SP), enrolled with the CPF/ME under No.&nbsp;008.600.938-91, resident and domiciled in the City of S&atilde;o Paulo,
State of S&atilde;o Paulo, to take office as an effective member of the Board of Directors;</TD></TR></TABLE>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(iii)</TD><TD STYLE="text-align: justify">by reelection, <B>Milton Seligman</B>, Brazilian, married, engineer, bearer of Identity Card RG No. 965.908
(SSP/DF), enrolled with the CPF/ME under No.&nbsp;093.165.740-72, resident and domiciled in the City of S&atilde;o Paulo, State of S&atilde;o
Paulo, to take office as an effective member of the Board of Directors;</TD></TR></TABLE>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(iv)</TD><TD STYLE="text-align: justify">by reelection, <B>Fabio Colleti Barbosa</B>, Brazilian, married, business administrator, bearer of Identity
Card RG No. 5.654.446-7 (SSP/SP), enrolled with the CPF/ME under No. 771.733.258-20, resident and domiciled in the City of S&atilde;o
Paulo, State of S&atilde;o Paulo, to take office as an effective member of the Board of Directors;</TD></TR></TABLE>

<P STYLE="font: 11pt/14pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 11pt/14pt Calibri, Helvetica, Sans-Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(v)</TD><TD STYLE="text-align: justify">by reelection, <B>Fernando Mommensohn Tennenbaum</B>, Brazilian, married, production engineer, bearer
of Identity Card RG No. 18.433.610-7 (SSP/SP), enrolled with the CPF/ME under No. 245.809.418-02, resident and domiciled in the City of
New York, State of New York, United States of America, to take office as an effective member of the Board of Directors;</TD></TR></TABLE>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(vi)</TD><TD STYLE="text-align: justify">by reelection, <B>Lia Machado de Matos</B>, Brazilian, stable union, physicist, bearer of Identity Card
RG No. 66.707.627-X (SSP/SP), enrolled with the CPF/ME under No. 071.991.147-88, resident and domiciled in the City of S&atilde;o Paulo,
State of S&atilde;o Paulo, to take office as an effective member of the Board of Directors;</TD></TR></TABLE>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(vii)</TD><TD STYLE="text-align: justify">by reelection, <B>Nelson Jos&eacute; Jamel</B>, Brazilian, married, engineer, bearer of Identity Card
RG No. 37.990.760-4 (SSP/SP), enrolled with the CPF/ME under No. 025.217.577-80, resident and domiciled in the City of New York, State
of New York, United States of America, to take office as an effective member of the Board of Directors;</TD></TR></TABLE>

<P STYLE="font: 11pt/14pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(viii)</TD><TD STYLE="text-align: justify"><B>Carlos Eduardo Klutzenschell Lisboa</B>, Brazilian, married, administrator, bearer of Identity Card
RG No. 54.929.337-1 (SSP-SP), enrolled with the CPF/ME under No. 694.514.864-53, resident and domiciled in the City of Mexico, Federal
District, Mexico, to take office as an effective member of the Board of Directors;</TD></TR></TABLE>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(ix)</TD><TD STYLE="text-align: justify">by reelection, <B>Claudia Quintella Woods</B>, Brazilian, economist, bearer of Identity Card RG No. 020.462.491-0
(Detran/RJ), enrolled with the CPF/ME under No. 098.823.117-41, resident and domiciled in the City of S&atilde;o Paulo, State of S&atilde;o
Paulo, to take office as an effective member of the Board of Directors, as an Independent Director;</TD></TR></TABLE>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(x)</TD><TD STYLE="text-align: justify">by reelection, <B>Marcos de Barros Lisboa</B>, Brazilian, divorced, economist, bearer of Identity Card
RG No. 006.653.074-2 (IFP/RJ), enrolled with the CPF/ME under No. 806.030.257-49, resident and domiciled in the City of S&atilde;o Paulo,
State of S&atilde;o Paulo, to take office as an effective member of the Board of Directors, as an Independent Director;</TD></TR></TABLE>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(xi)</TD><TD STYLE="text-align: justify"><B>Luciana Pires Dias</B>, Brazilian, lawyer, bearer of Identity Card RG No. 26.180.321-9 (SSP/SP), enrolled
with the CPF/ME under No. 251.151.348-02, resident and domiciled in the City of S&atilde;o Paulo, State of S&atilde;o Paulo, to take office
as an effective member of the Board of Directors, as an Independent Director;</TD></TR></TABLE>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/15pt Times New Roman, Times, Serif; margin: 0 0 0 27pt"><U>Alternate Members</U> (not linked to any specific member,
pursuant to the Company&rsquo;s Bylaws) -</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(xii)</TD><TD STYLE="text-align: justify"><B>Ricardo Tadeu Almeida Cabral de Soares</B>, Brazilian, married, lawyer, bearer of Identity Card RG
No. 09993497 (SSP/RJ), enrolled with the CPF/ME under No. 430.148.771-90, resident and domiciled in the City of New York, State of New
York, United States of America, to take office as an alternate member of the Board of Directors; and</TD></TR></TABLE>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(xiii)</TD><TD STYLE="text-align: justify"><B>David Henrique Galatro de Almeida</B>, Brazilian, economist, bearer of Identity Card RG No. 10.800.879-8
(IFP/RJ), enrolled with the CPF/ME under No. 217.625.768-56, resident and domiciled in the City of New York, State of New York, United
States of America, to take office as an alternate member of the Board of Directors.</TD></TR></TABLE>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The controlling shareholders of the Company declare
that the appointment order of the members of the Board of Directors set forth above shall be observed if any of the events described in
article 141 of Law No. 6,404/76 occurs.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As per the qualification statements on the independence
requirements provided by the candidates, and pursuant to the favorable opinion the Company&rsquo;s Board of Directors, we inform that
the candidates appointed as independent directors comply with the independency requirements set forth in the regulation in force.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We clarify that, under the terms of article 11,
item I, of CVM Resolution 81/22, the information referring to the candidates nominated as members of the Board of Directors indicated
above are further detailed in <U>Exhibit A.III</U> to the Proposal.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><I>4.<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Election of the effective and alternate members of the Fiscal Council for a term in office ending at the Ordinary Shareholders&rsquo;
Meeting to be held in 2024, pursuant to the terms of the Company's bylaws. </I></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The controlling shareholders appoint as members
of the Fiscal Council the individuals qualified below, which compose the &ldquo;Controller Appointment &ndash; Fiscal Council&rdquo; block:</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 31.5pt">(i)</TD><TD STYLE="text-align: justify">by reelection, <B>Jos&eacute; Ronaldo Vilela Rezende</B>, Brazilian, married, accountant, bearer of Identity
Card RG No. M-2.399.128 (SSP/MG), enrolled with the CPF/ME under No. 501.889.846-15, resident and domiciled in the City of S&atilde;o
Paulo, State of S&atilde;o Paulo, to take office as an effective member of the Fiscal Council of the Company;</TD></TR></TABLE>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(ii)</TD><TD STYLE="text-align: justify">by reelection, <B>Elidie Palma Bifano</B>, Brazilian, married, lawyer, bearer of Identity Card RG No.
3.076.167 (SSP/SP), enrolled with the CPF/ME under No. 395.907.558-87, resident and domiciled in the City of S&atilde;o Paulo, State of
S&atilde;o Paulo, to take office as an effective member of the Fiscal Council of the Company;</TD></TR></TABLE>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(iii)</TD><TD STYLE="text-align: justify">by reelection, <B>Emanuel Sotelino Schifferle</B>, Brazilian, married, engineer, bearer of Identity Card
RG No. 01.433.665-5 (IFP/RJ), enrolled with the CPF/ME under No. 009.251.367-00, resident and domiciled in the City of Rio de Janeiro,
State of Rio de Janeiro, to take office as an alternate member of the Fiscal Council of the Company; and</TD></TR></TABLE>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(iv)</TD><TD STYLE="text-align: justify">by reelection, <B>Eduardo Rogatto Luque</B>, Brazilian, married, accountant, bearer of the Identity Card
RG No. 17.841.962-X (SSP/SP), enrolled with the CPF/ME under No. 142.773.658-84, resident and domiciled in the City of S&atilde;o Paulo,
State of S&atilde;o Paulo, to take office as an alternate member of the Fiscal Council of the Company.</TD></TR></TABLE>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Additionally, <I>Caixa de Previd&ecirc;ncia dos
Funcion&aacute;rios do Banco do Brasil - PREVI</I>, pursuant to article 37, item I, of CVM Resolution 81/22, informed the Company's Management
that it will appoint for the position of members of the Fiscal Council:</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">(i)</TD><TD STYLE="text-align: justify"><B>Fabio de Oliveira Moser</B>, Brazilian citizen, married, administrator, bearer of Identity Card RG
No. 061.802.773 (IFP/RJ), enrolled with the CPF/ME under No. 777.109.677-87, resident and domiciled in the City of Rio de Janeiro, State
of Rio de Janeiro, to take office as an effective member of the Company's Fiscal Council; and</TD></TR></TABLE>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(ii)</TD><TD STYLE="text-align: justify"><B>Nilson Martiniano Moreira</B>, Brazilian, divorced, economist, bearer of Identity Card RG No. 044.383.967-97
(Detran/DF), enrolled with the CPF/ME under No. 583.491.386-53, resident and domiciled in the City of Brasilia, Federal District, to take
office as an alternate member of the Company&rsquo;s Fiscal Council.</TD></TR></TABLE>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We clarify that, under the terms of article 11,
item I, of CVM Resolution 81/22, the information referring to the candidates nominated as members of the Fiscal Council of the Company
listed above are further detailed in <U>Exhibit A.IV</U> of this Proposal.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><I>5.<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Establishment of the global compensation of the managers for year 2023.</I></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We propose that the global compensation of the
managers for the year 2023 (that is, between January 1, 2023 and December 31, 2023) be established in the global amount of up to R$&nbsp;173.606.830,00.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The abovementioned proposed amount for the year
2023 refers to the amount to be recognized in the Company&rsquo;s books results in the case of overall achievement of the individual and
collective targets of the Company, not necessarily having a disbursement by the Company throughout the year.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/15pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The increase of the proposed amount for the year
2023 substantially results due to the following: (i) modification of the grace period of some of the share-based compensation programs
of the Company, resulting in an accounting recognition of a higher amount throughout the year; and (ii) higher achievement of individual
and collective targets of the Company in the years of 2021 and 2022, causing the recognition of expenses of share-based compensation programs,
which grace period varies up to 5 years, with proportional recognitions in each year.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, the proposed compensation of the
managers is affected by adjustments related to inflation and benchmarking exercises performed with other publicly-held companies, as well
as studies performed by external consultants.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Therefore, factors as the change of the grace
period in the share-based compensation programs, adjustment by the inflation and performance of the previous years explain the difference
between the proposed global compensation for the years 2022 and 2023.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&rsquo;s Management understand that
the proposed compensation amount is consistent to the compensation of other publicly-held companies, considering size, territorial reach
and number of management seats.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">According to the CVM guidance (item 3.4.5 of
Circular-Notice/Annual-2023-CVM/SEP - &ldquo;<U>Circular Notice</U>&rdquo;), the global amount of managers&rsquo; compensation to be approved
in the Ordinary Shareholders&rsquo; Meeting according to article 152 of Law No. 6,404/76 must include, besides the fixed compensation
and short-term variable of the managers, the expenses relating to the recognition of the fair value of the stock options and/or the shares
that the Company intends to grant in the fiscal year.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We stress that in the global amount of managers&rsquo;
compensation are included (i) the expenses associated with the recognition of the fair value of the stock options the Company intends
to grant in this fiscal year based on the Stock Option Plan, dated as of June 30, 2013 (&ldquo;<U>Option Plan</U>&rdquo;); and (ii) the
expenses associated with the recognition of the fair value of the share-based compensation the Company intends to enforce in this fiscal
year based on the Share-Based Compensation Plan, dated as of April 29, 2016, as amended on April 24, 2020 (&ldquo;<U>Stock Plan</U>&rdquo;
and, together with the Option Plan, the &ldquo;<U>Plans</U>&rdquo;), in both cases with accounting, and not financial, effects set forth
in CPC 10. Additionally, it should be noted that the global compensation proposed for 2023 considers the current structure of the board
of executive officers, as approved by the Board of Directors at a meeting held on December 23, 2022.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The model adopted to define the compensation
of the Board of Directors is aligned with market best practices for companies with businesses, risks and complexity similar to those of
the Company.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The compensation of the members of the Board
of Directors is divided into: (i) fixed compensation, which is aligned with the market average; and (ii) variable compensation, considering
the sustainable growth of the Company and its businesses in the long term, with the purpose of stimulating and rewarding significant results
through profit sharing. As mentioned above, the Company also has the Option Plan and the Stock Plan, as detailed in <U>Exhibit V</U> of
this Proposal.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The compensation of the Board of Executive Officers
is divided into fixed and variable components, with the base salary (fixed component) aligned with the market average and variable compensation
(profit sharing) the main long-term incentive. The members of the Board of Executive Officers are offered options and/or shares granted
within the scope of the Plans approved by General Shareholders&rsquo; Meeting and, eventually, in the case of executives identified as
having high potential for the long term, Share Appreciation Rights are granted. The purpose is to promote the alignment of executives&rsquo;
interests to generate long-term value for the Company.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The definition of the compensation of the Company&rsquo;s
Board of Executive Officers observes the following principles: (i) the compensation is an instrument for attracting and retaining talent;
(ii) the compensation must be competitive in relation to companies that operate in the same market in which the Company operates; (iii)
the compensation must be aligned with the Company&rsquo;s performance culture, with greater emphasis on its variable component, based
on results and exceptional performance; (iv) the compensation must provide long-term value construction; (v) the compensation must take
into account organizational and individual development; (vi) the compensation must involve the cascading of goals, in order to create
alignment across the organization; and (vii) the compensation must be linked to the Company&rsquo;s success in the medium and long term.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The members of the Board of Executive Officers
are entitled to receive the benefits set forth in the Company&rsquo;s benefit policy, as described in the Company&rsquo;s Reference Form
and available on the CVM website and the Company&rsquo;s investor relations website.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, the People Committee annually assesses
the retention of the Company&rsquo;s talent, which includes an analysis of the need to adapt the compensation practices adopted by the
Company. If such committee deems it necessary, adjustments to these practices are proposed to the Board of Directors.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We inform that the amount paid as global compensation
attributed to the managers of the Company for the year 2022 was R$&nbsp;118.179.455,00. Such amount is inferior to the limit approved
by the Ordinary Shareholders&rsquo; Meeting held on April 29, 2022, of R$&nbsp;121,572,686.14 for the managers. The difference verified
between the limits approved by the Ordinary Shareholders&rsquo; Meeting of the Company on April 29, 2022 and the amounts actually paid
as per the global compensation attributed to the managers is justified, mainly, due to the variable component of the compensation, which
is linked to specific performance goals of the managers and the Company, that were not entirely met.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Finally, according to the understanding of the
CVM Collegiate body in a meeting held on 12/08/2020 in Proceeding No. 19957.007457/2018-10, included in the Circular Notice, the overall
compensation of the Management must be net of employer&rsquo;s payroll charges, which are not covered by the definition of &ldquo;benefit
of any kind&rdquo; set forth in article 152 of Law No. 6,404/76. Please note that the information required for the necessary analysis
of the proposal of compensation of the managers, as provided in article 13 of CVM Resolution 81/22, is set forth in <U>Exhibit A.V</U>
to this Proposal, more specifically in item 8.2.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><I>6.<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Establish the compensation of the Fiscal Council </I></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We propose that the global compensation of the
Fiscal Council, for year 2023 (that is, between January 1, 2023 and December 31, 2023), be established in the global amount of up to R$&nbsp;2.209.282,00,
with the compensation of the alternate members corresponding to half the amount received by effective members, which complies with the
provisions of article 152 of Law No. 6,404/76.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We inform that the amount paid to the global
compensation account attributed to the members of the Company&rsquo;s Fiscal Council, for year 2022, was R$ 1.996.508,00.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>B.</B></TD><TD STYLE="text-align: justify"><B>Extraordinary Shareholders&rsquo; Meeting:</B></TD></TR></TABLE>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><I>7.<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Amendments to the Company&rsquo;s Bylaws.</I></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We propose that the Company&rsquo;s Bylaws be
amended, as detailed in <U>Exhibit B.I</U> to this Proposal, in order to:</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 31.5pt; text-align: justify; text-indent: 0in"><I>(a)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>approve the inclusion of item &ldquo;r&rdquo; of article 3.</I></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Management proposes detailing the corporate
purpose, with the inclusion of activities related to the main activities developed by the Company, notably with regard to the development
of softwares and other technological initiatives related to commerce and/or service.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company clarifies that the detailing of the
proposed corporate purpose does not modify its operating segment and its predominant activities, representing only an addition of ancillary
or integrated activities with those already performed by the Company, compatible with its purposes, and, therefore, if approved, will
not give rise to shareholders&rsquo; right to withdrawal pursuant to the terms of articles 136, item VI, and 137, item I, of Law No. 6,404/76.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Once this proposal is approved, the wording of
item &ldquo;r&rdquo; of article 3 of the Company&rsquo;s Bylaws will be the one indicated in <U>Exhibit B.I</U> to this Proposal.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 31.5pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 31.5pt; text-align: justify; text-indent: 0in"><I>(b)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>amend the heading of article 5 to reflect the capital increases approved by the Company&rsquo;s Board of Directors, within the
authorized capital limit until the date of the Shareholders&rsquo; Meeting.</I></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If this proposal is approved, the language of
the heading of article 5 of the Company&rsquo;s Bylaws will be that indicated in <U>Exhibit B.I</U> of this Proposal.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify"><I>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;amend
paragraph 5 of article 15, in order to adapt it to the provisions of CVM Resolution 80, of March 29, 2022 (&ldquo;<U>CVM Resolution 80/22</U>&rdquo;).</I></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The purpose of the amendment is to adapt the
Company&rsquo;s Bylaws to the requirements imposed by CVM Resolution 80/22, in particular, regarding: (i) the minimum number of independent
members of the Board of Directors of publicly-held companies listed on the stock exchange; and (ii) the respective requirements for setting
the independence of such directors.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Once this proposal is approved, the wording of
paragraph 5 of article 15 of the Company&rsquo;s Bylaws will be the one indicated in <U>Exhibit B.I</U> to this Proposal.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify"><I>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;amend
the wording of item &ldquo;c&rdquo; of article 21, in order to detail the matters for resolution within the competence of the Board of
Directors.</I></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The purpose of the amendment is to clarify, in
the Company&rsquo;s Bylaws, that all the Company&rsquo;s annual long-term strategic plans shall be approved by the Board of Directors.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Once this proposal is approved, the wording of
article 21 of the Company&rsquo;s Bylaws will be the one indicated in <U>Exhibit B.I</U> to this Proposal.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><I>8.<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Approve the consolidation of the Company&rsquo;s Bylaws.</I></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In order to reflect the foregoing amendments,
the Management proposes the restatement of the Company&rsquo;s Bylaws, under the terms of the <U>Exhibit B.I</U> to this Proposal.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">S&atilde;o Paulo, March 28, 2023.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">The Management</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">Ambev S.A.</P>

<P STYLE="font: 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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



<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURE</B></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">Date:&nbsp;March 22, 2023</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 48%">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">AMBEV S.A.</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">/s/&nbsp;Lucas Machado Lira</FONT></TD></TR>
<TR>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Lucas Machado Lira</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Chief Financial and Investor Relations Officer</P></TD></TR>
</TABLE>
<HR SIZE="2" NOSHADE ALIGN="LEFT" COLOR="Black" STYLE="width: 100%">



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